Equity Research 19 January 2026 | 10:05PM HKT CHINA BASIC MATERIALS MONITOR January 2026: suppressing demand under high commodity prices Summary: End-user orderbooks trend was mostly inline with past seasonality as of mid-January, with solar and machinery on the weaker end, while battery is strong. The surge in metal prices has led to notable changes in downstream demand - in consumer electronics, hardware manufacturers, copper cables for the grid, aluminum industrial and construction sections - resulted in ...