早盘速递-20260123

Report Summary 1. Hot News - In 2026, the People's Bank of China will continue to implement a moderately loose monetary policy and has room for reserve requirement ratio cuts and interest rate cuts [2]. - On January 23, 2026, the People's Bank of China will conduct 900 billion yuan of MLF operations with a 1 - year term [2]. - US President Trump said he would take "major retaliatory measures" if European countries sold US assets due to his tariff threats [2]. - In mid - January, the social inventory of 5 major steel products in 21 cities was 7.09 million tons, a decrease of 20,000 tons or 0.3% from the previous period [2]. - The estimated retail volume of narrow - sense passenger cars in January is about 1.8 million, a 20.4% decrease from the previous month and a 0.3% increase year - on - year, with new energy retail reaching about 800,000 and a penetration rate of about 44.4% [2]. 2. Sector Performance - Key sectors to focus on include crude oil, coking coal, coke, silver, and styrene [3]. - Night - session performance of commodity futures: Non - metallic building materials rose 1.98%, precious metals rose 38.08%, oilseeds and fats rose 7.87%, soft commodities rose 2.69%, non - ferrous metals rose 24.46%, coal, coke, steel and minerals rose 9.34%, energy rose 2.13%, chemicals rose 9.52%, grains rose 1.11%, and agricultural and sideline products rose 2.81% [3]. 3. Sector Positions - The document shows the changes in positions of commodity futures sectors in the past five days [4]. 4. Performance of Major Asset Classes | Category | Name | Daily % Change | Monthly % Change | Year - to - Date % Change | | --- | --- | --- | --- | --- | | Equity | Shanghai Composite Index, SSE 50, CSI 300 | 0.08, - 0.11, 0.09 | 3.73, 1.19, 2.01 | 3.73, 1.19, 2.01 | | | CSI 500 | 1.12 | 11.71 | 11.71 | | | S&P 500 | 1.16 | 0.44 | 0.44 | | | Hang Seng Index | 0.37 | 3.72 | 3.72 | | | German DAX | - 0.51 | 0.36 | 0.36 | | | Nikkei 225 | - 0.41 | 4.84 | 4.84 | | | FTSE 100 | 0.11 | 2.08 | 2.08 | | Fixed - income | 10 - year Treasury bond futures | 0.03 | 0.32 | 0.32 | | | 5 - year Treasury bond futures | 0.01 | 0.11 | 0.11 | | | 2 - year Treasury bond futures | - 0.01 | - 0.02 | - 0.02 | | Commodity | CRB Commodity Index | 0.00 | 2.53 | 2.53 | | | WTI Crude Oil | 0.43 | 5.43 | 5.43 | | | London Spot Gold | 1.47 | 11.92 | 11.92 | | | LME Copper | 0.06 | 2.12 | 2.12 | | | Wind Commodity Index | 1.90 | 24.26 | 24.26 | | Other | US Dollar Index | 0.23 | 0.51 | 0.51 | | | CBOE Volatility Index | 0.00 | 34.38 | 34.38 | [5] 5. Stock Market Risk Preference and Major Commodity Trends - The document presents the trends of the Baltic Dry Index, CRB Spot Index, WTI crude oil, London spot gold, London spot silver, LME 3 - month copper, and other commodities, as well as the risk premium of the stock market [6].