高频数据扫描：外部政策扰动与国内流动性

Report Industry Investment Rating - The report does not provide a specific industry investment rating [1][3] Core Viewpoints of the Report - The US government still regards trade friction as an important bargaining chip, and the disturbance to the financial market may repeat. However, the external policy disturbance is objectively beneficial for China to maintain abundant liquidity [1][3] - The recent stable rise in the RMB exchange rate against the US dollar, combined with historical experience, indicates that the central bank has more conditions to release liquidity by increasing the supply of base money [3] Summary by Relevant Catalogs External Policy Disturbance and Domestic Liquidity - The dispute over Greenland has escalated to a tariff threat, causing market concerns about the escalation of trade friction between the US and the EU. Two Nordic pension funds have announced the reduction of US debt holdings [3] - In October last year, the year-on-year decline in US commodity imports widened, but the cumulative imports still increased year-on-year due to "stockpiling" at the beginning of the year. The US government still has a tendency to use trade friction as an important bargaining chip [3] - The US Supreme Court's tariff ruling is important for the US government's tariff policy. If the ruling is unfavorable, it may limit the US government's ability to initiate similar tariff frictions, but the US government still has alternative tools [3] - The external policy disturbance is conducive to maintaining abundant liquidity in the domestic market. The RMB exchange rate against the US dollar has risen steadily, and the central bank has more conditions to release liquidity [3] High-Frequency Data Scanning - This week, the average wholesale price of pork increased by 2.69% week-on-week and decreased by 18.93% year-on-year; the average wholesale price of 28 key monitored vegetables increased by 2.36% week-on-week and 6.09% year-on-year [3] - This week, the domestic cement price index decreased by 0.66% week-on-week; the South China Iron Ore Index decreased by 3.40% on average week-on-week; the operating rate of coking enterprises with a production capacity of over 2 million tons remained unchanged week-on-week; the rebar inventory index increased by 2.62% week-on-week, and the rebar price index decreased by 0.84% week-on-week; the blast furnace operating rate of 247 domestic steel mills decreased by 0.20% week-on-week [3] - This week, the average prices of Brent and WTI crude oil futures increased by 0.09% and decreased by 0.21% week-on-week respectively. The average price of LME copper spot decreased by 2.49% week-on-week, the average price of aluminum spot decreased by 1.47% week-on-week, and the copper-gold ratio decreased by 6.48% week-on-week [3] - From January 1 - 21, 2026, the average daily trading area of commercial housing in 30 large and medium-sized cities tracked by Wind was about 161,000 square meters; in January 2025, the average daily trading area in 30 cities was about 222,000 square meters [3]