资讯早班车-2026-01-15-20260115

1. Report Industry Investment Rating - No information provided in the report 2. Core Viewpoints of the Report - The report comprehensively presents macro - economic data, commodity investment information, financial news, bond and stock market trends. It shows that in 2025, China's foreign trade reached a record high, and various industries such as metals, energy, and agriculture have different price and market changes. The financial market also experiences policy - driven and market - based adjustments [2][16] 3. Summary by Directory 3.1 Macro Data Quick View - GDP in Q3 2025 grew by 4.8% year - on - year, lower than the previous quarter's 5.2% [1] - In December 2025, the manufacturing PMI was 50.1%, slightly higher than the previous month; the non - manufacturing PMI was 50.2% [1] - In November 2025, social financing scale was 24,888 billion yuan, and new RMB loans were 390 billion yuan [1] - In December 2025, CPI increased by 0.8% year - on - year, and PPI decreased by 1.9% year - on - year [1] 3.2 Commodity Investment Reference 3.2.1 Comprehensive - In 2025, China's foreign trade imports and exports totaled 45.47 trillion yuan, with exports growing 6.1% and imports growing 0.5% [2] - Guangzhou Futures Exchange announced trading rules for lithium carbonate futures LC2701 and polysilicon futures PS2701 contracts [2] - On January 14, 37 domestic commodity varieties had positive basis, and 31 had negative basis [3] 3.2.2 Metals - On January 15, spot silver hit a record high of $93.68 per ounce. On January 14, domestic silver futures rose 8% [4] - Tungsten prices continued to rise in 2026. On January 14, black tungsten concentrate prices exceeded 500,000 yuan per ton [5] - In December 2025, China's rare earth exports increased by 32% year - on - year to 4,392 tons [5] 3.2.3 Coal, Coke, Steel and Minerals - In December 2025, China's steel product exports reached 11.3 million tons, and annual exports increased by 7.5% to 119 million tons [7] - In 2025, China's iron ore imports increased by 1.8% to 1.26 billion tons [8] 3.2.4 Energy and Chemicals - The US government expects more Venezuelan oil to enter the market in the coming days and weeks [9] - OPEC maintained its 2026 global oil demand growth forecast at 1.38 million barrels per day and predicted 1.34 million barrels per day for 2027 [9] 3.2.5 Agricultural Products - In early January, most agricultural product prices in the circulation field rose, with live pigs hitting a new high since September 2025 [10] - In early January, soybean prices fell by 2.12% month - on - month, and cotton prices rose by 1.97% month - on - month [11] 3.3 Financial News Compilation 3.3.1 Open Market - On January 14, the central bank conducted 240.8 billion yuan of 7 - day reverse repurchase operations, with a net investment of 212.2 billion yuan [13] - On January 15, the central bank will conduct 900 billion yuan of 6 - month term repurchase operations, with an additional 300 billion yuan [13] 3.3.2 Important News - The State Council Information Office will hold a press conference on January 15 to introduce the effectiveness of monetary and financial policies in supporting high - quality economic development [15] - In 2025, China's foreign trade imports and exports reached a record high, and the government continued to promote fiscal and financial coordination to boost domestic demand [15][16] - The three - department deployment regulates the competition order of the new energy vehicle industry [18] 3.3.3 Bond Market Summary - The inter - bank bond market was volatile in the morning, and bond yields mostly declined in the late session [23] - The exchange - traded bond market showed that most of the Vanke bonds were weak [24] - The CSI Convertible Bond Index rose 0.15% [25] 3.3.4 Foreign Exchange Market Express - The on - shore RMB against the US dollar closed at 6.9734 on January 14, up 31 points [28] - The US dollar index fell 0.11% in New York trading [28] 3.3.5 Research Report Highlights - CITIC Securities believes that during the new debt - resolution cycle, the transformation of urban investment platforms will shift from quantity reduction to quality improvement [29] - CICC believes that the Fed will likely keep interest rates unchanged in January and may cut rates in March [30] 3.4 Stock Market News - On January 14, the A - share market showed a pattern of rising and then falling, with a turnover approaching 4 trillion yuan [32] - The Hong Kong Hang Seng Index rose 0.56% [32] - Regulatory authorities put forward three - pronged supervision requirements for fund dividends [33] - The single - day trading volume of domestic ETFs exceeded 700 billion yuan on Wednesday [33]