Core Viewpoint - The Ministry of Industry and Information Technology (MIIT) has released an action plan aimed at promoting the high-quality development of industrial internet platforms from 2026 to 2028, with a goal of establishing a multi-level platform system and enhancing resource connectivity and application capabilities [1] Group 1: Action Plan Overview - By 2028, the plan aims to have over 450 influential platforms, with industrial equipment connections exceeding 120 million units, and a platform penetration rate of over 55% [1] - The action plan outlines four key initiatives to drive the development of industrial internet platforms [1] Group 2: Platform Cultivation and Enhancement - The plan emphasizes differentiated development of platforms, fostering three types: professional, industry-specific, and collaborative, while establishing a four-tier cultivation system [2] - It aims to enhance platform application capabilities and support diverse business models, while promoting interconnectivity and resource collaboration across regions [2] Group 3: Data Utilization and Intelligence Enhancement - The action plan focuses on unlocking the value of industrial data, improving data collection and aggregation capabilities, and developing a comprehensive industrial data labeling system [2] - It seeks to create a high-quality industrial model system and promote the integration of artificial intelligence into industrial internet platforms [2] Group 4: Scalable Application of Platforms - The plan encourages the development of solutions for high-value scenarios and supports collaboration among large and small enterprises to enhance application quality [3] - It promotes innovative service models such as "pay after use" and subscription services to facilitate platform adoption [3] Group 5: Ecosystem Support for Platforms - The action plan advocates for an open-source mechanism and the establishment of an open-source community for industrial internet platforms [3] - It aims to enhance international cooperation and standardization efforts, while strengthening security measures for platform enterprises [3]

据介绍，行动计划突出问题导向，在整合各领域固体废物既有管理手段的基础上，进一步完善全链条综 合治理的政策措施，推动末端治理向全过程防控转变，是我国首个针对固体废物综合治理作出系统性部 署的专项文件，与此前水、土、气污染防治专项文件共同形成了污染防治攻坚战政策体系。同时，行动 计划着力填补关键环节制度空白，提高针对性、创新性、有效性，推动解决困扰行业多年的重点难点问 题。 我国是农业大国，在农业生产过程中产生的固体废弃物量大面广，综合治理和循环利用任务艰巨。农业 农村部科学技术司负责人杨如表示，下一步，将按照行动计划分工安排，聚焦重点领域、关键环节，综 合施策、精准发力。加强地膜科学使用指导，大力推广加厚高强度地膜和全生物降解地膜，因地制宜加 强农药包装废弃物回收。围绕源头管控和减量、收集转运能力提高、资源化利用水平提升等，强化政策 激励支持。加快突破畜禽粪肥轻简科学还田、低温环境下秸秆还田快速腐解熟化、新型地膜材料工艺等 关键技术瓶颈。 工业固体废物综合利用是固体废物综合治理的重要组成部分。工业和信息化部节能与综合利用司司长王 鹏表示，下一步，将会同有关部门，认真落实行动计划，多措并举、系统推进，持续抓好工业 ...

Group 1 - The recent decline in spot prices for coke has occurred four times within a month, attributed to multiple factors including reduced demand from steel mills and a decrease in iron water production [1] - Steel mills have entered a loss phase since October last year, leading to a 12-week consecutive decline in iron water output, which has weakened the demand for coke [1] - The inventory ratio of coke in steel and coking plants is at a three-year low of 7.03, with large and medium-sized steel mills having only 12.1 days of available coke, which is 1.1 days lower than the same period in 2024 [1] Group 2 - Despite a temporary recovery in coking profits, there has been no significant increase in coke supply, with daily production remaining stable between 620,000 to 650,000 tons and capacity utilization between 71.5% to 73% [2] - The recent decline in coking coal prices has not led to a notable increase in coking coal production, with a decrease of 49,500 tons in daily output reported in the last week of December [2] - There are signs of recovery in daily iron water production, with an increase of 8,800 tons in the last two weeks of December, indicating potential for further growth in iron water output [2]

自2026年1月15日交易时起，非期货公司会员或者客户在碳酸锂期货LC2606、LC2607、LC2608、 LC2609、LC2610、LC2611、LC2612合约上单日开仓量分别不得超过400手。该单日开仓量是指非期货 公司会员或者客户当日在单个合约上的买开仓数量与卖开仓数量之和。套期保值交易、做市交易的单日 开仓数量不受上述标准限制。具有实际控制关系的账户按照一个账户管理。(齐宣) 本报讯1月13日，广期所发布通知称，自2026年1月15日交易时起，碳酸锂期货LC2602、LC2603、 LC2604、LC2606、LC2607、LC2608、LC2609、LC2610、LC2611、LC2612合约的交易手续费标准调 整为成交金额的万分之三点二，日内平今仓交易手续费标准调整为成交金额的万分之三点二。 ...

近期，债市在多重利空的影响下延续调整走势，尤其是超长端调整幅度较大，30年期国债期货创2025年以来的 新低。虽然2025年12月31日，债基赎回费率新规靴子落地，监管态度明显软化，缓解了市场的担忧情绪，但年 初开盘债市仍然面临多重利空因素。一方面，国债单期发行规模增加，供给压力加大，债券供需问题再度引发 市场担忧。另一方面，2025年12月央行买债规模仅500亿元，不及市场预期，货币宽松预期降温。此外，最新公 布的制造业PMI及通胀数据均超预期，经济基本面改善迹象明显，债市承压。 今年以来，长端利率面临基本面、股市以及供求结构的利空扰动。2026年一季度政府债继续"靠前发力"，1月供 给占比较去年进一步提升，尤其是30年期债券占比较高导致市场对超长端供需结构的担忧升温。目前1月已披露 地方债发行计划超8000亿元，而需求承接力度不足，叠加PMI和通胀数据超预期、年初股市和商品市场"开门 红"，长端债券市场压力不减。 近期经济基本面出现阶段性修复，对债市形成利空压制。相关数据显示，2025年12月制造业PMI较前值上升0.9 个百分点，至50.1%，表现超预期，主要受国内春节偏晚拉长节前备货周期、政策性金融工 ...

Core Viewpoint - The A-share market has shown a strong upward trend since the beginning of 2026, driven by multiple factors including the technology cycle, policy benefits, economic recovery, and the return of overseas capital [1][3][4]. Group 1: Market Performance - As of January 12, 2026, the Shanghai Composite Index has achieved a "seventeen consecutive days" rise, with significant increases in trading volume and active capital inflow [1][3]. - The performance of various sectors shows that cyclical stocks, technology stocks, and military industry stocks have led the gains, while financial and consumer stocks have underperformed [1][3]. Group 2: Driving Factors - The dual momentum from technology and cyclical sectors has significantly enhanced risk appetite among investors, with the digital economy, particularly AI and semiconductors, leading the charge [3][4]. - The release of concentrated economic policies since the beginning of 2026, including a 625 billion yuan special bond for consumer upgrades, has contributed to the market's positive outlook [4][5]. - Economic recovery is gaining momentum, with manufacturing and non-manufacturing PMIs returning above the growth line, indicating a shift towards quality and efficiency in corporate operations [5][6]. Group 3: Capital Flows - The appreciation of the RMB against the USD has attracted overseas capital back to China, as global investors seek stable assets amid geopolitical uncertainties [6][7]. - Data indicates an increase in holdings of Chinese assets by global and Asian funds compared to the end of 2024, supported by targeted policies and growth in AI-related profits [7]. Group 4: Futures Market Dynamics - The narrowing of the basis in stock index futures indicates strong bullish sentiment among investors, with significant shifts in the annualized basis rates for various contracts [8][9]. - Recent fluctuations in futures contracts suggest a potential adjustment phase, with the cost of rolling over contracts decreasing, reflecting a more favorable position for investors [10][11]. Group 5: Future Outlook - The market is transitioning from valuation-driven growth to profit-driven performance, with individual stock performance increasingly tied to fundamental improvements and rising economic conditions [11][12]. - The A-share market is expected to continue its upward trajectory, supported by ongoing policy effects, enhanced economic recovery, and the sustained influx of overseas capital [12].

Core Viewpoint - The Chicago Mercantile Exchange (CME) has announced a change in the margin collection method for its precious metal futures contracts, shifting from a fixed amount to a percentage of the contract's nominal value, reflecting heightened risk management in the precious metals market [1][2]. Group 1: Margin Adjustment Details - The adjustment will take effect after the market closes on January 13, 2026, marking the fourth change in a month regarding precious metal margin requirements [1]. - The previous three adjustments focused on increasing fixed margin amounts to reduce leverage and curb excessive speculation, while the latest change introduces a dynamic margin calculation based on market price fluctuations [2][3]. Group 2: Risk Management Implications - The recent adjustment is seen as a structural shift in risk management, transitioning from a "static" to a "dynamic" system that automatically adjusts margins in response to market conditions [3]. - Historical precedents indicate that CME has implemented similar measures during periods of heightened market volatility, such as during the 2008 financial crisis [3]. Group 3: Market Impact - Short-term effects may include increased overall margin requirements, potentially exacerbating selling pressure, while long-term effects could enhance market resilience and improve the clearing system's ability to withstand future shocks [4]. - The new margin system may lead to more automated and transparent risk management within the futures market, with a stronger regulatory role for exchanges [4]. Group 4: Investor Considerations - Retail investors should manage liquidity carefully to avoid forced liquidations due to sudden margin increases, while institutional investors need to reassess their funding and risk management strategies under the new margin regime [5]. - The adjustments signal a recognition of a prolonged high-volatility environment in precious metals, which may affect bullish sentiment in the market [5].

"如果该调查样本真的覆盖了锂盐厂、材料厂、电芯厂、期现商等所有类型的企业，不可能会出现没有 企业选择'18万元/吨以下'的情况。"一家专注服务产业的碳酸锂贸易商负责人告诉记者，问卷调查的取 样很重要，参与调研的样本锂盐厂、材料厂、电芯厂、期现商等类型的企业各多少家也很重要。同时， 价格的取样区间设计也要合理。目前来看，这个调查结果的参考性不够全面。 中信建投（601066）期货分析师张维鑫也认为，对于当前的碳酸锂市场来说，这类调研本身没有太大的 实际意义，反而容易误导市场各方对碳酸锂当前实际情况的看法。"在当前市场环境下，碳酸锂价格的 连续上涨，难免会加剧市场的博弈心理。在此情况下去做一个情绪调研，大家给的观点自然是更容易往 上涨趋势看。"张维鑫解释称，这个样本更多是一个情绪调研，不具备太多参考意义，建议大家理性看 待。 "当前，各类渠道关于产业链相关调研信息及观点呈现多元化特征，建议投资者保持理性客观的研判态 度。中信期货分析师王美丹也认为，对于此类调研信息，投资者应审慎评估相关信息的真实性与全面 性，避免因片面解读市场消息，而产生非理性交易行为。 从基本面来看，张维鑫认为，当前碳酸锂市场只是处于紧平衡的状 ...

Core Viewpoint - The Chicago Mercantile Exchange (CME) announced changes to the margin requirements for gold, silver, platinum, and palladium contracts, shifting from fixed amounts to a percentage of the contract's nominal value, effective after the market close on January 13 [1]. Margin Requirement Changes - For non-high-risk portfolio (Non-HRP) gold contracts, the margin requirement will be set at approximately 5% of the nominal value [1]. - For silver contracts, the margin requirement will be approximately 9% of the nominal value [1]. - The initial margin for 1 ounce gold futures (10Z) for Non-HRP is maintained at USD 240, while for high-risk portfolio (HRP) it is USD 264, with both having a margin rate of 5% [2]. - The initial margin for COMEX 5000 silver futures (SI) for Non-HRP is USD 32,500, while for HRP it is USD 35,750, with a margin rate of 9.9% [4].

Core Viewpoint - The recent surge in lithium carbonate futures prices is attributed to strong fundamental expectations and multiple positive market news, with the main contract LC2605 rising by 9% to 156,300 yuan/ton [1][2]. Market Dynamics - The adjustment of export tax rebate policies for battery products, effective from April 1, 2026, is expected to create a short-term "export rush," supporting demand and alleviating concerns about seasonal demand weakness [2]. - The cumulative export volume of power and other batteries from January to November 2025 reached 260.3 GWh, a year-on-year increase of 44.2%, indicating that the anticipated "export rush" will have a marginal positive impact on overall lithium carbonate demand [2]. Policy Impact - The reduction and eventual cancellation of the export tax rebate for lithium batteries is seen as a move to guide the industry away from pure scale expansion and to alleviate homogenization competition pressures [4]. - The policy aims to encourage companies to enhance product technology and value, promoting a healthier and more sustainable industry structure [4]. Supply and Demand Outlook - Current market conditions suggest a gradual accumulation of lithium carbonate inventory, with signs of weakening fundamentals as of early January 2026 [4]. - The market is characterized by strong supply and demand dynamics, with ongoing negotiations between upstream and downstream players affecting price volatility [4]. Future Projections - There is an expectation of continued "export rush" demand from battery manufacturers until the cancellation of the tax rebate in 2027, potentially leading to concentrated short-term demand for lithium carbonate [5]. - However, a significant decline in demand for new energy batteries is anticipated at the beginning of 2026, necessitating production adjustments by battery manufacturers [5]. - The market may face dual impacts from upstream maintenance and traditional seasonal demand downturns, suggesting potential volatility in supply and demand [5].