Group 1 - The core point of the announcements is the progress of state-owned share transfer and the acquisition of 100% equity of Yingda Futures by China Petroleum Capital Co., Ltd. [1] Group 2 - China Petroleum Group, the controlling shareholder of China Petroleum Capital, signed a share transfer agreement with State Grid Yingda Group on December 26, 2025, to transfer 379,262,372 A-shares, representing 3.00% of the total share capital, to State Grid Yingda Group [1] - The share transfer has received approval from the State-owned Assets Supervision and Administration Commission of the State Council [1] Group 3 - China Petroleum Capital plans to acquire 100% equity of Yingda Futures from Yingda Securities Co., Ltd. for a price of RMB 1,129,286,232.00 [1] - The qualification of China Petroleum Capital as the controlling shareholder of Yingda Futures is subject to approval from the China Securities Regulatory Commission, indicating uncertainty regarding the successful implementation of the transaction [1]

Group 1 - A-shares experienced significant market activity on January 29, with 86 stocks hitting the daily limit up and 35 stocks hitting the limit down [1] - The liquor sector was notably active, with stocks like Wuliangye and Shanxi Fenjiu reaching the limit up [1] - Precious metals showed strength, with Silver Nonferrous achieving 8 consecutive limit ups, Zhaojin Gold reaching 7 limit ups in 9 days, and Western Gold achieving 4 limit ups in 7 days [1] Group 2 - The liquor sector also saw gains, with stocks such as Kweichow Moutai and Guyue Longshan hitting the limit up [1] - Among the continuous limit up stocks, Tiandi Online achieved 5 limit ups in 9 days, and Intercontinental Oil and Yu Guang Jin Lead both reached 5 limit ups [1] - Conversely, *ST Aowei faced a continuous decline with 15 consecutive limit downs, while *ST Wan Fang and *ST Dongjing experienced 13 and 3 consecutive limit downs, respectively [1]

中信期货 36 33 1300 30 1250 27 24 1200 21 1150 18 1100 15 1/1 2/1 3/1 4/1 5/1 6/1 7/1 8/1 9/1 10/1 11/1 12/1 1/1 2/1 3/1 4/1 5/1 6/1 7/1 8/1 9/1 10/1 11/1 12/1 美国原油产量(万桶/日) 2023 2024 2022 2025 =2026 1500 1400 1300 1200 1100 1000 900 1/1 2/1 3/1 4/1 5/1 6/1 7/1 8/1 9/1 10/1 11/1 12/1 EIA周度数据:炼厂加速降负,汽柴累库放缓 | 2026年1月29日 | 能源化工组 李云旭 | 重要提示:本报告非期货交易咨询业务项下服务,其中的观点 | | --- | --- | --- | | 投资咨询业务资格: | 从业资格号 | 和信息仅作参考之用,不构成对任何人的投资建议。我司不会 因为关注、收到或阅读本报告内容而视相关人员为客户;市场 | | 证监许可【2012】669号 | F03141405 | 有风险,投资需谨慎。 | | | 投资咨询号 ...

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 作者：正信期货 付馨苇 F03101045 Z0022192 国际油价本轮反弹是 "极端天气触发" 和 "供应脆弱性暴露" 共同作用的结果，而寒潮和地缘紧张两者共 振驱动的行情在历年冬季都频繁出现，倘若配合上商业原油去库，则反弹幅度更大。 欧美地区的寒潮季多集中在每年的12月至次年2月之间。在寒潮真正到来前，炼厂通常会提前备货以应 对上升的取暖需求，同时随着成品油消耗量的增加，美国原油及石油总库存（不含战略储备）可能会季 节性下降。与此同时，极寒天气也可能直接影响原油供应。例如，过去曾出现过因严寒导致油田设备冻 结、生产中断或电力故障，进而使原油产量下滑的情况。今年同一剧本再度被演绎，一月中旬欧洲寒潮 降临后，最近一周美国寒潮如期而至，而寒潮对这两个地区油价的影响逻辑却不尽相同。欧洲并非原油 生产和输出国，而是石油消费国，因此寒潮更多从需求端的爆发来提振油气价格。而美国寒潮则是影响 了能源基础设施的开工以及令电网承压，据分析师和交易商估计，美国石油生产商在上周末损失的产量 最高达200万桶/日，约占全国产量的 15%。 而复盘本轮原油熊市周期过 ...

Group 1 - The core viewpoint of the article highlights a strong rebound in Brent crude oil prices from around $60 to above $65, driven by increasing geopolitical uncertainties and short-term supply concerns [1] - Recent geopolitical risks, particularly related to Iran and Kazakhstan, have heightened market sentiment, leading to increased buying activity in oil [1] - The ongoing Russia-Ukraine conflict continues to create market disruptions, contributing to the volatility in oil prices [1] Group 2 - Supply-side factors include a significant reduction in U.S. crude oil production by up to 2 million barrels per day due to extreme cold weather, particularly affecting the Permian Basin [1] - The article suggests that current oil trading may focus more on the premium arising from supply vulnerabilities, while medium to long-term outlook indicates potential price recovery due to geopolitical disturbances [1] - The oil and gas industry is expected to benefit from rising oil prices, with indications of a potential supercycle in commodities this year, attracting funds towards oil sectors [1]

鲁比奥表示，与委内瑞拉领导人的沟通"非常尊重且富有成效"，并补充说他预计美国很快就能在该国重 新建立外交存在。美国驻加拉加斯大使馆自2019年以来一直处于关闭状态，但国务院最近几周已派遣官 员开始为重新开放做准备。 AI播客：换个方式听新闻 下载mp3 音频由扣子空间生成 美国国务卿鲁比奥表示，委内瑞拉新领导层正朝着与华盛顿建立更紧密关系的方向迈进，因此目前没有 必要采取进一步的军事行动。这是自本月委内瑞拉总统马杜罗被强行控制以来，鲁比奥周三首次公开面 对立法者的质询。 美国总统特朗普已下令其政府与德尔西·罗德里格斯（Delcy Rodriguez）合作。罗德里格斯是马杜罗的 盟友，在马杜罗被美军强行控制后宣誓就任临时总统，但特朗普此前曾警告，如果她的政府不遵守美国 的要求，将采取进一步的军事行动。 曾任佛罗里达州参议员及参议院外交关系委员会成员的鲁比奥，在座无虚席的参议院听证会上表示，虽 然特朗普不会排除任何选项，但"我们要么没摆出那个架势，也不打算或预期必须在委内瑞拉采取任何 军事行动"，这表明美国政府对罗德里格斯表示满意。 "你在委内瑞拉唯一能看到的军事存在将是我们大使馆的海军陆战队卫兵。这是我们的目标 ...

FICC日报 | 2026-01-29 关注股指企稳时机 市场分析 美联储按兵不动。宏观方面，截至2025年底，央企资产总额突破95万亿元，完成固定资产投资5.1万亿元，其中战 略性新兴产业投资2.5万亿元；全年实现利润总额2.5万亿元。国务院国资委表示，将扎实做好新央企组建和战略性 重组，研究起草推动央企培育新兴支柱产业工作文件，探索组建"AI+"产业共同体。海外方面，美联储维持基准利 率在3.50%-3.75%不变，在连续三次降息25个基点后暂停行动，符合市场预期。鲍威尔在新闻发布会上表示，加息 并非任何人对下一步行动的基本假设，不相信美联储会丧失独立性，将建议下一届美联储主席远离政治。 指数分化。现货市场，A股三大指数震荡分化，上证指数涨0.27%收于4151.24点，创业板指跌0.57%。行业方面， 板块指数涨多跌少，有色金属、石油石化、煤炭行业涨幅超3%，传媒、国防军工、美容护理行业跌幅居前。当日 沪深两市成交额升至约3万亿元。海外方面，美国三大股指收盘涨跌不一，纳指涨0.17%报23857.45点。 期指保持升水。期货市场，基差方面，IF、IC、IM基差延续回升，当月合约保持升水。成交持仓方面，股 ...

Report Industry Investment Rating - The overall rating for commodities and stock index futures is neutral [6] Core Viewpoints - The inflation narrative trend remains unchanged, and future price recovery paths depend on supply - side policy directions [2] - There is a certain divergence in domestic and overseas economic outlooks. Overseas economic prosperity has declined since October, while China's exports and new orders are still positive [4] - In the short - term, attention should be paid to the rotation possibility of low - valuation sectors in the commodity market [5] Summary by Related Catalogs Market Analysis - The Central Economic Work Conference emphasized boosting consumption and anti - "involution" competition, and the central bank cut the interest rates of various structural monetary policy tools by 0.25 percentage points on January 15th [2] - The Ministry of Finance released 5 important policy documents on January 20th to support multiple loan fields, aiming to expand domestic demand [2] - Geopolitical tensions between Iran and Venezuela have tightened, and Trump's actions have strained US - European relations, accelerating the global de - dollarization trend [2] - The Chicago Mercantile Exchange (CME) adjusted the margin parameters of some silver, platinum and palladium futures contracts on the 27th [2] - On January 28th, the Fed kept the federal funds rate target range at 3.50% - 3.75%, with two members opposing and preferring a 25 - point rate cut [3] - After the Fed's decision, the US dollar index rose and spot gold reached $5500 per ounce [3] - The US Treasury Secretary said that Trump's candidate for Fed Chairman may be announced in about a week [3] Domestic and Overseas Economic Conditions - Since October, overseas economic prosperity has declined, but China's exports and new orders are positive. In December, China's exports denominated in US dollars increased by 6.6% year - on - year, and imports increased by 5.7% [4] - China's GDP growth target of 5% in 2025 was achieved. In December, the year - on - year growth rate of social retail sales slowed to 0.9%, and the industrial added value of large - scale industries increased by 5.2%. The annual fixed - asset investment decreased by 3.8%, and real estate development investment decreased by 17.2% [4] - China's official manufacturing PMI in December was 50.1, returning to the expansion range, and the non - manufacturing PMI was 50.2, both better than expected. The US ISM manufacturing index in December dropped slightly to 47.9, and the European manufacturing PMI in January slightly exceeded expectations [4] - The Bank of Japan kept interest rates unchanged, with one member supporting a rate increase. The US Treasury Secretary affirmed the strong - dollar policy and denied intervention in the yen exchange rate [4] Commodity Market - In the non - ferrous sector, the long - term supply restriction has not been alleviated, but the short - term upward trend may slow down [5] - In the energy sector, the US will "distribute" Venezuelan oil, Trump hopes to lower oil prices to $50 per barrel, and the US Energy Secretary called for doubling global crude oil production [5] - In the chemical industry sector, the "anti - involution" and stock - commodity linkage space of methanol, PTA and other varieties are worthy of attention [5] - In the agricultural products sector, attention should be paid to weather forecasts and short - term pig diseases [5] - In the black metal sector, attention should be paid to domestic policy expectations and the possibility of low - valuation repair [5] - In the precious metals sector, the accelerating de - dollarization trend has opened up room for the rise of gold [5] Strategy - The strategy for commodities and stock index futures is overall neutral [6] Important News - The Shanghai Gold Exchange adjusted the margin level and price limit ratio of the silver deferred contract on January 30th [7] - Trump downplayed the risk of US dollar depreciation, and the euro - US dollar exchange rate broke through 1.20 [7] - On January 28th, Iran expressed its willingness to negotiate but would defend its interests if pressured. Trump sent a fleet to Iran and threatened more severe strikes [7] - Iran's Supreme Leader's defense advisor warned that any US military action would lead to an immediate, comprehensive and unprecedented response from Iran [7] - The Fed's FOMC interest rate decision was in line with expectations, and Fed Chairman Powell suggested that the next Fed Chairman should be separated from politics [7] - US Treasury Secretary Besent discussed multiple topics, including the Fed Chairman candidate, monetary policy, exchange rate and the S&P 500 index breakthrough [7]

Core Viewpoint - As of January 28, China's wholesale prices for gasoline and diesel show a trend of "gasoline rising and diesel stable," with the average wholesale price of 92 gasoline at 7359 yuan per ton, an increase of 14 yuan per ton from the previous day, while the average wholesale price of diesel remains unchanged at 6091 yuan per ton [1]. Market Overview - On January 27, international crude oil futures prices surged, extending the positive range of the average price change for a basket of crude oils, which is favorable for market development [1]. - The overall market sentiment indicates "stable gasoline and weak diesel" demand, with operators primarily adopting a cautious approach to inventory management, resulting in a less than ideal purchasing atmosphere [1]. Regional Price Changes - Gasoline wholesale prices increased in regions including Gansu, Fujian, Beijing, Chongqing, Tianjin, Shaanxi, Inner Mongolia, Jiangsu, Jilin, and Guangdong, while prices decreased in Hainan [1]. - Diesel wholesale prices rose in regions such as Heilongjiang, Shaanxi, Sichuan, Chongqing, Anhui, Beijing, Tianjin, and Hebei, but fell in Gansu, Jiangxi, Hainan, Shanxi, and Guangxi [1]. - In Shandong, both gasoline and diesel prices saw significant increases [1]. Data Source - The wholesale price data for gasoline and diesel is published by the China Economic Information Agency and the China Petroleum Economic and Technical Research Institute's "Energy Big Data Laboratory," in collaboration with the Shanghai Petroleum and Natural Gas Exchange Center, reflecting the overall situation of China's gasoline and diesel wholesale market [1].

市场要闻与重要数据 1、 WTI原油涨1.5%，报63.481美元。布伦特原油涨1.38%，报67.58美元。（来源：Bloomberg） 原油日报 | 2026-01-29 美国打击伊朗风险仍在增加 下行风险：俄乌和谈达成协议，宏观黑天鹅事件 上行风险：制裁油（俄罗斯、伊朗、委内瑞拉）供应收紧、中东冲突导致大规模断供 2、 1月28日，美国国务卿鲁比奥称，特朗普政府准备动用武力，确保委内瑞拉代总统德尔西·罗德里格斯在最大程 度上与美国合作。鲁比奥表示，罗德里格斯承诺向美国公司开放委内瑞拉的能源部门，提供生产优惠准入，并将 石油销售所得用于购买美国商品。鲁比奥在参议院外交关系委员会的声明中表示："如果其他方法无效，我们准备 动用武力以确保委内瑞拉最大限度的合作。我们希望这种情况不会发生，但我们绝不会回避我们对美国人民的责 任以及我们在这个半球的使命。"（来源：Bloomberg） 3、 1月28日，非洲今年正吸引大型石油巨头前来投资，各企业计划在该地区钻探的高影响力勘探井数量预计将达 到其他任何地区的两倍以上，以寻求未来储备资源。根据数据，非洲以12口超深水钻井（预计深度达1500米及以 上）位居全球之首，此 ...