投资咨询业务资格:证监详可【2012】31号 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 | | | 2026/1/30 | | --- | --- | --- | --- | --- | --- | | 品种 | 收盘价 | 较前值变动(bp) | 品种 | 收盘价 | 较前值变动 (bp) | | DRO01 | 1.36 | -0.39 | DR007 | 1.59 | 4.28 | | GC001 1 | 1.60 | 12.50 | GC007 | 1.62 | 1.50 | | SHBOR 3M 1 | 1.59 | -0.37 | LPR 5年 | 3.50 | 0.00 | | 1年期国债 2 | 1.29 | -0.50 | 5年期国债 | 1.58 | 0.50 | | 10年期国债 1 | 1.82 | 0.35 | 10年期美债 | 4.26 | 2.00 | 回顾:央行昨日开展了3540亿元7天期逆回购操作,操作利率1.40%,投标 量3540亿元,中标量3540亿元。当日2102亿元逆回 ...

股指期货持仓日度跟踪 投资咨询业务资格： 广发期货研究所 电 话：020-88818051 E-Mail：yeqianning@gf.com.cn 目录： 股指期货： IF、IH、IC、IM | 品种 | | 主力合 约 | 总持仓点评 | 前二十席位重要变动 | | --- | --- | --- | --- | --- | | 沪深 | 300 | IF2603 | 总持仓大幅上升 | 海通空头加仓近 4000 手 | | 上证 | 50 | IH2603 | 总持仓小幅上升 | 海通多头加仓超 2000 手 | | 中证 | 500 | IC2603 | 总持仓保持平稳 | 华泰空头加仓 1000 手以上 | | 中证 | 1000 | IM2603 | 总持仓大幅下降 | 中信空头减仓超 4000 手 | 股指期货持仓日度变动简评 7,628.0 1,717.0 -5,924.0 -11,585.0 15,622.0 3,905.0 -904.0 -15,637.0 -20,000 -15,000 -10,000 -5,000 0 5,000 10,000 15,000 20,000 IF IH IC ...

股指期货持仓日度跟踪 投资咨询业务资格： 广发期货研究所 电 话：020-88818051 E-Mail：yeqianning@gf.com.cn 目录： 股指期货： IF、IH、IC、IM | 品种 | | 主力合 约 | 总持仓点评 | 前二十席位重要变动 | | --- | --- | --- | --- | --- | | 沪深 | 300 | IF2603 | 总持仓大幅下降 | 中信多空头各减仓超 4000 手 | | 上证 | 50 | IH2603 | 总持仓小幅下降 | 中信多头减仓超千手 | | 中证 | 500 | IC2603 | 总持仓保持平稳 | 中信空头减仓 1000 手以上 | | 中证 | 1000 | IM2603 | 总持仓小幅上升 | 中信多头、海通空头加仓超 2000 手 | 股指期货持仓日度变动简评 -13,695.0 -4,194.0 -1,199.0 244.0 -18,138.0 -4,127.0 -704.0 3,901.0 -20,000 -15,000 -10,000 -5,000 0 5,000 10,000 IF IH IC IM 主力合约持仓变动 ...

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。 投资咨询业务资格：证监许可【2011】1778 号 宝城期货股指期货早报（2026 年 1 月 27 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 | 偏弱 | 震荡整理 | 乐观情绪有所降温，震荡整固需 求仍存 | 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：偏弱 中期观点：震荡 参考观点：震荡整理 核心逻辑：昨日各股指表现分化，上周五涨幅较大的 IM 与 IC 高位回调，IH 与 IF 延续震荡整理。沪 深京三市成交额 32806 亿元，较上日放量 1625 亿元 ...

股指期货持仓日度跟踪 投资咨询业务资格： 广发期货研究所 电 话：020-88818051 E-Mail：yeqianning@gf.com.cn 目录： 股指期货： IF、IH、IC、IM | 品种 | | 主力合 约 | 总持仓点评 | 前二十席位重要变动 | | --- | --- | --- | --- | --- | | 沪深 | 300 | IF2603 | 总持仓明显下降 | 海通空头减仓超 2000 手 | | 上证 | 50 | IH2603 | 总持仓小幅上升 | 中信空头加仓超千手 | | 中证 | 500 | IC2603 | 总持仓明显下降 | 中信多空头各减仓 5000 手以上 | | 中证 | 1000 | IM2603 | 总持仓明显下降 | 国君空头减仓超 2000 手 | 股指期货持仓日度变动简评 -6,123.0 1,743.0 -4,994.0 -6,631.0 -6,447.0 4,576.0 -8,110.0 -6,771.0 -10,000 -8,000 -6,000 -4,000 -2,000 0 2,000 4,000 6,000 IF IH IC IM 主力 ...

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - The short - term view of the stock index futures is that they will be mainly in a range - bound consolidation phase, with the overall short - term trend of IH2603 being volatile, the medium - term being volatile, and the intraday being weak, with the view of volatile consolidation. The short - and medium - term views of IF, IH, IC, and IM are weak intraday and volatile in the medium - term, also with a view of volatile consolidation [1][5]. - Although the stock index needs to consolidate due to factors such as the lack of strong performance - end repair expectations and the cooling of optimistic sentiment, the long - term upward logic remains unchanged due to positive policy expectations and the continuous net inflow of incremental funds [5]. 3. Summary by Relevant Catalog 3.1 Variety Viewpoint Reference - Financial Futures Stock Index Sector | Variety | Short - term | Medium - term | Intraday | Viewpoint Reference | Core Logic Summary | | --- | --- | --- | --- | --- | --- | | IH2603 | Volatile | Volatile | Weak | Volatile consolidation | Optimistic sentiment has cooled, and there is still a need for volatile consolidation [1] | 3.2 Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - **Viewpoints**: The intraday view is weak, the medium - term view is volatile, and the reference view is volatile consolidation [5]. - **Core Logic**: The stock indexes slightly declined in a volatile manner yesterday. The trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 2804.1 billion yuan, an increase of 72 billion yuan from the previous day. Since the stock market gains this year have mainly come from the increase in the valuation end under loose liquidity, and the performance - end repair expectations are not strong from the perspective of macro - economic indicators, the stock indexes need to consolidate. Coupled with the policy signals of de - leveraging and risk control released by the regulatory authorities, the optimistic sentiment in the stock market has cooled, the trading volume has declined, and the stock indexes have entered a volatile consolidation phase. However, the positive policy expectations and the continuous net inflow of incremental funds into the stock market remain unchanged, so the long - term upward logic of the stock indexes remains unchanged [5].

来源：市场资讯 来源：华泰期货 作者： 汪雅航 本报告基于本公司认为可靠的、已公开的信息编制，但本公司对该等信息的准确性及完整性不作任何保 证。本报 告所载的意见、结论及预测仅反映报告发布当日的观点和判断。在不同时期，本公司可能会 发出与本报告所载意 见、评估及预测不一致的研究报告。本公司不保证本报告所含信息保持在最新状 态。本公司对本报告所含信息可 在不发出通知的情形下做出修改， 投资者应当自行关注相应的更新或 修改。 本公司力求报告内容客观、公正，但本报告所载的观点、结论和建议仅供参考，投资者并不能 依靠本报告以取代 行使独立判断。对投资者依据或者使用本报告所造成的一切后果，本公司及作者均 不承担任何法律责任。 本报告版权仅为本公司所有。未经本公司书面许可，任何机构或个人不得以翻 版、复制、发表、引用或再次分发 他人等任何形式侵犯本公司版权。如征得本公司同意进行引用、刊 发的，需在允许的范围内使用，并注明出处为 "华泰期货研究院"，且不得对本报告进行任何有悖原意 的引用、删节和修改。本公司保留追究相关责任的权利。 所有本报告中使用的商标、服务标记及标记 均为本公司的商标、服务标记及标记。 华泰期货有限公司 ...

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Views of the Report - The overall view of the stock index is oscillating with a slightly upward trend in the short - term. For IH2603, the short - term and medium - term are both oscillating, and the intraday view is slightly upward, with an overall view of oscillating and slightly upward due to the unchanged policy favorable expectations and the trend of net capital inflow [1][5]. - Although the stock market showed an oscillating consolidation trend with a significant shrinkage in trading volume today, in the long run, the continuous fermentation of policy - side favorable expectations and the continuous net inflow of incremental funds into the stock market make the logic of the medium - and long - term upward movement of the stock index relatively reliable, but the short - term rhythm is uncertain and the intraday fluctuations will intensify [5]. Group 3: Summary by Relevant Catalogs Variety View Reference - Financial Futures Stock Index Sector - For IH2603, the short - term view is oscillating, the medium - term view is oscillating, the intraday view is slightly upward, and the overall view is oscillating and slightly upward. The core logic is the unchanged policy favorable expectations and the trend of net capital inflow [1]. Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - The varieties include IF, IH, IC, and IM. The intraday view is slightly upward, the medium - term view is oscillating, and the reference view is oscillating and slightly upward. - Yesterday, each stock index oscillated and consolidated. The total market turnover was 291.13 billion yuan, a decrease of 107.54 billion yuan compared with the previous day. The significant shrinkage in trading volume today indicates that investors have realized the policy intention of the regulatory authorities to reduce leverage and control risks, and the risk preference of investors has decreased. - Due to the obvious increase in the valuation of some stocks since this year while the performance repair is not strong, the profit - making funds have the need for "high - low switching", showing an oscillating consolidation market. - In the long run, the continuous fermentation of policy - side favorable expectations and the continuous net inflow of incremental funds into the stock market make the logic of the medium - and long - term upward movement of the stock index relatively reliable, but the short - term rhythm is uncertain and the intraday fluctuations will intensify [5].

Report Industry Investment Rating - Not provided Core View of the Report - The short - term upward trend of stock indices is expected to continue, and the bullish view on stock indices in 2026 persists. Investors are advised to mainly go long and prioritize far - month contracts due to their higher discount advantages [8] Summary According to Related Content Money Market - DRO01 closed at 1.33 with a 5.43bp increase, DR007 at 1.49 with a 1.75bp increase, GC001 at 1.58 with a 23.50bp increase, GC007 at 1.59 with a 6.00bp increase, SHBOR 3M at 1.60 with a 0.30bp increase, and LPR 5 - year at 3.50 with no change. The 1 - year, 5 - year, and 10 - year treasury bonds closed at 1.30, 1.64, and 1.87 respectively, with decreases of 4.63bp, 1.12bp, and 1.38bp. The 10 - year US Treasury bond closed at 4.18 with a 1.00bp decrease [4] - The central bank conducted 86.1 billion yuan of 7 - day reverse repurchase operations with an operating rate of 1.40%. With 50 billion yuan of repurchase maturities, the net injection was 36.1 billion yuan [4] - This week, there are 1323.6 billion yuan of reverse repurchase maturities in the central bank's open market, and there will also be 110 billion yuan of outright reverse repurchase maturities on Thursday and 6 billion yuan of treasury cash fixed - deposit maturities on Friday. After the holiday, the inter - bank market funds remained loose, and the weighted average interest rate of DR001 slightly increased and hovered around 1.3% [5] Stock Index Market - The CSI 300 closed at 4790 with a 0.65% increase, the SSE 50 at 3144 with a 0.30% increase, the CSI 500 at 8249 with a 2.39% increase, and the CSI 1000 at 8357 with a 2.80% increase. The trading volume of the Shanghai, Shenzhen, and Beijing stock markets reached 3645 billion yuan, a significant increase of nearly 500 billion yuan from the previous trading day, setting a record high for A - share trading volume [7] - The trading volume of IF, IH, IC, and IM contracts increased by 5.2%, 0.6%, 7.7%, and 20.5% respectively, while the positions of IF, IH, IC, and IM contracts changed by 0.9%, - 1.2%, - 2.4%, and 2.5% respectively [7] - The IF, IH, IC, and IM contracts showed different levels of premium and discount rates in different periods. For example, the IF current - month contract had a premium rate of 0.98%, and the IC current - month contract had a discount rate of - 27.29% [9]

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（2026 年 1 月 9 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 | 震荡偏强 | 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。 期货研究报告 ◼ 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：震荡偏强 核心逻辑：昨日各股指均延续震荡盘整。沪深京三市成交额 28262 亿元，较上日缩量 553 亿元。股 指大幅上行之后，技术面上需要一定时间震荡整 ...