国内商品期市收盘多数上涨，化工品涨幅居前

Report Industry Investment Rating - No information provided in the report Core Viewpoints - On January 22, 2026, most domestic commodity futures markets closed higher, with chemicals leading the gains [14]. - The US economy maintains a "slight to moderate" expansion, inflation continues to cool, and consumption shows a "K-shaped" characteristic [14]. - In 2025, China's consumer market scale exceeded 50 trillion yuan, with service retail sales growing faster. In 2026, consumption is expected to grow steadily [14]. - In the short term, risk assets may continue to adjust, but in the medium term, it is recommended to go long on stock indices, non - ferrous metals, gold, and silver [14]. Summary by Directory Financial Market Fluctuations - Stock Index Futures: On January 22, 2026, the CSI 300 futures price was 4719.4, down 0.26; the SSE 50 futures price was 3061.2, down 0.61; the CSI 500 futures price was 8400, up 0.25; the CSI 1000 futures price was 8292.6, up 0.56 [3]. - Treasury Bond Futures: The 2 - year treasury bond futures price was 102.408, down 0.02; the 5 - year was 105.835, down 0.04; the 10 - year was 108.15, down 0.04; the 30 - year was 112.17, down 0.03 [3]. - Foreign Exchange: The US dollar index was 98.7693, up 0.23; the US dollar central parity rate was 6.9646, down 57 pips [3]. - Interest Rates: The 7 - day inter - bank pledged repo rate was 1.4952%, up 0.04%; the 10 - year Chinese treasury bond yield was 1.8312%, down 0.14 bp; the 10 - year US treasury bond yield was 4.26%, down 4 bp [3]. Popular Industry Fluctuations - On January 22, 2026, industries such as national defense and military industry, steel, and petroleum and petrochemicals had relatively large daily increases, while industries such as food and beverage, non - bank finance, and banking had declines [6]. Overseas Commodity Fluctuations - Energy: On January 21, 2026, NYMEX WTI crude oil was at $59.52, up 0.3%; ICE Brent crude was at $64.62, up 0.67%; NYMEX natural gas was at $3.891, up 25.39%; ICE UK natural gas was at $105.29, up 12.07% [9]. - Precious Metals: COMEX gold was at $4769.1, up 3.78%; COMEX silver was at $94.46, up 6.69% [9]. - Non - ferrous Metals: LME copper was at $12810, up 0.44%; LME aluminum was at $3115, up 0.24%; LME zinc was at $3175, up 0.06% [9]. - Agricultural Products: CBOT soybeans were at $1053, down 0.45%; CBOT soybean oil was at $54.05, up 2.83%; CBOT corn was at $424, down 0.18% [9]. Domestic Commodity Fluctuations - On January 22, 2026, most domestic commodities rose. Chemicals, new energy materials, non - metal building materials, energy products, etc. all had increases, while precious metals had declines [14]. Macro Summary - Today's Market: Domestic commodity futures markets closed mostly higher, with chemicals leading the gains [14]. - Overseas Macro: The US economy maintains a "slight to moderate" expansion, inflation cools, and consumption shows a "K - shaped" characteristic. Attention should be paid to upcoming GDP and inflation data [14]. - Domestic Macro: In 2025, China's consumer market scale exceeded 50 trillion yuan, and in 2026, consumption is expected to grow steadily [14]. - Asset Views: The scenario of no interest rate cut in January is basically confirmed, and the first interest rate cut by the Fed within the year is expected to be postponed to June. Short - term risk assets may adjust, while in the medium - term, it is recommended to go long on certain assets [14]. Viewpoint Highlights - Financial: Stock markets continue to wait for the main line, and bond markets still have disturbing factors. The short - term judgments for stock index futures, index options, and treasury bond futures are oscillatory rise, oscillation, and oscillation respectively [15]. - Precious Metals: After oscillatory adjustment, they maintain an upward trend. Gold and silver are expected to rise oscillatory [15]. - Shipping: Pay attention to the resumption of voyages in the far - month. The short - term judgment for the container shipping European line is oscillation [15]. - Black Building Materials: Fundamentals are lackluster. Most varieties are expected to oscillate [15]. - Non - ferrous Metals and New Materials: Wait for the macro - situation to become clearer. Base metals are oscillating and consolidating. Some varieties are expected to rise oscillatory, while others are expected to oscillate [15]. - Energy and Chemicals: The trade tension eases slightly, but the supply - demand pattern is still under pressure. Most varieties are expected to oscillate [17]. - Agriculture: Sentiment warms up but trends diverge. Some varieties are expected to rise oscillatory, while others are expected to oscillate or decline oscillatory [17].