Group 1: Domestic News - The National Development and Reform Commission (NDRC) will lead the formulation of the "14th Five-Year" plan for circular economy development, focusing on key areas such as traditional recycling resources and solid waste recovery to enhance resource utilization efficiency and support green low-carbon transformation [2] - The Ministry of Industry and Information Technology (MIIT) has issued an action plan for the high-quality development of industrial internet platforms from 2026 to 2028, emphasizing the cultivation of specialized, industry-specific, and collaborative platforms, and promoting AI integration [2] Group 2: Silver Economy - Eight departments, including the Ministry of Civil Affairs, have jointly issued measures to support the development of the silver economy, focusing on technology empowerment in elderly care services and exploring brain-computer interface technologies for elderly individuals with declining physical functions [3] Group 3: International News - The U.S. Consumer Price Index (CPI) for December rose by 2.7% year-on-year, matching expectations and remaining at a four-year low, while the core CPI increased by 2.6%, slightly below the expected 2.7% [4] - The December CPI data is viewed as a convincing signal of cooling inflation, with significant contributions from service and food prices, while housing inflation pressures are easing [4] Group 4: Financial Market Dynamics - On January 13, the People's Bank of China conducted a 7-day reverse repo operation of 358.6 billion yuan at a fixed rate of 1.40%, resulting in a net cash injection of 342.4 billion yuan after accounting for maturing reverse repos [6] - Major repo rates continued to rise, with DR001 increasing by 6.43 basis points to 1.391% and DR007 rising by 5.72 basis points to 1.547% [7] Group 5: Bond Market - Short-term bonds weakened due to tightening liquidity, while long-term bonds were supported by a decline in the stock market, with the yield on the 10-year government bond falling by 1.10 basis points to 1.8600% [8] - The secondary market for credit bonds saw significant price deviations, with certain industrial bonds experiencing price increases exceeding 10% [10] Group 6: Convertible Bonds - The convertible bond market followed the equity market's downturn, with major indices declining, and a total trading volume of 103.8 billion yuan, down by 4.6 billion yuan from the previous trading day [17] - The announcement of price adjustments for certain convertible bonds, including a reduction in the conversion price for Yuxing Convertible Bond from 12.49 yuan to 8.50 yuan, indicates active management in the market [19]

| | 1、央行公告称，1月13日以固定利率、数量招标方式开展了3586亿元7天期逆回购操作，操作利率1.40%，投标量3586 | | --- | --- | | | 亿元，中标量3586亿元。Wind数据显示，当日162亿元逆回购到期，据此计算，单日净投放3424亿元。 | | | 2、国家发改委副主任周海兵表示，今年国家发改委将牵头制定循环经济发展"十五五"规划，明确重点领域循环经济 | | | 发展目标任务，部署传统再生资源、稀贵金属，"新三样"固体废物等回收利用的重点举措，完善保障体系，进一步 | | | 提高资源利用效率，强化资源安全保障，支撑绿色低碳转型，推动循环经济高质量发展取得新成效。 3、工信部印发《推动工业互联网平台高质量发展行动方案（2026—2028年）》，到2028年，工业互联网平台高质量发 | | | 展取得积极成效，"专业型+行业型+协作型"多层次平台体系持续壮大，具有一定影响力的平台超450家；平台的要素 | | | 资源连接能力大幅增强，重点平台的数据增值、模型沉淀和人工智能开发应用能力显著提升，工业设备连接数突破1.2 | | 宏观 消息 | 亿台（套）；平台普及率达到5 ...

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints - The global economy is expected to grow at a rate of 2.6% in 2026, according to the World Bank. The US GDP growth rate is projected to reach 2.2%, while the eurozone and Japan's economic growth rates are expected to slow down to 0.9% and 0.8% respectively. The US employment market remains weak, and the Federal Reserve may cut interest rates by about 50bps in 2026. The price of oil is predicted to decline in 2026 due to an oversupply in the global market, and the price of coal may perform better than in 2025. Many metal futures prices have reached record highs, and institutions are still bullish on gold. The Chinese government is promoting the development of circular economy and industrial internet platforms, and taking measures to boost the service industry and consumption [10][19][31] 3. Summary by Directory Macro Data Overview - In Q3 2025, China's GDP grew by 4.8% year-on-year. In December 2025, the manufacturing PMI was 50.1%, and the non-manufacturing PMI for business activity was 50.2%. In November 2025, the monthly social financing scale was 2488.8 billion yuan, and the新增 RMB loans by financial institutions were 390 billion yuan. In December 2025, the CPI increased by 0.8% year-on-year, and the PPI decreased by 1.9% year-on-year. In November 2025, the cumulative year-on-year growth rate of fixed asset investment was -2.6%, and the cumulative year-on-year growth rate of total retail sales of consumer goods was 4.0%. In November 2025, the monthly export amount increased by 5.9% year-on-year, and the monthly import amount increased by 1.9% year-on-year [1] Commodity Investment Reference - **Comprehensive**: The trading and intraday closing transaction fees for certain lithium carbonate futures contracts will be adjusted, and trading volume limits will be imposed. On January 13, 2026, 38 domestic commodity varieties had positive basis, and 30 had negative basis. China will continue to impose anti-dumping duties on imported solar-grade polysilicon from the US and South Korea for 5 years. The Fed's Williams believes the current economic situation is favorable, with no strong pressure for interest rate adjustments. The CME Group plans to launch a 100-ounce silver futures contract in February [2][3] - **Metals**: Since the beginning of 2026, the futures prices of many metal varieties have reached record highs. The price of Shanghai aluminum's main contract has exceeded 25,000 yuan/ton, and the price of Shanghai copper has exceeded 100,000 yuan/ton. Many gold industry listed companies expect significant performance growth in 2025. The copper inventory in LME registered warehouses has decreased by 22%, and the copper inventory in US COMEX warehouses has increased by 444% in the past 12 months. The Chilean National Mining Association expects the copper price to be at $4.5 per pound in 2026 [5][6][7] - **Coking Coal, Steel, and Minerals**: Coking coal options will be listed on the DCE on January 16, 2026. S&P predicts that the upstream of China's commodity industry will perform better than the downstream. CITIC Securities believes that the coal price in 2026 may be better than in 2025 [9] - **Energy and Chemicals**: Venezuela's state oil company has restarted oil wells to increase production. The EIA predicts that oil prices will decline in 2026 due to oversupply, and global oil inventories will continue to increase until 2027. The average price of Brent crude oil is expected to be $56 per barrel in 2026, a 19% decrease from 2025. The EIA also provides forecasts for US natural gas and oil production and demand [10][11][12] - **Agricultural Products**: As of January 11, 2026, the EU's barley exports in the 2025/26 season reached 5.4 million tons, and soft wheat exports were 11.6 million tons. Brazil's National Association of Grain Exporters expects the country's soybean, corn, and soybean meal exports in January 2026 to reach 3.73 million tons, 3.27 million tons, and 1.82 million tons respectively [13] Financial News Compilation - **Open Market**: On January 13, 2026, the central bank conducted 358.6 billion yuan of 7-day reverse repurchase operations, with a net investment of 342.4 billion yuan [14] - **Important News and Information**: The National Development and Reform Commission will formulate the "15th Five-Year" plan for circular economy development. The Ministry of Industry and Information Technology emphasizes that enterprises should participate in industry rule-making and resist "involution". The US has relaxed the export regulations of NVIDIA's H200 chips to China. The Ministry of Industry and Information Technology has issued an action plan for the high-quality development of industrial internet platforms. Eight departments have introduced measures to promote the high-quality development of the elderly care service and silver economy. The Shanghai government has issued measures to promote the coordinated development of the service industry and consumption. Many convertible bonds will be redeemed early. The World Bank has raised the global economic growth forecast for 2026 to 2.6%. Japanese government bonds have been sold off due to concerns about fiscal deterioration. The US budget deficit in December 2025 reached a record high. The US has taken a series of actions regarding Iran. The investigation of the Fed's Chairman Powell continues to ferment. Trump has made a series of statements on economic and political issues [16][17][19] - **Bond Market Summary**: Affected by the rise in capital prices, the yields of interest rate bonds have shown a differentiated trend, and the bond market is in a volatile pattern. The prices of some Vanke bonds have risen, while others have fallen. The CSI Convertible Bond Index has declined. The money market interest rates have mostly risen. The yields of European and US bonds have shown different trends [23][24][25] - **Foreign Exchange Market Express**: The onshore RMB against the US dollar closed at 6.9765 on January 13, 2026, down 23 basis points from the previous trading day. The US dollar index rose 0.28%, and most non-US currencies fell [29] - **Research Report Highlights**: CICC predicts that US inflation may experience compensatory growth in December 2025, January 2026, and April 2026. CITIC Securities believes that the US employment market is still weak, and the Fed may cut interest rates by about 50bps in 2026. CITIC Construction Investment reports that the primary market issuance of Chinese dollar-denominated bonds increased in December 2025, and the secondary market indices rose. Xingzheng Fixed Income suggests focusing on the secondary capital bonds and perpetual bonds of certain regional city and rural commercial banks. S&P believes that China's local governments may continue to issue large-scale debt in the next one or two years, and interest rate cuts can relieve some debt pressure. Citi warns that the continuous issuance of short-term bonds in Europe may threaten the independence of central banks [30][31][32] - **Today's Reminder**: On January 14, 2026, 178 bonds will be listed, 126 bonds will be issued, 90 bonds will make payments, and 167 bonds will pay principal and interest [33][34] Stock Market Important News - The Hong Kong Hang Seng Index rose 0.9% to 26,848.47 points, the Hang Seng Tech Index rose slightly by 0.11%, and the Hang Seng China Enterprises Index rose 0.71%. Pharmaceutical stocks generally rose, while gold and non-ferrous metals were active. Commercial aerospace and brain-computer interface concept stocks declined. Zhaoyi Innovation's H shares rose more than 37% on the first day of listing. Southbound funds had a net purchase of HK$1.296 billion. The ETF managed by Huaxia Fund exceeded 1 trillion yuan, becoming the first "trillion-level" ETF manager in China [35]

联系方式：010-56711796 早盘提示 更多精彩内容请关注格林大华期货官方微信 格林大华期货研究院 证监许可【2011】1288 号 2026 年 1 月 14 日星期三 研究员： 纪晓云 从业资格： F3066027 交易咨询资格：Z0011402 Morning session notice | | | | 黑色建材 铁矿 | 偏多 | 铁矿: 【行情复盘】 周二铁矿收跌。夜盘收涨。 【重要资讯】 1、据国际船舶网跟踪：2026 年 1 月 5 日至 2026 年 1 月 11 日，全球船厂共接获 33+8 艘新船订单。其中中国船厂接获 26+8 艘新船订单；韩国船厂接获 7 艘新船订单。 2、国家发改委：将牵头制定循环经济发展"十五五"规划。 3、湖南 2026 年计划推进 31 个高速公路项目，总投资约 3350 亿元。 4、工信部召开第十八次制造业企业座谈会，来自钢铁、有色、新材料、汽车、机 械、船舶、轻工、医药、电子等重点行业的 12 家企业负责人参会。会议强调，积 | | --- | --- | --- | | | | 极参与行业规则制定和自律机制建设，自觉抵制"内卷"。 【市场逻辑】 本 ...

早盘提示 Morning session notice 更多精彩内容请关注格林大华期货官方微信 格林大华期货研究院 证监许可【2011】1288 号 2026 年 1 月 14 日星期三 研究员： 纪晓云 从业资格： F3066027 交易咨询资格：Z0011402 联系方式：010-56711796 | | | | | | | 钢材: 【行情复盘】 周二螺纹热卷收跌。夜盘收涨。 【重要资讯】 1、据国际船舶网跟踪：2026 年 1 月 5 日至 2026 年 1 月 11 日，全球船厂共接获 33+8 艘新船订单。其中中国船厂接获 26+8 艘新船订单；韩国船厂接获 7 艘新船订单。 | | --- | --- | --- | --- | | | | | 2、国家发改委：将牵头制定循环经济发展"十五五"规划。 3、湖南 2026 年计划推进 31 个高速公路项目，总投资约 3350 亿元。 | | 黑色建材 | 钢材 | 震荡 | 4、工信部召开第十八次制造业企业座谈会，来自钢铁、有色、新材料、汽车、机 | | | | | 械、船舶、轻工、医药、电子等重点行业的 12 家企业负责人参会。会议强调，积 | | ...

Core Viewpoint - Strengthening solid waste comprehensive management is crucial for promoting the construction of a beautiful China and accelerating the green transformation of economic and social development. The State Council has issued the "Solid Waste Comprehensive Management Action Plan" to establish a comprehensive management system based on reduction, resource utilization, and harmlessness [2][3]. Group 1: Overall Strategy and Goals - The "Action Plan" outlines the overall strategy, work goals, key tasks, and supporting measures for solid waste management, aiming for significant results by 2030, including controlling historical stockpiles and achieving a comprehensive utilization of 4.5 billion tons of major solid waste annually [3][5]. - The plan emphasizes a shift from end-of-pipe treatment to a holistic prevention approach, addressing key issues in solid waste management [3][4]. Group 2: Sector-Specific Management - In agriculture, the plan aims to enhance the comprehensive utilization of solid waste, with current utilization rates for livestock manure at 80.1%, straw at over 88%, and agricultural film disposal at over 85% [5]. - Urban areas are targeted for improved construction waste management, promoting green construction and enhancing recycling facilities [5][6]. - The industrial sector will focus on reducing the generation of solid waste and improving the utilization of industrial by-products, with specific measures to manage historical waste stockpiles [6][7]. Group 3: Promoting Circular Economy - The "Action Plan" promotes resource utilization and the development of a circular economy, emphasizing source reduction and resource recycling [7][8]. - Specific requirements are set for the comprehensive utilization of various solid wastes, encouraging the extraction of valuable components and the development of sustainable business models [7]. - The plan also aims to enhance the recycling of materials and establish standards for recycled materials, integrating these practices into corporate social responsibility [7][8].

近日，《固体废物综合治理行动计划》发布。1月13日，国务院新闻办公室举行政策例行吹风会，介绍 行动计划有关情况。 围绕主要产废领域，全链条综合治理 加强固体废物综合治理，是推进美丽中国建设、加快经济社会发展全面绿色转型的重要举措。围绕工 业、城镇、农林等主要产废领域，行动计划明确了各环节治理任务。按照全链条综合治理的思路，推动 源头管控和减量，规范收集转运和贮存，提升资源化利用水平，增强无害化治理能力。 国家发展改革委副主任周海兵介绍，针对与群众生活和安全生产密切相关、环境风险隐患突出的重点领 域，行动计划部署开展非法倾倒处置固体废物、生活垃圾填埋场环境污染隐患、建筑垃圾、历史遗留固 体废物堆存场所、磷石膏等5项专项整治。 为抓好落实，周海兵表示，将重点抓好5方面工作： 压实各方责任。明确各部门和各地方的责任分工，同时明确要厘清政府和企业的责任边界，坚持"谁污 染、谁治理"，杜绝出现企业赚了钱却留下污染，让政府和社会公众买单。 完善配套制度。推动生态环境法典编纂，修订废弃电器电子产品回收处理、危险废物经营许可、建筑垃 圾管理等法规规章。出台新能源汽车动力电池综合利用管理办法。修订产业结构调整指导目录，加大落 ...

Group 1 - The Ministry of Industry and Information Technology (MIIT) has issued an action plan for the high-quality development of industrial internet platforms from 2026 to 2028, focusing on four key actions: platform cultivation, data intelligence enhancement, large-scale application, and ecosystem support [1][10][25] - By 2028, the plan aims to establish a multi-layered platform system with over 450 influential platforms, enhance resource connectivity, and achieve a platform penetration rate of over 55% [10][28] Group 2 - Eight departments, including the Ministry of Civil Affairs, have jointly released 14 measures to promote the development of the silver economy, emphasizing technology empowerment in elderly care services and encouraging the development of elderly care robotics [2][5][20] - The measures aim to support the establishment of operating entities in elderly care services and promote technological advancements to assist elderly individuals with declining physical functions [5][20] Group 3 - The National Development and Reform Commission (NDRC) is set to lead the formulation of the "14th Five-Year" plan for circular economy development, focusing on solid waste management and addressing long-standing industry challenges [3][21] - The action plan aims to fill institutional gaps and enhance the effectiveness and innovation of solid waste management strategies [3][21] Group 4 - Shanghai has introduced 28 policies to enhance the synergy between consumption and service industry development, targeting key sectors such as finance, information services, and transportation [4][22][23] - The measures are designed to optimize supply and expand consumption, promoting mutual growth between service quality improvement and consumption expansion [22][23] Group 5 - Contemporary Amperex Technology Co., Ltd. (CATL) has signed a significant procurement agreement with Rongbai Technology for lithium iron phosphate materials, with a total sales amount exceeding 120 billion yuan, expected to positively impact future business performance [9][12][31] - The partnership includes a strategic investment in Fulian Precision Engineering, which will utilize the funds to develop high-end energy storage lithium iron phosphate projects [9][27][31] Group 6 - The price of lithium carbonate futures has surged significantly at the beginning of 2026, with the main contract exceeding 170,000 yuan per ton, marking a 37.25% increase since the end of 2025 [14][33] - This price increase is attributed to the demand surge following the reduction of export tax rebates, indicating a strong market response [14][33]

Group 1 - The U.S. government recorded a fiscal deficit of $145 billion in December 2025, a 67% increase year-on-year, marking a historical high for that month [6] - The three major U.S. stock indices closed lower, with the Dow Jones down 0.8%, Nasdaq down 0.1%, and S&P 500 down 0.19% [6] - International oil prices rose significantly, with WTI crude oil up 2.61% to $61.05 per barrel and Brent crude oil up 2.44% to $65.43 per barrel [7] Group 2 - The Ministry of Human Resources and Social Security, along with four other departments, issued a notice to regulate online recruitment, requiring platforms to obtain licenses for recruitment services [9] - The Ministry of Commerce announced the continuation of anti-dumping duties on imported solar-grade polysilicon from the U.S. and South Korea for five years starting January 14, 2026 [9] - The Ministry of Industry and Information Technology released an action plan for the high-quality development of industrial internet platforms from 2026 to 2028, aiming for over 450 influential platforms and a resource connection capability enhancement [10] Group 3 - The Shanghai Municipal Government issued 28 measures to promote the quality and efficiency of the service industry and boost consumption, focusing on high-quality supply and innovation [12] - The State Development and Reform Commission will lead the formulation of the "14th Five-Year" plan for circular economy development, emphasizing resource utilization efficiency and green transformation [12] Group 4 - Beijing's Yanran Angel Children's Hospital has been reported to owe rent since 2022, with ongoing legal disputes regarding unpaid rent [17] - IKEA announced clearance sales for products in seven stores set to close, with discounts starting at 30% [18] - McDonald's faced consumer complaints about shrinking burger sizes, prompting an official response to address the issue [19] Group 5 - Zhong Xuegao won a lawsuit regarding malicious editing by a media outlet, reinforcing the importance of brand protection and intellectual property rights [20] - The "Dead or Alive" app announced a rebranding to "Demumu" as part of its global expansion strategy [21] - DeepSeek published a new paper on AI technology, indicating ongoing innovation in large language models [23] Group 6 - Yuanji Dumpling submitted its IPO application in Hong Kong, aiming to expand its digital capabilities and international presence [24] - Apple and Google announced a significant partnership to develop next-generation foundational models, which has drawn criticism from industry figures like Elon Musk [25] - Kweichow Moutai released a market-oriented operation plan for 2026, focusing on product structure and marketing strategies [26]

伴随工业化、城市化进程，工业废物、建筑垃圾、农林业废物等固体废物快速增加，我国每年产生的固 体废物超110亿吨。与大气污染、水污染的区域性、流域性特征不同，固体废物污染点多面广，如何有 效治理是一个世界性难题。 工业固体废物年产生量占固废总量近一半，环境污染隐患不断上升。近年来，由于基建等传统利用渠道 减少，工业固体废物利用难度增大，又造成了新增堆存量进一步增加。"工业固体废物治理不仅要解决 历史存量问题，也要解决新增堆存量上升的问题。"生态环境部副部长李高介绍，去年，生态环境部组 织开展了典型大宗工业固体废物堆存场排查，建立了相关的数据库，初步查明，全国累计堆存工业固体 废物约330亿吨，占地约3500平方公里。下一步，将建立统一规范的管理制度，严格按照"科学论证、制 定规范、主动公开、全程监督"的程序开展规模化消纳利用，并进行跟踪评估，防止综合利用演变成非 法倾倒。 "工业固体废物综合利用是固废治理的重要组成部分，将按照《行动计划》要求着力推动一'降'一'升'工 作。"工业和信息化部节能与综合利用司司长王鹏表示，一方面，降低工业固废的产生强度，通过在生 产前端推行绿色设计、在生产过程中推行绿色制造，从源头 ...