Report Industry Investment Ratings No information about industry investment ratings is provided in the reports. Core Views Tin - Short - term tin prices are highly volatile due to market sentiment, so cautious participation is advised. In the medium - to - long - term, the supply side is gradually recovering, but considering the low elasticity of the supply side and the long - term narrative of the AI arms race, a low - buying strategy for tin prices is recommended [2]. Industrial Silicon - The spot price of industrial silicon is stable, and the futures price fluctuates, rising after a decline. The production in January and February is expected to decrease. The demand side is likely to decline slightly in January. The price of industrial silicon is expected to fluctuate, with the main price range between 8200 - 9200 yuan/ton. Attention should be paid to the changes in production on the demand side [3]. Polysilicon - The average spot price of polysilicon and the price of silicon wafers have declined. The demand expectation has improved, and component production may increase slightly, which is conducive to inventory digestion. However, polysilicon and silicon wafer prices are under pressure due to high inventory. The monthly average production in the first quarter is expected to drop to about 80,000 tons. The price may be supported at the 48,000 yuan/ton level, and even at 45,000 yuan/ton considering full - cost support [4]. Copper - Market speculative sentiment has eased, and copper prices fluctuated. Geopolitical factors affect market expectations of copper tariffs. The global visible inventory has reached a high level in recent years, and the return of COMEX copper inventory may ease the supply pressure in non - US regions. In the short term, copper prices may return to fundamental pricing, and in the long term, the price bottom center is expected to gradually rise. Attention should be paid to the CL premium and LME inventory changes, with support at 97500 - 98500 [5]. Zinc - Market speculative sentiment has eased, and zinc prices adjusted. The shortage of zinc ore supports prices, and the import window for zinc ore has opened. The supply pressure of refined zinc has been relieved. High zinc prices have suppressed demand, and the downstream operating rate has weakened. Zinc prices are expected to fluctuate in the short term, with support around 23,800. Attention should be paid to zinc ore TC and refined zinc inventory changes [9]. Aluminum - The alumina market showed a weak and volatile trend, with an oversupply situation. Alumina prices are expected to fluctuate widely around the industry's cash - cost line, with the main contract reference range of 2600 - 2900 yuan/ton. The aluminum market is in a high - level volatile pattern. Although macro and policy expectations are positive, the fundamentals are under pressure, with supply increasing and demand being suppressed. Aluminum prices are expected to remain volatile at a high level in the short term, with the main contract reference range of 23000 - 25000 yuan/ton [12]. Nickel - The nickel futures market was volatile. Macro factors and the situation of Indonesian nickel ore quotas affect the market. The overall spot transaction of refined nickel is average. The prices of nickel ore and nickel iron have increased. The demand for stainless steel in the off - season is weak, and the market cost is relatively limited. The inventory pressure has increased. The nickel price is expected to fluctuate widely, with the main contract reference range of 138000 - 148000 [13]. Aluminum Alloy - Cast aluminum alloy prices fluctuated at a high level, with cost being the main driving factor. The supply of scrap aluminum is still tight, and the fundamentals show a situation of weak supply and demand in the off - season. The social inventory has decreased slightly. The ADC12 price is expected to continue the high - level volatile pattern in the short term, with the main contract reference range of 22000 - 23500 yuan/ton [15]. Stainless Steel - Stainless steel prices showed a narrow - range fluctuation and then a late - session rally. Macro factors and raw material supply expectations affect the market. The raw material prices are expected to rise, the supply is relatively loose, and the demand is weak. The social inventory is decreasing, but the demand in the off - season is still insufficient. Stainless steel prices are expected to be strongly volatile in the short term, with the main contract reference range of 14200 - 15000 [16]. Lithium Carbonate - Lithium carbonate futures prices rose sharply. News about lithium concentrate auctions and mine supply fluctuations affected the market sentiment. The production is slightly increasing, and the supply is expected to decline during the pre - holiday maintenance period. The downstream demand shows certain resilience. Social inventory decreased last week. Lithium carbonate prices are expected to be strongly volatile in the short term, but chasing the rise requires attention to volatility and liquidity risks [20]. Summary by Directory Tin - **Spot Price and Basis**: SMM 1 tin rose 0.22% to 395,750 yuan/ton, and the LME 0 - 3 premium increased 14.82% to - 92.00 dollars/ton. The import loss was - 7117.93 yuan/ton, a decrease of 1.99% [2]. - **Monthly Fundamental Data**: In December, tin ore imports increased 16.81% to 17,637 tons, SMM refined tin production decreased 0.06% to 15,950 tons, and refined tin exports increased 41.84% to 2763 tons [2]. - **Inventory Changes**: SHEF inventory increased 37.69% to 9549.0 tons, and social inventory increased 36.07% to 10,175.0 tons [2]. Industrial Silicon - **Spot Price and Basis of Main Contracts**: The price of East China oxygen - passing SI5530 industrial silicon remained unchanged at 9250 yuan/ton, and the basis decreased 6.93% [3]. - **Monthly Fundamental Data**: National industrial silicon production decreased 1.15% to 39.71 million tons, and Xinjiang's production increased 6.46% to 25.29 million tons. The national operating rate decreased 0.35% to 64.59% [3]. - **Inventory Changes**: Xinjiang's factory - warehouse inventory increased 2.91% to 14.83 million tons, and social inventory increased 0.54% to 55.50 million tons [3]. Polysilicon - **Spot Price and Basis**: The average price of N - type granular silicon decreased 7.34% to 50,500 yuan/ton, and the N - type material basis increased 5.49% [4]. - **Monthly Fundamental Data**: Polysilicon production increased 0.79% to 11.55 million tons, and silicon wafer production decreased 19.26% to 43.90 million tons [4]. - **Inventory Changes**: Silicon wafer inventory decreased 5.53% to 24.78 million tons, and polysilicon warehouse receipts increased 1.54% to 4620.00 [4]. Copper - **Price and Basis**: SMM 1 electrolytic copper decreased 0.66% to 100,060 yuan/ton, and the LME 0 - 3 increased to 101.84 dollars/ton [5]. - **Fundamental Data**: In December, electrolytic copper production increased 6.80% to 117.81 million tons, and imports decreased 4.02% to 26.02 million tons. The domestic mainstream port copper concentrate inventory increased 7.81% to 69.04 million tons [5]. - **Inventory Changes**: Domestic social inventory increased 12.27% to 32.94 million tons, and SHFE inventory increased 18.26% to 21.35 million tons [5]. Zinc - **Price and Basis**: SMM 0 zinc ingot decreased 0.53% to 24,210 yuan/ton, and the import loss decreased to - 1851 yuan/ton [9]. - **Fundamental Data**: In December, refined zinc production decreased 7.24% to 55.21 million tons, and imports decreased 51.94% to 0.88 million tons [9]. - **Inventory Changes**: China's seven - region zinc ingot social inventory increased 3.13% to 12.20 million tons, and LME inventory decreased 0.40% to 11.2 million tons [9]. Aluminum - **Price and Spread**: SMM A00 aluminum increased 0.13% to 23,710 yuan/ton, and the alumina (Shandong) average price decreased 0.19% to 2560 yuan/ton [12]. - **Fundamental Data**: In December, alumina production decreased 1.08% to 743.94 million tons, and domestic electrolytic aluminum production decreased 3.97% to 363.66 million tons [12]. - **Inventory Changes**: China's electrolytic aluminum social inventory increased 2.60% to 74.90 million tons, and LME inventory increased 5.01% to 50.7 million tons [12]. Nickel - **Price and Basis**: SMM 1 electrolytic nickel decreased 0.99% to 144,900 yuan/ton, and the LME 0 - 3 decreased 2.15% to - 200 dollars/ton [13]. - **Cost and New - Energy Material Prices**: The cost of integrated MHP to produce electrowon nickel increased 1.09% to 112,237 yuan/ton, and the average price of battery - grade nickel sulfate decreased 0.22% to 33,375 yuan/ton [13]. - **Supply - Demand and Inventory**: China's refined nickel production increased 26.10% to 31,400 tons, and SHFE inventory increased 3.28% to 48,180 tons [13]. Aluminum Alloy - **Price and Spread**: The price of SMM aluminum alloy ADC12 remained unchanged at 23,850 yuan/ton, and the Foshan crushed primary aluminum scrap price difference increased 0.80% to 2509 yuan/ton [15]. - **Fundamental Data**: In December, the production of recycled aluminum alloy ingots decreased 6.16% to 64.00 million tons, and the production of primary aluminum alloy ingots increased 0.46% to 30.41 million tons [15]. - **Inventory Changes**: The weekly social inventory of recycled aluminum alloy ingots decreased 1.41% to 4.89 million tons [15]. Stainless Steel - **Price and Basis**: The price of 304/2B (Wuxi Hongwang 2.0 coil) increased 1.40% to 14,500 yuan/ton, and the price of Philippine laterite nickel ore 1.5% (CIF) increased 0.89% to 51 dollars/wet ton [16]. - **Fundamental Data**: China's 300 - series stainless steel crude steel production increased 0.92% to 176.32 million tons, and stainless steel imports increased 29.32% to 14.50 million tons [16]. - **Inventory Changes**: The 300 - series social inventory (Wuxi + Foshan) decreased 1.47% to 45.07 million tons [16]. Lithium Carbonate - **Price and Basis**: The average price of SMM battery - grade lithium carbonate increased 3.93% to 158,500 yuan/ton, and the average price of lithium spodumene concentrate CIF increased 2.52% to 2035 dollars/ton [20]. - **Fundamental Data**: In December, lithium carbonate production increased 4.04% to 99,200 tons, and demand decreased 2.50% to 130,118 tons [20]. - **Inventory Changes**: In December, lithium carbonate total inventory decreased 12.23% to 56,664 tons, and downstream inventory decreased 7.21% to 38,998 tons [20].

Group 1 - The Hong Kong stock market has been lagging behind the A-share market since December, primarily due to structural differences and varying funding environments [1] - The current market hotspots in A-shares, such as artificial intelligence and commercial aerospace, have strong representation and high capital concentration, while Hong Kong stocks are dominated by internet giants, biomedicine, and high-dividend financial real estate [1] - The liquidity environment is more favorable for A-shares, driven by domestic capital, while Hong Kong's offshore market relies heavily on global capital flows, particularly from the US [1] Group 2 - Future opportunities for the Hong Kong market may depend on key "trigger points," including the expansion and rotation of market hotspots from A-shares to Hong Kong's unique assets [2] - Changes in the funding landscape, particularly regarding the Federal Reserve's monetary policy and the trend of southbound capital inflows, could significantly impact Hong Kong stocks [2] - Positive surprises in economic data could lead to substantial revisions in market expectations, benefiting both A-shares and Hong Kong stocks, with the latter potentially showing greater rebound elasticity due to previous declines [3] Group 3 - Recent positive changes in the funding and fundamental outlook for the Hong Kong market suggest potential opportunities in core assets, including the Hang Seng Tech Index ETF, which covers internet, hard tech, and new energy vehicles [4] - The Hong Kong Stock Connect Tech ETF offers higher sharpness by reducing retail and automotive exposure while increasing biopharmaceutical allocations [4] - The Hang Seng Internet ETF focuses on software applications and internet media, with significant weight in Alibaba, Tencent, and Meituan, while the Hang Seng Pharma ETF targets innovative drugs and CXO leaders, currently characterized by low valuations and low crowding [4]

贵金属日报 2026-01-22 贵金属 贵金属研究 图 1：金银重点数据汇总 | 金银重点数据汇总 | | 单位 | 2026-01-21 2026-01-20 | | | 日度变化 日度涨跌幅 近一年历史分位数 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 黄金 | | COMEX报告区间为: | 2026-01-21 2026-01-20 | | | | | | 收盘价（活跃合约） | | 美元/盎司 | #N/A | 4769.10 | #N/A | #N/A | #N/A | | 成交量 | | 万手 | #N/A | 40.64 | #N/A | #N/A | #N/A | | COMEX黄金 | 持仓量（CFTC最新报告期：周) 万手 | | 52.75 | 48.81 | 上涨 | 8.06% | 86.79% | | 库存 | | 吨 | 1124 | 1124 | 上涨 | 0.02% | 11.50% | | LBMA黄金 收盘价 | | 美元/盎司 | 4866.50 | 4747.80 | 上涨 | 2.50% | 9 ...

中新网1月22日电据美国消费者新闻与商业频道(CNBC)报道，当地时间21日，美国总统特朗普在瑞士达 沃斯接受采访时，再次批评美联储主席鲍威尔"做得并不好"，并暗示已决定下一任美联储主席人选。 另一方面，特朗普对美联储新主席人选的考察已接近尾声。他表示，美联储新主席人选"或许就只剩一 个了。"不过，特朗普并未透露具体是谁。 据此前报道，特朗普自开启第二任期以来，一直敦促美联储降息。此前，白宫以及特朗普政府内阁官员 以美联储总部大楼翻新工程严重超预算为由，多次施压鲍威尔。鲍威尔的美联储主席任期将于5月届 满。 （文章来源：中国新闻网） 据报道，特朗普说，他不在乎鲍威尔是否在任期结束后继续留任。特朗普同时表示，"我觉得他应该离 开这里。他做得并不好。" 报道称，鲍威尔将于5月卸任主席一职，但美联储理事任期仍剩余两年，其仍能继续在货币政策和利率 方面发挥影响力。 谈及美联储大楼翻新工程的成本超支，特朗普评价鲍威尔称，"他要么是能力不足，要么就是心怀不 轨。" ...

Core Viewpoint - The U.S. stock market experienced a significant rebound, with major indices rising after President Trump's signals to ease tensions regarding Greenland and tariffs, reversing a previous sell-off triggered by geopolitical risks [1][10]. Group 1: Stock Market Performance - On January 21, U.S. stock indices collectively rose, with the Dow Jones up 1.21%, Nasdaq up 1.18%, and S&P 500 up 1.16%, marking the largest single-day gain since November of the previous year [1]. - Major technology stocks saw gains, with SanDisk rising over 10% and Intel increasing nearly 12%. Other notable performers included Western Digital up over 8%, Micron Technology up over 6%, and Nvidia and Tesla both up nearly 3% [3]. Group 2: Bond and Commodity Markets - The yield on 10-year U.S. Treasury bonds fell by 4.7 basis points, while the 30-year yield decreased by 5 basis points, indicating reduced pressure on long-term U.S. debt [7]. - Gold prices briefly approached a historical high near $4,900 before retreating, ultimately closing up 1.2% around $4,800. In contrast, silver prices fell by 1.3% [7]. Group 3: Oil and Cryptocurrency Markets - International oil prices saw slight increases, with WTI crude oil futures closing at $60.62 per barrel, up 0.43%, and Brent crude oil futures at $65.24 per barrel, up 0.49% [8]. - Major cryptocurrencies experienced upward movement, with Bitcoin rising over 2% to surpass $90,000, and Ethereum also increasing by over 2% [8].

（文章来源：新华财经） 道富投资管理预计，美联储可能在2026年降息三次。 ...

Core Viewpoint - The CEO of Bank of New York Mellon stated that undermining the Federal Reserve's foundation is detrimental to the prospects of interest rate cuts [1] Group 1 - The CEO emphasized the importance of maintaining the credibility of the Federal Reserve in order to facilitate effective monetary policy [1] - The statement reflects concerns about the potential impact of political pressures on the Federal Reserve's decision-making process [1] - The CEO's comments suggest that a stable and respected Federal Reserve is crucial for economic stability and investor confidence [1]

Group 1 - The main driving factors behind the recent market rally are market liquidity and the growth of listed companies' profits [1] Group 2 - Market liquidity is influenced by the Federal Reserve's interest rate cuts, leading to global liquidity easing. Many small countries and certain small-scale metals have seen significant price increases due to abundant liquidity [2] - The Chinese yuan is also experiencing ample liquidity, with a large amount of deposits maturing in 2026, which may lead to a portion of these funds flowing into other financial assets, including stocks [3][4] - It is expected that 5%-10% of the maturing deposits may enter stock assets, contributing to a potential bull market for small-cap stocks [4] Group 3 - The profitability of listed companies is projected to recover in 2025, particularly in the technology sector, which is expected to lead the market [6] - Some sectors, such as dividend stocks, may see slight profit growth, while others, like consumer stocks, are still expected to decline in profitability [6]

道富投资管理：美联储可能在2026年降息三次。 来源：滚动播报 ...

如果美联储降息，美国2026年有可能实现6%的增长。 美国商务部长卢特尼克：美国第一季度经济增幅将超过5%。 ...