中国期货每日简报-20260123

Report Industry Investment Rating No relevant information provided. Core Viewpoints - On January 22, equity index futures were mixed, most CGB futures traded lower, and most commodities rose, with energy & chemicals futures leading the rises [2][10]. - The first tranche of 93.6 billion yuan in funds from ultra - long - term special treasury bonds to support equipment upgrading in 2026 has been allocated, driving a total investment of over 460 billion yuan [38][40]. - The Ministry of Commerce firmly opposes the EU's listing of some Chinese enterprises as high - risk suppliers [39][40]. Summary by Directory 1. China Futures 1.1 Overview - On January 22, in equity index futures, IM rose 0.9% and IH dropped 0.5%; in CGB futures, TL dropped 0.07% and T dropped 0.05%. In commodity futures, the top three gainers were Synthetic Rubber (up 4.7% with open interest increasing 3.2% month - on - month), Ethylene Glycol (up 4.5% with open interest decreasing 5.8% month - on - month), and Ethenylbenzene (up 4.1% with open interest increasing 82.1% month - on - month). The top three decliners were Palladium (down 1.9% with open interest decreasing 0.2% month - on - month), Platinum (down 0.9% with open interest decreasing 2.7% month - on - month), and Sodium Hydroxide (down 0.5% with open interest decreasing 1.2% month - on - month) [10][11][12]. 1.2 Daily Raise 1.2.1 Synthetic Rubber - On January 22, Synthetic Rubber rose 4.7% to 12,270 yuan/ton. The mid - term bullish logic for the futures market remains intact, based on the expectation of marginal improvement in the fundamental outlook. Raw material supply is tight, and the market may shift into a high - level consolidation phase. Last week, the spot market price of Synthetic Rubber extended its upward trend due to positive export news, scarce circulating supplies, and strong downstream product performance [16][17][20]. 1.2.2 Benzene - On January 22, Benzene rose 3.0% to 6000 yuan/ton. The core reasons include the first destocking in nearly two months at East China benzene ports, downstream styrene's tight supply - demand balance leading to downstream profit - locking, the potential cancellation of the U.S. tariff on South Korean pure benzene, and pure benzene being a target for capital to accumulate long positions as a low - valuation variety in the aromatics long - position segment [23][24][28]. 1.2.3 PTA - On January 22, PTA rose 2.8% to 5298 yuan/ton. International crude oil traded stagnantly, and the polyester industrial chain price moved sluggishly. Due to ample upstream PX supply, PTA spot margins continued to expand. It is expected to trade in a range - bound consolidation in the short term, and the positive spread arbitrage logic for TA05 - 09 futures contract spread remains intact [32][33][35]. 2. China News 2.1 Macro News - The first tranche of 93.6 billion yuan in funds from ultra - long - term special treasury bonds to support equipment upgrading in 2026 has been allocated, supporting about 4,500 projects in multiple sectors and driving over 460 billion yuan in total investment. Meanwhile, funds will continue to support the scrappage and renewal of old commercial freight vehicles, the upgrading of new energy urban public buses, and the scrappage and renewal of old agricultural machinery [38][40]. - The Ministry of Commerce firmly opposes the EU's discriminatory practices against Chinese enterprises and its act of politicizing economic and trade issues by listing some Chinese enterprises as high - risk suppliers [39][40].