热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 香港联交所最新数据显示，1月27日，易方达基金减持光大证券（06178）69.48万股，每股作价8.8706港 元，总金额约为616.33万港元。减持后最新持股数目为5583.2万股，最新持股比例为7.93%。 香港联交所最新数据显示，1月27日，易方达基金减持光大证券（06178）69.48万股，每股作价8.8706港 元，总金额约为616.33万港元。减持后最新持股数目为5583.2万股，最新持股比例为7.93%。 责任编辑：卢昱君 责任编辑：卢昱君 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 ...

Core Viewpoint - Short-term copper prices are fluctuating, but the outlook for copper prices in 2026 remains positive due to ongoing supply-demand tightness [4]. Group 1: Market Overview - As of January 30, 2026, SHFE copper closed at 103,680 CNY/ton, up 2.31% from January 23, while LME copper closed at 13,071 USD/ton, down 0.44% [4]. - The market perceives a low probability of the Federal Reserve lowering interest rates in March 2026, which may affect overall commodity sentiment [4]. Group 2: Inventory Analysis - Domestic copper social inventory decreased by 2.2%, while LME copper inventory increased by 2.6% [5]. - As of January 30, 2026, domestic mainstream port copper concentrate inventory was 673,000 tons, down 6.8% from the previous week [5]. - Global electrolytic copper inventory totaled 986,000 tons, up 2.8% from January 23 [5]. Group 3: Supply Dynamics - The price difference between refined copper and scrap copper increased by 765 CNY/ton this week [6]. - In October 2025, China's copper concentrate production was 130,000 tons, down 8.1% month-on-month and 12.1% year-on-year [6]. Group 4: Smelting and Production - China's electrolytic copper production in January 2026 was 1.1793 million tons, up 0.1% month-on-month and 16.3% year-on-year [7]. - The TC spot price as of January 30, 2026, was -50.30 USD/ton, reflecting a decrease of 0.3 USD/ton from January 23 [7]. Group 5: Demand Insights - Cable manufacturing, which accounts for approximately 31% of domestic copper demand, saw an increase in operating rate to 59.46%, up 0.75 percentage points from the previous week [8]. - Air conditioning production, which represents about 13% of domestic copper demand, is projected to decline year-on-year by 31.6% in February, 6.5% in March, and increase by 4.0% in April [8]. Group 6: Futures Market - As of January 30, 2026, the open interest for SHFE copper active contracts was 223,000 lots, down 2.6% from the previous week [9]. - The non-commercial net long position on COMEX was 48,000 lots, down 8.0% from the previous week [9].

Group 1 - The issuer of the bond is China National Railway Group Co., Ltd., and the total issuance scale is 10 billion yuan for the "2026 Third Phase China Railway Construction Bond" [4][29] - The bond is divided into two types: a 10-year bond with a scale of 5 billion yuan and a 30-year bond with a scale of 5 billion yuan, totaling 10 billion yuan [21][29] - The bonds will be issued at a fixed interest rate, with the 10-year bond's interest rate being the Shibor benchmark rate plus a basic spread ranging from -0.3% to 0.7%, and the 30-year bond's interest rate ranging from 0.1% to 1.1% [21][29] Group 2 - The main underwriter for this bond issuance is Guotai Junan Securities Co., Ltd., which is responsible for managing the underwriting team and coordinating the issuance process [5][31] - The bonds will be publicly issued to institutional investors through a bidding system on the Shenzhen Stock Exchange [22][31] - The bonds will be registered and held by the Shenzhen branch of the China Securities Depository and Clearing Corporation and the Central Government Bond Registration and Clearing Co., Ltd. [24][30] Group 3 - The bonds will have a maturity date of February 5, 2036, for the 10-year bond and February 5, 2056, for the 30-year bond [27] - The bonds will be issued at par value of 100 yuan, with a minimum subscription unit of 10 million yuan [24][29] - The bonds will be guaranteed by the Railway Construction Fund, providing an irrevocable joint liability guarantee [29]

| 表格序號 | 大股東/董事/最高行政人員名稱 作出披露的 買入 / 賣出或涉及的股 每股的平均價 | | | | 持有權益的股份數目 佔已發行的 有關事 | | --- | --- | --- | --- | --- | --- | | | 份數目 | 原内 | | | (請參閱上述*註解) 有投票權股 (日/月 | | | | | | | 份百分比 | | and the control controlled to the many of the many of the many of the comments of | | | | | 196 | | CS20260130E00608 | 易方达基金管理有限公司 | 1201(L) | 694,800(L | HKD 8.8706 | 55,832,000(L 7.93(L)27/01/ | | 股份代號: | 06178 | | --- | --- | | 上市法國名稱: | 光大證券股份有限公司 - H股 | | 日期 (日 / 月 / 年): | 02/01/2026 - 02/02/2026 | 格隆汇2月2日丨根据联交所最新权益披露资料显示， ...

智通财经APP获悉，香港联交所最新数据显示，1月27日，易方达基金减持光大证券(06178)69.48万股， 每股作价8.8706港元，总金额约为616.33万港元。减持后最新持股数目为5583.2万股，最新持股比例为 7.93%。 ...

智通财经APP获悉，香港联交所最新数据显示，1月27日，易方达基金减持光大证券(06178)69.48万股， 每股作价8.8706港元，总金额约为616.33万港元。减持后最新持股数目为5583.2万股，最新持股比例为 7.93%。 ...

光期研究 光期黑色：铁矿石基差及价差监测日报 2026 年 2 月 2 日 1 光大证券 2020 年 半 年 度 业 绩 E V E R B R I G H T S E C U R I T I E S 1.1 合约价差 | 期货合约 | 今日收盘价 | 上日收盘价 | 变化 | 合约价差 | 今日价差 | 上日价差 | 变化 | | --- | --- | --- | --- | --- | --- | --- | --- | | I05 | 791.5 | 798.5 | -7.0 | I05-I09 | 19.0 | 19.5 | -0.5 | | I09 | 772.5 | 779.0 | -6.5 | I09-I01 | 12.5 | 13.5 | -1.0 | | I01 | 760.0 | 765.5 | -5.5 | I01-I05 | -31.5 | -33.0 | 1.5 | 图表1：05-09合约价差（单位：元/吨） 图表2：09-01合约价差（单位：元/吨） -50 0 50 100 150 200 09 10 10 10 11 11 12 12 01 01 02 02 03 03 0 ...

Core Viewpoint - The report from Everbright Securities indicates that uranium futures prices are expected to rise to $98 per pound by January 28, 2026, representing a 29% increase compared to December 24, 2025, driven by tight supply and increasing demand for nuclear energy [1] Supply Side Analysis - Limited capital expenditure and unsustainable mining operations in Kazakhstan are impacting supply, with Kazatomprom announcing a plan to reduce uranium production by approximately 10% in 2026 [1][4] - Kazakhstan, which holds 13% of global uranium resources, supplies 43% of the world's uranium production, indicating a potential supply crunch [4] Demand Side Analysis - The global focus on energy security is expected to drive continued growth in nuclear power demand, with China projected to be a major contributor to this growth [1][6] - The U.S. and China are the top two uranium demand countries, with their combined demand expected to increase. In 2024, U.S. demand is projected at 18,100 tons, accounting for 26.86% of global demand, while China's demand is expected to reach 13,100 tons, making up 19.45% of the total [5] Future Projections - According to the IEA, global nuclear power capacity is predicted to reach 2.6 times the level of 2024 by 2050, with China leading this growth [6] - The U.S. is considering expanding its strategic uranium reserves to reduce reliance on Russian supplies, which may further elevate uranium prices [7] Market Developments - The recent submission of a preliminary prospectus by the physical natural uranium trust SPUT to issue up to $2 billion in transferable, non-redeemable trust shares over 25 months indicates a positive outlook for uranium demand [2] - The restart of the Kashiwazaki-Kariwa Nuclear Power Plant Unit 6 by Tokyo Electric Power Company marks a significant development in Japan's nuclear energy landscape [2] Concentration of Uranium Resources - As of January 2021, Australia, Kazakhstan, Canada, Russia, and Namibia hold the majority of the world's uranium resources, with the top three countries accounting for over 50% of total reserves [3] - In 2022, Kazakhstan, Canada, and Namibia were the top three uranium-producing countries, collectively accounting for nearly 70% of global production [3]

2024年，公司实现营业收入6.40亿元，同比减少10.36%；归属于上市公司股东的净利润1226.89万 元，同比减少65.18%；归属于上市公司股东的扣除非经常性损益的净利润1122.32万元，同比减少 66.52%；经营活动产生的现金流量净额9465.44万元，同比增长678.77%。 中国经济网北京2月2日讯 翔腾新材(001373.SZ)日前披露2025年度业绩预告。公司预计2025年年度 归属于上市公司股东的净利润为-3,900万元至-2,700万元；扣除非经常性损益后的净利润为-3,950万元 至-2,750万元。 翔腾新材首次公开发行股票的发行费用（不含增值税）合计5,444.43万元，其中承销及保荐费用 3,229.06万元。 (责任编辑：何潇) 翔腾新材于2023年6月1日在深交所主板上市，发行股份数量为1,717.1722万股，发行价格为28.93 元/股，保荐机构（主承销商）为光大证券，保荐代表人为黄腾飞、陈姝婷。 翔腾新材首次公开发行股票募集资金总额49,677.79万元；扣除发行费用后，募集资金净额为 44,233.36万元。翔腾新材实际募资净额比原拟募集资金少5943.11万元。 ...

Group 1 - Core viewpoint one: The A-share market experienced a volatile upward trend in January 2026, with major broad-based indices rising, supported by long-term capital and stabilizing economic expectations [4] - Core viewpoint two: The spring market is still expected to be promising, although a short-term correction may occur before the Spring Festival due to tightening liquidity and decreased trading enthusiasm [5] - Core viewpoint three: In the spring market, small-cap stocks typically perform better, with a focus on growth and cyclical sectors, particularly in electronics, power equipment, machinery, non-ferrous metals, and communications [6] Group 2 - The Hong Kong market is advised to maintain a "growth + value" barbell strategy, benefiting from earnings recovery, improved liquidity, and supportive policies, with a structural rebound expected in the first quarter [7]