Core Insights - The report highlights the slight increase in the US GDP for the third quarter, which is above expectations, indicating a resilient economic performance [4] - The European Central Bank's meeting minutes suggest that maintaining stable interest rates for an extended period may be appropriate, reflecting a cautious approach to monetary policy [4] - The report mentions the potential for further reductions in reserve requirements and interest rates in China, indicating a supportive monetary stance to stimulate economic growth [4] Economic Data Summary - The Baltic Dry Index increased by 4.28% to 1803.00, indicating a positive trend in shipping rates [5] - The Nasdaq Index rose by 0.91% to 23436.02, while the Dow Jones Industrial Average increased by 0.63% to 49384.01, reflecting a bullish sentiment in the US stock market [5] - Crude oil prices (ICE Brent) decreased by 1.29% to $64.40, while gold prices (London Gold Spot) increased by 2.18% to $4938.35, showing mixed trends in commodity markets [5] - The US dollar index fell by 0.50% to 98.28, indicating a weakening dollar against other currencies [5] - The Hang Seng Index closed at 26629.96, up by 0.17%, while the Shanghai Composite Index rose by 0.14% to 4122.58, reflecting stability in the Hong Kong and mainland Chinese markets [5]

2026 年 01 月 23 日 锌：具备向上弹性 季先飞 投资咨询从业资格号：Z0012691 jixianfei@gtht.com 王宗源（联系人） 期货从业资格号：F03142619 wangzongyuan@gtht.com 【基本面跟踪】 | | 昨日值 | 较前日变动/涨跌幅 | | 昨日值 | 较前日变动/涨跌幅 | | --- | --- | --- | --- | --- | --- | | 沪锌主力收盘价 | 24400 | 0.21% | 伦锌 3M 电子盘收 | 3175 | 0.00% | | （元/吨） | | | 盘（美元/吨） | | | | 沪锌主力成交量 | 131273 | -14813 | 伦锌成交量（手） | 10031 | -1448 | | （手） | | | | | | | 沪锌主力持仓量 | 118558 | -3135 | 伦锌持仓量（手） | 228807 | -649 | | （手） | | | | | | | 上海 0# 锌升贴水 | 55 | 0 | LME CASH-3M 升 | -40.12 | 3.45 | | （元/吨） | | | 贴水（美 ...

【市场资讯】 转自：新华财经 【资讯导读】 •美国众议院通过2026财年关键拨款法案 •美国2025年第三季度GDP创近两年最快增速 •日本贸易逆差连五年 出口创新高但对美下滑 •韩国施行《人工智能基本法》 强化高风险AI监管 •美国众议院于1月23日通过2026财年一揽子拨款法案，其中国土安全部拨款以220票对207票微弱优势单 独过关。该方案将与上周通过的另一法案合并后提交参议院，须在1月30日前完成审议以避免政府停 摆。若成功立法，将是自2024年3月以来首次确立全年联邦拨款水平。 •韩国正式实施《人工智能基本法》，要求企业在涉及用户日常生活与安全的"高风险"AI应用场景中采 取严格防护措施，并对深度伪造、虚假信息等滥用行为承担法律责任，标志着AI治理迈入制度化阶 段。 •美国2025年第三季度GDP终值年化环比增长4.4%，略高于初值4.3%，创近两年最快增速。 •美国核心PCE物价指数11月同比上涨2.8%、环比涨0.2%，均符合预期。 •美国上周初请失业金人数降至20万，低于预期的21万，显示劳动力市场依然稳健。 •日本2025年贸易逆差达2.65万亿日元，连续第五年赤字。尽管全年出口额同比增长3 ...

新华财经纽约1月22日电（记者刘亚南）由于投资者继续买入，纽约股市三大股指22日高开，早盘短暂 回调，盘中继续走强，尾盘涨幅收窄，收盘时纽约股市三大股指涨幅均明显上涨。 截至当天收盘，道琼斯工业平均指数比前一交易日上涨306.78点，收于49384.01点，涨幅为0.63%；标 准普尔500种股票指数上涨37.73点，收于6913.35点，涨幅为0.55%；纳斯达克综合指数上涨211.195点， 收于23436.02点，涨幅为0.91%。 板块方面，标普500指数十一大板块七涨四跌。通信服务板块和非必需消费品板块分别以1.57%和1.22% 涨幅领涨，房地产板块和公用事业板块分别以1.10%和0.73%跌幅领跌。 美国商务部22日公布的数据显示，2025年10月和11月美国个人消费支出价格指数同比分别上涨2.7%和 2.8%，而9月份涨幅为2.8%。数据还显示，剔除波动较大的食品和能源价格后，10月和11月核心个人消 费支出价格指数同比涨幅分别为2.7%和2.8%，与去年7月和8月2.9%的高点接近。 伊曼纽尔认为，投资者现在注意力正在转向美联储下一次货币政策会议、特朗普对下一任美联储主席的 提名、联邦政府潜 ...

Economic Indicators - The dollar index (DXY00) fell by -0.42% due to a stock rally that reduced liquidity demand for the dollar and euro strength following eased European tensions [1] - US weekly initial unemployment claims rose by +1,000 to 200,000, indicating a stronger labor market than the expected 209,000 [2] - Q3 GDP was revised upward by 0.1 to 4.4% (quarter-over-quarter annualized), surpassing expectations of no change at 4.3% [3] - November personal spending increased by +0.5% month-over-month, aligning with expectations, while personal income rose by +0.3% month-over-month, below the expected +0.4% [3] - The November core PCE price index rose by +0.2% month-over-month and +2.8% year-over-year, meeting expectations [3] Market Reactions - The euro (EUR/USD) rose by +0.54% amid dollar weakness, supported by President Trump's decision to refrain from imposing tariffs on European nations opposing his Greenland acquisition efforts [7] - The Eurozone January consumer confidence index rose more than expected to an 11-month high, contributing to the euro's gains [7] Federal Reserve and Interest Rates - The Federal Open Market Committee (FOMC) is expected to cut interest rates by about -50 basis points in 2026, while the Bank of Japan (BOJ) is anticipated to raise rates by +25 basis points in the same year [5] - The dollar is under pressure as the Fed increases liquidity in the financial system, having started purchasing $40 billion a month in T-bills since mid-December [6] - Concerns exist regarding President Trump's potential appointment of a dovish Fed Chair, which could negatively impact the dollar [6]

Labor Market - Initial Jobless Claims came in at +200K, which is 8K below expectations and a slight increase from the previous week's revised figure of +199K [1] - The four-week average of new jobless claims is now +202K, which is -15K lower than the previous four weeks [1] Continuing Claims - Continuing Claims reached 1.85 million, down from 1.884 million reported a week ago, marking the second-lowest tally since the previous high of 1.9+ million claims [2] Economic Growth - Q3 GDP was revised up by 10 basis points to +4.4%, the highest single quarter since +4.7% in Q3 of 2023, driven by increases in exports, investments, and inventories [3] Earnings Reports - GE Aerospace reported Q4 earnings of $1.57 per share, beating estimates of $1.44, with revenues of $11.87 billion, a +5.38% surprise, but shares are down -3% due to slowing revenue growth [4] - Procter & Gamble's fiscal Q2 earnings were $1.88, slightly above estimates, while revenues were $22.21 billion, falling short by -0.36% [5] - Abbott Labs met earnings estimates at $1.50 per share but fell short of revenue projections at $11.46 billion, leading to a -7.2% drop in shares [6] - Freeport-McMoRan reported earnings of 47 cents per share, exceeding the estimated 28 cents, with revenues of $5.63 billion, surpassing expectations of $5.18 billion [7] Upcoming Earnings - Major companies such as Intel, Intuitive Surgical, and Capital One are set to release earnings after today's close, all currently holding Zacks Rank 3 (Hold) ratings [8]

Economic Indicators - The dollar index (DXY00) is down by -0.28%, with a stock rally reducing liquidity demand for the dollar [1] - US Q3 GDP was revised upward by 0.1 to 4.4% (q/q annualized), exceeding expectations of no change at 4.3% [2] - US weekly initial unemployment claims rose by +1,000 to 200,000, indicating a stronger labor market than the expected 209,000 [1] - US Nov personal spending increased by +0.5% m/m, aligning with expectations, while personal income rose by +0.3% m/m, below the expected +0.4% [2] - The US Nov core PCE price index rose by +0.2% m/m and +2.8% y/y, meeting expectations [2] Monetary Policy and Market Reactions - The Federal Open Market Committee (FOMC) is anticipated to cut interest rates by about -50 bp in 2026, contributing to dollar weakness [4] - The Fed has begun purchasing $40 billion a month in T-bills, increasing liquidity in the financial system, which is also pressuring the dollar [5] - Markets are pricing in a 5% chance of a -25 bp rate cut at the FOMC's next meeting on January 27-28 [3] Currency Movements - The euro (EUR/USD) is up by +0.34%, benefiting from dollar weakness and support from President Trump's decision to refrain from imposing tariffs on European nations [6] - The Eurozone Jan consumer confidence index rose more than expected to an 11-month high, further supporting the euro [6]

| 指标（季度环，SAAR） | 实际值 | 先前预估 | | --- | --- | --- | | GDP | +4.4% | +4.3% | | GDI | +2.4% | +2.4% | | 消费支出 | +3.5% | +3.5% | | 住宅投资 | -7.1% | -5.1% | | 非住宅投资 | +3.2% | +2.8% | 责任编辑：刘明亮 美国经济第三季度增长幅度略高于初步报告，主要得益于出口以更为强劲的步伐增长。 根据美国经济分析局周四发布的数据，经通胀调整后的国内生产总值修正后折合年率增长4.4%，为两 年来的最快。该指标衡量美国商品和服务产出价值。 美国经济第三季度增长幅度略高于初步报告，主要得益于出口以更为强劲的步伐增长。 根据美国经济分析局周四发布的数据，经通胀调整后的国内生产总值修正后折合年率增长4.4%，为两 年来的最快。该指标衡量美国商品和服务产出价值。 | 指标（季度环，SAAR） | 实际值 | 先前预估 | | --- | --- | --- | | GDP | +4.4% | +4.3% | | GDI | +2.4% | +2.4% | | 消费支出 | +3 ...

Economic Growth - The U.S. economy's GDP growth rate for Q3 was revised up to an annualized 4.4%, slightly above market expectations and the previous estimate of 4.3%, marking the fastest growth in two years [1] - This growth is attributed to strong exports and a reduction in the drag from inventory [1] Consumer Spending - Consumer spending increased by 3.5% on an annualized basis in the last quarter, with service spending reaching its fastest growth in three years and goods spending also accelerating compared to the previous quarter [1][2] - The core Personal Consumption Expenditures (PCE) price index for Q3 was finalized at 2.9%, aligning with expectations and indicating no significant increase in inflationary pressures [1][2] Market Reactions - Following the economic data release, the U.S. dollar index showed little short-term volatility, currently at 98.65, while U.S. stock futures, particularly the Nasdaq 100 index futures, maintained a gain of around 0.9% [1] - Gold prices remained stable at approximately $4822.39 per ounce [1] Federal Reserve Outlook - Given the strong economic growth, a relatively stable job market, and inflation remaining above the Federal Reserve's target, policymakers are expected to keep interest rates unchanged in the upcoming meeting [1]

Ernest HoffmanErnest Hoffman is a Crypto and Market Reporter for Kitco News. He has over 15 years of experience as a writer, editor, broadcaster and producer for media, educational and cultural organizations. Ernest began working in market news in 2007, establishing the broadcast division of CEP News in Montreal, Canada, where he developed the fastest web-based audio news service in the world and produced economic news videos in partnership with MSN and the TMX. He has a Bachelor's degree Specialization in ...