每经AI快讯，美国1月9日当周石油钻井数为409，前值412。 ...

Core Viewpoint - The expansion of domestic demand and consumption policies is showing effectiveness, leading to a moderate recovery in prices and improved supply-demand relationships in key industries [2][6][7]. Group 1: CPI and PPI Trends - In December 2025, the Consumer Price Index (CPI) increased by 0.8% year-on-year, marking the highest level since March 2023, with food prices significantly contributing to this rise [2][3]. - The Producer Price Index (PPI) decreased by 1.9% year-on-year in December, but the decline was narrower than in November, indicating positive changes in certain industries due to improved market competition [4][6]. - The core CPI, excluding food and energy, rose by 1.2% year-on-year, maintaining a growth rate above 1% for four consecutive months, reflecting stable demand recovery [3][6]. Group 2: Industry-Specific Insights - Prices in the coal mining, lithium-ion battery manufacturing, and photovoltaic equipment sectors showed reduced declines, indicating a positive trend in market competition and production capacity management [4][5]. - The price of lithium-ion batteries and cement manufacturing increased by 1.0% and 0.5% month-on-month, respectively, demonstrating a recovery in these key industries [4][5]. - The prices of external storage devices and bio-liquid fuels rose by 15.3% and 9.0% year-on-year, respectively, driven by the growth of new productive forces [5]. Group 3: Future Outlook - Experts predict that with continued policy support for domestic demand and consumption, the CPI is expected to show a steady upward trend in 2026, with food prices returning to a reasonable fluctuation range [6][7]. - The overall economic operation is expected to improve, with demand gradually recovering and supply-side structural optimization continuing [7].

中新网西宁1月9日电 (张文娟 许洋 祁妙)9日，记者从中国石油天然气集团公司青海油田分公司(以下简 称："青海油田")获悉，2025年青海油田原油日产较2025年年初提升200吨以上，年产原油同比2024年超 万吨，全年原油产量再创新高。 青海油田强化动态监测与分析，全年实施注采调控超过3200井次，水驱开发效果得到改善。通过推广低 成本压裂工艺、扩大自研微生物清防蜡技术规模应用、实施老井侧钻等措施提高原油产量，全年对885 口井实施各类增产措施，增油超10万吨，措施有效率达85.5%，吨油措施费比上年下降12.6%，实现了 增产与降本双赢。 通过实施钻井"瘦身"结构试验、推广老井侧钻、推行钻井投产一体化大包等举措，青海油田有效降低万 吨产能投资，全年实施钻井491口，可建成原油生产能力26.24万吨，产能符合率达到110.5%，同比提高 16.5%。在风西等致密油区块，通过总包模式创新，试采井平均单井日产超14吨。 此外，围绕关键开发难题，青海油田建立"基础数据核查-数值模拟分析-经济可行性论证-专家评审把 关"的全流程编制规范，全年高效完成英雄岭南缘压舱石工程、主力油田开发调整、新区先导试验及年 度产能 ...

Report Summary 1. Report Industry Investment Rating No information about the report industry investment rating is provided in the content. 2. Core Viewpoints - The domestic futures market showed mixed performance on January 9, 2026. Palladium led the gainers, while polysilicon suffered the most significant losses. Stock index futures generally rose, and bond futures mostly declined. Different commodities had their own supply - demand situations and price trends affected by various factors such as geopolitical events, production changes, and policy announcements [7][8] 3. Summary by Commodity Commodity Performance - As of the close on January 9, palladium rose over 6%, low - sulfur fuel oil and SC crude oil rose over 3%, and fuel oil rose over 2%. Among the decliners, polysilicon dropped over 8%, and沪镍 and BR rubber declined over 2%. Stock index futures like IF, IH, IC, and IM all rose, while bond futures TS, TF, T, and TL mostly fell. In terms of capital flow,中证 2603,中证 1000 2603, and沪深 2603 had capital inflows, while沪铜 2602, polysilicon 2605, and 30 - year treasury bond 2603 had outflows [7][8] Market Analysis - **Copper (沪铜)**: After a significant rise in the past two days, it declined. The strike at a Chilean copper mine may reduce production by 70%. In December 2026, China's electrolytic copper production increased. The downstream copper products market is in the year - end settlement period, and the copper foil market has stronger demand. With high inventory and weak follow - up procurement, copper is expected to have limited downward adjustment [10] - **Lithium Carbonate**: It reached a high and then declined. A research team made a major breakthrough in lithium resource separation technology. In December 2025, production increased, and the inventory is accumulating. Although there are some policies to support the terminal market, the upward momentum is weakening [12] - **Crude Oil**: OPEC + decided to maintain the production plan and suspend the increase in February and March 2026. The US crude oil inventory decreased unexpectedly, but the refined oil inventory increased. The overall oil inventory is rising, and the market still worries about demand. The situation in Venezuela and Iran may affect oil prices, and the price is in a weak oscillation [13][14] - **Asphalt**: The supply decreased, with a decline in the start - up rate and expected production in January 2026. The downstream start - up rate mostly dropped, and the inventory rate rose. The US military action in Venezuela may affect domestic asphalt production and cost. The price is expected to fluctuate significantly [15][17] - **PP**: The downstream start - up rate decreased slightly, and the enterprise start - up rate increased slightly. The cost is affected by the weak oil price. With new production capacity and reduced downstream orders, the upward space is limited, and the L - PP spread is expected to narrow [18] - **Plastic**: The start - up rate remained stable, and the downstream start - up rate increased slightly. New production capacity was put into operation, and the agricultural film season is ending. The upward space is limited, and the L - PP spread is expected to narrow [19][20] - **PVC**: The upstream calcium carbide price is stable. The supply - side start - up rate increased, and the downstream start - up rate had a slight change. The export orders decreased, and the inventory is high. It is recommended to wait and see in the traditional off - season [21][23] - **Coking Coal**: The price showed a weak oscillation. The Mongolian coal supply may slow down, and domestic production increased. After the fourth round of coke price cuts, the fifth round is less likely to be implemented. The coking enterprises increased inventory, and the steel industry has a low - load operation expectation [24] - **Urea**: It opened low and closed down. The supply increased as the shutdown devices resumed production. The market trading activity decreased, and the inventory started to accumulate. It is expected to oscillate in the short term [25][26]

Core Viewpoint - The Hong Kong Hang Seng Index increased by 82.48 points, or 0.32%, closing at 26,231.79 points, with a total turnover of HKD 245.13 billion [1] Group 1: Index Performance - The Hang Seng Index rose by 82.48 points, closing at 26,231.79 points, reflecting a 0.32% increase [1] - The National Enterprises Index increased by 9.19 points, closing at 9,048.53 points, with a 0.1% rise [1] - The Hang Seng Technology Index gained 8.8 points, closing at 5,687.14 points, marking a 0.15% increase [1] Group 2: Blue-Chip Stocks - Tencent Holdings decreased by 0.81%, closing at HKD 611 [1] - Hong Kong Exchanges and Clearing rose by 0.38%, closing at HKD 426.8 [1] - China Mobile remained unchanged at HKD 80.95 [1] - HSBC Holdings increased by 0.4%, closing at HKD 124.8 [1] Group 3: Local Hong Kong Stocks - Cheung Kong Holdings fell by 0.33%, closing at HKD 42.1 [1] - Sun Hung Kai Properties rose by 1.36%, closing at HKD 104.2 [1] - Henderson Land Development increased by 0.89%, closing at HKD 29.62 [1] Group 4: Chinese Financial Stocks - Bank of China decreased by 0.68%, closing at HKD 4.39 [1] - China Construction Bank fell by 0.26%, closing at HKD 7.59 [1] - Industrial and Commercial Bank of China rose by 0.49%, closing at HKD 6.13 [1] - Ping An Insurance decreased by 0.28%, closing at HKD 70 [1] - China Life Insurance increased by 1.09%, closing at HKD 31.48 [1] Group 5: Oil and Petrochemical Stocks - China Petroleum & Chemical Corporation rose by 0.43%, closing at HKD 4.69 [1] - PetroChina increased by 1.63%, closing at HKD 8.1 [1] - CNOOC gained 1.26%, closing at HKD 20.94 [1]

Group 1 - The core viewpoint of the article indicates that the CPI has turned from a decline to an increase, with a year-on-year rise of 0.8% in December 2025, reflecting a gradual improvement in supply-demand relationships and effective governance in key industries [2][4] - The CPI for the entire year of 2025 remained flat compared to the previous year, while the PPI decreased by 2.6%. Experts anticipate that with the implementation of policies aimed at boosting domestic demand, the price levels are expected to maintain a stable and moderate trend [2] - Food prices significantly contributed to the CPI increase, with food prices rising by 1.1% year-on-year, and specific categories like fresh vegetables and fruits seeing increases of 18.2% and 4.4%, respectively [4][5] Group 2 - The core CPI, excluding food and energy, rose by 1.2% year-on-year, maintaining a growth rate above 1% for four consecutive months, indicating a stable recovery in demand [5][6] - The PPI showed a year-on-year decline of 1.9% in December, but the rate of decline narrowed by 0.3 percentage points compared to November, suggesting positive changes in certain industries due to effective macro policies [8] - Prices in key sectors such as lithium-ion battery manufacturing and photovoltaic equipment have shown signs of recovery, with lithium-ion battery prices increasing by 1.0% month-on-month, indicating a positive trend in the industry [8][9]

Core Viewpoint - The arrest of Venezuelan President Maduro by the U.S. is not merely a political maneuver but a strategic move to seize Chinese investments in Latin America, particularly in energy resources [1][6]. Group 1: U.S. Strategy and Objectives - The U.S. aims to undermine Chinese investments in Venezuela, which exceed $165 billion, by targeting key energy assets and disrupting the use of the yuan in trade [1][3]. - The U.S. has successfully implemented a resource extraction strategy in Ecuador, which serves as a model for potential actions in Venezuela and other Latin American countries [5][12]. - The U.S. employs a systematic approach to destabilize pro-China governments, labeling them as corrupt and supporting opposition movements to facilitate regime change [8][9]. Group 2: Impact on Chinese Investments - Chinese investments in Venezuela are crucial for energy security and are integral to the Belt and Road Initiative, focusing on oil extraction, refining, and infrastructure projects [1][11]. - A regime change in Venezuela could lead to the nullification of existing contracts with Chinese firms, resulting in significant financial losses [3][12]. - The shift to yuan settlements in trade with Latin America poses a direct challenge to the U.S. dollar's dominance, threatening its global financial hegemony [3][6]. Group 3: Risk Management for Chinese Companies - Chinese companies must adopt a comprehensive risk management strategy that includes geopolitical risk assessments and exit planning to safeguard their investments [14][15]. - Collaboration with local influential businesses and forming alliances with other friendly nations can create a protective network against U.S. political maneuvers [15][17]. - The evolving geopolitical landscape necessitates that Chinese firms recognize the importance of their overseas investments as part of a larger strategic competition between major powers [17].

Group 1 - The core point of the article is that Trump has demanded Venezuela to sever all oil cooperation with China, Russia, Iran, and Cuba, aiming to transfer control of its oil resources to American capital [1] - China has significant investments in Venezuela, primarily through oil-for-loan agreements, which have facilitated large-scale oil development projects [1][3] - As of 2019, China's cumulative loans to Venezuela reached approximately $65 billion, with Venezuela repaying about $42 billion through oil, leaving a remaining debt of around $23 billion [1] Group 2 - China National Petroleum Corporation (CNPC) has invested over $30 billion in Venezuela, controlling major oil fields that account for 40% of Venezuela's total oil production [3] - Chinese companies have also constructed significant infrastructure in Venezuela, including power plants and refineries, with 60% of Venezuela's electricity supply coming from Chinese-built facilities [3][6] - The majority of infrastructure projects in Venezuela are contracted to Chinese companies, including telecommunications networks developed by ZTE and Huawei [6] Group 3 - Russia's involvement in Venezuela focuses on oil, natural gas, and gold extraction, while Iran has invested over $2 billion primarily in refining equipment and agricultural development [6] - Cuba provides labor to Venezuela, exchanging professionals for oil supplies, but China's investment and cooperation in Venezuela are unmatched by other countries [6][7] - The article suggests that regardless of future political changes in Venezuela, safeguarding Chinese investments and interests will be crucial to avoid scenarios similar to the Libyan conflict [7]

1月9日，国家统计局发布数据显示，2025年12月份，扩内需促消费政策措施继续显效，叠加元旦临近， 居民消费需求增加，居民消费价格指数（CPI）环比上涨0.2%，同比上涨0.8%，扣除食品和能源价格的 核心CPI同比上涨1.2%。受国际大宗商品价格传导拉动以及国内重点行业产能治理相关政策持续显效等 因素影响，工业生产者出厂价格指数（PPI）环比上涨0.2%，同比下降1.9%。 CPI环比由降转涨 同比涨幅继续扩大 CPI环比由2025年11月（以下称"上月"）下降0.1%转为上涨0.2%，环比上涨主要受除能源外的工业消费 品价格上涨影响。扣除能源的工业消费品价格上涨0.6%，影响CPI环比上涨约0.16个百分点。 扣除食品和能源价格的核心CPI同比上涨1.2%，涨幅连续4个月保持在1%以上。服务价格上涨0.6%，影 响CPI同比上涨约0.25个百分点。其中，家庭服务价格上涨1.2%；房租价格下降0.3%。扣除能源的工业 消费品价格上涨2.5%，影响CPI同比上涨约0.63个百分点。其中，金饰品价格涨幅继续扩大至68.5%；家 用器具和家庭日用杂品价格涨幅分别扩大至5.9%和3.2%；燃油小汽车和新能源小汽车价 ...

据国家统计局网站， 2025 年 12 月份，全国居民消费价格同比上涨 0.8% 。 其中，城市上涨 0.9% ，农村上涨 0.6% ；食品价格上涨 1.1% ，非食品价格上涨 0.8% ；消费品 价格上涨 1.0% ，服务价格上涨 0.6% 。 12 月份，全国居民消费价格环比上涨 0.2% 。其中，城市上涨 0.2% ，农村上涨 0.2% ；食品价格 上涨 0.3% ，非食品价格上涨 0.1% ；消费品价格上涨 0.3% ，服务价格持平。 2025 年全年，全国居民消费价格与上年持平。 PPI 环比上涨 0.2% ，连续 3 个月上涨，涨幅比上月扩大 0.1 个百分点。 本月 PPI 环比运行的主要 特点： 一是供需结构改善带动部分行业价格上涨。 重点行业产能治理与市场竞争秩序综合整治持续显 效，煤炭开采和洗选业、煤炭加工价格环比分别上涨 1.3% 和 0.8% ，均连续 5 个月上涨；锂离子电 池制造价格上涨 1.0% ，水泥制造价格上涨 0.5% ，均连续 3 个月上涨；新能源车整车制造价格由上 月下降 0.2% 转为上涨 0.1% 。需求季节性增加带动燃气生产和供应业、电力热力生产和供应业价格 分别 ...