Wu Kuang Qi Huo·2026-01-27 00:59Report Industry Investment Rating There is no information about the report's industry investment rating provided in the content. Core Viewpoints of the Report - For the stock index, the long - term policy supports the capital market, and the short - term strategy is to go long on dips [4]. - For treasury bonds, the economic recovery momentum's sustainability needs to be observed. The bond market is expected to continue to fluctuate, and its rhythm mainly depends on the stock - bond seesaw effect [6]. - For precious metals, the rise in gold and silver prices has a solid macro - drive, but short - term callback risks should be noted [8]. - For non - ferrous metals, different metals have different trends. For example, copper may be range - bound, aluminum is expected to be strong and range - bound, and zinc is in the process of catching up in the sector [11][13][16]. - For black building materials, steel prices continue to oscillate in the bottom range, and iron ore prices will oscillate in the short term [30][32]. - For energy and chemicals, different products have different outlooks. For example, rubber may fall, and crude oil has a bottom support in the medium - to - long term [55][57]. - For agricultural products, different products also have different trends. For example, the short - term decline of live pigs is limited, and protein meal prices may be bottoming out [79][85]. Summary by Relevant Catalogs Stock Index - Market Information: The Ministry of Commerce will implement a special action to boost consumption in 2026. Guoxing Aerospace deployed Tongyi Qianwen Qwen3 to the "Star Computing" project. The central bank will prevent financial risks. Zijin Mining plans to acquire 100% of United Gold [2]. - Strategy: Adopt a long - on - dips strategy in the short term [4]. Treasury Bonds - Market Information: The Ministry of Commerce will expand the opening of the service industry. The Japanese prime minister is concerned about fiscal sustainability. The central bank conducted 1505 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 78 billion yuan [5]. - Strategy: The bond market is expected to continue to fluctuate, and attention should be paid to the impact of the stock market's spring rally, government bond supply, and inflation expectations [6]. Precious Metals - Market Information: Gold and silver prices rose and then fell. Trump's statement on Greenland affected the US - Europe relationship and the US dollar credit. US economic data and market expectations for the Fed's interest rate cuts were released [7][8]. - Strategy: Pay attention to short - term callback risks and temporarily adopt a wait - and - see approach [8]. Non - Ferrous Metals Copper - Market Information: Copper prices rose and then fell. LME copper inventory decreased, and domestic social inventory increased slightly [10]. - Strategy: Copper prices may be range - bound in the short term [11]. Aluminum - Market Information: Aluminum prices oscillated and rose. Domestic aluminum ingot and aluminum rod inventories continued to accumulate, and LME aluminum inventory decreased [12]. - Strategy: Aluminum prices are expected to be strong and range - bound [13]. Zinc - Market Information: Zinc prices rose slightly. Zinc ore inventory increased, and zinc smelting profit improved slightly [14][16]. - Strategy: Zinc prices are in the process of catching up in the sector [16]. Lead - Market Information: Lead prices fell slightly. Lead ore inventory increased, and lead ingot social inventory increased [17]. - Strategy: The surplus of lead ingots is expected to decrease marginally [17]. Nickel - Market Information: Nickel prices rose and then fell. Nickel ore prices were stable, and nickel iron prices rose [18]. - Strategy: Nickel prices are expected to fluctuate widely in the short term, and it is recommended to wait and see [19]. Tin - Market Information: Tin prices rose and then fell. SHFE inventory increased, and supply and demand were in a stalemate [20]. - Strategy: Tin prices are expected to be strong in the short term, and it is recommended to wait and see [20]. Carbonate Lithium - Market Information: Carbonate lithium prices fell. The contract total position decreased [21]. - Strategy: There is a potential callback risk, and it is recommended to use light positions or options [21]. Alumina - Market Information: Alumina prices rose slightly. The position decreased, and the inventory increased [22]. - Strategy: It is recommended to wait and see, and pay attention to supply - side policies [23]. Stainless Steel - Market Information: Stainless steel prices fell slightly. The inventory decreased, and the supply was tight [24]. - Strategy: The price center is expected to move up, but pay attention to callback risks [25]. Cast Aluminum Alloy - Market Information: Cast aluminum alloy prices oscillated slightly. The position decreased, and the inventory decreased [26]. - Strategy: Prices are expected to be strong and range - bound [27]. Black Building Materials Steel - Market Information: Rebar prices rose slightly, and hot - rolled coil prices fell slightly. The inventory of hot - rolled coils decreased, and the inventory of rebar began to accumulate slightly [29]. - Strategy: Steel prices continue to oscillate in the bottom range, and attention should be paid to inventory changes and policies [30]. Iron Ore - Market Information: Iron ore prices fell slightly. Overseas shipments increased slightly, and the port inventory continued to accumulate [31][32]. - Strategy: Iron ore prices will oscillate in the short term, and attention should be paid to steel mill replenishment and iron - making production rhythm [32]. Coking Coal and Coke - Market Information: Coking coal prices rose slightly, and coke prices fell slightly. The supply of coking coal became looser, and the inventory of downstream enterprises was close to last year's level [33][36]. - Strategy: Prices are expected to be range - bound and strong in the short term, and attention should be paid to market sentiment [36]. Glass and Soda Ash - Market Information: Glass prices rose, and soda ash prices rose slightly. Glass inventory increased slightly, and soda ash inventory decreased [37][39]. - Strategy: Glass prices are expected to be range - bound in the short term, and soda ash prices are expected to be weak [38][40]. Manganese Silicon and Ferrosilicon - Market Information: Manganese silicon and ferrosilicon prices fell slightly. The supply of manganese silicon was loose, and the supply - demand structure of ferrosilicon was basically balanced [41][44]. - Strategy: Pay attention to the direction of the black sector and cost - push factors [44]. Industrial Silicon and Polysilicon - Market Information: Industrial silicon prices rose, and polysilicon prices rose. The supply of industrial silicon decreased, and the supply of polysilicon is expected to contract in the first quarter [45][49]. - Strategy: Industrial silicon prices are expected to oscillate, and it is recommended to wait and see for polysilicon [46][49]. Energy and Chemicals Rubber - Market Information: Butadiene rubber rose, and natural rubber fell. The reasons for the rise of butadiene rubber include macro - capital allocation and cost increase [51]. - Strategy: Adopt a neutral - bearish strategy and trade short - term on the disk [55]. Crude Oil - Market Information: Crude oil and refined oil prices rose. European refined oil inventories changed [56]. - Strategy: Oil prices have a bottom support in the medium - to - long term, and it is cost - effective to go long near the shale oil break - even point [57]. Methanol - Market Information: Methanol prices rose. The valuation is low, and the pattern is expected to improve [58][59]. - Strategy: It is feasible to go long on dips [59]. Urea - Market Information: Urea prices rose slightly. The import window is open, and the fundamentals are expected to be bearish [60][61]. - Strategy: Go short on rallies [61]. Pure Benzene and Styrene - Market Information: Pure benzene and styrene prices changed. The non - integrated profit of styrene is neutral and high, and the inventory situation is different [62]. - Strategy: Gradually take profits [63]. PVC - Market Information: PVC prices rose. The supply is strong, and the demand is weak [64]. - Strategy: Adopt a short - on - rallies strategy in the medium term [66]. Ethylene Glycol - Market Information: Ethylene glycol prices rose. The supply load is high, and the inventory is accumulating [67]. - Strategy: The supply - demand pattern needs to be improved by reducing production, and the valuation needs to be compressed [68]. PTA - Market Information: PTA prices rose. The supply is high, and the demand is in the off - season [69]. - Strategy: PTA is expected to accumulate inventory during the Spring Festival. Pay attention to the risk of processing fee callback and the opportunity to go long on dips after the Spring Festival [70]. p - Xylene - Market Information: p - Xylene prices rose. The load is high, and the downstream PTA has many overhauls [71]. - Strategy: p - Xylene is expected to accumulate inventory before the overhaul season. Pay attention to the opportunity to go long on dips following crude oil [72]. Polyethylene (PE) - Market Information: PE prices rose. The supply has no new capacity in the first half of 2026, and the demand is in the off - season [73]. - Strategy: The valuation has room to decline, and the price may be supported [74]. Polypropylene (PP) - Market Information: PP prices rose. The supply pressure is relieved, and the demand is seasonally oscillating [75]. - Strategy: The price may bottom out in the first quarter of next year. Go long on the PP5 - 9 spread on dips [76]. Agricultural Products Live Pigs - Market Information: Pig prices mostly fell. The supply pressure in the first half of the year is large, and there is an inventory carry - over expectation [78]. - Strategy: There may be short - selling opportunities after the rebound, and pay attention to the support at the lower level [79]. Eggs - Market Information: Egg prices were mostly stable. The supply is sufficient, and the demand is about to be realized [80]. - Strategy: Near - term contracts may oscillate, and pay attention to the selling pressure after the rebound [81]. Soybean and Rapeseed Meal - Market Information: Protein meal prices rose slightly. The inventory of domestic soybeans and soybean meal decreased [82][85]. - Strategy: Protein meal prices may be bottoming out [85]. Oils and Fats - Market Information: Oil and fat prices rose. The production of Malaysian palm oil decreased, and the domestic inventory decreased [86][87]. - Strategy: Wait for the callback and then try to go long [87]. Sugar - Market Information: Sugar prices oscillated. The production in Brazil and India increased, and the domestic import increased [88][89]. - Strategy: Wait for the international sugar price to rebound after the northern hemisphere's harvest, and temporarily wait and see for the domestic market [90]. Cotton - Market Information: Cotton prices oscillated. The domestic import increased, and the inventory was at a high level [91][92]. - Strategy: Cotton prices have room to rise in the medium - to - long term. Wait for the callback and then go long [93].