中国期货每日简报-20260128

Report Industry Investment Rating No relevant information provided. Core Viewpoints - On January 27, 2026, equity index and CGB futures were mixed, and most commodities showed lower performance, with AU, AG, and vegetable oils rising [2][10][11]. - The profits of China's SVIA rose by 0.6% in 2025 [1][3][36]. - Hong Kong will launch offshore treasury bond futures and expand the interest rate derivatives business under the "Stock Connect" [37]. Summary by Directory 1. China Futures 1.1 Overview - On January 27, equity index and CGB futures were mixed. In equity index futures, IC rose 0.6% and IF dropped 0.2%; in CGB futures, T rose 0.00% and TL dropped 0.33%. In commodity futures, most showed lower performance, with AU, AG, and vegetable oils rising. The top three gainers were Silver, RBD Palm Olein, and Tin, while the top three decliners were Platinum, PTA, and Coking Coal [10][11][12]. 1.2 Daily Raise - RBD Palm Olein: Rose 2.7% to 9,238 yuan/ton on January 27. It is set to enter a production decline season with an expected inventory destocking trend, and the market is projected to trade sideways with a bullish bias. The recent rise in crude oil prices and bullish fundamental expectations have underpinned the overall uptrend of vegetable oils. Attention should be paid to biodiesel policies and export performance in producing regions, and the arbitrage strategy of long palm oil and short rapeseed oil is recommended [15][18][19]. 1.3 Daily Drop - Coking Coal: Dropped 3.0% to 1,116.5 yuan/ton on January 27. Demand - side winter stockpiling is still underway, and supply - side coal mines are expected to see a production decline as the holiday approaches. The fundamentals will continue to improve marginally with strong spot market support, but the bullish driving force from fundamentals is limited, and the market is expected to trade sideways [22][24][25]. - Coke: Dropped 2.8% to 1,668.0 yuan/ton on January 27. Supported by a firm cost side, coupled with lingering expectations of steel mill resumptions and remaining demand for winter stockpiling replenishment, the coke market faces limited supply - demand structural imbalances. Spot price hikes are still expected to materialize, and the futures market is projected to track the movement of coking coal [28][32][33]. 2. China News 2.1 Macro News - In 2025, China's industrial enterprises above designated size achieved a total profit of 7.3982 trillion yuan, a year - on - year increase of 0.6% [36]. 2.2 Industry News - Hong Kong Chief Executive Li Jiachao stated that Hong Kong will launch offshore treasury bond futures and expand the interest rate derivatives business under the "Stock Connect" [37].