Macroeconomics

1. [Tax Policy] The Ministry of Finance and two other departments issued an announcement extending the tax policies related to the pilot phase of innovative enterprise CDRs until December 31, 2027. During this period, capital gains or income from the transfer of innovative enterprise CDRs by individual investors and public funds will be temporarily exempt from income tax or value-added tax; differentiated personal income tax policies will be implemented for dividend income.

2. [Japanese Exports] Data released by the Japanese Ministry of Finance showed that overall exports in December 2025 increased by 5.1% year-on-year, lower than the median forecast of 6.1% by analysts. Exports to the United States decreased by 11.1%, while exports to China increased by 5.6%. Exports to the European Union increased by 2.6%.

Energy

1. [Crude Oil] On January 21, international crude oil futures closed higher. The settlement price of the March contract for US WTI crude oil futures was $60.62 per barrel, an increase of $0.26 or 0.4%. The settlement price of the March contract for Brent crude oil futures was $65.24 per barrel, an increase of $0.32 or 0.5%.

2. [Crude Oil] On January 21, data released by the American Petroleum Institute (API) showed that US crude oil and gasoline inventories increased last week, while distillate fuel inventories decreased. API data showed that in the week ending January 16, US crude oil inventories increased by 3.04 million barrels, gasoline inventories increased by 6.21 million barrels, and distillate fuel inventories decreased by 33,000 barrels.

3. [Crude Oil] On January 21, the International Energy Agency (IEA) released a report, again raising its oil demand growth forecast, increasing the 2026 global oil supply growth forecast from 2.4 million barrels per day to 2.5 million barrels per day.

4. [Crude Oil] On January 21, it was reported that Kazakhstan's Tengiz oil field will remain closed for at least another seven to ten days after announcing a production halt due to a fire earlier this week. This extends the production disruption at one of the world's most important non-OPEC oil-producing regions.

5. [Refined Oil] In December 2025, China's refined oil imports amounted to 3.99 million tons, a year-on-year increase of 21.1%. The cumulative import volume from January to December was 42.42 million tons, a year-on-year decrease of 12%. China's refined oil exports in December were 5.37 million tons, a year-on-year increase of 43.6%. The cumulative export volume from January to December was 58.02 million tons, a year-on-year decrease of 0.2%.

6. [LPG] In December 2025, my country's LPG import volume was 3.0734 million tons, a month-on-month increase of 6.25%. Of this, liquefied propane imports were 2.427 million tons, a month-on-month increase of 4.51%; liquefied butane imports were 0.6405 million tons, a month-on-month increase of 14.66%. In December 2025, my country's LPG export volume was 0.1133 million tons, a month-on-month increase of 25.4%. Of this, liquefied propane exports were 0.0457 million tons, a month-on-month increase of 17.51%; liquefied butane exports were 0.0616 million tons, a month-on-month increase of 19.65%.

7. [Petroleum Coke] On January 21st, Qirun Petrochemical's petroleum coke price was 1,650 RMB/ton, a decrease of 30 RMB/ton compared to the previous trading day, with a sulfur content of 4.0. The delayed coking unit has a capacity of 1.6 million tons/year, with a daily output of 700 tons.

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