资讯早班车-2026-01-07-20260107

1. Report's Investment Rating for the Industry - There is no information about the report's industry investment rating in the provided content. 2. Core Views of the Report - The Chinese economy shows a mixed performance in various indicators, with GDP growth slightly slowing, manufacturing PMI improving, and inflation showing positive changes. The government continues to implement a moderately loose monetary policy, aiming to promote economic growth, stabilize prices, and prevent financial risks. The commodity market has different trends, with precious metals and base metals rising, while energy and some agricultural products falling. The stock market has positive momentum, and the bond market is under pressure [1][8][9]. 3. Summary by Relevant Catalogs 3.1 Macro Data Overview - GDP growth in Q3 2025 was 4.8% year - on - year, slightly lower than the previous quarter's 5.2% but higher than the same period last year's 4.6%. Manufacturing PMI in December 2025 was 50.1%, up from the previous month's 49.8%. Non - manufacturing PMI was 50.2%, with a slight increase from the previous month but a decline from the same period last year. Social financing in November 2025 was 24888 billion yuan, slightly lower than the previous month. M0, M1, and M2 growth rates all decreased compared to the previous month. New RMB loans in November 2025 were 3900 billion yuan, significantly lower than the previous month. CPI in November 2025 was 0.7% year - on - year, turning positive from the previous month's - 0.4%. PPI was - 2.2% year - on - year, an improvement from the previous month. Fixed - asset investment decreased by 2.6% year - to - date in November 2025, and social consumption increased by 4.0%. Exports in November 2025 increased by 5.90% year - on - year, and imports increased by 1.90% [1]. 3.2 Commodity Investment Reference 3.2.1 Comprehensive - The People's Bank of China plans to use various monetary policy tools in 2026, strengthen financial market supervision, and crack down on illegal activities. China bans the export of all dual - use items to Japanese military users and related purposes [2]. 3.2.2 Metals - On January 6, 2026, international precious metals futures generally rose, with COMEX gold futures up 1.22% to $4505.70 per ounce and COMEX silver futures up 5.95% to $81.22 per ounce. London base metals also rose across the board, with LME nickel up 8.39% to $18430.0 per ton, LME tin up 4.79% to $44500.0 per ton, etc. [3]. 3.2.3 Energy and Chemicals - On January 6, 2026, the main contract of US crude oil fell 2.31% to $56.97 per barrel, and the main contract of Brent crude oil fell 1.96% to $60.55 per barrel [4]. 3.2.4 Agricultural Products - On January 6, 2026, the Bloomberg Grains Sub - index fell 0.30%. CBOT corn, wheat, and soybeans futures all declined, while ICE raw sugar, white sugar, and some coffee futures rose, and New York and London cocoa futures fell [5][6]. 3.3 Financial News Compilation 3.3.1 Open Market - On January 6, 2026, the central bank conducted 162 billion yuan of 7 - day reverse repurchase operations, with an operation rate of 1.40%. With 3125 billion yuan of reverse repurchases maturing on the same day, the net withdrawal was 2963 billion yuan [7]. 3.3.2 Key News - The 2026 PBOC Work Conference emphasizes continuing a moderately loose monetary policy, promoting economic growth and price recovery, and preventing financial risks. The 2026 National Foreign Exchange Administration Work Conference focuses on reform and opening - up, risk prevention, and ensuring the safety of foreign exchange reserves. China bans dual - use item exports to Japan for military purposes. The emotional consumption market in China is growing rapidly. Four departments encourage employee cultural and sports consumption. The inbound tourism market had a good start during the New Year's Day holiday. Shanghai encourages foreign - invested enterprises to reinvest in China. Henan introduces measures to boost the economy in Q1 2026. China's automobile production and sales are expected to reach a new high in 2025, with new energy vehicles leading the market. Regulators survey wealth management companies to promote long - term funds entering the A - share market. Many small and medium - sized banks have adjusted deposit interest rates. China Gas Holdings starts issuing panda bonds. Trump's team is discussing ways to acquire Greenland. There are bond - related events such as new debt defaults and credit rating changes [8][9][10]. 3.3.3 Bond Market Review - The inter - bank bond market in China is under pressure, with rising yields of interest - rate bonds and falling bond futures. The stock market's strength affects bond market sentiment. In the exchange - traded bond market, some bonds rise and some fall. The convertible bond index rises. Money market rates show different trends, and bond issuance yields are announced. US bond yields rise, while European bond yields fall [16][17][20]. 3.3.4 Foreign Exchange Market Update - The on - shore RMB against the US dollar closed at 6.9813 on January 6, 2026, with a 7 - point decline. The RMB central parity rate against the US dollar was raised by 57 points. The US dollar index rose, and non - US currencies showed different trends [22]. 3.3.5 Research Report Highlights - CITIC Construction Investment points out that Jiangsu's industrial assets are large, with significant north - south differences. Western Securities believes that the new regulations on public fund sales are beneficial to the bond market in January 2026. CITIC Securities says that China's bond market opening - up will promote foreign investment in the long - run, despite short - term fluctuations [23][24]. 3.3.6 Today's Reminders - On January 7, 2026, 153 bonds will be listed, 99 bonds will be issued, 106 bonds will require payment, and 96 bonds will pay principal and interest [25]. 3.4 Stock Market Key News - The Hong Kong stock market rose, with technology stocks, insurance, and brokerage stocks performing well. Southbound capital had net purchases. Regulators survey wealth management companies to promote long - term funds entering A - share market. The Shanghai and Shenzhen Stock Exchanges released the latest issuance and listing review dynamics. The number of new A - share accounts in 2025 increased significantly [26][27].