Group 1 - The core viewpoint of the articles highlights the stability in cotton demand and a downward revision in production estimates, which has positively impacted cotton futures prices [1] - The ICE cotton futures for March increased by 0.50 cents or 0.78%, settling at 64.91 cents per pound, following the USDA's report that lowered the cotton production estimate by 350,000 bales to 13.92 million bales [1] - The USDA maintained its estimates for U.S. cotton beginning stocks, consumption, exports, and imports, while also revising the ending stocks estimate down by 300,000 bales to 4.2 million bales [1] Group 2 - The Cotlook A Index remained stable at 74.45 cents per pound on January 12 [3] - The broader commodity market saw an increase, with gold prices reaching a record high of over $4,600 per ounce, influenced by a weaker dollar [1] - Concerns over potential declines in Iranian oil exports contributed to rising oil prices, with NYMEX crude futures reaching a five-week high and Brent crude nearing an eight-week high [2]

Group 1 - The core viewpoint of the article highlights that the continuous rise in commodity prices poses challenges for the company's inventory management [1] - The company plans to optimize its supply chain management to address cost pressures through strategic procurement and cost control measures [1]

看向基本面，当前焦煤市场供需格局并无实质性改善，国内供应稳中有升，主产地多数停产的煤矿开始 复产。据钢联统计，2026年1月1日至5日，有49座煤矿复产，涉及产能7505万吨，1月产量环比有望增 长。同时，高频数据显示，截至2026年1月8日当周，523家炼焦煤矿山样本核定产能利用率为85.3%， 原煤日均产量为189.9万吨，环比分别增加5.7个百分点、12.7万吨，增幅显著。此外，去年年底蒙煤积 极冲量，甘其毛都口岸上个月日均通关量为19.11万吨，环比、同比分别增长6.14%、130%。元旦假期 后蒙煤通关车数有所下降，目前通关车数降至1100车左右，依旧处于历史同期高位。整体来看，焦煤供 应压力依然较大。 新年伊始，焦煤期货价格强势上涨，周三主力合约一度涨停，周四午盘收涨3%。现货方面，主产区煤 矿成交有所回暖，竞拍成交放量，流拍率大幅下降，但价格仅小幅上涨。 焦煤期货价格上涨的主要原因是商品市场情绪回暖。自2025年10月以来，大宗商品价格强势上涨，其中 有色金属、贵金属和新能源金属表现较强，市场情绪得到提振，继而带动估值相对偏低的黑色品种走 强。 需求方面，本周钢厂开始复产。根据Mysteel数据 ...

Core Insights - The South African stock market has reached its highest market capitalization since 2019, driven by a stronger rand and significant increases in metal prices [1] - The FTSE/JSE All Share Index's total market capitalization surpassed $500 billion on January 6, exceeding markets in Norway, Malaysia, and Turkey [1] - In 2025, the Johannesburg stock index experienced a remarkable 38% increase, marking its best annual performance since 2005, with precious metals and mining stocks as key drivers [1] - The South African rand appreciated by 14% against the US dollar during the same period, leading to a 57% increase in the index's value when measured in dollars [1] - The upward trend in the South African stock market has continued into 2026, with the index rising over 2% year-to-date [1] - The rand strengthened further alongside rising gold prices, reaching 16.31 rand per dollar, the strongest level in over three years [1] - Analysts believe that the ongoing rise in commodity prices, particularly gold, will provide additional support for the South African stock market [2]

据其最新披露的业绩预告显示，2025全年预计实现归母净利润约510亿元-520亿元，与上年同期320.51 亿元相比，将增加约189-199亿元，同比增加约59%-62%；扣非后净利润约475-485亿元，同比增加约 50%-53%。 目前，紫金矿业储备资源量铜超1.1亿吨、黄金3973吨、当量碳酸锂1788万吨，是中国控制金属矿产资 源最多的企业。其中，铜依旧是紫金矿业核心业务，占总毛利的45%以上，近5年矿产铜产量年复合增 长率为24%。预计2025年铜产量将达109万吨，同比增长2%。 此前2025年，现货黄金已累计上涨逾60%；伦铜价格也飙升42%，创下2009年以来的最大年度涨幅。 对于后市，国内外机构纷纷看涨贵金属价格。瑞银将2026年金价目标上调至5000美元；花旗预测铜价将 在今年中期达到15000美元/吨。中信证券分析指出，全球铜供应缺口叠加美国关祱引发的区域供应错 配，共同推动铜价走高。预计2026年全球铜市场供应缺口将超过10万吨。 作为矿业巨头的紫金矿业，其业绩和铜、金等金属价格深度绑定。 1月6日早盘，有色板块全线飘红，紫金矿业、洛阳钼业、湖南黄金等纷纷上涨。其中，紫金矿业一度大 涨 ...

Core Viewpoint - The commodity market experienced significant fluctuations driven by concerns over supply shortages and the potential acceleration of global competition for key minerals due to the turmoil in Venezuela [1] Group 1: Gold Market - Spot gold prices surged over 3% on the first trading day of the week, reaching a high of $4,467 per ounce, just $100 shy of the historical record set at the end of 2025 [1] - New York gold futures prices soared to $4,480 per ounce [1] - UBS raised its target prices for gold in March, June, and September 2026 from $4,500 to $5,000 per ounce [1] Group 2: Silver and Industrial Metals - COMEX silver futures for January delivery closed up 7.95%, reclaiming the $76 mark [1] - The London Metal Exchange (LME) saw a collective rise in industrial metals, with copper increasing over 4% to surpass $13,000 per ton, while aluminum and zinc rose over 2% [1] - Platinum and palladium prices increased by 6.7% and 4.7%, respectively, while lead and nickel rose by over 1% [1] Group 3: Copper Market - The COMEX copper main contract surged nearly 6%, breaking the critical psychological barrier of $6 per pound [1] - Citigroup analysts project that global refined copper production will reach 26.9 million tons this year, with a market shortfall of 308,000 tons [1]

Group 1 - LME copper prices have reached a record high of $13,000 per ton, driven by geopolitical risks and supply tightness, with industrial metals collectively rising [3] - The demand for refined copper is expected to shift towards a shortage around 2026, supported by optimistic economic growth forecasts in the US and resilient copper demand in China [3] - UBS has raised its gold price target for 2026 to $5,000 per ounce, reflecting a bullish outlook on precious metals [3] Group 2 - The industrial metals sector, particularly copper and aluminum, is anticipated to perform well in the spring of 2026, with expectations of a strong market driven by interest rate cuts and supply-demand dynamics [4] - The mining ETF, which tracks the non-ferrous metals index, has shown significant historical performance, with a 104.84% increase in 2025, outperforming the broader non-ferrous metals industry index [4]

风险提示及免责条款 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 现货白银涨4.9%报83.23美元/盎司。现货黄金涨0.2%报4543美元/盎司。WTI原油涨0.65%报57.11美元。 ...

Group 1 - The report emphasizes that the market is currently in a consolidation phase, with opportunities to buy on dips ahead of a potential spring rally. The A-share market has shown strength, with the Shanghai Composite Index rising by 1.9% and the ChiNext Index gaining 3.9% [1][8] - The A-share market's average daily turnover has rebounded to nearly RMB 2 trillion, driven by significant trading in the commercial aerospace sector and A500 ETFs, while the Hong Kong market turnover has declined to around HKD 160 billion due to the Christmas holiday [3][11] - The report notes that the commercial aerospace sector has absorbed market liquidity, accounting for 20% of total A-share trading, indicating a shift in market dynamics [3][11] Group 2 - The report highlights that the U.S. dollar index has declined by 0.7% to 98, with expectations for further Federal Reserve rate cuts, leading to a general appreciation of non-U.S. currencies, including the RMB, which has appreciated by 2.6% to 97.88 since July [2][9] - The report indicates that the one-year forward rate for the RMB has risen to 6.87, reflecting strengthened appreciation expectations, although the daily fixing remains around 7.036, suggesting a cautious approach from the PBOC regarding rapid appreciation [2][9] - The report discusses the significant rise in commodity prices, particularly in precious metals like silver and platinum, driven by a weaker U.S. dollar and geopolitical tensions, indicating a shift in capital towards metals [2][10] Group 3 - The report suggests that A-shares may attempt another upward push, with Hong Kong equities potentially following suit. However, further upside in A-shares will face resistance near annual highs, and a clean breakout is likely to be challenging without a meaningful expansion in turnover [4][14] - The report recommends focusing on domestically oriented consumption and non-bank financials that are trading at low levels and offer defensive characteristics in the near term. It also suggests that a market pullback could provide an opportunity to increase exposure to technology sectors [4][14]

生意社12月25日讯 定价公式：结算价=生意社基准价×K＋C K：调整系数，包括账期成本等因素。 C：升贴水，包括物流成本、品牌价差、区域价差等因素。 生意社12月25日讯 2025年12月25日卫星化学股份有限公司乙二醇出厂对外报价3630元/吨，较上一交易日报价上调30元/ 吨，实单商谈为主。 2025年12月25日卫星化学股份有限公司乙二醇出厂对外报价3630元/吨，较上一交易日报价上调30元/ 吨，实单商谈为主。 PriceSeek评析 乙二醇，多空评分：1 乙二醇出厂报价上调30元/吨至3630元/吨，表明供应端价格走强，利好现货市场，可能反映需求改善或 成本支撑。结合乙二醇期货最新数据(如主力合约2605结算价3734元/吨，较前日上涨59元)，此举措可能 强化市场看涨预期，推动期货价格延续上涨趋势。整体对行情构成一般利好。 【大宗商品公式定价原理】生意社基准价是基于价格大数据与生意社价格模型产生的交易指导价，又称 生意社价格。可用于确定以下两种需求的交易结算价： 1、指定日期的结算价 2、指定周期的平均结算价 1、指定日期的结算价 2、指定周期的平均结算价 定价公式：结算价=生意社基准价×K＋C ...