中国期货每日简报-20260114

Report Industry Investment Rating - No relevant information provided Core Viewpoints - On January 13, equity index futures declined while CGB futures advanced. Most commodities moved lower, with metal futures seeing a divergent performance [2][10][12]. - The MIIT emphasized at its meeting to conscientiously resist internal competition and promote win - win outcomes [1][3][35]. Summary by Directory 1. China Futures 1.1 Overview - On January 13, in equity index futures, IM dropped 1.8% and IC dropped 1.2%; in CGB futures, TL rose 0.3% and T rose 0.1%. Among commodity futures, the top three gainers were Lithium Carbonate (up 7.4% with open interest decreasing 9.2% month - on - month), Silver (up 5.9% with open interest increasing 2.7% month - on - month), and Tin (up 4.1% with open interest falling 15.4% month - on - month). The top three decliners were SCFIS (Europe) (down 5.4% with open interest increasing 4.5% month - on - month), Palladium (down 5.2% with open interest decreasing 0.8% month - on - month), and Poly - Silicon (down 4.4% with open interest remaining unchanged) [10][11][12]. 1.2 Daily Rose - Benzene: On January 13, it rose 0.9% to 5,584 yuan per ton. Recent price increases were driven by downstream styrene export deals, firm US - denominated prices and high US - South Korea price spread, geopolitical tensions, and improved macro sentiment. However, the market has weak fundamentals, high inventory, and oversupply, limiting valuation recovery [16][17][19]. - Ethenylbenzene: On January 13, it rose 0.3% to 7,028 yuan per ton. The recent strength was due to robust exports, port destocking and tight liquidity, and firm macro sentiment and crude prices. The 1 - month stockbuild expectation has reversed, but there could be corrections if there are unforeseen supply increases or liquidity easing [24][25][26]. 1.3 Daily Dropped - Poly - Silicon: On January 13, it fell 4.4% to 49,005 yuan per ton. On the supply side, northern furnace operations changed little, and southwest operations were at a low ebb. On the demand side, it was in the dry season. The revocation of export tax rebates for photovoltaic products might marginally lift polysilicon operating rates in Q1. Overall, industrial silicon remains in a stock - build - up pattern [29][30][32]. 2. China News 2.1 Macro News - The MIIT held a manufacturing enterprise symposium on January 13, emphasizing that entrepreneurs should focus on main businesses, resist cut - throat competition, and promote win - win outcomes. Also, the G7 finance ministers' plan to reduce rare - earth imports from China was responded to by China's Foreign Ministry, stating China's stance on maintaining global critical mineral supply chain stability [35][36][37]. 2.2 Industry News - CME Group notified on January 12 that it will adjust precious metals margin requirements after the close on January 13, based on a routine assessment of market volatility to ensure adequate collateral coverage [38][39]