Core Viewpoint - The metal sector on the Shanghai Futures Exchange experienced a significant rally on January 29, 2026, driven by multiple factors including macroeconomic policies, geopolitical dynamics, supply-demand balance, capital flows, and inter-commodity linkages. Group 1: Core Driving Factors - **Macroeconomic Policy**: The Federal Reserve maintained interest rates at 3.5%-3.75%, signaling a dovish stance and reinforcing expectations for rate cuts in the first half of 2026. The US dollar index fell to 96.2, a near four-year low, reducing overseas procurement costs for metals and attracting global capital into the commodity market [1]. - **Domestic Growth Policies**: Continued domestic policies aimed at stabilizing growth, such as the issuance of ultra-long special government bonds and consumption stimulation during the Spring Festival, further boosted metal demand expectations [2]. - **Geopolitical Factors**: Easing concerns over supply chain disruptions due to improved conditions in resource-rich areas, although geopolitical uncertainties remain. Silver, with its dual attributes of finance and safe-haven, became a preferred choice for capital allocation [3]. - **Supply-Demand Dynamics**: A "tight balance" in supply and demand was noted, with supply constraints in tin, nickel, and lead due to environmental policies and mining difficulties, while demand surged from sectors like new energy and construction [4][5]. - **Capital Flows**: Increased risk appetite led to significant capital inflows into the commodity market, with metals showing heightened trading activity. The reversal of previously accumulated pessimism quickly drove prices up [7]. Group 2: Price Movements and Commodity Performance - **Price Increases**: Major metals saw substantial price increases, with copper rising by 6,490 yuan (+6.35%), aluminum by 765 yuan (+3.08%), and silver by 1,706 yuan (+5.99%). Gold also saw a notable increase of 87.14 yuan (+7.53%) [1]. - **Commodity Linkages**: Leading commodities like copper and aluminum initiated the rally, boosting market sentiment. Copper reached a new high of 108,000 yuan/ton, while aluminum followed suit due to dual demand from new energy and infrastructure [8]. - **Differentiated Performance**: Various metals exhibited different price responses based on their supply-demand characteristics and market attributes, with tin and nickel showing strong rebounds due to specific supply constraints and demand from new energy applications [9]. Group 3: Market Outlook - **Short-term Outlook**: The market is expected to maintain strong fluctuations leading up to the Spring Festival, supported by ongoing stocking activities and favorable macroeconomic conditions. Copper may challenge the 109,000 yuan/ton mark, while aluminum is monitored around the 26,000 yuan/ton resistance level [10]. - **Long-term Perspective**: Structural demand from industries such as new energy and AI computing is anticipated to reshape the market, with copper, aluminum, and tin potentially entering a "super cycle." However, caution is advised regarding potential risks from US government shutdowns and disappointing earnings from tech giants [10].

Core Viewpoint - The overall performance of the basic metals market is strong, driven by macroeconomic sentiment and the fundamentals of strong-performing metals, with significant price increases in tin, copper, aluminum, and nickel, while lead remains stable [1][2]. Group 1: Price Movements - Tin price leads the market with a significant increase, reaching an average of 435,500 yuan/ton, up by 2,000 yuan, approaching historical highs due to new demand from AI servers and semiconductor industries, alongside supply constraints from major producing regions like Indonesia and Myanmar [2]. - Copper price rebounds strongly, with an average of 102,780 yuan/ton, increasing by 1,120 yuan, supported by a clear long-term supply-demand gap and decreasing LME inventories [1][2]. - Aluminum price rises to an average of 24,860 yuan/ton, up by 600 yuan, driven by limited production capacity and increased demand from sectors like new energy and photovoltaics [1][2]. - Nickel price experiences volatility, averaging 147,900 yuan/ton, up by 1,700 yuan, supported by reduced mining quotas in Indonesia and expectations of growth in the new energy battery sector [2]. - Zinc price sees a mild increase, averaging 25,210 yuan/ton, up by 60 yuan, supported by low LME inventories and recovering demand from infrastructure and new energy sectors [1][2]. - Lead price remains stable at 17,000 yuan/ton, with no change from the previous day, reflecting weak demand in the battery sector as pre-holiday stocking approaches completion [2]. Group 2: Market Drivers - The recent surge in metal prices is attributed to five key factors: a declining US dollar index, the Federal Reserve's decision to maintain interest rates, explosive demand driven by new energy and AI industries, pre-holiday stocking by downstream sectors, and low metal inventories in major global warehouses [2][4]. - The macroeconomic environment, including the Fed's dovish signals and the overall strength of the US stock market, enhances market sentiment and encourages investment in commodities and non-ferrous metals [4][5]. - Short-term market expectations indicate a strong and volatile environment, with potential price targets for copper reaching 109,000 yuan/ton, while long-term trends suggest a super cycle for copper, aluminum, and tin driven by ongoing demand from new energy and AI sectors [2][4].

国家林草局资源司 国家能源局新能源司解读《关于支持风电开发建设 规范使用林地草地有关工作 的通知》 为统筹风电开发建设与林地草地保护，推动风电场项目规范使用林地草地，促进风电高质量发展， 日前，国家林业和草原局和国家能源局联合印发了《关于支持风电开发建设 规范使用林地草地有关 工作的通知》（以下简称《通知》）。国家林业和草原局森林资源管理司、国家能源局新能源司有 关负责同志对《通知》进行深入解读。 一、出台《通知》的背景是什么？ 三是落实山水林田湖草沙一体化保护的需要。2019年，国家林业和草原局印发《关于规范风电场 项目建设使用林地的通知》（林资发〔2019〕17号），对规范和引导风电场项目合理使用林地发 挥了重要作用。林资发〔2019〕17号文到期后，为落实山水林田湖草沙一体化保护的要求，国家 林业和草原局在充分调研的基础上，结合风电产业发展新情况、新趋势，会同国家能源局共同研究 起草了《通知》。 二、如何支持和引导风电场项目合理布局？ 党的二十届四中全会提出："优化重大生产力布局，发挥重点区域增长极作用，构建优势互补、高 质量发展的区域经济布局和国土空间体系"。为统筹生态保护和绿色能源协调发展，《通知》 ...

Investment Rating - The report initiates coverage on TBEA Co., Ltd. with a "Buy" rating and sets a target price of 33.31 RMB, corresponding to a 2026 PE of 22X [1][7]. Core Views - The report highlights that TBEA's multiple business segments are entering a phase of upward momentum, with the power transmission and transformation business expected to benefit from global high-pressure equipment shortages, leading to accelerated international expansion [1][17]. - The gold business is experiencing simultaneous increases in both volume and price, while coal and polysilicon sectors are also showing signs of recovery, indicating strong upward profit elasticity for the company in 2026-2027 [1][17]. - The report emphasizes that TBEA is a leading player in the energy equipment sector, with a diversified portfolio that includes power transmission, energy, new energy, and new materials, positioning the company for robust growth [23]. Summary by Sections Power Transmission and Transformation - TBEA is a leading private transformer manufacturer in China, with integrated capabilities in high-voltage cables, accessories, and construction services. The company is witnessing rapid growth in overseas orders, with international market product contracts exceeding 7 billion USD in 2023 and 12 billion USD in 2024, reflecting a year-on-year growth of 65.9% in the first half of 2025 [2][18]. - The domestic market is also expected to see a significant increase in grid investment during the 14th Five-Year Plan, with TBEA's market share in main grid tenders continuing to rise, providing a solid foundation for future growth [2][18]. Resource Products - The gold mining segment is currently in a rapid capacity release phase, with projected production increasing from 2.2 tons in 2024 to 3.6 tons in 2027, potentially generating revenues of 19.8 billion RMB to 46.4 billion RMB during this period, with year-on-year growth rates of 65.9% to 29.2% [3][19]. - TBEA's coal business benefits from low-cost open-pit mining resources, with a production cost of only 177 RMB per ton in the first half of 2025. The company is also developing a coal-to-gas project that is expected to enhance profitability [3][20]. - The polysilicon segment is anticipated to achieve significant cost reductions, with cash costs expected to decrease by approximately 18% in the first half of 2025, allowing the company to return to cash flow breakeven [4][21]. Market Perspective - The report notes a divergence from market perceptions, indicating that TBEA's diverse business segments are now in an upward cycle, contrary to the prevailing view that the company is being dragged down by its renewable energy and coal businesses [5][22]. - The company is positioned to leverage its strengths in various sectors, including power transmission, coal-to-gas, gold production, and polysilicon, to drive future growth and profitability [5][22].

Core Viewpoint - Fujian Del Technology Co., Ltd. is attempting to re-enter the capital market after withdrawing its IPO application less than six months ago, indicating a renewed interest in public listing and potential growth opportunities in the fluorine chemical materials sector [1] Company Overview - Fujian Del was established on June 13, 2014, with a registered capital of 1.039 billion yuan [1] - The company has no controlling shareholder, with actual control held by Lai Zongming, Hua Xiangbin, and Huang Tianliang, who collectively own 35.06% of the shares [1] Business Focus - The company specializes in the research, production, and sales of fluorine-based new materials, including fluorochemical basic materials, new energy lithium battery materials, special gases, and semiconductor wet electronic chemicals [1] - Its products are widely used in various applications such as semiconductor chips, LED chips, flat panel displays, communication optical fibers, power and energy storage batteries, ultra-high voltage transmission and transformation, and photovoltaic power generation [1] IPO History - Prior to the current listing guidance, Fujian Del had previously attempted to list on the Shanghai Stock Exchange, with its IPO application accepted on June 30, 2023, and entering the inquiry stage on July 27, 2023, but ultimately withdrew the application on August 22, 2025 [1]

Group 1: Market Performance - The food and beverage sector showed a strong rebound on January 29, with the Huabao Food and Beverage ETF (515710) rising by 1.07% during trading [1] - Major stocks in the liquor segment experienced significant gains, with Luzhou Laojiao increasing over 4%, and Kweichow Moutai and Gujing Gongjiu both rising over 3% [1] Group 2: Fund Holdings and Trends - As of January 26, the latest public fund top ten heavy stocks revealed that Kweichow Moutai remains a key holding, valued at 118.203 billion, ranking fourth among the top ten heavy stocks [3] - Kweichow Moutai is the largest holding in the Huabao Food and Beverage ETF, accounting for 14.76% of the fund's portfolio as of the end of 2025 [4] Group 3: Valuation Insights - The food and beverage sector is currently at a low valuation, with the food index's price-to-earnings ratio at 19.09, placing it in the 1.37% percentile of the last decade [4] - Analysts suggest that the food and beverage sector is at a low point in terms of fundamentals and valuation, indicating significant layout value [4] Group 4: Investment Opportunities - The Huabao Food and Beverage ETF primarily invests in leading high-end and mid-range liquor stocks, with about 60% of its portfolio allocated to these sectors [5] - Investors can also access the core assets of the food and beverage sector through the Huabao Food and Beverage ETF linked funds [5]

铜：棋至中局，稳定性凸显 20260128 摘要 XT 合约价差飙升至 100 美元，创 1998 年来最大单日涨幅，导致 COMEX 与 LME 价差转负，北美隐性库存增加缓解 LME 低库存，短期 内铜价相对其他品种偏弱。 长期来看，美国或通过高价维持电解铜进口优势，远端虹吸效应持续。 全球铜矿生产干扰率高，如智利 Capstone 铜金矿罢工，限制供应。预 计春节前后铜价横盘整理，长期供应紧张和电力需求增长支撑铜价。 铜需求与电力紧密相关，新能源和 AI 技术革命带动电力需求。美国人均 用铜量与人均 GDP 呈 M 型趋势，AI 技术开支大幅上行，类似 90 年代 互联网周期，电力相关用铜需求将持续增长。 过去十年铜矿资本支出偏低，新扩建项目不足以弥补大规模新矿山开发 所需产能。高利润背景下劳资关系紧张及资源国保护主义政策提高生产 干扰率，供应端长期受限。 全球范围内铜供应存在结构性紧缺将持续存在。建议关注紫金、洛钼、 五矿等资源储备丰富的公司，以及中国有色矿业、铜陵、江铜等自给率 提升显著的企业。 紫金收购联合黄金矿区后黄金产量有望提升，洛钼完成巴西黄金矿山收 购交割，为公司提供利润支撑。在当前宏观复 ...

Group 1 - The food and beverage sector is experiencing a strong rebound, with the Huabao Food and Beverage ETF (515710) rising by 1.07% as of the latest report [1] - Major liquor stocks are seeing significant gains, with Luzhou Laojiao up over 4%, and Kweichow Moutai and Gujing Gongjiu both rising over 3% [1] - The latest public fund report shows that Kweichow Moutai remains a top holding, reflecting its resilience and the confidence it brings to the liquor industry during adjustment periods [3] Group 2 - The food and beverage sector is currently at a low valuation, with the PE ratio of the underlying index for the Huabao ETF at 19.09, which is in the 1.37% percentile of the last decade [3] - Analysts suggest that the food and beverage sector is positioned for significant investment value due to low valuations and improving fundamentals, with CPI showing a mild recovery [4] - The Huabao Food and Beverage ETF primarily invests in leading high-end and mid-range liquor stocks, with a significant portion also allocated to beverages, dairy, and seasoning sectors [4][5]

重庆市江北区金沙门路 32 号 23 层； 023-67071029 上海市浦东新区世纪大道 210 号 10 楼 1001； 021-61101854 地址： 电话： 1 市场有风险 投资需谨慎 2026 年 1 月 29 日星期四 国债： 上一交易日，国债期货收盘全线上涨，30 年期主力合约涨 0.07%报 112.090 元， 10 年期主力合约涨 0.05%报 108.210 元，5 年期主力合约涨 0.06%报 105.870 元，2 年 期主力合约涨 0.01%报 102.394 元。 公开市场方面，央行公告称，1 月 28 日以固定利率、数量招标方式开展了 3775 亿 元 7 天期逆回购操作，操作利率 1.40%，投标量 3775 亿元，中标量 3775 亿元。Wind 数据显示，当日 3635 亿元逆回购到期，据此计算，单日净投放 140 亿元。 住房城乡建设部透露，2025 年 1-12 月份，全国新开工改造城镇老旧小区 2.71 万 个、499 万户，共完成投资 1332 亿元。据了解，2025 年，全国计划新开工改造城镇老 旧小区 2.5 万个。 美联储维持基准利率在 3.50%-3. ...

Group 1 - During the "14th Five-Year Plan" period, Beijing Property Exchange has maintained a trading scale exceeding 10 trillion yuan for several consecutive years [1] - The exchange has completed 58,972 projects in four categories: state-owned property transfer, capital increase, asset transfer, and property leasing, with a total transaction amount of 2,198 billion yuan and a value-added amount exceeding 160 billion yuan [1] - State-owned enterprises have utilized the exchange to strengthen their strategic layout in key areas such as new energy, new materials, artificial intelligence, aerospace, and biomanufacturing [1] Group 2 - Beijing Property Exchange has empowered 238 enterprises to develop high-tech industrial clusters, with a cumulative transaction amount exceeding 300 billion yuan, fostering emerging and future industries [3] - Over five years, state-owned enterprises have transferred ownership of more than 2,600 non-core and non-advantageous enterprises through the exchange, recovering over 180 billion yuan [3] - The exchange has facilitated the optimization of state-owned economic layout and structural adjustment, promoting professional integration among state-owned enterprises [3] Group 3 - The exchange has played a significant role in promoting the complementary advantages of various ownership economies, achieving deep integration of state and social capital across industrial, financial, innovation, and talent chains [4] - During the "14th Five-Year Plan" period, the exchange has serviced over 60 green development projects, with a transaction amount exceeding 220 billion yuan, accelerating the aggregation of resources towards green industries [4] Group 4 - Beijing Property Exchange has facilitated the deep integration of technological and industrial innovation, supporting the construction of Beijing as an international technology innovation center [5] - The China Technology Exchange, under the Beijing Property Exchange, has completed 103,000 technology transfer projects with a transaction amount of nearly 980 billion yuan [5] - The exchange has established a "platform + investment bank" trading ecosystem, covering over 50,000 institutional investors and servicing more than 3,200 projects with a total amount of approximately 13.8 billion yuan [5]