Group 1: Report Industry Investment Rating - No information provided Group 2: Core Views of the Report - On January 13, 2026, the closing price of the GFEX platinum main contract was 605.05 yuan/gram, with a decline of -3.2%; the closing price of the GFEX palladium main contract was 483.25 yuan/gram, with a decline of -5.22% [3] - Due to concerns about the Fed's independence and rising geopolitical risks, platinum prices are expected to fluctuate widely but trend upward. The supply in South Africa faces risks, while the demand in the platinum market is expanding, and the "rate cut + soft landing" combination will increase price elasticity [3] - Affected by tariff expectations and geopolitical risks, palladium prices are expected to fluctuate widely but trend upward. Although the long - term supply - demand of palladium is loosening, short - term spot shortages and the Fed's rate - cut cycle support the price [3][4] Group 3: Summary Based on Related Catalogs Platinum Analysis - The main logic is that concerns about the Fed's independence and geopolitical risks have flared up again, and the "233" clause of the US Department of Commerce on critical minerals has no further news. Short - term price fluctuations may intensify. It is recommended to wait for price stabilization and then consider low - buying opportunities [3] - In terms of supply, South Africa, the main supplier of platinum - group metals, still faces risks in power supply and extreme weather. In terms of demand, the platinum market is in a structural expansion stage, with stable demand in the automotive catalyst field, the hydrogen energy industry as a future growth point, and expanding demand in jewelry and investment [3] - The outlook is that platinum prices are expected to fluctuate upward due to healthy supply - demand fundamentals and positive macro - expectations [3] Palladium Analysis - The main logic is that the market expected the US to impose a 50% high - tariff on palladium on January 10. Palladium is being shipped to the US, intensifying non - US supply shortages. The policy has not been implemented yet, and short - term price fluctuations may intensify. It is recommended to trade cautiously and wait for price stabilization to consider low - buying opportunities [3] - In terms of demand, palladium shows significant structural pressure. Although the long - term supply - demand of palladium is loosening, short - term spot shortages and the Fed's rate - cut cycle support the price [3] - The outlook is that palladium prices are expected to fluctuate upward due to spot shortages and a favorable macro - environment [4] Commodity Index - On January 13, 2026, the comprehensive index was 2425.27, down - 0.30%; the commodity 20 index was 2779.12, down - 0.28%; the industrial products index was 2348.14, down - 0.52% [50] Non - ferrous Metals Index - On January 13, 2026, the non - ferrous metals index was 2809.16, with a daily decline of -1.33%, a 5 - day decline of -1.30%, a 1 - month increase of +8.87%, and a year - to - date increase of +4.59% [52]

Core Viewpoint - LME copper prices declined due to a stronger US dollar, but supply concerns and speculative interest limited the drop in prices [1][4]. Group 1: Copper Market Analysis - On January 13, LME three-month copper fell by $45.5, or 0.34%, closing at $13,164.0 per ton [1][2]. - Over the past 12 months, LME copper has surged by 45%, reaching a record high of $13,387.50 last week [5]. - Concerns about supply disruptions in copper mining and expectations of a supply shortage this year have contributed to the price increase [5]. - The premium for LME spot copper over the three-month contract rose to $64 per ton, the highest in a month, compared to just $3 a week prior [5]. Group 2: Other Base Metals Performance - LME three-month aluminum increased by $13, or 0.41%, closing at $3,197.5 per ton [6]. - LME three-month zinc decreased by $14.5, or 0.45%, closing at $3,201.5 per ton [7]. - LME three-month lead rose by $8.5, or 0.41%, closing at $2,061.5 per ton [8]. - LME three-month nickel fell by $207, or 1.16%, closing at $17,681.0 per ton [9]. - LME three-month tin increased by $1,561, or 3.25%, closing at $49,528.0 per ton [10]. Group 3: Economic Indicators - The US dollar index strengthened, making dollar-denominated commodities more expensive for buyers using other currencies [4]. - The US Consumer Price Index for December rose by 2.7% year-on-year, aligning with economists' expectations and significantly above the Federal Reserve's target [3][5]. - The National Mining Association of Chile (Sonami) projected that Chile's copper production will range between 5.5 to 5.7 million tons by 2026, up from last year's estimate of 5.4 million tons [5].

Report Industry Investment Rating - Not provided Core Viewpoints - The report presents cross - market, cross - period, spot - futures, and cross - variety arbitrage tracking data for non - ferrous metals including copper, zinc, aluminum, nickel, and lead on January 14, 2026 [1][3][4] Summary by Related Catalogs Cross - market Arbitrage Tracking - **Copper**: On January 14, 2026, the domestic spot price was 102,680, the LME spot price was 13,158, and the spot price ratio was 7.85; the domestic three - month price was 102,480, the LME three - month price was 13,068, and the three - month price ratio was 7.85. The equilibrium price ratio for spot imports was 7.92 [1] - **Zinc**: On January 14, 2026, the domestic spot price was 24,330, the LME spot price was not provided; the domestic three - month price was 24,280, the LME three - month price was 3,204, and the three - month price ratio was 5.41 [1] - **Aluminum**: On January 14, 2026, the domestic spot price was 24,300, the LME spot price was not provided; the domestic three - month price was 24,375, the LME three - month price was 3,165, and the three - month price ratio was 7.74 [1] - **Nickel**: On January 14, 2026, the domestic spot price was 139,850, the LME spot price was not provided. The profit for spot imports was 1,072.78 [1] - **Lead**: On January 14, 2026, the domestic spot price was 17,200, the LME spot price was 2,010, and the spot price ratio was 8.54; the domestic three - month price was 17,360, the LME three - month price was 2,054, and the three - month price ratio was 11.81. The profit for spot imports was 18.63, and the equilibrium price ratio for spot imports was 8.53 [3] Cross - period Arbitrage Tracking - **Copper**: On January 14, 2026, the spreads between the next month, three - month, four - month, and five - month contracts and the spot month were - 1140, - 950, - 800, and - 720 respectively, while the theoretical spreads were 619, 1136, 1662, and 2189 respectively [4] - **Zinc**: On January 14, 2026, the spreads between the next month, three - month, four - month, and five - month contracts and the spot month were 105, 150, 185, and 200 respectively, while the theoretical spreads were 224, 353, 483, and 613 respectively [4] - **Aluminum**: On January 14, 2026, the spreads between the next month, three - month, four - month, and five - month contracts and the spot month were - 260, - 190, - 145, and - 100 respectively, while the theoretical spreads were 234, 369, 503, and 638 respectively [4] - **Lead**: On January 14, 2026, the spreads between the next month, three - month, four - month, and five - month contracts and the spot month were - 95, - 45, 0, and 25 respectively, while the theoretical spreads were 212, 320, 428, and 536 respectively [4] - **Nickel**: On January 14, 2026, the spreads between the next month, three - month, four - month, and five - month contracts and the spot month were - 3350, - 3160, - 2820, and - 2530 respectively [4] - **Tin**: On January 14, 2026, the spread between the 5 - month and 1 - month contracts was - 2000, and the theoretical spread was 7802 [4] Spot - futures Arbitrage Tracking - **Copper**: On January 14, 2026, the spreads between the current - month and next - month contracts and the spot were 965 and - 175 respectively, while the theoretical spreads were 219 and 619 respectively [4] - **Zinc**: On January 14, 2026, the spreads between the current - month and next - month contracts and the spot were - 200 and - 95 respectively, and the theoretical spreads were 61 and 202 (also mentioned as 119 and 225) respectively [4][5] - **Lead**: On January 14, 2026, the spreads between the current - month and next - month contracts and the spot were 205 and 110 respectively, while the theoretical spreads were 110 and 224 respectively [5] Cross - variety Arbitrage Tracking - On January 14, 2026, the ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc for the Shanghai (triple - continuous) contracts were 4.22, 4.20, 5.90, 1.00, 1.40, and 0.71 respectively; the ratios for the London (triple - continuous) contracts of copper/zinc, copper/aluminum, and copper/lead were 4.11, 4.12, and 6.39 respectively [5]

Group 1 - The core viewpoint of the article highlights the transfer of shares of Jinxin Resources (03636) from Huatai Hong Kong to Merrill Lynch Far East Limited, with a market value of HKD 212 million, representing 14.18% of the total shares [1] - Jinxin Resources is positioned as a high-quality cathode copper manufacturer with significant influence in the Democratic Republic of Congo and Zambia [1] - According to Frost & Sullivan, as of December 31, 2024, Jinxin Resources ranks fifth among Chinese cathode copper producers based on production volume in the Democratic Republic of Congo and Zambia [1]

据CCTV国际时讯消息，美国总统特朗普昨日在其社交媒体"真实社交"上发文称，他已经"取消了与伊朗官员的所有会面"。 《纽约时报》援引美军官员的话报道称，美军在中东地区的指挥官希望"在发起任何潜在打击前，预留更多时间来巩固美军阵地，为伊朗可能发动的报复 性袭击做好准备"。 据悉，特朗普11日说，伊朗方面已与美国政府官员接触并提议进行谈判，"会议正在安排中"。 据央视新闻最新消息，美东时间1月13日，美国国务院通过"虚拟驻伊朗德黑兰使馆"发布全国性安全警告称，敦促美国公民立即离开伊朗，并建议在安全 可行的情况下经陆路前往土耳其或亚美尼亚，同时提醒不要依赖美国政府直接协助撤离。美国国务院12日曾发布紧急安全警示，要求美国公民立即离开伊 朗。 另据新华社消息，俄罗斯外交部发言人扎哈罗娃13日表示，俄方强烈谴责外部势力干涉伊朗内政，美国威胁对伊朗发动军事打击是"绝对不可接受的"。 银价、油价大涨 早上好，先来关注下国际局势。 13日晚，现货黄金、白银价格均刷新历史纪录，同时，WTI原油期货、布伦特原油期货价格也大幅走高。 | 伦敦金现 | 伦敦银现 | 轻质原油连续 | | --- | --- | --- | | 46 ...

《纽约时报》援引美军官员的话报道称，美军在中东地区的指挥官希望"在发起任何潜在打击前，预留更多时间来巩固美军阵地，为伊朗可能发动的报复 性袭击做好准备"。 据悉，特朗普11日说，伊朗方面已与美国政府官员接触并提议进行谈判，"会议正在安排中"。 据央视新闻最新消息，美东时间1月13日，美国国务院通过"虚拟驻伊朗德黑兰使馆"发布全国性安全警告称，敦促美国公民立即离开伊朗，并建议在安全 可行的情况下经陆路前往土耳其或亚美尼亚，同时提醒不要依赖美国政府直接协助撤离。美国国务院12日曾发布紧急安全警示，要求美国公民立即离开伊 朗。 另据新华社消息，俄罗斯外交部发言人扎哈罗娃13日表示，俄方强烈谴责外部势力干涉伊朗内政，美国威胁对伊朗发动军事打击是"绝对不可接受的"。 银价、油价大涨 13日晚，现货黄金、白银价格均刷新历史纪录，同时，WTI原油期货、布伦特原油期货价格也大幅走高。 早上好，先来关注下国际局势。 据CCTV国际时讯消息，美国总统特朗普昨日在其社交媒体"真实社交"上发文称，他已经"取消了与伊朗官员的所有会面"。 图片来源：央视新闻 截至发稿，金银价格均有所回落。伦敦银现货价格涨逾3%，伦敦金现货价格下跌0.2 ...

来源：期货日报 早上好，先来关注下国际局势。 据CCTV国际时讯消息，美国总统特朗普昨日在其社交媒体"真实社交"上发文称，他已经"取消了与伊朗 官员的所有会面"。 银价、油价大涨 13日晚，现货黄金、白银价格均刷新历史纪录，同时，WTI原油期货、布伦特原油期货价格也大幅走 高。 | 伦敦金现 | 伦敦银现 | 轻质原油连续 | | --- | --- | --- | | 4618.810 | 88.667 | 61.36 | | +20.170 +0.44% | +4.301 +5.10% | +1.86 +3.13% | | 纽约金主连 | 纽约银主连 | 美原油主连 | | 4623.3 | 88.430 | 61.05 | | +8.6 +0.19% | +3.339 +3.92% | +1.73 +2.92% | | 沪金主连 | 沪银主连 | 布伦特原油连续 | | 1035.76 | 22327 | 65.85 | | +6.18 +0.60% | +1256 +5.96% | +1.96 +3.07% | | 沪铜主连 | 伦铜主连 | 原油主连 | | 103660 | 13192.5 | 4 ...

Market Strategy - The market is experiencing a downward adjustment, with the commercial aerospace sector leading the decline [5] - The overall A-share market index fell by 1.18%, with the Shanghai Composite Index down 0.64% and the ChiNext Index down 1.96% [8] - The healthcare sector showed resilience, with notable performance from leading pharmaceutical companies [10] Industry Dynamics - The Ministry of Commerce announced anti-dumping duties on imported solar-grade polysilicon from the US and South Korea, effective January 14, 2026, for five years [27] - Star Ring Fusion completed a record A-round financing of 1 billion yuan, marking the largest financing in China's private fusion sector [29] - Omdia forecasts that global PC shipments will reach 279.5 million units in 2025, a 9.2% increase year-on-year [31] - Counterpoint reports a 2% year-on-year growth in global smartphone shipments for 2025, driven by high-end market trends and increased 5G device adoption in emerging markets [33] Company Tracking - Dize Pharmaceutical (688192.SH) expects a revenue of 800 million yuan in 2025, a 122.28% increase year-on-year, driven by the inclusion of two products in the national medical insurance directory [41] - JA Solar Technology (002459) anticipates a net loss of 4.5 to 4.8 billion yuan for 2025, attributed to intensified competition and price pressures in the solar industry [43] - Huitian Technology plans to establish a new technology incubation platform for advanced PCB processes, with a total investment of 300 million USD [46] - Huatai Securities (600909.SH) intends to increase its stake in Huafu Fund to 51%, enhancing its control over the fund [48]

Group 1: Supply and Demand - Construction starts are warming up, with a seasonal recovery in some operating rates; residential construction is performing better than infrastructure[2] - In the first two weeks of 2026, the operating rates of asphalt plants and mills are higher than the same period in 2025[2] - Cement supply for infrastructure projects has a significant year-on-year decline, while residential cement usage is close to the levels of the same period in 2025[2] Group 2: Industrial Production - Chemical production remains strong, while automotive steel tires and coking show weaker performance[2] - In the first two weeks of 2026, the operating rate of PX remains at a historical high, while PTA's operating rate is at a historical median[21] Group 3: Demand Weakness - Construction demand remains weak, with rebar, wire rod, and building materials at historical low apparent demand levels[3] - Passenger car rolling sales continue to show negative growth year-on-year[3] - Major home appliance sales, both online and offline, remain weak, with indices showing significant declines compared to previous years[38] Group 4: Commodity Prices - Copper, aluminum, and gold prices have reached new historical highs in recent weeks[40] - Domestic industrial product prices are experiencing upward trends, driven by non-ferrous metals[43] Group 5: Real Estate Market - New housing transactions show a significant year-on-year decline, with average transaction area in 30 major cities down by 48% compared to 2024 and 2025[5] - Second-hand housing transaction volumes remain weak, with Beijing, Shanghai, and Shenzhen showing negative year-on-year changes of -39%, -17%, and -39% respectively[62] Group 6: Export Trends - Export growth is expected to slow, with models indicating a year-on-year increase of approximately 3.4% for the first 11 days of January[64]

Core Viewpoint - The Yunnan Provincial Government has issued an action plan to accelerate the construction of a modern industrial system, focusing on strengthening the non-ferrous metal industry and promoting the development of rare and precious metals [1] Group 1: Industry Development - The plan aims to enhance the non-ferrous metal industry by extending and strengthening the supply chain, particularly in copper, tin, titanium, and lead-zinc smelting [1] - A new round of mineral exploration and development will be promoted to increase reserves and production of important mineral resources [1] - The initiative includes the development of a national advanced manufacturing cluster for rare and precious metals in central Yunnan [1] Group 2: Production and Economic Goals - By 2027, the goal is to achieve a production volume of over 10 million tons for 10 types of non-ferrous metals [1] - The non-ferrous metal industry is expected to reach a production value of over 550 billion yuan, while the comprehensive output value of the rare and precious metals industry is projected to exceed 160 billion yuan [1] Group 3: Technological and Processing Advancements - The plan emphasizes the transition from primary product production to deep processing in the non-ferrous metal sector [1] - There is a focus on consolidating advantages in platinum group metals, indium, germanium, and gallium, and enhancing the level of deep processing for rare and precious metals [1] - The initiative also includes the extension of the rare earth industry chain and the promotion of the development of recycled non-ferrous metal industries [1]