Report Industry Investment Rating - Not provided Core Viewpoints - The price of finished products is expected to move downward with a weak trend and fluctuate and consolidate. The price of aluminum ingots is expected to fluctuate in the short - term, and attention should be paid to macro - sentiment [1][2][3] Summary by Related Catalogs Finished Products - Yunnan and Guizhou short - process construction steel enterprises will stop production for maintenance from mid - January, and resume production around the 11th to 16th day of the first lunar month, affecting 741,000 tons of construction steel output. In Anhui, 1 out of 6 short - process steel mills stopped production on January 5, and most others will stop around mid - January, with a daily output impact of about 16,200 tons [2] - From December 30, 2024, to January 5, 2025, the transaction area of newly built commercial housing in 10 key cities was 2.234 million square meters, a 40.3% decrease from the previous period and a 43.2% increase year - on - year [2] - Finished products continued to decline yesterday, reaching a new low. In the pattern of weak supply and demand, the market sentiment is pessimistic, and the price center continues to move down. This year's winter storage is sluggish, providing weak price support [2] Aluminum Ingots - Last week, Shanghai aluminum pulled back from its high. The US threat to impose tariffs on countries involved in Iranian trade will disrupt global trade flows and suppress risk appetite. The central bank carried out reverse repurchases to supplement liquidity, alleviating the panic in the domestic commodity market [2] - Domestically, Shanxi's bauxite production has resumed actively, with sufficient supply and falling prices. For imported ore, the intended transaction price has decreased, and the market is quiet. Some alumina plants are cautious in purchasing [2] - In January, China's electrolytic aluminum output increased by 2.7% year - on - year and 0.5% month - on - month. Last week, the comprehensive aluminum processing operating rate was 57.9%, a 1.5 - percentage - point decrease from the previous week, with significant differentiation among sectors [2] - The operating rate of leading aluminum plate and strip enterprises rose to 66.0%, but will decline after the completion of pre - holiday stocking. The operating rate of leading aluminum foil enterprises rose to 71.4% and will maintain a high level. The operating rate of aluminum cables dropped to 58% and will further decline. The operating rate of aluminum profiles dropped to 36.0%, but the demand for photovoltaic profiles is strong [2] - As of February 9, the social inventory of aluminum ingots reached 857,000 tons, a 40,000 - ton increase from last Monday. As the price drops, attention should be paid to downstream feedback, but it is expected that there will be no obvious improvement before the Spring Festival [2] Market as a Whole - Short - term market sentiment has eased, the linkage between precious metals and non - ferrous metals is still strong, and market trading sentiment is cautious. Prices are expected to fluctuate in the short term, and attention should be paid to macro - expectations, geopolitical crises, mine resumption, and consumption release [3]

【环球网报道 记者 张倩】据英国《卫报》、美国广播公司（ABC）报道，美国自由式滑雪老将亨特·赫斯近日在2026年米兰-科尔蒂纳冬奥会开幕式前的 一场新闻发布会上表示，当下代表美国参加冬奥会让自己"情绪复杂"，并坦言"有些艰难"。美国总统特朗普8日对此作出回应，指责赫斯是"真正的失败 者"，并对其在发布会上的言论表示不满。 《卫报》称，赫斯6日在新闻发布会上被问及，在当前美国国内形势背景下——包括美国移民与海关执法局（ICE）在明尼苏达州的移民执法行动及多起 地缘政治危机——代表美国参加奥运会有何感受。 赫斯表示，"显然现在发生了很多我并不完全认同的事，我想很多人也是如此。对我来说，我更多的是代表家乡的朋友和家人，代表那些在我之前代表这 个国家的人，以及我所认同的美国积极的一面。""我身披国旗，并不意味着我代表美国正在发生的一切"。 报道称，特朗普对赫斯这番言论明确表达不满，将其解读为赫斯"声称自己不是代表他的国家参加本届冬奥会"。特朗普在其社交媒体上发文称，"如果是 这样，他就不该参加国家队选拔，很遗憾他进了队。很难为这样的人加油"。 这一事件在社交媒体上引发网友争议。有美国网友表示："对于此刻代表美国参赛 ...

Report Industry Investment Rating - Not provided Core Viewpoints - The finished products are expected to move in a volatile and consolidating manner, with the price center shifting downward and showing weak performance. The aluminum ingot price is expected to experience a short - term weak callback, and the short - term market fluctuates sharply [1][2][3] Summary by Related Content Finished Products - Yungui region's short - process construction steel producers will stop production for maintenance from mid - January, and resume production around the 11th to 16th day of the first lunar month. The total output of construction steel is expected to be affected by 741,000 tons during this period. Six short - process steel mills in Anhui, one stopped on January 5th, most will stop in mid - January, and a few after January 20th. The daily output is expected to be affected by 16,200 tons [1] - From December 30, 2024, to January 5, 2025, the total transaction area of newly - built commercial housing in 10 key cities was 2.234 million square meters, a 40.3% decrease from the previous period and a 43.2% increase year - on - year [2] - The finished products continued to decline yesterday, reaching a new low. In the context of weak supply and demand, the market sentiment is pessimistic, the price center continues to shift downward. The winter storage is sluggish this year, providing weak support for prices [2] Aluminum Ingots - The sharp decline of Shanghai Aluminum was due to the selling of precious metals, triggering risk - aversion sentiment. The market's expectation of loose liquidity was disappointed, and funds fled from risk assets such as commodities. The previous large increase in the non - ferrous metal sector led to profit - taking, intensifying the downward pressure on prices [1] - In January 2026, the domestic electrolytic aluminum output increased by 2.7% year - on - year and 0.5% month - on - month. In February, it is expected to decrease month - on - month due to fewer natural days. Some new electrolytic aluminum projects are expected to be put into production stably [2] - As the Spring Festival approaches, the downstream demand for raw materials weakens, and the high aluminum price suppresses demand. The enterprise's willingness to cast ingots increases significantly, and the proportion of molten aluminum is expected to drop sharply [2] - Last week, the comprehensive operating rate of aluminum processing was 59.4%, a 1.5 - percentage - point decline from the previous week, showing characteristics of "accelerated seasonal decline and deepened high - price suppression effect". Most sub - sectors' operating rates decreased, and the industry is quickly entering the Spring Festival off - season [2] - As of January 29, the national social inventory of aluminum ingots has reached 782,000 tons, an increase of 330,000 tons compared with the same period in 2025 [2] Later Concerns - For finished products, the concerns are macro - policies and downstream demand [2] - For aluminum ingots, the concerns are changes in macro - expectations, the development of geopolitical crises, the resumption of production at the mine end, and the release of consumption [3]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：金十数据 对于志在必得的共和党竞选团队来说，特朗普似乎总是拿不到"经济剧本"的正确打开方式。 白宫内部人士透露，幕僚和盟友们心知肚明：如果特朗普不能在接下来的几个月里聚焦生活成本这一核 心议题，共和党极有可能在今年11月的中期选举中丢掉对国会的控制权。 然而，让这位总统保持专注却成了一项不可能完成的任务。特朗普不仅习惯性"跑题"，对糟糕的民调数 据恼羞成怒，还极易被那些看似光鲜亮丽的所谓"外交胜利"分散注意力。随着中期选举密集竞选日程的 开启，他的团队必须尽快修正这一航向，向选民证明：总统真的很在乎他们的钱袋子。 目前，特朗普的注意力似乎都在别处：袭击委内瑞拉、收购格陵兰岛的野心，以及近期明尼苏达州对其 移民政策的强烈反弹。尽管白宫发言人坚称总统兑现了"修复经济"的承诺，强调通胀降温、GDP加速和 边境封锁，但外界对此并不买账。 一系列民调数据让共和党盟友感到焦虑。最新的《纽约时报》/锡耶纳学院民调显示，51%的受访者认 为特朗普的政策让生活负担加重，只有24%的人持相反观点。 特朗普团队希望他能以此为核心进行巡回演讲。白宫幕僚长 ...

1. Report Industry Investment Rating - Not provided in the content 2. Core Views - The price of steel products is expected to move in a range-bound manner, with its focus shifting downwards and showing a weak performance [1][3] - The price of aluminum ingots is expected to fluctuate at a high level in the short - term, and attention should be paid to macro - sentiment and mining - end news [4] 3. Summary by Relevant Content Steel Products - **Production Impact**: Yunnan and Guizhou short - process construction steel producers will halt production from mid - to late January and resume around the 11th to 16th day of the first lunar month, affecting 741,000 tons of output. In Anhui, 6 short - process steel mills, 1 stopped on January 5, most will stop in mid - January, and some after January 20, with a daily output impact of about 16,200 tons [2][3] - **Market Transaction**: From December 30, 2024, to January 5, 2025, the total transaction area of newly built commercial housing in 10 key cities was 2.234 million square meters, a 40.3% week - on - week decrease and a 43.2% year - on - year increase [3] - **Market Situation**: Steel products continued to decline yesterday, hitting a new low. In a weak supply - demand situation, market sentiment is pessimistic, and winter storage is sluggish, providing little price support [3] - **Later Concerns**: Macro policies and downstream demand [3] Aluminum Products - **Macro Factors**: The market expects the Fed to keep interest rates unchanged this week, but news of Powell's successor may impact the market [2] - **Raw Material Supply**: Some northern mining areas have reduced production due to weather. In Henan, bauxite mining in Xin'an stopped last weekend and is resuming, with an 80% drop in supply due to transportation issues. Southern domestic mines are stable, and domestic ore prices are expected to remain stable [3] - **Production Situation**: Domestic and Indonesian electrolytic aluminum projects are ramping up, and daily output is rising. The overall aluminum processing start - up rate was 60.9% last week, up 0.7 percentage points. Different sub - industries have different situations, with some affected by environmental protection, weather, and market demand [3] - **Inventory**: On January 26, the inventory of electrolytic aluminum ingots in major consumption areas was 777,000 tons, up 28,000 tons from last Monday [3] - **Price Outlook**: Due to macro uncertainty and weak dollar, non - ferrous metals are strong. Aluminum prices are expected to remain high in the short term, and attention should be paid to macro events and downstream feedback [4] - **Later Concerns**: Changes in macro expectations, development of geopolitical crises, mine resumption, and consumption release [4]

Report Summary 1) Industry Investment Rating No investment rating is provided in the report [1][2][3][4][5] 2) Core Views - For building materials, the price is expected to move in an oscillatory and consolidative manner, with the focus shifting downward and showing a weak performance [2][4] - For aluminum ingots, the price is expected to be strong at a high level in the short - term, showing a strong oscillatory trend [2][5] 3) Summary by Related Contents Building Materials - **Production Suspension**: Yunnan - Guizhou short - process construction steel enterprises will have a production suspension during the Spring Festival from mid - January, with a resumption around the 11th to 16th day of the first lunar month, affecting a total output of 741,000 tons. In Anhui, 6 short - process steel mills, 1 stopped production on January 5th, and most of the rest will stop around mid - January, with a daily output impact of about 16,200 tons [3][4] - **Real - estate Transaction**: From December 30, 2024, to January 5, 2025, the total transaction area of newly - built commercial housing in 10 key cities was 2.234 million square meters, a 40.3% decrease from the previous period and a 43.2% increase year - on - year [4] - **Market Situation**: The price of building materials continued to decline oscillatory yesterday, reaching a new low. In a situation of weak supply and demand, market sentiment is pessimistic, with low enthusiasm for winter storage and weak price support [4] - **Later - stage Concerns**: Macro - policies and downstream demand [4] Aluminum Ingots - **Macroeconomic Factors**: Due to frictions between the US and NATO on the Greenland issue, sanctions on Iran, concerns about the Fed's independence, and uncertainties in tariffs, the US dollar is under pressure, and the overall non - ferrous metals are running strongly [3][5] - **Supply - side Situation**: In the north, some mining areas have reduced production due to weather. In the Henan Xin'an area, bauxite production was suspended due to blizzards and is now gradually resuming. The supply of ore has decreased by about 80% and is gradually recovering. In the south, domestic ore production is stable, and the price of domestic ore is expected to remain stable in the short - term [4] - **Industry Operation**: The overall aluminum processing start - up rate was 60.9%, up 0.7 percentage points from last week. Different sub - industries have different situations, with some affected by environmental protection, weather, etc. The inventory of electrolytic aluminum ingots in domestic main consumption areas reached 777,000 tons on January 26, an increase of 28,000 tons from last Monday [4] - **Price Outlook**: The price of aluminum is expected to be strong at a high level in the short - term, and attention should be paid to macro - events, geopolitical crises, mine resumption, and consumption release [5]

当地时间周四，美国总统特朗普发布了对伊朗的最新警告，称其已派遣一支美国海军"舰队"驶向伊朗，"以防万一"需要对德黑兰采取军事行动。 特朗普在空军一号专机上接受记者采访时，重申了此前对伊朗的警告：不得重启核计划，也不得处决在近期反政权大规模抗议中被捕的民众。 特朗普的最新表态，加之美国在波斯湾地区大举增兵，加深了市场对中东可能爆发军事行动的担忧，出于供应中断的恐慌，国际油价周五走高。作为石油输 出国组织（OPEC）成员国，伊朗是全球石油市场的重要参与者，日均石油产量超300万桶。 伊朗的惯用手段可能引发反噬 "有大批军舰正驶向该方向，以防万一……我不愿看到任何状况发生，但我们正密切监视伊朗的一举一动。"特朗普从瑞士达沃斯论坛返程美国时表示。 本月初，特朗普暗示将介入伊朗事务，在伊朗当局展开残酷镇压、平息这场数年来规模最大的反政权抗议浪潮之际，他在社交媒体发文称"援助即将到来"， 此后中东地区的紧张局势骤然升级。 但在阿拉伯国家和以色列官员的密集游说下，特朗普降低了言辞强硬程度，地区紧张局势才有所缓和。 多个阿拉伯国家试图说服特朗普暂缓对伊朗发动打击，他们担忧此举会引发更广泛的地区冲突，部分国家还提醒，军事打击可 ...

格隆汇1月21日｜据市场消息，特朗普已抵达瑞士参加世界经济论坛。尽管因飞机机械故障导致航程延 误，他仍将按原定时间发表演讲。世界经济论坛官方表示，特朗普的特别致辞预计于北京时间21:30正 式开始。除了发表演讲，他还计划与外国领导人举行会晤，并以一场商业领袖招待会结束当天的活动。 尽管特朗普此次行程的核心预计是今晚的演讲（政府官员称他将在会上推出缓解选民对生活负担担忧的 政策），但这一焦点已被其政策引发的地缘政治危机所掩盖。 ...

就在特朗普誓言在格陵兰岛问题上"绝不回头"仅仅数小时后，现实却对他开了一个充满讽刺意味的玩笑：这位美国总统乘坐的"空军一号"因技术 故障被迫在空中折返。 这场意外不仅打乱了特朗普前往达沃斯世界经济论坛的行程，更为这场笼罩在跨大西洋地缘政治危机阴影下的峰会增添了更多的不确定性。 据路透社及金融时报报道，特朗普乘坐的专机在周二晚间起飞后不久，机组人员发现机上出现"轻微电力故障"，出于谨慎考虑，飞机随后返回华 盛顿附近的安德鲁斯联合基地。 白宫新闻秘书Karoline Leavitt证实，飞机已安全降落，特朗普将换乘另一架飞机继续前往瑞士苏黎世。尽管白宫试图淡化此次事件的影响，但这 一插曲不可避免地推迟了特朗普在达沃斯的亮相时间，他原定于周三下午在论坛发表讲话。 这一"折返"事件发生的时机极为微妙。据央视新闻报道，1月18日，北约秘书长与特朗普通话，讨论格陵兰岛问题。通话后，特朗普就美国控制格 陵兰岛的计划发表了极其强硬的言论，宣称"绝无回头的可能"。 受地缘政治局势升级影响，全球金融市场避险情绪急剧升温。周三，现货黄金价格飙升逾2%，突破每盎司4870美元，创下历史新高。 与此同时，随着投资者涌向避险资产，30年 ...

国际金价突破每盎司4800美元 据央视新闻21日消息，由于地缘政治危机加剧，导致市场避险情绪高涨，美国纽约商品交易所黄金、白银期货价格20日大幅上涨，再创历史新高。 老凤祥报价1498元/克，单日上涨42元/克； 老庙黄金报价1493元/克，单日上涨38元/克。 来 源：新华社、央视新闻、大河财立方 国内多品牌金饰克价逼近1500元 随着国际金价节节攀升，国内金饰价格也出现大幅上涨。 1月21日，周生生金饰报价1495元/克，单日上涨41元； 现货黄金历史首次升破4800美元/盎司整数关口，现涨0.75%，本月涨幅超10%。 ...