Core Viewpoint - The company is adapting to the cancellation of export tax rebates by focusing on high-quality development and leveraging its global supply chain, particularly through its operations in Vietnam [1] Group 1: Company Response to Policy Changes - The company views the adjustment of export tax rebates as a supply-side reform that accelerates resource concentration towards technologically advanced and cost-efficient enterprises [1] - In the short term, the company plans to meet customer delivery needs while engaging in cost-sharing discussions with clients [1] - The operation of the Vietnam factory is seen as a strategic move to mitigate potential trade barriers and enhance regional manufacturing capabilities [1] Group 2: Long-term Strategy and R&D Investment - The company is committed to deepening its focus on high-quality development in response to external environmental changes [1] - The policy direction encourages the cultivation of internationally competitive enterprises, prompting the company to increase R&D investments in high-voltage anodes, high-silicon anodes, and solid-state technologies [1] - By enhancing product value and service capabilities for major clients, the company aims to transform short-term challenges into sustainable global competitiveness [1]

Core Viewpoint - The adjustment of export tax policies is seen as a supply-side reform that accelerates the concentration of industry resources towards technologically advanced and cost-effective companies, guiding the new energy industry from scale expansion to high-quality development [1] Group 1: Company Strategy - The company plans to leverage its buffer to meet customer delivery demands in the short term while actively communicating with clients about cost-sharing [1] - The operation of the Vietnam production base is crucial for avoiding potential trade barriers and is an important pillar for building a global supply chain and diversifying risks [1] Group 2: Long-term Vision - The company is committed to deepening its path of high-quality development in response to external environmental changes, which aligns with policy directions that encourage the cultivation of internationally competitive enterprises [1] - The company will continue to increase R&D investment in high-voltage anodes, high-silicon anodes, solid-liquid, and all-solid-state technologies to enhance product added value and improve comprehensive capabilities in serving major clients [1]

1. Report Industry Investment Rating - There is no information provided about the report industry investment rating in the given content. 2. Core Viewpoints of the Report - The continuous improvement of the stock market since 2026 is the result of the joint action of four factors: the resonance of the technology cycle, the release of policy dividends, the improvement of economic recovery, and the return of overseas funds. Currently, the market has gradually shifted from being dominated by valuation expansion to a new stage driven by earnings. It is expected that in 2026, supply - side reform will continue, pushing up the prices of commodities and driving up the prices of resource - based stocks. Under the strategic guidance of the "15th Five - Year Plan", with the continuous release of various policy effects, the further enhancement of economic recovery momentum, and the continuous progress of overseas funds' allocation of Chinese assets, the stock market is expected to continue its volatile upward trend [2]. 3. Summary According to Relevant Catalogs 3.1 Stock Index Futures Market - **IF Contracts**: The previous day's closing prices of IF contracts (current month, next month, next quarter, and alternate quarter) were 4766.20, 4763.00, 4758.60, and 4715.00 respectively, with declines of - 26.80, - 22.20, - 20.80, and - 21.00 and declines of - 0.56, - 0.46, - 0.44, and - 0.44. The trading volumes were 39504.00, 11881.00, 97329.00, and 24015.00, and the open interests were 43353.00, 18273.00, 184613.00, and 61171.00, with changes in open interests of - 4859.00, 4351.00, 1785.00, and 4163.00 [1]. - **IH Contracts**: The previous day's closing prices of IH contracts (current month, next month, next quarter, and alternate quarter) were 3136.60, 3132.40, 3137.60, and 3128.60 respectively, with declines of - 6.60, - 9.40, - 4.60, and - 6.80 and declines of - 0.21, - 0.30, - 0.15, and - 0.22. The trading volumes were 14480.00, 4204.00, 41076.00, and 7618.00, and the open interests were 14532.00, 5098.00, 57216.00, and 18012.00, with changes in open interests of - 1655.00, 1612.00, 2024.00, and 1155.00 [1]. - **IC Contracts**: The previous day's closing prices of IC contracts (current month, next month, next quarter, and alternate quarter) were 8172.80, 8150.60, 8131.20, and 7985.20 respectively, with declines of - 104.60, - 99.00, - 98.80, and - 89.40 and declines of - 1.26, - 1.20, - 1.20, and - 1.11. The trading volumes were 43150.00, 15560.00, 120900.00, and 32704.00, and the open interests were 40507.00, 31014.00, 171420.00, and 74145.00, with changes in open interests of - 5529.00, 4930.00, 3885.00, and 2850.00 [1]. - **IM Contracts**: The previous day's closing prices of IM contracts (current month, next month, next quarter, and alternate quarter) were 8233.80, 8200.40, 8160.40, and 7960.40 respectively, with declines of - 161.00, - 149.60, - 145.80, and - 135.00 and declines of - 1.92, - 1.79, - 1.76, and - 1.67. The trading volumes were 60818.00, 21828.00, 178731.00, and 43725.00, and the open interests were 54431.00, 39945.00, 207812.00, and 99430.00, with changes in open interests of - 11425.00, 5127.00, - 632.00, and 5511.00 [1]. - **Inter - month Spreads**: The current inter - month spreads of IF, IH, IC, and IM (next month - current month) were - 3.20, - 4.20, - 22.20, and - 33.40 respectively, compared with the previous values of - 8.80, - 2.40, - 15.60, and - 40.80 [1]. 3.2 Stock Index Spot Market - **Major Indexes**: The previous values of the Shanghai - Shenzhen 300, Shanghai 50, CSI 500, and CSI 1000 indexes were 4761.03, 3132.93, 8143.28, and 8203.13 respectively, with declines of - 0.60, - 0.34, - 1.28, and - 1.84. The trading volumes (in billions of lots) were 301.45, 63.16, 364.13, and 454.44, and the total trading amounts (in billions of yuan) were 8010.55, 1888.53, 7352.19, and 8246.52 [1]. - **Industry Indexes**: Among the Shanghai - Shenzhen 300 industry indexes, the energy, raw materials, main consumption, and pharmaceutical sectors had increases of 0.76%, 1.40%, - 0.94%, and 1.65% respectively, while the industrial, optional consumption, real - estate finance, and information technology sectors had declines of - 0.70%, - 1.36%, 0.37%, and - 2.58% respectively [1]. 3.3 Futures - Spot Basis - **IF Contracts and Shanghai - Shenzhen 300**: The previous values of the basis between IF contracts (current month, next month, next quarter, and alternate quarter) and the Shanghai - Shenzhen 300 index were 5.17, 1.97, - 2.43, and - 46.03 respectively, compared with the previous two - day values of - 0.52, - 9.32, - 15.92, and - 54.72 [1]. - **IH Contracts and Shanghai 50**: The previous values of the basis between IH contracts (current month, next month, next quarter, and alternate quarter) and the Shanghai 50 index were 3.67, - 0.53, 4.67, and - 4.33 respectively, compared with the previous two - day values of - 1.94, - 4.34, - 3.54, and - 10.34 [1]. - **IC Contracts and CSI 500**: The previous values of the basis between IC contracts (current month, next month, next quarter, and alternate quarter) and the CSI 500 index were 29.52, 7.32, - 12.08, and - 158.08 respectively, compared with the previous two - day values of 24.67, 9.07, - 12.53, and - 165.73 [1]. - **IM Contracts and CSI 1000**: The previous values of the basis between IM contracts (current month, next month, next quarter, and alternate quarter) and the CSI 1000 index were 30.67, - 2.73, - 42.73, and - 242.73 respectively, compared with the previous two - day values of 38.19, - 2.61, - 45.61, and - 252.21 [1]. 3.4 Other Domestic and Overseas Indexes - **Domestic Indexes**: The previous values of the Shanghai Composite Index, Shenzhen Component Index, Small and Medium - sized Board Index, and ChiNext Index were 4138.76, 14169.40, 8730.75, and 3321.89 respectively, with declines of - 0.64%, - 1.37%, - 0.91%, and - 1.96% [1]. - **Overseas Indexes**: The previous values of the DAX index, Hang Seng Index, Nikkei 225, and S&P index had increases of 0.90%, 3.10%, - 0.19%, and 0.06% respectively [1]. 3.5 Macro Information - **US - Iran Tension**: US President Trump cancelled all talks with Iranian officials, and the US State Department asked US citizens to leave Iran immediately. The US Department of Defense officials said Trump had been briefed on military and covert operation options for the Iranian situation, but the White House said diplomacy was the "preferred" option [2]. - **Fed Chairman Issue**: The criminal investigation of Fed Chairman Powell continued to ferment. Many former US financial officials criticized the Trump administration's investigation, and global central bank governors were drafting a statement to support Powell. Trump said Powell exceeded the budget by billions and would announce the next Fed chairman in the coming weeks [2]. - **Trade Threat**: Trump threatened to impose 25% tariffs on countries with business with Iran. The Chinese Foreign Ministry spokesperson said China would firmly safeguard its legitimate rights and interests. Regarding the G7 finance ministers' agreement to reduce rare - earth imports from China, the spokesperson said China's stance on maintaining the stability and security of the global supply chain of key minerals remained unchanged [2]. - **Domestic Policies**: The Ministry of Industry and Information Technology held a symposium on manufacturing enterprises, emphasizing active participation in industry rule - making and self - discipline. Eight departments jointly introduced 14 measures to promote the high - quality development of elderly care services and the silver economy. By the end of 2024, the elderly population over 60 in China reached 310 million, and it is expected to exceed 400 million by 2035, with the silver economy scale expected to exceed 30 trillion yuan [2]. 3.6 Industry Information - **Industrial Internet**: In 2025, the core industrial scale of China's industrial Internet is expected to exceed 1.6 trillion yuan, driving an increase of about 2.5 trillion yuan in industrial added value. The average operating cost of 100 5G factories with global leading levels will be reduced by 19%. The Ministry of Industry and Information Technology deployed the development of industrial Internet platforms, aiming to have over 450 influential platforms, more than 120 million connected industrial devices, and a platform penetration rate of over 55% by 2028 [2]. - **Solar - Grade Polysilicon**: Starting from January 14, anti - dumping duties will continue to be imposed on imported solar - grade polysilicon from the US and South Korea for a period of 5 years [2]. - **Medical Supplies**: The latest batch of national high - value medical supplies procurement is scheduled to open bids on January 14, including 12 types of medical supplies in two categories: drug - coated balloons and urological interventions, with 496 products from 227 enterprises bidding [2].

1. Report Industry Investment Ratings - Bullish: Index futures (IH, IF, IC, IM), Gold, Silver, Copper, Aluminum, Carbonate Lithium, Cotton, Sugar, Corn, Rubber, Rebar, Hot Rolled Coil, Iron Ore, Coking Coal, Coke, Manganese Silicon, Ferrosilicon [6] - Bearish: Crude Oil, Methanol, Apple, Container Shipping European Line [6] 2. Core Views of the Report - The domestic commodity futures market closed with widespread gains, with precious metals, shipping futures, new energy materials, and base metals rising significantly. The rebound of precious metals is supported by a loose liquidity environment, and the long - term upward trend of gold is expected to continue. Silver and platinum prices are expected to rise due to macro - environment and supply - demand gaps. The stock market is expected to continue its upward trend, driven by factors such as supply - side reform, policy support, and overseas capital inflows. The price of carbonate lithium is expected to be strong in the short term and has upward potential in the long term [1][2][3] 3. Summary by Relevant Catalogs 3.1 Daily Main News Focus International News - On the afternoon of January 12, local time, Trump stated that any country doing business with Iran would face a 25% tariff on all its business with the US. Iran's Foreign Minister said Iran was ready for all possibilities [9] Domestic News - Four departments including the National Development and Reform Commission jointly issued a work plan to clarify the layout and investment direction of government investment funds, aiming to support major strategies and emerging industries [10] Industry News - During the "15th Five - Year Plan" period, the Ministry of Industry and Information Technology will implement actions to revitalize traditional industries, promote the "AI +" initiative, and develop emerging industries, focusing on areas such as quantum technology and 6G [11][12] 3.2 Overseas Daily Earnings - The S&P 500, European STOXX 50, and FTSE China A50 futures all rose slightly. The US dollar index declined. ICE Brent crude oil, London gold, and London silver prices increased, while ICE 11 - sugar, CBOT soybeans, and other commodities had different degrees of decline [13] 3.3 Morning Comments on Major Varieties Financial - **Stock Index**: The stock market has been rising since 2026, driven by four factors. It is expected that supply - side reform will push up commodity prices and drive resource - related stocks. The stock market is expected to continue its upward trend [14] - **Treasury Bonds**: Treasury bonds rose slightly, but the overall price is weak due to factors such as increased market risk appetite, rising US bond yields, and expected economic recovery [15][16] Energy and Chemicals - **Crude Oil**: SC crude oil fell slightly at night. There are differences between the US government's stance on South American oil and the Senate's resolution [17] - **Methanol**: Methanol fell at night. The overall supply - demand pattern is stable, but the supply of Iranian sources is a major concern [18] - **Rubber**: The price of rubber is expected to be slightly stronger in the short term, with weak supply - side elasticity and stable demand for all - steel tires [19] - **Polyolefins**: Polyolefin futures continued to rebound. The market focuses on supply improvement expectations, and the rise in international crude oil prices supports the cost [20] - **Glass and Soda Ash**: Glass futures were consolidating, and soda ash futures closed slightly up. Glass supply - demand is gradually being repaired, while soda ash has inventory digestion pressure [21] Metals - **Precious Metals**: Precious metals continued to rise at night. The long - term upward trend of gold is expected to continue, and the price centers of silver and platinum are expected to rise [22] - **Copper**: Copper prices fell at night. The supply of concentrates is tight, and the short - term price is more affected by market sentiment [23] - **Zinc**: Zinc prices rose at night. The supply of concentrates is temporarily tight, and attention should be paid to market sentiment [24] - **Aluminum**: The price of Shanghai aluminum rose and hit a new high. Although the short - term fundamentals are weak, the long - term low - inventory and supply - restricted narrative provides support [25][26] - **Carbonate Lithium**: The main contract of carbonate lithium hit the daily limit. The price is expected to be strong in the short term and has upward potential in the long term [27] Black Metals - **Coking Coal and Coke**: The main contracts of coking coal and coke oscillated at night. The short - term disk is expected to be strong, and attention should be paid to supply, iron - water production, and downstream replenishment [28] - **Iron Ore**: Iron ore prices oscillated. The short - term price is expected to be slightly stronger, and steel mills will maintain on - demand procurement [29] - **Steel**: Steel prices oscillated. The market is in a situation of weak supply and demand, but the overall commodity atmosphere has improved [30] Agricultural Products - **Protein Meal**: The prices of soybean and rapeseed meal oscillated and rose. The expected high yield of Brazilian soybeans and the resumption of domestic soybean auctions may put pressure on prices [31][32] - **Oils and Fats**: Oils and fats were strong at night. Palm oil data had a neutral impact, soybean oil prices may be supported, and rapeseed oil is expected to be weak [33] - **Sugar**: Zhengzhou sugar futures oscillated. Internationally, the supply pressure of Brazilian sugar is easing; domestically, the supply is increasing seasonally, and the price may oscillate [34] - **Cotton**: Zhengzhou cotton futures oscillated. There are risks from the macro environment, and the price is expected to oscillate in the short term [35] Shipping Index - **Container Shipping European Line**: The EC contract rose. The freight rate may enter a downward channel before the Spring Festival, and the 04 contract may oscillate [36][37]

Core Viewpoint - The article highlights a significant increase in commodity prices, particularly in precious metals and lithium carbonate, driven by macroeconomic factors and geopolitical tensions [1][2][4]. Group 1: Government and Economic Policies - The Chinese government has clarified the layout and direction of government investment funds, emphasizing support for major strategies and key areas while avoiding investments in restricted or obsolete industries [1][8]. - The U.S. has imposed a 25% tariff on any country conducting business with Iran, effective immediately, which may impact global trade dynamics [1][7]. Group 2: Precious Metals - Precious metals are experiencing a rebound due to easing inflation pressures in the U.S., weak employment data, and strengthened expectations for interest rate cuts by the Federal Reserve, creating a favorable liquidity environment [2][20]. - Gold's long-term upward trend is supported by weakened dollar credibility and central bank purchases, while silver and platinum are bolstered by supply-demand gaps and industrial demand [2][20]. Group 3: Stock Indices - U.S. stock indices have risen, with significant trading volumes, indicating a positive market sentiment driven by technology cycles, policy benefits, and economic recovery [3][12]. - The A-share market is expected to maintain a long-term bullish trend supported by policy backing, capital influx, and industrial empowerment [3][12]. Group 4: Lithium Carbonate - Lithium carbonate futures have surged, with a strong market outlook despite potential short-term price corrections, driven by robust terminal demand and supply concerns [4][25]. - Weekly lithium carbonate production increased by 259 tons to 22,420 tons, while social inventory decreased by 168 tons to 109,605 tons, indicating a tightening supply situation [4][25]. Group 5: Shipping Index - The European shipping index has seen a significant increase of 11.3%, with expectations of continued demand leading up to the Chinese New Year, although a seasonal decline in rates is anticipated as the holiday approaches [34].

Core Viewpoint - The renovation and building materials sector experienced growth, closing at 17,229.22 points with a rise of 1.33% on January 12, indicating a positive market trend in this industry [1] Group 1: Stock Performance - Luyuan Energy (002088) closed at 12.49 CNY per share, with a significant increase of 10.04%, leading the renovation and building materials stocks [1] - Youbang Ceiling (002718) closed at 56.66 CNY per share, achieving a rise of 10.00%, ranking second among renovation and building materials stocks [1] - Ruitai Technology (002066) closed at 20.79 CNY per share, with a growth of 9.83%, placing third in the sector [1] - Senying Windows (301227) closed at 41.59 CNY per share, experiencing a decline of 9.33%, leading the losses in the renovation and building materials stocks [1] - Zhejiang Zhengte (001238) closed at 52.73 CNY per share, with a decrease of 3.53%, ranking second in losses [1] - Filinger (603226) closed at 29.95 CNY per share, down by 3.26%, placing third in the decline [1] Group 2: Market Insights - Huafu Securities' research report highlights that the Central Economic Work Conference emphasized stabilizing the real estate market, implementing city-specific policies to control increments, reduce inventory, and improve supply [1] - The report also mentions encouraging the acquisition of existing residential properties for the purpose of affordable housing and promoting the reform of the housing provident fund system [1] - With the acceleration of supply-side reform expectations, the building materials capacity cycle is anticipated to reach a turning point [1]

Core Viewpoint - The company plans to raise approximately HKD 6.1 billion through H-share placement and convertible bonds, which will be fully allocated to increase capital for its overseas subsidiaries, aiming to enhance long-term growth potential and international business expansion [2][3]. Group 1: Fundraising Details - The company intends to issue approximately 19.24% of H shares and 4.31% of total share capital, raising around HKD 6.1 billion [2]. - The proposed placement includes 219 million new H shares, representing about 12.87% of the existing H shares and approximately 2.88% of total share capital, with a placement price of HKD 18.15, expected to net HKD 3.959 billion [2]. - Additionally, the company plans to issue HKD 21.5 billion of zero-coupon convertible bonds, maturing on January 12, 2027, with a conversion price of HKD 19.82, potentially converting into approximately 108 million new H shares, which would account for about 6.37% of existing H shares and approximately 1.43% of total share capital [2]. Group 2: Strategic Implications - The fundraising will be entirely used to increase capital for overseas subsidiaries, which are crucial for the company's international business growth [3]. - The company did not participate in the previous round of capital replenishment (2019-2022) for A/H refinancing, and this H-share issuance is expected to strengthen its capital position and promote comprehensive business development, particularly in international operations [3]. - Following the capital increase, the net assets of the company's Hong Kong subsidiary are projected to reach approximately HKD 16 billion, positioning it as the fifth largest among Chinese securities firms [3]. Group 3: Market Outlook - The company maintains a "Buy" rating and raises the target price to HKD 27.71, corresponding to a 1.6x price-to-book ratio for 2025, reflecting an adjustment in profit forecasts for 2025-2027 [2]. - The industry is experiencing accelerated supply-side reforms, which may serve as a catalyst for growth [4].

Report Industry Investment Rating No information provided. Core Viewpoints of the Report - The long - bull and slow - bull pattern of A - shares is expected to be consolidated, forming a triple resonance of "policy support, capital escort, and industry drive" [3][11] - Precious metals are expected to maintain a long - term upward trend, with the price centers of silver and platinum likely to rise steadily [2][19] - The price of copper is affected by market sentiment in the short term, and the global copper supply - demand is expected to turn into a deficit [3][20] Summary by Relevant Catalogs Chief Comment - The China Securities Regulatory Commission will improve the long - term capital investment system, enhance service for science and technology innovation enterprises, and strengthen regulatory law enforcement [1] - The US may lift additional sanctions on Venezuela to promote oil exports [1] Key Varieties - **Precious Metals**: The long - term upward trend is expected to continue. Gold is supported by factors such as the weakening of the US dollar's credit and central bank gold purchases. Silver and platinum are also driven by supply - demand gaps in addition to macro factors [2] - **Stock Index**: The long - bull and slow - bull pattern of A - shares is expected to be consolidated. Supply - side reform will push up commodity prices and drive up resource - based stocks. Overseas funds are expected to flow back [3] - **Copper**: The supply of concentrates is tight, and the global copper supply - demand is expected to turn into a deficit. The short - term price is affected by market sentiment [3] Variety Views | Variety | Bias | | --- | --- | | Stock Index (IH) | Bullish | | Stock Index (IF) | Bullish | | Stock Index (IC) | Bullish | | Stock Index (IM) | Bullish | | Treasury Bond (TF) | Bullish | | Treasury Bond (TS) | Bullish | | Crude Oil | Bearish | | Methanol | Bearish | | Rubber | Bullish | | Rebar | Bullish | | Hot - Rolled Coil | Bullish | | Iron Ore | Bullish | | Coking Coal | Bullish | | Coke | Bullish | | Silicomanganese | Bullish | | Ferrosilicon | Bullish | | Gold | Bullish | | Silver | Bullish | | Copper | Bullish | | Aluminum | Bullish | | Lithium Carbonate | Bullish | | Cotton | Bullish | | Sugar | Bullish | | Apple | Bearish | | Corn | Bullish | | Container Shipping to Europe | Bearish | [5] Main News Concerns on the Day - **International News**: The Fed's January 2026 interest - rate cut expectation has completely disappeared. The US non - farm payrolls in December 2025 increased by 50,000, lower than expected [6] - **Domestic News**: The State Council executive meeting deployed a package of policies to promote domestic demand through fiscal and financial coordination [7] - **Industry News**: Starting from April 1, 2026, the VAT export tax rebate for photovoltaic products will be cancelled, and the VAT export tax rebate rate for battery products will be adjusted [8] Daily Returns of Overseas Markets - The S&P 500 rose 0.65%, the European STOXX 50 rose 1.39%, and the FTSE China A50 futures rose 0.24% from January 8th to January 9th [10] Morning Comments on Main Varieties - **Financial**: The long - bull and slow - bull pattern of A - shares is expected to be consolidated. Treasury bond futures are generally weak due to the strong market risk appetite [11][12][13] - **Energy and Chemicals**: Crude oil prices are affected by geopolitical factors. Methanol is mainly affected by Iranian supply. The upward momentum of polyolefins may slow down after continuous rebounds [14][15][17] - **Metals**: Precious metals are expected to rise in the long term. Copper prices are affected by market sentiment in the short term. Aluminum prices are affected by macro factors and downstream demand [19][20][22] - **Black Metals**: The short - term trend of coking coal and coke is expected to be strong. Iron ore prices are expected to fluctuate slightly upward [25][26] - **Agricultural Products**: Protein meal prices are under pressure. Palm oil prices are affected by production concerns. Sugar prices are expected to fluctuate in the short term [28][29][30] - **Shipping Index**: The freight rate of container shipping to Europe may enter a downward channel in mid - January [32]

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - The report predicts that in 2026, supply - side reform will continue, pushing up commodity prices and driving up resource - based stocks. The RMB has been appreciating against the US dollar since December, and with the weakening of the US dollar in the interest - rate cut cycle, overseas funds are expected to flow back, leading to the revaluation of Chinese assets. Under multiple positive factors, the long - term and steady upward trend of A - shares is expected to be consolidated, forming a triple resonance of "policy support, capital escort, and industrial drive" [2] 3. Summary by Relevant Catalogs 3.1 Stock Index Futures Market - **IF Contracts**: The previous day's closing prices of IF contracts (current month, next month, next quarter, and far - quarter) were 4764.80, 4753.20, 4743.80, and 4702.00 respectively, with increases of 32.00, 32.80, 33.60, and 36.80. The trading volumes were 39087.00, 6304.00, 85400.00, and 17551.00, and the open interest changes were - 1508.00, 2122.00, 6540.00, and 3317.00 [1] - **IH Contracts**: The previous day's closing prices of IH contracts were 3133.00, 3132.80, 3134.80, and 3123.20 respectively, with increases of 17.40, 18.40, 19.20, and 17.40. The trading volumes were 12774.00, 2091.00, 33032.00, and 5808.00, and the open interest changes were 56.00, 578.00, 216.00, and 788.00 [1] - **IC Contracts**: The previous day's closing prices of IC contracts were 8088.20, 8058.20, 8037.80, and 7865.60 respectively, with increases of 206.60, 218.60, 233.40, and 230.20. The trading volumes were 42842.00, 11442.00, 110023.00, and 24589.00, and the open interest changes were 793.00, 3543.00, 15856.00, and 4181.00 [1] - **IM Contracts**: The previous day's closing prices of IM contracts were 8160.20, 8098.80, 8048.40, and 7824.20 respectively, with increases of 219.20, 227.60, 239.60, and 241.20. The trading volumes were 54173.00, 12796.00, 149124.00, and 31696.00, and the open interest changes were 325.00, 3555.00, 10585.00, and 4756.00 [1] - **Inter - month Spreads**: The current inter - month spreads of IF, IH, IC, and IM contracts were - 11.60, - 0.20, - 30.00, and - 61.40 respectively, compared with the previous values of - 11.60, - 0.80, - 40.20, and - 73.60 [1] 3.2 Stock Index Spot Market - **Major Indexes**: The previous day's values of the CSI 300, SSE 50, CSI 500, and CSI 1000 indexes were 4758.92, 3134.32, 7651.20, and 8129.18 respectively, with increases of 0.45, 0.39, 2.49, and 1.98. The trading volumes (in billions of lots) were 254.69, 60.15, 251.85, and 381.04, and the total trading amounts (in billions of yuan) were 6687.89, 1777.40, 5046.90, and 7053.23 [1] - **Industry Indexes**: Different industries in the CSI 300 had different increases or decreases. For example, the energy, raw materials, and industrial sectors had increases of 1.15%, 1.51%, and 0.53% respectively, while the real - estate and finance sector had a decrease of - 0.51% [1] 3.3 Futures - Spot Basis - **IF Contracts**: The basis of IF contracts (current month, next month, next quarter, and far - quarter) against the CSI 300 were 5.88, - 5.72, - 15.12, and - 56.92 respectively, compared with the previous values of 0.15, - 11.45, - 19.25, and - 64.45 [1] - **IH Contracts**: The basis of IH contracts against the SSE 50 were - 1.32, - 1.52, 0.48, and - 11.12 respectively, compared with the previous values of - 0.46, - 1.26, 0.34, and - 8.86 [1] - **IC Contracts**: The basis of IC contracts against the CSI 500 were 31.51, 1.51, - 18.89, and - 191.09 respectively, compared with the previous values of - 5.14, - 45.34, - 80.14, and - 253.54 [1] - **IM Contracts**: The basis of IM contracts against the CSI 1000 were 31.02, - 30.38, - 80.78, and - 304.98 respectively, compared with the previous values of - 17.59, - 91.19, - 150.99, and - 374.39 [1] 3.4 Other Domestic and Overseas Indexes - **Domestic Indexes**: The previous day's values of the Shanghai Composite Index, Shenzhen Component Index, Small and Medium - sized Board Index, and ChiNext Index were 4120.43, 14120.15, 8672.11, and 3327.81 respectively, with increases of 0.92%, 1.15%, 1.26%, and 0.77% [1] - **Overseas Indexes**: The previous day's values of the Hang Seng Index, Nikkei 225, S&P 500, and DAX Index were 26231.79, 51117.26, 6966.28, and 25261.64 respectively, with increases of 0.32%, - 1.63%, 0.65%, and 0.53% [1] 3.5 Macro Information - The vice - chairman of the CSRC stated that efforts will be made to improve the institutional environment for long - term investment, enhance services for technology - innovation enterprises, and strengthen regulatory enforcement [2] - This week, important events include the release of China's December 2025 foreign trade data, US CPI and PPI data, and the possible announcement of a tariff ruling by the US Supreme Court [2] - The National Commerce Work Conference outlined eight key tasks for the national commerce system in 2026, such as boosting consumption and promoting trade innovation [2] - The Hong Kong SAR government's financial secretary said that the new budget will be released on February 25, with the operating account expected to return to surplus and the capital account still in deficit [2] 3.6 Industry Information - Fund companies and sales institutions received a notice on the implementation of regulations on fund sales fees, with three key points attracting attention [2] - China's public REITs market had a good start in the first trading week of 2026 [2] - The Chinese photovoltaic industry is at a historical turning point due to the cancellation of export tax - rebates and the end of industry self - regulation, which may lead to a reconstruction of the industry's valuation system [2] 3.7 Stock Index Viewpoint - US stock indexes rose, and the previous trading day saw an increase in the A - share market, with the media sector leading the rise and the banking sector leading the decline. The market turnover was 3.15 trillion yuan [2] - On January 8, the margin trading balance increased by 15.944 billion yuan to 2.603155 trillion yuan [2]

Group 1 - The China Securities Regulatory Commission (CSRC) aims to improve the institutional environment for long-term investments and increase the proportion of medium to long-term funds entering the market [1] - The CSRC will enhance the precision and effectiveness of services for technology innovation enterprises and deepen reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market [1] - The U.S. Treasury Secretary announced potential easing of sanctions on Venezuela to promote oil exports, indicating a shift in international economic relations [1] Group 2 - Precious metals have rebounded due to easing inflation pressures in the U.S. and expectations of interest rate cuts, supported by a global easing liquidity environment [2] - Gold's long-term upward trend is expected to continue, bolstered by central bank purchases and a weakening dollar [2] - Silver and platinum are also supported by supply-demand gaps, with silver experiencing tight supply and robust industrial demand, particularly from the solar energy sector [2] Group 3 - U.S. stock indices rose, with the media sector leading gains and the banking sector lagging, while market turnover reached 3.15 trillion yuan [3] - The financing balance increased by 15.944 billion yuan, indicating a positive sentiment in the market [3] - The appreciation of the RMB against the USD is expected to attract overseas capital back to China, supporting asset revaluation [3] Group 4 - Copper prices rose due to tight concentrate supply and stable demand from the power and automotive sectors, despite a weak real estate market [20] - The overall copper supply-demand outlook is shifting towards a deficit, influenced by market sentiment [20] - The market is advised to monitor changes in the dollar, copper smelting output, and downstream demand [20]