投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 宝城期货股指期货早报（2025 年 12 月 24 日） ◼ 品种观点参考—金融期货股指板块 时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | | IH2603 | 震荡 | 震荡 | 偏强 | 区间震荡 | 政策利好预期与资金净流入趋势 不变 | 备注： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘 价为终点价格，计算涨跌幅度。 2.跌幅大于 1%为弱势，跌幅 0~1%为偏弱，涨幅 0~1%为偏强，涨幅大于 1%为强势。 3.偏强/偏弱只针对日内观点，短期和中期不做区分。 ◼ 主要品种价格行情驱动逻辑—金融期货股指板块 品种：IF、IH、IC、IM 日内观点：偏强 中期观点：震荡 参考观点：区间震荡 核心逻辑：昨日各股指均窄幅震荡整理。股市全市场成交额 19153 亿元，较上日成交额放量 331 亿 元。中长期来看，政策面利好预期以及资金净流入趋势保持 ...

广发期货EDP 投资咨询业务资格: 证监许可【2011】1292号 2025年12月23日 | | | | 【每日精选观点】 | | | --- | --- | --- | --- | --- | | | 品种 | 合约 | 观点 | | | | 倶 本乙烯 | NI2602 EB2602 | 農荡偏強 農荡偏強 | | | | 焦煤 | JM2605 | 荒荡偏多 | | | | 棕榈油 | P2605 | 短期偏强 | | | | 白银 | AU2602 | 逢低多 | | | | | | 【全品种日评】 | | | 板块 | 品种 | 主力合约 | 点评 | 操作建议 | | | 股指 | IF2603 IH2603 | 股指高开高走,科技板块领涨 | 日央行加息落地,短期利空出尽,指数连续反弹, 宽基ETF近期亦明显回流,下方空间有限。当前主 | | | | IC2603 | | 线未明,成交量尚不足支撑上行突破,波动率处于 | | | | IM2603 | | 低位,判断走势偏向区间震荡,以谨慎观望为主。 | | | | | | 短期行情更多可能为年末冲业绩的交易诉求主导, | | | | | | ...

1. Report Title and Date - The report is titled "Stock Index Futures Data Daily Report" and dated December 4, 2025 [1][2] 2. Overall Market Performance Summary IM Contracts - The main IM contract rose 0.33% to close at 7,213.4 points. The total trading volume of the four IM contracts was 172,057 lots, down 5,429 lots from the previous day, and the total open interest was 357,216 lots, down 13,768 lots [4][5] IF Contracts - The main IF contract rose 0.32% to close at 4,530.6 points. The total trading volume of the four IF contracts was 92,574 lots, down 5,184 lots from the previous day, and the total open interest was 261,904 lots, down 3,942 lots [24][25] IC Contracts - The main IC contract rose 0.55% to close at 6,983.2 points. The total trading volume of the four IC contracts was 99,796 lots, down 2,272 lots from the previous day, and the total open interest was 244,189 lots, down 8,576 lots [43][44] IH Contracts - The main IH contract rose 0.34% to close at 2,968.2 points. The total trading volume of the four IH contracts was 39,273 lots, down 44 lots from the previous day, and the total open interest was 87,594 lots, down 3,020 lots [59] 3. Specific Contract Data IM Contracts | Contract | Closing Price | Change | Trading Volume | Volume Change | Turnover | Turnover Change | Open Interest | Interest Change | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | CSI 1000 | 7,248.66 | 0.01% | 19,484 | -9% | 3,113 billion | -7% | - | - | | IM2512 | 7,213.40 | 0.39% | 116,454 | -2% | 1,674 billion | -2% | 181,088 | -11,986 | | IM2601 | 7,137.20 | 0.33% | 7,618 | 5% | 108 billion | 5% | 17,229 | 1,137 | | IM2603 | 6,987.80 | 0.38% | 35,706 | -4% | 497 billion | -4% | 102,333 | -1,707 | | IM2606 | 6,748.20 | 0.41% | 12,279 | -15% | 165 billion | -15% | 56,566 | -1,212 | [4] IF Contracts | Contract | Closing Price | Change | Trading Volume | Volume Change | Turnover | Turnover Change | Open Interest | Interest Change | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | SSE 300 | 4,546.57 | 0.34% | 14,720 | -13% | 3,488 billion | -7% | - | - | | IF2512 | 4,530.60 | 0.38% | 63,708 | -6% | 865 billion | -6% | 136,475 | -5,723 | | IF2601 | 4,512.20 | 0.32% | 3,708 | 0% | 5 billion | 0% | 8,471 | 505 | | IF2603 | 4,492.20 | 0.34% | 20,155 | -5% | 271 billion | -5% | 90,771 | 851 | | IF2606 | 4,441.60 | 0.27% | 5,003 | 0% | 67 billion | 0% | 26,187 | 425 | [24] IC Contracts | Contract | Closing Price | Change | Trading Volume | Volume Change | Turnover | Turnover Change | Open Interest | Interest Change | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | CSI 500 | 7,012.81 | 0.24% | 14,104 | -11% | 2,399 billion | -5% | - | - | | IC2512 | 6,983.20 | 0.61% | 64,721 | -4% | 901 billion | -4% | 123,278 | -10,513 | | IC2601 | 6,926.20 | 0.55% | 4,034 | 7% | 56 billion | 7% | 11,229 | 789 | | IC2603 | 6,812.20 | 0.59% | 23,747 | 0% | 323 billion | 0% | 76,774 | 1,096 | | IC2606 | 6,605.00 | 0.59% | 7,294 | 0% | 96 billion | 0% | 32,908 | 52 | [43] IH Contracts | Contract | Closing Price | Change | Trading Volume | Volume Change | Turnover | Turnover Change | Open Interest | Interest Change | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | SSE 50 | 2,974.34 | 0.38% | 3,628 | -6% | 886 billion | 4% | - | - | | IH2512 | 2,968.20 | 0.44% | 27,688 | 0% | 246 billion | 0% | 53,262 | -2,692 | | IH2601 | 2,959.80 | 0.34% | 1,268 | 25% | 11 billion | 25% | 2,694 | 228 | | IH2603 | 2,958.60 | 0.37% | 8,640 | 3% | 77 billion | 3% | 23,841 | -354 | | IH2606 | 2,943.80 | 0.36% | 1,677 | -29% | 15 billion | -29% | 7,797 | -202 | [59] 4. Basis and Annualized Basis Rate IM Contracts - The main IM contract was at a discount of 35.26 points, up 17.61 points from the previous day, with an annualized basis rate of -11.15% [5] IF Contracts - The main IF contract was at a discount of 15.97 points, down 3.12 points from the previous day, with an annualized basis rate of -8.04% [25] IC Contracts - The main IC contract was at a discount of 29.61 points, up 16.35 points from the previous day, with an annualized basis rate of -9.67% [44] IH Contracts - The main IH contract was at a discount of 6.14 points, down 1.46 points from the previous day, with an annualized basis rate of -4.72% [60] 5. Main Seats' Data IM2512 - For trading volume, the top five seats were CITIC Futures (on behalf of clients) with 14,784 lots, up 321 lots; Guotai Junan (on behalf of clients) with 11,474 lots, down 625 lots; Haitong Futures (on behalf of clients) with 5,779 lots, down 200 lots; Guoxin Futures (on behalf of clients) with 3,280 lots, down 59 lots; and Dongzheng Futures (on behalf of clients) with 3,042 lots, up 104 lots [19] - For long positions, the top five seats were Guotai Junan (on behalf of clients) with 15,520 lots, down 637 lots; CITIC Futures (on behalf of clients) with 10,314 lots, down 492 lots; Yide Futures (on behalf of clients) with 5,060 lots, up 9 lots; Haitong Futures (on behalf of clients) with 4,679 lots, down 376 lots; and Guotou Futures (on behalf of clients) with 4,084 lots, up 108 lots [19] - For short positions, the top five seats were CITIC Futures (on behalf of clients) with 20,445 lots, up 192 lots; Guotai Junan (on behalf of clients) with 15,590 lots, down 735 lots; Huatai Futures (on behalf of clients) with 5,813 lots, down 103 lots; Guoxin Futures (on behalf of clients) with 4,184 lots, down 164 lots; and Haitong Futures (on behalf of clients) with 4,118 lots, down 603 lots [19] Other Contracts - Similar data is provided for other contracts such as IF, IC, and IH in relevant sections of the report [38][54][76]