1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints The report provides a comprehensive overview of the Chinese futures market in January 2026, including key events, price changes, initial margin, trading volume, and turnover. It also presents detailed data on different types of futures, such as financial futures, metal futures, energy & chemicals futures, agricultural products futures, and indices futures. 3. Summary by Directory 3.1 Futures Overview - **Key Events**: In January 2026, there were significant geopolitical events, including the US's strike against Venezuela, potential actions against Iran, and tariff disputes between the US and Europe. Domestically, China had high - level meetings with Canada and the UK, renewing currency swap agreements and achieving positive outcomes. The US President nominated Kevin Warsh as the new Federal Reserve Chair, and the Federal Reserve maintained the federal funds rate target range at 3.5% - 3.75% [9][12][13]. - **Financial Futures**: In January 2026, equity index futures rose, with IC increasing by 13.6% and IM by 11.1%. CGB futures also rose, with TL increasing by 0.5% and TS decreasing by 0.1% [19]. - **Commodity Futures**: Among commodity futures, the top three gainers were silver (63.6%), tin (26.7%), and lithium carbonate (21.9%), while the top three losers were SCFIS(Europe) (-31.9%), poly - silicon (-18.6%), and sodium hydroxide (-11.9%) [23]. - **Initial Margin**: In January 2026, the initial margin of different futures sectors increased. Energy & Chemicals increased by 30.1%, Indices by 1.3%, Metal by 31.4%, Agricultural Products by 8.4%, Equity Index by 31.2%, and Interest Rates by 15.6% [40]. - **Trading Volume and Turnover**: In January, the trading volume of the Chinese futures market reached 723.14 million lots, with a year - on - year growth of 57.8%. The turnover reached 997,529.92 billion yuan, with a year - on - year growth of 104.6% [45][51]. 3.2 Financial Futures - **Equity Index Futures**: In January 2026, SSE 50 (IH) increased by 1.6%, CSI 300 (IF) by 2.4%, CSI 500 (IC) by 13.6%, and CSI 1000 (IM) by 11.1%. The open interest and initial margin of these futures also increased to varying degrees [61]. - **Interest Rates Futures**: The 2 - Year CGB (TS) decreased by 0.1%, the 5 - Year CGB (TF) increased by 0.1%, the 10 - Year CGB (T) increased by 0.4%, and the 30 - Year CGB (TL) increased by 0.5%. The open interest and initial margin of these futures also changed accordingly [65]. 3.3 Metal Futures - **Precious Metals Futures**: Gold increased by 18.8%, silver by 63.6%, palladium by 9.1%, and platinum by 19.6%. The open interest and initial margin of these futures also had different changes [70]. - **Nonferrous Metals Futures**: Copper(BC) increased by 4.6%, copper by 5.5%, aluminum by 7.1%, etc. The open interest and initial margin of non - ferrous metals futures also changed [75]. - **Ferrous Metals Futures**: Iron ore changed by 0.3%, steel rebar by 0.2%, hot - rolled coil by 0.6%, etc. The open interest and initial margin of ferrous metals futures also changed [81]. - **Novel Materials Futures**: Lithium carbonate increased by 21.9%, silicon metal changed by - 0.1%, and poly - silicon decreased by 18.6%. The open interest and initial margin of these futures also changed [85]. 3.4 Energy & Chemicals - **Oil & Gas Futures**: Crude oil increased by 8.9%, fuel oil by 15.2%, LSFO by 11.3%, etc. The open interest and initial margin of these futures also changed [91]. - **Olefins Futures**: Propylene increased by 6.6%, LLDPE by 8.4%, PP by 7.5%, and polyvinyl chloride by 5.4%. The open interest and initial margin of these futures also changed [95]. - **Aromatics Futures**: Benzene increased by 12.8%, ethenylbenzene by 13.6%, paraxylene by 0.3%, etc. The open interest and initial margin of these futures also changed [99]. - **Organics Futures**: Methanol increased by 4.7%, ethylene glycol by 2.9%, and urea by 2.3%. The open interest and initial margin of these futures also changed [103]. - **Inorganics Futures**: Soda ash changed by - 0.4%, sodium hydroxide decreased by 11.9%, and glass decreased by 2.9%. The open interest and initial margin of these futures also changed [108]. - **Coals Futures**: Coking coal increased by 3.6%, and coke increased by 1.7%. The open interest and initial margin of these futures also changed [111]. 3.5 Agricultural Products - **Oil Crops Futures**: No.1 soybean increased by 3.3%, No.2 soybean by 2.7%, soybean oil by 5.3%, etc. The open interest and initial margin of these futures also changed [117]. - **Grains Futures**: Corn increased by 2.0%, and corn starch by 0.2%. The open interest and initial margin of these futures also changed [122]. - **Rubber & Woods Futures**: Woodpulp decreased by 4.2%, offset paper by - 0.7%, TSR 20 by 4.6%, etc. The open interest and initial margin of these futures also changed [126]. - **Animals Futures**: Live hog decreased by 4.9%, and egg increased by 1.7%. The open interest and initial margin of these futures also changed [131]. - **Economic Crops Futures**: Cotton changed by 0.6%, cotton yarn by - 0.4%, peanut kernel by 0.9%, etc. The open interest and initial margin of these futures also changed [135]. 3.6 Indices Futures - **SCFIS(Europe)**: SCFIS(Europe) decreased by 31.9%. The open interest increased by 11.2%, and the initial margin increased by 1.3% [144].

Core Viewpoint - Promoting regional coordinated development is a key measure to accelerate the construction of a new development pattern and promote high-quality development [1] Group 1: Strategic Initiatives - The "14th Five-Year Plan" and the 2035 vision outline support for Shenzhen, Pudong, and Zhejiang to drive significant national regional strategies [1] - Shenzhen aims to implement an innovation-driven development strategy and build a modern economic system, becoming a global benchmark city [1] - Pudong focuses on establishing a high-standard international economic and trade rule system, enhancing its role in global resource allocation [1] - Zhejiang is working on a framework for common prosperity, providing a provincial model for nationwide implementation [1] Group 2: Achievements and Progress - Shenzhen's GDP increased from 2.78 trillion yuan in 2020 to 3.68 trillion yuan in 2024, maintaining the top position in industrial output and patent applications [2] - Pudong has expanded its high-level institutional openness, enhancing its global resource allocation capabilities and launching new financial products [2] - Zhejiang's income disparity between urban and rural residents decreased from 1.96 in 2020 to 1.83 in 2024, with urban and rural income levels reaching 78,000 yuan and 43,000 yuan respectively [2] Group 3: Future Directions - Emphasis on deepening reforms to create a market-oriented, legal, and international business environment, ensuring fair competition for private enterprises [3] - Focus on building globally influential innovation hubs, enhancing strategic scientific capabilities, and fostering a robust innovation ecosystem [4] - Development of international competitive advantages through high-level institutional openness and expanding service industry access [4]