Which is a correct careful statement about fa-niʿimmā hiya?

Verbs of Praise and Blame: Niʿma, Ḥabbadhā, Biʾsa, Sāʾa

• It is the whole of Sūrat al-Baqara
• It is a verse excerpt with differing analyses of mā
• Mā is always negative here
• Mā must be a direct object