1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoints of the Report - Today's domestic commodity futures market shows a general upward trend, with precious metals and non - ferrous metals rising strongly. Lithium carbonate rises over 7%, Shanghai tin over 5%, Shanghai gold over 3%, and synthetic rubber over 3%. Most black building materials decline, with glass and caustic soda falling over 2% [13]. - The US economy maintains a "light to moderate" expansion, inflation continues to cool, and the Fed maintains a cautious wait - and - see attitude, with the interest - rate cut expectation postponed to June. In China, the consumer market in 2025 exceeded 50 trillion yuan, growing by 3.7%, and consumption in 2026 is expected to grow steadily [13]. - The scenario of no interest - rate cut in January is basically confirmed, and the first interest - rate cut by the Fed within the year is expected to be postponed to June. Short - term risk assets may continue to adjust, while in the medium - term, long positions in stock indices, non - ferrous metals (copper, aluminum, tin), gold, and silver are still recommended [13]. 3. Summary by Relevant Catalogs 3.1 Financial Market Fluctuations - **Stock Index Futures**: On January 21, 2026, the CSI 300 futures price is 4722.8, with a daily increase of 0.54; the SSE 50 futures price is 3073.6, with a daily increase of 0.09; the CSI 500 futures price is 8371, with a daily increase of 1.71; the CSI 1000 futures price is 8231, with a daily increase of 1.57 [2]. - **Treasury Bond Futures**: The 2 - year Treasury bond futures price is 102.43, with a daily decrease of 0.01; the 5 - year Treasury bond futures price is 105.88, with a daily increase of 0.01; the 10 - year Treasury bond futures price is 108.2, with a daily increase of 0.04; the 30 - year Treasury bond futures price is 112.25, with a daily increase of 0.75 [2]. - **Foreign Exchange**: The US dollar index is 98.5413, with a daily decrease of 0.51; the US dollar central parity rate is 6.9602, with a daily decrease of 38 [2]. - **Interest Rates**: The 7 - day inter - bank pledged repo rate is 1.4948, with a daily increase of 1.76; the 10 - year Chinese Treasury bond yield is 1.8326, with a daily decrease of 0.67; the 10 - year US Treasury bond yield is 4.3, with an increase of 12 (no daily data provided) [2]. 3.2 Popular Industry Fluctuations - On January 21, 2026, among various industries, non - ferrous metals have a daily increase of 2.91%, basic chemicals 1.08%, steel 1.06%, and so on. Industries with a decline include agriculture, forestry, animal husbandry and fishery with a daily decrease of 0.74%, defense and military industry 0.02%, and so on [5]. 3.3 Overseas Commodity Fluctuations - **Energy**: On January 20, 2026, NYMEX WTI crude oil price is 59.52, with a daily increase of 0.3; ICE Brent crude oil has a daily increase of 0.09; NYMEX natural gas price is 3.891, with a daily increase of 25.39; ICE UK natural gas price is 90.58, with a daily decrease of 1.48 [8]. - **Precious Metals**: COMEX gold price is 4769.1, with a daily increase of 3.78; COMEX silver price is 94.46, with a daily increase of 6.69 [8]. - **Non - ferrous Metals**: LME copper price is 12753.5, with a daily decrease of 1.64; LME aluminum price is 3107.5, with a daily decrease of 1.61; LME zinc price is 3175, with a daily decrease of 1.44 [8]. - **Agricultural Products**: CBOT soybeans price is 1053, with a daily decrease of 0.45; CBOT corn price is 424, with a daily decrease of 0.18; CBOT wheat price is 510.5, with a daily decrease of 1.45 [8]. 3.4 Domestic Commodity Fluctuations - **Shipping**: The container shipping price on the European route is 1222.29, with a daily increase of 1.12 [11]. - **Precious Metals**: Gold price is 1092.94, with a daily increase of 3.06; silver price is 23112.13, with a daily increase of 0.31 [11]. - **Non - ferrous Metals**: Stainless steel price is 14707.87, with a daily increase of 2.36; aluminum price is 17119.84, with a daily decrease of 0.62 [11]. - **Energy and Chemicals**: Fuel oil price is 2535.35, with a daily increase of 1.17; low - sulfur fuel oil price is 3083.07, with a daily increase of 0.32 [11]. - **Black Building Materials**: Rebar price is 3121.39, with a daily decrease of 0.48; glass price is 1046.05, with a daily decrease of 1.61 [11]. - **Agricultural Products**: Soybean price is 4309.61, with a daily decrease of 0.62; palm oil price is 8824.72, with a daily increase of 0.95 [11]. 3.5 Macro Highlights - **Domestic Market**: Domestic commodity futures market shows an upward trend, with precious metals and non - ferrous metals rising strongly, and black building materials mostly falling [13]. - **Overseas Macro**: The US economy maintains a "light to moderate" expansion, inflation cools, consumption shows a "K - shaped" feature, industrial production rebounds unexpectedly, and the Fed postpones the interest - rate cut expectation to June [13]. - **Domestic Macro**: In 2025, China's consumer market scale exceeded 50 trillion yuan, growing by 3.7%, and consumption in 2026 is expected to grow steadily [13]. - **Asset Views**: Short - term risk assets may continue to adjust, while in the medium - term, long positions in stock indices, non - ferrous metals (copper, aluminum, tin), gold, and silver are recommended [13]. 3.6 Viewpoint Highlights - **Stock Index Futures**: The market is boosted by dual factors, but continuous upward movement awaits incremental funds, with a short - term judgment of volatile upward movement [14]. - **Options**: Option market liquidity is a concern for option - covered增厚 strategies, with a short - term judgment of volatility [14]. - **Treasury Bond Futures**: There are still disturbing factors in the bond market, and the long - end sentiment is weak, with a short - term judgment of volatility [14]. - **Precious Metals**: Gold and silver are expected to show a volatile upward trend, affected by factors such as liquidity expectations, geopolitical conflicts, and the US fundamentals [14]. - **Shipping**: The container shipping on the European route is supported by pre - Spring Festival shipments in the near - term, and the resumption of shipping in the far - term needs attention, with a short - term judgment of volatility [14]. - **Steel and Related Products**: Steel products, iron ore, coke, and coking coal are expected to show a volatile trend, affected by factors such as inventory, production, and policies [14]. - **Non - ferrous Metals and New Materials**: Non - ferrous metals are expected to show a volatile trend, with factors such as inventory, supply, and demand affecting their prices [14]. - **Energy and Chemicals**: Most energy and chemical products are expected to show a volatile trend, affected by factors such as supply and demand, costs, and policies [16]. - **Agriculture**: Agricultural products show a mixed trend, with some products expected to show a volatile upward trend and some a volatile downward trend, affected by factors such as weather, supply and demand, and policies [16].

Report Industry Investment Ratings - **Macro Finance**: Index futures are bullish in the long - term and suggest buying on dips; Treasury bonds are expected to trade in a range [1] - **Black Building Materials**: Coking coal suggests short - term trading; Rebar suggests range trading; Glass suggests selling on rallies [1] - **Non - ferrous Metals**: Copper suggests closing long positions on rallies and waiting; Aluminum suggests strengthening observation; Nickel suggests waiting and seeing; Tin suggests range trading or taking profits on previous long positions; Gold suggests range trading; Silver is expected to be relatively strong; Lithium carbonate is expected to trade in a range [1] - **Energy Chemicals**: PVC suggests a low - buying strategy; Caustic soda and soda ash suggest temporary waiting; Styrene, rubber, urea, and methanol suggest range trading; Polyolefins are expected to be weakly volatile [1] - **Cotton Textile Industry Chain**: Cotton and cotton yarn are expected to adjust in a range; Apples and jujubes are expected to be weakly volatile [1] - **Agriculture and Animal Husbandry**: Pigs suggest waiting for rallies to short; Eggs suggest not shorting in the short - term; Corn suggests caution when chasing highs and waiting for rallies to hedge; Soybean meal suggests shorting on rallies; Oils and fats are expected to be weakly volatile [1] Core Views The report provides trading guidance for various futures products based on their market fundamentals, supply - demand relationships, and geopolitical and macro - economic factors. It analyzes the current situation, future trends, and trading strategies for each product [1] Summary by Category Macro Finance - **Index Futures**: In the long - term, they are bullish. Due to reduced geopolitical disturbances, they may trade in a range. It is recommended to buy on dips [1][5] - **Treasury Bonds**: They are expected to trade in a range. There is a relay from trading to allocation, with yields on the long - end falling more [5] Black Building Materials - **Coking Coal**: It is expected to trade in a range. Due to weak fundamentals and high inventory pressure, short - term trading is recommended [6][7] - **Rebar**: It is expected to trade in a range. With neutral valuation and short - term supply - demand balance, range trading is the main strategy [7] - **Glass**: It is expected to be weakly volatile. With inventory transfer to the middle - stream and weakening demand, it is recommended to sell on rallies [8][9] Non - ferrous Metals - **Copper**: It is expected to fall after rising. With short - term support weakening and inventory increasing, it is recommended to close long positions on rallies [10][11] - **Aluminum**: It is expected to trade at a high level. With supply increasing and demand entering the off - season, it is recommended to strengthen observation [13] - **Nickel**: It is expected to trade in a range. With a mixed fundamental situation and full market pricing, it is recommended to wait and see [14][15] - **Tin**: It is expected to trade in a range. With tight supply and stable demand, range trading or taking profits on previous long positions is recommended [16] - **Silver**: It is expected to be relatively strong. Due to geopolitical tensions and economic data trends, it is recommended to hold long positions and be cautious when opening new positions [17] - **Gold**: It is expected to trade in a range. Affected by geopolitical and economic factors, range trading is recommended and chasing highs should be cautious [17] - **Lithium Carbonate**: It is expected to trade in a range. With supply and demand factors in balance, price volatility is expected to continue [18] Energy Chemicals - **PVC**: The bottom may have been reached. With weak domestic demand and high inventory, but low valuation and potential policy support, a long - term low - buying strategy is recommended [18][20] - **Caustic Soda**: It is expected to trade at a low level. With high supply and weak demand, it is recommended to wait and see [20] - **Styrene**: It is expected to trade in a range. With high valuation and uncertain cost - supply - demand improvement, range trading is recommended [21][22] - **Rubber**: It is expected to trade in a range. With supply reduction and inventory increase, and no obvious driving force, range trading is recommended [22][23] - **Urea**: It is expected to trade in a range. With supply increasing and demand stable, it is recommended to trade within a range of 1730 - 1830 [24][25] - **Methanol**: It is expected to trade in a range. With supply recovery and weak traditional demand, and some regions being strong, range trading is recommended [25] - **Polyolefins**: They are expected to be weakly volatile. With cost support and inventory transfer, the upside is limited, and shorting on rallies is recommended [26][27] - **Soda Ash**: It is recommended to wait and see. With supply contraction and cost support, the downside may be limited [28] Cotton Textile Industry Chain - **Cotton and Cotton Yarn**: They are expected to adjust in a range. With production reduction and consumption increase, short - term caution and long - term optimism are recommended [29] - **Apples**: They are expected to be weakly volatile. With slow sales in the main production areas and price fluctuations [29] - **Jujubes**: They are expected to be weakly volatile. With the end of raw material acquisition in Xinjiang and stable market transactions [31] Agriculture and Animal Husbandry - **Pigs**: They are expected to form a bottom in a range. With high supply pressure in the short - term and slow capacity reduction in the long - term, shorting on rallies and hedging on profits are recommended [31][33] - **Eggs**: They are expected to rebound from a low level. With low - level spot price increase and uncertain long - term supply, shorting should be cautious and hedging on rallies can be considered [33][34] - **Corn**: It is expected to correct from a high level. With short - term supply - demand balance and long - term supply being relatively loose, caution when chasing highs and hedging on rallies are recommended [35][36] - **Soybean Meal**: It is expected to trade at a low level. With short - term support and long - term pressure, shorting on rallies is recommended [37][38] - **Oils and Fats**: The rebound is limited. With different supply - demand situations for different varieties, short - term caution when chasing highs and spread trading are recommended [38][43]

产区的高位锚定与央企的协同赋能，让"双国企"实现资源互补、渠道协同的携手，不仅为当下消费者最看重的品质提供保障，还以战略深度契合与 市场需求精准对接的天作之合，为酱酒产业转型升级注入新动能，成为白酒行业高质量发展新路径。 文｜刘保建 在行业调整和酱酒转型的当下，一款怎样的酱酒才能引爆市场的预期？ 1月19日，仁怀酱酒集团携手中国石化贵州分公司，重磅推出仁怀酱香酒·工匠春秋风雅系列产品。这款源自中国酱香白酒核心产区的力作，以文化赋能锚 定新消费，借力全球能源巨头中石化易捷渠道登陆市场，已然锁定新周期下的酱酒爆品席位。 格局决定视野，战略引领未来。一方是立足于核心产区的酱香名酒，一方是能源巨擘旗下的超级渠道网络。两者联手打造一款兼具产业高度与市场深度的 标杆产品，价值远超一款酱酒新品。 在白酒行业内，这款政企协同、战略统筹的产品，开启了央企与核心产区协同发展的新范式。 高位锚定 仁怀的一次关键性市场突围 仁怀酱香酒，源自中国酱香白酒核心产区仁怀，是地理标志证明商标。 2025年，消费寒潮、调整阵痛、转型挑战交织，白酒走过了充满考验的发展历程。仁怀迎难而上、砥砺前行，产区竞争力、引领力持续提升，全市地区生 产总值突 ...

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report The report comprehensively presents the overnight market trends of international futures, important domestic and foreign macro - economic information, financial market conditions including stocks, bonds, and foreign exchange, and upcoming events and data announcements. It reflects the complex and dynamic nature of the global financial and economic situation, with various factors such as policy changes, geopolitical risks, and supply - demand relationships influencing different markets. 3. Summary by Relevant Catalogs Overnight Night - Market Trends - International precious metal futures generally rose, with COMEX gold futures up 1.98% at $4769.10 per ounce and COMEX silver futures up 0.19% at $94.46 per ounce [4]. - The main contract of US crude oil rose 0.15% to $59.52 per barrel, while the main contract of Brent crude oil fell 0.06% to $63.9 per barrel. Most London base metals declined, except for tin which rose [5]. Important Information Macroeconomic Information - The People's Bank of China kept the one - year and five - year loan prime rates (LPR) unchanged at 3% and 3.5% respectively for eight consecutive months [8]. - China's National Development and Reform Commission will formulate an implementation plan for the domestic demand expansion strategy from 2026 - 2030 [8]. - In 2026, China's Ministry of Finance will continue to implement a more proactive fiscal policy [8]. - US Commerce Secretary said high interest rates are a problem and a 100 - basis - point rate cut could boost economic growth to 6% or higher [9]. Energy and Chemical Futures - On January 20, 24:00, domestic refined oil prices were raised for the first time in 2026, with gasoline and diesel prices increasing by 85 yuan per ton [11]. - Qinghai Province reduced the potassium chloride production capacity of Golmud Zangge Potassium Fertilizer Co., Ltd. from 2 million tons to 1.2 million tons [11]. - China's imports of natural and synthetic rubber in December 2025 increased both month - on - month and year - on - year [12]. Metal Futures - In December, China's lithium carbonate imports increased month - on - month but decreased year - on - year. The cumulative imports from January to December increased slightly [14]. - The Shanghai Futures Exchange and the Shanghai International Energy Trading Center adjusted the trading margin ratios and price limit ranges of multiple metal futures contracts [14][15]. - Shanghai released a plan to enhance the level of non - ferrous metal commodities, including opening up more futures and options varieties and exploring cross - border delivery mechanisms [15]. - Poland's central bank plans to purchase up to 150 tons of gold to increase its gold reserves to 700 tons [16]. - Rio Tinto's aluminum and copper production in 2025 exceeded the guidance range [16]. Black - Series Futures - BHP's Pilbara iron ore production and sales in the fourth quarter of 2025 increased both month - on - month and year - on - year, and its 2026 fiscal year production guidance remained unchanged [18]. - Some areas in Henan Province launched a heavy - pollution weather orange alert [18]. - China's crude steel production decreased in December 2025 and for the whole year of 2025 [18]. - The first batch of 200,000 tons of high - grade iron ore from Guinea's Simandou project arrived in China, and the project is expected to export 18 million tons in 2026 [19][20]. Agricultural Product Futures - As of January 17, the average operating rate of domestic oil mills decreased, and the total soybean crushing volume decreased [22]. - Malaysia's palm oil exports from January 1 - 20 increased, according to different survey institutions [23][24]. - Brazil's expected exports of soybeans, corn, and other agricultural products in January increased [24]. - The US soybean export inspection volume decreased in the week ending January 15 [24]. Financial Market Finance - On Tuesday, the A - share market adjusted, with a style shift from high - valuation growth sectors to value sectors. The trading volume increased [27]. - The Hong Kong stock market continued to adjust, with technology stocks leading the decline. Southbound funds had net purchases [27]. - More than 500 A - share companies disclosed their 2025 performance pre - announcements, with some sectors performing well and others under pressure [27]. - In 2025, the quantitative index - enhancement strategy in the A - share market was outstanding, and the average return of related products was 45.08% [28]. - Goldman Sachs expects China's stock market growth in 2026 to be driven by corporate earnings, with a significant acceleration in profit growth [28]. Industry - During the 14th Five - Year Plan period, China aims to improve water - saving efficiency and expand the water - saving industry [30]. - China adjusted the rules of lottery games, with a new cap on the total first - prize payout [30]. - Domestic refined oil prices were raised for the first time in 2026 [30]. - The National Medical Insurance Administration issued a guide for price setting of medical innovation achievements [30]. - Beijing announced its 2026 construction land supply plan [31]. - Guangzhou is promoting housing renovation legislation and has a large - scale urban village renovation investment plan [31]. - The global AI server shipments are expected to grow by more than 28% in 2026 [31]. - The Chinese U23 men's football team advanced to the final of the Asian Cup [32]. Overseas - US President Trump mentioned alternative measures for tariffs if the current ones are restricted [33]. - The US Treasury Secretary said Trump is close to nominating the next Fed Chairman [33]. - The European Parliament froze the approval process of a trade agreement with the US [33]. - Trump threatened to impose high tariffs on French wine and champagne [34]. - Canada simulated a US military invasion [34]. - South Korea will postpone a large - scale US investment plan due to currency pressure [36]. International Stock Markets - US major stock indexes fell, with market risk - aversion rising due to Trump's remarks on tariffs and Greenland [37]. - European major stock indexes closed lower, affected by US policy uncertainty, weak economic data, and geopolitical risks [37]. - Most Asian - Pacific stock indexes declined, with different reasons for each market [38]. - FTSE Russell is considering lowering the free - float ratio requirement for foreign - registered companies in London [38]. - South Korea's stock exchange CEO expects the Korean stock market to continue rising [38]. - South Korea's government will provide tax incentives for domestic reinvestment of overseas stock sale proceeds [40]. - Netflix changed the payment terms for its acquisition of Warner Bros. Discovery's business to all - cash [40]. - AstraZeneca will transfer its listing from NASDAQ to the New York Stock Exchange [41]. Commodities - The domestic commodity futures market had mixed results, with lithium carbonate hitting the daily limit and some metals showing significant price movements [42]. - Shanghai released measures to enhance the influence of non - ferrous metal commodities [42]. - The Shanghai Futures Exchange and Shanghai International Energy Trading Center adjusted margin ratios and price limits of metal futures [42]. - International precious metal prices rose, driven by risk - aversion and policy expectations [42]. - Oil prices had mixed performance, with supply expectations affecting the market [44]. - Most London base metals declined, except for tin [44]. - The LME copper spot price soared, indicating potential high demand for physical delivery [44]. - Poland's central bank plans to buy gold [45]. Bonds - China's bond market showed positive signs, with yields of some bonds falling [45]. - US bond yields rose across the board [45]. - Japan's finance minister tried to calm the bond market [47]. Foreign Exchange - The on - shore and offshore RMB exchange rates against the US dollar rose, and the RMB central parity rate was also adjusted upwards [48]. - The US dollar index fell, and most non - US currencies rose [48]. Upcoming Data and Events - There are multiple important economic data announcements from the UK and the US at different times on January 21 [50]. - There are various events including central bank operations, press conferences, and international forums on January 21 and the following days [52].

Report's Investment Rating The provided content does not mention the industry investment rating. Core Views - Global market risk appetite has weakened, leading to a decline in the US dollar and a stock - bond - exchange triple - kill in the US. Geopolitical risks, such as the issue of Greenland acquisition, are the main drivers of market fluctuations, while the fundamentals and changes in interest - rate cut expectations remain relatively stable [2][15]. - In the stock market, there is a clear seesaw effect between growth stocks and dividend stocks, and the market rotation speed has accelerated. It is not yet possible to determine the end of the spring rally, and attention should be focused on the technological industry trends and the intensity of the Two Sessions' policies [3][23]. - In the commodity market, different commodities show different trends. For example, gold is strong, while some metals and agricultural products are under pressure. The prices of some commodities are affected by factors such as supply - demand relationships, policy regulations, and geopolitical risks [4][11][36]. Summary by Directory 1. Financial News and Comments 1.1 Macro Strategy (Gold) - Poland's central bank plans to increase its gold reserves by up to 150 tons, aiming to rank among the top 10 countries with the largest gold reserves globally. A Danish pension fund will exit the US Treasury market. Gold has risen by about 2% and reached a new high. The market's risk aversion has increased, and the distrust of the US dollar has grown, which supports the price of gold. The silver is weaker than gold, and the gold - silver ratio is expected to rise in the short term. It is recommended to focus on the opportunity to go long on the gold - silver ratio [11]. 1.2 Macro Strategy (Foreign Exchange Futures - US Dollar Index) - Trump stated that if the Supreme Court restricts the federal government's tariff policy, he can use other means. His intention regarding Greenland has not changed, which has led to a weakening of global market risk appetite and a decline in the US dollar. The US dollar index is expected to weaken in the short term [12][15]. 1.3 Macro Strategy (US Stock Index Futures) - Netflix's Q4 performance was excellent, but its Q1 guidance was disappointing. Geopolitical risks have continued to escalate during the long weekend, and the trade dispute between the US and Europe over Greenland has intensified, leading to a significant decline in market risk appetite. The performance of the stock market has been suppressed, and the three major US stock indexes have fallen by more than 2%. It is expected that the US stock market will fluctuate at a high level during the earnings season [17][19][20]. 1.4 Macro Strategy (Stock Index Futures) - The latest LPR quotes remained unchanged. The Ministry of Finance and other departments announced a package of five fiscal - financial policies to promote domestic demand. The stock market continued to adjust, with a clear seesaw effect between growth stocks and dividend stocks. It is not yet possible to determine the end of the spring rally, and it is recommended to continue holding long positions in stock index futures [21][22][23]. 1.5 Macro Strategy (Treasury Bond Futures) - The 1 - month LPR has remained stable for eight consecutive months. The central bank conducted a 324 - billion - yuan 7 - day reverse - repurchase operation, with a net withdrawal of 34.6 billion yuan on the same day. The stock market's upward momentum is weak, and the trading volume of treasury bond futures has increased. The short - term rebound of treasury bond futures is expected to continue, but the medium - to long - term trend remains bearish. It is recommended to short after the market's upward momentum fades [25][26][27]. 2. Commodity News and Comments 2.1 Black Metals (Coking Coal/Coke) - The Mongolian imported coking coal market has shown mixed trends. Coke producers have initiated the first round of price increases, which are still in the negotiation stage. The supply is relatively stable, while the downstream steel and coke enterprises are actively restocking. The inventory has decreased rapidly. In the short term, the spot price is supported by the downstream restocking sentiment, but the upward momentum of the futures price is limited, and it is expected to fluctuate [28][29]. 2.2 Black Metals (Rebar/Hot - Rolled Coil) - Two departments have issued measures to support urban renewal. A steel group has completed a strategic acquisition to build a high - end special - steel production base. Steel prices have continued to decline, and the fundamentals of finished products have faced increasing pressure in January. The seasonal decline in demand is expected to be more obvious, and the export has also weakened marginally. It is recommended to adopt a range - trading strategy before the Spring Festival and hedge inventory when the price rebounds [30][31][32]. 2.3 Agricultural Products (Soybean Meal) - In 2025, China's soybean imports reached a record high of 111.83 million tons, a year - on - year increase of 6.5%. Brazil's soybean exports in the first three weeks of January increased by 145% compared to the same period last year. The prices of domestic and foreign futures have remained weak. Although the soybean imports in the first quarter are expected to be at a low level, the current inventory is at a historical high, and the supply is sufficient. It is expected that the prices of domestic and foreign futures will remain weak under the condition of a bumper harvest in South America [33][34][36]. 2.4 Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil) - Malaysia's palm oil exports from January 1 - 20 increased by 8.64% month - on - month. The palm oil price is expected to be supported in the short term due to its cost - effectiveness and the active purchasing attitude of countries such as India. However, the upward space is limited. Attention should be paid to the resistance at the 8800 - 8900 yuan level [38]. 2.5 Agricultural Products (Sugar) - Brazil's sugar exports in the first three weeks of January increased by 39% compared to the average daily exports in January of the previous year. India may raise the minimum selling price of sugar. China's imports of syrup and premixed powder in December 2025 decreased significantly. The domestic sugar market is facing seasonal supply pressure during the peak production period, and the demand during the pre - Spring Festival stocking period is weak. The price is expected to fluctuate weakly in the short term, but the downward space is limited [39][40][42]. 2.6 Non - Ferrous Metals (Alumina) - Ghana is promoting the construction of its first large - scale alumina refinery. The inventory of alumina enterprises has increased, and the futures price is under pressure [43]. 2.7 Non - Ferrous Metals (Lithium Carbonate) - In December 2025, China's lithium ore imports increased by 8.1% month - on - month, and lithium carbonate imports decreased by 14% year - on - year. The price of lithium carbonate has reached the daily limit, which is affected by factors such as mine - end disturbances and demand support. In the short term, it may continue to reduce inventory. The price is expected to be easy to rise and difficult to fall. It is recommended to look for opportunities to go long after the position and volatility stabilize [44][45][46]. 2.8 Non - Ferrous Metals (Lead) - Six departments have issued a management method for the recycling of new - energy vehicle waste power batteries. The prices of domestic and foreign lead have oscillated downward. The macro - level disturbances have increased, and the supply - demand contradiction has eased. The social inventory is expected to continue to rise, which will suppress the lead price. It is recommended to look for opportunities to short on rallies [47][48][49]. 2.9 Non - Ferrous Metals (Zinc) - In December 2025, China's galvanized sheet exports increased both month - on - month and year - on - year, while zinc concentrate imports decreased month - on - month. The zinc price has oscillated weakly, affected by macro - level disturbances. The fundamentals of LME zinc have weakened, and the social inventory has increased slightly. It is recommended to wait and see in the short term and be vigilant against geopolitical risks [50][51][53]. 2.10 Non - Ferrous Metals (Copper) - A company has made progress in high - speed copper cable business. Peru's copper production in November 2025 decreased by 11.2% year - on - year. China's scrap - copper imports in December 2025 increased month - on - month. The short - term macro - level negative factors have relatively increased, and the global visible inventory has risen, which will suppress the copper price. It is expected that the copper price will change from a strong rise to a wide - range oscillation, and it is recommended to wait and see [54][55][57]. 2.11 Non - Ferrous Metals (Tin) - The discount of LME tin has reached 108.01 US dollars per ton. The inventories of both the SHFE and LME have increased significantly. The processing fees of smelters have risen, and the demand remains weak. The price is expected to oscillate widely in the short term, and attention should be paid to the supply recovery and consumption improvement [58]. 2.12 Energy and Chemicals (Crude Oil) - Norway's oil production in December was 1.962 million barrels per day. The oil price has oscillated and rebounded, supported by concerns about geopolitical uncertainties. The market lacks new drivers in the short term, and the oil price is expected to oscillate [59][60]. 2.13 Energy and Chemicals (Liquefied Petroleum Gas) - A company's PP devices have stopped for maintenance. An extreme cold wave warning has been issued in the US, which has raised concerns about the short - term supply and exports of LPG. The outer - market price is expected to be strong in the near term, and the inner - market price may follow passively [61][62]. 2.14 Energy and Chemicals (Carbon Emissions) - On January 20, the closing price of CEA was 73 yuan per ton, a decrease of 9.88% from the previous day. After the 2024 compliance period, the market trading activity has cooled down significantly. The price is expected to oscillate widely, and it is recommended to buy on dips if there is demand [62][63]. 2.15 Energy and Chemicals (LLDPE) - As of January 16, 2026, the social inventory of polyethylene has decreased month - on - month, but the LLDPE inventory is still at a relatively high level compared to the same period last year. The LLDPE price has a large callback space, and the 05 - contract price is expected to decline to the 6550 - 6600 yuan level [64][66]. 2.16 Energy and Chemicals (PTA) - The PTA spot market negotiation was light in the afternoon. The PTA futures price has increased with increased positions. The short - term upward space is limited due to factors such as the relatively abundant supply of PX and the weak speculative demand of downstream industries. It is expected to oscillate in the short term and go long on dips in the medium term [67][68][69].

Core Viewpoint - Kunlun Trust, a subsidiary of China National Petroleum Corporation (CNPC), focuses on its core business and collaborates with local enterprises in Henan to support energy conservation and carbon reduction initiatives [1][2] Group 1: Business Operations - Kunlun Trust operates under a flexible model that allows it to engage in both debt and equity financing, providing loans and equity investments [1] - The company has established partnerships with local enterprises, such as negotiating a joint venture with Xuchang Group to provide advanced technology support for CNPC's main business units [1] Group 2: Financial Innovation - The company proposes a "three-dimensional drive" model to support AI and digital economy enterprises through a combination of direct capital investment, financial innovation, and industrial collaboration [2] - Kunlun Trust aims to provide capital support to digital economy industries in Henan, addressing the need for equity capital rather than just loans [2] Group 3: Technological Integration - The company plans to deeply integrate AI into its internal and external operations to enhance financial service efficiency and welcomes AI enterprises to apply their products in financial scenarios [2] - By leveraging CNPC's industrial advantages, Kunlun Trust seeks to promote the application of AI technology in the energy and chemical sectors [2]

Group 1: Economic Goals and Strategies - The core goal for Bazhong is to achieve a rapid economic growth rate while aiming for a total economic output of 100 billion yuan by 2026, marking it as a year of practical achievements [1] - The annual economic work focuses on six key tasks, emphasizing the importance of expanding domestic demand and boosting consumption as primary objectives [2][3] Group 2: Investment and Industrial Development - Bazhong plans to combine investments in physical infrastructure and human resources, focusing on industries with sustainable tax sources and effective investments [3] - The city aims to strengthen its industrial foundation by developing key industries such as energy and chemicals, advanced materials, food and beverage, electronic information, and healthcare [5][6] Group 3: Urban-Rural Integration and Social Welfare - The city is committed to enhancing urban planning and development, promoting urban-rural integration, and improving the quality of life for residents [7][8] - Specific initiatives include creating modern urban spaces and improving employment services, education, and healthcare, with a focus on enhancing public cultural services [8]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - This week, precious metals, Brent crude oil, and ChiNext Index led the gains, showing a pattern of rapid upward movement in the first half - week and oscillatory decline in the second half. The short - term risk assets may continue to adjust, but in the medium - term, long positions in stock indices, non - ferrous metals (copper, aluminum, tin), gold, and silver are recommended [15]. - For different sectors and varieties, the short - term judgments are mainly "oscillatory", with some showing "oscillatory upward" or "oscillatory downward" trends [16][18]. Summary by Relevant Catalogs Financial Market Fluctuations - **Stock Index Futures**: The CSI 300 futures price was 4728.6, with a daily increase of 0.17, a weekly increase of 0.11, and a monthly, quarterly, and annual increase of 2.8. The SSE 50 futures price was 3077.6, with a daily decrease of 0.08, a weekly decrease of 0.22, and a monthly, quarterly, and annual increase of 1.74. The CSI 500 futures price was 8266, with a daily increase of 1.11, a weekly increase of 0.68, and a monthly, quarterly, and annual increase of 12.27. The CSI 1000 futures price was 8186.6, with a daily increase of 0.49, a weekly increase of 0.09, and a monthly, quarterly, and annual increase of 10.09 [2]. - **Treasury Bond Futures**: The 2 - year Treasury bond futures price was 102.4, with no daily change, no weekly change, and a monthly, quarterly, and annual decrease of 0.05. The 5 - year Treasury bond futures price was 105.785, with a daily decrease of 0.03, a weekly decrease of 0.02, and a monthly, quarterly, and annual increase of 0.02. The 10 - year Treasury bond futures price was 108.04, with a daily decrease of 0.02, a weekly decrease of 0.02, and a monthly, quarterly, and annual increase of 0.17. The 30 - year Treasury bond futures price was 110.92, with a daily decrease of 0.23, a weekly decrease of 0.22, and a monthly, quarterly, and annual decrease of 0.44 [2]. - **Foreign Exchange**: The US dollar index was 99.3691, with a daily increase of 0.03, a weekly increase of 0.23, and a monthly, quarterly, and annual increase of 1.12. The US dollar mid - price was 6.9703 pips, with a daily increase of 32, a weekly decrease of 80, and a monthly, quarterly, and annual decrease of 187 [2]. - **Interest Rates**: The 7 - day inter - bank pledged repo rate was 1.443 bp, with a daily decrease of 5.94, a weekly decrease of 2.97, and a monthly, quarterly, and annual decrease of 53.91. The 10 - year Chinese Treasury bond yield was 1.8424 bp, with a daily decrease of 1.2, a weekly decrease of 3.58, and a monthly, quarterly, and annual decrease of 0.49. The 10 - year US Treasury bond yield was 4.24 bp, with a daily increase of 7 [2]. Popular Industry Fluctuations - Industries such as national defense and military industry, basic chemicals, and consumer services had relatively high daily and weekly increases, while industries like computer, telecommunications, and non - banking finance had declines [5]. Overseas Commodity Fluctuations - **Energy**: NYMEX WTI crude oil price was 59.22, with a daily increase of 0.08, a weekly increase of 0.75, and a monthly, quarterly, and annual increase of 3.15. ICE Brent crude oil price was 64.2, with a daily increase of 0.69, a weekly increase of 1.87, and a monthly, quarterly, and annual increase of 5.4. NYMEX natural gas price was 3.109, with a daily decrease of 1.11, a weekly decrease of 1.02, and a monthly, quarterly, and annual decrease of 16.22. ICE UK natural gas price was 98.39, with a daily increase of 13.42, a weekly increase of 33.88, and a monthly, quarterly, and annual increase of 31.87 [8]. - **Precious Metals**: COMEX gold price was 4601.1, with a daily decrease of 0.49, a weekly increase of 1.83, and a monthly, quarterly, and annual increase of 6.21. COMEX silver price was 89.945, with a daily decrease of 2.6, a weekly increase of 12.73, and a monthly, quarterly, and annual increase of 26.72 [8]. - **Non - ferrous Metals**: LME copper price was 12803, with a daily decrease of 2.31, a weekly decrease of 1.5, and a monthly, quarterly, and annual increase of 2.45. LME aluminum price was 3134, with a daily decrease of 1.06, a weekly decrease of 0.06, and a monthly, quarterly, and annual increase of 4.57. LME zinc price was 3209, with a daily decrease of 3.18, a weekly increase of 1.76, and a monthly, quarterly, and annual increase of 2.66 [8]. - **Agricultural Products**: CBOT soybean price was 1056.25, with a daily increase of 0.31, a weekly decrease of 0.61, and a monthly, quarterly, and annual increase of 0.86. CBOT soybean oil price was 52.51, with a daily decrease of 0.87, no weekly change, a monthly decrease of 3.24, and a quarterly and annual increase of 8.16 [8]. Domestic Commodity Fluctuations - **Energy and Chemicals**: Crude oil price was 439.25, with a daily and weekly decrease of 0.22 and a monthly, quarterly, and annual increase of 1.47. Fuel oil price was 2526.6, with a daily and weekly increase of 0.38 and a monthly, quarterly, and annual increase of 3.11 [12]. - **Non - ferrous Metals**: Copper price was 101196.42, with a daily and weekly increase of 0.32 and a monthly, quarterly, and annual increase of 2.94. Aluminum price was affected by the potential shutdown of Mozal aluminum plant, with the price oscillating at a high level [12]. - **Black Building Materials**: Steel prices such as rebar and hot - rolled coil showed different trends, with rebar price decreasing and hot - rolled coil price having a certain increase in some periods. Iron ore price increased slightly, and coke and coking coal prices also had their own trends [12]. - **Agricultural Products**: Prices of products such as soybeans, soybean oil, and palm oil had different degrees of fluctuations [12]. Macro Summary - **Today's Market**: This week, precious metals, Brent crude oil, and ChiNext Index led the gains, showing a pattern of rapid upward movement in the first half - week and oscillatory decline in the second half. The first half - week was driven by factors such as the weakening of the Fed's independence and better - than - expected US inflation data, while the second half - week was dragged down by factors such as the alleviation of concerns about key mineral tariffs, the easing of the US - Iran geopolitical situation, and the strengthening of the US dollar due to initial jobless claims data [15]. - **Overseas Macro**: The US economy maintained a "light to moderate" expansion, inflation continued to cool down, consumer spending showed a "K - shaped" characteristic, and industrial production rebounded unexpectedly. The Fed maintained a cautious wait - and - see attitude, and the interest rate cut expectation was postponed to June [15]. - **Domestic Macro**: Policy support focused on new fields, exports showed unexpected resilience, social financing data showed strong corporate loan and bond financing, and inflation improvement clues were clear [15]. - **Asset Views**: The short - term risk assets may continue to adjust, but in the medium - term, long positions in stock indices, non - ferrous metals (copper, aluminum, tin), gold, and silver are recommended [15]. Viewpoints Summary - **Financial**: Stock index futures are expected to oscillate upward, stock index options to oscillate, and Treasury bond futures to oscillate [16]. - **Precious Metals**: Gold and silver are expected to oscillate upward [16]. - **Shipping**: The container shipping route to Europe is expected to oscillate [16]. - **Black Building Materials**: Products such as steel, iron ore, coke, and coking coal are expected to oscillate [16]. - **Non - ferrous Metals and New Materials**: Most non - ferrous metal products are expected to oscillate, with some showing oscillatory upward trends [16]. - **Energy and Chemicals**: Most energy and chemical products are expected to oscillate, with some showing oscillatory downward trends [18]. - **Agriculture**: Agricultural products show different trends, with some oscillating upward, some oscillating downward, and most oscillating [18].

1. Report Industry Investment Ratings No specific industry investment ratings are provided in the given content. 2. Core Views of the Report - **Financial Markets**: Geopolitical risks, such as Trump's tariff policies and statements regarding Greenland, along with the upcoming Cook hearing, are influencing market risk - appetite. These factors are causing increased volatility in precious metals, US stock index futures, and other financial instruments. For example, the uncertainty around the Cook hearing and Trump's actions are leading to concerns about the Fed's independence and future inflation [11][14]. - **Commodity Markets**: Different commodities are facing various supply - demand situations. In the agricultural sector, South American soybean production is expected to be bountiful, while in the metal and energy sectors, factors like production changes, inventory levels, and geopolitical events are affecting prices. For instance, the potential release of Russian gasoline exports and the production adjustments of First Quantum Minerals in the copper market [32][52][45]. 3. Summaries by Relevant Catalogs 3.1 Financial News and Reviews 3.1.1 Macro Strategy (Gold) - **News**: Powell will attend the Cook hearing. Geopolitical risks and Trump's tariff policies have increased market risk aversion, driving up precious metals prices [11]. - **Investment Advice**: Short - term precious metals may experience increased volatility. With the gold - silver ratio at a low level, there are opportunities to go long [12]. 3.1.2 Macro Strategy (US Stock Index Futures) - **News**: Powell's attendance at the Cook case hearing and Trump's ambiguous statement about Greenland are increasing geopolitical risks. The potential dismissal of Cook may raise concerns about the Fed's independence [13][14]. - **Investment Advice**: During the US stock earnings season, volatility is expected to increase, and the US stock market is likely to oscillate at high levels [15]. 3.1.3 Macro Strategy (Stock Index Futures) - **News**: Premier Li Qiang held a symposium, emphasizing high - quality development and the implementation of more active fiscal and moderately loose monetary policies. China's GDP in Q4 2025 increased by 4.5% year - on - year, and the narrowing of price declines has boosted nominal GDP growth [16][18]. - **Investment Advice**: Hold long positions in stock index futures [19]. 3.1.4 Macro Strategy (Treasury Bond Futures) - **News**: December economic data was mostly below expectations, with a pattern of weakening overall, strong supply and weak demand, and domestic demand weaker than external demand. The bond market is expected to be volatile, and the probability of continued weakening after the oscillation is relatively high [20][22]. - **Investment Advice**: Be cautious when chasing up or betting on rebounds. Consider short - selling opportunities during rebounds [23]. 3.2 Commodity News and Reviews 3.2.1 Black Metals (Coking Coal/Coke) - **News**: The price of metallurgical coke in the Lvliang market is stable with a slight upward trend. Downstream steel mills have not responded to the coke price increase proposed by coke enterprises. Short - term spot prices are supported by downstream replenishment, but the upward momentum in the futures market is limited [24]. - **Investment Advice**: Expect short - term oscillations [24]. 3.2.2 Black Metals (Rebar/Hot - Rolled Coil) - **News**: In 2025, China's infrastructure investment decreased by 2.2% year - on - year, and real estate investment decreased by 17.2%. The terminal demand for steel products remains weak, and the fundamentals do not support a significant rebound in steel prices [25][28][29]. - **Investment Advice**: Adopt an oscillatory approach to steel prices. Hedge inventory at high prices if there is a rebound [30]. 3.2.3 Agricultural Products (Soybean Meal) - **News**: As of last Thursday, the Brazilian 25/26 soybean harvest rate was 2%. South American soybean production is expected to be abundant. Domestic soybean meal inventory has decreased but remains at a historically high level [31][32]. - **Investment Advice**: Expect weak oscillations in domestic and international futures prices [33]. 3.2.4 Non - Ferrous Metals (Lead) - **News**: Lead inventories in five major social warehouses increased. The low - inventory risk has been alleviated, and the fundamentals are weakening [34][35]. - **Investment Advice**: Consider short - selling opportunities at high prices. Adopt a wait - and - see approach for arbitrage [37]. 3.2.5 Non - Ferrous Metals (Zinc) - **News**: The zinc price is oscillating. Social inventories are rising, but the absolute increase is not large. Geopolitical risks need to be watched out for [38][39]. - **Investment Advice**: Adopt a wait - and - see approach for short - term single - side trading, and do not chase short positions. Wait and see for both monthly spread and internal - external arbitrage [39]. 3.2.6 Non - Ferrous Metals (Lithium Carbonate) - **News**: The second - phase project of Qingtao Energy's solid - state battery in Chengdu is progressing smoothly. The futures trading rules of lithium carbonate have been adjusted. The demand side is showing signs of strength, but the price transmission issue needs attention [40][41][42]. - **Investment Advice**: Focus on long - position opportunities at low prices after the trading volume and volatility stabilize [43]. 3.2.7 Non - Ferrous Metals (Copper) - **News**: South Mining Group focuses on gold and copper investments. First Quantum Minerals has lowered its copper production guidance. Geopolitical risks and macro - economic uncertainties are affecting copper prices [44][45][47]. - **Investment Advice**: Adopt a short - term wait - and - see approach. Look for long - position opportunities at low prices in the medium term. Wait and see for arbitrage [48]. 3.2.8 Non - Ferrous Metals (Tin) - **News**: The LME tin price is in a contango. The Shanghai Futures Exchange has adjusted the tin futures delivery warehouses. Supply uncertainties exist, and demand is weak [49][50][51]. - **Investment Advice**: Pay attention to December customs data, processing fees in Yunnan refineries, and the recovery of consumption [51]. 3.2.9 Energy and Chemicals (Crude Oil) - **News**: Russia may lift the gasoline export ban in February. As the Iranian situation cools down, the risk premium of oil prices is expected to decrease [52][53]. - **Investment Advice**: The short - term upward driving force for oil prices is weakening [54]. 3.2.10 Energy and Chemicals (Liquefied Petroleum Gas) - **News**: The weekly production of domestic liquefied petroleum gas increased slightly. The external market is relatively strong, but the upward space is limited [55]. - **Investment Advice**: Expect price sideways oscillations [56]. 3.2.11 Energy and Chemicals (Asphalt) - **News**: Asphalt refinery inventories decreased, while social inventories increased. Terminal demand is weakening, and the market is expected to be weak before the Spring Festival [56]. - **Investment Advice**: Expect short - term weak oscillations in asphalt prices [57]. 3.2.12 Energy and Chemicals (Styrene) - **News**: Pure benzene and styrene prices are rising. The increase in styrene is due to unexpected maintenance and export growth. Attention should be paid to geopolitical risks and US tariff policies [60]. - **Investment Advice**: Focus on long - position opportunities at low prices, but beware of risks such as excessive pure benzene imports and weak terminal purchasing [61]. 3.2.13 Energy and Chemicals (Urea) - **News**: The demand for urea from a sample of compound fertilizer producers in Shandong decreased. Urea production is expected to increase, and inventories are decreasing at a slower pace. Policy and demand factors are influencing prices [62][63]. - **Investment Advice**: Expect short - term oscillations in urea prices. The average price may decline in the next two weeks. Consider long - position opportunities in the 05 contract after the demand recovers [64]. 3.2.14 Energy and Chemicals (PVC) - **News**: The domestic PVC powder market price is slightly weak. The export tax - rebate policy will be cancelled in April, and domestic demand is expected to weaken before the Spring Festival [65][66]. - **Investment Advice**: Be bearish on PVC in the short term [66]. 3.2.15 Energy and Chemicals (Caustic Soda) - **News**: The price of caustic soda in Shandong decreased. Supply is abundant, and demand is weak. Inventories are high, and the market is under pressure [67][68][69]. - **Investment Advice**: Expect the caustic soda market to be under pressure before the Spring Festival [69].

Core Viewpoint - The Ba Zhong Municipal Economic Work Conference emphasizes the necessity of maintaining a relatively fast economic growth rate despite the small economic scale, setting ambitious targets for 2026, including a focus on expanding domestic demand and enhancing the industrial foundation [1][2]. Group 1: Domestic Demand Expansion - Ba Zhong prioritizes expanding domestic demand as a key task for the year, focusing on boosting consumption and effective investment as core strategies [2]. - In the first three quarters of 2025, Ba Zhong achieved a total retail sales of consumer goods amounting to 40.362 billion yuan, reflecting a year-on-year growth of 6.7% [2]. - The city plans to implement special actions to stimulate consumption, innovate consumption formats, and enhance the consumption environment, including a series of promotional activities [2]. Group 2: Strengthening the Real Economy - Ba Zhong aims to solidify its industrial foundation by focusing on key industries such as energy and chemicals, advanced materials, electronic information, food and beverage, and healthcare [3][4]. - The city is leveraging its natural gas reserves of 1.4 trillion cubic meters and shale oil resources of approximately 2.5 billion tons to develop the energy and chemical industry [3]. - A sodium-ion battery industry park is being established, with over 1,500 acres allocated for development, aiming to attract leading companies in the sector [4]. Group 3: Urban-Rural Integration and Social Welfare - The city is committed to enhancing urban-rural integration and improving the well-being of its residents, with a focus on modernizing agriculture and rural areas [5][6]. - Plans include the development of a modern urban area in the Mengzi River section, featuring parks and recreational facilities [6]. - Initiatives to boost employment, improve education and healthcare, and enhance cultural services are being prioritized to elevate the quality of life for residents [7].