Report Investment Rating - No information provided on the report's industry investment rating Core Views - The steel market is in a seasonal off - peak, with limited demand support, and the strategy is to treat it with a sideways thinking. The hot - rolled coil basis is favorable for spot - futures positions, and the hot - rolled coil spot - futures positive spread can still be rolled [2]. - The price of ferrosilicon and silicomanganese may fluctuate strongly in the short term due to market sentiment, although the fundamentals continue to be under pressure with high supply and weak demand [3]. - The coking coal and coke market has limited upward drive. After the first round of coke price increase is implemented and there is speculation in related materials, pay attention to cashing in spot at high prices and shorting opportunities on the futures market [5]. - Iron ore is in a short - term sideways - strong pattern, but there is obvious upward pressure in the medium - to - long - term. Short - term low - buying and long - term short - selling at pressure levels are recommended [6]. Summary by Related Catalogs Futures Market - On January 29th, for far - month contracts, RB2610 closed at 3203.00 yuan/ton with a gain of 35.00 yuan (1.10%); HC2610 closed at 3330.00 yuan/ton with a gain of 30.00 yuan (0.91%); J2609 closed at 1791.50 yuan/ton with a gain of 50.00 yuan (2.87%); JM2609 closed at 1242.50 yuan/ton with a gain of 41.00 yuan (3.41%). For near - month contracts, RB2605 closed at 3157.00 yuan/ton with a gain of 35.00 yuan (1.12%); HC2605 closed at 3308.00 yuan/ton with a gain of 26.00 yuan (0.79%); J2605 closed at 1723.00 yuan/ton with a gain of 53.50 yuan (3.20%); JM2605 closed at 1165.00 yuan/ton with a gain of 44.00 yuan (3.93%) [1]. - The cross - month spreads on January 29th: RB2605 - 2610 was - 46.00 yuan/ton; HC2605 - 2610 was - 22.00 yuan/ton; 12605 - 2609 was 19.50 yuan/ton; J2605 - 2609 was - 68.50 yuan/ton; JM2605 - 2609 was - 77.50 yuan/ton [1]. - The spreads/ratios/profits on the January 29th for the main contracts: the hot - rolled coil to rebar spread was 151.00 yuan/ton; the rebar to iron ore ratio was 3.95; the coal to coke ratio was 1.48; the rebar futures profit was - 79.78 yuan/ton; the coking futures profit was 173.55 yuan/ton [1]. Spot Market - On January 29th, Shanghai rebar was priced at 3280.00 yuan/ton with a gain of 50.00 yuan; Tianjin rebar was 3190.00 yuan/ton with a gain of 50.00 yuan; Guangzhou rebar was 3410.00 yuan/ton with no change; Tangshan billet was 2950.00 yuan/ton with a gain of 20.00 yuan; the Platts Index was 104.15 with a decrease of 1.45 [1]. - Shanghai hot - rolled coil was 3310.00 yuan/ton with a gain of 50.00 yuan; Hangzhou hot - rolled coil was 3330.00 yuan/ton with a gain of 50.00 yuan; Guangzhou hot - rolled coil was 3300.00 yuan/ton with a gain of 30.00 yuan; the billet - to - product spread was 330.00 yuan/ton with a gain of 30.00 yuan; Rizhao Port's PB powder was 797.00 yuan/ton with a gain of 5.00 yuan [1]. - Qingdao Port's Super Special powder was 666.00 yuan/ton with a decrease of 1.00 yuan; Ganqimaodu's coking refined coal was 1235.00 yuan/ton with no change; Qingdao Port's quasi - first - grade coke (ex - warehouse) was 1430.00 yuan/ton with no change; Qingdao Port's PB was 799.00 yuan/ton with a gain of 6.00 yuan [1]. - The basis on January 29th: HC main contract was 2.00 yuan/ton with a gain of 22.00 yuan; RB main contract was 123.00 yuan/ton with a decrease of 16.00 yuan; J main contract was - 150.37 yuan/ton with a decrease of 39.00 yuan; JM main contract was 100.00 yuan/ton with a decrease of 30.50 yuan [1]. Steel - The steel market is in a seasonal off - peak. The demand support is limited. The price initiative to sell under pressure is not large. The steel mills have the willingness to resume production, but the actual strength and rhythm may be slow. Traders are not willing to do open - position winter storage and it is more suitable to participate in the basis way. The strategy is to treat it with a sideways thinking, and the hot - rolled coil spot - futures positive spread can be rolled [2]. Ferrosilicon and Silicomanganese - With the warming of market sentiment, the prices of ferrosilicon and silicomanganese fluctuate upward. The direct and terminal demand is weak and difficult to improve in the short - term. The alloy plants' production is still high with poor profits, and the medium - term over - supply pressure remains. The macro - policies are mainly favorable. In the short - term, the prices may fluctuate strongly [3]. Coking Coal and Coke - The first round of coke price increase has been implemented, but the market is not optimistic about the future. The downstream procurement is cautious. The coking coal online auction has many unsold lots. The futures market is affected by the relaxation of the "three red lines" for real - estate enterprises and the stock market rotation. The steel market is in the off - peak season, with weak industrial data. The coal mine supply is gradually recovering, and the downstream has pre - holiday replenishment, but the upward drive for prices is limited. After the short - term rebound, pay attention to cashing in spot at high prices and shorting opportunities on the futures market [5]. Iron Ore - The steel mills' in - plant inventory is still at a relatively low level in recent years. The expectation of steel mills' accelerated resumption of production in February and pre - holiday replenishment support the short - term high price. After the replenishment expectation is fully digested, the port inventory pressure will be the source of pressure. It is recommended to go long in the short - term and short at pressure levels in the long - term [6].

有色商品日报 有色商品日报（2026 年 1 月 30 日） 一、研究观点 | 品 种 | | 点评 | | --- | --- | --- | | | | 隔夜内外铜价冲高后快速回落，特别是 LME 铜盘中一度涨幅达到 10%，国内现货精炼 | | | | 铜进口亏损大幅收敛，窗口接近打开。宏观方面，美国总统特朗普表示，下周将宣布美 | | | | 联储主席人选，利率应比当前水平低两到三个百分点。美国联邦政府再次面临关门危险， | | | | 昨晚美参院关键投票未能推进拨款法案，但特朗普称接近达成协议避免政府关门。国内 | | | | 方面，有消息称，多家房地产企业已不再被监管部门要求每月上报"三道红线"相关数 | | | 据，有利于后续房地产市场平稳发展。库存方面，LME 库存增加 2150 吨至 176075 | 吨； | | 铜 | Comex 库存增加 2590 吨至 521757 吨；SHFE 铜仓单增加 3590 吨 151628 吨，BC | 铜维持 | | | 11141 | 吨。昨日内外铜价表现来看，突然的发力有贵金属热度的传导，也标志着铜价首 | | | 次突破每吨 1.4 | 万美元的 ...

1. Report Industry Investment Rating - No relevant information provided. 2. Core Viewpoints of the Report - The central bank carried out 354 billion yuan of 7 - day reverse repurchase operations, with a net investment of 143.8 billion yuan on the day, and 1.181 trillion yuan of reverse repurchases will mature in the central bank's open - market this week, along with 200 billion yuan of MLF maturing on Monday [3][4] - The central bank emphasized expanding the scope of macro - prudential policies and maintaining financial stability [4] - The stock index trends were divided, with the Shanghai Composite Index fluctuating, and the market showed a rotation between sectors. The market's trading volume remained high, and it is expected that the short - term shock adjustment space of the stock index is limited, and it will mainly show a relatively strong shock before the Spring Festival [6] 3. Summary by Relevant Catalogs 3.1 Macro - financial Data - **Interest Rates**: DRO01 closed at 1.36% with a - 0.39bp change, DR007 at 1.59% with a 4.28bp change, GC001 at 1.60% with a 12.50bp change, etc [3] - **Bond Yields**: The 1 - year treasury bond yield was 1.29% with a - 0.50bp change, the 5 - year treasury bond yield was 1.58% with a 0.50bp change, and the 10 - year US treasury bond yield was 4.26% with a 2.00bp change [3] 3.2 Stock Index Futures and Stock Market Data - **Stock Index Futures**: IF当月 rose 1.0% to 4775, IH当月 rose 1.9% to 3124, IC当月 fell 1.1% to 8531, and IM当月 fell 0.7% to 8351 [5] - **Stock Indexes**: The Shanghai - Shenzhen 300 rose 0.76% to 4753.9, the Shanghai 50 rose 1.65% to 3110.9, the CSI 500 fell 0.97% to 8517.8, and the CSI 1000 fell 0.8% to 8332.2 [6] - **Trading Volume and Open Interest**: The trading volume and open interest of IF, IH, IC, and IM had different changes, such as IF trading volume increasing by 11.8% to 159,804 and IF open interest decreasing by 0.7% to 323,557 [5] - **Sector Performance**: In the stock market, precious metals, mining, and brewing industries performed strongly, while electronic chemicals, semiconductors, etc. declined [6] 3.3 Stock Index Futures Premium and Discount - **IF**: The premium and discount rates for the next - month, current - quarter, next - quarter, and current - month contracts were - 7.23%, - 4.63%, - 0.97%, and 0.89% respectively [7] - **IH**: The premium and discount rates for the next - month, current - quarter, next - quarter, and current - month contracts were - 7.09%, - 4.57%, - 1.80%, and 0.12% respectively [7] - **IC**: The premium and discount rates for the next - month, current - quarter, next - quarter, and current - month contracts were - 2.60%, 0.02%, 1.67%, and 2.66% respectively [7] - **IM**: The premium and discount rates for the next - month, current - quarter, next - quarter, and current - month contracts were - 3.82%, 0.28%, 4.12%, and 5.37% respectively [7]

Group 1: Index Trends - On January 29, the Shanghai Composite Index rose 0.16% to close at 4157.98 points with a trading volume of 1485.795 billion yuan; the Shenzhen Component Index fell 0.3% to close at 14300.08 points with a trading volume of 1744.213 billion yuan [1] - The CSI 1000 Index fell 0.8% with a trading volume of 677.736 billion yuan, opening at 8380.61, closing at 8332.21, with a daily high of 8463.12 and a low of 8308.82 [1] - The CSI 500 Index fell 0.97% with a trading volume of 666.257 billion yuan, opening at 8584.68, closing at 8517.84, with a daily high of 8658.94 and a low of 8503.09 [1] - The SSE 50 Index rose 1.65% with a trading volume of 294.888 billion yuan, opening at 3074.49, closing at 3110.91, with a daily high of 3122.14 and a low of 3048.41 [1] - The CSI 300 Index rose 0.76% with a trading volume of 917.966 billion yuan, opening at 4733.09, closing at 4753.87, with a daily high of 4770.96 and a low of 4696.05 [1] Group 2: Impact of Sector Movements on Indexes - The CSI 1000 dropped 67.58 points from the previous close. Media and other sectors significantly pulled the index up, while Machinery, Power Equipment, and Electronics sectors dragged it down [3] - The CSI 500 dropped 83.32 points from the previous close. Media and other sectors significantly pulled the index up, while National Defense and Military Industry, Power Equipment, and Electronics sectors dragged it down [3] - The CSI 300 rose 35.88 points from the previous close. Food and Beverage, Non - Banking Finance, and Non - Ferrous Metals sectors significantly pulled the index up, while the Electronics sector dragged it down [3] - The SSE 50 rose 50.35 points from the previous close. Food and Beverage, Non - Banking Finance, and Non - Ferrous Metals sectors significantly pulled the index up, while the Electronics sector dragged it down [3] Group 3: Stock Index Futures Basis and Annualized Opening Costs - For IM contracts, the average daily basis for IM00 was 12.65, IM01 was -7.34, IM02 was -135.96, and IM03 was -294.03 [13] - For IC contracts, the average daily basis for IC00 was 18.85, IC01 was 16.11, IC02 was -30.7, and IC03 was -124.86 [13] - For IF contracts, the average daily basis for IF00 was 10.9, IF01 was 16.46, IF02 was 1.63, and IF03 was -44.08 [13] - For IH contracts, the average daily basis for IH00 was 6.1, IH01 was 10.77, IH02 was 13.81, and IH03 was -11.75 [13]

1. Report Industry Investment Ratings - Index futures: Volatile [1] - Treasury bond futures: Relatively strong [2] 2. Core Views of the Report - The A - share market continued to fluctuate, with the Wind All - A index down 0.23% and a trading volume of 3.26 trillion yuan. The food and beverage sector led the gains. Various economic control policies have provided fundamental support for the index. The central bank's interest rate cut on structural monetary policy tools helps guide funds into relevant sectors and push up valuations. The market has entered a high - level volatile mode, and short - term fluctuations have increased. In the medium and long term, the risk of a significant decline in the index is low [1]. - Treasury bond futures closed higher. The central bank conducted reverse repurchase operations, resulting in a net injection of funds. In the short term, due to the continuous introduction of growth - stabilizing policies, the bond market lacks the impetus for continuous strengthening, and the pattern of interest rate range - bound fluctuations continues [2]. 3. Summary by Directory Research Views Index Futures - Yesterday, the A - share market fluctuated. The CSI 1000 index fell 0.8%, the CSI 500 index fell 0.97%, the SSE 300 index rose 0.76%, and the SSE 50 index rose 1.65%. Recent economic control policies have provided fundamental support. The central bank's interest rate cut on structural monetary policy tools helps guide funds into relevant sectors. The adjustment of the minimum margin ratio for margin trading has increased risk - aversion sentiment, and the market has entered a high - level volatile mode [1]. Treasury Bond Futures - Yesterday, treasury bond futures closed higher. The central bank conducted 354 billion yuan of 7 - day reverse repurchase operations, with a net injection of 143.8 billion yuan. In the short term, the bond market lacks the impetus for continuous strengthening, and the interest rate range - bound fluctuation pattern continues [2] Daily Price Changes - For stock index futures: IH rose 1.97%, IF rose 1.08%, IC fell 1.21%, and IM fell 0.58%. For stock indexes: the SSE 50 rose 1.65%, the SSE 300 rose 0.76%, the CSI 500 fell 0.97%, and the CSI 1000 fell 0.80%. For treasury bond futures: TS remained unchanged, TF rose 0.00%, T rose 0.04%, and TL rose 0.07% [3] Market News - In the context of interest rate decline and the "relocation" of residents' deposits, "fixed - income +" funds have become popular again. As of the end of 2025, the scale of "fixed - income +" funds reached 2.74 trillion yuan, a record high, and secondary bond funds contributed the main increment. In 2026, "fixed - income +" products are still expected to be an important tool for funds to enter the market [5] Chart Analysis Stock Index Futures - The report provides the trends of IH, IF, IM, IC main contracts, and the monthly basis trends of IH, IF, IC, IM [7][8][9][10][11] Treasury Bond Futures - The report shows the trends of treasury bond futures main contracts, treasury bond spot yields, the basis of 2 - year, 5 - year, 10 - year, and 30 - year treasury bond futures, the inter - period spreads of 2 - year, 5 - year, 10 - year, and 30 - year treasury bond futures, cross - variety spreads, and capital interest rates [14][15][16][18][19][22] Exchange Rates - The report presents the central parity rates of the US dollar against the RMB, the euro against the RMB, the 1 - month and 3 - month forward exchange rates of the US dollar and the euro against the RMB, the US dollar index, the euro against the US dollar, the pound against the US dollar, and the US dollar against the Japanese yen [24][25][26][28][29]

（文华综合） 早间沪铜和国际铜走势受市场情绪左右，伴随着国内期市股市氛围急转直下，铜价大幅回落，目前跌幅在3%附近，昨日涨幅大面积回吐。最近贵金属板块 波动加剧，仍需警惕市场情绪变化。 ...

Group 1: Report Industry Investment Rating - The investment rating for the steel industry is "oscillation" [1] Group 2: Core View of the Report - On Thursday, rebar and hot-rolled coils closed higher, and continued to rise in the night session. The supply and inventory of the five major steel products increased this week, while demand decreased. With the approaching of the Spring Festival, downstream steel demand has gradually shrunk, and the market speculation sentiment is poor. The winter storage policy has been gradually implemented, but merchants generally lack confidence in winter storage. The market expects the steel price to be stable after the festival [1] Group 3: Summary by Relevant Content Market Review - On Thursday, rebar and hot-rolled coils closed higher and continued to rise in the night session [1] Important Information - This week, the supply of the five major steel products was 8.2317 million tons, a week-on-week increase of 35,800 tons or 0.4%; the total inventory was 12.7851 million tons, a week-on-week increase of 214,300 tons or 1.7%; the weekly apparent consumption was 8.0174 million tons, a month-on-month decrease of 1.0% [1] - In 2025, China's stainless steel crude steel output was 40.8681 million tons, an increase of 1.427 million tons or 3.62% year-on-year [1] - According to the latest production schedule report of the three major white goods released by Industrial Online, the total production schedule of air conditioners, refrigerators, and washing machines in February 2026 was 23.79 million units, a decrease of 22.1% compared with the actual production performance of the same period last year [1] - Mysteel surveyed the Spring Festival shutdown situation of 95 independent electric arc furnace steel mills. Most of them will shut down in February, with the most (44, accounting for 47.83%) shutting down from February 1st to February 8th. The remaining 9 steel mills will shut down one after another after February 8th, and the latest one will shut down on February 15th [1] Market Logic - On Thursday, steel spot prices rose, and commodities generally increased. This week, the output and inventory of the five major steel products increased, while demand decreased. Rebar output and inventory both increased, and rebar continued to accumulate inventory. Hot-rolled coil output increased while inventory decreased. As the Spring Festival approaches, downstream steel demand has gradually shrunk, and the market speculation sentiment is poor. The winter storage policy has been gradually implemented, but merchants generally lack confidence in winter storage. Most downstream infrastructure and housing construction enterprises lack the willingness to replenish inventory before the festival. Nearly 70% of enterprises will stop work 5 - 10 days before the festival, and nearly 60% of enterprises plan to resume work 10 - 15 days after the festival. There will be few new projects after the festival, and the market will still be dominated by ongoing projects. Downstream enterprises are relatively rational about the market performance after the festival. 66.67% of enterprises expect the steel price to remain stable after the festival, 21.57% are bearish, and only 11.76% think the price will rise compared with before the festival [1] Trading Strategy - Short-term oscillation. The support level for the rebar main contract is 3,050, and the resistance level is 3,200 [1]

1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - Overnight, there was significant volatility in overseas markets, with large fluctuations in gold and US stocks. Although there were no event - based shocks, it was more like an internal behavior of funds, which would have a negative impact on A - shares today, but the impact was limited [1][2]. - Yesterday, the market funds in A - shares attempted a style switch. However, apart from RMB appreciation, there was no other positive support. Therefore, it was more likely a rotational make - up increase of blue - chip stocks yesterday, and the mainstream of the future market would still be technology and growth [2]. - The non - ferrous metal sector might have low - buying opportunities due to the overnight overseas influence. It is recommended to continue to pay attention to the chemical and non - ferrous metal sectors. The index is expected to have limited upward and downward space. Considering the approaching Spring Festival holiday, the management would stabilize the index, so rolling operations are advisable [2]. 3. Summary by Relevant Catalogs 3.1 Important News - Trump will announce the candidate for the Fed Chairman next week, stating that interest rates should be lowered by 2 to 3 percentage points, and the Fed should cut rates significantly now. He will also take a bipartisan approach to avoid a government shutdown [4]. - Trump said Putin agreed to a one - week ceasefire in some areas of Ukraine. Zelensky announced that a ceasefire on energy facilities would start on the night of the 29th [4]. - Iran issued a warning to merchant ships and will conduct live - fire naval exercises in the Strait of Hormuz on Sunday and Monday. The Iranian Parliament Speaker said it was difficult to trust US President Trump, and the deputy commander of the Islamic Revolutionary Guard Corps stated that Iran was not afraid of any threats [4]. - The CME raised the margin levels for gold, copper, and some aluminum futures [5]. - The US Senate failed to advance the appropriation bill, and the federal government is facing a "shutdown" crisis again. The appropriation for the Department of Homeland Security may be in a separate bill [5]. - The General Office of the State Council issued the "Work Plan for Accelerating the Cultivation of New Growth Points in Service Consumption" [6]. - UK Prime Minister Starmer said the talks in China achieved substantial results [7]. - China will layout more "Space +" future industries, and space mining and space tourism will be on scheduled flights [8]. - The news that Kweichow Moutai participated in the Series A financing of SpaceX's listing is false [9]. - The central bank announced that the weighted average interest rate of newly issued commercial personal housing loans nationwide in the fourth quarter of 2025 was 3.06% [9]. 3.2 Futures Market Tracking - **Performance of Futures Contracts**: The report provides detailed data on the closing prices, settlement prices, price changes, price change rates, basis, premium/discount rates, annualized premium/discount rates, contract delivery dates, and remaining times of various futures contracts, including those for the Shanghai 50 Index, CSI 300 Index, CSI 500 Index, and CSI 1000 Index [11]. - **Trading Volume and Open Interest**: It also shows the trading volumes, trading volume changes, trading amounts, trading amount changes, open interest, open interest changes, weekly position increases, net positions, net position changes, short - position changes, and long - position changes of various futures contracts [12]. 3.3 Spot Market Tracking - **Market Index Performance**: The current points, daily, weekly, monthly, and annual price changes, trading amounts, price - to - earnings ratios, and their historical quantiles of major market indices such as the Wind All - A Index, Shanghai Composite Index, Shenzhen Component Index, ChiNext Index, Shanghai 50 Index, CSI 300 Index, CSI 500 Index, and CSI 1000 Index are presented [34]. - **Sector Performance**: The report details the performance of various sectors, including upstream (petroleum and petrochemicals, coal, non - ferrous metals, etc.), mid - stream (power equipment, machinery, etc.), consumer (food and beverage, medicine, etc.), TMT (electronics, computer, etc.), and financial and real estate sectors [34]. - **Influence of Market Styles**: The influence of different market styles (cyclical, consumer, growth, financial, and stable) on the Shanghai 50 Index, CSI 300 Index, CSI 500 Index, and CSI 1000 Index is analyzed, including the number of stocks, weights, daily, weekly, monthly, and annual contributions [35][36]. - **Valuation and Market Indicators**: The report also includes information on the valuations of important indices and Shenwan sectors, as well as market indicators such as the average weekly trading volume, average weekly turnover rate, number of rising and falling stocks in the two markets, and changes in the trading amounts of the indices [37][42]. 3.4 Liquidity Tracking The report presents data on the central bank's open - market operations (including currency injection, currency withdrawal, and net currency injection) and the Shibor interest rate levels [48][49][50].

Core View - The report describes the "tea cultivation" practice of Hangzhou futures traders during the Beginning of Spring, emphasizing that they balance the market's noise and the tranquility of life through tea - related rituals and traditional Chinese health - preserving methods, and gain inspiration from nature and traditional wisdom to face market fluctuations calmly [2][4] Summary by Related Aspects Morning Routine - Old futures trader Li prepares "Beginning of Spring Liver - soothing Tea" with roses, wolfberries, chrysanthemums, and tangerine peels every morning during the Beginning of Spring, believing it can relieve anxiety caused by watching market trends [2] - Li reduces coffee intake and has yam and poria cocos porridge with osmanthus cakes for breakfast, and sometimes buys spring bamboo shoot and fresh meat buns [3] Mid - day Activity - During the lunch break, Li and his friends take a walk by the canal, relax their nerves in nature, and regard it as a "yang - nourishing" activity [3] Evening and Night - In the evening, Li sits quietly at his desk, lights sandalwood, listens to the guqin music "Flowing Water", and reads "Suwen" to relieve fatigue [3] - At night, Li sips warm tea, reflecting on the day's market fluctuations, and realizes that both health - preserving and trading require conforming to the timing of nature [4]

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints - On January 29, the closing prices of the four major stock index futures contracts showed mixed trends, with IF rising 0.93%, IH rising 1.89%, IC falling 1.01%, and IM falling 0.59% [1] - On the trading day, the total trading volume of stock index futures rebounded, indicating an increase in investors' trading enthusiasm. Specifically, the total trading volume of IF increased by 16,902 lots, IH by 22,491 lots, IC by 33,619 lots, and IM by 53,901 lots. In terms of positions, the total position of IF decreased by 2,391 lots, IH increased by 9,827 lots, IC increased by 11,434 lots, and IM increased by 28,829 lots [2] - The trend strength of IF and IH is 1, and that of IC and IM is also 1. The A - share market had mixed trends, with the Shanghai Composite Index rising 0.16%, the Shenzhen Component Index falling 0.3%, and the ChiNext Index falling 0.57%. The Hong Kong stock market also had mixed trends, with the Hang Seng Index rising 0.51% and the Hang Seng Tech Index falling 1%. The US stock market also showed mixed trends, with the Dow Jones Industrial Average rising 0.11%, the S&P 500 Index falling 0.13%, and the Nasdaq Index falling 0.72% [6][7] Group 3: Summary by Relevant Catalogs 1. Stock Index Futures Data Tracking - **IF Contracts**: The closing price of IF2602 is 4,774.6, up 0.93% with a basis of 20.73, trading volume of 29,602 lots (down 3,031 lots), and open interest of 39,478 lots (down 4,000 lots); IF2603 closed at 4,784, up 1.00% with a basis of 30.13, trading volume of 99,189 lots (up 14,802 lots), and open interest of 184,884 lots (down 956 lots); IF2606 closed at 4,771.6, up 1.14% with a basis of 17.73, trading volume of 22,864 lots (up 4,054 lots), and open interest of 75,918 lots (up 454 lots); IF2609 closed at 4,727, up 1.18% with a basis of - 26.87, trading volume of 8,149 lots (up 1,077 lots), and open interest of 23,277 lots (up 2,111 lots) [1] - **IH Contracts**: The closing price of IH2602 is 3,124.2, up 1.89% with a basis of 13.29, trading volume of 18,254 lots (up 4,018 lots), and open interest of 18,317 lots (up 840 lots); IH2603 closed at 3,130.4, up 1.95% with a basis of 19.49, trading volume of 51,786 lots (up 13,449 lots), and open interest of 73,669 lots (up 5,903 lots); IH2606 closed at 3,132.6, up 1.97% with a basis of 21.69, trading volume of 10,933 lots (up 3,244 lots), and open interest of 27,019 lots (up 1,475 lots); IH2609 closed at 3,108.6, up 1.99% with a basis of - 2.31, trading volume of 4,899 lots (up 1,780 lots), and open interest of 9,224 lots (up 1,609 lots) [1] - **IC Contracts**: The closing price of IC2602 is 8,531.2, down 1.01% with a basis of 13.36, trading volume of 29,632 lots (up 1,072 lots), and open interest of 46,369 lots (up 1,063 lots); IC2603 closed at 8,517.6, down 1.16% with a basis of - 0.24, trading volume of 115,687 lots (up 21,572 lots), and open interest of 170,962 lots (up 3,667 lots); IC2606 closed at 8,463, down 1.13% with a basis of - 54.84, trading volume of 43,590 lots (up 6,546 lots), and open interest of 100,860 lots (up 2,183 lots); IC2609 closed at 8,374, down 0.98% with a basis of - 143.8, trading volume of 15,369 lots (up 4,429 lots), and open interest of 35,641 lots (up 4,521 lots) [1] - **IM Contracts**: The closing price of IM2602 is 8,351.4, down 0.59% with a basis of 19.19, trading volume of 40,923 lots (up 7,560 lots), and open interest of 58,886 lots (up 2,143 lots); IM2603 closed at 8,329, down 0.53% with a basis of - 3.21, trading volume of 147,818 lots (up 33,074 lots), and open interest of 196,369 lots (up 29,074 lots); IM2606 closed at 8,199.6, down 0.46% with a basis of - 132.6, trading volume of 39,840 lots (up 8,223 lots), and open interest of 111,756 lots (up 4,566 lots); IM2609 closed at 8,048, down 0.21% with a basis of - 284.2, trading volume of 19,400 lots (up 5,044 lots), and open interest of 44,584 lots (up 6,089 lots) [1] 2. Top 20 Member Positions Changes - **IF Contracts**: For IF2601, long positions decreased by 2,881 lots, and short positions decreased by 2,926 lots with a net short - position change of 1,656 lots; for IF2602, long positions decreased by 585 lots with a net long - position change of - 584 lots, and short positions decreased by 649 lots; for IF2603, long positions increased by 1,136 lots, and short positions increased by 147 lots; for IF2606, long positions increased by 1,746 lots, and short positions increased by 1,772 lots [5] - **IH Contracts**: For IH2601, long positions increased by 972 lots with a net long - position change of 7,433 lots, and short positions increased by 945 lots; for IH2602, long positions increased by 4,744 lots, and short positions increased by 5,836 lots with a net short - position change of 7,976 lots; for IH2603, long positions increased by 1,717 lots, and short positions increased by 1,195 lots; IH2606 data was not公布 [5] - **IC Contracts**: For IC2601, long positions increased by 1,255 lots with a net long - position change of 10,149 lots, and short positions increased by 1,112 lots; for IC2602, long positions increased by 3,732 lots, and short positions increased by 2,779 lots with a net short - position change of 10,535 lots; for IC2603, long positions increased by 1,555 lots, and short positions increased by 2,434 lots; for IC2606, long positions increased by 3,607 lots, and short positions increased by 4,210 lots [5] - **IM Contracts**: For IM2601, long positions increased by 1,471 lots, and short positions increased by 1,442 lots; for IM2602, long positions increased by 14,597 lots, and short positions increased by 15,131 lots; for IM2603, long positions increased by 4,268 lots with a net long - position change of 20,336 lots, and short positions increased by 3,819 lots with a net short - position change of 20,392 lots; IM2606 data was not公布 [5] 3. Trend Strength and Important Drivers - **Trend Strength**: The trend strength of IF and IH is 1, and that of IC and IM is also 1 [6] - **Important Drivers**: In the A - share market, the Shanghai Composite Index rose 0.16% to 4,157.98 points, the Shenzhen Component Index fell 0.3%, and the ChiNext Index fell 0.57%. The liquor sector, gold stocks, oil and gas stocks, real estate, and insurance stocks were active, while the semiconductor and AI computing power industry chains adjusted significantly. The total trading volume in the A - share market was 3.26 trillion yuan, compared with 2.99 trillion yuan the previous day. In the Hong Kong stock market, the Hang Seng Index rose 0.51% to 27,968.09 points, the Hang Seng Tech Index fell 1%, and the Hang Seng China Enterprises Index rose 0.42%. The real estate stocks were strong, and the technology stocks generally fell. The trading volume in the Hong Kong stock market was HK$331.994 billion, down from HK$361.523 billion the previous day. In the US stock market, the Dow Jones Industrial Average rose 0.11% to 49,071.56 points, the S&P 500 Index fell 0.13% to 6,969.01 points, and the Nasdaq Index fell 0.72% to 23,685.12 points. Large - cap technology stocks had mixed trends [6][7]