单从计息时间来看，目前春节国债逆回购最佳操作日期是今日。操作1天期逆回购（可在当日盘中及收盘后的半小时内下单，资金在次一交易日盘前已可 用）能赚足11天利息。 今日，投资者可以借出1天期逆回购（沪市逆回购简称GC001，代码204001；深市逆回购简称R-001，代码131810），就可以收获11天利息，资金在2026年 2月24日盘前已可提现。 春节假期即将到来，股市休市，闲钱放着也是闲着，利用闲钱来赚钱啦！ 所谓每逢节日发红包，受流动性影响，节假日资金价格可能走高，操作一把国债逆回购这个无风险收益，算是股民的一个小福利。 结合今年春节放假安排，今日（2月12日）就是操作国债逆回购的最佳时点之一。当天，只需投资1天期逆回购就可以赚到11天的利息，而且资金在2月24 日开盘前即可取出。当然，投资者也要注意，参与逆回购交易也并非100%无风险。 赚11天利息 今年春节后，2月24日（周二）股市正常开市。在本周四之前，投资者操作国债逆回购即可获得春节假期期间利息。对于国债逆回购，这次投资者只要操 作得当，最高可获得相当于投资期限11倍的收益。也就是借出1天期的国债逆回购，就可以赚取11天的利息。 | 日期 | | ...

宏观金融数据日报 | | 国贸期货研究院 宏观金融研究中心 郑雨婷 | | 期货执业证号:F3074875; 投资咨询证号: Z0017779 | | | 2026/2/12 | | --- | --- | --- | --- | --- | --- | --- | | | 品种 | 收盘价 | 较前值变动(bp) | 品种 | 收盘价 | 较前值变动 (bp) | | | DR001 | 1.37 | 0.49 | DR007 | 1.54 | -1.87 | | ま | GC001 | 1.52 | -10.00 | GC007 | 1.65 | -3.00 | | F | SHBOR 3M | 1.58 | 0.00 | LPR 5年 | 3.50 | 0.00 | | 市 | 1年期国债 | 1.31 | 0.00 | 5年期国债 | 1.47 | -0.75 | | ક | 10年期国债 | 1.79 | -0.75 | 10年期美债 | 4.16 | -6.00 | 回顾:央行昨日开展了785亿元7天期逆回购操作,操作利率1.40%,投标 量785亿元,中标量785亿元。同时,以固定数量、利率招标 ...

Group 1: Interest Rate and Bond Market - DR001 closed at 1.28 with a -4.41bp change, DR007 at 1.46 with a -2.08bp change, GC001 at 1.29 with a -13.50bp change, GC007 at 1.60 with a 2.50bp change, SHBOR 3M at 1.58 with a -0.05bp change, LPR 5 - year at 3.50 with no change, 1 - year treasury at 1.32 with a 0.44bp change, 5 - year treasury at 1.56 with a -0.69bp change, 10 - year treasury at 1.81 with a -0.41bp change, and 10 - year US treasury at 4.22 with a 1.00bp change [4] - The central bank conducted 4055 billion yuan of 7 - day reverse repurchase operations and 6000 billion yuan of 14 - day reverse repurchase operations last week, with 3000 billion yuan of 14 - day reverse repurchase operations on Thursday and Friday respectively [4] - This week, 4055 billion yuan of reverse repurchases will mature in the central bank's open market, with 750 billion, 1055 billion, 750 billion, 1185 billion, and 315 billion yuan maturing from Monday to Friday respectively. Additionally, 5000 billion yuan of 182 - day repurchase - style reverse repurchases will mature on Friday [5] Group 2: Stock Index Market - The closing prices and changes of major stock indices and their corresponding futures contracts: CSI 300 closed at 4644 with a -0.57% change, IF current month at 4640 with a -%0.7 change; SSE 50 at 3038 with a -0.69% change, IH current month at 3037 with a -%0.9 change; CSI 500 at 8146 with no change and IC current month at 814 with a -0.%1 change; CSI 1000 at 8052 with a -0.20% change, IM current month at at 8027 with a -0.6% change [6] - The trading volume and open interest changes of stock index futures: IF trading volume was 118040 with a 1.8% change, IF open interest was at 29 with a -%1. change; IH trading volume was 55 with a 2. change, IH open interest was at 109 with a 0. change; IC trading volume was 19 with no change, IC open interest was at 31 with a -%2. change; IM trading volume was 24 with a 4. change, IM open interest was at 40 with a 1. change [6] - Last week, CSI 300 fell 1.33% to 4643.6, SSE 50 fell 0.93% to 3037.9, CSI 500 fell 2.68% to 8146.4, and CSI 1000 fell 2.46% to 8051.6. A - share trading volume shrank significantly due to pre - holiday risk - aversion sentiment. The daily trading volumes last week were 26066 billion, 25656 billion, 25033 billion, 21943 billion, and 21635 billion yuan respectively, with the average daily trading volume decreasing by 6565.9 billion yuan compared to the previous week [6] - In the Shenwan primary industry index, food and beverage (4.3%), power equipment (2.2%), comprehensive (2%), transportation (1.9%), and banking (1.7%) led the gains last week, while non - ferrous metals (-8.5%), communication (-6.9%), electronics (-5.2%), steel (-3.3%), and computer (-3.3%) led the losses [6] Group 3: Market Outlook and Strategy - During the US stock earnings season, the performance of the AI industry chain is under test, and US stock volatility has increased. Chip giants like NVIDIA and AMD have seen continuous stock price adjustments, and internet giants like Google and Amazon have raised market concerns due to poor profit efficiency and under - expected performance [7] - Last week, the domestic news was relatively calm, the selling pace of broad - based ETFs slowed down, indicating a significant weakening of regulatory control. As the Spring Festival holiday approached, market risk - aversion sentiment increased, and the total A - share trading volume narrowed significantly to around 2.1 billion yuan. Overseas, the increased volatility of non - ferrous metals and US technology stocks has had a significant impact on domestic non - ferrous and technology sectors [7] - In the short term, after a volume - shrinking rebound, the stock index is expected to consolidate through oscillations to accumulate strength for further upward movement. In the long run, in the context of low interest rates and an "asset shortage", domestic market funds are generally abundant, and as the economy is in the process of bottom - building, the medium - to - long - term upward trend of the stock index is not expected to end. The strategy is that stock index pullbacks may be opportunities to enter long positions [7] Group 4: Stock Index Futures Premium and Discount - The premium and discount rates of IF, IH, IC, and IM futures contracts for different delivery months are provided, with specific values for the current month, next month, current quarter, and next quarter contracts [8]

Report Summary 1. Report Industry Investment Rating - No information provided. 2. Core Viewpoints - Yesterday, the stock index was weakly volatile in the morning and rallied significantly in the afternoon, with the Shanghai 50 leading the gains driven by the coal and real estate sectors. The macro news was calm, precious metal prices rebounded, and market sentiment improved. In the short - term, it's necessary to focus on whether the panic caused by overseas liquidity tightening can be effectively alleviated. After the volume - shrinking rebound, the stock index is expected to consolidate through oscillations. In the long - run, in the context of low interest rates and "asset shortage", domestic market funds are generally abundant, and as the economy is in the bottom - building process, the medium - to - long - term upward trend of the stock index is not expected to end [6]. 3. Summary by Relevant Catalogs 3.1 Interest Rates and Bond Market - Interest rates: DR001 closed at 1.32% with a 0.32bp increase; DR007 at 1.49% with a 0.57bp decrease; GC001 at 1.48% with a 12.50bp decrease; GC007 at 1.57% with a 3.50bp decrease; SHBOR 3M at 1.58% with a 0.13bp decrease; LPR 5 - year at 3.50% unchanged [3]. - Bond yields: 1 - year treasury bond at 1.30% with a 0.01bp decrease; 5 - year at 1.51% with a 0.25bp decrease; 10 - year at 1.81% with a 0.15bp increase; 10 - year US treasury bond at 4.28% with a 1.00bp decrease [3]. - Central bank operations: The central bank conducted 750 billion yuan of 7 - day reverse repurchase operations at an interest rate of 1.40% yesterday. With 3775 billion yuan of reverse repurchases maturing, the net withdrawal was 3025 billion yuan. This week, 17615 billion yuan of reverse repurchases will mature, and 7000 billion yuan of 91 - day repurchase - style reverse repurchases will mature on Wednesday [3]. 3.2 Stock Index Futures and Stock Market - Stock index futures prices: IF当月 closed at 4699 with a 0.9% increase; IH当月 at 3072 with a 1.3% increase; IC当月 at 8321 with a 0.3% increase; IM当月 at 8230 with a 0.2% increase [3][5][10]. - Stock index prices: The CSI 300 rose 0.83% to 4698.7; the SSE 50 rose 1.14% to 3069.2; the CSI 500 rose 0.15% to 8299.1; the CSI 1000 fell 0.02% to 8207.1 [5]. - Trading volume and open interest: IF volume decreased by 21.8%, open interest by 5.6%; IH volume by 17.5%, open interest by 6.9%; IC volume by 18.1%, open interest by 2.9%; IM volume by 11.4%, open interest by 0.5% [5][10]. - Market turnover: The trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 2.5 trillion yuan, a decrease of 623 billion yuan from the previous day [5]. - Industry performance: Most industry sectors rose. The coal, photovoltaic equipment, airport, glass fiber, mining, and real estate development sectors led the gains, while the precious metal, cultural media, gaming, internet service, and semiconductor sectors led the losses [5]. 3.3 Stock Index Futures Basis - IF basis: - 0.06% for the current - month contract, 0.90% for the next - month contract, 1.94% for the current - quarter contract, 3.01% for the next - quarter contract [7]. - IH basis: - 1.75% for the current - month contract, - 0.69% for the next - month contract, 0.30% for the current - quarter contract, 1.71% for the next - quarter contract [7]. - IC basis: - 6.03% for the current - month contract, - 1.45% for the next - month contract, 2.71% for the current - quarter contract, 3.78% for the next - quarter contract [7]. - IM basis: - 6.36% for the current - month contract, 0.38% for the next - month contract, 5.33% for the current - quarter contract, 6.27% for the next - quarter contract [7].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The stock index rebounded strongly yesterday, but the market trading volume shrank. The market sentiment gradually recovered with the rebound of overseas precious metal prices, and the stock index oscillated upward in the afternoon and closed at the intraday high. In the short term, it is necessary to pay attention to whether the panic caused by the tightening of overseas liquidity is effectively alleviated. It is expected that the stock index will mainly consolidate after the shrinking - volume rebound. In the long run, in the context of low - interest rates and "asset shortage", the domestic market funds are still relatively abundant, and the stock index's medium - and long - term upward trend is not expected to end as the economy is in the process of bottom - building [6]. 3. Summary by Relevant Catalogs Market Data - **Interest Rates**: DR001 closed at 1.32 with a - 4.73bp change, DR007 at 1.50 with a 0.69bp change, GC001 at 1.60 with a - 18.00bp change, GC007 at 1.61 with a - 3.00bp change, SHBOR 3M at 1.59 with a - 0.30bp change, LPR 5 - year at 3.50 with a 0.00bp change, 1 - year treasury bond at 1.30 with a - 0.50bp change, 5 - year treasury bond at 1.57 with a - 0.75bp change, 10 - year treasury bond at 1.81 with a - 0.40bp change, and 10 - year US treasury bond at 4.29 with a 3.00bp change [3]. - **Stock Indexes**: The CSI 300 rose 1.18% to 4660.1, the SSE 50 rose 1.05% to 3034.6, the CSI 500 rose 3.11% to 8286.7, and the CSI 1000 rose 2.93% to 8209.1. The trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 2565.8 billion yuan, a slight decrease of 4.1 billion yuan from the previous day. Industry sectors generally rose, with shipbuilding, photovoltaic equipment, small metals, glass fiber, engineering machinery, communication equipment, and aerospace sectors surging, while only the banking, insurance, and brewing industries declined [5]. - **Futures Contracts**: IF当月 rose 1.6% to 4658, IH当月 rose 1.0% to 3033, IC当月 rose 4.3% to 8296, IM当月 rose 3.8% to 8213. IF trading volume was 141,785 with a - 25.9% change, IF open interest was 311,044 with a - 0.9% change, IH trading volume was 63,934 with a - 28.4% change, IH open interest was 114,505 with a - 4.0% change, IC trading volume was 221,446 with a - 23.4% change, IC open interest was 327,164 with a - 0.5% change, IM trading volume was 257,636 with a - 16.1% change, and IM open interest was 405,518 with a - 2.1% change [5]. - **Futures Basis**: IF basis was 1.16% (current - month contract), 1.24% (next - month contract), 2.02% (current - quarter contract), 2.90% (next - quarter contract); IH basis was 1.26% (current - month contract), 0.42% (next - month contract), 0.83% (current - quarter contract), 1.84% (next - quarter contract); IC basis was - 2.36% (current - month contract), 0.46% (next - month contract), 3.14% (current - quarter contract), 3.72% (next - quarter contract); IM basis was - 1.02% (current - month contract), 2.58% (next - month contract), 5.82% (current - quarter contract), 6.33% (next - quarter contract) [7]. Central Bank Operations - The central bank conducted 105.5 billion yuan of 7 - day reverse repurchase operations yesterday at an operating rate of 1.40%, with a bid volume, winning bid volume of 105.5 billion yuan. 402 billion yuan of reverse repurchases matured on the same day, resulting in a net withdrawal of 296.5 billion yuan for the day [3]. - This week, 1761.5 billion yuan of reverse repurchases will mature in the central bank's open market. From Monday to Friday, 150.5 billion yuan, 402 billion yuan, 377.5 billion yuan, 354 billion yuan, and 477.5 billion yuan will mature respectively. In addition, 700 billion yuan of 91 - day outright reverse repurchases will mature on Wednesday [4].

1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core View of the Report - In the context of expected tightening of overseas liquidity, the US dollar index rebounded significantly. Yesterday, all non - ferrous varieties in the domestic commodity market hit the daily limit down, triggering an overall adjustment of risk assets. The stock index dropped significantly due to the linkage between commodities and the stock market and concerns about overseas liquidity tightening [6]. - The current A - share market is dominated by capital and policy. About 70 billion yuan flowed out of broad - based ETFs from January 15th to 27th, presumably due to Central Huijin's reduction to cool the market. The redemption of broad - based ETFs weakened last Thursday and Friday. In the short term, the policy is expected to take flexible measures to support the market. In the long run, the medium - to - long - term upward trend of the stock index is not expected to end [6]. 3. Summary by Relevant Catalogs 3.1 Macro Financial Data - **Interest Rates**: DR001 closed at 1.36 with a 3.65bp increase; DR007 at 1.49 with a - 10.20bp change; GC001 at 1.78 with a 17.50bp increase; GC007 at 1.64 with a 3.00bp increase; SHBOR 3M at 1.59 with a - 0.01bp change; LPR 5 - year at 3.50 with no change; 1 - year treasury at 1.30 with a 0.50bp increase; 5 - year treasury at 1.57 with a - 0.10bp change; 10 - year treasury at 1.81 with a 0.10bp increase; 10 - year US treasury at 4.26 with a 2.00bp increase [3]. - **Central Bank Operations**: The central bank conducted 75 billion yuan of 7 - day reverse repurchase operations yesterday at an operating rate of 1.40%. With 150.5 billion yuan of reverse repurchases maturing, the net withdrawal was 75.5 billion yuan. This week, 1.7615 trillion yuan of reverse repurchases are due to mature, and 700 billion yuan of 91 - day repurchase - style reverse repurchases will mature on Wednesday [3][4]. 3.2 Stock Index Market - **Index Performance**: The Shanghai Composite Index fell to 4016, the CSI 300 dropped 2.13% to 4606, the SSE 50 declined 2.07% to 3003, the CSI 500 decreased 3.98% to 8037, and the CSI 1000 fell 3.39% to 7975. The decline of stock index futures was greater than that of the underlying indexes, and the discount widened, indicating a rapid cooling of market sentiment. The trading volume of the three major stock exchanges in Shanghai, Shenzhen, and Beijing was 2.6069 trillion yuan, a decrease of 255.8 billion yuan from the previous trading day. Most industry sectors fell, with only power grid equipment and the brewing industry rising [5]. - **Futures Performance**: The trading volume of IF increased by 6.8% to 191,408, and the open interest decreased by 5.6% to 313,881; IH trading volume rose 15.9% to 89,283, and open interest decreased by 2.5% to 119,304; IC trading volume increased 16.4% to 289,004, and open interest decreased by 5.9% to 328,769; IM trading volume rose 11.3% to 307,100, and open interest increased by 1.3% to 414,250 [5]. - **Premium and Discount**: The report provides the premium and discount rates for different contracts of IF, IH, IC, and IM [7].

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]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The central bank's rate cuts and policy adjustments aim to support economic structural transformation and optimization [4] - In 2025, the domestic economy showed a "high - front, low - back" trend, and in 2026, the economic growth pressure in the first half of the year is relatively large, so there is a need for policies to be implemented earlier [6] - The upward trend of stock indices is expected to continue as the current capital - driven force is strong and the domestic fundamentals are in the bottom - building stage, and long - term bulls can choose the right time to enter the market [6] 3. Summary by Relevant Catalogs 3.1 Macro - financial Data - **Interest Rates**: DRO01 closed at 1.32 with a - 0.17bp change, DR007 at 1.48 with a 3.42bp change, etc. The 10 - year US Treasury yield rose 7.00bp to 4.24 [3] - **Central Bank Operations**: The central bank conducted 1793 billion yuan of 7 - day reverse repurchase operations, with 99 billion yuan of reverse repurchases maturing, resulting in a net injection of 1694 billion yuan [3] - **Stock Index Futures**: IF当月 closed at 4733 with a 0.1% change, IH当月 at 3076 with a - 0.1% change, etc. Trading volumes of IF, IH, IC, and IM decreased by 22.2, 28.5, 11.3, and 14.8 respectively, while IC and IM's open interest increased by 2.0% and 0.3% respectively [5] - **Stock Indices**: The Shanghai - Shenzhen 300 rose 0.05% to 4734.5, the Shanghai 50 fell 0.12% to 3075.9, etc. The trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 27325 billion yuan, a significant decrease of 3243 billion yuan from the previous trading day [5] - **GDP Data**: The annual GDP in 2025 was 1401879 billion yuan, a 5.0% increase year - on - year. The Q4 GDP increased 4.5% year - on - year, 0.3 percentage points slower than Q3 [6] 3.2 Policy Hot - Comments - The central bank cut the interest rates of various structural monetary policy tools by 0.25 percentage points, adjusted the re - loan interest rates, and increased the quota of agricultural and small - business re - loans by 5000 billion yuan, with a 10000 - billion - yuan special quota for private enterprises [4] 3.3 Stock Index Futures Basis - The basis rates of IF, IH, IC, and IM for different contracts are presented, such as IF's basis rate for the current - month contract is 0.40%, etc. [7]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content. 2. Core Viewpoints - The central bank's adjustment of structural monetary policy tools, including interest rate cuts and increased support for agriculture, small businesses, and private enterprises, aims to optimize the economic structure [5]. - The stock index market is currently experiencing short - term adjustments due to policy regulations, but the upward trend is expected to continue as the current strong capital - driven force and the domestic fundamentals in the bottom - building stage suggest that the upward pattern of the stock index has not ended. Long - term investors can consider long - term bullish positions [6]. 3. Summary by Relevant Catalogs 3.1. Money Market - DRO01 closed at 1.32 with a - 4.73bp change, DR007 at 1.44 with a - 5.94bp change, GC001 at 1.22 with a - 14.50bp change, and GC007 at 1.53 with a 0.50bp change. SHBOR 3M was 1.60 with no change, and LPR 5 - year was 3.50 with no change. 1 - year, 5 - year, and 10 - year treasury bonds had respective changes of - 1.66bp, - 0.98bp, and - 0.34bp, while 10 - year US bonds rose 7.00bp [4]. - Last week, the central bank conducted 9515 billion yuan of reverse repurchase operations, with 1387 billion yuan of reverse repurchase maturing, resulting in a net injection of 8128 billion yuan. Also, 6000 billion yuan of outright reverse repurchase matured, and the central bank carried out 9000 billion yuan of outright reverse repurchase operations [4]. 3.2. Structural Monetary Policy Adjustments - On January 15, 2026, the central bank announced a 0.25 - percentage - point cut in the interest rates of various structural monetary policy tools. The one - year interest rate of various re - loans dropped to 1.25%, and other term - based interest rates were adjusted accordingly. The central bank also increased the amount of re - loans for agriculture and small businesses by 5000 billion yuan, and set up a 1 - trillion - yuan special re - loan for private enterprises, mainly supporting small and medium - sized private enterprises [5]. 3.3. Stock Index Market - The closing prices of major indices on a certain day: the CSI 300 was 4732 with a - 0.41% change, the SSE 50 was 3080 with a - 0.83% change, the CSI 500 was 8233 with a 0.11% change, and the CSI 1000 was 8233 with a - 0.10% change. The corresponding index futures also had different changes [5]. - Last week, the CSI 300 fell 0.57% to 4731.9, the SSE 50 fell 1.74% to 3079.8, the CSI 500 rose 2.18% to 8232.7, and the CSI 1000 rose 1.27% to 8232.7. The market liquidity remained abundant, with the average daily trading volume increasing by 6131.1 billion yuan compared to the previous week, and the margin trading balance hitting a new high [5]. - Policy regulations led to short - term adjustments in the stock index market. The increase in the margin ratio for margin trading by exchanges and the large - scale selling of broad - based index ETFs by Central Huijin affected the market. However, considering the strong capital - driven force and the domestic fundamentals in the bottom - building stage, the upward trend of the stock index is expected to continue [6]. 3.4. Index Futures Basis - For the IF contract, the basis for the next - month contract was 1.42%, the current - quarter contract was 1.10%, and the next - quarter contract was 2.63%. For the IH contract, it was - 0.44%, - 0.90%, and 0.08% respectively. For the IC contract, it was 0.76%, 1.62%, and 4.79%, and for the IM contract, it was 1.04%, 3.89%, and 7.40% [7].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The capital market tightened slightly this week, with the weighted average interest rate of DR001 rising to around 1.39%. The central bank's open - market operations had a total of 13,236 billion yuan in reverse repurchase maturities this week. [4] - The three - market trading volume in Shanghai, Shenzhen, and Beijing reached 39,872 billion yuan, a significant increase of 2,881 billion yuan from the previous day, hitting a new record high. Industry sectors showed more gains than losses. [6] - On January 19, the Shanghai, Shenzhen, and Beijing stock exchanges will increase the margin ratio for margin trading to curb excessive speculation. In the short term, the stock index is expected to continue rising after shock adjustment. In 2026, multiple positive factors such as macro - policy support, inflation recovery, low - interest environment, technological progress, and capital - market reform are expected to support the A - share market. It is recommended that investors hold long positions for the long - term. [7] 3. Summary by Relevant Content 3.1 Money Market - **Interest Rate Changes**: DRO01 closed at 1.39% with a 0.07bp increase; DR007 at 1.57% with a 1.94bp increase; GC001 at 1.52% with a 5.00bp increase; GC007 at 1.58% with a 1.50bp increase; SHBOR 3M at 1.60% with no change; LPR 5 - year at 3.50% with no change; 1 - year treasury bond at 1.27% with a 0.77bp increase; 5 - year treasury bond at 1.63% with a - 0.75bp decrease; 10 - year treasury bond at 1.85% with a - 0.74bp decrease; 10 - year US treasury bond at 4.18% with a - 1.00bp decrease. [4] - **Central Bank Operations**: The central bank conducted 240.8 billion yuan of 7 - day reverse repurchase operations on the previous day, with the same bid, winning, and operation rate of 1.40%, achieving a net injection of 212.2 billion yuan. [4] 3.2 Stock Market - **Stock Index Performance**: The CSI 300 fell 0.4% to 4741.9; the SSE 50 fell 0.67% to 3112.1; the CSI 500 rose 1.04% to 8227.7; the CSI 1000 rose 0.66% to 8257.2. [6] - **Futures Contracts**: For futures contracts like IF, IH, IC, and IM, there were changes in both prices and trading volumes. For example, IF's trading volume increased by 20.6%, and its holding volume increased by 4.0%. [6] - **Industry Performance**: Internet services, software development, cultural media, communication equipment, mining, and precious metals sectors led the gains, while energy metals, insurance, banking, and airport sectors led the losses. [6] 3.3 Futures Market - **Futures Ascending/Descending Water Situation**: The ascending/descending water rates of IF, IH, IC, and IM contracts in different periods (current month, next month, current quarter, and next quarter) are presented, such as IF's current - month contract with an ascending water rate of 16.67%. [8]