Core Transmission Mechanism - Capital flow: Interest rate cuts may drive international capital towards A-shares due to the increased attractiveness of RMB assets, but caution is needed regarding exchange rate volatility [1] - Exchange rate and trade: The depreciation of the USD and appreciation of the RMB may weaken the competitiveness of Chinese export companies, impacting the stock prices of related sectors [1] - Policy space: Interest rate cuts provide greater operational space for China's monetary policy, potentially releasing liquidity through tools like rate cuts and reserve requirement ratio reductions, which would benefit the stock market [1] - Market sentiment: Interest rate cuts typically boost global risk appetite, potentially increasing foreign capital inflow into A-shares, but external uncertainties such as the risk of a U.S. economic recession must be monitored [1] Specific Impact on A-shares - Real estate sector: U.S. interest rate cuts may lead to capital seeking returns, with some potentially flowing into the Chinese real estate market, stimulating a reduction in financing costs for real estate companies, which is a positive for the sector [2] - Non-ferrous metals sector: Interest rate cuts often lead to USD depreciation, which may increase the prices of non-ferrous metals and other commodities priced in USD, potentially enhancing the profitability of related companies [2] - Aviation sector: Airlines have significant USD-denominated debt, and U.S. interest rate cuts could lower their debt costs, alleviating financial burdens [2] Current Market Background - The Federal Reserve's interest rate cuts may reflect concerns about economic slowdown; if the cuts are preventive, A-shares may benefit from an increase in risk appetite; however, if the U.S. economy is already in recession, A-shares may be dragged down by weak global demand [3] - Overall, the impact of U.S. interest rate cuts on A-shares is multifaceted, requiring a comprehensive analysis of factors such as capital, exchange rates, policy, and sentiment [3]

五矿期货指出，锌矿显性库存边际累库，锌精矿TC止跌企稳。锌冶利润小幅修复，国内锌锭社会库存 去库放缓。沪伦比值修复后，元素外流状况好转，国内锌产业维持偏弱。1月23日夜间公布的美国PMI 数据小幅低于预期，双宽政策仍未表现在经济数据上，短期多头情绪暂退。但海外天然气价格暴涨，引 发市场对欧洲冶炼企业成本的担忧，伦锌价格抬升。叠加当前锌铜比、锌铝比均处绝对低位，锌价当前 仍在跟随板块补涨宏观属性的过程中。 中财期货分析称，宏观方面，美国经济数据呈现增长韧性、需求疲软与通胀黏性的分化格局，美联储降 息预期显著下修。国内宏观呈现政策协同加码与经济数据持续向好的共振格局，经济复苏动能稳步增 强。产业来看，外盘LME暂停锌品牌交割行为，主要为品牌注册正常到期，补交手续后可以重新交 割。需求端，终端需求持续疲软态势未改，初加工企业开工或将于下周开始陆续放假。库存端，外盘库 存回归至10w关口，内外比价有所回归。下周来看，预计锌价整体呈中性震荡。 铜冠金源期货表示，国内延续供需双弱，下游部分企业月底开始放假，需求边际减弱，但近期部分炼厂 检修，缓解库存回升节奏。短期锌价走势受美元走弱及成本端支撑，预期保持高位震荡。 1月2 ...

Group 1 - The domestic futures market for non-ferrous metals showed a mostly positive trend, with the main contract for tin futures opening at 447,000.00 CNY/ton and reaching a high of 462,000.00 CNY, marking a 2.05% increase [1] - The current tin market is exhibiting a strong upward trend, with various institutions providing insights on future price movements [2] Group 2 - Hualian Futures noted that the domestic economy shows resilience, with increased demand from the semiconductor and new energy vehicle sectors, while overseas uncertainties remain, and there are expectations for future interest rate cuts [2] - Zhonghui Futures indicated that supply constraints from overseas tin mines persist, while domestic smelting plants are operating steadily; however, high prices are suppressing downstream replenishment demand, leading to a balanced supply and demand situation [2] - Copper Crown Jinyuan Futures analyzed that while tin ore supply has improved month-on-month, the overall tight supply situation has not significantly changed, and the market is experiencing a slow recovery in inventories [2]

1月28日盘中，沪银期货主力合约遭遇一波急速上涨，最高上探至29502.00元。截止发稿，沪银主力合 约报29385.00元，涨幅3.50%。 沪银期货主力涨超3%，对于后市行情如何，相关机构该如何评价？ 机构 核心观点 大越期货 银价短期上涨受压 中辉期货 白银长期滚动做多逻辑不变 宁证期货 短期不建议过分看多 大越期货：银价短期上涨受压 美国政府停摆担忧继续升温，美元大幅下挫，中东局势紧张，银价先下后上。沪银溢价大幅扩大至4300 元/克，国内情绪再升温。上期所调整限仓，银价短期上涨受压，但银价上涨情绪依旧强劲。风险巨 大，谨慎操作。 中辉期货：白银长期滚动做多逻辑不变 白银短期波动率较大，分析来看，白银自身逻辑让位于黄金带来的避险属性，全年来看交割交易等持 续，注意节奏控制。长期降息、供需缺口连续5年，全球大财政均对白银长期有利，长期滚动做多逻辑 不变。 宁证期货：短期不建议过分看多 消费者信息指数下降，美国风暴依然持续，或影响市场的风险偏好，利空白银。市场静待美联储议息会 议公布，外盘白银创新高并收长上影线，建议管控风险，短期不建议过分看多。关注黄金、白银相互影 响。 ...

最后，东欧和平框架迟迟未能达成，以伊朗为代表的中东地缘扰动再起，凸显黄金避险价值。后市来 看，宏观不确定性和各国央行购金仍是黄金底部支撑，但需警惕急涨后的获利了结回调。 日线昨日大阳包含前一日的十字星代表今日行情继续看涨走势，而目前蜡烛图也正符合这一点。日线指 标macd金叉放量运行，灵动指标sto超买运行代表价格的多头走势。并且均线布林带呈现多头排列也代 表价格的多头走势。 从4696.64美元开始的上升通道支撑着上涨趋势，阻力位接近5274.38美元。移动平均收敛发散(MACD) 线延伸在信号线之上，且两者均在零以上，反映出看涨动能的增强。直方图开始收缩，表明动能可能在 阻力位处降温。相对强弱指数(RSI)在77(超买)时警告，涨幅可能在通道顶部附近受到限制。 如果黄金上涨暂停，初始支撑位位于通道底部附近的5096.12美元，保持一系列更高的低点。如果明显 突破上边界，将延续上涨，而在此处被拒绝可能会触发回调至下边界。尽管直方图收窄，MACD仍然保 持强劲的正值，而RSI的超买读数则倾向于在新的趋势延续之前经历一段消化期。总体而言，通道偏向 看涨，预计回调将较浅，只要结构保持不变。 从价格结构来看，500 ...

今日周三(1月28日)亚盘时段，白银td目前交投于28888一线上方，今日开盘于28881元/千克，截至发 稿，白银td暂报29153元/千克，上涨3.40%，最高触及29600元/千克，最低下探27195元/千克，目前来 看，白银td盘内短线偏向看涨走势。 【要闻速递】 【最新白银td行情解析】 日图来看，白银td昨日延续上涨势头涨超4%，已经是连续第四天收阳，今日价格开盘走高后大幅回落 一度跌超2%，目前价格反弹上涨，一小时MACD出现负柱状图，表明目前存在再度回落风险，但趋势 线仍然远离零线形成背离，价格波动风险增大，相对强弱指数（RSI）在一小时图上接近买超区，显示 目前市场活跃，同时，DMI表明目前走势处于上涨趋势中，短期上涨趋向不变，白银td走势下方关注 26000-27000支撑；上方关注29500-30500阻力。 FOMC将于北京时间周四凌晨公布利率决议，在央行独立性再度受到审视的背景下，本次会议已格外敏 感。 分析师指出，若在会议期间宣布美联储主席人选，白宫或将借此主导政策叙事，尤其是在美联储决定维 持利率不变的情况下。 市场评论人士认为，将提名宣布时间与1月会议同步具有战略意图。若美联储 ...

在这样的行业背景下，Reflek/固驰选择把"标准化交付"先做成样板、再向外复制：近日，固驰南京首家 官方标杆店装修进入收官阶段，即将开启试运营;与此同时，该店址也将作为Reflek/固驰亚太运营中心 的新办公地点同步启用。此次"一店一中心"同址落地南京，不仅意味着一家门店进入运营节点，更代表 固驰在亚太区域的运营中枢与交付示范体系正式形成坐标。 随着新能源车普及、燃油车车机智能化提升，车主对贴膜的关注点正在从"产品本身"转向"交付是否稳 定、服务是否有长期入口"——同样一款膜，装贴后的体验是否一致?关键指标能否被验证?后续质保与 服务是否可追溯?这些"看不见的交付能力"，正在成为影响长期使用体验的关键变量。 第三是可追溯。贴膜不应是一锤子买卖，关键在于"交付之后"的长期入口。标杆店将以施工过程关键节 点的标准化呈现、交付验收与质保登记为闭环，让车主清楚知道：这次交付由谁负责、服务如何查询、 质保如何追溯、后续如何对接。把服务入口"留得住"，才是高频用车时代更可靠的体验保障。 | 11 | 电子质保卡 | - O | | --- | --- | --- | | 客户信息 | | | | 客户姓名 | 测试 | ...

Core Viewpoint - The increasing prevalence of smart features in fuel vehicles has shifted consumer expectations for windshield films from merely heat insulation to a comprehensive solution that ensures stable connectivity, clear visibility, and comfort during use [1] Group 1: Consumer Expectations - Consumers now prioritize a holistic experience with windshields, focusing on seamless connectivity, clear and safe visibility, and comfort rather than just heat insulation [1] - The concept of "signal friendliness" is crucial, aiming to minimize risks of signal interference for navigation, vehicle connectivity, and other frequent actions [1] Group 2: Art of Insulation - The industry often equates heat insulation with darkening glass, which can lead to adverse effects such as glare and reduced visibility [2] - The "art of insulation" proposed by the company emphasizes managing heat without compromising brightness and color accuracy inside the vehicle [3] Group 3: Blue Flash Butterfly Technology - The "Blue Flash Butterfly" technology draws inspiration from the structural color of Amazonian butterflies, utilizing nanostructures to enhance and mitigate light selectively, achieving a balance between insulation and transparency [4] - This technology focuses on controlling light rather than merely blocking it, allowing for a clearer and more comfortable driving experience [4] Group 4: Reducing Glare - The emphasis on "low reflection" aims to minimize mirror-like reflections and secondary reflections that can cause glare, enhancing visibility and reducing discomfort for drivers [5] - The priority remains on clarity, ensuring that road markings and contours are easily readable [6] Group 5: High Transparency as a Foundation - High transparency is not an added benefit but a prerequisite for compliance and stable visibility, with insulation and comfort being secondary considerations [6] - The Blue Flash Butterfly product line is designed with a focus on high transparency to ensure that insulation supports driving rather than hindering it [7] Group 6: Daily Usability and Aesthetic Appeal - The Blue Flash Butterfly 70G product emphasizes practical results that can be easily perceived in daily use, such as reliable connectivity and stable visibility [8] - The aesthetic aspect of "artistic insulation" manifests subtly, enhancing the optical experience without overwhelming the user, thus creating a long-term positive impression [8] - The new standard for windshields in the smart vehicle era is defined by reducing interference risks, maintaining high visibility, controlling reflections, and ensuring comfort based on clarity [8]

今日周三(1月28日)亚盘时段，白银期货目前交投于28943一线上方，今日开盘于28601元/千克，截至发 稿，白银期货暂报29211元/千克，上涨2.89%，最高触及29497元/千克，最低下探27018元/千克，目前来 看，白银期货盘内短线偏向看涨走势。 【最新白银期货行情解析】 【要闻速递】 沪银周期看涨不变，沪银溢价大幅扩大至4300元/克，国内情绪再升温。但银价上涨情绪依旧强劲，但 存在巨大回调风险，沪银在27000支撑上，沪银主力合约参考运行区间27000-30700区间。 尽管近期GDP增长强劲且支出数据亮眼，但消费者情绪依然低迷，这将加剧人们对美国经济成果未被均 匀分配的担忧。与此同时，美国总统特朗普正前往爱荷华州开启每周巡回演讲，旨在兜售其经济成就， 他此前一直难以让选民相信在他的领导下生活比前任拜登时期更好。 美国消费者信心已崩溃至十多年来的最弱水平，甚至跌破了疫情期间的低点，这加剧了人们对世界最大 经济体健康状况的担忧。 世界大型企业联合会的消费者信心指数1月份跌至84.5，远低于市场预期，创下自2014年5月以来的最低 值。"1月份信心崩塌，因为消费者对当前形势和未来预期的担忧都在加深 ...

就在几个月前，iShares白银etf的日均交易额仅约20亿美元；到去年12月下旬跃升至约100亿美元。而进 入2026年1月后，伴随银价进一步暴涨，交易活跃度再度飙升。 白银在2025年已累计上涨逾一倍，2026年1月延续惊人涨势，迄今涨幅接近60%，有望创下自1979年以 来的最大单月涨幅。 另外从金银下游消费来看，部分企业表示，市场买涨情绪较浓，近期白银消费量明显增加。业内人士 称，目前在水贝市场，银条的现货大约溢价3到5个百分点。 今日周三(1月28日)亚盘时段，现货白银目前交投于114.03一线上方，今日开盘于112.14美元/盎司，截至 发稿，现货白银暂报114.86美元/盎司，上涨2.43%，最高触及114.91美元/盎司，最低下探110.65美元/盎 司，目前来看，现货白银盘内短线偏向看涨走势。 【要闻速递】 白银价格的极端飙升正引发iShares白银ETF(SLV)交易量激增。周一，该ETF录得近400亿美元的成交 额。这一交易量超过了英伟达股票当日230亿美元的成交额，也远高于特斯拉220亿美元的交易规模。 如果回调风险加大，银价跌破100.00美元的关口，情况可能会加剧。在这种情况下，白 ...