品排行国期货 | | 申银万国期货研究所 沈击莽 (从业编号F03148029 交易咨询号Z0022842) | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | shenvb@sywggh.com.cn 021-50582113 | | | | | | | | | IL 18 | | | | | | | | | 9月 9 H | 1月 | 5月 | | 1月 | 5月 | | | | 前1日收盘价 | 1365. 5 | 1101.5 | 1184.5 | 1800. 0 | 1634. 5 | 1706.5 | | | 前2日收盘价 | 1376.0 | 1121.0 | 1201.5 | 1840.0 | 1682. 0 | 1751. 0 | | EH | 楽時 | -10.5 | -19.5 | -17.0 | -40.0 | -47.5 | -44.5 | | 黑 | 楽時幅 | -0. 76% | -1.74% | -1.41% | -2. 17% | -2. 82% | -2. 54% | | 00 | 成交堂 ...

Group 1 - The January PMI data will be released on January 31, with December's PMI at 50.1%, an increase of 0.9 percentage points, marking a return to the expansion zone after eight months below 50% [2] - The Federal Reserve is expected to maintain interest rates at the upcoming meeting, with a 95% probability of no change according to the CME's FedWatch tool [3] - The People's Bank of China (PBOC) will have a total of 11,810 billion yuan in reverse repos maturing next week, with a net injection of 2,295 billion yuan this week [4] Group 2 - Over 40 billion yuan in locked shares will be unlocked next week, with January 27 being the peak day for unlocks, led by Haibo Sichuang at 23.154 billion yuan [5][6] - Three new stocks will be issued next week, including Beixin Life on January 26 and Linping Development and Electric Science Blue Sky on January 30 [8][9]

Core Viewpoint - The People's Bank of China (PBOC) is set to conduct a 900 billion MLF operation on January 23, which indicates a significant increase in medium-term liquidity support to stabilize the financial market [1] Group 1: MLF Operations - The PBOC will roll over 700 billion MLF this month, netting a total liquidity injection of 1 trillion yuan, which is a notable increase compared to previous months [1] - With 200 billion yuan of MLF maturing this month, the net increase in MLF operations reflects a proactive approach to manage liquidity [1] Group 2: Market Stability - Analysts suggest that the PBOC's actions are aimed at countering potential liquidity tightening and ensuring a stable and ample funding environment [1] - The increased liquidity is expected to support government bond issuance and encourage financial institutions to enhance credit lending [1] Group 3: Policy Implications - The current measures may serve as a substitute for a reserve requirement ratio (RRR) cut, especially with the upcoming Spring Festival leading to a seasonal increase in cash withdrawals [1] - The PBOC's recent structural support policies indicate a continued supportive stance in monetary policy [1]

Group 1: Monetary Policy and Economic Measures - The People's Bank of China plans to continue implementing a moderately loose monetary policy in 2026, utilizing various tools such as reserve requirement ratio (RRR) cuts and interest rate reductions to maintain ample liquidity [1] - The central bank will conduct a 900 billion yuan MLF operation on January 23, net injecting 700 billion yuan into the market, marking the 11th consecutive month of increased MLF operations [2] - The State Council's food safety office is drafting national standards for prepared dishes to enhance consumer rights and promote high-quality industrial development [2] Group 2: Corporate Developments - Alibaba Group has decided to support its chip subsidiary "Pingtouge" for independent listing, with plans for restructuring to a mixed-ownership enterprise [5] - Blue Arrow Aerospace's IPO status has changed to "inquired," aiming to raise 7.5 billion yuan to become the "first commercial aerospace stock" [6] - Xiaomi Group announced a buyback plan for up to 2.5 billion Hong Kong dollars of its Class B shares [6] Group 3: Market Trends and Investment Insights - International precious metals have surged, with spot gold breaking the 4,900 USD mark, reaching a high of 4,928 USD per ounce, and COMEX gold futures hitting 4,932.2 USD [4] - Public funds have focused on core sectors such as electronics and power equipment, with Zhongji Xuchuang becoming the largest holding stock among public funds in Q4 2025 [4]

Group 1 - The People's Bank of China (PBOC) will conduct a 900 billion yuan MLF operation on January 23, 2026, to maintain ample liquidity in the banking system [1] - The operation will be conducted using a fixed quantity, interest rate bidding, and multiple price bidding method, with a maturity of one year [1]

Core Viewpoint - The People's Bank of China (PBOC) is set to conduct a 900 billion yuan MLF operation on January 23, 2026, to maintain ample liquidity in the banking system [1] Group 1 - The MLF operation will be conducted using a fixed quantity, interest rate bidding, and multiple price bidding method [1] - The term of the MLF operation is set for one year [1]

人民财讯1月22日电，央行消息，为保持银行体系流动性充裕，2026年1月23日，中国人民银行将以固定 数量、利率招标、多重价位中标方式开展9000亿元MLF操作，期限为1年期。 ...

Group 1 - The central bank announced a 400 billion MLF operation on December 25, with a one-year term, to maintain ample liquidity in the banking system [1] - The net MLF injection for December is 1000 billion, marking the tenth consecutive month of increased operations, aligning with market expectations [1] - The total net liquidity injection in mid-December reached 3000 billion, a decrease of 3000 billion from the previous month, influenced by a decline in net financing of government bonds [1] Group 2 - The central economic work conference for 2026 emphasizes the continuation of a moderately loose monetary policy, focusing on stabilizing economic growth and reasonable price recovery [1] - The central bank is expected to utilize various liquidity tools to inject short, medium, and long-term liquidity into the market, ensuring a stable and ample funding environment [2] - This approach will support the smooth issuance of government bonds and encourage financial institutions to increase credit investments, signaling a sustained supportive stance in monetary policy [2]

Group 1 - Xi Jinping emphasized that Taiwan's return to China is an important part of the post-war international order during a phone call with US President Trump [1] - The call followed a successful meeting in Busan, where both leaders agreed on many important consensus points, indicating a stable and positive trend in US-China relations [1] - Trump acknowledged the importance of the Taiwan issue to China and expressed agreement with Xi's views on the relationship between the two countries [1] Group 2 - The People's Bank of China will conduct a 10 billion yuan MLF operation with a one-year term on November 25, 2025 [2] Group 3 - The first large-scale dedicated optical quantum computer manufacturing plant in China has officially opened in Shenzhen, covering an area of approximately 5,000 square meters [3] - The plant is capable of producing dozens of dedicated optical quantum computers annually, filling a gap in global large-scale manufacturing in this field [3] Group 4 - The Shenzhen Financial Committee issued a warning about illegal financial activities in the gold trading sector, urging the public to choose legitimate investment channels [4] Group 5 - A second batch of technology innovation bonds supported by risk-sharing tools from the central bank is set to be issued, totaling 930 million yuan [5] Group 6 - Shanghai's government has issued measures to promote high-quality development in the pharmaceutical industry, focusing on key areas such as cell and gene therapy and artificial intelligence medical devices [6] Group 7 - Moore Threads announced an initial online subscription rate of 0.02423369% for its stock issuance, with nearly 4.83 million valid subscription accounts [7] - Industrial Fulian confirmed that it has not lowered its fourth-quarter profit target and is proceeding with production and shipment as planned [7] Group 8 - Huanrui Century reported that its shareholder Qingyou Ruihe sold a total of 7.2585 million shares during a specified period due to judicial enforcement [8] - Zhongji Xuchuang's executive vice president Wang Xiaodong reduced his holdings by 70,860 shares at an average price of 414.24 yuan per share [9] Group 9 - Longpan Technology signed a supplementary agreement with Chuangneng New Energy, increasing the total sales amount to over 45 billion yuan for lithium iron phosphate cathode materials [10] Group 10 - Jiangyang Materials' major shareholder reduced his holdings by 190,000 shares during a period of stock price fluctuation, consistent with his reduction plan [11] - Jinbei Automotive signed a strategic framework agreement with JD.com to collaborate in various areas, although the financial impact remains uncertain [12]

（原标题：今日看点｜2025全球数商大会将举行） 11月25日重点关注的财经要闻与资本市场大事： 1、2025全球数商大会将举行 （数据来源Wind，内容不构成任何投资建议） 11月25日至26日，2025全球数商大会将在上海国际会议中心举行。本届大会以"数联全球 商通未来—— 乘数无界∞"为主题，将搭建全球数字经济高水平合作平台，为推动数据要素市场化配置改革贡献上海 实践。 经济观察网 编辑 王俊勇 整理 2、央行将开展10000亿元MLF操作 据中国人民银行消息，为保持银行体系流动性充裕，中国人民银行将于2025年11月25日以固定数量、利 率招标、多重价位中标方式开展10000亿元MLF操作，期限为1年期。 3、美国9月零售销售月率、美国9月PPI等数据将公布。 ...