Group 1 - The core viewpoint of the news highlights the strong performance of the Huabao Nonferrous ETF (159876), which reached a historical high with a trading volume exceeding 1.06 billion yuan, indicating a bullish market sentiment [1] - The ETF has seen a net subscription of 24 million units in real-time, accumulating 331 million yuan over the past 10 days, suggesting significant investor interest [1] - Key constituent stocks such as Zhong Rare Earth and Western Superconducting have shown substantial gains, with Zhong Rare Earth hitting the daily limit and Western Superconducting rising over 14% [1] Group 2 - On January 12, spot gold prices surged, breaking the historical record set on December 29, 2025, reaching 4601.38 USD/oz, with a 1.42% increase to 4572.87 USD/oz [3] - Global geopolitical risks are escalating, particularly tensions between Iran and the U.S., which are contributing to strong demand for precious metals as safe-haven assets [3] - The World Gold Council anticipates that ongoing geopolitical uncertainties will continue to influence the gold market, with potential for moderate price increases or strong gains depending on economic conditions [3] Group 3 - Xiangcai Securities notes that the U.S. faces recession pressures, with high sovereign debt and trade deficits undermining the dollar's credibility, leading to increased focus on gold as a universal asset [4] - As gold prices rise, the supply-demand dynamics for commodities like copper may be re-evaluated, potentially leading to increased valuations for non-ferrous metals [4] Group 4 - The Huabao Nonferrous ETF and its linked funds cover a wide range of sectors including copper, aluminum, gold, rare earths, and lithium, allowing for better exposure to various market cycles [5] - This comprehensive coverage positions the ETF to capitalize on the ongoing "super cycle" in the non-ferrous metals sector [5]

Group 1 - The overall market exhibited high volatility last week, with a focus on potential statements from the Trump administration regarding the Section 232 tariff investigation, which could impact silver and copper import tariff expectations [2][6]. - Precious metals saw significant price increases, with COMEX gold rising by 4.07% and silver by 10.41%, while SHFE gold and silver increased by 2.96% and 9.7% respectively [4][27]. - Industrial metals also experienced price fluctuations, with COMEX copper and SHFE copper increasing by 3.38% and 3.23% respectively [4]. Group 2 - Copper prices initially surged due to military activities in Venezuela, raising concerns about supply from South America, but later retreated as the US PMI data indicated a slowdown in manufacturing [6][10]. - Supply-side factors, including a strike at the Mantoverde mine and delays in the Mirador project, provided support for copper prices, which rebounded after a brief decline [6][10]. - The market is closely monitoring the Trump administration's stance on the Section 232 investigation, as it may influence copper tariff expectations [10][11]. Group 3 - The US economy is on a soft landing path, with mixed PMI data and non-farm payrolls slightly below expectations, but overall performance in wage growth and unemployment rate exceeded forecasts [8][27]. - Geopolitical tensions have positively impacted precious metal prices, with expectations of continued strength in gold and silver due to liquidity easing and potential credit risks in the US [8][44]. - The upcoming announcement regarding silver tariffs is expected to lead to increased volatility in silver prices [8][44].

Core Viewpoint - The A-share market is experiencing a strong upward trend as it enters the first week of 2026, with significant increases in major indices and trading volumes, indicating a potential bullish market phase driven by various factors [1][3][10]. Market Performance - As of January 9, all three major indices closed higher, with the Shenzhen Component Index up 1.15%, the ChiNext Index up 0.77%, and the Shanghai Composite Index up 0.92%, reaching 4120.43 points, marking its first return to this level since July 2015 [3]. - The total trading volume for the Shanghai and Shenzhen markets reached 3.12 trillion yuan, a significant increase of 322.4 billion yuan from the previous trading day, marking the fifth occurrence in A-share history of daily trading volume exceeding 3 trillion yuan [3]. - Over the first five trading days of the year, the Shanghai Composite Index rose by 3.82%, the Shenzhen Component Index by 4.40%, and the ChiNext Index by 3.89%, with the STAR 50 Index increasing by 9.80% [3]. Sector Performance - The metals and satellite sectors have attracted significant capital inflows, with 598 industry-themed ETFs collectively receiving a net inflow of 13.827 billion yuan over five trading days [4][5]. - The Southern CSI Nonferrous Metals ETF led the inflows with 3.721 billion yuan, followed by the Yongying National Satellite Communication Industry ETF with 3.589 billion yuan [4]. - The chemical sector also saw high interest, with related ETFs experiencing a net inflow of 3.853 billion yuan [5]. Fund Flows - The nonferrous metals sector saw a total net inflow of 8.983 billion yuan across 10 related ETFs, while the satellite industry attracted 8.821 billion yuan across 6 ETFs [5]. - Conversely, the robotics and battery sectors experienced significant net outflows, with 1.348 billion yuan and 1.077 billion yuan, respectively [6]. - Other sectors with notable outflows included military and pharmaceutical industries, with net outflows of 785 million yuan and 679 million yuan, respectively [6]. ETF Scale Growth - The total scale of 598 industry-themed ETFs reached 1.178127 trillion yuan, with a cumulative growth of 83.468 billion yuan in the first five trading days of the year [7]. - The Southern CSI Nonferrous Metals ETF saw the largest scale increase of 5.555 billion yuan, followed by the Yongying National Satellite Communication Industry ETF with 5.109 billion yuan [7]. - Despite some ETFs experiencing net outflows, significant increases in net asset values have driven overall scale growth in various sectors, including semiconductors and military [8]. Future Market Outlook - Analysts suggest that 2026 may witness a "Bull Market 2.0," driven by improvements in fundamentals, technological trends, asset migration, and policy easing [10]. - The focus is expected to shift towards technology growth as the main line, with cyclical resources as a supporting factor, both showing potential for sustained excess returns [10]. - Key areas of interest include AI infrastructure, commercial aerospace, and strategic metals, with a particular emphasis on sectors benefiting from policy support and improving supply-demand dynamics [11].

Group 1 - The core viewpoint of the articles indicates a strong market performance in the A-share market, particularly in AI applications and healthcare sectors, signaling positive investor sentiment and a favorable funding environment [1] - The analysis from Ping An Securities suggests that the A-share market's "opening red" is a positive signal, with short-term indices expected to consolidate at high levels and limited room for correction [1] - Key sectors to focus on include technology growth driven by domestic and international demand, advanced manufacturing benefiting from industry recovery and technological upgrades, cyclical sectors supported by commodity price increases, and dividend assets that still hold investment value [1] Group 2 - Relevant investment products include a Free Cash Flow ETF (159201) and its linked funds, which are characterized by high index quality and strong risk resistance, suitable for long-term investment [2] - The Petrochemical ETF (159731) and its linked funds are guided by top-level design to shift the industry from "quantity increase" to "quality improvement," with ongoing supply-demand improvements expected to sustain upward momentum [2] - The ChiNext New Energy ETF (159368) covers the new energy and electric vehicle sectors, involving multiple sub-sectors such as batteries and photovoltaics [2] - The Hang Seng Internet ETF (513330) focuses on software applications and internet media, with major holdings in Alibaba, Tencent, and Meituan, accounting for nearly 40% of the total weight [2]

1. Report Industry Investment Rating - No specific industry investment rating information is provided in the content. 2. Core Viewpoints of the Report - The convertible bond market last week saw an increase in both volume and price. Although the convertible bond valuation is already high, high - priced and over - valued convertible bonds remain strong. The 100 - yuan premium rate has broken through the previous 30% - 34% oscillation range and may experience a slow correction. In an environment with a scarcity of cost - effective convertible bonds, incremental funds can only flow to convertible bonds with strong certainty in the remaining term [5][8]. - From the current absolute price and valuation level, the future upward space for convertible bonds is limited, but incremental demand is expected to provide some support. With individual bond valuations already over - estimated across the board, it is recommended to focus on newly - issued convertible bonds and those whose redemption has been waived, as trading opportunities are greater than trend - following opportunities [5][8]. - Last week, the Shanghai Composite Index achieved 16 consecutive positive days and reached 4,100 points. With the inflow of foreign capital and an increase in the proportion of equity asset allocation by domestic long - term funds, the trading volume exceeded 3 trillion yuan. Sectors such as commercial space, AI computing power, applications, and small metals continued to be strong. There was no market pull - back as previously speculated, and the market continued to break through strongly after the New Year's Day. Historically, in the A - share market, high trading volumes do not necessarily mean a market peak, but caution should be exercised when chasing high - risk themes. The market is expected to move sideways with a slight upward trend, and the two - end market of technology and dividends will shift towards mid - cap blue - chip stocks, including industries such as cyclical, consumer, and manufacturing sectors, and entities such as aerospace satellites, artificial intelligence, service consumption, unmanned driving, nuclear fusion, and semiconductors [5][8]. 3. Summary by Relevant Catalogs 3.1 Convertible Bond Views: Increase in Both Volume and Price of Convertible Bonds, and Re - emergence of Valuation Pressure - The convertible bond market last week was driven up by the underlying stocks, with high - priced and over - valued convertible bonds remaining strong. The 100 - yuan premium rate broke through the previous range and may correct slowly. Incremental funds flow to convertible bonds with strong certainty in the remaining term [8]. - The upward space for convertible bonds is limited, but incremental demand provides support. Attention should be paid to newly - issued convertible bonds and those with waived redemption, as trading opportunities are greater [8]. - The Shanghai Composite Index reached 4,100 points with high trading volume. Sectors like commercial space and AI were strong. The market is expected to move sideways with a slight upward trend, and the market style will shift to mid - cap blue - chips [8]. 3.2 Convertible Bond Review: Leading Rise of High - priced Bonds, and New High in Valuation 3.2.1 Market Overall Performance: Overall Rise of Equity Indexes and Increase in Trading Volume - The equity market last week saw an increase in both volume and price, with all broad - based indexes rising. The Shanghai Composite Index rose 3.82%, the Shenzhen Component Index rose 4.40%, and the ChiNext Index rose 3.89%. The defense and military, media, and non - ferrous metals sectors led the rise, while only the banking sector declined. The average daily trading volume increased significantly from 726.158 billion yuan to 2.84 trillion yuan [12]. - The top ten convertible bonds in terms of gains last week were Seli Convertible Bond, Dingjie Convertible Bond, etc. The more actively traded convertible bonds included Seli Convertible Bond, Zai 22 Convertible Bond, etc. [12] 3.2.2 Significant Increase in Trading Volume, and Better Performance of High - priced, Small - cap, and Low - rated Convertible Bonds - Last week, convertible bonds rose significantly, with the 100 - yuan premium rate breaking through the previous high and the average daily trading volume reaching 93.701 billion yuan. The CSI Convertible Bond Index rose 4.45%, the parity center rose 4.2% to 105.1 yuan, and the median conversion premium rate remained flat at 32.3%. High - priced, small - cap, and low - rated convertible bonds led the rise, while high - rated and dual - low convertible bonds performed weakly [17].

Core Market Situation - The spot nickel price in the Yangtze River market surged by 3,700 yuan, averaging 147,550 yuan/ton, while the Shanghai nickel futures contract rose over 4% [1] - The current market dynamics reflect a tug-of-war between the strong expectations of policy tightening in Indonesia and the weak reality of high global inventories, leading to significant price volatility [1] Key Drivers - The recent price increase is driven by a resonance of macroeconomic and industrial policy expectations, particularly concerning Indonesia's nickel supply quotas [1] - Despite the bullish sentiment, high inventories in both LME and domestic markets act as a ceiling on price increases, creating a cautious market outlook regarding the actual impact of any favorable policies [1] Industry Fundamentals - The supply-demand structure shows significant differentiation, with domestic refined nickel production increasing while Indonesian nickel pig iron production slightly declines [2] - Short-term demand is under pressure, particularly in the new energy battery materials sector, but robust demand from the stainless steel sector, supported by manufacturing recovery and consumption promotion policies, provides a solid foundation [2] Market Outlook - Nickel prices are expected to maintain a wide fluctuation range between 140,000 and 150,000 yuan/ton, influenced by the interplay of policy expectations and inventory pressures [2] - Investors are advised to remain rational in a volatile environment, focusing on price fluctuation opportunities and signs of marginal improvement in fundamentals [2]

Core Viewpoint - The A-share market experienced a strong start in the first week of 2026, with significant inflows of leveraged funds, indicating a positive market sentiment and potential for continued investment activity [1][4]. Group 1: Market Performance - In the first week of 2026, the A-share market saw a net inflow of financing funds amounting to 857.79 billion yuan, ranking as the fifth largest single-week inflow in A-share history [1][4]. - The total trading volume on January 9, 2026, exceeded 30 trillion yuan, reflecting heightened market activity and investor interest [3]. - Daily net inflows during the first four days of the week were robust, exceeding 100 billion yuan each day, with figures of 192.66 billion, 188.87 billion, 249.02 billion, and 159.44 billion yuan respectively [4]. Group 2: Sector Analysis - The electronic sector attracted the most attention from financing clients, with a net inflow of 158.12 billion yuan, significantly higher than other sectors [8]. - The non-ferrous metals sector followed with a net inflow of 95.62 billion yuan, while the defense and military industry saw an increase of 91.73 billion yuan in financing balance [8]. - Other sectors such as non-bank financials and computers also received over 60 billion yuan in net financing purchases [8]. Group 3: Investor Behavior - Investors showed a preference for short-term operations, primarily focusing on chasing hot themes, with many existing clients returning to the market rather than new account openings [6]. - Over 70% of stocks recorded net financing purchases, with seven individual stocks exceeding 1 billion yuan in net purchases, including significant inflows for XW Communication and China Ping An [8]. Group 4: Future Market Outlook - Analysts suggest that the current market momentum is supported by multiple liquidity factors, including abnormal inflows into A500 ETF and the appreciation of the RMB, which reflects international confidence in China [10]. - The spring market is expected to continue evolving, with opportunities in technology sectors and potential value plays in traditional consumer goods and real estate [11]. - Short-term market dynamics may be influenced by emotional shifts and potential policy changes, but overall risks are considered manageable [11].

1月12日，港股三大指数高开，截至11:00，恒生指数涨0.47%，恒生科技指数涨1.41%，恒生国企涨0.59%。盘 面上，科网股活跃，美团、百度集团均涨超2%。 | 名称 | 现价 | 淵跌 | 涨跌幅 | 成交额 | | --- | --- | --- | --- | --- | | 恒生指数 | 26355.83 | 124.04 | 0.47% | 1275亿 | | 恒生科技 | 5767.49 | 80.35 | 1.41% | 399亿 | | 恒生生物科技 | 16041.66 | -12.26 | -0.08% | 67亿 | | 恒生中国企业指数 | 9102.36 | 53.83 | 0.59% | 469亿 | | 恒生综合指数 | 4045.89 | 21.29 | 0.53% | 873亿 | AI应用概念股全线飙升，截至发稿， 迈富时 涨15.57%； 汇量科技 涨8.01%。"全球大模型第一股"智谱 (2513.HK)今日为上市第三个交易日，股价继续上涨，盘中一度飙升超30%至207港元，再创上市新高，市值 升至910亿港元。 值得注意的是，2026年以来港股新股今日集体飘红 ...

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - Last week, the bullish sentiment cooled and the price of copper futures pulled back, but there was still support at the supply - demand and macro levels. The price rebounded in the night session yesterday, and the trend is expected to remain in high - level oscillation. The Mysteel China copper market sentiment survey on January 9, 2026 was 50.91, down 8.97 from last week, and the price fluctuation may decrease this week [5]. 3. Summary by Related Catalog Market Review - Last week, the price of the main Shanghai copper futures showed a pattern of rising first and then falling, with a fluctuation range of about 2.4%. The price fluctuation was mainly driven by the global copper supply - demand imbalance and macro - sentiment changes, and market sentiment was an important factor intensifying the price fluctuation [4]. Supply - Demand Situation - The spot TC price of copper concentrate decreased slightly, and the processing fee was under continuous pressure. Recently, market participants have been engaged in a game around long - term contract negotiations. The workers at the Mantoverde copper mine under Capstone in Chile failed to reach a collective bargaining agreement, and the strike continued, reducing the mine's output to 30% of the normal level. Last week, the operating rates of domestic copper rod and copper cable enterprises decreased by 1.01 and 2.37 percentage points respectively compared with the previous week. In terms of absolute consumption demand, the market orders have continued to weaken recently, and the trading volumes of electrolytic copper and refined copper rods in the small - sample statistics of Mysteel are at historical lows. After the rapid rise in the past two days, some small downstream processing enterprises have begun to plan their annual leave arrangements and suspend production and sales from late January to March. After the holiday, the domestic social inventory continued to show an obvious trend of accumulation [4]. Macro - situation - Geopolitical turmoil and Trump's tariff policy on refined copper have caused significant price fluctuations. In terms of data, the number of new non - farm jobs in the US in December was 50,000, falling short of expectations, and the unemployment rate dropped to 4.4%, with the annual increase being the lowest since 2020. Traders expect almost no possibility of an interest rate cut in January. China's CPI year - on - year increase in December reached a 34 - month high, with a month - on - month increase of 0.2%, and the PPI increased month - on - month for three consecutive months [4].

Core Viewpoint - The Chinese Ministry of Industry and Information Technology emphasizes the importance of stabilizing industrial growth, promoting technological innovation, and integrating industry and technology to support economic development [1][2][3] Group 1: Industrial Growth Strategies - The Ministry will focus on four key areas: "stabilize," "expand," "create," and "increase" to ensure industrial growth [2][3] - "Stabilize" involves maintaining growth in key industries and regions, which account for 80% of total industrial output [2][3] - "Expand" aims to enhance effective demand by promoting flexible manufacturing and accelerating the application of new technologies like artificial intelligence [2][3] - "Create" focuses on value creation and quality improvement through the revitalization of traditional industries and the development of emerging industries [2][3] Group 2: Support for Enterprises - The Ministry plans to enhance the vitality of business entities by improving cash flow for small and medium-sized enterprises and addressing overdue payments [3][8] - A national industrial and information technology conference highlighted the need to consolidate the positive trend in industrial growth and support major industrial provinces [3][8] Group 3: Future Industrial Development - Economic experts predict that new production capabilities and policy tools will support industrial production in 2026, despite challenges from weak demand in investment, consumption, and exports [3][9] - Specific provincial goals for 2026 include a target of approximately 6.5% growth in industrial output for Anhui and around 6% for Zhejiang, with a focus on digital economy and manufacturing investment [9][10]