中国期货每日简报-20251225

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - On December 24, equity index futures rose, CGB futures stabilized, and most commodities advanced, with silver, platinum, palladium, and lithium carbonate leading the gains [2][3][10] - Beijing adjusted housing purchase restrictions, and the PBOC emphasized continuing to implement a moderately accommodative monetary policy [3][32][34] Summary by Directory 1. China Futures (Futures Movements) 1.1 Overview - On December 24, equity index futures (IC rose 1.6%, IM rose 1.9%, TL rose 0%) rose, CGB futures stabilized. Most commodities advanced. Silver, platinum, and palladium were the top gainers in commodity futures, while SCFIS (Europe), poly-silicon, and soybean meal were the top decliners [10][11][12] 1.2 Daily Raise (Rising Varieties) 1.2.1 Copper - On December 24, copper rose 2.3% to 96,100 yuan per ton. The Federal Reserve's rate - cut stance and balance - sheet expansion supported copper prices. Supply disruptions and low long - term contract TC/RCs tightened supply, but weak demand in the off - season limited price increases [16][17][18] 1.2.2 Iron Ore - On December 24, iron ore rose 0.3% to 779.5 yuan per ton. Overseas shipments decreased, arrivals at domestic ports declined, and demand for molten iron dropped. Port inventories increased, while steel mill inventories decreased, and the year - end inventory replenishment game intensified [21][22][24] 1.2.3 Steel Rebar - On December 24, steel rebar rose 0.1% to 3,136 yuan per ton. Environmental restrictions led to a decline in iron and steel production, but rebar production rebounded. Demand was supported by exports and rush construction, and overall steel inventories continued to decline, but current inventory levels remained higher year - on - year [27][28][29] 2. China News (Chinese News) 2.1 Macro News - The PBOC's Monetary Policy Committee emphasized continuing to implement a moderately accommodative monetary policy and strengthening counter - cyclical and inter - cyclical adjustments at its 2025 Q4 meeting [32][34] - Beijing adjusted housing purchase restrictions, easing home - buying conditions for non - registered families and unifying commercial loan rates for first and second homes [33][34] 2.2 Industry News - The PBOC and seven other departments supported exploring cross - border digital yuan payment pilots between the Chinese mainland and Singapore [35][37] - The SASAC stated that central SOEs should enhance listed company quality and market value management [36][37]