中国期货每日简报-20260127

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints - On January 26, equity index futures and CGB futures were mixed, and most commodities rose, with precious metals leading the gains [2][4][11][13][14] - Geopolitical risks and the dollar credit crisis are key drivers for the upward movement of precious metals. The long - term upward trend of gold and silver is expected to persist, and the annual target ranges are revised up [19][22][24] - Platinum prices are expected to fluctuate with an upward bias in the medium to long term due to supply - demand fundamentals and macro liquidity [27][31][32] 3. Summary by Directory 3.1 China Futures 3.1.1 Overview - On January 26, in equity index futures, IH rose 0.5% and IM dropped 2.2%; in CGB futures, TL rose 0.20% and TF dropped 0.02%. In commodity futures, the top three gainers were silver (up 12.8% with a 2.0% month - on - month increase in open interest), platinum (up 9.7% with a 3.7% month - on - month increase in open interest), and palladium (up 7.2% with a 0.9% month - on - month decrease in open interest). The top three decliners were lithium carbonate (down 6.6% with a 5.0% month - on - month decrease in open interest), live hog (down 1.0% with a 1.5% month - on - month increase in open interest), and iron ore (down 0.9% with a 0.1% month - on - month decrease in open interest) [11][12][13][14] 3.1.2 Daily Raise 3.1.2.1 Gold & Silver - On January 26, gold and silver prices surged sharply. SHFE Gold rose 3.67% and SHFE Silver jumped 12.78%. Spot London Gold broke through $5,100 per ounce intraday, and Spot London Silver approached $110 per ounce [18][22] - Geopolitical risks and the dollar credit crisis are key drivers for the upward movement. The Fed's independence risk has become the core focus. Short - term overheating risks are increasing, but the long - term upward trend is expected to persist, and the annual target ranges are revised up [19][22][24] 3.1.2.3 Platinum - On January 26, platinum rose 9.7% to 744.70 yuan/g. Supply - demand fundamentals and macro liquidity support the medium - to - long - term upward trend. South African floods may disrupt supply, and geopolitical tensions are a source of volatility. Long - term, supply risks and expanding demand support a long - position view [27][31][32] 3.2 China News 3.2.1 Macro News - The Chinese Foreign Ministry responded to reports that British Prime Minister Keir Starmer will visit China this week, stating that relevant information will be released in a timely manner [36][37] - A policy document on accelerating the cultivation of new growth drivers for service consumption will be launched soon [36][37] 3.2.2 Industry News - The CSRC further expands the scope of futures market open varieties, adding 14 new international specific products accessible to overseas investors [38][39] - The SHFE adjusts price limit ranges and margin ratios for futures contracts of nickel, aluminium oxide, lead, zinc and stainless steel [38][39] - The CSRC approves the registration of TSR 20 Options, LSFO Options and Copper(BC) Options [38][39]