1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report The report provides a daily morning observation of various futures markets, covering financial derivatives, agricultural products, black metals, non - ferrous metals, shipping, and energy chemicals. It analyzes the market conditions, influencing factors, and provides corresponding trading strategies for each sector [5][7]. 3. Summary by Related Catalogs 3.1 Financial Derivatives 3.1.1 Stock Index Futures - Market performance: On Wednesday, the stock index showed differentiation. The Shanghai Composite 50 Index rose 1.14%, the CSI 300 Index rose 0.83%, the CSI 500 Index rose 0.15%, and the CSI 1000 Index slightly fell 0.02%. The total market turnover was 2.5 trillion yuan. Stock index futures rebounded across the board [20]. - Core logic: Overnight U.S. technology stocks fell, affecting A - share technology stocks. However, the market remained stable and improved overall, with a style shift occurring. The short - term market is expected to remain oscillating strongly [20]. - Trading strategy: Unilateral trading should be oscillating strongly, buying on dips; for arbitrage, conduct IM/IC long 2609 + short ETF cash - and - carry arbitrage; for options, use a bull spread strategy [21]. 3.1.2 Treasury Bond Futures - Market performance: On Wednesday, treasury bond futures closed down across the board. The 30 - year main contract fell 0.23%, the 10 - year main contract fell 0.01%, the 5 - year main contract fell 0.04%, and the 2 - year main contract fell 0.02% [22]. - Core logic: The central bank's net withdrawal of short - term liquidity and the increase in risk appetite have slightly suppressed the bond market. In the short term, the market lacks a clear driver, and the bond market sentiment may become more cautious [22]. - Trading strategy: Unilateral trading should consider buying TF and T contracts on dips; for arbitrage, stay on the sidelines [23]. 3.2 Agricultural Products 3.2.1 Protein Meal - Market performance: CBOT soybean index rose 2.39% to 1099.75 cents per bushel, and CBOT soybean meal index rose 2.38% to 300.9 dollars per short ton [25]. - Core logic: The improvement of trade relations has boosted the U.S. soybean market. South American dry weather also provides some support, but overall supply and demand are relatively loose. The domestic soybean meal cost is under pressure, but spot prices may be supported in the short term [26]. - Trading strategy: Unilateral trading should be on the sidelines in the short term; for arbitrage, expand the MRM spread; for options, sell a wide - straddle strategy [26]. 3.2.2 Sugar - Market performance: The previous trading day, the ICE U.S. raw sugar main contract price dropped 1.5% to 14.41 cents per pound, and the London white sugar main contract fell 1.46% to 411.2 dollars per ton [27]. - Core logic: Internationally, the Brazilian sugar influence is declining, and the northern hemisphere is in an increasing production cycle. However, sugar prices have reached a low level, and some institutions' forecasts for the 2026/27 sugar production and consumption are favorable. Domestically, the supply is under pressure, but the international price rebound and improved macro - sentiment may lead to a bottom - oscillating price [30]. - Trading strategy: Unilateral trading should expect international and domestic sugar prices to oscillate at the bottom; for arbitrage and options, stay on the sidelines [31]. 3.2.3 Oilseeds and Oils - Market performance: Overnight, the CBOT U.S. soybean oil main price changed by 2.15% to 55.69 cents per pound, and the BMD Malaysian palm oil main price changed by - 0.07% to 4219 ringgit per ton [33]. - Core logic: The market is affected by trade and policy expectations. Malaysian palm oil may reduce production and inventory in January, but the high - base inventory may remain at a relatively high level. The U.S. biodiesel demand is expected to be good, which is beneficial to soybean oil. However, soybean oil supply pressure may shift later. Rapeseed oil may have some support [33]. - Trading strategy: Unilateral trading should expect oils to oscillate widely; for arbitrage, consider shorting the y59 spread at high levels; for options, stay on the sidelines [34]. 3.3 Black Metals 3.3.1 Steel - Market performance: The night - trading session of the black sector was oscillating weakly. On the 4th, the construction steel trading volume was 3.61 million tons, and the trading volume continued to decline approaching the Spring Festival [57]. - Core logic: The demand is marginally weakening, and the steel price follows the raw materials to oscillate. The steel inventory is accumulating, and the winter demand is declining. However, the cost is supported by the steel mill's replenishment demand. The short - term steel price may oscillate strongly following coal [57]. - Trading strategy: Unilateral trading should follow the raw materials to oscillate strongly; for arbitrage, short the coil - coal ratio at high levels and continue to hold the short coil - rebar spread; for options, stay on the sidelines [58]. 3.3.2 Coking Coal and Coke - Market performance: Recently, the coking coal futures have fluctuated greatly due to news of Indonesia's coal policy [60]. - Core logic: The actual impact of Indonesia's coal production reduction policy remains to be seen. The current market is dominated by funds and emotions, and the coking coal valuation is not high. The supply - side events may be repeatedly traded [60]. - Trading strategy: Unilateral trading should be mainly for band trading, and cautious investors should stay on the sidelines. Consider buying on dips after a pull - back; for arbitrage and options, stay on the sidelines [61]. 3.3.3 Iron Ore - Market performance: The night - trading iron ore price fell 1.02%. The current macro - sentiment and capital game are significant, and the iron ore valuation is moderately high [63]. - Core logic: The supply is increasing, and the demand may be less than expected in the first half of the year. The domestic iron ore fundamentals are weakening, and the high valuation is difficult to sustain. The iron ore price is expected to run weakly [63]. - Trading strategy: Unilateral trading should expect a weak operation; for arbitrage and options, stay on the sidelines [63]. 3.4 Non - Ferrous Metals 3.4.1 Gold and Silver - Market performance: London gold rose 0.36% to 4964.69 dollars per ounce, and London silver rose 3.44% to 88.13 dollars per ounce. The Shanghai gold main contract fell 0.64% to 1114 yuan per gram, and the Shanghai silver main contract rose 1.03% to 22955 yuan per kilogram [67]. - Core logic: The gold and silver markets first rose and then fell. The weak U.S. ADP employment data initially supported the prices, but then the market was affected by the performance of U.S. technology stocks. In the short term, caution should be exercised, especially during the Spring Festival [68]. - Trading strategy: Unilateral trading should hold long positions in Shanghai gold based on the 20 - day moving average support and hold long positions in Shanghai silver cautiously based on the 30 - day moving average; for arbitrage, stay on the sidelines; for options, use a bull call spread strategy [70]. 3.4.2 Platinum and Palladium - Market performance: The outer - market platinum and palladium fluctuated widely. The Guangzhou Futures Exchange platinum main contract PT2606 rose 3.54% to 572.95 yuan per gram, and the palladium main contract PD2606 rose 8.62% to 450.55 yuan per gram [70]. - Core logic: The strong U.S. dollar has a negative impact on non - ferrous and precious metals. Platinum is in a tight - balance pattern, and palladium has shifted from a supply - demand gap to a supply surplus. Platinum has a stronger upward drive [70]. - Trading strategy: Unilateral trading should be cautiously bullish on platinum and palladium, buying on dips and paying attention to position management; for arbitrage and options, stay on the sidelines [71]. 3.4.3 Copper - Market performance: The main contract of Shanghai copper 2603 closed at 102590, down 2.22%, and LME copper closed at 13040 dollars per ton, down 2.76% [72]. - Core logic: The Sino - U.S. leaders' call and AI - related stock fluctuations have led to a slight decline in copper prices. The downstream replenishment has slowed down the inventory accumulation. The strategic reserve demand and supply disturbances provide long - term support for copper prices [73]. - Trading strategy: Unilateral trading should take a long - on - dips approach, but control the position before the Spring Festival; for arbitrage and options, stay on the sidelines [74]. 3.5 Shipping 3.5.1 Container Shipping - Market performance: The spot freight rates of the SCFI European line and SCFIS European line showed a downward trend [108]. - Core logic: The resumption of some shipping routes is offset by geopolitical tensions. The demand is peaking and then declining, and the supply in March is expected to increase. The traditional off - season is approaching, and the freight rate is expected to decline after the Spring Festival [108]. - Trading strategy: Unilateral trading should stay on the sidelines; for arbitrage, take profit on the 6 - 10 positive spread at high levels and then stay on the sidelines, waiting for opportunities to operate on dips [109]. 3.6 Energy and Chemicals 3.6.1 Crude Oil - Market performance: WTI crude oil futures rose 3.05% to 65.14 dollars per barrel, and Brent crude oil futures rose 3.2% to 69.46 dollars per barrel [111]. - Core logic: The uncertainty of the U.S. - Iran nuclear negotiation has led to wide - range oscillations in international oil prices. The Brent main contract is expected to oscillate between 66 - 69 dollars [113]. - Trading strategy: Unilateral trading, arbitrage, and options should all stay on the sidelines [113]. 3.6.2 Asphalt - Market performance: The outer - market WTI and Brent crude oil prices rose, and the asphalt futures showed a small increase. The spot prices in various regions were stable [114]. - Core logic: The geopolitical risk has increased the volatility of asphalt, which follows the crude oil price. There are still concerns about the long - term raw material cost increase and supply gap. The supply is low, and the demand is weakening [115]. - Trading strategy: Unilateral trading should expect high - level oscillations and go long on BU2606 on dips; for arbitrage, pay attention to the long BU - short LU spread; for options, stay on the sidelines [116]. 3.6.3 Fuel Oil - Market performance: The FU03 contract closed at 2800 (+0.86%), and the LU04 contract closed at 3266 (+0.62%) [118]. - Core logic: High - sulfur fuel oil is supported by high - price transactions in the Singapore spot window. Geopolitical factors are the main bullish drivers. The low - sulfur fuel oil supply has increased recently [119]. - Trading strategy: Unilateral trading should expect a strong oscillation and pay attention to geopolitical fluctuations; for arbitrage, hold the FU59 positive spread and pay attention to the LU near - month reverse spread; for options, stay on the sidelines [120].

近日，2025年"兴火·燎原"创新马拉松公开赛北部赛区决赛在北京圆满落幕。"兴火·燎原"创新马拉松公 开赛是由兴业银行联合多家权威机构与科技企业共同打造的数字金融创新竞技平台，旨在推动数字金融 领域的创新发展，服务社会民生。赛事聚焦于数字金融与场景生态两大核心领域，致力于挖掘和培育能 够切实推动产业升级、服务社会民生的优秀创新成果。2025年"兴火·燎原"创新马拉松公开赛北部赛区 共吸引了280个项目报名参赛，覆盖金融科技、产业数字化、智慧民生等多个方向，充分展现了数字金 融领域的创新活力与潜力。 本次赛事汇聚了北部赛区的顶尖创新团队、行业领袖、高校代表和金融机构专家，彰显了赛事的高规格 和广泛影响力。评委阵容由三位外部专家及兴业银行内部领导共同组成，确保了评审工作的专业性与权 威性。外部专家包括中国人民银行科技司原巡视员、中国通信学会金融科技专家委员会主任杨竑，中国 互联网协会数字金融委员会副主任陈树军，以及民建中央信息技术专委会副主任江艾芸；内部评委则来 自兴业银行总行审计部、机构业务部、国际业务部/交易银行部等重要部门的领导，进一步提升了评审 结果的公正性和专业性。 经过紧张激烈的现场演示与专业评审，大 ...

会议以习近平新时代中国特色社会主义思想为指导，深入学习贯彻党的二十届四中全会和中央经济工作 会议精神，落实中国人民银行工作会议要求，总结2025年信贷市场工作，分析当前形势，部署2026年工 作。 中国人民银行2月4日消息，央行日前召开2026年信贷市场工作会议。会议要求，加强与财政政策协同， 强化消费领域金融支持；建设多层次金融服务体系，着力支持重点领域。 会议认为，2025年中国人民银行扎实推进金融"五篇大文章"、金融支持扩消费、地方政府融资平台债务 风险化解等各项工作，取得积极成效。金融"五篇大文章"各项工作机制更加顺畅，融资平台债务风险大 幅缓释，金融支持实体经济高质量发展质效持续提升。 会议要求，做好2026年信贷市场工作要准确把握"十五五"时期经济金融形势变化，统筹发展和安全，不 断加强对重大战略、重点领域和薄弱环节的优质金融服务。进一步完善金融"五篇大文章"各项机制，落 实好结构性货币政策工具增量政策，加强与财政政策协同，大力发展科技金融、绿色金融、普惠金融、 养老金融、数字金融，强化消费领域金融支持。建设多层次金融服务体系，着力支持扩大内需、科技创 新、中小微企业等重点领域。继续做好金融支持融 ...

Core Viewpoint - The People's Bank of China emphasizes the need for enhanced financial support in the consumption sector and collaboration with fiscal policies to strengthen the credit market in 2026 [1][2] Group 1: 2025 Achievements - The People's Bank of China successfully advanced the "Five Major Financial Articles" and provided financial support for consumption, leading to significant progress in 2025 [1] - The mechanisms for the "Five Major Financial Articles" became more efficient, and the debt risks of financing platforms were substantially alleviated [1] Group 2: 2026 Work Requirements - The meeting highlighted the importance of understanding the economic and financial landscape during the "14th Five-Year Plan" period, balancing development and security [2] - There is a focus on improving financial services for major strategies, key areas, and weak links, with an emphasis on structural monetary policy tools and collaboration with fiscal policies [2] - The development of technology finance, green finance, inclusive finance, pension finance, and digital finance is prioritized, alongside support for expanding domestic demand, technological innovation, and small and micro enterprises [2] - Continued efforts are needed to mitigate financing platform debt risks and support local governments in market-oriented transformations [2] - A dynamic feedback loop for policy implementation, assessment, and optimization is to be established to enhance the effectiveness of policies benefiting the public and enterprises [2]

近日，中国人民银行召开2026年信贷市场工作会议。会议要求，做好2026年信贷市场工作要准确把 握"十五五"时期经济金融形势变化，统筹发展和安全，不断加强对重大战略、重点领域和薄弱环节的优 质金融服务。进一步完善金融"五篇大文章"各项机制，落实好结构性货币政策工具增量政策，加强与财 政政策协同，大力发展科技金融、绿色金融、普惠金融、养老金融、数字金融，强化消费领域金融支 持。建设多层次金融服务体系，着力支持扩大内需、科技创新、中小微企业等重点领域。 ...

Core Viewpoint - Nanjing's Innovation Financial Reform Pilot Zone has significantly improved its comprehensive score from 82.46 to 95.49 over three years, indicating a strong enhancement in financial service capabilities and technological innovation [1] Group 1: Financial Service System Development - Nanjing has established 70 specialized organizations for innovation finance, creating over 200 exclusive products and forming a service structure characterized by specialized institutions and products [2] - The city has set up 23 innovation finance service stations and 9 university technology finance studios, serving over 10,000 technology enterprises and facilitating financing exceeding 30 billion [2] - A continuous roadshow platform has been created, with over 1,000 events held, facilitating financing of more than 10 billion [2] Group 2: Improvement of Financial Service Quality - A comprehensive intellectual property financial service system has been established, achieving over 40 billion in intellectual property pledges since the pilot zone's approval [3] - A special action for first loans to technology enterprises has been initiated, providing over 2 billion in first loans to more than 600 previously unbanked technology firms [3] - New mechanisms for investment and loan linkage have been developed, including innovative financing tools and policies to support agricultural technology development [3] Group 3: Direct Financing Development - A total of 52 funds have been established with a combined scale of 135.65 billion, including a 10 billion mother fund set up by a major group [4] - Policies have been introduced to facilitate mergers and acquisitions, with a target of 90 transactions and a total value of 44.92 billion by 2025 [4] - The issuance of technology innovation bonds has reached 17.64 billion, accounting for 33.4% of the provincial total [4] Group 4: Strengthening Technology Empowerment in Finance - Nanjing is focusing on digital financial infrastructure and has established joint innovation laboratories with major banks [5] - The city has launched a data asset fund of 1.5 billion and completed the first data asset-backed securities project in the country [6] Group 5: Supporting Industrial Technological Innovation - A high-level industrial technology innovation platform has been established, with a focus on key industries and technology transfer centers [7] - The software and information service industry has become a trillion-level industry, supported by long-term capital [7] - Nanjing has formed partnerships with leading companies in various sectors, achieving significant market shares in key technologies [7]

【导读】中国人民银行召开2026年信贷市场工作会议 中国人民银行有关司局，各分支机构、部分所属单位负责同志参加会议。 来源：中国人民银行 （文章来源：中国基金报） 2026年1月30日，中国人民银行召开2026年信贷市场工作会议。会议以习近平新时代中国特色社会主义 思想为指导，深入学习贯彻党的二十届四中全会和中央经济工作会议精神，落实中国人民银行工作会议 要求，总结2025年信贷市场工作，分析当前形势，部署2026年工作。中国人民银行党委委员、副行长朱 鹤新出席会议并讲话。 会议认为，2025年中国人民银行扎实推进金融"五篇大文章"、金融支持扩消费、地方政府融资平台债务 风险化解等各项工作，取得积极成效。金融"五篇大文章"各项工作机制更加顺畅，融资平台债务风险大 幅缓释，金融支持实体经济高质量发展质效持续提升。 会议要求，做好2026年信贷市场工作要准确把握"十五五"时期经济金融形势变化，统筹发展和安全，不 断加强对重大战略、重点领域和薄弱环节的优质金融服务。进一步完善金融"五篇大文章"各项机制，落 实好结构性货币政策工具增量政策，加强与财政政策协同，大力发展科技金融、绿色金融、普惠金融、 养老金融、数字金融 ...

（原标题：央行会议，最新部署） 会议认为，2025年中国人民银行扎实推进金融"五篇大文章"、金融支持扩消费、地方政府融资平台债务 风险化解等各项工作，取得积极成效。金融"五篇大文章"各项工作机制更加顺畅，融资平台债务风险大 幅缓释，金融支持实体经济高质量发展质效持续提升。 会议要求，做好2026年信贷市场工作要准确把握"十五五"时期经济金融形势变化，统筹发展和安全，不 断加强对重大战略、重点领域和薄弱环节的优质金融服务。进一步完善金融"五篇大文章"各项机制，落 实好结构性货币政策工具增量政策，加强与财政政策协同，大力发展科技金融、绿色金融、普惠金融、 养老金融、数字金融，强化消费领域金融支持。建设多层次金融服务体系，着力支持扩大内需、科技创 新、中小微企业等重点领域。继续做好金融支持融资平台债务风险化解工作，支持地方政府持续推进融 资平台市场化转型，引导金融机构按照市场化、法治化原则做好服务。强化宏观思维和问题导向，不断 改进工作作风，健全政策"实施-评估-优化"动态闭环，提升政策助民惠企实效。 中国人民银行有关司局，各分支机构、部分所属单位负责同志参加会议。 来源：中国人民银行 2026年1月30日，中国人 ...

报告还梳理了数字人民币与全球加密资产的发展态势、核心特征以及全球监管政策与研究动态等，为我 国数字金融规范发展、守护国家金融安全提供学术参考与智力支撑。(完) （文章来源：中国新闻网） 报告提出三点政策建议：一是拓展数字人民币应用场景，夯实其数字经济底层地位；二是统筹防范稳定 币风险，维护人民币国际化战略空间；三是加强前瞻性研究，推动监管与学术协同。 中新网北京2月4日电(记者谢艺观)"当前新一轮数字技术革命深刻重塑全球经济与金融体系，数字货 币、加密资产等新型金融形态加速演进，既拓展了金融运行的技术边界，也对货币主权、金融安全和治 理能力提出新的挑战。"近日，《数字人民币与全球加密资产展望2026》发布会在北京举行，中央财经 大学副校长、国家数据工程与安全学院院长李建军如是表示。 会上发布了《数字人民币与全球加密资产展望2026》报告。报告指出，数字人民币试点已实现规模化运 行，功能向资金管理与治理工具延伸；全球稳定币规模大幅攀升，外溢影响需重点关注；加密资产市场 波动加剧且向头部集中，与宏观政策关联紧密。 ...

Core Viewpoint - The Guangdong Digital Financial Innovation Industrial Park has officially commenced operations, aiming to support Guangdong in becoming a digital financial hub and nurturing a technology finance ecosystem [1] Group 1: Overview of the Financial City Park - The Financial City Park is located in Guangzhou International Financial City and covers an area of 50,000 square meters [1] - It is part of the Guangdong Digital Financial Innovation Industrial Park, which is the first provincial-level digital financial park in China [1] - The park's launch signifies a significant step in integrating digital finance with technology finance, contributing to the development of the Greater Bay Area as an international financial hub [1] Group 2: Future Development and Ecosystem - The Financial City Park aims to deepen the innovation service ecosystem focusing on "data, algorithms, computing power, and scenarios" to foster the growth of fintech companies in Guangzhou [1] - It will leverage the Zhongda Bay Valley Risk Management Technology Laboratory as a "R&D engine" and the local financial digital infrastructure platform as a "digital foundation" [1] - The park will promote a collaborative operational system integrating "finance + technology + industry + ecology + talent" through deep cooperation among government, industry, academia, research, and application [1]