Report Industry Investment Rating - Not provided in the content Core Viewpoints - A股 major indices closed significantly higher, with the Shanghai Composite Index returning to 3900 points. Small and mid - cap stocks outperformed large - cap blue - chip stocks. The turnover of the Shanghai and Shenzhen stock markets increased slightly, and nearly 4900 stocks rose. Most industry sectors rose, while coal and petroleum and petrochemical sectors fell. Overseas, the US proposed a one - month cease - fire plan to discuss an agreement to end the war with Iran, causing international oil prices to drop. Domestically, the economic fundamentals in 2026 showed a good start, and the performance of listed companies that have disclosed 2025 annual reports is generally good. However, due to the ongoing war, the risk of negotiation breakdown should be vigilant, and caution is still needed before the war ends [2] Summary by Relevant Catalogs Futures Market - **Futures Contract Prices**: IF (2606) was at 4450.0, up 70.4; IF (2604) was at 4505.6, up 69.0. IH (2606) was at 2830.0, up 22.6; IH (2604) was at 2848.0, up 26.0. IC (2606) was at 7530.0, up 160.2; IC (2604) was at 7685.6, up 164.2. IM (2606) was at 7477.4, up 127.2; IM (2604) was at 7650.0, up 131.4 [2] - **Futures Price Spreads**: IF - IH spread was 1657.6, up 34.4; IC - IF spread was 3180.0, up 74.6; IM - IC spread was - 35.6, down 33.4; IC - IH spread was 4837.6, up 109.0; IM - IF spread was 3144.4, up 41.2; IM - IH spread was 4802.0, up 75.6 [2] - **Quarter - to - Month Spreads**: IF quarter - to - month was - 55.6, up 5.4; IF next - quarter - to - month was - 141.2, up 3.0; IH quarter - to - month was - 18.0, down 2.4; IH next - quarter - to - month was - 54.8, down 1.6; IC quarter - to - month was - 155.6, down 10.4; IC next - quarter - to - month was - 330.6, down 15.2; IM quarter - to - month was - 172.6, down 7.2; IM next - quarter - to - month was - 397, down 18.0 [2] - **Futures Net Positions**: IF top 20 net positions were 22,830.00, down 356.0; IH top 20 net positions were 20,599.00, down 309.0; IC top 20 net positions were 28,867.00, down 1879.0; IM top 20 net positions were 49,975.00, down 79.0 [2] Spot Market - **Spot Prices**: CSI 300 was at 4537.47, up 62.7; SSE 50 was at 2859.5, up 28.7; CSI 500 was at 7767.7, up 170.3; CSI 1000 was at 7751.2, up 150.3 [2] - **Basis**: IF main contract basis was - 87.5, down 1.2; IH main contract basis was - 29.5, down 9.3; IC main contract basis was - 237.7, down 49.9; IM main contract basis was - 273.8, down 60.1 [2] Market Sentiment - **Market Volume and Balance**: A - share turnover was 21,928.53 billion yuan, up 967.83 billion yuan; margin trading balance was 26,135.99 billion yuan, down 64.32 billion yuan; north - bound trading volume was 2892.86 billion yuan, down 630.55 billion yuan; reverse repurchase was - 205.0 billion yuan, up 785.0 billion yuan; MLF was 5000 billion yuan, up 500 billion yuan [2] - **Other Indicators**: The proportion of rising stocks was 88.74%, down 4.81%; Shibor was 1.319%, up 0.001%; IO at - the - money call option closing price was 54.20, up 11.20; IO at - the - money call option implied volatility was 15.60%, down 2.19%; IO at - the - money put option closing price was 94.20, down 52.00; IO at - the - money put option implied volatility was 15.61%, down 2.35%; CSI 300 20 - day volatility was 18.05%, up 0.70%; volume PCR was 61.44%, down 4.73%; position PCR was 65.42%, up 2.77% [2] Wind Market Strength and Weakness Analysis - All A - shares were at 8.30, down 0.30; technical aspect was at 8.90, down 0.40; capital aspect was at 7.70, down 0.10 [2] Industry News - The US government proposed a 15 - item plan to end the conflict with Iran through Pakistan, including requirements on nuclear programs, missile capabilities, and regional issues. In exchange, Iran may get sanctions lifted, US support for civilian nuclear projects, and the cancellation of the "snap - back sanctions" mechanism. The US is considering a one - month cease - fire for further negotiations [2] Key Focus - On March 27 at 9:30, China's industrial enterprise profits for February will be released [3]

Group 1: Option Quotes - The daily percentage changes of call options for various commodities are as follows: asphalt 112.07%, tin 22.66%, platinum 22.63%, copper 18.89%, silver 17.29%, bottle chips 17.29%, natural rubber 12.96%, nickel 6.94%, palladium 5.91%, and cotton 0.00% [1] - The daily percentage changes of put options for various commodities are as follows: crude oil 160.40%, ethylene glycol 97.87%, p - xylene 86.86%, liquefied petroleum gas 73.25%, offset printing paper 58.24%, PTA 57.00%, styrene 53.73%, plastic 47.25%, polypropylene 46.48%, and soybean oil 41.04% [1] Group 2: Option Positions - The daily changes in call option positions for different commodities are: methanol 46373, PTA 33073, soybean meal 17115, soda ash 15539, glass 15167, corn 15030, styrene 11799, sugar 10085, caustic soda 7846, and rebar 7287 [2] - The daily changes in put option positions for different commodities are: styrene 43469, PTA 21180, soybean meal 16414, fuel oil 12427, methanol 9292, corn 8121, cotton 5086, p - xylene 4916, palm oil 4136, and iron ore 3876 [2] Group 3: Option Position Put - Call Ratio PCR - High - position PCR varieties and their PCR values are: fuel oil 2.3679, apple 1.8771, short - fiber 1.8171, styrene 1.7204, crude oil 1.6227, propylene 1.5756, synthetic rubber 1.3121, PTA 1.3042, pure benzene 1.2202, and liquefied petroleum gas 1.1647 [5] - Low - position PCR varieties and their PCR values are: live pigs 0.2434, red dates 0.2486, alumina 0.3171, soda ash 0.3571, coking coal 0.4098, natural rubber 0.4182, urea 0.4184, sugar 0.4214, industrial silicon 0.4653, and logs 0.4679 [5] Group 4: Option Volume Put - Call Ratio PCR - High - volume PCR varieties and their PCR values are: propylene 4.8296, pure benzene 2.0913, short - fiber 2.0615, polypropylene 1.686, cast aluminum alloy 1.534, bottle chips 1.3155, synthetic rubber 1.2205, rapeseed oil 1.0802, plastic 1.0575, and PTA 1.0359 [6] - Low - volume PCR varieties and their PCR values are: red dates 0.0919, live pigs 0.1216, polysilicon 0.1702, nickel 0.2152, urea 0.2331, peanuts 0.2506, natural rubber 0.2579, alumina 0.2761, coking coal 0.3232, and rebar 0.3315 [6] Group 5: Daily Selections - Call option daily selections include silicon iron, styrene, aluminum, bottle chips, iron ore, soybean meal, fuel oil, and rebar, with details on futures contracts, option contracts, trend degrees, put - call ratios, and remaining days [7] - Put option daily selections include SSE 50, copper, zinc, lead, nickel, gold, CSI 300, and live pigs, with details on futures contracts, option contracts, trend degrees, put - call ratios, and remaining days [7] Group 6: Near - Expiration Options - Call near - expiration options for glass, methanol, short - fiber, peanuts, propylene, bottle chips, soda ash, silicon iron, caustic soda, manganese silicon, PTA, urea, and crude oil are presented, including remaining days, option closing prices, underlying settlement prices, break - even points, and option doubling conditions [8] - Put near - expiration options for glass, methanol, short - fiber, peanuts, propylene, bottle chips, soda ash, silicon iron, caustic soda, manganese silicon, PTA, urea, and crude oil are presented, including remaining days, option closing prices, underlying settlement prices, break - even points, and option doubling conditions [9]

Report Summary 1. Report Industry Investment Rating - Not mentioned in the report 2. Core Viewpoints of the Report - As the impact of overseas geopolitical conflicts on re - inflation expectations is gradually digested by the market, the Two Sessions have become the current focus of the market. The government work report's support for high - tech manufacturing has boosted related sectors, and positive fiscal policy arrangements have strengthened market expectations of policy - supported economic growth. With the weakening of external conflicts, the market refocuses on the domestic situation, and the stable and improving fundamentals also provide support for the market. [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - **Futures Contracts**: The prices of major and secondary major contracts of IF, IC, IH, and IM all declined. For example, the IF major contract (2603) dropped to 4599.2, down 50.6. The spreads between different contracts also changed, such as the IF - IH current - month contract spread dropping to 1636.8, down 19.2. [2] - **Futures Positions**: The net positions of the top 20 in IF increased by 1768.0 to 28,976.00, while those of IH decreased by 177.0 to 21,666.00. The net positions of IC and IM decreased by 3446.0 and 4581.0 respectively. [2] - **Futures - Spot Relationship**: The spot prices of the Shanghai - Shenzhen 300, Shanghai 50, CSI 500, and CSI 1000 all declined. The basis of the IF major contract was - 16.3, down 1.8, while the basis of the IH major contract was - 0.6, up 2.1. [2] 3.2 Market Conditions - **Market Transactions**: A - share trading volume rebounded significantly to 26,705.82 billion yuan, up 4513.43 billion yuan. The margin trading balance decreased to 26,455.61 billion yuan, down 62.44 billion yuan. North - bound trading volume decreased to 2826.47 billion yuan, down 337.01 billion yuan. [2] - **Market Sentiment**: The proportion of rising stocks decreased to 25.93%, down 51.71 percentage points. The closing prices and implied volatilities of IO at - the - money call and put options changed. The 20 - day volatility of the Shanghai - Shenzhen 300 index decreased to 15.52%, down 0.03 percentage points. The volume PCR and position PCR increased. [2] - **Wind Market Strength - Weakness Analysis**: The overall performance of all A - shares was weak, with scores of 3.30, down 4.00, in terms of overall performance, and 2.60, down 5.10, in terms of technical aspects, and 4.10, down 2.80, in terms of capital aspects. [2] 3.3 Industry News - **Geopolitical Events**: On March 9, local time, Mojtaba Khamenei, the second son of Khamenei, was elected the new supreme leader of Iran. Tensions in the Middle East have escalated, with Iran attacking Israeli oil facilities, leading to production cuts in Middle Eastern oil - producing countries and rising oil prices. [2] - **Economic Data**: In February 2026, China's CPI increased by 1.3% year - on - year and 1% month - on - month. The PPI decreased by 0.9% year - on - year and increased by 0.4% month - on - month. A - share major indices closed down, with the CSI 1000 being relatively strong, and most industry sectors declined. [2] 3.4 Key Events to Watch - From March 4 - 11, the Fourth Session of the 14th National Committee of the Chinese People's Political Consultative Conference was held; from March 5 - 12, the Fourth Session of the 14th National People's Congress was held. Other important data releases include China's February trade and financial data (pending), US February CPI and core CPI on March 11 at 20:30, US January trade data on March 12 at 20:30, and US February PCE and core PCE on March 13 at 20:30. [3]

Report Summary 1. Investment Rating - No investment rating for the industry is provided in the report. 2. Core View - Overseas geopolitical conflicts may push up oil prices, causing market concerns about re - inflation, potentially leading to the Fed's failure to cut interest rates this year, suppressing the RMB exchange rate and limiting the PBOC's room for RRR and interest rate cuts. However, strong consumer spending during the Spring Festival shows the effectiveness of domestic demand - expansion policies, and the accelerated movement of household deposits provides liquidity support for the stock market. The market's concerns about external risks may put short - term pressure on A - shares, but long - term trends depend on oil price increases and the recovery of the domestic economic fundamentals [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market Data - **Futures Contract Prices**: All major and minor contracts of IF, IC, IH, and IM showed declines. For example, the IF main contract (2603) dropped from the previous value by 60.6 to 4651.4 [2]. - **Futures Spreads**: Most of the contract spreads decreased, such as the IF - IH monthly contract spread, which dropped by 33.0 to 1632.4 [2]. - **Futures Positions**: The net positions of the top 20 in IF, IH, IC, and IM all decreased. For instance, the IF top 20 net position decreased by 1726.0 to 32,461.00 [2]. - **Spot - Futures Basis**: The basis of IF, IH, IC, and IM main contracts all increased. For example, the IF main contract basis increased by 13.0 to - 4.5 [2]. 3.2 Market Sentiment Indicators - **Transaction Volume and Balance**: A - share trading volume reached 31,575.58 billion yuan, up 1117.93 billion yuan; the margin trading balance was 26,740.07 billion yuan, up 48.09 billion yuan [2]. - **Investor Sentiment Indicators**: The proportion of rising stocks dropped by 9.11% to 11.72%; the Shibor dropped by 0.048% to 1.267% [2]. 3.3 Industry News - **Domestic Stock Market**: A - share major indices closed significantly lower. The Shanghai Composite Index fell 1.43%, the Shenzhen Component Index fell 3.07%, and the ChiNext Index fell 2.57%. Over 4800 stocks declined, with the defense and military industry sector weakening and the petroleum and petrochemical sector strengthening [2]. - **Overseas Situation**: Geopolitical conflicts between the US and Iran over the weekend led to concerns about crude oil supply disruptions. The Strait of Hormuz was closed, and the yield of US 10 - year Treasury futures exceeded 4%, indicating a significant increase in market expectations of re - inflation [2]. - **Domestic Economic Fundamentals**: During the Spring Festival in 2026, domestic tourism and spending increased compared to 2025, and the average daily number of travelers was also higher [2]. 3.4 Key Events to Watch - **Domestic**: The 4th Session of the 14th National People's Congress will be held from March 5; the National Committee of the 14th Chinese People's Political Consultative Conference will be held from March 4 - 11. China's February official manufacturing, non - manufacturing, and composite PMI will be released on March 4 at 9:30 [2][3]. - **Overseas**: The US February ADP employment data will be released on March 4 at 21:15; the US February non - farm payrolls, unemployment rate, and labor participation rate will be released on March 6 at 21:30 [3].

1. Report Industry Investment Rating - No information provided about the report industry investment rating 2. Core Viewpoints - No core viewpoints are explicitly presented in the provided content 3. Summary by Relevant Catalogs 3.1 Option Quotes - **Call Options**: The daily percentage changes of call options for various commodities are as follows: Douyi (32.30%), eggs (30.29%), apples (25.74%), logs (22.22%), Douer (17.11%), soybean meal (16.82%), lithium carbonate (16.71%), industrial silicon (13.50%), rapeseed meal (12.93%), and polysilicon (12.47%) [1] - **Put Options**: The daily percentage changes of put options for various commodities are as follows: liquefied petroleum gas (58.13%), pure benzene (44.28%), iron ore (43.87%), asphalt (38.57%), crude oil (34.53%), plastic (33.22%), styrene (32.76%), polypropylene (29.60%), gold (29.06%), and silver (26.41%) [1] 3.2 Option Positions - **Call Options**: The daily changes in call option positions for various commodities are as follows: methanol (16,193), Douyi (12,028), glass (8,384), cotton (7,740), soda ash (7,737), PTA (7,334), coking coal (6,456), palm oil (5,177), p - xylene (4,784), and lithium carbonate (4,133) [2] - **Put Options**: The daily changes in put option positions for various commodities are as follows: soda ash (16,344), Douyi (13,372), soybean meal (11,655), PTA (10,736), cotton (6,508), glass (4,875), corn (4,536), caustic soda (4,488), lithium carbonate (3,790), and iron ore (3,618) [2] 3.3 Option Position Put - Call Ratio (PCR) - **High - PCR Varieties**: Apple (1.9784), short - fiber (1.0889), Douyi (1.0463), cast aluminum alloy (0.9924), rapeseed meal (0.9845), bottle chips (0.9752), ferrosilicon (0.9579), silver (0.9331), propylene (0.9331), and iron ore (0.9248) [5] - **Low - PCR Varieties**: Alumina (0.2472), red dates (0.3004), live pigs (0.3043), soda ash (0.3172), logs (0.3895), coking coal (0.4008), PVC (0.4469), industrial silicon (0.4522), ethylene glycol (0.4582), and rebar (0.4898) [5] 3.4 Option Trading Volume Put - Call Ratio (PCR) - **High - PCR Varieties**: Asphalt (1.4194), silver (1.4077), synthetic rubber (1.232), iron ore (1.1115), styrene (1.1066), copper (1.0804), tin (1.0511), ferrosilicon (0.9963), palladium (0.9538), and plastic (0.9515) [6] - **Low - PCR Varieties**: Red dates (0.2179), caustic soda (0.3295), coking coal (0.3411), urea (0.3623), liquefied petroleum gas (0.3778), ethylene glycol (0.3851), industrial silicon (0.3923), Douyi (0.3963), live pigs (0.4195), and offset printing paper (0.4286) [6] 3.5 Daily Selections - **Call Options**: Recommended call options include apple (AP605C10000), Douyi (a2605 - C - 4750), urea (UR605C1860), corn (c2605 - C - 2320), corn starch (cs2605 - C - 2650), soybean meal (m2605 - C - 2800), cotton (CF605C14800), and rapeseed meal (RM605C2325) [7] - **Put Options**: Recommended put options include ethylene glycol (eg2605 - P - 3500), ferrosilicon (SF605P5200), soda ash (SA605P1080), rapeseed oil (OI605P8700), PVC (v2605 - P - 4750), palm oil (p2605 - P - 8300), manganese silicon (SM605P5600), and iron ore (i2605 - P - 730) [7] 3.6 Near - Expiry Options - **Call Options**: For near - expiry call options, details such as remaining days, option closing prices, underlying settlement prices, break - even points, and break - even price increases are provided for various commodities like apple, p - xylene, liquefied petroleum gas, etc [8][9] - **Put Options**: For near - expiry put options, details such as remaining days, option closing prices, underlying settlement prices, break - even points, and break - even price decreases are provided for various commodities like apple, p - xylene, liquefied petroleum gas, etc [8][9]

Report Summary 1. Report Industry Investment Rating No information provided in the given content. 2. Core View of the Report No information provided in the given content. 3. Summary by Relevant Catalogs Option Quotes - Urea and synthetic rubber had the highest daily price increases among call and put options, with 55.56% and 86.88% respectively [1]. - Other notable increases included 52.40% for soybeans (call) and 34.23% for ferrosilicon (put) [1]. Option Positions - Glass had the largest daily change in call option positions at 21,671, while glass also had a significant change in put option positions at 15,422 [2]. - Other significant changes included 11,392 for soda ash (call) and 12,690 for soybeans (put) [2]. Option Position Put - Call Ratio (PCR) - Apple had the highest position PCR at 1.838, while soda ash had the lowest at 0.2721 [5]. Option Volume Put - Call Ratio (PCR) - Ferrosilicon had the highest volume PCR at 1.4399, while ethylene glycol had the lowest at 0.2174 [6]. Daily Selections - For call options, soybeans (a2605 - C - 4750) had a trend degree of 53 and a put - call ratio of 1.03 with 64 days remaining [7]. - For put options, ferrosilicon (SF605P5200) had a trend degree of - 55 and a put - call ratio of 0.95 with 60 days remaining [7]. Near - Expiry Options - For call options, casting aluminum alloy (ad2603C22200) needed a 0.64% increase in the underlying price to break even and a 1.03% increase for the option to double, with 1 day remaining [8][9]. - For put options, silver (ag2603P21100) needed a 2.83% decrease in the underlying price to break even and a 5.53% decrease for the option to double, with 1 day remaining [9][10].

Report Summary of Key Points 1. Report Industry Investment Rating - Not provided in the given content 2. Report's Core View - After continuous rallies in mid - early January, the market's enthusiasm for chasing growth stocks cooled down. With the approaching Spring Festival, profit - taking occurred in the growth sector, and the market shifted towards value stocks. The decline of January's PMI also negatively affected market sentiment. Additionally, the short - term strengthening of the US dollar against the Chinese yuan suppressed the stock index trend. Only about one - third of companies that released 2025 performance pre - announcements had positive news, and most of these companies were in high - tech industries such as artificial intelligence [2] 3. Summary by Relevant Catalogs 3.1 Futures Data - **Futures Contracts**: All main and secondary contracts of IF, IH, IC, and IM decreased. For example, the IF main contract (2603) dropped to 4577.4, down 142.2; the IH main contract (2603) dropped to 3004.2, down 71.6; the IC main contract (2603) dropped to 7903.2, down 475.2; the IM main contract (2603) dropped to 7871.8, down 387.6 [2] - **Futures Spreads**: Most spreads decreased, such as the IF - IH monthly contract spread dropping to 1578.6, down 63.2; the IC - IF monthly contract spread dropping to 3368.8, down 298.4. Only the IM - IC monthly contract spread increased to - 41.0, up 53.8 [2] - **Quarter - to - Month Spreads**: All spreads between quarterly and monthly contracts decreased, like the IF quarterly - to - monthly spread dropping to - 42.2, down 32.0 [2] - **Net Positions**: The net positions of the top 20 in IF, IH, IC, and IM all decreased. For instance, the IF top 20 net position dropped to - 44,042.00, down 4366.0 [2] 3.2 Spot Price - **Index Prices**: The Shanghai and Shenzhen 300 index dropped to 4605.98, down 100.4; the Shanghai 50 index dropped to 3,003.1, down 63.4; the CSI 500 index dropped to 8,037.1, down 333.5; the CSI 1000 index dropped to 7,975.4, down 279.4 [2] - **Basis**: The basis of all main contracts decreased, with the IF main contract basis dropping to - 28.6, down 33.2 [2] 3.3 Market Sentiment - **Trading Volume and Balance**: A - share trading volume decreased to 26,066.38 billion yuan, down 2557.87 billion yuan; the margin trading balance decreased to 27,152.87 billion yuan, down 240.76 billion yuan; the northbound trading volume decreased to 3908.34 billion yuan, down 63.90 billion yuan [2] - **Other Indicators**: The proportion of rising stocks decreased to 14.07%, down 30.71 percentage points; Shibor increased to 1.365%, up 0.037 percentage points; IO at - the - money call option closing price decreased to 87.00, down 62.40; IO at - the - money call option implied volatility increased to 24.15%, up 4.03 percentage points; IO at - the - money put option closing price increased to 93.00, up 59.20; IO at - the - money put option implied volatility increased to 24.15%, up 4.46 percentage points; the 20 - day volatility of the Shanghai and Shenzhen 300 index increased to 11.76%, up 0.54 percentage points; the trading volume PCR increased to 76.31%, up 12.00 percentage points; the open interest PCR decreased to 61.14%, down 1.69 percentage points [2] 3.4 Wind Market Strength and Weakness Analysis - All A - shares decreased to 2.40, down 1.90; the technical aspect decreased to 1.40, down 3.00; the capital aspect decreased to 3.40, down 0.60 [2] 3.5 Industry News - **Domestic**: A - share main indexes closed down, with the Shanghai Composite Index down 2.48%, the Shenzhen Component Index down 2.69%, and the ChiNext Index down 2.46%. The trading volume of the Shanghai and Shenzhen stock markets declined significantly, and over 4600 stocks fell. Most industry sectors declined, with only the banking and food and beverage sectors rising. The January official manufacturing PMI was 49.3%, down 0.8 percentage points; the non - manufacturing PMI was 49.4%, down 0.8 percentage points; the composite PMI output index was 49.8%, down 0.9 percentage points [2] - **Overseas**: US President Trump nominated former Fed governor Kevin Warsh as the next Fed chair. Warsh is known for his hawkish stance on inflation, which led to an expectation of a hawkish monetary policy and a stronger US dollar index [2] 3.6 Key Points to Watch - 2/2 23:00 US January manufacturing PMI; 2/3 23:00 US December JOLTs job openings; 2/4 21:15 US January ADP employment; 2/5 20:00 Bank of England interest rate decision, 21:15 ECB interest rate decision; 2/6 21:30 US January non - farm payrolls, unemployment rate, labor participation rate [3]

Report Industry Investment Rating - Not provided in the content Core View - Currently, there are still many positive factors in the A-share market. Although many economic indicators declined further in December, industrial production grew steadily driven by industries representing new productive forces such as aerospace and artificial intelligence, weakening the negative impact of the decline in other economic indicators on the market. The aerospace and artificial intelligence-related listed companies have the largest weight in the CSI 500, significantly boosting the index. With the demand for foreign exchange settlement of export enterprises and the expectation of economic recovery, the RMB is still in an appreciation channel. The weakening of the US dollar value due to overseas risk events and the strong RMB exchange rate support the expectation of loose monetary policy in Q1, and the stock market is gradually converging with the foreign exchange market. The spring market is still advancing. [2] Summary by Relevant Catalogs Futures Disk - IF main contract (2603) was at 4688.8, up 10.2; IF sub-main contract (2601) was at 4732.8, up 9.2. IH main contract (2603) was at 3073.8, down 3.6; IH sub-main contract (2601) was at 3076.4, down 2.0. IC main contract (2603) was at 8148.0, up 90.6; IC sub-main contract (2601) was at 8281.8, up 64.2. IM main contract (2603) was at 8003.0, up 36.4; IM sub-main contract (2601) was at 8230.0, up 20.8. - IF - IH current month contract spread was 1656.4, up 11.6; IC - IF current month contract spread was 3549.0, up 47.8. IM - IC current month contract spread was -51.8, down 49.8; IC - IH current month contract spread was 5205.4, up 59.4. IM - IF current month contract spread was 3497.2, down 2.0; IM - IH current month contract spread was 5153.6, up 9.6. - IF current quarter - current month was -44.0, up 1.8; IF next quarter - current month was -99, down 51.8. IH current quarter - current month was -2.6, down 0.4; IH next quarter - current month was -34.6, down 31.0. IC current quarter - current month was -133.8, up 24.6; IC next quarter - current month was -257.8, down 88.2. IM current quarter - current month was -227.0, up 19.0; IM next quarter - current month was -387, down 128.6. [2] Futures Positions - IF top 20 net positions were -43,401.00, down 1559.0; IH top 20 net positions were -18,009.00, down 102.0. IC top 20 net positions were -36,994.00, down 1257.0; IM top 20 net positions were -52,814.00, up 1252.0. [2] Spot Prices - The Shanghai - Shenzhen 300 was at 4734.46, up 2.6; IF main contract basis was -45.7, up 6.2. The Shanghai Composite 50 was at 3075.9, down 3.8; IH main contract basis was -2.1, down 1.2. The CSI 500 was at 8288.0, up 55.3; IC main contract basis was -140.0, up 24.1. The CSI 1000 was at 8265.7, up 32.9; IM main contract basis was -262.7, down 8.9. [2] Market Sentiment - A - share trading volume (daily, billion yuan) was 27,322.16, down 3243.08; margin trading balance (previous trading day, billion yuan) was 27,315.37, up 127.86. North - bound trading volume (previous trading day, billion yuan) was 3665.73, up 110.95; reverse repurchase (maturity amount, operation amount, billion yuan) was -861.0, up 1583.0. - Main funds (yesterday, today, billion yuan) were -486.02 and -424.12. The proportion of rising stocks (daily, %) was 64.47, up 20.13; Shibor (daily, %) was 1.318, down 0.007. - IO at - the - money call option closing price (2601) was 82.00, down 11.40; IO at - the - money call option implied volatility (%) was 16.22, down 2.26. IO at - the - money put option closing price (2601) was 94.40, down 18.20; IO at - the - money put option implied volatility (%) was 16.22, down 2.26. - The 20 - day volatility of the Shanghai - Shenzhen 300 index (%) was 10.69, down 0.34; trading volume PCR (%) was 55.22, down 2.60; open interest PCR (%) was 67.65, up 0.63. [2] Wind Market Strength and Weakness Analysis - The overall A - shares score was 6.50, up 2.00; technical analysis score was 6.40, up 2.10; capital analysis score was 6.50, up 1.90. [2] Industry News - In 2025, China's GDP was 1,401,879 billion yuan, up 5.0% year - on - year at constant prices. In Q4, GDP grew 4.5% year - on - year and 1.2% quarter - on - quarter. In December 2025, the added value of industrial enterprises above designated size increased 5.2% year - on - year and 0.49% month - on - month. In 2025, it increased 5.9% year - on - year. - In 2025, China's fixed asset investment (excluding rural households) was 485,186 billion yuan, down 3.8% year - on - year. Private fixed asset investment decreased 6.4% year - on - year. In December, fixed asset investment (excluding rural households) decreased 1.13% month - on - month. - In 2025, China's real estate development investment decreased 17.2% year - on - year. New commercial housing sales area decreased 8.7% year - on - year, and sales volume was 83,937 billion yuan, down 12.6%. Real estate development enterprise funds in place decreased 13.4% year - on - year. In December 2025, the national real estate climate index was 91.45. - In December, the total retail sales of consumer goods was 45,136 billion yuan, up 0.9% year - on - year. In 2025, it was 501,202 billion yuan, up 3.7% year - on - year. In 2025, the average urban surveyed unemployment rate in China was 5.2%, and in December, it was 5.1%. - Most A - share major indices closed higher, with small and medium - cap stocks outperforming large - cap blue - chips. Among the four broad - based indices, the CSI 500 was the strongest. The Shanghai Composite Index rose 0.29%, the Shenzhen Component Index rose 0.09%, and the ChiNext Index fell 0.7%. A - share trading volume declined significantly. Over 3,500 stocks rose. Most industry sectors rose, with basic chemicals and petrochemical sectors rising sharply and the computer sector leading the decline. - Overseas, on January 17, the US imposed tariffs on 8 European countries over the Greenland issue, increasing market distrust of US dollar assets and weakening the US dollar index. Domestically, the economic fundamentals showed a further decline in Q4 GDP, but the annual 5% economic growth target was still achieved. In December, except for the added value of industrial enterprises above designated size, fixed investment, retail sales, and exports declined compared with November. [2] Key Data to Focus On - January 20, 9:00: China's 1 - year and 5 - year LPR quotes for January - January 22, 23:00: US November PCE and core PCE - January 23, 16:15 - 17:30: Preliminary January SPGI manufacturing, service, and composite PMI values for France, Germany, the Eurozone, and the UK - January 23, 22:45: Preliminary January SPGI manufacturing, service, and composite PMI values for the US [3]

1. Report Industry Investment Rating - Not provided in the document 2. Core Viewpoints - Multiple factors support the upward movement of A - shares. The collective rebound of the three official PMI indices in December implies economic recovery signs. The National Fiscal Work Conference held from December 27 - 28, 2025, especially the arrangement for trade - in programs, boosts market sentiment, creating a warm overall macro - atmosphere and strong bottom support for A - shares. The market's expectation of a dovish stance from the new Federal Reserve Chairman weakens the US dollar, and the strengthening of the offshore RMB during the New Year holiday supports the expectation of loose monetary policy in January. Due to the relatively late Spring Festival this year, the A - share spring market may be advanced [2]. 3. Summary by Relevant Catalogs 3.1 Futures Contract Data - IF主力合约（2603）最新4697.0，环比+103.8↑；IF次主力合约（2601）最新4714.0，环比+95.6↑。IH主力合约（2603）3098.8，环比+77.2↑；IH次主力合约（2601）3097.4，环比+73.2↑。IC主力合约（2603）7596.0，环比+229.4↑；IC次主力合约（2601）7664.8，环比+209.6↑。IM主力合约（2603）7639.0，环比+200.0↑；IM次主力合约（2601）7759.2，环比+179.6↑ [2]。 3.2 Futures Spread and Seasonal Spread - IF - IH当月合约价差1616.6，环比+20.4↑；IC - IF当月合约价差2950.8，环比+117.4↑；IM - IC当月合约价差94.4，环比 - 31.4↓；IC - IH当月合约价差4567.4，环比+137.8↑；IM - IF当月合约价差3045.2，环比+86.0↑；IM - IH当月合约价差4661.8，环比+106.4↑。IF当季 - 当月 - 17.0，环比+5.4↑；IF下季 - 当月 - 64.2，环比+3.0↑；IH当季 - 当月1.4，环比+2.4↑；IH下季 - 当月 - 8.6，环比+1.0↑；IC当季 - 当月 - 68.8，环比+24.0↑；IC下季 - 当月 - 247.8，环比+32.4↑；IM当季 - 当月 - 120.2，环比+25.0↑；IM下季 - 当月 - 355.8，环比+27.6↑ [2]。 3.3 Futures Net Positions of Top 20 - IF前20名净持仓 - 30,761.00，环比+158.0↑；IH前20名净持仓 - 13,999.00，环比+454.0↑；IC前20名净持仓 - 29,174.00，环比+1274.0↑；IM前20名净持仓 - 49,284.00，环比+7072.0↑ [2]。 3.4 Spot Prices and Basis - 沪深300为4717.75，环比+87.8↑，IF主力合约基差 - 20.8，环比+9.4↑；上证50为3,099.8，环比+68.6↑，IH主力合约基差 - 0.9，环比+5.2↑；中证500为7,651.2，环比+185.6↑，IC主力合约基差 - 55.2，环比+47.6↑；中证1000为7,753.9，环比+158.6↑，IM主力合约基差 - 114.9，环比+44.2↑ [2]。 3.5 Market Sentiment - A股成交额（日，亿元）25,672.40，环比+5014.52↑；两融余额（前一交易日，亿元）25,406.82，环比 - 146.01↓；北向成交合计（前一交易日，亿元）2223.14，环比 - 157.04↓；逆回购（到期量，操作量，亿元） - 4823.0，环比+135.0；主力资金（昨日，今日，亿元） - 397.51，环比+40.78；上涨股票比例（日，%）76.57，环比+31.32↑；Shibor（日，%）1.264，环比+0.006↑；IO平值看涨期权收盘价（2601）57.20，环比+29.20↑；IO平值看涨期权隐含波动率（%）13.48，环比 - 1.95↓；IO平值看跌期权收盘价（2601）41.20，环比 - 60.60↓；IO平值看跌期权隐含波动率（%）13.48，环比 - 1.54↓；沪深300指数20日波动率（%）12.80，环比+1.58↑；成交量PCR（%）59.96，环比+3.16↑；持仓量PCR（%）79.75，环比+7.42↑；Wind市场强弱分析中全部A股7.70，环比+3.10↑，技术面7.70，环比+3.20↑，资金面7.80，环比+3.20↑ [2]。 3.6 Industry News - A股主要指数收盘集体大幅上涨,上证指数重回4000点,沪深两市成交额大幅回升,全市场近4200只个股上涨,行业板块普遍上涨,传媒、医药生物等板块大幅走强,石油石化板块领跌。海外方面,特朗普预计1月宣布下一任美联储主席人选,此前表示希望新任美联储主席在市场表现良好时降低利率。国内方面,12月三大官方PMI指数均由荣枯线下方回升至扩张区间,12月27 - 28日全国财政工作会议指出2026年继续实施积极财政政策并安排资金支持消费品以旧换新 [2]。 3.7 Key Points to Watch - 1/5 23:00美国12月ISM制造业PMI；1/7 21:15美国12月ADP就业人数，23:00美国11月JOLTs职位空缺；1/8 20:30美国12月挑战者企业裁员人数；1/9 9:30中国12月CPI、PPI；1/9 21:30美国12月非农就业人口、失业率、劳动参与率 [3]。

Report Summary 1. Report Industry Investment Rating - No information provided in the given report. 2. Core Viewpoints - The economic data in November put pressure on the upside of A-shares. However, the National Fiscal Work Conference held from December 27 - 28 had a positive impact on market sentiment, creating a warm macro - environment for the market, and A - shares have strong bottom support. The market's expectation of the dovish stance of the new Fed Chairman led to a weaker US dollar, and the continuous strengthening of the RMB exchange rate supports the expectation of loose monetary policy in January 2026 [2]. 3. Summary by Relevant Catalogs Futures Quotes - **Contract Prices**: IF (2603) is at 4610.2 (-25.8), IH (2603) at 3038.0 (-14.6), IC (2603) at 7336.6 (-49.6), and IM (2603) at 7439.0 (-38.4). The prices of their respective secondary contracts also decreased [2]. - **Contract Spreads**: IF - IH spread is 1594.8 (-14.2), IC - IF spread is 2790.8 (-8.6), etc. Some spreads increased while others decreased [2]. - **Quarter - to - Month Spreads**: IF quarter - to - month spreads are -20.6 (-2.0) for the current quarter and -63.4 (+2.6) for the next quarter. Similar data is provided for other contracts, with various changes [2]. - **Net Positions of Top 20 Holders**: IF is -28,924.00 (-709.0), IH is -14,420.00 (-457.0), IC is -29,750.00 (-1336.0), and IM is -38,985.00 (-1757.0) [2]. Spot Prices - The Shanghai - Shenzhen 300 is at 4639.37 (-17.9), the Shanghai 50 is at 3034.6 (-10.8), the CSI 500 is at 7430.6 (-28.2), and the CSI 1000 is at 7594.2 (-11.4). The basis of their corresponding futures contracts also changed [2]. Market Sentiment - A - share trading volume is 21,576.86 billion yuan (-234.17 billion yuan), margin trading balance is 25,433.30 billion yuan (-21.00 billion yuan), and north - bound trading volume is 1671.78 billion yuan (-132.60 billion yuan). Other indicators such as the proportion of rising stocks, option prices, and volatilities also showed different changes [2]. Market Strength - Weakness Analysis - The overall A - share market strength index is 4.10 (-0.80), the technical index is 3.70 (+0.30), and the capital index is 4.50 (-1.90) [2]. Industry News - From January to November, the total profit of industrial enterprises above designated size was 66268.6 billion yuan, a year - on - year increase of 0.1%, but in November, the profit decreased by 13.1% year - on - year. The National Fiscal Work Conference stated that a more proactive fiscal policy will be implemented in 2026, with measures such as expanding fiscal expenditure and optimizing government bonds [2]. Market Performance - A - share major indices closed with mixed results. The Shanghai Composite Index rose 0.04%, the Shenzhen Component Index fell 0.49%, and the ChiNext Index fell 0.66%. Most industry sectors declined, and overseas, Trump may announce a new Fed Chairman this week [2].