三是强化"绿色+标准"双驱，破解国际壁垒制约。设立省级"外贸绿色转型专项基金"，区别于现有普惠 性补贴政策。组建"绿色外贸服务联盟"，整合第三方检测机构、碳管理咨询公司资源，为家电、钢铁、 陶瓷等出口重点行业提供"碳足迹核算—绿色认证—低碳改造"一站式服务。开展"广东标准+东盟实 践"互认试点，依托粤港澳大湾区标准化研究中心，联合RCEP成员国行业协会，在智能家居、新能源汽 车充电桩等优势领域牵头制定10项以上区域通用标准，建立"标准翻译+合规培训+认证对接"服务体 系，将技术优势转化为贸易优势。 四是优化主体培育体系，激发市场活力。实施"外贸新势力培育计划"，针对初创型跨境电商企业提 供"三年成长包"。在东莞、深圳、广州设立"外贸创新孵化基地"，整合供应链、金融、法律等资源来培 育"外贸新锐企业"。 "作为改革开放前沿阵地，广东需立足200多个海外重点侨团资源、完备产业链基础及区位优势，突破现 有发展瓶颈，以差异化创新举措破解难题，在推进高水平外贸强国建设中扛起大省担当。"在2026广东 两会期间，广东省政协常委、省工商联常委、粤港澳大湾区青年总会主席、国际湾区高校联盟主席吴学 明说道。 此次吴学明带来《关 ...

Foreign Investment - In 2025, the actual use of foreign capital in China amounted to 747.69 billion RMB, a year-on-year decrease of 9.5% [8] - A total of 70,392 new foreign-invested enterprises were established, representing a year-on-year increase of 19.1% [8] - The manufacturing sector attracted 185.51 billion RMB, while the service sector attracted 545.12 billion RMB [8] - High-tech industries saw significant foreign investment growth, with e-commerce services up by 75%, medical instruments by 42.1%, and aerospace manufacturing by 22.9% [8] - Investment from Switzerland, UAE, and the UK increased by 66.8%, 27.3%, and 15.9% respectively [8] E-commerce Development - In 2025, China's e-commerce sector continued to lead globally, contributing to consumption and industrial transformation [10] - The online retail sales of physical goods grew by 5.2%, contributing 36.2% to the total retail sales of consumer goods [10] - Digital products like smartphones and smart robots saw online sales growth of 20.5% and 18% respectively [10] - Online service consumption increased by 22%, with significant growth in online ticketing for sports events (63.3%), tourism products (40.6%), and dining (23.7%) [10] Industrial Profit Growth - In 2025, profits of large-scale industrial enterprises totaled 7,398.2 billion RMB, a year-on-year increase of 0.6% [19] - State-owned enterprises saw a profit decline of 3.9%, while foreign and Hong Kong/Macau/Taiwan enterprises experienced a profit increase of 4.2% [19] - The mining sector's profits dropped by 26.2%, while manufacturing profits grew by 5% [19] - Notable profit increases were observed in black metal smelting (300%), non-ferrous metal smelting (22.6%), and computer/electronic equipment manufacturing (19.5%) [20] Electricity Market - The total electricity market transaction volume reached 6.6 trillion kWh in 2025, marking a year-on-year growth of 7.4% [14] - By December 2025, the transaction volume was 608 billion kWh, with a 6.6% increase from the previous year [15] - Intra-provincial transactions accounted for 46.41% of the total, while inter-provincial transactions grew by 11.3% [15] - Green electricity transactions increased by 32.3%, reaching 31.7 billion kWh [15]

Report Industry Investment Ratings - Not provided in the given content Core Views of the Report - The macro - economic recovery momentum needs to be strengthened, and monetary policy is expected to remain loose. Treasury bond futures are under pressure, and caution is advised. Stock index volatility centers are expected to gradually rise, and previous long positions can be held. Precious metal market volatility is expected to increase significantly, and it is recommended to exit long positions and wait and see. For various industrial and agricultural products, different trends and investment strategies are analyzed based on their respective fundamentals [6][10][14] Summary by Related Catalogs Treasury Bonds - Last trading day, most Treasury bond futures closed down. The central bank conducted 150.5 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 780 million yuan on the day. Due to the current low Treasury bond yields, the steady recovery of the Chinese economy, rising core inflation, and increased risk appetite, Treasury bond futures are expected to face pressure, and caution is needed [5][6] Stock Index - Last trading day, stock index futures showed mixed performance. Domestic economic recovery momentum is weak, but asset valuations are low, and the economy has sufficient resilience. With the increase in market sentiment and incremental funds, the stock index volatility center is expected to gradually rise, and previous long positions can be held [8][9][10] Precious Metals - Last trading day, gold and silver futures rose. The complex global trade and financial environment, the trend of "de - globalization" and "de - dollarization", and the gold - buying behavior of central banks are favorable for the allocation and hedging value of gold. However, due to the recent sharp rise in precious metals and the significant increase in speculative sentiment, market volatility is expected to increase significantly, and it is recommended to exit long positions and wait and see [12][13][14] Steel Products (including Rebar, Hot - Rolled Coil, Iron Ore, Coking Coal, Coke, and Ferroalloys) - **Rebar and Hot - Rolled Coil**: Last trading day, they showed weak oscillations. The real estate industry's downward trend has not reversed, and the market is entering the demand off - season. Although the supply pressure is relieved, the inventory is slightly higher than last year. Prices may continue the weak oscillation, and investors can look for opportunities to buy on dips and manage positions carefully [16] - **Iron Ore**: Last trading day, it slightly corrected. The demand for iron ore is low, the supply situation is complex, and the port inventory is at a high level. The market supply - demand pattern has weakened, but there are signs of stabilizing. Investors can look for opportunities to buy on dips and manage positions carefully [18] - **Coking Coal and Coke**: Last trading day, they slightly rebounded. The production of coking coal is stable, and the demand for coke is weak. The futures have stopped falling and rebounded, but the rebound space may be limited. Investors can look for low - level buying opportunities and manage positions carefully [21] - **Ferroalloys**: Last trading day, manganese silicon and silicon iron contracts fell. The supply of manganese ore is gradually recovering, and the cost is fluctuating in a narrow range at a low level. The overall supply is still in excess, but the short - term supply may be reduced. After the price decline, investors can consider long positions in the low - level range [23][24] Energy (including Crude Oil, Fuel Oil) - **Crude Oil**: Last trading day, INE crude oil rose significantly. Speculators increased their net long positions in crude oil futures and options, the number of active oil and gas rigs increased, and the US imposed new sanctions on Iran. Crude oil is expected to continue rising, and investors can look for long - position opportunities in the main contract [25][26][27] - **Fuel Oil**: Last trading day, it rose significantly. The Asian high - sulfur fuel oil inter - month inverse spread widened, and the market expected short - to - medium - term supply to tighten. Investors can look for long - position opportunities in the main contract [28] Chemicals (including Polyolefins, Synthetic Rubber, Natural Rubber, PVC, Urea, PX, PTA, Ethylene Glycol, Short - Fiber, Bottle Chips, Soda Ash, Glass, Caustic Soda) - **Polyolefins**: The market is expected to be in a supply - demand tight situation this week. Due to rising crude oil prices and some production line overhauls, prices may continue to rise in the short term. The downstream demand is stable, and investors can look for long - position opportunities [29][30] - **Synthetic Rubber**: Last trading day, it rose. It was mainly supported by the rising price of butadiene and high device operating rates, but the weak downstream demand limited the increase. It is expected to show a strong - side oscillation, and attention should be paid to factors such as butadiene price trends and downstream demand recovery [31][32][33] - **Natural Rubber**: Last trading day, it rose. It is expected to show a wide - range oscillation in the short term. The overseas supply is shrinking, and the cost is supported, but the demand is expected to be weak, and the inventory is accumulating [34][35] - **PVC**: Last trading day, it rose. Although it is in the traditional demand off - season, the policy expectation may lead to a strong - side oscillation. In the medium term, capacity clearance and export growth may improve the supply - demand situation. The cost is supported, but the inventory is increasing [36][37][39] - **Urea**: Last trading day, it rose slightly. The short - term price will maintain a strong - side oscillation, mainly driven by export demand and cost support. The supply is increasing, the demand of downstream products is changing, and the inventory is at a certain level [40][41] - **PX**: Last trading day, it rose. The PXN spread and short - process profit are stable, the operating rate is declining, and the cost of crude oil provides support. It is expected to oscillate and adjust in the short term, and investors can participate in the low - level range [42][43] - **PTA**: Last trading day, it rose. The processing fee has rebounded to the average level of previous years, and the upward space may be limited. The supply has little change, the demand is seasonally decreasing, but the cost and market sentiment boost the price. It is expected to oscillate in the short term, with a slight inventory accumulation in January and February [44] - **Ethylene Glycol**: Last trading day, it rose. The supply is shrinking due to increased domestic and overseas device overhauls, but the port inventory is accumulating, and the downstream polyester is in seasonal maintenance. It is expected to have limited upward space in the short term, and investors should operate carefully [45][46] - **Short - Fiber**: Last trading day, it rose. The supply is at a relatively high level, the inventory is at a low level, and it is mainly trading based on the cost - side logic. It is expected to oscillate with the raw material price, and attention should be paid to cost changes and downstream pre - holiday stocking [47] - **Bottle Chips**: Last trading day, it rose. The processing fee has rebounded, the supply is expected to shrink during the Spring Festival, the export is increasing, and it is mainly driven by the cost side. It is expected to oscillate with the cost, and investors can participate cautiously on dips [48][49] - **Soda Ash**: Last trading day, it rose. The fundamental situation is loose, the price is stable for the time being, and it lacks substantial support in the short term. Caution is advised [50][51] - **Glass**: Last trading day, it rose. The fundamental situation is loose, the inventory is increasing, the market demand is weak, but the manufacturers' shipments are good due to pre - holiday stocking. It is expected to oscillate before the Spring Festival, and attention should be paid to the risk of returning to the fundamentals [52][53] - **Caustic Soda**: Last trading day, it rose. The winter seasonal characteristics are significant, with sufficient supply, high inventory, and weak demand. Affected by the alumina price fluctuation, the pre - holiday trading sentiment may fluctuate, but caution is still needed due to the unchanged fundamentals of the middle and lower reaches [54][55] Agricultural Products (including Pulp, Carbonate Lithium, Copper, Aluminum, Zinc, Lead, Tin, Nickel, Soybean Oil, Soybean Meal, Palm Oil, Rapeseed Meal, Rapeseed Oil, Cotton, Sugar, Apples, Pigs, Eggs, Corn & Starch, Logs) - **Pulp**: Last trading day, it fell. The inventory is accumulating, the spot trading is light, the downstream procurement is coming to an end, and the market sentiment is pessimistic. There may be a short - term technical rebound, but rational treatment is needed [56][57] - **Carbonate Lithium**: Last trading day, it fell. The supply is at a high level, the consumption is improving, the inventory is decreasing, and there is strong support for the price. However, the short - term volatility may increase, and risk control is necessary [58][59] - **Copper**: Last trading day, it rose. The US economic data is divided, the Fed's long - term monetary policy is expected to be loose, and the global copper concentrate supply is tight. However, the demand is suppressed by high prices, and the inventory is accumulating. It is expected to adjust at a high level in the short term [60][61] - **Aluminum**: Last trading day, it rose slightly. The alumina market has an oversupply situation, and the electrolytic aluminum supply is inelastic. The high price suppresses the demand, and the inventory is accumulating rapidly. It is expected to adjust at a high level [62][63][64] - **Zinc**: Last trading day, it rose. The domestic refined zinc production is increasing, the demand is in the seasonal off - season, and the inventory is slightly increasing. The price is expected to oscillate and adjust [65][66] - **Lead**: Last trading day, it fell slightly. The supply of lead concentrate is tight, the production capacity of primary lead is restricted, the demand is differentiated, and the inventory is at a low level. The price is expected to maintain an interval oscillation [67][68] - **Tin**: Last trading day, it fell. The supply is generally tight due to the slow resumption of production in Wa State and the crackdown on illegal mines in Indonesia. The demand has certain resilience, and the inventory is decreasing. The price is expected to oscillate strongly, and risk control is needed [69] - **Nickel**: Last trading day, it fell. The global geopolitical situation is tense, the Indonesian nickel quota is reduced, and the cost is rising. However, the stainless - steel consumption is in the off - season, the demand is weak, and the inventory is at a relatively high level. The first - grade nickel is in an oversupply situation [70] - **Soybean Oil and Soybean Meal**: Last trading day, they rose. The Brazilian soybean harvest is accelerating, and the domestic soybean import is slowing down. The supply of soybean is relatively loose, the cost support is weakening, the demand for soybean meal is growing moderately, and the demand for soybean oil is slightly improving. Investors can look for long - position opportunities for soybean meal in the low - cost support range and consider exiting long positions for soybean oil on rallies [71][72] - **Palm Oil**: The Malaysian palm oil futures rose, supported by the price of related oils and crude oil and favorable export data. The domestic palm oil inventory is at a medium level in the past 7 years. Investors can consider long - position opportunities after the price correction [73][74][75] - **Rapeseed Meal and Rapeseed Oil**: The Canadian rapeseed price fell. The Chinese tariff on Canadian rapeseed will be reduced. The domestic rapeseed meal inventory is decreasing, and the rapeseed oil inventory is increasing. Investors can consider closing the spread - widening positions between soybean and rapeseed products [76][77] - **Cotton**: The domestic cotton futures oscillated. The external market cotton price fell. The USDA report is favorable for the market, and the medium - term external cotton price is expected to be strong. The domestic cotton harvest is good, but the inventory increase is lower than expected, and the future supply is expected to be tight. The downstream demand has resilience. The medium - to - long - term cotton price is expected to be strong, but the domestic market is under pressure in the short term. Investors can buy on dips after the price correction [78][79][80] - **Sugar**: The domestic and foreign sugar futures oscillated. India's sugar production is expected to increase, and the domestic market will face the dual supply pressure of domestic new sugar and imported sugar. It is recommended to short on rallies [82][83][84] - **Apples**: The domestic apple futures oscillated weakly. The current inventory is at a low level in recent years, and the new - season apple production and quality have declined. The medium - to - long - term price is expected to be strong, and investors can go long on dips [86][87][88] - **Pigs**: The main contract fell. The supply is expected to be under pressure in the first quarter, and the market is waiting for the marginal change in consumption during the Spring Festival. It is recommended to wait and see [90][91] - **Eggs**: The main contract rose. The egg supply is expected to remain at a relatively high level in January, but the supply - side improvement is emerging. It is recommended to hold positive spreads [92] - **Corn & Starch**: The main contracts of corn and corn starch fell. The northern port inventory is low, the spot price is strong, and the domestic corn is basically in balance of production and demand. The demand for corn starch is slightly improving, but the supply is abundant, and the inventory is at a high level. It is expected to follow the corn market [93][94] - **Logs**: The main contract rose slightly. The supply is shrinking at a high level, the inventory is decreasing, the demand is entering the pre - holiday end, and the cost is rising. The overall supply - demand is tending to be loose, but the cost support is strengthening [95][96][97]

Core Viewpoint - The Chinese government plans to implement multiple measures in 2026 to enhance its attractiveness for foreign investment, focusing on service sector expansion and optimizing foreign investment support policies [1][4][8]. Group 1: Foreign Investment Policies - In 2026, the focus will be on expanding market access and opening up sectors such as telecommunications, healthcare, and education, with an emphasis on ensuring foreign investment can enter and operate smoothly [4][6]. - The government will optimize foreign investment support policies, including tax incentives for overseas investors reinvesting profits earned in China and encouraging foreign participation in consumption, government procurement, and bidding activities [6][9]. Group 2: Trade and Market Development - The government aims to stabilize the foreign trade landscape and promote service market openness, forming a "combination punch" of foreign trade policies to help companies reduce costs and improve efficiency [8][9]. - Initiatives will include increasing support for companies participating in overseas exhibitions, hosting trade promotion activities, and enhancing the international competitiveness of green low-carbon products [9][14]. Group 3: Service Trade and Digital Innovation - There will be a strong push to develop service trade, including the establishment of a negative list management system for cross-border service trade and the creation of national service trade innovation development demonstration zones [14]. - The government plans to innovate in digital trade, set relevant standards, and promote the digital transformation of service outsourcing, alongside organizing global digital trade expos to facilitate international cooperation [14].

Summary of Key Points from Conference Call Industry and Company Involvement - The conference call discusses various companies and industries, including: - Digital trade standards related to the national digital trade demonstration zone (Shengguang Group, Small Commodity City) [1] - International consumption environment pilot cities (He Bai Group, Shanghai Jiubai) [2] - Robotics partnership for the 2026 Spring Festival Gala (Yushu Technology, Changsheng Bearing, Wolong Electric Drive) [3] - Global hydrogen energy industry development (Houpus Co., Ltd., Shudao Equipment) [4] Core Insights and Arguments - The Ministry of Commerce will initiate the construction of a national digital trade demonstration zone and formulate relevant digital trade standards [1] - The Ministry of Commerce is organizing "city-specific" events in 15 international consumption environment pilot cities to enhance local consumption [2] - Yushu Technology has been selected as the robotics partner for the 2026 Spring Festival Gala, marking its third appearance at this event [3] - The global hydrogen energy industry is entering a more rational and critical development phase, indicating potential investment opportunities [4] Other Important but Possibly Overlooked Content - The emphasis on digital trade standards suggests a growing focus on digitalization in commerce, which may impact various sectors [1] - The pilot city events could lead to increased consumer engagement and spending, benefiting the involved companies [2] - The repeated partnership of Yushu Technology with a high-profile event like the Spring Festival Gala may enhance its brand visibility and market position [3] - The commentary on the hydrogen energy industry indicates a shift towards more sustainable energy solutions, which could attract future investments [4]

融 期 货 【期指期现数据跟踪】 期指数据 | | 收盘价 | 涨跌幅% | 基差 | 成交额-亿 | 成交量 | 变动 | 持仓量 | 变动 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 沪深300 | 4707 | ↑0.10 | | 7968.3 | | | | | | IF2602 | 4713.8 | ↑0.10 | 6.84 | 469.7 | 33112 | ↑4297 | 41677 | ↓328 | | IF2603 | 4719.4 | ↑0.11 | 12.44 | 1605 | 112956 | ↑28482 | 191907 | ↑18020 | | IF2606 | 4701.6 | ↑0.24 | -5.36 | 443.5 | 31319 | ↑10613 | 77122 | ↑4614 | | IF2609 | 4653.4 | ↑0.34 | -53.56 | 170.7 | 12162 | ↑5675 | 17758 | ↑6428 | | 上证50 | 3049.6 | ↑0.57 | | 239 ...

1. Industry Investment Rating No information provided in the report. 2. Core Views of the Report - Trump's statement that he does not rule out the possibility of reaching a diplomatic agreement with Iran has led to a short - term decline in risk - aversion sentiment and an increase in market risk appetite. The dollar index is expected to fluctuate in the short term [11]. - The upcoming policy to promote service consumption may have an impact on the A - share market. The market is currently in a state of rapid rotation, and the overall risk is controllable. It is recommended to continue holding long positions in stock index futures [17]. - The long - term bearish logic of the bond market remains unchanged. Although there is a short - term rebound, it is advisable to short after the upward momentum fades [20]. - The steel market is expected to be volatile in the short term, and it is advisable to hedge on rallies. The coking coal market is expected to be weak and volatile in the short term. The动力煤 market is expected to have strong price support. The iron ore market is expected to be weak in February [23][25][27][28]. - The soybean meal futures price is expected to remain volatile, and attention should be paid to weather conditions in South American production areas. The vegetable oil market is affected by various factors, and it is not recommended to take unilateral positions in rapeseed oil. Attention can be paid to arbitrage strategies [29][33]. - The lead price is expected to remain in low - level consolidation. It is recommended to look for short - selling opportunities on rallies. The zinc price can be considered for buying on dips, with caution in chasing up. The lithium carbonate price is likely to be prone to rising and difficult to fall, and long - biased strategies can be adopted with attention to risk control [34][40][45]. - The copper price is expected to fluctuate at a high level, and it is advisable to stay on the sidelines in the short term. The tin price is expected to have wide - range fluctuations in the short term. Attention should be paid to supply recovery and consumption improvement [49][53]. - Oil prices are affected by geopolitical situations. Attention should be paid to changes in the Middle East geopolitical situation. The asphalt price is expected to be volatile and strong in the short term, and attention should be paid to geopolitical changes [54][57]. - The urea price is expected to enter a consolidation phase in the short term, with a possible further correction around the Spring Festival. Low - buying opportunities for the 05 contract can be considered after the relative valuation provides a safety margin [60]. - The styrene price may deviate from the industrial logic in the short term due to the intensification of short - squeeze sentiment. It is recommended to shift from low - buying to cautious waiting. The PVC price may be relatively strong in the short term, but the upward space may be limited. The caustic soda near - month contract's rebound height is expected to be limited, while the far - month contract can be considered for light - position long - side layout on dips [63][65][67]. 3. Summary by Directory 3.1 Financial News and Comments 3.1.1 Macro Strategy (Foreign Exchange Futures - US Dollar Index) - Trump will raise the tariff rate on a variety of South Korean goods to 25% due to the South Korean Congress's failure to approve and implement the previous trade agreement [10]. - Trump does not completely rule out the possibility of resolving the Iranian issue through diplomacy, leading to a short - term decline in risk - aversion sentiment and an increase in market risk appetite. The dollar index is expected to fluctuate in the short term [11]. - Investment advice: The dollar index is expected to fluctuate in the short term [12]. 3.1.2 Macro Strategy (US Stock Index Futures) - Trump announced an increase in the tariff rate on South Korean goods to 25%. - The US durable goods orders in November increased by 5.3% month - on - month, exceeding market expectations, mainly driven by aircraft orders. The market risk appetite has marginally improved. - Investment advice: During the earnings season, US stocks are expected to be more volatile and maintain high - level consolidation [16]. 3.1.3 Macro Strategy (Stock Index Futures) - Policies to promote service consumption are即将推出. The A - share market is in a state of rapid rotation, with overall controllable risk. - Investment advice: Continue to hold long positions in stock index futures [18]. 3.1.4 Macro Strategy (Treasury Bond Futures) - The central bank conducted 150.5 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 780 million yuan on the day. - The long - term bearish logic of the bond market remains unchanged. Although there is a short - term rebound, it is advisable to short after the upward momentum fades. - Investment advice: Short the bonds after the upward momentum fades [21]. 3.2 Commodity News and Comments 3.2.1 Black Metals (Rebar/Hot - Rolled Coil) - Policies to optimize consumer goods replacement and promote the consumption of large - scale durable goods such as automobiles will be implemented. - Steel prices are expected to fluctuate. It is advisable to hedge on rallies in the short term. - Investment advice: Adopt a volatile trading strategy and hedge on rallies [24]. 3.2.2 Black Metals (Coking Coal/Coke) - The coking coal market in Lvliang is fluctuating, with prices rising and falling. The market is expected to be weak and volatile in the short term. - Investment advice: The coking coal market is expected to be weak and volatile in the short term [25]. 3.2.3 Black Metals (Steam Coal) - The FOB price of Indonesian Q3800 Panamax steam coal is maintained at $50 - 51 per ton. The price is expected to have strong support in the short term. - Investment advice: The steam coal price is expected to have strong support due to seasonal supply decline and high demand in February [27]. 3.2.4 Black Metals (Iron Ore) - The iron ore market of MGX Resources showed a divergence in production and sales in the fourth quarter. The iron ore price is expected to be weak in February. - Investment advice: The iron ore price is expected to be weak in February [28]. 3.2.5 Agricultural Products (Soybean Meal) - The soybean meal inventory of oil mills decreased last week. The futures price is expected to remain volatile. - Investment advice: The soybean meal futures price is expected to remain volatile, and attention should be paid to weather conditions in South American production areas [30]. 3.2.6 Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil) - The palm oil production in Malaysia from January 1 - 25 decreased by 14.81% month - on - month, and exports increased by 7.97% month - on - month. The rapeseed oil market is affected by the uncertainty of China - Canada relations. - Investment advice: It is not recommended to take unilateral positions in rapeseed oil. Attention can be paid to arbitrage strategies [33]. 3.2.7 Non - Ferrous Metals (Lead) - The LME 0 - 3 lead was at a discount of $44.56 per ton on January 23. The domestic lead ingot inventory increased. The lead price is expected to remain in low - level consolidation. - Investment advice: Look for short - selling opportunities on rallies and stay on the sidelines for arbitrage [36]. 3.2.8 Non - Ferrous Metals (Zinc) - South 32's zinc concentrate production in Q4 2025 increased by 25% quarter - on - quarter, and 29Metals' zinc production in Q4 increased by 72% quarter - on - quarter. The domestic zinc ingot inventory decreased. - Investment advice: Buy on dips for unilateral positions, with caution in chasing up. Stay on the sidelines for arbitrage [40]. 3.2.9 Non - Ferrous Metals (Lithium Carbonate) - The Guangzhou Futures Exchange will introduce overseas traders to lithium carbonate futures and options. Sigma Lithium sold 100,000 tons of high - purity lithium ore concentrate powder. - Investment advice: Adopt a long - biased strategy, look for low - buying opportunities after the position volume and volatility stabilize, and pay attention to risk control [45]. 3.2.10 Non - Ferrous Metals (Copper) - The roadblock in the Escondida copper mining area in Chile has been lifted. Zangge Mining's subsidiary's copper mine phase - II project was put into operation. - Investment advice: The copper price is expected to fluctuate at a high level, and it is advisable to stay on the sidelines in the short term. Stay on the sidelines for arbitrage [49]. 3.2.11 Non - Ferrous Metals (Tin) - The LME 0 - 3 tin was at a discount of $245 per ton on January 23. The exchange strengthened risk prevention and control. The tin price is expected to have wide - range fluctuations in the short term. - Investment advice: The tin price is expected to have wide - range fluctuations in the short term. Pay attention to supply recovery and consumption improvement [53]. 3.2.12 Energy Chemicals (Crude Oil) - The Tengiz oil field in Kazakhstan is preparing to resume production. Oil prices are affected by geopolitical situations. - Investment advice: Pay attention to changes in the Middle East geopolitical situation [55]. 3.2.13 Energy Chemicals (Asphalt) - The asphalt refinery inventory decreased, while the social inventory increased. The asphalt price is expected to be volatile and strong in the short term. - Investment advice: The asphalt price is expected to be volatile and strong in the short term. Pay attention to geopolitical changes [57]. 3.2.14 Energy Chemicals (Urea) - The compound fertilizer capacity utilization rate increased. The urea price is expected to enter a consolidation phase in the short term, with a possible further correction around the Spring Festival. - Investment advice: The urea price is expected to enter a consolidation phase in the short term. Consider low - buying the 05 contract after the relative valuation provides a safety margin [60]. 3.2.15 Energy Chemicals (Styrene) - The styrene inventory in East China ports increased. The styrene price may deviate from the industrial logic in the short term due to short - squeeze sentiment. - Investment advice: Shift from low - buying to cautious waiting for styrene. The far - end expectation game of pure benzene may not end [63]. 3.2.16 Energy Chemicals (PVC) - The domestic PVC powder market price increased. The PVC export tax - rebate policy will be cancelled on April 1. The PVC price may be relatively strong in the short term, but the upward space may be limited. - Investment advice: The PVC price may be relatively strong in the short term, but the upward space may be limited [65]. 3.2.17 Energy Chemicals (Caustic Soda) - The caustic soda price in Shandong decreased. The caustic soda market has high supply, weak demand, and high inventory. The near - month contract's rebound height is expected to be limited, while the far - month contract can be considered for light - position long - side layout on dips. - Investment advice: The near - month contract's rebound height is expected to be limited. The far - month contract can be considered for light - position long - side layout on dips [67].

Economic Data - In 2025, China's total retail sales of consumer goods are expected to exceed 50 trillion yuan for the first time, reaching 50.1 trillion yuan, with a growth rate of 3.7% and a contribution rate of consumption to economic growth at 52%, an increase of 5 percentage points [6] - The number of motor vehicles in China is projected to reach 469 million by 2025, with 356 million being cars, and the number of drivers expected to reach 559 million, including 525 million car drivers [17] Trade and Policy - The U.S. announced an increase in tariffs on certain goods from South Korea to 25% due to the lack of approval from the South Korean parliament on a prior trade agreement [4] - The U.S. threatened to impose a 100% tariff on goods imported from Canada if Canada reaches a new trade agreement with China [5] - The Ministry of Commerce of China plans to expand market access and open up sectors such as telecommunications, healthcare, and education by 2026 [7] Financial and Investment - The People's Bank of China emphasized the need for proactive assessment of systemic financial risks and maintaining the stability of financial markets and the overall financial system [10] - The People's Bank of China will support the Hong Kong Monetary Authority in increasing the scale of RMB business funding arrangements from 100 billion yuan to 200 billion yuan [11] Corporate Developments - Shanghai-based AI startup StepFun completed over 5 billion yuan in Series B+ financing, setting a record for the largest single financing in the Chinese AI sector in the past 12 months [28] - Li Tong Electronics expects a net profit increase of 996.83% to 1240.57% in 2025, driven by profitability in its computing power business [35] - China Rare Earth anticipates a net profit of 143 million to 185 million yuan in 2025, marking a turnaround from a loss of 287 million yuan in the previous year [37] - Dongfang Risen expects a net loss of 2.3 billion to 2.9 billion yuan in 2025, despite a growing global photovoltaic installation market [54]

【智通财经1月27日早间新闻精选】 1、国新办1月26日就2025年商务工作及运行情况举行新闻发布会。 商务部表示，2026年将深入实施提振消费专项行动，优化实施消费品以旧换新，促进汽车、家电、数码 和智能产品等大宗耐用商品消费。 2、商务部对外贸易司司长王志华在国新办新闻发布会上表示，下一 步，将创新发展数字贸易，启动建设国家数字贸易示范区，制定数字贸易相关标准，推动国内国际标准 相通相融，推动服务外包数字化转型，培育壮大数字贸易经营主体，办好全球数字贸易博览会。 3、中 国人民银行副行长邹澜1月26日在第19届亚洲金融论坛上表示，中国人民银行支持香港金管局将人民币 业务资金安排规模由1000亿元增加至2000亿元。 4、上期所、上期能源发布通知，本周三收盘结算时 起，铜、国际铜、铝期货已上市合约的涨跌停板幅度调整为9%，套保持仓交易保证金比例调整为 10%，一般持仓交易保证金比例调整为11%。 5、中国人民银行召开2026年宏观审慎工作会议。会议要 求，前瞻性研判系统性金融风险隐患，创新丰富政策工具箱，维护金融市场稳健运行和金融体系整体稳 定。 6、上期所发布通知，1月26日夜盘交易起，白银期货主要合约日 ...

Market News - US stock indices closed higher, with the Nasdaq up 0.43%, Dow Jones up 0.64%, and S&P 500 up 0.5%. Tech stocks showed mixed results, with Apple, Oracle, and Meta rising over 2%, while Intel fell over 5%, and AMD and Tesla dropped over 3% [1] - The ICE US Dollar Index fell by 0.59% to 97.019 points. The onshore RMB against the USD closed at 6.9540, up 90 basis points from the previous trading day [1] Industry Insights - The Beijing humanoid robot innovation center successfully connected a new type of satellite, marking the first global trial of humanoid robots directly linked to low-orbit satellites. This breakthrough supports reliable communication for outdoor robotic applications and cross-industry integration [3] - The space communication industry is projected to reach between 200 billion to 400 billion yuan by 2030, with an annual compound growth rate of 10%-28%. This sector is transitioning from concept validation to large-scale application, becoming a key driver for high-quality digital economic development [3] - The "Star Computing" plan by Guoxing Aerospace aims to deploy a large model in orbit, achieving end-to-end reasoning tasks in under two minutes. This network consists of 2,400 inference satellites and 400 training satellites, targeting a total of 100,000 P-level inference computing power [4] - The Ministry of Commerce plans to innovate and develop digital trade, establishing a national digital trade demonstration zone and promoting standards for digital trade. By 2025, online retail sales in China are expected to grow by 8.6%, with cross-border e-commerce reaching 2.75 trillion yuan [5][6] Stock Movements - Yili Group plans to reduce its stake in Sun Cable by up to 21.67 million shares, not exceeding 3% of the total share capital [7] - Jianghang Equipment's shareholder plans to reduce its stake by up to 791,340 shares, representing 1% of the total share capital [7] - Shengda Bio announced a plan to reduce its stake by up to 567,090 shares, not exceeding 3% of the total share capital [7]