1月24日，由旭诺资产联合期货日报主办的交易高手俱乐部2026年跨市场投资策略会在沪召开，来自不 同行业的投资专家深度梳理了当前全球宏观环境下的市场逻辑。与会专家认为，2026年投资市场板块轮 动将加速，多个品种都存在不错的投资机会。 旭诺资产董事长李旭东致辞时表示，本次策略会旨在为与会者提供跨市场投资的专业交流平台，助力各 方在复杂多变的全球宏观环境中梳理市场逻辑。在他看来，2024年以来资本市场已发生了深刻变化，市 场已逐步完成从"政策底"到"市场底"的确认。其中，伴随外资回流与成交量显著放大，科创与高端制造 板块的表现尤为亮眼。 与此同时，商品期货市场的表现同样出彩，尤其是碳酸锂、黄金、白银等品种都走出了独立行情，并展 现出了鲜明的板块轮动特征。李旭东表示，在当前A股机构化程度不断提升的背景下，投资者应善用股 指期货等金融工具，将其作为对冲风险和增强收益的常规配置。 展望未来，邹俊认为，在实物短缺、工业需求强劲、供应端难有快速提升的背景下，银价将延续上涨趋 势，但投资者需密切跟踪其基本面与宏观边际变化，谨慎操作。 谈及价格表现同样火热的碳酸锂，交易高手俱乐部嘉宾李善强认为，2026年碳酸锂期价有望维持强 ...

财政部表示，将继续实施更加积极的财政政策，2026年财政赤字、债务总规模和支出总量将保持必要水 平，实现"只增不减"的总体支出力度和"只强不弱"的重点领域保障。这表明积极的财政政策将继续支持 经济增长和关键领域发展，同时更加注重战略性、结构优化和精准滴灌。此外，财政部还提到财政金融 协同促内需一揽子政策已经陆续发布，旨在通过协同发力，更大力度地"激发民间投资"和"促进居民消 费"。在支持科技创新方面，财政部提出了多维度培育新动能的政策举措。 整体看，在积极的财政政策、适度宽松的货币政策以及财政金融协同发力的推动下，国内经济将呈现结 构更优、内生动能更强的良好发展态势。 工业生产稳中有进，2025年规模以上工业增加值同比增长5.9%，其中制造业增加值同比增长6.4%，表 现强劲。装备制造业增加值同比增长9.2%，占全部规模以上工业增加值的比重达到36.8%。高技术制造 业增加值同比增长9.4%，已成为引领工业高质量发展的核心驱动力。在新旧动能加速转型期，虽然整 体经济仍受房地产等传统领域调整的影响，但消费市场活力提升、新质生产力加快形成，为经济复苏奠 定了坚实基础。 宏观政策积极发力 1月20日，国新办举办两场 ...

Core Insights - The Ministry of Commerce has reported significant achievements for 2025, focusing on boosting consumption, maintaining resilient foreign trade, expanding investment opportunities, and enhancing bilateral cooperation [1][2]. Group 1: Consumption and Trade - The Ministry of Commerce has effectively combined policies and activities to stimulate consumption, resulting in a record social retail sales total exceeding 50 trillion yuan for the first time [1]. - Foreign trade has shown resilience, with the Ministry responding effectively to external challenges and promoting a balanced development of goods, services, and digital trade, achieving historical highs in trade scale and increased enterprise activity [1]. Group 2: Investment and Cooperation - The Ministry has made significant strides in attracting foreign investment, with over 70,000 new foreign enterprises established, marking a 19.1% increase, and foreign investment absorption reaching 747.69 billion yuan, with high-tech industries accounting for 32.3% [1]. - Bilateral cooperation has seen positive outcomes, particularly in U.S.-China economic and trade consultations, which have provided reassurance to the global economy [1].

下一步，鄢东表示，将从四方面深化"一带一路"经贸合作。一是提升贸易畅通质效。二是优化双向投资 空间。三是拓展新兴合作领域。深化绿色矿产、清洁能源、数字经济、人工智能等领域合作。四是打造 优质合作项目。统筹推进标志性工程和"小而美"民生项目，高质量实施对外承包工程和对外援助项目， 更好地实现共同发展。 期货日报网讯(记者肖佳煊)1月26日，国新办举行新闻发布会，商务部副部长鄢东在会上表示，2025 年，商务部推动"一带一路"经贸合作走深走实，为建设开放型世界经济、推动构建人类命运共同体作出 了积极贡献。主要体现为"三个新"。一是贸易合作展现新亮点。2025年，我国与共建国家货物贸易额达 到23.6万亿元。二是双向投资展现新活力。2025年，我国对共建国家非金融类直接投资2833.6亿元，增 长了18%；共建国家对华直接投资1168.1亿元，增长了1.9%。三是项目建设展现新成效。2025年，我国 在共建国家承包工程完成营业额1.1万亿元，增长9.6%。 ...

Group 1 - The A-share market has entered a phase of oscillation and adjustment after an initial strong upward trend, with active trading but increased regulatory measures to temper speculation [1][2] - Analysts suggest that the market's future direction will depend on the strength of economic recovery and improvements in corporate earnings [1][4] - The current regulatory stance aims to prevent excessive market growth that could lead to bubble risks, promoting a high-quality "slow bull" market instead [1][2] Group 2 - Despite some technology stocks reaching historical high valuations, the overall valuation of A-shares remains at a neutral level, with the total A-share index P/E ratio at 23.5, lower than the S&P 500's 30.0 and Nasdaq's 42.0 [2] - Recent market trends show that small-cap stocks are outperforming large-cap blue-chip stocks, driven by economic recovery and liquidity conditions favoring growth sectors aligned with national strategies [2][3] - The influx of liquidity from relaxed monetary policies and increased household deposits is expected to support the stock market, with a significant portion of deposits potentially shifting to higher-yielding financial products [3] Group 3 - The market is currently characterized by strong liquidity drivers, while the economic fundamentals are still stabilizing, indicating that improvements in corporate earnings and market style rotation are contingent on further domestic demand policies and clearer economic signals [4]

"天齐锂业"牌被正式纳入广州期货交易所碳酸锂期货注册品牌，标志着其产品从"可交割"升级为"品牌 交割品"，是企业核心竞争力在金融市场的权威认证，构成多维度战略利好。 1月22日，广期所发布公告称，新增天齐锂业股份有限公司"天齐锂业"牌为碳酸锂期货注册品牌，新增 的注册品牌自2026年2月2日起启用。 据悉，此前天齐锂业已成为碳酸锂期货指定交割库，成为注册品牌后，天齐锂业可实现"交割厂库+注 册品牌"双布局，成为全国唯一同时拥有碳酸锂期货交割厂库资质与注册品牌的锂企。 资讯编辑：周小燕 021-26096760 资讯监督：乐卫扬 021-26093827 资讯投诉：陈跃进 021-26093100 免责声明：Mysteel发布的原创及转载内容，仅供客户参考，不作为决策建议。原创内容版权归Mysteel所有，转载需取得Mysteel书面授 权，且Mysteel保留对任何侵权行为和有悖原创内容原意的引用行为进行追究的权利。转载内容来源于网络，目的在于传递更多信息，方 便学习与交流，并不代表Mysteel赞同其观点及对其真实性、完整性负责。 据悉，为更好发挥碳酸锂期货功能，广期所于2025年5月15日发布了征集碳酸锂 ...

期货日报网讯北京市十六届人大四次会议1月25日开幕。北京市市长殷勇作政府工作报告。报告提出， 2025年，北京市地区生产总值5.2万亿元、增长5.4%、高于全国0.4个百分点，一般公共预算收入增长 4.8%，城镇调查失业率4.1%，居民人均可支配收入实际增长4.4%，居民消费价格总体平稳，人均地区 生产总值、全员劳动生产率和万元地区生产总值能耗、水耗、碳排放等多项指标保持全国省级地区最优 水平。 报告提到，2025年，北京数字经济增加值增长8.7%。金融服务实体经济能效不断提升，北京证券交易 所上市公司达288家、总市值超8600亿元。 报告提到，北京市将全面实施"人工智能+"行动，建设国家人工智能应用中试基地，推进未来产业先导 区建设，培育6G、量子科技、生物制造等新增长点；推动传统产业提质升级，促进制造业数智化转 型。 在提高都市型现代农业质量效益方面，报告提到，建设高标准农田12万亩，确保粮食播种面积稳定在 100万亩以上、蔬菜产量稳定在200万吨左右。稳妥推进二轮土地承包到期后再延长30年试点，激励各类 人才下乡服务和创业就业，发展乡村旅游等富民产业，培育北京优农品牌，壮大新型农村集体经济，千 方百计 ...

Group 1 - The core viewpoint indicates that the economic data for December 2025 shows a positive trend, suggesting a strong warming trend for the domestic economy in the first quarter of 2026 [1] - The manufacturing PMI rose to 50.1% in December 2025, marking a 0.9 percentage point increase from the previous month, indicating a return to the expansion zone for the first time since April 2025 [1] - The non-manufacturing business activity index also increased by 0.7 percentage points, reflecting a continuous recovery in non-manufacturing business vitality, although the service sector remains in contraction [1] Group 2 - In December 2025, the industrial added value for large-scale industries grew by 5.2% year-on-year and 0.4% month-on-month, demonstrating solid resilience in industrial production [2] - The manufacturing sector was the main driver of industrial growth, with a year-on-year increase of 5.7%, supported by the recovery in the manufacturing PMI [2] - Consumer demand showed marginal improvement with a year-on-year growth of 0.9% in retail sales, while fixed asset investment decreased by 3.8%, primarily due to a 9.6% decline in real estate development investment [2] Group 3 - The expectation for the first quarter of 2026 is a steady increase in domestic economic growth, characterized by "consumption driving, stable production, and financial support," with the IMF raising global economic growth forecasts [3] - Industrial production is anticipated to continue its recovery, with the added value of large-scale industries expected to maintain a year-on-year growth rate of over 5% [3] - The automotive industry may pose a drag on manufacturing due to a reduction in the new energy vehicle purchase tax, leading to a decline in electric vehicle sales in January 2026 [3] Group 4 - The A-share market is expected to exhibit a "fundamentals supporting, structural differentiation leading" pattern in the first quarter of 2026, with a focus on high-prosperity sectors [4] - The valuation pressure on the Shanghai Composite Index and the CSI 500 Index indicates a need for time to digest previous gains, while the ChiNext Index still holds some valuation advantages [4] - Overall, the market is likely to experience a phase of consolidation, with limited downside potential in a generally optimistic macroeconomic environment [4]

Group 1 - Spot gold prices have historically surpassed $5000 per ounce for the first time, just over 100 days after breaking the $4000 mark, driven by central bank purchases, geopolitical tensions, and economic uncertainty [1] Group 2 - The Israeli Defense Forces have entered a state of heightened alert, closely monitoring regional tensions and preparing for potential U.S. military actions against Iran [3] Group 3 - Iranian armed forces have entered a state of full readiness in response to perceived military threats, warning of severe consequences for U.S. strategic miscalculations [4] Group 4 - Turkey's Foreign Minister has warned external forces against attempting to influence Iran's internal affairs [5] Group 5 - Russia is closely monitoring U.S. plans to deploy the Iron Dome missile defense system in Greenland, highlighting the strategic importance of the region [6] Group 6 - Rick Riedel from BlackRock has emerged as a leading candidate for the next Federal Reserve Chair, with a 50% probability of nomination, due to his alignment with the Trump administration's economic policies [7]

Group 1 - The core viewpoint of the articles indicates that coking coal futures have experienced a decline since mid-January, with prices dropping from around 1250 CNY/ton to 1100 CNY/ton, primarily due to a lack of supportive policies and a weak fundamental outlook [2] - The supply side remains stable with domestic coal mines maintaining production before the Spring Festival, and imports of Mongolian coal have increased compared to early January [2][4] - On the demand side, multiple price increase plans for coke have not materialized, leading to deepening losses for coking enterprises, while daily coke production has decreased month-on-month [2][3] Group 2 - As of January 23, the prices of mainstream coal types showed no significant downward trend, with low-sulfur coking coal in Shanxi priced at 1660 CNY/ton, up 50 CNY/ton month-on-month [3] - The short-term outlook for coal prices is supported by winter storage demand and expectations of coal mine shutdowns during the Spring Festival, although long-term challenges remain due to weak downstream demand and ample coking coal supply [3][4] - The average daily production of coking coal in China was reported at 770,000 tons, remaining stable compared to the previous week, while coal imports for the first two weeks of January were 13.25 million tons, reflecting a year-on-year increase of 13.8% [3][4]