冠通期货早盘速递-20251225

Group 1: Macroeconomic News - The Monetary Policy Committee of the People's Bank of China held its fourth - quarter meeting in 2025, deciding to continue implementing a moderately loose monetary policy, increasing counter - cyclical and cross - cyclical adjustment, and strengthening the coordination of monetary and fiscal policies to promote stable economic growth and a reasonable recovery of prices [2] - On December 25, 2025, the People's Bank of China will conduct 400 billion yuan of MLF operations with a 1 - year term [2] - The number of initial jobless claims in the US unexpectedly decreased last week, but the unemployment rate may remain high in December due to weak employment. As of the week ending December 20, the seasonally - adjusted initial jobless claims decreased by 10,000 to 214,000 [2] - In November, the total social electricity consumption was 835.6 billion kWh, a year - on - year increase of 6.2%. From January to November, the cumulative total social electricity consumption was 9,460.2 billion kWh, a year - on - year increase of 5.2%, and the power generation of industrial enterprises above the designated size was 8,856.7 billion kWh [2] - On December 23, the assistant minister of the Ministry of Commerce, Zhang Li, chaired a round - table meeting for foreign trade enterprises, stating that the Ministry of Commerce will increase policy support to promote the innovative development of foreign trade and achieve a good start in the 15th Five - Year Plan for foreign trade [3] Group 2: Commodity Market Focus - Key commodities to focus on are silver, Shanghai tin, ethylene glycol, Shanghai nickel, and PVC [4] Night - session Performance - The night - session price changes of different commodity futures sectors are as follows: non - metallic building materials 2.21%, precious metals 34.91%, oilseeds and oils 7.85%, soft commodities 3.08%, non - ferrous metals 25.02%, coal, coke, steel and ore 10.10%, energy 2.24%, chemicals 10.07%, grains 1.17%, and agricultural and sideline products 3.35% [4] Position Changes - The position changes of different commodity futures sectors in the past five days are presented in the chart, including Wind agricultural and sideline products, Wind grains, Wind chemicals, Wind energy, Wind coal, coke, steel and ore, Wind non - ferrous metals, Wind comprehensive commodities, Wind soft commodities, Wind oilseeds and oils, Wind precious metals, and Wind non - metallic building materials [6] Group 3: Performance of Major Asset Classes Equity - The daily, monthly, and annual price changes of major stock indices are as follows: Shanghai Composite Index daily change 0.53%, monthly change 1.35%, annual change 17.58%; SSE 50 daily change - 0.08%, monthly change 1.87%, annual change 12.68%; CSI 300 daily change 0.29%, monthly change 2.37%, annual change 17.77%; CSI 500 daily change 1.31%, monthly change 4.56%, annual change 28.40%; S&P 500 daily change 0.00%, monthly change 0.89%, annual change 17.48%; Hang Seng Index daily change 0.17%, monthly change - 0.15%, annual change 28.71%; German DAX daily change 0.00%, monthly change 2.11%, annual change 22.26%; Nikkei 225 daily change - 0.14%, monthly change 0.18%, annual change 26.19%; UK FTSE 100 daily change 0.00%, monthly change 1.74%, annual change 21.00% [7] Fixed - income - The daily, monthly, and annual price changes of major bond futures are as follows: 10 - year bond futures daily change 0.02%, monthly change 0.27%, annual change - 0.64%; 5 - year bond futures daily change - 0.01%, monthly change 0.26%, annual change - 0.48%; 2 - year bond futures daily change 0.00%, monthly change 0.14%, annual change - 0.44% [7] Commodities - The daily, monthly, and annual price changes of major commodities are as follows: CRB commodity index daily change 0.00%, monthly change 0.06%, annual change 1.67%; WTI crude oil daily change 0.00%, monthly change 0.09%, annual change - 18.73%; London spot gold daily change 0.00%, monthly change 6.31%, annual change 70.91%; LME copper daily change 0.00%, monthly change 7.87%, annual change 37.28%; Wind commodity index daily change 3.07%, monthly change 18.07%, annual change 57.97% [7] Others - The daily, monthly, and annual price changes of other assets are as follows: US dollar index daily change 0.00%, monthly change - 1.54%, annual change - 9.75%; CBOE volatility index daily change 0.00%, monthly change - 14.37%, annual change - 19.31% [7] Group 4: Stock Market Risk Preference and Commodity Trends - The report presents the trends of major commodities such as the Baltic Dry Index (BDI), CRB spot index, WTI crude oil, London spot gold, London spot silver, LME 3 - month copper, CBOT soybeans, and CBOT corn, as well as the risk premiums of the A - share market (excluding finance, petroleum, and petrochemicals), SSE 50, CSI 300, and CSI 500 [8]