1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core View of the Report - In the context of expected tightening of overseas liquidity, the US dollar index rebounded significantly. Yesterday, all non - ferrous varieties in the domestic commodity market hit the daily limit down, triggering an overall adjustment of risk assets. The stock index dropped significantly due to the linkage between commodities and the stock market and concerns about overseas liquidity tightening [6]. - The current A - share market is dominated by capital and policy. About 70 billion yuan flowed out of broad - based ETFs from January 15th to 27th, presumably due to Central Huijin's reduction to cool the market. The redemption of broad - based ETFs weakened last Thursday and Friday. In the short term, the policy is expected to take flexible measures to support the market. In the long run, the medium - to - long - term upward trend of the stock index is not expected to end [6]. 3. Summary by Relevant Catalogs 3.1 Macro Financial Data - **Interest Rates**: DR001 closed at 1.36 with a 3.65bp increase; DR007 at 1.49 with a - 10.20bp change; GC001 at 1.78 with a 17.50bp increase; GC007 at 1.64 with a 3.00bp increase; SHBOR 3M at 1.59 with a - 0.01bp change; LPR 5 - year at 3.50 with no change; 1 - year treasury at 1.30 with a 0.50bp increase; 5 - year treasury at 1.57 with a - 0.10bp change; 10 - year treasury at 1.81 with a 0.10bp increase; 10 - year US treasury at 4.26 with a 2.00bp increase [3]. - **Central Bank Operations**: The central bank conducted 75 billion yuan of 7 - day reverse repurchase operations yesterday at an operating rate of 1.40%. With 150.5 billion yuan of reverse repurchases maturing, the net withdrawal was 75.5 billion yuan. This week, 1.7615 trillion yuan of reverse repurchases are due to mature, and 700 billion yuan of 91 - day repurchase - style reverse repurchases will mature on Wednesday [3][4]. 3.2 Stock Index Market - **Index Performance**: The Shanghai Composite Index fell to 4016, the CSI 300 dropped 2.13% to 4606, the SSE 50 declined 2.07% to 3003, the CSI 500 decreased 3.98% to 8037, and the CSI 1000 fell 3.39% to 7975. The decline of stock index futures was greater than that of the underlying indexes, and the discount widened, indicating a rapid cooling of market sentiment. The trading volume of the three major stock exchanges in Shanghai, Shenzhen, and Beijing was 2.6069 trillion yuan, a decrease of 255.8 billion yuan from the previous trading day. Most industry sectors fell, with only power grid equipment and the brewing industry rising [5]. - **Futures Performance**: The trading volume of IF increased by 6.8% to 191,408, and the open interest decreased by 5.6% to 313,881; IH trading volume rose 15.9% to 89,283, and open interest decreased by 2.5% to 119,304; IC trading volume increased 16.4% to 289,004, and open interest decreased by 5.9% to 328,769; IM trading volume rose 11.3% to 307,100, and open interest increased by 1.3% to 414,250 [5]. - **Premium and Discount**: The report provides the premium and discount rates for different contracts of IF, IH, IC, and IM [7].

Group 1 - Fushun Special Steel Co., Ltd. experienced a stock price increase of 5.2%, reaching 6.68 CNY per share, with a trading volume of 233 million CNY and a turnover rate of 1.82%, resulting in a total market capitalization of 13.174 billion CNY [1] - The company, established on June 7, 1999, and listed on December 29, 2000, is located in Fushun City, Liaoning Province, and its main business includes steel smelting, steel rolling processing, metallurgical technology services, and industrial gas manufacturing and sales [1] - The revenue composition of Fushun Special Steel is as follows: alloy structural steel 27.18%, stainless steel 24.74%, tool steel 20.20%, high-temperature alloy 18.86%, and others 9.02% [1] Group 2 - Huaxia Fund has a fund that ranks among the top ten circulating shareholders of Fushun Special Steel, specifically the Huaxia CSI 1000 ETF (159845), which newly entered the top ten in the third quarter with 8.575 million shares, accounting for 0.43% of circulating shares [2] - The Huaxia CSI 1000 ETF has a latest scale of 49.908 billion CNY, with a year-to-date return of 4.95%, ranking 1616 out of 5562 in its category, and a one-year return of 38.01%, ranking 1760 out of 4285 [2] Group 3 - The fund manager of Huaxia CSI 1000 ETF is Zhao Zongting, who has been in the position for 8 years and 295 days, managing a total fund asset size of 356.966 billion CNY [3] - During Zhao Zongting's tenure, the best fund return achieved was 124.19%, while the worst return was -32.63% [3]

Group 1 - The core viewpoint of the articles emphasizes the performance of high-dividend sectors, particularly state-owned enterprises, in the current market environment, with a focus on the potential for structural shifts in investment strategies towards companies with stable dividends and growth potential [1][2]. - The China Securities State-Owned Enterprises Dividend Index has shown a positive trend, with notable increases in constituent stocks such as Cai Bai Co., Ltd. rising by 10.02% and Zhonglian Heavy Industry by 4.05% as of February 3, 2026 [1]. - The report from Huatai Securities indicates that the risk appetite in January continued to decline, but high-dividend sectors, especially in oil, coal, and steel, performed better than in December, suggesting a marginal recovery in the allocation value of high-dividend stocks [1]. Group 2 - Guojin Securities suggests that the dividend strategy for 2026 should focus on structural shifts, moving from historical dividend ratios to identifying companies with fundamental resilience and potential for increased future dividends [2]. - The resource and traditional manufacturing sectors are highlighted as having the broadest benefits from dividend strategies, driven by factors such as overseas AI investments, manufacturing recovery, and resource protectionism in emerging markets [2]. - The China Securities State-Owned Enterprises Dividend ETF closely tracks the China Securities State-Owned Enterprises Dividend Index, selecting 100 listed companies with high cash dividend yields and stable dividends, reflecting the overall performance of high-dividend securities among state-owned enterprises [2][3].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View The market sentiment of hot-rolled coil plates resonates, showing a weak and volatile trend [1]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - 1/29 Steel Union weekly data: For production, rebar increased by 0.28 tons, hot-rolled coil by 3.8 tons, and the total of five major varieties by 3.58 tons; for inventory, rebar increased by 23.43 tons, hot-rolled coil decreased by 2.2 tons, and the total of five major varieties increased by 21.43 tons; for apparent demand, rebar decreased by 9.12 tons, hot-rolled coil increased by 1.45 tons, and the total decreased by 7.78 tons [2][3] - In December, among key statistical enterprises, the output of medium and heavy plate mills increased year-on-year, while the output of hot continuous rolling mills and cold continuous rolling mills decreased year-on-year. Among major plate varieties, the output of shipbuilding plates, household appliance plates, and engineering machinery steel plates increased significantly year-on-year; the output of container plates and wind power steel plates decreased significantly year-on-year. In terms of product prices, except for medium and heavy wide steel strips, which increased month-on-month, other product prices decreased [3] - From January 1 - 12, the cumulative output of medium and heavy plate mills and cold continuous rolling mills increased year-on-year, while the cumulative output of hot continuous rolling mills remained flat year-on-year. Among major plate varieties, the cumulative output of shipbuilding plates increased significantly year-on-year; the output of container plates decreased significantly year-on-year [3] - In mid-January 2026, key statistical steel enterprises produced 19.79 million tons of crude steel, with an average daily output of 1.979 million tons, a 0.9% decrease in daily output month-on-month; 17.94 million tons of pig iron, with an average daily output of 1.794 million tons, a 1.8% increase in daily output month-on-month; 18.77 million tons of steel, with an average daily output of 1.877 million tons, a 3.0% increase in daily output month-on-month. The steel inventory of key enterprises was 16.13 million tons, a 7.3% increase from the previous ten-day period, a 14.1% increase from the beginning of the year, a 0.8% increase from the same ten-day period of the previous month, a 24.7% increase from the same ten-day period of last year, and a 5.1% increase from the same ten-day period of the year before last [3] - In mid-January, the social inventory of five major steel products in 21 cities was 7.09 million tons, a 0.3% decrease from the previous month, a 1.7% decrease from the beginning of the year, and a 5.2% increase from the same period of last year [3] - BHP Billiton announced that its first-half iron ore output reached a record high, and it has accepted a partial reduction in iron ore prices in the annual contract negotiation with China [3] - On January 19, a 650m³ saturated water and steam spherical tank in the steelmaking operation department of Baotou Baogang Plate Mill exploded, damaging some plants and equipment, which will affect the production of the plate mill production line and the surrounding affected production lines [3] - According to customs statistics, in December 2025, China imported 517,000 tons of steel, a 4.2% increase from the previous month; the average price was $1,810.3 per ton, an 11.0% increase from the previous month. From January - December, the cumulative steel imports were 6.059 million tons, an 11.1% decrease from the previous year [4] - The Ministry of Commerce and the General Administration of Customs: Implement export license management for some steel products [4] 3.2 Trend Intensity - Rebar trend intensity: 0; Hot-rolled coil plate trend intensity: 0. The trend intensity ranges from -2 to 2, with -2 being the most bearish and 2 being the most bullish [4]

Report Summary 1. Report Industry Investment Rating - No investment rating provided in the report. 2. Core View - The report shows that the iron ore market is experiencing narrow - range fluctuations. The trend strength of iron ore is 0, indicating a neutral stance [1][2]. 3. Summary by Relevant Catalogs 3.1 Fundamentals Tracking - **Futures Data**: The closing price of I2605 was 783.0 yuan/ton, down 8.5 yuan/ton or 1.07%. The yesterday's position was 520,684 hands, with a decrease of 20,544 hands [1]. - **Spot Prices**: Imported ores like Carajás fines (65%) dropped from 884.0 to 879.0 yuan/ton, PB (61.5%) from 794.0 to 787.0 yuan/ton, etc. Domestic ores such as Hanxing (66%) decreased from 956.0 to 950.0 yuan/ton [1]. - **Basis and Spreads**: The basis of I2605 against Super Special increased by 2.0 yuan/ton to 96.3 yuan/ton. The spread between I2605 - I2609 decreased by 2.0 yuan/ton to 17.0 yuan/ton [1]. 3.2 Macro and Industry News - China's January RatingDog manufacturing PMI was 50.3, in line with expectations and higher than the previous value of 50.1 [1]. - Many real - estate enterprises are no longer required by regulatory authorities to report the "Three Red Lines" indicators monthly, but some troubled real - estate enterprises need to report financial indicators such as asset - liability ratio regularly [1]. 3.3 Trend Strength - The trend strength of iron ore is 0, within the range of [-2, 2], indicating a neutral view on the market [2].

绿色转型不是一蹴而就的，靠的是锚定目标、久久为功。 增绿就是增优势，植树就是植未来。河北塞罕坝，三代林场建设者吃黑莜面、喝冰雪水、睡地窨子，用 60多年的时间，创造了从"一棵松"到百万亩人工林的生态奇迹，探索出林业碳汇、林下经济等绿色产 业。 放眼全国，这样的战略定力结出累累硕果。非化石能源消费占比由2020年的16%提高到2025年的20%以 上；单位GDP能耗持续下降，成为全球能耗强度下降最快的国家之一；森林覆盖率超过25%，成为全球 增绿最多最快的国家……一步一个脚印，目标变成现实。 有光追光，有风逐风，中国经济向绿而行，靠的是各地因地制宜、各展所长。 山西太原，太钢集团作为传统钢铁企业，高能耗、高排放一度是难以撕掉的标签。企业瞄准高端不锈钢 领域攻关，研发出厚度仅0.02毫米的"手撕钢"，广泛应用于航空航天、精密仪器等高端制造领域。一家 企业的蝶变，彰显发展智慧。 前不久发布的中国经济年报中，一项数据具有标志性意义：2025年，我国新能源汽车国内新车销售量占 比突破50%。 回看2020年国务院办公厅印发的《新能源汽车产业发展规划（2021—2035年）》，当时设定的目标是： 到2025年，新能源汽车 ...

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上海市第十六届人大四次会议2月3日上午在世博中心开幕。上海市市长龚正作《政府工作报告》。报告 表示，今年要深化国际经济中心建设。聚焦建设现代化产业体系，持续巩固壮大实体经济根基，在石 化、 钢铁等行业持续开展数智技术、绿色技术改造和产线升级，在 集成电路、 生物医药、 人工智能等 领域加快实施一批重大产业项目，积极支持智能网联 新能源汽车、 海洋经济、 低空经济、航空航天、 卫星互联网等产业发展，培育特色数字产业集群，大力推动服务业扩能提质、集聚发展。 ...

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它旨在总结过去一周的关键市场事件、提供分析 J.P. Morgan亚太地区专业销售评论（日期：2026年2月1日）的详细内容总结。 该文档涵盖了能源、矿业、材料和可再生能源等多个大宗商品领域的市场动态、分析和关键事件。 J.P. Morgan亚太地区专业销售评论（日期：2026年2月1日）的详细内容总结。 该文档涵盖了能源、矿业、材料和可再生能源等多个大宗商品领域的市场动态、分析和关键事件。 文档核心概览 这是一份面向机构客户的内部市场评论和销售材料，由J.P. Morgan亚太区能源与矿业专业销售团队（Anmol Mehta）撰写。 文档核心概览 这是一份面向机构客户的内部市场评论和销售材料，由J.P. Morgan亚太区能源与矿业专业销售团队（Anmol Mehta）撰写。 它旨在总结过去一周的关键市场事件、提供分析观点，并预告即将到来的催化剂（如财报、数据发布）。 核心议题围绕美联储新主席提名引发的市场震荡、黄金期权仓位分析、地缘政治风险（伊朗）以及各主要商品 （铜、原油）的基本面展开。 详细内容总结 1. 宏观与政策焦点 美联储新主席提名（凯文·沃什）： 市场反应：其提名在周五（1月31日）引发金属市 ...