中国期货每日简报-20260106

1. Report Industry Investment Rating - No information about the report industry investment rating is provided in the given content. 2. Core Viewpoints - On January 5, equity index futures rose while CGB futures fell; PT, PD, and LC led the gains, while energy and chemical commodities declined [2][4][11][13]. - For platinum, in the short - term, prices may exhibit wide - range volatile trends due to the erosion of the Federal Reserve's independence and geopolitical risks; in the long - term, a bullish view is maintained because of high supply concentration and expanding demand [18][19][20]. - For palladium, short - term spot shortages and the Fed's rate - cut cycle provide bottom support, but in the medium - to - long - term, attention should be paid to the price pullback risk after the U.S. investigation into Russian palladium [26][27][28]. - For crude oil, the oversupply fundamentals are hard to reverse, but short - term geopolitical disruptions will cause weekly price fluctuations, and time spreads are expected to perform strongly [32][33]. 3. Summary According to the Directory 3.1 China Futures 3.1.1 Overview - On January 5, equity index futures rose (IC rose by 3.1%, IM rose 2.7%) and CGB futures fell (TL dropped 0.1%). Among commodity futures, palladium, lithium carbonate, and platinum led the gains, while sodium hydroxide, crude oil, and coking coal led the declines [11][12][13]. 3.1.2 Daily Raise - Platinum: On January 5, it rose 6.5% to 583.95 yuan per gram. Short - term price volatility is affected by the Fed's situation and geopolitical risks, and a long - term bullish view is held [17][18][19]. - Palladium: On January 5, it rose 8.9% to 452.85 yuan per gram. Short - term supply shortages and the Fed's rate - cut cycle support the price, but medium - to - long - term risks exist [25][26][27]. 3.1.3 Daily Dropped - Crude Oil: On January 5, it fell 3.4% to 421.7 yuan per barrel. OPEC+ is expected to maintain stable production in Q1, and short - term geopolitical dynamics are the key trading focus. The oversupply situation is hard to reverse, but time spreads may benefit [31][32][33]. 3.2 China News 3.2.1 Macro News - South Korean President Lee Jae - myung embarked on his first state visit to China since taking office on January 4 [39][41]. - The Ministry of Commerce and eight other government departments jointly issued a circular on implementing the Green Consumption Promotion Initiative on January 5 [40][41]. 3.2.2 Industry News - Guidance on improving the long - term performance assessment of annuity funds, with a total scale exceeding 7 trillion yuan, has been issued, which will promote long - term investment of annuity funds [42][43].