Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - On January 7, 2026, the four major index futures contracts showed mixed performance. IF and IH declined, while IC and IM rose. The trading volume of index futures decreased, indicating a cooling of investors' trading enthusiasm. The total positions of IF, IH, IC, and IM also decreased [1][2]. 3. Summary by Relevant Catalogs 3.1. Index Futures Data Tracking - **Closing Prices and Fluctuations**: On January 7, the closing price of CSI 300 was 4776.7, down 0.29%; IF2601 closed at 4772.8, down 0.26%. The closing price of SSE 50 was 3145.1, down 0.43%; IH2601 closed at 3144.4, down 0.29%. The closing price of CSI 500 was 7875.1, up 0.68%; IC2601 closed at 7869.6, up 0.68%. The closing price of CSI 1000 was 7906.4, up 0.53%; IM2601 closed at 7882, up 0.43% [1]. - **Trading Volume and Positions**: The total trading volume of IF decreased by 23622 lots, IH by 14948 lots, IC by 17874 lots, and IM by 22592 lots. The total positions of IF decreased by 7604 lots, IH by 8228 lots, IC by 888 lots, and IM by 2026 lots [2]. - **Basis**: The basis of IF, IH, IC, and IM contracts varied. For example, the basis of IF2601 was -3.87, and that of IC2601 was -5.48 [1]. 3.2. Top 20 Member Positions in Index Futures - **IF Contracts**: The long - positions of IF2601 decreased by 3769 lots, IF2603 by 1732 lots, and IF2606 by 213 lots. The short - positions of IF2601 decreased by 3502 lots, IF2603 by 3798 lots, and IF2606 increased by 282 lots [5]. - **IH Contracts**: The long - positions of IH2601 decreased by 2731 lots, IH2603 by 3815 lots, and IH2606 increased by 83 lots. The short - positions of IH2601 decreased by 2879 lots, IH2603 by 3742 lots, and IH2606 increased by 162 lots [5]. - **IC Contracts**: The long - positions of IC2601 decreased by 3387 lots, IC2602 increased by 1349 lots, IC2603 increased by 1391 lots, and IC2606 increased by 1083 lots. The short - positions of IC2601 decreased by 3051 lots, IC2602 increased by 1484 lots, IC2603 decreased by 79 lots, and IC2606 increased by 1251 lots [5]. - **IM Contracts**: The long - positions of IM2601 decreased by 2700 lots, IM2602 increased by 2885 lots, and IM2603 decreased by 755 lots. The short - positions of IM2601 decreased by 2812 lots, IM2602 increased by 2946 lots, and IM2603 decreased by 2494 lots [5]. 3.3. Trend Intensity - The trend intensity of IF and IH is 1, and that of IC and IM is also 1. The trend intensity ranges from - 2 to 2, with - 2 being the most bearish and 2 being the most bullish [6]. 3.4. Important Drivers - **Policy**: The Ministry of Industry and Information Technology and other eight departments issued the "Implementation Opinions on the Special Action of 'Artificial Intelligence + Manufacturing'", aiming to achieve safe and reliable supply of key core technologies in artificial intelligence by 2027 [7]. - **Stock Market Performance**: A - shares fluctuated and rose, with the Shanghai Composite Index rising 0.05% to 4085.77 points, achieving a 14 - day consecutive rise. Hong Kong stocks fluctuated and declined, with the Hang Seng Index falling 0.94% to 26458.95 points. U.S. stocks closed mixed, with the Dow Jones Industrial Average falling 0.94%, the S&P 500 Index falling 0.34%, and the Nasdaq rising 0.16% [7][8].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - On January 5, 2026, all four major stock index futures contracts for the current month rose, with IF up 2.07%, IH up 2.42%, IC up 2.81%, and IM up 2.37% [1]. - On the trading day, the total trading volume of stock index futures rebounded, indicating increased trading enthusiasm among investors. The total trading volume of IF, IH, IC, and IM increased by 20,649 lots, 6,347 lots, 29,217 lots, and 24,485 lots respectively. In terms of positions, the total positions of IF, IH, IC, and IM increased by 8,201 lots, 3,543 lots, 22,660 lots, and 13,346 lots respectively [2]. - The trend strength of IF and IH is 1, and that of IC and IM is also 1. The A - share market had a good start in 2026, with the Shanghai Composite Index rising by more than 1% and returning to 4,000 points, and the ChiNext Index surging nearly 3%. The Hong Kong stock market fluctuated slightly up, with the biotechnology and semiconductor industries strengthening [6][7]. 3. Summary by Relevant Catalogs 3.1. Stock Index Futures Data Tracking - **CSI 300 and Related Futures**: The CSI 300 closed at 4,717.8, up 1.90%. Among its futures, IF2601 closed at 4,714, up 2.07%, with a basis of - 3.75; IF2602 closed at 4,702.6, up 2.14%, with a basis of - 15.15; IF2603 closed at 4,697, up 2.26%, with a basis of - 20.75; IF2606 closed at 4,649.8, up 2.23%, with a basis of - 67.95 [1]. - **SSE 50 and Related Futures**: The SSE 50 closed at 3,099.8, up 2.26%. Among its futures, IH2601 closed at 3,097.4, up 2.42%, with a basis of - 2.35; IH2602 closed at 3,099.6, up 2.59%, with a basis of - 0.15; IH2603 closed at 3,098.8, up 2.55%, with a basis of - 0.95; IH2606 closed at 3,088.8, up 2.56%, with a basis of - 10.95 [1]. - **CSI 500 and Related Futures**: The CSI 500 closed at 7,651.2, up 2.49%. Among its futures, IC2601 closed at 7,664.8, up 2.81%, with a basis of 13.6; IC2602 closed at 7,624.8, up 2.95%, with a basis of - 26.4; IC2603 closed at 7,596, up 3.11%, with a basis of - 55.2; IC2606 closed at 7,417, up 3.27%, with a basis of - 234.2 [1]. - **CSI 1000 and Related Futures**: The CSI 1000 closed at 7,753.9, up 2.09%. Among its futures, IM2601 closed at 7,759.2, up 2.37%, with a basis of 5.32; IM2602 closed at 7,697.8, up 2.56%, with a basis of - 56.08; IM2603 closed at 7,639, up 2.69%, with a basis of - 114.9; IM2606 closed at 7,403.4, up 2.76%, with a basis of - 350.5 [1]. 3.2. Position Changes of the Top 20 Futures Members - For IF contracts, in IF2601, long positions decreased by 607 and short positions increased by 347; in IF2603, long positions increased by 5,858 and short positions increased by 5,971; in IF2606, long positions increased by 1,027 and short positions increased by 490 [5]. - For IH contracts, in IH2601, long positions decreased by 62 and short positions increased by 168; in IH2603, long positions increased by 2,259 and short positions increased by 2,443; in IH2606, long positions increased by 206 and short positions increased by 91 [5]. - For IC contracts, in IC2601, long positions increased by 598 and short positions increased by 1,459; in IC2603, long positions increased by 11,123 and short positions increased by 12,210; in IC2606, long positions increased by 2,786 and short positions increased by 2,146 [5]. - For IM contracts, in IM2601, long positions decreased by 1,660 and short positions decreased by 909; in IM2602, long positions increased by 2,233 and short positions increased by 2,659; in IM2603, long positions increased by 4,700 and short positions increased by 8,413 [5]. 3.3. Market Trends and Drivers - **A - share Market**: The A - share market had a good start in 2026. The Shanghai Composite Index rose 1.38% to 4,023.42 points, the Shenzhen Component Index rose 2.24%, the ChiNext Index rose 2.85%, the Beixin 50 rose 1.8%, the Kechuang 50 rose 4.41%, and the Wind All - A Index rose 1.99%. The total trading volume was 2.57 trillion yuan, compared with 2.07 trillion yuan the previous day [6]. - **Hong Kong Stock Market**: The Hong Kong stock market fluctuated slightly up. The Hang Seng Index rose 0.03% to 26,347.24 points, the Hang Seng Tech Index rose 0.09% to 5,741.63 points, and the Hang Seng China Enterprises Index fell 0.22% to 9,148.47 points. The market trading volume was HK$283.462 billion, significantly higher than the previous trading day's HK$140.864 billion [7]. - **US Stock Market**: The three major US stock indexes all closed up. The Dow Jones Industrial Average rose 1.23% to 48,977.18 points, reaching a new record high; the S&P 500 Index rose 0.64% to 6,902.05 points; the Nasdaq Composite Index rose 0.69% to 23,395.82 points [8].

金 融 期 货 研 究 | | | | | 期指：内因支撑为主 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 毛磊 | | | 投资咨询从业资格号：Z0011222 | | | maolei@gtht.com | | 【期指期现数据跟踪】 | | | | | | | | | | 期指数据 | | | | | | | | | | | 收盘价 | 涨跌幅% | 基差 | 成交额-亿 | 成交量 | 变动 | 持仓量 | 变动 | | 沪深300 | 4629.9 | ↓0.46 | | 4444.9 | | | | | | IF2601 | 4622.2 | ↓0.57 | -7.74 | 400.8 | 28844 | ↑1323 | 58209 | ↓1522 | | IF2602 | 4609.6 | ↓0.57 | -20.34 | 37 | 2673 | ↑77 | 5401 | ↑330 | | IF2603 | 4599.8 | ↓0.61 | -30.14 | 875.6 | 63352 | ↑659 ...

金 融 期 货 研 究 2025 年 12 月 18 日 | | | 毛磊 | | | 投资咨询从业资格号：Z0011222 | | maolei@gtht.com | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 【期指期现数据跟踪】 | | | | | | | | | 期指数据 | | | | | | | | | | | 收盘价 | 涨跌幅% | 基 差 | 成交额-亿 | 成交量 | 变 动 | 持仓量 | 变 动 | | 沪深300 | 4579.88 | ↑1.83 | | 4525 | | | | | | IF2512 | 4578.2 | ↑1.86 | -1.68 | 1157.6 | 84998 | ↑5051 | 61935 | ↓28826 | | IF2601 | 4557.2 | ↑1.78 | -22.68 | 386.1 | 28444 | ↑12471 | 45761 | ↑13774 | | IF2603 | 4532 | ↑1.89 | -47.88 | 825.3 | 61193 | ↑1746 ...

金 融 期 货 研 究 2025 年 12 月 17 日 期指：仍有支撑，静待走稳 毛磊 投资咨询从业资格号：Z0011222 maolei@gtht.com | | 收盘价 | 涨跌幅% | 基 差 | 成交额-亿 | 成交量 | 变 动 | 持仓量 | 变 动 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 沪深300 | 4497.55 | ↓1.20 | | 3905 | | | | | | IF2512 | 4499.4 | ↓1.16 | 1.85 | 1079 | 79947 | ↑11624 | 90761 | ↓4016 | | IF2601 | 4480 | ↓1.24 | -17.55 | 214.7 | 15973 | ↑4870 | 31987 | ↑7840 | | IF2603 | 4451.4 | ↓1.26 | -46.15 | 584.4 | 43729 | ↑9671 | 133118 | ↑9475 | | IF2606 | 4407.6 | ↓1.30 | -89.95 | 138 | 10431 ...

金 融 期 货 研 究 2025 年 12 月 16 日 期指：驱动偏真空，震荡依旧 | | 收盘价 | 涨跌幅% | 基 差 | 成交额-亿 | 成交量 | 变 动 | 持仓量 | 变 动 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 沪深300 | 4552.06 | ↓0.63 | | 4243.8 | | | | | | IF2512 | 4545.6 | ↓0.64 | -6.46 | 936.1 | 68323 | ↓5680 | 94777 | ↓18378 | | IF2601 | 4527.8 | ↓0.65 | -24.26 | 151.6 | 11103 | ↑2824 | 24147 | ↑3846 | | IF2603 | 4501 | ↓0.67 | -51.06 | 462.1 | 34058 | ↓1058 | 123643 | ↑5375 | | IF2606 | 4458.6 | ↓0.64 | -93.46 | 94.4 | 7026 | ↓30 | 31883 | ↑648 | | 上证50 | ...

2025 年 12 月 11 日 期指：美联储如期降息，国内释放利多 | | | 毛磊 | | | 投资咨询从业资格号：Z0011222 | | maolei@gtht.com | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 【期指期现数据跟踪】 | | | | | | | | | | 期指数据 | | | | | | | | | | | | | 收盘价 | 涨跌幅% | 基 差 | 成交额-亿 | 成交量 | 变 动 | 持仓量 | 变 动 | | | 沪深300 | 4591.83 | ↓0.14 | | 4014.5 | | | | | | | IF2512 | 4574.2 | ↓0.15 | -17.63 | 1038.2 | 75990 | ↑12113 | 125588 | 0 | | | IF2601 | 4557.6 | ↓0.17 | -34.23 | 88.7 | 6515 | ↑783 | 16198 | ↑1972 | | | IF2603 | 4534.2 | ↓0.19 | -57.6 ...

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core View of the Report - On December 4th, all the current - month contracts of the four major stock index futures rose. IF increased by 0.38%, IH by 0.44%, IC by 0.61%, and IM by 0.39%. The total trading volume of stock index futures declined on this trading day, indicating a cooling of investors' trading enthusiasm. In terms of positions, the total positions of IF, IH, IC, and IM all decreased [1][2]. Group 3: Summary According to Related Catalogs 3.1 Stock Index Futures Data Tracking - **CSI 300 and Related Futures**: The CSI 300 closed at 4546.57, up 0.34%. Among its futures, IF2512 closed at 4530.6, up 0.38% with a basis of - 15.97, and its trading volume was 63708 (down 4155) and position was 136475 (down 5723) [1]. - **SSE 50 and Related Futures**: The SSE 50 closed at 2974.34, up 0.38%. IH2512 closed at 2968.2, up 0.44% with a basis of - 6.14, and its trading volume was 27688 (up 123) and position was 53262 (down 2692) [1]. - **CSI 500 and Related Futures**: The CSI 500 closed at 7012.81, up 0.24%. IC2512 closed at 6983.2, up 0.61% with a basis of - 29.61, and its trading volume was 64721 (down 2618) and position was 123278 (down 10513) [1]. - **CSI 1000 and Related Futures**: The CSI 1000 closed at 7248.66, up 0.01%. IM2512 closed at 7213.4, up 0.39% with a basis of - 35.26, and its trading volume was 116454 (down 2178) and position was 181088 (down 11986) [1]. 3.2 Total Trading Volume and Position Changes - The total trading volume of IF decreased by 5184 lots, IH by 44 lots, IC by 2272 lots, and IM by 5429 lots. The total positions of IF decreased by 3942 lots, IH by 3020 lots, IC by 8576 lots, and IM by 13768 lots [2]. 3.3 Top 20 Member Position Changes - **IF**: For IF2512, long - positions decreased by 5074 and short - positions decreased by 4412; for IF2603, long - positions increased by 581 and short - positions increased by 642 [5]. - **IH**: For IH2512, long - positions decreased by 2193 and short - positions decreased by 1830; for IH2603, long - positions decreased by 511 and short - positions decreased by 214 [5]. - **IC**: For IC2512, long - positions decreased by 7954 and short - positions decreased by 7808; for IC2601, long - positions increased by 737 and short - positions increased by 721 [5]. - **IM**: For IM2512, long - positions decreased by 8399 and short - positions decreased by 10183; for IM2601, long - positions increased by 959 and short - positions increased by 896 [5]. 3.4 Trend Intensity - The trend intensity of IF and IH is 1, and that of IC and IM is also 1. The trend intensity ranges from - 2 to 2, with - 2 being the most bearish and 2 being the most bullish [6]. 3.5 Important Driving Factors - Chinese President Xi Jinping held talks with French President Macron. The two leaders exchanged views on the Ukraine crisis and witnessed the signing of cooperation documents in multiple fields. There was also an inaccurate media report about the Japanese Prime Minister's stance on Taiwan, which was refuted by the Chinese Foreign Ministry [6]. 3.6 Other Market Information - The central bank will conduct a 1 - trillion - yuan 3 - month repurchase operation on December 5th to offset the maturity amount. The three major US stock indexes closed mixed. The Shanghai Composite Index fell 0.06%, while the Shenzhen Component Index rose 0.4% and the ChiNext Index rose 1.01%. The A - share market turnover was 1.56 trillion yuan [7].

Group 1: Report Core View - The report indicates that on December 3, all four major index futures contracts for the current month declined, with IF down 0.3%, IH down 0.35%, IC down 0.41%, and IM down 0.58%. The total trading volume of index futures rebounded on this trading day, showing an increase in investors' trading enthusiasm. In terms of positions, the total positions of all four major index futures also increased. The index futures have certain support at the lower level [1][2][3]. Group 2: Market Data Summary Index Futures Price and Trading Volume - The closing prices of the four major spot indexes all declined, with the CSI 300 down 0.51%, the SSE 50 down 0.52%, the CSI 500 down 0.62%, and the CSI 1000 down 0.89%. Among the index futures contracts, the December 2025 contracts of IF, IH, IC, and IM all declined, with decreases of 0.3%, 0.35%, 0.41%, and 0.58% respectively [1]. - The total trading volume of IF increased by 16,059 lots, IH by 3,694 lots, IC by 18,013 lots, and IM by 37,370 lots. The total positions of IF increased by 10,409 lots, IH by 3,910 lots, IC by 10,653 lots, and IM by 23,105 lots [2]. Index Futures Basis - The basis of different contracts of IF, IH, IC, and IM is different, and the basis generally shows a negative value, indicating that the futures price is lower than the spot price [1]. Top 20 Member Positions - In the top 20 member positions of index futures, the long - and short - position changes of different contracts vary. For example, in the IF2512 contract, the long - position increase is 3,679, and the short - position increase is 3,373 [5]. Group 3: Market Driving Factors Domestic Economic Data - From January to November this year, the replacement of consumer goods with old ones drove the sales of related goods to exceed 2.5 trillion yuan, benefiting more than 360 million people. From January to October, China's service trade import and export volume was 6.58443 trillion yuan, a year - on - year increase of 7.5%, and the service trade deficit was 766.37 billion yuan, a year - on - year decrease of 269.39 billion yuan [6]. Policy and International Relations - Premier Li Qiang pointed out that new urbanization is an important carrier for expanding domestic demand, promoting industrial upgrading, and strengthening the domestic cycle. The US President Trump signed a law on the US - Taiwan relationship, and the Chinese Foreign Ministry responded, emphasizing the one - China principle [7]. International Economic Data - The US ADP employment data in November showed a decrease of 32,000 private - sector jobs, the largest decline since March 2023. The probability of the Fed cutting interest rates by 25 basis points in December is close to 90% [6]. Group 4: Other Information Trend Intensity - The trend intensity of IF and IH is 1, and that of IC and IM is also 1. The trend intensity ranges from - 2 to 2, with - 2 being the most bearish and 2 being the most bullish [6]. Stock Market Performance - The Shanghai Composite Index closed down 0.51% at 3,878 points, the Shenzhen Component Index fell 0.78%, and the ChiNext Index fell 1.12%. The trading volume of A - shares was 1.68 trillion yuan, up from 1.61 trillion yuan the previous day [7].

Report Industry Investment Rating - Not provided in the given content Core View - On December 2nd, all four major stock index futures contracts declined. IF fell 0.32%, IH fell 0.4%, IC fell 0.63%, and IM fell 0.64%. The total trading volume of stock index futures decreased, indicating a cooling of investors' trading enthusiasm. In terms of positions, the total positions of IF, IH, IC, and IM all decreased [1][2]. Summary by Relevant Catalogs 1. Stock Index Futures Data - **IF**: The closing price of IF2512 was 4535.8, down 0.32%, with a basis of -18.53, a trading volume of 760.1 billion, a trading volume of 55827 contracts, a decrease of 12773 contracts, and an open interest of 138432 contracts, a decrease of 7168 contracts [1]. - **IH**: The closing price of IH2512 was 2971.4, down 0.4%, with a basis of -7.07, a trading volume of 224.4 billion, a trading volume of 25152 contracts, a decrease of 6884 contracts, and an open interest of 53855 contracts, a decrease of 5275 contracts [1]. - **IC**: The closing price of IC2512 was 6982.2, down 0.63%, with a basis of -58.1, a trading volume of 756.8 billion, a trading volume of 54148 contracts, a decrease of 10161 contracts, and an open interest of 127620 contracts, a decrease of 6889 contracts [1]. - **IM**: The closing price of IM2512 was 7239.6, down 0.64%, with a basis of -73.58, a trading volume of 1396.3 billion, a trading volume of 96449 contracts, a decrease of 11212 contracts, and an open interest of 181453 contracts, a decrease of 7566 contracts [1]. 2. Trading Volume and Open Interest Changes - **Trading Volume**: The total trading volume of IF decreased by 15395 contracts, IH decreased by 7934 contracts, IC decreased by 10749 contracts, and IM decreased by 12406 contracts [2]. - **Open Interest**: The total open interest of IF decreased by 5611 contracts, IH decreased by 5305 contracts, IC decreased by 3458 contracts, and IM decreased by 5286 contracts [2]. 3. Top 20 Member Position Changes - **IF**: For IF2512, long positions decreased by 5565, and short positions decreased by 7152. For IF2603, long positions increased by 473, and short positions increased by 346. For IF2606, long positions increased by 188, and short positions increased by 412 [5]. - **IH**: For IH2512, long positions decreased by 4471, and short positions decreased by 4910. For IH2603, long positions decreased by 365, and short positions decreased by 244 [5]. - **IC**: For IC2512, long positions decreased by 3958, and short positions decreased by 5483. For IC2603, long positions increased by 1343, and short positions increased by 1669. For IC2606, long positions increased by 796, and short positions increased by 766 [5]. - **IM**: For IM2512, long positions decreased by 4599, and short positions decreased by 6179. For IM2601, long positions increased by 1034, and short positions increased by 939. For IM2603, long positions decreased by 616, and short positions decreased by 659 [5]. 4. Other Information - **Trend Intensity**: The trend intensity of IF and IH is 1, and the trend intensity of IC and IM is 1 [6]. - **Important Drives**: US President Trump plans to announce the next Federal Reserve Chairman in early 2026. The A - share market declined with reduced trading volume, and the US three major stock indexes rose slightly [6][7].