沪指录得13连阳，金属普涨共振

Report Industry Investment Rating - Not provided Core Viewpoints - After the domestic important meetings and the Fed's return to the "restrictive" stance, there is a risk of the policy expectations at home and abroad swinging back, and the asset sentiment deviates from the macro situation. Attention should be paid to the specific domestic policy announcements and Trump's announced candidates for the Fed Chair [1] - Since October, there has been a certain divergence in the domestic and foreign economic outlooks. The overseas economic outlook has been continuously declining, but China's exports and new orders remain positive. China's November economic data is under pressure, while the December official manufacturing and non - manufacturing PMIs are better than expected. The US November non - farm payrolls recovered but are still weak, and the December ISM manufacturing index fell slightly [2] - Currently, focus on the non - ferrous and precious metals sectors with high certainty, and also pay attention to the opportunities for low - valued commodities to catch up. In the energy sector, focus on the expected increase in crude oil supply after the US "temporarily manages" Venezuela, and also pay attention to the situation in Iran. In the chemical sector, pay attention to the "anti - involution" space of methanol, PTA and other varieties. For agricultural products, pay attention to weather expectations and short - term pig diseases. For precious metals, consider buying on dips [3] - For commodities and stock index futures, go long on stock index futures, precious metals, and non - ferrous metals on dips [4] Summary by Related Catalogs Market Analysis - Policy expectations may swing back. After the central economic work conference and the 2026 PBOC work conference, the directions of boosting consumption and promoting "anti - involution" remain unchanged. The Fed's stance and geopolitical tensions may affect asset prices. On January 6, the Shanghai Composite Index recorded 13 consecutive positive days, reaching a new high in more than a decade [1] Domestic and Foreign Economic Situation - There is a divergence between domestic and foreign economic outlooks. Overseas economic outlook has declined since October, while China's exports and new orders are positive. China's November economic data is under pressure, and the December official manufacturing and non - manufacturing PMIs are better than expected. The US November non - farm payrolls recovered but are still weak, and the December ISM manufacturing index fell slightly [2] Commodity Analysis - Focus on non - ferrous and precious metals sectors. In the non - ferrous sector, aluminum is a preferred choice. In the energy sector, focus on the US - Venezuela situation and the Iran situation. In the chemical sector, pay attention to methanol and PTA. For agricultural products, pay attention to weather and pig diseases. For precious metals, consider buying on dips. On January 6, many commodity futures had significant price increases [3] Strategy - Go long on stock index futures, precious metals, and non - ferrous metals on dips [4] Important News - The 2026 PBOC work conference emphasized the implementation of a moderately loose monetary policy. The Shanghai Composite Index recorded 13 consecutive positive days. The US December ISM manufacturing index fell. There were developments in the Venezuela situation. Many commodity prices reached new highs or had significant increases [6]