成交额前三的个股中，阿里巴巴跌1.96%，成交超112亿港元；腾讯控股涨0.76%，成交超104亿港元； 紫金矿业涨4.35%，成交超57亿港元。 整体来看，多数板块下跌，黄金、有色金属、光通讯、石油与天然气、高铁基建等股多为上涨，科网、 银行、券商、房地产、电信等股有涨有跌，百货业、风电、生物医药、新能源车企、芯片、新消费、商 业航天等股多有下跌。 个股方面，小米集团跌2.81%，泡泡玛特跌0.91%，中芯国际跌3.27%，中国海洋石油涨4.01%，美团跌 0.46%，老铺黄金涨7.80%，快手跌3.26%，长飞光纤光缆涨17.82%，国泰君安国际涨3.33%，智谱涨 13.02%，建设银行涨0.66%，小鹏汽车跌4.17%，长和涨3.50%，中国石油股份涨3.68%。 新华财经香港1月26日电（记者林迎楠）26日，港股主要指数高开后震荡整理，截至收盘，恒生指数上 涨0.06%至26765.52点，恒生科技指数下跌1.24%至5725.99点，国企指数下跌0.15%至9147.21点。 当日恒指高开94.53点，开报26844.04点，指数早盘期间宽幅震荡，午后窄幅整理，最终恒指涨16.01 点，主板成交超 ...

·金价或继续受益于美元走弱 ·穆迪：澳大利亚2025年12月消费者通胀有望放缓 ·无头条催化下的避险潮凸显市场深层避险需求 ·摩根士丹利：英国受AI影响最深岗位流失速度达国际平均水平两倍 ·大和证券：日元若跌破159关口可能触发干预 ·瑞联银行：联合干预预期将削弱日元空头吸引力 ·瑞穗：日本最新汇率干预措施或更具效力 ·大和证券分析师木内英二表示，若美元兑日元升破159关口，日本政府可能干预外汇市场以阻止日元快 速走弱。他补充称，下一个警戒线在164水平。投资者此前认为美国会反对汇率干预，因为任何买入日 元、卖出美元的操作都会在日本方面出售美债筹集资金时推高美国国债收益率。然而，两位知情人士透 露，纽约联邦储备银行代表美国财政部，向多家银行询问了将日元兑换成美元的成本。这一不寻常的举 动被市场参与者解读为美国容忍此类行动的信号。 【机构分析】 ·瑞讯银行分析师Ipek Ozkardeskay表示，投资者涌入贵金属是一个明确的信号，表明尽管上周美欧紧张 局势部分缓和，但风险偏好并未回归。白银和黄金创下新高，值得注意的是，这次对避险资产的追捧并 非由重大的地缘政治头条新闻引发。Ozkardeskay表示，除了美国 ...

上述4只基金共计提供上海储备投资项目41项，拟投资金额合计超过30亿元。拟投资项目覆盖存储、AI 芯片、核心零部件和材料、高端装备、先进封装等赛道，为上海集成电路产业补链、强链、稳链。此 外，4只基金共计提供20个上海招引项目，其中包括6例企业总部拟迁址。拟迁址项目覆盖高端设备、核 心零部件、AI芯片、先进封装等领域，进一步巩固上海集成电路产业龙头地位。 26日，记者从上海国投获悉，上海三大先导产业母基金发布第三批子基金遴选结果，共有17只子基金入 选，其中集成电路4只、生物医药7只、人工智能6只。拟投资金额共47.1亿元，基金总规模228.9亿元， 放大倍数4.86倍。其基金管理人为上海国投先导公司，系上海国投公司全资子公司。自2024年7月设立 起，截至目前，上海三大先导产业母基金累计投决金额约410亿元，以约5倍的杠杆效应，撬动近2000亿 元社会资本。 据悉，第三批子基金遴选于2025年7月28日向社会公开发布遴选公告，截至申报结束，共有53家机构踊 跃申报。经过专家评审、立项尽调、现场答辩、正式投决等流程，筛选出符合"上海方案"的优质子基 金。 上海国投相关负责人表示，本次公示的第三批子基金遴选充分 ...

【重点关注】 ·南京市人民政府印发《关于加快培育新质生产力推动高质量发展的若干政策（2026年版）》，其中提出，探索房地产发展新模式。用好用足国家房地产 支持政策，持续释放"房七条"等既有政策效应，有效满足居民各类刚性和改善性住房需求。推动既有库存商品房全部纳入房票超市，推行"全城通 兑"和"电子房票"，满足被征收群众安置需求。 ·天津市发布《天津市个人住房公积金贷款管理办法》。此次政策调整的主要内容包括提高贷款最高限额、提高第二套住房计算贷款额度的账户余额倍 数、延长二手住房贷款最长期限等。 ·商务部：2026年将以服务业为重点扩大市场准入和开放领域 ·央行副行长邹澜：支持香港金管局将人民币业务资金安排规模由1000亿元增加至2000亿元 ·现货黄金突破每盎司5100美元现货白银突破每盎司110美元 【国内要闻】 ·商务部外国投资管理司负责人王亚在国新办新闻发布会上表示，2026年，将以服务业为重点，扩大市场准入和开放领域，有序扩大电信、医疗、教育等 领域自主开放，推动试点项目尽早落地，支持服务业外资企业延伸价值链，实现专业化、融合化、数字化发展，促进服务业扩容提质。 ·1月26日，中国人民银行副行长邹澜在 ...

新华财经上海1月26日电（林郑宏）曾经的"白色黄金"锂在2026年初似有卷土重来之势。截至1月26日， 广期所碳酸锂期货主力合约开年来累计上涨超过37%，26日盘中更一度逼近19万元/吨关口。 另据我的钢铁数据，电池级碳酸锂在1月26日早盘报182200元/吨，较1月23日早盘的169000元/吨上涨 1.32万元/吨，呈现加速上涨态势。 电池级碳酸锂价格走势（来源：我的钢铁） 在碳酸锂价格飙升情况下，A股锂矿股开年来表现不俗，其中中矿资源（002738.SZ）股价不断刷新历 史纪录。1月26日早盘，该股股价一度突破百元大关，虽午后跟随商品期货价格出现回落，但开年来仍 累计涨超21%。 锂价反弹有望大幅提升中矿资源业绩前景 中矿资源全名为中矿资源集团股份有限公司，成立于1999年，并于2014年12月在深交所上市。中经社行 业洞察产业服务数据平台（以下简称"行业洞察系统"）显示，中矿资源是拥有矿产资源全产业链的矿业 集团化企业。主要业务有：锂电新能源原料开发与利用业务、稀有轻金属（铯、铷）资源开发与利用业 务、固体矿产勘查和矿权开发业务。 2025年半年报显示，中矿资源锂电新能源原料开发与利用业务上半年实现营 ...

Core Viewpoint - The recent announcement by the China Securities Regulatory Commission (CSRC) to expand the range of futures and options in the domestic market marks a significant upgrade in China's futures market openness, transitioning into a new phase of "institutional openness" and "pricing influence construction" [1][4]. Group 1: Market Expansion - The CSRC has added 14 new futures and options products, including nickel, lithium carbonate, paraxylene, bottle flakes, and short fibers, covering various non-ferrous metals, energy metals, and chemical products [1][4]. - This expansion signifies a shift from "point breakthroughs" to "systematic openness along the industrial chain," indicating a more comprehensive approach to market liberalization [2][5]. Group 2: Strategic Importance - The inclusion of these products is seen as a strategic move to enhance China's resource security and support the modernization of its industrial system amid a restructured global commodity trade landscape [4]. - The new products are expected to attract a broader range of international participants, thereby enhancing China's pricing power in key strategic resources like copper and nickel, which have historically been priced on foreign exchanges [7][8]. Group 3: Industry-Specific Insights - In the non-ferrous metals sector, the addition of international copper options and nickel futures is crucial as China is the largest consumer of these metals, and the domestic market needs to develop its pricing mechanisms [7][8]. - The chemical sector's expansion includes core products from the polyester industry, providing a comprehensive risk management platform for the largest petrochemical cluster globally, which will enhance the industry's resilience and competitiveness [8]. Group 4: Future Expectations - There are high expectations for further reforms to deepen the institutional openness of the futures market, including the potential introduction of a more robust market-making system to improve liquidity and international collaboration [10]. - Suggestions for enhancing market transparency and optimizing trading mechanisms include extending trading hours to cover major global trading periods and improving cross-border regulatory frameworks to mitigate risks [10].

截至26日下午收盘，中证商品期货价格指数收报1772.23点，较前一交易日上涨62.85点，涨幅3.68%；中证商品期货指数收报2443.85点，较前一交易日上涨 86.67点，涨幅3.68%。 贵金属继续飙升双轮驱动油气强势走高 1月26日商品市场的热点仍在持续火热的贵金属市场以及近期快速反弹的能化板块。截至收盘，除沪银飙升近13%领涨商品市场以外，铂、钯分别跟涨超 9%、8%，金价涨幅虽不足4%，但仍历史性首次触及1150元／克上方。近期除了地缘局势继续给贵金属带来避险买盘以外，美国总统特朗普周末对加拿大的 关税威胁，进一步强化了市场"卖出美国"的交易倾向，加上美日联手干预日元贬值令美元兑日元汇率单日大跌，也加剧了美元的跌势。此外，市场对美联储 潜在新任主席人选的鸽派政策倾向或加速美联储宽松的押注，亦构成了强化贵金属看涨热情的重要利多。因此，环顾整个市场，对于贵金属而言，除了过于 一致的看涨预期可能成为潜在风险以外，市场暂时没有看到真正构成遏制贵金属多头热情的实际因素。在此背景下，即便机构多将短线获利回吐视为贵金属 价格波动的诱因，但仍维持对贵金属多头配置的策略建议。 贵金属市场火热也带动资金开始向估值洼 ...

近年来，潞安化工集团坚持采煤采气一体化发展路径，深耕煤矿瓦斯综合开发利用，绿色发展动能不断 增强。 近年来，潞安化工集团坚持采煤采气一体化发展路径，深耕煤矿瓦斯综合开发利用。2023年以来，潞安 化工集团瓦斯发电13亿多千瓦时，减排二氧化碳1000多万吨。集团"双碳"目标下华北典型煤矿区甲烷开 采防灾减排一体化关键技术及应用项目，荣获2025年度山西省科学技术进步奖一等奖。 应抽尽抽 以用促抽 走进潞安化工集团余吾煤业公司北风井低浓度瓦斯氧化发电项目现场，机器轰鸣声不绝于耳。来自井下 的瓦斯正源源不断地输入机组，经高效转化，变为稳定的电能与热能，输送至千家万户的暖气管网，涌 向企业各生产车间。 "该项目于2024年11月正式并网发电，专门回收利用瓦斯泵站直接外排的甲烷体积浓度1%到10%的低浓 度瓦斯。"新元公司机电动力部副部长王博介绍，该项目日均发电11万千瓦时。 在充分利用低浓度瓦斯的同时，新元公司以智能瓦斯实验室为平台，联合科研院校破解多项难题，形成 了一批特色治理技术。 在智能瓦斯实验室内，工作人员张玉辉正利用高压容量法和瓦斯吸附装置测定煤样吸附常数。张玉辉介 绍，设备搭载自主开发的微机测试软件，可自 ...

Core Viewpoint - The CF40 macro policy quarterly report indicates that China's macro economy shows early signs of recovery in 2025, with monetary policy being crucial for stimulating endogenous growth in 2026 [1][2]. Economic Indicators - In 2025, key financial indicators such as the stock market, RMB exchange rate, social financing growth, and corporate deposits have shown significant improvement [1]. - Corporate profits have halted a multi-year decline, and overall consumption and labor market conditions remain stable [1]. Recovery Support - The recovery is primarily supported by fiscal policy, external demand, and prior price adjustments, but investment and the real estate market still face considerable pressure [1]. - The endogenous growth momentum remains weak, and the sustainability of the recovery needs to be strengthened [1]. Policy Recommendations for 2026 - The report emphasizes the need for increased counter-cyclical policy efforts, particularly through active fiscal measures and a focus on monetary policy [1][2]. - It is suggested that broad fiscal spending should be around 41 trillion yuan, with a public budget deficit aligned with 4% of GDP [2]. Monetary Policy Focus - The importance of monetary policy in expanding domestic demand is highlighted, with recommendations to lower the 7-day reverse repo rate, deposit rates, and LPR rates [2]. - A commitment to inflation targets and significant reductions in policy rates are seen as key actions to shift expectations for businesses and households [2][3]. Structural Issues and Market Dynamics - The long-standing "strong supply, weak demand" contradiction is noted as a source of instability in economic growth, with low consumption as a direct manifestation [3]. - To address this, it is proposed that the market should play a decisive role in resource allocation, alongside improving residents' income and social security [3].

Core Viewpoint - The article emphasizes the importance of quality management and innovation for the Chinese liquor company Wuliangye in navigating industry changes and maintaining its competitive edge in the face of uncertainty [1][6]. Group 1: Quality Management - Wuliangye has established a comprehensive quality management system, including a sample wine library that has accumulated over 220,000 bottles, which supports product quality tracking and authenticity verification [2][5]. - The company has implemented a three-dimensional integrated quality management model focusing on employee integration, process integration, and data integration, ensuring quality control across 93 process steps, 310 operations, and 218 inspection points [2][10]. - Wuliangye has received the "National Quality Award" four times, making it the only liquor company to achieve this distinction, and has been recognized for its quality management excellence with a nomination for the "Fifth China Quality Award" [5][6]. Group 2: Innovation and Technology - Wuliangye combines traditional brewing wisdom with modern management and digital technologies, establishing seven national-level innovation platforms to enhance quality management through scientific research [7][9]. - The company has integrated automation and AI technologies into its production control systems, achieving a 50% increase in data-driven decision-making, which enhances predictive quality management [9][10]. - Wuliangye's approach to quality management transforms abstract quality requirements into quantifiable, traceable, and optimizable capabilities, providing a resilient quality advantage during industry adjustments [9][10]. Group 3: Sustainable Development - Wuliangye adheres to a long-term perspective on quality management, integrating ecological protection and cultural development into its operational strategy to ensure sustainable brand value [10][11]. - The company promotes green development practices, aiming for "zero-carbon" production and conducting carbon footprint evaluations for its products to support environmental sustainability [10][11]. - Wuliangye emphasizes the importance of quality culture, implementing comprehensive quality education and ESG assessments for suppliers to enhance sustainable development across the industry chain [11].