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]

Group 1 - The technology growth sector is under pressure, while sectors such as non-ferrous metals and oil & petrochemicals show localized activity [1] - The Guozhen Free Cash Flow Index increased by 0.6%, the Guozhen Value 100 Index rose by 0.1%, and the Guozhen Growth 100 Index fell by 2.9% [1] - The E Fund Free Cash Flow ETF (159222) saw a net subscription of 40 million units throughout the day, continuing a trend of net inflows over the past seven trading days, totaling approximately 150 million yuan [1] Group 2 - The Guozhen Free Cash Flow Index selects stocks based on free cash flow rate, combining high dividend yield and growth potential [1] - The top five industries in the index are automotive, oil & petrochemicals, home appliances, transportation, and non-ferrous metals [1] - The E Fund Free Cash Flow ETF (159222) tracks this index, providing investors with opportunities to capitalize on related investment styles [1]

Group 1: Investment Rating - No investment rating provided in the report Group 2: Core Viewpoints - The copper market shows a structure of strong expectations but weak reality. Although downstream demand is weak and there are concerns about tariffs and inventory imbalances, the copper price is supported by the weakening trend of the US dollar, and the copper market is unlikely to experience a sharp decline [1] Group 3: Summary by Section Market Analysis - In 2026, copper smelters cannot profit from long - term contracts, and by - products like sulfuric acid and gold are the main profit sources. The refined - scrap copper price difference is still abnormal, but the weak downstream demand restricts scrap copper trading. Five smelters plan to stop production in January, and one new smelter's operation is postponed, leading to a decline in refined copper production. The potential merger of Rio Tinto and Glencore may control 15% of global copper supply, highlighting the tight supply expectation. Terminal demand grows strongly, but the copper product sector is cautious, and high prices and year - end holidays slow down raw material procurement, resulting in a significant increase in copper inventory. The market is worried about US refined copper tariffs, and the high price suppresses downstream demand. The weakening US dollar supports the copper price [1] Futures and Spot Market - Futures: Shanghai copper opened and closed lower today with intraday fluctuations [4] - Spot: The spot premium in East China is 50 yuan/ton, and in South China is 20 yuan/ton. On January 12, 2026, the LME official price was 13310 US dollars/ton, with a spot premium of +70 US dollars/ton [4] Supply - side - As of January 12, the spot rough smelting fee (TC) is - 45.1 US dollars/dry ton, and the spot refining fee (RC) is - 4.6 cents/pound [6] Inventory - SHFE copper inventory is 122,100 tons, an increase of 5505 tons from the previous period. As of January 12, Shanghai bonded - area copper inventory is 111,000 tons, an increase of 9200 tons; LME copper inventory is 137,200 tons, a decrease of 1750 tons; COMEX copper inventory is 520,400 short tons, an increase of 3042 short tons [9]

Core Insights - The report highlights the emergence of new investment themes, including AIGC index, photolithography, phosphor chemical industry, vehicle networking, and brain-computer interfaces, indicating a right-side breakout in these sectors [3][4] - It identifies trends in sectors such as intelligent AI, mobile payments, aluminum, and low-altitude economy, suggesting a right-side trend formation [3][4] - The report also notes stabilization at the bottom for industries like pig farming, insurance capital stakes, yellow wine, and innovative pharmaceuticals, indicating potential recovery [3][4] - Additionally, it points out bottom reversal opportunities in sectors like innovative pharmaceuticals, methanol, and industrial software, suggesting a shift in market dynamics [3][4] Right-Side Breakout Opportunities - New indices showing right-side breakout include cloud office index, big data index, and photolithography index, with respective 5-day gains of 8%, 10%, and 12% [8] - The phosphor chemical index has shown a 4% increase over 5 days, indicating a potential investment opportunity [8] - Other indices such as vehicle networking and brain-computer interface also show promising short-term performance [8] Right-Side Trend Opportunities - The report lists indices like intelligent AI and mobile payment with 5-day gains of 11% and 5% respectively, indicating a positive trend [10] - The aluminum industry index has shown a 15% increase over 20 days, suggesting strong momentum [10] - The low-altitude economy index has also demonstrated a 22% increase over 20 days, highlighting its growth potential [10] Bottom Stabilization Opportunities - The pig farming index has stabilized with a 1% gain over 5 days, indicating potential for recovery [14] - The insurance capital stake index has shown a similar trend with a 1% increase, suggesting investor confidence [14] - Other sectors like yellow wine and innovative pharmaceuticals also show signs of stabilization, with respective gains of 1% and 12% [14] Bottom Reversal Opportunities - The methanol index has shown a 6% increase over 5 days, indicating a potential reversal in market sentiment [18] - The industrial software index has demonstrated a 13% gain, suggesting a strong recovery signal [18] - The innovative pharmaceuticals index has also shown a 12% increase, indicating a positive shift in market dynamics [18]

证券之星消息，1月13日，深证国企ESG（970055）指数报收于1462.82点，跌1.7%，成交565.26亿元，换 手率2.08%。当日该指数成份股中，上涨的有9家，登康口腔以6.17%的涨幅领涨，下跌的有40家，中核 科技以9.27%的跌幅领跌。 深证国企ESG（970055）指数十大成份股详情如下： | 证券代码 | 股票简称 | 权重 | 最新价 | 涨跌幅 | 总市值(亿元) | | 所属行业 | | --- | --- | --- | --- | --- | --- | --- | --- | | sz002415 | 海康威视 | 9.57% | 30.87 | -2.43% | | 2829.20 | ■ 计算机 | | sz000858 | 五粮液 | 9.23% | 108.00 | -0.51% | | 4192.14 | 食品饮料 | | sz000425 | 徐工机械 | 8.83% | 11.33 | -3.00% | 4 V | 1331.61 | 机械设备 | | sz000338 | 潍柴动力 | 7.59% | 19.00 | 0.85% | | 1655.58 | 汽 ...

今日（1月13日），有色金属龙头股紫金矿业再度拉升，收盘涨幅近2.63%，盘中股价一度冲至38.90 元，创历史新高。同时，其全天成交额118.81亿元，较昨日继续放量，同时也已连续3个交易日成交额 维持在百亿规模。 注：紫金矿业近期持续走高（截至1月13日收盘） 融资余额持续新高，万亿俱乐部添一员 自去年年末以来，紫金矿业股价持续走高，截至今日收盘，其近20个交易日累计共上涨近21%。受连日 攀升提振，紫金矿业的市值规模不断上升，以收盘数据统计，其今日首次站上万亿市值关口，总市值 （证监会算法）达10044亿元，成为"万亿俱乐部"中的一员。其中，紫金矿业A股市值近7878亿元，在 整个A股市场中位居第十位。 注1：紫金矿业总市值规模变动情况（截至1月13日收盘）注2：总市值以证监会算法统计（A股股本*A 股股价+其他市场股本*其他市场股价*汇率） 以资金面层面统计，紫金矿业近期持续获融资客加仓。截至1月12日数据，其目前融资余额已达91.59亿 元，不仅为首次突破90亿元关口，同时也创历史新高，其年内累计获增持近10.24亿元，增幅近12.6%。 其中，融资客在12月29日（2025年）、1月7日、1月12 ...

沪指1月13日下跌0.64%，申万所属行业中，今日上涨的有6个，涨幅居前的行业为石油石化、医药生 物，涨幅分别为1.62%、1.21%。有色金属行业位居今日涨幅榜第三。跌幅居前的行业为国防军工、电 子，跌幅分别为5.50%、3.30%。 资金面上看，两市主力资金全天净流出1627.43亿元，今日有4个行业主力资金净流入，医药生物行业主 力资金净流入规模居首，该行业今日上涨1.21%，全天净流入资金43.48亿元，其次是石油石化行业，日 涨幅为1.62%，净流入资金为5.86亿元。 主力资金净流出的行业有27个，电子行业主力资金净流出规模居首，全天净流出资金370.10亿元，其次 是计算机行业，净流出资金为231.07亿元，净流出资金较多的还有国防军工、通信、电力设备等行业。 | 601168 | 西部矿业 | 1.39 | 3.09 | 9838.69 | | --- | --- | --- | --- | --- | | 300139 | 晓程科技 | 8.52 | 24.24 | 9572.34 | | 000688 | 国城矿业 | 2.12 | 3.13 | 8788.91 | | 000878 | ...

Core Insights - The industrial metal ETF (560860) has seen significant capital inflows, with a total of 1.88 billion yuan in the last five trading days and 2.5 billion yuan in the last ten days, indicating strong market confidence [1] - The ETF's assets under management have rapidly increased, surpassing 10 billion yuan on January 6 and reaching over 12 billion yuan by January 12 [1] Group 1: ETF Performance and Market Position - The industrial metal ETF (560860) is the only product tracking the CSI Industrial Nonferrous Metals Theme Index, filling a gap in the industrial nonferrous metal sector [2] - The ETF focuses on high-demand industrial metals, with the top three metals—copper (34.4%), aluminum (21.8%), and rare earths (13.6%)—accounting for approximately 70% of the index [2] - The top ten constituent stocks of the ETF include leading companies in the industrial metal sector, with a combined weight of 56.18%, featuring companies like Luoyang Molybdenum (13.09%) and Northern Rare Earth (8.75%) [2][3] Group 2: Investment Opportunities - The ETF provides a one-stop efficient solution for investors looking to gain exposure to the industrial metal sector, benefiting from cyclical and policy-driven opportunities [3]

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - The EU plans to adjust high tariffs on Chinese electric vehicles and replace them with a minimum price mechanism, signaling a缓和 in trade tensions. The Minister of Industry and Information Technology, Li Lecheng, aims to drive new breakthroughs in future manufacturing, information, and materials. In the long - term, the transmission process needs to be observed. [2] - In the short term, it is expected that Shanghai nickel will have a wide - range adjustment, and attention should be paid to the support of MA10. [2] 3. Summary by Directory 3.1 Futures Market - The closing price of the main futures contract of Shanghai nickel is 138,450 yuan/ton, a decrease of 5,750 yuan; the 02 - 03 month contract spread of Shanghai nickel is - 190 yuan/ton, unchanged. The LME 3 - month nickel price is 18,075 US dollars/ton, an increase of 375 US dollars. The main contract position of Shanghai nickel is 119,485 lots, a decrease of 4,663 lots. The net long position of the top 20 futures holders of Shanghai nickel is - 69,516 lots, an increase of 12,055 lots. The LME nickel inventory is 284,562 tons, a decrease of 228 tons. The inventory of nickel in the Shanghai Futures Exchange is 46,650 tons, an increase of 1,106 tons. The warrant quantity of Shanghai nickel is 39,436 tons, a decrease of 234 tons. [2] 3.2 Spot Market - The SMM 1 nickel spot price is 145,200 yuan/ton, a decrease of 1,650 yuan; the spot average price of 1 nickel plate in Yangtze River Non - ferrous is 145,300 yuan/ton, a decrease of 1,550 yuan. The CIF (bill of lading) price of Shanghai electrolytic nickel is 85 US dollars/ton, unchanged; the bonded warehouse (warrant) price of Shanghai electrolytic nickel is 85 US dollars/ton, unchanged. The average price of battery - grade nickel sulfate is 31,750 yuan/ton, an increase of 1,400 yuan. The basis of the NI main contract is 6,750 yuan/ton, an increase of 4,100 yuan. The LME nickel (spot/three - month) premium is - 200.47 US dollars/ton, a decrease of 4.09 US dollars. [2] 3.3 Upstream Situation - The monthly import volume of nickel ore is 333.95 million tons, a decrease of 134.33 million tons; the total port inventory of nickel ore is 1,319.77 million tons, a decrease of 12.26 million tons. The average monthly import unit price of nickel ore is 72.18 US dollars/ton, an increase of 14.84 US dollars. The tax - included price of Indonesian laterite nickel ore with 1.8% Ni is 41.71 US dollars/wet ton, unchanged. [2] 3.4 Industry Situation - The monthly output of electrolytic nickel is 29,430 tons, an increase of 1,120 tons; the total monthly output of ferronickel is 22,100 metal tons, a decrease of 800 metal tons. The monthly import volume of refined nickel and alloys is 12,840.49 tons, an increase of 2,900.84 tons; the monthly import volume of ferronickel is 895,400 tons, a decrease of 9,700 tons. [2] 3.5 Downstream Situation - The monthly output of 300 - series stainless steel is 1.7617 million tons, a decrease of 38,300 tons; the total weekly inventory of 300 - series stainless steel is 540,500 tons, a decrease of 13,300 tons. [2] 3.6 Industry News - The EU plans to adjust high tariffs on Chinese electric vehicles and replace them with a minimum price mechanism, releasing a signal of easing trade tensions. The Minister of Industry and Information Technology, Li Lecheng, said that efforts will be made to drive new breakthroughs in future manufacturing, future information, and future materials, focusing on fields such as quantum technology, humanoid robots, brain - computer interfaces, deep - sea polar regions, and 6G. [2] 3.7 Viewpoint Summary - On the macro - level, the Minister of Industry and Information Technology promotes new breakthroughs in future manufacturing, information, and materials. On the fundamental level, the import volume of nickel ore is in a downward trend as the Philippines enters the rainy season, and the planned significant reduction of the RKAB quota in Indonesia next year causes concerns about raw material supply. In the smelting end, the output of Indonesian ferronickel remains high, and the quantity flowing back to China is expected to increase; the domestic refined nickel production capacity is large, and with the recent rise in nickel prices and profit repair, the output of refined nickel is expected to rise again. On the demand side, the cost of stainless - steel ferronickel has decreased, the profit of steel mills has improved, and the planned production volume is expected to be high; the production and sales of new energy vehicles continue to climb, and ternary batteries contribute a small incremental demand. The domestic nickel inventory is in an increasing trend, and the market mainly buys on dips, with a high spot premium; the growth of overseas LME inventory has slowed down. Technically, the position has decreased and the price has fallen, with a large divergence between long and short positions. [2]

Core Viewpoint - The A-share market has shown a strong upward trend since the beginning of 2026, driven by multiple factors including the technology cycle, policy benefits, economic recovery, and the return of overseas capital [1][3][4]. Group 1: Market Performance - As of January 12, 2026, the Shanghai Composite Index has achieved a "seventeen consecutive days" rise, with significant increases in trading volume and active capital inflow [1][3]. - The performance of various sectors shows that cyclical stocks, technology stocks, and military industry stocks have led the gains, while financial and consumer stocks have underperformed [1][3]. Group 2: Driving Factors - The dual momentum from technology and cyclical sectors has significantly enhanced risk appetite among investors, with the digital economy, particularly AI and semiconductors, leading the charge [3][4]. - The release of concentrated economic policies since the beginning of 2026, including a 625 billion yuan special bond for consumer upgrades, has contributed to the market's positive outlook [4][5]. - Economic recovery is gaining momentum, with manufacturing and non-manufacturing PMIs returning above the growth line, indicating a shift towards quality and efficiency in corporate operations [5][6]. Group 3: Capital Flows - The appreciation of the RMB against the USD has attracted overseas capital back to China, as global investors seek stable assets amid geopolitical uncertainties [6][7]. - Data indicates an increase in holdings of Chinese assets by global and Asian funds compared to the end of 2024, supported by targeted policies and growth in AI-related profits [7]. Group 4: Futures Market Dynamics - The narrowing of the basis in stock index futures indicates strong bullish sentiment among investors, with significant shifts in the annualized basis rates for various contracts [8][9]. - Recent fluctuations in futures contracts suggest a potential adjustment phase, with the cost of rolling over contracts decreasing, reflecting a more favorable position for investors [10][11]. Group 5: Future Outlook - The market is transitioning from valuation-driven growth to profit-driven performance, with individual stock performance increasingly tied to fundamental improvements and rising economic conditions [11][12]. - The A-share market is expected to continue its upward trajectory, supported by ongoing policy effects, enhanced economic recovery, and the sustained influx of overseas capital [12].