Group 1 - The A-share market continues to show a fluctuating and differentiated pattern, with total trading volume reaching 3.28 trillion yuan, marking the second consecutive trading day above 3 trillion yuan [1] - The precious metals sector has seen a surge due to multiple favorable factors, with international gold prices hitting a historical high, as both New York and London gold prices surpassed $5,100 per ounce [1] - Domestic gold jewelry prices have also reached historical highs, approaching 1,580 yuan per gram [1] Group 2 - Silver is experiencing accelerated growth due to its unique physical properties, becoming an essential raw material in solar photovoltaic, automotive and electric vehicles, data centers, and artificial intelligence sectors [1] - There has been a notable occurrence of large sell orders in core heavyweight stocks during the closing auction phase, with Zijin Mining seeing sell orders exceeding 4 billion yuan, and other companies like China Ping An and Jiangxi Copper also experiencing significant sell pressures [1] - This pattern of large sell orders in heavyweight stocks has been observed previously, indicating a trend in the financial, resource, and consumer sectors during periods of high market activity [2] Group 3 - Multiple brokerage reports suggest that despite a slowing market rhythm, the upward momentum in the A-share market is expected to continue, particularly as the annual performance forecasts of listed companies begin to be disclosed [2] - The focus on performance metrics is anticipated to become more pronounced with the simultaneous disclosure of financial results from North American tech giants [2]

今天有色板块集体大涨，金铜矿龙头站上万亿市值，股价大涨5.17%，银矿龙头 涨停，有色掀起涨停潮，矿业 etf(561330)大涨6.23%。 今天还有一波资金，突然疯抢石油类资产。 今天原油龙头大涨6.66%，市值同样破万亿人民币，石油产业链小公司也跟着大涨。 买石油类公司的资金，我认为有两部分： 1. 一部分是前期踏空了有色金属理论上，美元不断贬值，有色能源都 今天有色板块集体大涨，金铜矿龙头站上万亿市值，股价大涨5.17%，银矿龙头 涨停，有色掀起涨停潮，矿业 etf(561330)大涨6.23%。 今天还有一波资金，突然疯抢石油类资产。 今天原油龙头大涨6.66%，市值同样破万亿人民币，石油产业链小公司也跟着大涨。 买石油类公司的资金，我认为有两部分： 1. 一部分是前期踏空了有色金属理论上，美元不断贬值，有色能源都会受益。 其他的商品有色股普遍大涨，但因为通胀问题，特朗普一直压制油价。 美联储主席换届在今年5月份，美国今年中期选举时间在11月份，在5月到11月份这段时间，特朗普对油价的态度 可能会有一些变化。 2.对有色仓位的保护有色公司最怕的就是美元加息或者通胀预期抬升，油价如果大涨，会有可能减缓 ...

证券研究报告 东吴证券晨会纪要 东吴证券晨会纪要 2026-01-27 宏观策略 [Table_MacroStrategy] 宏观量化经济指数周报 20260126：二手房销售景气度明显回暖 2026 年"经济开门红"的可能性仍在提升 海外周报 20260126：海外宏观与交易复盘：特朗普再度"TACO"，金银 续创新高 核心观点：本周海外市场由特朗普针对格陵兰岛的关税威胁及其后 "TACO"行为、以及日本财政风波所主导，贵金属和大宗商品领涨，全 球股票、债券和美元指数表现不佳，其中美国一度遭遇股债汇三杀，随后 在特朗普"TACO"、以及延续稳健的美国经济数据后回暖。下周关注可 能公布的美联储主席人选，以及美国政府关门风波。我们认为，在中期选 举临近的当下，两党大概率将致力于避免政府停摆，且即使政府停摆，其 影响相较去年 11 月也更小。 金融产品周报 20260125：持续看多，关注周期行业的长期机会 市场行情展望：（2026.1.26-2026.1.30） 观点：持续看多，关注周期行业 的长期机会 1 月整体走势判断：2026 年 1 月，宏观择时模型的月度评 分是 0 分，历史上该分数万得全 A 指数后 ...

来源：光大证券微资讯 热点聚焦 1、隔夜，金、银在刷新历史高点后大幅回调。1月27日7:01，现货白银盘初涨1%，报104.7美元/盎司 （此前日内涨幅一度高达14%，最高触及117美元/盎司）。现货黄金涨0.3%，报5025美元/盎司（此前曾 上涨2.5%，最高报约5110美元/盎司）。 2、白宫宣布，因韩国国会迟迟未批准美韩贸易协议，他已决定将对韩国汽车、木材、制药产品以及其 他"对等关税"项目的税率从15%上调至25%。 3、隔夜，美股三大指数小幅收涨。纳斯达克中国金龙指数收跌0.62%。此前，美国稀土公司宣布，获 得美国政府16亿美元的资金支持，用于加速建设国内重稀土价值链。美股盘前，美国稀土公司股价一度 暴涨62%，随后涨幅收窄。英伟达与CoreWeave公司宣布扩大长期的互补合作关系，使CoreWeave能加 速到2030年建设超过5吉瓦的AI工厂，CoreWeave盘前股价一度拉涨9%。 4、哈萨克斯坦供应恢复抵消了美国暴风雪的影响，国际油价小幅下跌。而持续的严寒天气导致美国天 然气价格周一大幅上涨，主力期货合约一度突破7美元/百万英热，创下自2022年以来新高，最高涨幅达 39%，随后回落至约 ...

Core Insights - The report emphasizes the focus on service industry expansion in 2026, with a particular emphasis on telecommunications, healthcare, and education sectors, aiming for market access and openness [5][8] - The A-share market is experiencing slight fluctuations, with various sectors such as finance, pharmaceuticals, and non-ferrous metals showing strong performance, while aerospace and semiconductor sectors lag behind [9][10] - The report highlights the growth potential in the AI sector, with significant advancements expected from new models like DeepSeek V4, which could reshape the global AI competitive landscape [21][22] Market Performance - The A-share market indices showed slight declines, with the Shanghai Composite Index closing at 4,132.61, down 0.09%, and the Shenzhen Component Index at 14,316.64, down 0.85% [3] - International markets also faced declines, with the Dow Jones down 0.67% and the S&P 500 down 0.45% [4] Industry Analysis - The report discusses the performance of the agricultural sector, noting a weak fluctuation in pig prices, with an average price of 11.58 CNY/kg in December 2025, down 0.09% month-on-month and down 26.76% year-on-year [15][16] - The pet food export sector is highlighted for its growth, with December 2025 exports reaching 3.77 million tons, a year-on-year increase of 15.49% [15] - The report also covers the new energy vehicle market, which saw production and sales reach 1.662 million units in 2025, reflecting a year-on-year growth of 29% [26] Investment Recommendations - The report suggests a "stronger than market" investment rating for the AI sector, particularly focusing on companies that can leverage advancements in AI technology and cloud services [23] - In the automotive sector, the report recommends focusing on smart driving technologies and the integration of robotics, as these areas are expected to see significant growth [27] - The electrical equipment sector is advised to focus on companies that can benefit from the substantial investment planned by the State Grid, which is expected to reach 4 trillion CNY during the 14th Five-Year Plan [28][31]

Core Insights - The report emphasizes the steady growth of the postal industry, with a total delivery volume of 2,165.1 billion pieces in 2025, marking an 11.8% year-on-year increase, and express delivery volume reaching 1,989.5 billion pieces, up 13.6% year-on-year [15][14] - The social service sector has shown a 4.78% increase in the last two trading weeks, ranking 8th among 31 industries, with expectations for continued growth in consumer spending driven by various policies [8][12] - The logistics sector is experiencing structural optimization, with the national postal bureau reporting robust growth in the industry, while the airline sector sees a slight decrease in average ticket prices compared to 2019 due to timing issues [15][14] Market Performance - The Shanghai Composite Index closed at 4,132.61, down 0.09%, while the Shenzhen Component Index fell by 0.85% to 14,316.64 [1] - The social service sector outperformed the CSI 300 index by 5.97 percentage points, indicating strong relative performance [9][8] Industry Dynamics - The report highlights the successful first flight of a 500kg tilt-rotor drone, indicating advancements in the low-altitude economy and the potential for eVTOL applications [15][14] - The report notes a general decline in freight rates for major shipping routes due to geopolitical tensions affecting demand [15][14] Investment Recommendations - The report suggests focusing on companies with strong earnings growth certainty in the travel chain and related industries, such as Tongcheng Travel and Huangshan Tourism [12] - It also recommends monitoring opportunities in the express logistics sector, particularly for companies like SF Express and Jitu Express, as well as in the airline industry due to increased demand during the Spring Festival [17][12]

Group 1 - Zijin Mining announced a plan to acquire Allied Gold Corporation at a price of CAD 44 per share, totaling approximately CAD 5.5 billion (around RMB 28 billion) [1] - Allied Gold Corporation, headquartered in Canada, has core assets including the Sadiola gold mine in Mali and the Côte d'Ivoire gold complex, with a projected gold production increase to 25 tons by 2029 [3] - The acquisition price represents a premium of approximately 5.39% over the closing price on January 23, 2026, and an 18.95% premium over the weighted average price of the previous 20 trading days [3] Group 2 - On the announcement day, Zijin Mining's stock price reached a historical high, with the total market capitalization exceeding RMB 1 trillion [4] - The market is experiencing a cooling effect, with significant sell orders observed in multiple heavyweight stocks, including Zijin Mining, indicating a shift from a bullish to a more volatile market environment [6]

记者丨 叶映橙 见习记者林健民 编辑丨 张嘉钰 1月26日盘后，紫金矿业最新公告称，公司控股的紫金黄金国际有限公司拟以44加元/股的价 格，收购在多伦多证券交易所和纽约证券交易所两地上市的Allied Gold Corporation全部已发 行的普通股，收购对价共计约55亿加元（约合人民币280亿元）。 据悉，联合黄金是一家总部位于加拿大的黄金矿业公司，于2023年9月在多伦多证券交易所上 市，2025年6月在纽约证券交易所上市，证券代码为AAUC。联合黄金的核心资产包括在产的 马里Sadiola金矿、科特迪瓦金矿综合体（含Bonikro和Agbaou金矿），以及将于2026年下半 年建成投产的埃塞俄比亚Kurmuk金矿。 截至2024年底，联合黄金拥有金资源量533吨，平均品位1.48克/吨；联合黄金2023、2024年分 别产金10.7吨、11.1吨；预计2025年产金11.7~12.4吨；依托Sadiola项目改扩建及Kurmuk项目 建成投产，预计2029年产金将提升至25吨。 紫金矿业表示，以联合黄金在多伦多证券交易所的股价为测算基础，本次收购价格较协议签署 前1个交易日（2026年1月23日）收 ...

证券日报网讯 1月26日，中国中免在互动平台回答投资者提问时表示，公司为上海和香港两地上市公 司，总市值为两地市值加总。 （文章来源：证券日报） ...

Group 1 - The Ministry of Commerce will optimize the implementation of the old-for-new consumption policy to promote the consumption of durable goods such as automobiles and home appliances in 2026 [1] - The Ministry will focus on expanding market access in the service sector and will promote pilot projects in telecommunications, healthcare, and education [1] Group 2 - The Shanghai Futures Exchange has implemented measures to cool down the market by adjusting trading limits and margin requirements for silver, tin, and copper futures [2] - The exchange aims to maintain trading order and combat violations in response to strong market sentiment in precious and non-ferrous metals [2] Group 3 - In January 2026, a total of 177 domestic online games were approved, including titles from Beiwai Technology and Sanqi Interactive Entertainment [3] Group 4 - The People's Bank of China emphasized the need to innovate and enrich policy tools to maintain the stability of financial markets and the overall financial system [4] - The central bank will enhance policies for cross-border use of the RMB and promote trade facilitation [4] Group 5 - Guoxing Aerospace revealed its "Star Computing" plan, which includes a network of 2,400 inference satellites and 400 training satellites aimed at achieving significant computational power [5] - The plan targets a total of 100,000 P-level inference computing power and 1,000,000 P-level training computing power [5] Group 6 - A mysterious fund has placed significant sell orders on multiple stocks, including Zijin Mining and China Ping An, indicating ongoing market pressure [6][7] - The sell orders have been noted as the third instance of such activity within 20 days, suggesting a trend of market manipulation [7] Group 7 - Major ETFs in the A-share market have seen a significant reduction in shares, with the average decrease for large-scale ETFs reaching 27.24% over seven trading days [8] - The CSI 1000 ETFs have experienced even more drastic declines, with some funds losing over 50% of their shares [8] Group 8 - The Hong Kong Monetary Authority announced an increase in the total quota for RMB business funding arrangements from 100 billion to 200 billion RMB, effective February 2 [10] Group 9 - The C919 aircraft production is accelerating, with a target of delivering at least 28 aircraft in 2026, potentially achieving a production rate of one aircraft every 10 to 15 days [12] - The domestic commercial aircraft production and the self-sufficiency of aviation engines are expected to drive growth in the aerospace sector [12] Group 10 - Longyuan Donggu has received a notification for a project with a total sales amount expected to be between 2.2 billion and 3 billion RMB [18] - Several companies, including Jinfei Kaida and Shankai Intelligent, have secured significant project notifications, indicating positive business developments [18]