Group 1 - The steel sector saw an increase of 0.68% on January 21, with Xin Steel Co. leading the gains [1] - The Shanghai Composite Index closed at 4116.94, up 0.08%, while the Shenzhen Component Index closed at 14255.12, up 0.7% [1] - Key stocks in the steel sector showed various performance metrics, with Xin Steel Co. closing at 4.03, up 2.54%, and Baosteel Co. at 7.21, down 0.69% [1][2] Group 2 - The steel sector experienced a net inflow of 80.51 million yuan from main funds, while retail funds saw a net inflow of 52.64 million yuan [2] - Major stocks like Baosteel Co. had a significant net outflow from retail investors amounting to 76.84 million yuan, despite a net inflow of 81.51 million yuan from main funds [3] - The trading volume for key stocks varied, with Baosteel Co. recording a transaction amount of 684 million yuan, while Xin Steel Co. had a transaction amount of 424 million yuan [1][2]

【#包钢发生爆炸的蒸汽球罐威力有多大# 专家详解】#业内人士详解蒸汽球罐爆炸威力#据央视新闻报 道，截至1月20日，包钢板材厂爆炸事故已造成9人遇难、80余人受伤。当地新闻发布会通报，事故系炼 钢作业部一台650立方米饱和水、蒸汽球罐发生爆炸。1月21日，记者联系化工、冶金领域业内人士，从 设备工作原理入手，对蒸汽球罐爆炸为何威力巨大、波及范围广进行专业解读。1月19日，应急管理部 已派出工作组指导事故救援处置，国务院安委会决定对该起事故查处挂牌督办。（首席记者：闫沫琛 制作：罗伟伟） 转自：新京报我们视频 ...

Core Viewpoint - The explosion at Baogang Steel Plant has resulted in 9 fatalities and over 80 injuries, highlighting significant safety concerns in the steel manufacturing industry [1] Group 1: Incident Details - The explosion occurred in a 650 cubic meter saturated water and steam tank during steelmaking operations [1] - The incident has prompted the Ministry of Emergency Management to dispatch a working group to guide rescue and response efforts [1] - The State Council's Work Safety Committee has decided to oversee the investigation into the accident [1] Group 2: Industry Implications - The severity of the explosion raises questions about safety protocols and equipment reliability in the metallurgy sector [1] - Expert analysis indicates that the explosion's impact was extensive due to the operational principles of steam tanks [1]

Group 1 - The core viewpoint of the news highlights a significant increase in the rare earth permanent magnet sector, with the China Rare Earth Industry Index rising by 1.46% as of January 21, 2026, driven by price adjustments in rare earth concentrate [1] - Major rare earth companies, Northern Rare Earth and Baotou Steel, announced a price increase for rare earth concentrate to 26,834 yuan per ton (dry weight, REO=50%) for Q1 2026, marking the sixth consecutive price hike since Q3 2024 [1] - The Ministry of Industry and Information Technology and CITIC Securities predict that China's rare earth mining volume will reach 255,000 tons and the smelting and separation output will be 244,000 tons in 2023, with projections of 521,000 tons and 519,000 tons respectively by 2030 [1] Group 2 - Jianghai Securities emphasizes that despite current market focus on aluminum, tungsten, and tin, the core applications of rare earths in electric vehicles, wind power, and energy-efficient motors support long-term demand growth [2] - The penetration rate of high-performance neodymium-iron-boron materials in electric vehicle drive motors is increasing, with per vehicle usage significantly higher than traditional models, further enhancing the demand resilience for rare earth permanent magnet materials [2] - The top ten weighted stocks in the China Rare Earth Industry Index, including Northern Rare Earth and Xiamen Tungsten, account for 60.4% of the index as of December 31, 2025 [2]

宏观对话行业：地缘扰动下的周期品走势 20260120 摘要 美国战略重心转向美洲，强化"新门罗主义"，引发市场对地缘政治风 险的担忧，尤其是在委内瑞拉的军事行动和对格陵兰岛资源的争夺，可 能加剧国际紧张局势。 中国通过稀土、大豆等资源应对美国的技术封锁，提升了市场对其国家 治理能力的信心。同时，中国可深化"一带一路"倡议，以应对美国在 西半球的影响，并提升出口韧性。 中国出口目的地结构发生变化，对墨西哥出口贡献转负，但欧洲和非洲 国家成为新的增长点，新兴经济体的工业化需求支撑了中国出口韧性， 应淡化对美国市场需求的研究。 地缘政治扰动下，有色金属板块存在投资机会，包括类货币金属（如黄 金）和科技金属。黄金受益于去美元化和地缘政治紧张，科技金属受益 于 AI 和电能改造等新兴需求。 建议关注供给脆弱性叠加需求扩张周期的科技金属，如锡，其价格预计 将超过 50 万元以上，推荐阿尔法表现突出的企业，如新银锡、华锡有 色等。 Q&A 过去几年地缘政治局势的变化对全球市场产生了哪些影响？2026 年有哪些潜 在的风险点需要投资者关注？ 过去几年，尤其是 2025 年以来，地缘政治局势对全球市场产生了显著影响。 202 ...

021-60635736 zhaihepan@ccb.ccbfutures.com 期货从业资格号：F3033782 交易咨询证书号：Z0014484 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 交易咨询证书号： Z0023472 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 报告类型 钢材日评 日期 2025 年 1 月 21 日 黑色金属研究团队 研究员：翟贺攀 研究员：聂嘉怡 研究员：冯泽仁 请阅读正文后的声明 数据来源：上期所网站，建信期货研究发展部 1 月 20 日，螺纹钢、热卷期货主力合约 2605 连续第 2 个交易日震荡下滑。 | | 表2：1月20日黑色系期货持仓情况（单位：手、%） | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 合约 | 前 20 多头 持仓 | 前 20 空头 持仓 | 前 20 多头 持仓变化 | 前 20 空头 持仓变化 | 多空 对比 | 偏离度 | ...

2026 年 1 月 21 日 请务必阅读正文之后的免责条款部分 1 泰 君 安 期 货 研 究 所 螺纹钢：原料市场扰动，偏弱震荡 热轧卷板：原料市场扰动，偏弱震荡 李亚飞 投资咨询从业资格号：Z0021184 liyafei2@gtht.com 金园园（联系人） 期货从业资格号：F03134630 jinyuanyuan2@gtht.com 【基本面跟踪】 螺纹钢、热轧卷板基本面数据 | | | 昨日收盘价 （元/吨） | 涨跌 （元/吨） | 涨跌幅 （%） | | --- | --- | --- | --- | --- | | | RB2605 | 3,111 | -37 | -1.18 | | 期 货 | HC2605 | 3,276 | -32 | -0.97 | | | | 昨日成交 （手） | 昨日持仓 （手） | 持仓变动 （手） | | | RB2605 | 936,583 | 1,741,235 | 13,280 | | | HC2605 | 471,822 | 1,486,145 | -15,864 | | | | 昨日价格 （元/吨） | 前日价格 （元/吨） | 涨跌 （元/吨） ...

每日经济新闻 每经AI快讯，1月21日，稀土指数盘中上涨2.07%。成分股中，包钢股份涨超4%，中稀有色上涨 3.62%，厦门钨业上涨2.22%，中国稀土上涨1.72%，盛和资源上涨1.38%。 ...

沪深两市数据显示，1月20日，融资净买入前十的股票分别为： 浙文互联（2.65亿元）、 人民网（2.21 亿元）、 紫金矿业（2.14亿元）、 贵州茅台（1.95亿元）、 上海电力（1.63亿元）、 国电南瑞（1.52亿 元）、 航天电子（1.48亿元）、 中国电建（1.40亿元）、 长电科技（1.31亿元）、 包钢股份（1.28亿 元）。 ...

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - The overall sentiment in the commodity market has fluctuated. The bullish sentiment in commodities is expected to continue, mainly centered around precious metals and non - ferrous metals. Other sectors are more affected by the spill - over of market sentiment, and the scope of sentiment radiation may shrink in the short term [8]. - The prices of steel products are in a weak oscillation at the bottom. The supply of hot - rolled coils may contract in the short term, and the overall supply - demand of rebar is neutral. The actual terminal demand for steel is still weak, and attention should be paid to the inventory reduction progress of hot - rolled coils and relevant policies [2]. - The price of iron ore may adjust at a high level and fluctuate weakly in the short term. Attention should be paid to steel mills' restocking and molten iron production rhythm [5]. - The prices of ferrosilicon and ferromanganese are mainly affected by market sentiment and cost factors. The supply - demand pattern of ferromanganese is not ideal, while that of ferrosilicon is basically balanced [8][9]. - The prices of coking coal and coke are expected to oscillate strongly. Attention should be paid to the short - term impact of market sentiment and high - volatility risks [14]. - The price of industrial silicon may oscillate repeatedly. Attention should be paid to the implementation of production reduction by large factories and the production adjustment rhythm of downstream enterprises [17]. - The price of polysilicon is expected to fluctuate in the short term. Attention should be paid to spot transactions and new changes in exchange risk - control measures [20]. - The glass market is expected to oscillate widely, and the soda ash market will continue to be weakly sorted out. Attention should be paid to the supply - demand situation of both [23][25]. 3. Summary by Category Steel - **Market Quotes**: The total price of steel is 3170 yuan/ton, a decrease of 10 yuan/ton compared with the previous period. The closing price of the main hot - rolled coil contract is 3276 yuan/ton, a decrease of 23 yuan/ton (- 0.69%) from the previous trading day. The registered warehouse receipts are 190,202 tons, a decrease of 4160 tons compared with the previous period. The main contract position is 1.4861 million lots, a decrease of 15,864 lots compared with the previous period [2]. - **Strategy Viewpoints**: The steel price is in a weak oscillation at the bottom. The explosion accident at Baogang may lead to a short - term decline in the start - up rate of steel mills in some areas and support the price of hot - rolled coils. The actual terminal demand for steel is weak, and attention should be paid to inventory reduction and policies [2]. Iron Ore - **Market Quotes**: The main iron ore contract (I2605) closed at 789.50 yuan/ton, with a change of - 0.57% (- 4.50). The position changed by - 29,929 lots to 586,400 lots. The weighted position of iron ore is 944,700 lots. The spot price of PB powder at Qingdao Port is 799 yuan/wet ton, with a basis of 59.48 yuan/ton and a basis rate of 7.01% [4]. - **Strategy Viewpoints**: The overseas iron ore shipment volume continues to decline, the molten iron output decreases, and the port inventory accumulates. The iron ore price may adjust at a high level and fluctuate weakly in the short term. Attention should be paid to steel mills' restocking and molten iron production rhythm [5]. Ferrosilicon and Ferromanganese - **Market Quotes**: On January 20, the main ferromanganese contract (SM603) continued to fall, closing at 5760 yuan/ton. The main ferrosilicon contract (SF603) rebounded after reaching the bottom, closing at 5552 yuan/ton [7]. - **Strategy Viewpoints**: The bullish sentiment in commodities will continue, but the main line is still precious metals and non - ferrous metals. The supply - demand pattern of ferromanganese is not ideal, while that of ferrosilicon is basically balanced. Attention should be paid to the cost push of manganese ore and the supply contraction of ferrosilicon [8][9]. Coking Coal and Coke - **Market Quotes**: On January 20, the main coking coal contract (JM2605) fell 4.30%, closing at 1124.0 yuan/ton. The main coke contract (J2605) fell 2.76%, closing at 1673.5 yuan/ton [11]. - **Strategy Viewpoints**: The prices of coking coal and coke oscillated and fell last week, mainly due to the decline in market sentiment. The supply - demand structure is relatively balanced, and the prices are expected to oscillate strongly. Attention should be paid to short - term market sentiment and high - volatility risks [13][14]. Industrial Silicon and Polysilicon - **Market Quotes**: The main industrial silicon contract (SI2605) closed at 8745 yuan/ton, a decrease of 1.13% (- 100). The main polysilicon contract (PS2605) closed at 50,700 yuan/ton, an increase of 0.39% (+ 195) [16][18]. - **Strategy Viewpoints**: The price of industrial silicon may oscillate repeatedly. Attention should be paid to the implementation of production reduction by large factories and the production adjustment rhythm of downstream enterprises. The price of polysilicon is expected to fluctuate in the short term. Attention should be paid to spot transactions and new changes in exchange risk - control measures [17][20]. Glass and Soda Ash - **Market Quotes**: The main glass contract closed at 1056 yuan/ton on Tuesday afternoon, a decrease of 1.31% (- 14). The main soda ash contract closed at 1177 yuan/ton, a decrease of 1.26% (- 15) [22][24]. - **Strategy Viewpoints**: The glass market is expected to oscillate widely, and the soda ash market will continue to be weakly sorted out. Attention should be paid to the supply - demand situation of both [23][25].