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]

Group 1 - The core viewpoint is that the current surge in tin prices is driven by a combination of macroeconomic liquidity improvements, geopolitical disruptions, and a revolutionary change in industrial demand, particularly in AI and advanced computing sectors [1][2] - International oil prices have rebounded, positively impacting commodity prices, with LME tin closing at $45,700, up $2,025 or 4.64% from the previous trading day [1] - The macroeconomic environment is characterized by expectations of major central banks, especially the Federal Reserve, shifting towards a looser monetary policy, which has weakened the pressure on dollar-denominated assets and provided liquidity support for metal prices [1] Group 2 - Supply tightness is the central contradiction in the current market, with production recovery in Southeast Asia lagging behind expectations and new resource export management policies affecting cash flow and shipping schedules for traders [2] - The demand side is experiencing a dual engine pattern of "traditional recovery" and "emerging explosion," with domestic consumption stimulus policies effectively boosting traditional solder demand for electronic products, while AI and advanced computing are creating explosive new demand for high-end tin materials [2] - The active spot market has seen some products trading at a premium, and the overall market is expected to maintain a strong price center due to long-term supply constraints and robust industrial demand [2]

Group 1: A-Share Market - The estimated net inflow of northbound funds for the week from January 5 to January 9, 2026, is 9.6 billion yuan, compared to a net outflow of 3.1 billion yuan in the previous week [10] - The estimated net inflow of flexible foreign capital during the same week is 3.2 billion yuan, up from 1.7 billion yuan the previous week [10] - The top active stocks in the northbound trading include Ningde Times with a total transaction amount of 22.5 billion yuan, accounting for 20% of the stock's weekly trading volume [10] Group 2: Hong Kong Market - A total of 16.7 billion Hong Kong dollars flowed into the Hong Kong stock market during the week from December 29, 2025, to January 6, 2026, with flexible foreign capital inflowing 36.5 billion Hong Kong dollars [14] - Stable foreign capital saw an outflow of 21.6 billion Hong Kong dollars, while local funds from Hong Kong or mainland China experienced an outflow of 12.7 billion Hong Kong dollars [14] - The sectors attracting foreign capital include software services, non-ferrous metals, and pharmaceutical biology, with significant inflows into ETFs, banks, and non-bank financials [14] Group 3: Asia-Pacific Market - In the Asia-Pacific market, there was a net outflow of 2 billion yen from the Japanese stock market for the week ending December 29, 2025, following a larger outflow of 37.5 billion yen the previous week [17] - In December, overseas institutional investors withdrew 2.52 billion dollars from the Indian stock market, compared to an outflow of 430 million dollars the previous month [17] Group 4: US and European Markets - In November, global mutual funds saw a net inflow of 9.2 billion dollars into the US equity market, up from 3.8 billion dollars in the previous month [20] - European equity markets also experienced net inflows, with the UK, Germany, and France receiving 0.55 billion dollars, 1.17 billion dollars, and 1.4 billion dollars respectively [20]

新华社北京1月12日电 新华社记者周圆 "十五五"规划建议将"建设现代化产业体系，巩固壮大实体经济根基"摆在战略任务的首位。近期召开的 中央经济工作会议围绕推进新型工业化，作出一系列部署。 2026年是"十五五"开局之年。如何确保工业经济平稳增长？怎样加快推动科技创新和产业创新深度融 合？新华社记者采访了工业和信息化部党组书记、部长李乐成。 四方面发力，推动工业经济行稳致远 问：2026年将采取哪些措施保持工业经济平稳增长？ "稳"就是要稳定重点行业和重点地区增长。重点行业和地区的工业增加值都占到工业总量的80%。我们 将充分发挥重点行业规模大、产业链长、带动强的优势，深入实施新一轮钢铁、有色金属、石化等十大 重点行业稳增长工作方案，继续支持工业大省挑大梁，强化政策支持和要素保障。 "扩"就是要挖潜扩大有效需求。我们将加强供需适配，积极推广柔性制造，加快人工智能等新技术新模 式创新应用，分行业分领域建设中国消费名品方阵，引导企业加大适销对路产品生产。加快启动"十五 五"重大工程项目，加强工贸政策协同。 "创"就是要促进价值创造、以质取胜。我们将统筹实施传统产业焕新行动和发展壮大新兴产业打造新动 能行动，深入推 ...

Group 1 - The core viewpoint of the article highlights the recent trends in market capital flows, indicating a net outflow of 282.58 billion yuan in the last two weeks, with banking, coal, and textile industries seeing the highest net inflows, while electronics, communications, and defense industries experienced the largest outflows [5][13]. - The current margin trading balance stands at 26,206.09 billion yuan, reflecting a 4.85% increase from the previous period, with the financing balance at 26,031.55 billion yuan and the securities lending balance at 174.55 billion yuan [15][16]. - The average daily trading volume for margin trading reached 2,468.24 billion yuan, marking a 30.70% increase compared to the previous period, with net buying in financing averaging 2,461.12 billion yuan, up 30.83% [19][20]. Group 2 - In terms of market performance, the number of stocks that increased in value outnumbered those that decreased, with the top three performing sectors being defense, comprehensive, and non-ferrous metals, while banking and food and beverage sectors saw declines [6][27]. - The overall strength analysis of A-shares scored 6.63, indicating a neutral to strong market condition, with the Shanghai-Shenzhen 300 index scoring 6.2, the ChiNext scoring 7.05, and the Sci-Tech Innovation Board scoring 7.3 [6][32]. - The market is currently in a strong upward trend, with the Shanghai Composite Index breaking through the 4,100-point mark, suggesting potential for further gains, while also noting the accumulation of profit-taking [7][31].

深入实施新一轮钢铁、有色金属、石化等十大重点行业稳增长工作方案，继续支持工业大省挑大梁，强 化政策支持和要素保障。 据新华社，2026年将采取哪些措施保持工业经济平稳增长？对此，工业和信息化部部长李乐成在接受采 访时表示，2026年，我国工业经济发展韧性强、潜力大、活力足的优势条件没有改变，当然也面临一些 风险挑战，只要坚定信心、迎难而上，用创新的思路、改革的办法，用足用好优势条件，完全能够推动 工业经济行稳致远。我们将着重抓好"稳""扩""创""增"四方面工作。 "创"就是要促进价值创造、以质取胜。我们将统筹实施传统产业焕新行动和发展壮大新兴产业打造新动 能行动，深入推进重大技术改造升级工程，强化标准引领、质量提升、品牌建设。 "增"就是要进一步增强经营主体动力活力。我们将健全优质企业梯度培育体系，高度重视帮助企业特别 是中小微企业改善现金流，加力清理拖欠企业账款。强化重点行业产能监测预警和产能治理，巩固拓 展"内卷式"竞争综合整治成效。 "稳"就是要稳定重点行业和重点地区增长。重点行业和地区的工业增加值都占到工业总量的80%。我们 将充分发挥重点行业规模大、产业链长、带动强的优势，深入实施新一轮钢铁、有色 ...

Core Viewpoint - The Ministry of Industry and Information Technology emphasizes that China's industrial economy will maintain stable growth in 2026 through innovation, reform, and leveraging existing advantages despite facing risks and challenges [1][2]. Group 1: Stability - The focus will be on stabilizing growth in key industries and regions, which account for 80% of the total industrial output value. The government plans to implement growth support plans for ten key industries, including steel, non-ferrous metals, and petrochemicals [1]. - Support will be provided to major industrial provinces to enhance policy support and resource guarantees [1]. Group 2: Expansion - Efforts will be made to expand effective demand by improving supply-demand matching and promoting flexible manufacturing. The application of new technologies, such as artificial intelligence, will be accelerated [1]. - The government will initiate major engineering projects and strengthen the coordination of industrial and trade policies [1]. Group 3: Innovation - The focus will be on promoting value creation and quality improvement through the revitalization of traditional industries and the development of emerging industries [1]. - Major technological transformation and upgrading projects will be advanced, with an emphasis on standards, quality enhancement, and brand building [1]. Group 4: Growth - The government aims to enhance the vitality of business entities by establishing a nurturing system for quality enterprises and improving cash flow for small and medium-sized enterprises [2]. - There will be a focus on monitoring and managing production capacity in key industries to consolidate the achievements of competition regulation [2].