Core Viewpoint - The transformation of Zhongheng Design from a traditional architectural design firm to a comprehensive infrastructure service provider for the commercial aerospace sector highlights a solid path for industrial upgrading, leveraging a deep integration of capital, technology, and services to secure a first-mover advantage ahead of the anticipated infrastructure boom in 2026 [1] Group 1: Capital Integration - Zhongheng Design's journey into aerospace began with a forward-looking capital integration strategy, having invested in private liquid rocket company Zhihang Technology, acquiring a 2.12% stake, which allows the company to embed itself upstream in the industry chain and transition from a passive service provider to an active "industry co-builder" [2] Group 2: Professional Expertise - The company's competitive edge stems from solid engineering practices, having successfully won bids for complex projects from leading commercial aerospace firms such as Tianbing Technology and Xingji Glory, which involve high technical barriers and complex processes [3] - Zhongheng Design established a Commercial Aerospace Architectural Planning Research Center to convert project experience into technical standards and data assets, aiming to create a formidable professional moat in this niche [3] Group 3: Core Industry Focus - Notably, Zhongheng Design's involvement in projects like the "reusable liquid rocket manufacturing facility" directly addresses the core industry challenge of reducing launch costs, with its technical foresight gaining market recognition [4] Group 4: 2026 Outlook - The year 2026 is seen as a pivotal moment for domestic commercial aerospace development, with the deployment of large satellite constellations and the first flights of various reusable rocket plans, leading to a surge in demand for manufacturing bases and launch facilities [5] - The company's growth potential is closely tied to the anticipated explosion in infrastructure demand, with its established reputation enhancing the certainty of acquiring new orders [5] - Market analysis suggests a revaluation of the company, shifting from a traditional architectural design firm to a provider of infrastructure services for low-altitude economy and commercial aerospace, which are seen as new productive forces [5] Group 5: Comprehensive Transformation - Overall, Zhongheng Design's transformation path illustrates how traditional technical service providers can penetrate core areas of "new productive forces," with its value extending beyond order growth to providing essential ground support capabilities for the commercial aerospace industry [6] - As the key industry milestone in 2026 approaches, market perceptions of the company's value may shift from "concept following" to a substantive reassessment of "infrastructure certainty" [6]

Core Insights - The Hurun Research Institute recently released the "2025 Hurun Global High-Quality Enterprises TOP 1000" list, with Daikin Industries recognized for its air technology innovation and human-centered management practices, reaffirming its strength as a leading HVAC company globally [1][3] Group 1: Company Recognition - Daikin's inclusion in the prestigious Hurun list highlights its comprehensive strength, driven by continuous business success and market influence, as well as its integration of innovation, environmental responsibility, and social care [3][9] - The Hurun list is regarded as a significant benchmark for assessing corporate strength and long-term value, focusing on market capitalization or valuation while considering innovation, sustainability, social responsibility, and market impact [3] Group 2: Environmental and Social Responsibility - Daikin aims to create new air value by reducing environmental burdens and enhancing human health and comfort through innovative air solutions, resource efficiency, and forest protection [4][5] - The company is committed to addressing urban energy challenges and improving indoor air quality, thereby contributing to sustainable urban development and enhancing the quality of life [4][5] Group 3: Strategic Implementation - Daikin has established a systematic approach to realize its vision, focusing on product innovation and comprehensive solutions to maximize air value [5] - The company emphasizes carbon neutrality by reducing product energy consumption and expanding its heat pump and water heating business while promoting environmentally friendly refrigerant initiatives [5] Group 4: Human-Centric Development - Daikin's "people-oriented" philosophy drives its development, focusing on employee growth as a cornerstone of corporate success, fostering a supportive environment for skill development and career advancement [8][9] - The company implements a dual-channel promotion system to facilitate employee growth based on individual expertise and aspirations, enhancing its workforce's capabilities [8] Group 5: Educational Contributions - Daikin actively engages in deep collaborations with educational institutions, contributing to the training of over 20,000 innovative talents in the HVAC industry through initiatives like the "China Refrigeration and Air Conditioning Industry College Student Technology Competition" [9] - The company collaborates with renowned universities to establish training bases and co-design curricula, ensuring a steady supply of skilled professionals for the industry [9]

1月19日，国内期市能化板块多数飘绿。其中，铁矿石期货主力合约开盘报810.0元/吨，今日盘中低位 震荡运行；截至发稿，铁矿石主力最高触及811.5元，下方探低788.5元，跌幅达2.82%附近。 目前来看，铁矿石行情呈现震荡下行走势，盘面表现偏弱。对于铁矿石后市行情将如何运行，相关机构 观点汇总如下： 国海良时期货分析称，当前铁矿石市场处于强金融属性与弱基本面的博弈。宽松的供应格局和不断累积 的港口库存构成了中长期价格的压力，但短期的宏观利好与钢厂补库行为为价格提供了韧性，使其得以 在关键价位上方震荡。短期内，对矿价维持窄幅震荡格局，考虑到补库逻辑尚未结束，窄幅震荡仍将成 为盘面主旋律，区间参考780-830元/吨。同时，需密切关注钢厂补库的持续性，若补库力度减弱或结 束，价格支撑或将松动。核心风险在于宏观政策的进一步超预期，以及海外一季度供给层面的变化，因 此，重点关注钢厂的实际补库力度的持续性和一季度海外矿山发运受天气扰动情况。 兴业期货表示，铁矿石供应端因西芒杜首船矿石到港而暂缓压力，需求端国内高炉复产放缓且包钢安全 事故影响铁水产量，港口库存积累加快，价格上行动能减弱，期价重回震荡格局。 正信期货指 ...

Core Viewpoint - Styrene futures experienced a rapid increase, reaching a peak of 7323.00 yuan, with a current price of 7299.00 yuan, reflecting a rise of 1.90% [1] Group 1: Market Performance - Styrene futures are generally running strong, with a notable increase in market activity due to supply-side adjustments and demand dynamics [2] - Domestic supply is expected to remain tight, with significant inventory reductions observed at major ports [2] Group 2: Institutional Insights - Nanhua Futures maintains a strong outlook for styrene, citing early maintenance returns of domestic production facilities and supply constraints [2] - Newhu Futures expresses optimism for the medium term, highlighting stable domestic demand and potential export growth, despite current seasonal demand weakness [2]

Core Viewpoint - The main focus of the news is the recent surge in pure benzene futures, with the main contract reaching a peak of 5823.0 yuan and closing at 5785.0 yuan, reflecting a 2.73% increase [1]. Group 1: Market Analysis - New Lake Futures expresses optimism regarding the rebound potential of pure benzene, citing stable domestic supply and an increase in downstream operating rates, particularly with the upcoming demand from styrene [2]. - The supply side shows that the latest operating rates for petroleum benzene and hydrogenated benzene are at 74.26% and 57.59% respectively, indicating stable domestic supply [2]. - The latest port inventory stands at 324,000 tons, with visible inventory levels being high but hidden inventory decreasing, suggesting a potential shift in market dynamics [2]. Group 2: Short-term Outlook - Ruida Futures anticipates a short-term oscillation for BZ2603, with domestic pure benzene production expected to decrease due to lower operating rates in petroleum benzene [2]. - The report indicates that the domestic supply-demand balance is shifting from a wide balance to a tight balance, with expectations of increased demand from the restart of styrene production facilities [2]. - The geopolitical situation, particularly regarding the US-Iran dynamics, may impact international oil prices, adding uncertainty to cost factors [2].

Core Viewpoint - The recent decline in zinc futures prices indicates potential short-term volatility, with various institutions providing differing outlooks on future price movements [2][3]. Group 1: Market Performance - On January 19, zinc futures experienced a sharp decline, with the main contract dropping to a low of 24,335.00 yuan and closing at 24,445.00 yuan, reflecting a decrease of 1.93% [1]. Group 2: Institutional Insights - **Shenwan Hongyuan Futures**: Anticipates a potential phase of price correction for zinc due to a combination of factors including a decrease in zinc concentrate processing fees, tight concentrate supply, and a high inventory of galvanized sheets. The overall supply-demand balance for zinc appears stable, suggesting a possible price pullback [2]. - **Wheaton Precious Metals Futures**: Highlights that zinc prices still have significant room for upward adjustment compared to copper and aluminum, despite a slight decrease in port inventories and processing fees. The current zinc-copper and zinc-aluminum ratios are at historical lows, indicating potential for price recovery [3]. - **CICC Wealth Futures**: Suggests that zinc prices may experience short-term fluctuations, driven by external factors such as expectations of Federal Reserve interest rate cuts and geopolitical risks. The market is currently facing a tug-of-war between strong expectations and weak demand, with domestic zinc supply tightening providing some support for prices [3].

【要闻速递】 日图来看，纸白银价格开盘直线拉升，一小时布林带向上扩宽，显现上涨空间充足，一小时MACD正直 方图不断升高，显示上涨动能增强，DMI也显示处于上涨趋势之中，纸白银走势下方关注19.50-20.00支 撑，上方关注21.50-22.00阻力。 美国PBS新闻记者在社交媒体上表示，特朗普致挪威首相约纳斯.加尔.斯特勒的信件将诺贝尔奖与格陵 兰岛问题挂钩，重申相关威胁，并由国家安全委员会工作人员转发给多名驻华盛顿的欧洲大使。 今日周一(1月19日)欧盘时段，纸白银目前交投于20.782一线上方，截至发稿，纸白银暂报20.905元/克， 上涨4.42%，最高触及21.074元/克，最低下探20.020元/克，目前来看，纸白银盘内短线偏向看涨走势。 【最新纸白银行情解析】 特朗普在信件中称，鉴于挪威决定不把诺贝尔和平奖授予给他，他已不再觉得有义务只从"和平"角度思 考问题，现在可以考虑什么才是对美国有利、正当的事情；不存在任何书面文件证明丹麦对格陵兰岛拥 有"所有权"，只是几百年前有一艘船在那里登陆过，而美国也有船在那里登陆过。特朗普还称，自北约 成立以来，美国为北约所做的贡献超过任何人，现在北约也该为美 ...

今日周一(1月19日)欧盘时段，国际白银目前交投于92.97一线上方，今日开盘于91.01美元/盎司，截至发稿，国际白银暂 报93.46美元/盎司，上涨3.92%，最高触及94.07美元/盎司，最低下探90.98美元/盎司，目前来看，国际白银盘内短线偏 向看涨走势。 【要闻速递】 据两位美国官员、一位高级政府官员和三位熟悉相关讨论的前美国高级官员透露，特朗普私下里正加紧关注西半球的另 一个目标，近几周来，他不断向助手抱怨加拿大在北极地区容易受到美国对手的威胁。 官员表示，在特朗普的顾问们努力实现其吞并格陵兰岛的目标之际，特朗普私下里越来越担心加拿大同样无力捍卫其边 界，他特别指出加拿大需要增加国防开支。他们表示，特朗普的推动加速了美国内部关于更广泛的北极战略的讨论，并 可能在今年与加拿大达成协议，以加强其北部边界的防御。 白银价格在早盘中上涨，攻击关键阻力，准备创历史新高，受益于相对强弱指标的积极信号，此前在达到超卖高点后， 短期内主看涨趋势占据主导，且持续活跃支撑，表现为交易高于EMA50。进一步增强了未来期延续涨幅的可能性。 短期重点支撑在90-91美元大关，之上保持多头强势；然后就是上周反复强调的86- ...

贝森特上周日表示，最高法院"不太可能"推翻特朗普利用紧急权力征收关税的决定。"我认为最高法院 不太可能否决总统标志性的经济政策。他们没有否决奥巴马医改，我相信最高法院也不想制造混乱。" 今日周一(1月19日)亚盘时段，白银期货目前交投于22837一线上方，今日开盘于22200元/千克，截至发 稿，白银期货暂报23040元/千克，上涨2.09%，最高触及23577元/千克，最低下探21447元/千克，目前来 看，白银期货盘内短线偏向震荡走势。 打开APP，查看更多高清行情>> 【要闻速递】 美国最高法院正在权衡他利用《1977年国际紧急经济权力法》（IEEPA）来为其诸多针对特定国家的关 税辩护是否合法。下级法院已裁定特朗普在使用该法时超越了权限，反对者表示该法规文本中并未提及 关税。 沪银预判的支撑在21000，沪银最低在21500附近，继续等待调整结束，沪银溢价迅速收敛至2100元/ 克。银价看涨情绪依旧强劲。沪银主力合约参考运行区间22200-23500区间。 贝森特表示，特朗普对欧洲针对格陵兰岛征收的新关税是对紧急情况的回应。"国家的紧急状态就是要 避免一场国家级的紧急状态，"贝森特说。"这是总统的战略 ...

特朗普上周对提名哈塞特接替现任美联储主席鲍威尔一事表达了保留态度。他在白宫的一场活动中对这 位国家经济委员会主任表示："说实话，我实际上希望你能留在现在的位置上。" 特朗普发表讲话后，预测市场网站Kalshi上的交易员将沃什获得这份工作的可能性提高到60%，而哈塞 特和沃勒的可能性仅为16%和14%。Polymarket的交易员也表达了类似的动态，沃什的支持率为60%， 哈塞特的支持率为15%，沃勒为13%。此前，沃什和哈塞特的胜率势均力敌。 【最新白银td行情解析】 日图来看，白银td上周五延续跌势，价格小幅下跌，今日价格开盘回落，后反弹上涨，一小时MACD柱 状图由负值变为正值，表明目前上涨趋势复苏，趋势线逐渐远离零线，表明整体上涨趋势也在增加，相 对强弱指数(RSI)在一小时图上处于中性偏涨，DMI表明目前多头占据上风，白银td走势下方关注20500- 21500支撑；上方关注23500-24500阻力。 今日周一(1月19日)欧盘时段，白银td目前交投于22995一线上方，今日开盘于22702元/千克，截至发 稿，白银td暂报23090元/千克，上涨1.69%，最高触及23535元/千克，最低下探21 ...