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]

证券日报网讯 1月13日，寒锐钴业在互动平台回答投资者提问时表示，截至2026年1月9日，公司股东人 数为62939户。 （文章来源：证券日报） ...

1月13日，A股市场整体下跌。 截至收盘，上证指数收报4138.76点，下跌0.64%；深证成指收报14169.4点，下跌1.37%；创业板指收报3321.89 点，下跌1.96%。两市合计成交36509.85亿元，较上一交易日增加496.09亿元。 1.两市主力资金净流出超1280亿元 今日沪深两市主力资金开盘净流出530.96亿元，尾盘净流出183.95亿元，全天净流出1286.54亿元。 | | | 沪深两市最近五个交易日主力资金流向情况(亿元) | | | | --- | --- | --- | --- | --- | | 日期 | | 净流入金额 开盘净流入 | 尾盘净流入 | 超大单净买入 | | 2026-1-13 | -1286.54 | -530. 96 | -183. 95 | -718. 20 | | 2026-1-12 | -213.07 | -198.59 | -51. 60 | 53. 33 | | 2026-1-9 | -298.04 | -164.63 | 1.02 | -16. 77 | | 2026-1-8 | -374. 35 | -163. 14 | -6. 58 | ...

Market Overview - The A-share market experienced an overall decline on January 13, with the Shanghai Composite Index closing at 4138.76 points, down 0.64%, the Shenzhen Component Index at 14169.4 points, down 1.37%, and the ChiNext Index at 3321.89 points, down 1.96% [1] - The total trading volume across both markets reached 36,509.85 billion yuan, an increase of 496.09 billion yuan compared to the previous trading day [1] Capital Flow - The net outflow of main funds from the two markets exceeded 1280 billion yuan, with an opening net outflow of 530.96 billion yuan and a closing net outflow of 183.95 billion yuan, totaling 1286.54 billion yuan for the day [2] - The CSI 300 index saw a net outflow of 255.22 billion yuan, while the ChiNext index experienced a net outflow of 557.08 billion yuan [4] Sector Performance - The non-ferrous metals sector achieved a net inflow of 47.64 billion yuan despite a decline of 0.82%, with Zijin Mining being a notable stock [6] - The banking sector recorded a net inflow of 17.49 billion yuan, increasing by 0.67% [6] - The electronic sector faced significant outflows, with a net outflow of 492.14 billion yuan and a decline of 3.12%, led by Industrial Fulian [6] Institutional Activity - The top stocks with net institutional buying included China Satellite, which rose by 4.17% with a net buy of 67.88 million yuan, and Hengwei Technology, which increased by 1.21% with a net buy of 40.36 million yuan [8] - Conversely, stocks like Aerospace Electronic saw significant net selling, with a decline of 10.01% and a net sell of 35.09 million yuan [10] Institutional Focus - Recent institutional ratings highlighted stocks such as Jianghai Co., rated "Buy" by Tianfeng Securities with a target price of 34.4 yuan, currently trading at 29.84 yuan, indicating a potential upside of 15.28% [11] - Other stocks of interest include Enjie Co. and Yuxin Technology, both rated "Buy" by UBS with significant upside potential [11]

Core Viewpoint - The Yunnan Provincial Government has issued an "Action Plan" aimed at accelerating the construction of a modern industrial system, targeting an industrial output value exceeding 2 trillion yuan by 2027, with a focus on enhancing the proportion of non-tobacco and non-energy industries in the overall industrial structure by approximately 3 percentage points [1] Group 1: Resource-based Industries - The plan emphasizes strengthening resource-based industries, particularly in green aluminum, silicon photovoltaic, phosphorus chemical, and non-ferrous and precious metals sectors [2] - By 2027, the aluminum alloy rate is expected to reach around 80%, with the green aluminum industry chain's output value projected to be approximately 250 billion yuan [2] - The phosphorus chemical industry aims for an output value of 100 billion yuan, with a target of over 80% for the comprehensive utilization rate of phosphogypsum [2] - The non-ferrous metal industry is projected to exceed 550 billion yuan in output value, with a production target of over 10 million tons for 10 types of non-ferrous metals by 2027 [2] Group 2: Characteristic Advantage Industries - The plan identifies five key sectors for enhancing characteristic advantage industries: highland characteristic agriculture, cultural tourism, green energy, tobacco, and modern logistics [3] - By 2027, the total output value of agriculture, forestry, animal husbandry, and fishery is expected to exceed 720 billion yuan [3] - The tourism sector aims for total spending of 1.4 trillion yuan, with the tourism industry's added value accounting for over 8% of regional GDP [3] - The green energy sector targets an installed power capacity of 180 million kilowatts, with clean energy accounting for 90% of the total [3] - The tobacco industry aims for an output value of 192 billion yuan by 2027 [3] - The logistics sector targets over 220 national A-level logistics enterprises and a total social logistics volume of around 6 trillion yuan [3] Group 3: Strategic Emerging and Future Industries - The plan outlines the development of six strategic emerging industries: biomedicine, new materials, advanced equipment manufacturing, digital economy, low-altitude economy, and biomanufacturing [4] - The biomedicine sector aims for revenue of 350 billion yuan by 2027 [4] - The new materials industry is projected to exceed 120 billion yuan in output value [4] - The renewable battery sector targets an output value of over 40 billion yuan, while advanced equipment manufacturing (excluding electronics) aims for over 100 billion yuan [4] - The digital economy's core industry revenue is expected to reach 320 billion yuan [4] - The low-altitude economy is projected to achieve a scale of over 20 billion yuan by 2027 [4] Group 4: Policy Measures - The action plan proposes policy measures focusing on strengthening technological empowerment, optimizing the development environment, deepening open cooperation, and enhancing support and guarantees [5] - It emphasizes the need for region-specific development of local advantages and characteristic industries while accelerating breakthroughs in non-tobacco and non-energy industries [5]

Market Overview - On January 12, the North Exchange A-shares trading volume reached 43.52 billion yuan, an increase of 13.69 billion yuan from the previous trading day[1] - The North Exchange 50 Index closed at 1605.77, up 5.35%, with a PE_TTM of 67.48 times[1] - The North Exchange Specialized and Innovative Index closed at 2782.05, rising by 6.92%[1] Stock Performance - Out of 287 companies on the North Exchange, 272 rose, 0 remained flat, and 15 declined[1] - The top five gainers were: - Zhongcheng Technology (30.0%) - Tianrun Technology (30.0%) - Xingtum Control (30.0%) - Tonghui Information (30.0%) - Liujin Technology (29.9%)[1] - The top five decliners were: - Hongxi Technology (-6.2%) - Henghe Co., Ltd. (-3.0%) - Hengdong Light (-2.5%) - Haixi Communication (-2.3%) - Jiahua Technology (-2.2%)[1] Investment Insights - The overall trading activity on the North Exchange was robust, benefiting from the overall heat in the A-share market, which saw a record trading volume of 3.64 trillion yuan[3] - The technology growth sector, including AI applications, commercial aerospace, and controlled nuclear fusion, experienced significant gains, driving related companies on the North Exchange[3] - The North Exchange's focus on innovative small and medium enterprises aligns well with current policy support for "new quality productivity," suggesting continued benefits from the deepening technology growth trend[3] Risks - Potential risks include policy regulatory risks, unexpected policy changes for the North Exchange, and intensified industry competition[4]

Group 1 - The core viewpoint of the report indicates that northbound capital returned to net inflow in the fourth quarter, primarily flowing into sectors such as non-ferrous metals, electronics, and electric equipment, while experiencing slight outflows from the main board [2][4] - In the first week of January, financing funds saw significant net inflows, contributing important incremental capital to the market, suggesting that the A-share market is likely to continue its upward trend [2][4] - The report highlights that the main investment themes for January will remain focused on technology and cyclical stocks, with a recommendation for large-cap growth stocks [2][4] Group 2 - Northbound capital recorded a net inflow of 9.5 billion yuan in the fourth quarter, accounting for 2.63% of the A-share circulating market value [4][9] - The sectors that attracted the most northbound capital included non-ferrous metals (24.5 billion yuan), electric equipment (17 billion yuan), and electronics (15.8 billion yuan), while the largest outflows were seen in pharmaceuticals (-16 billion yuan), food and beverage (-15.3 billion yuan), and non-bank financials (-9.7 billion yuan) [4][9] - The top three stocks with net purchases from northbound capital were Ningde Times (12.1 billion yuan), Luxshare Precision (6 billion yuan), and Weichai Power (5.2 billion yuan), while the largest net sales were from Kweichow Moutai (-8.6 billion yuan), WuXi AppTec (-5 billion yuan), and BYD (-4.8 billion yuan) [4][9][12] Group 3 - The report notes that the liquidity indicators show a decrease in public fund issuance to 9.61 billion yuan, while ETF net subscriptions increased to 9.73 billion yuan, and financing net purchases rose to 857.75 billion yuan [3][26] - The average daily trading volume of A-shares increased to 28,519.51 million yuan, indicating a shift in the secondary market towards net inflows [3][4] - The report also mentions that the financing balance has risen, with net purchases of financing funds indicating a positive shift in market sentiment [4][26]