Group 1 - The core viewpoint of the news highlights the strong performance and increasing popularity of the Commodity ETF (510170), which has seen a significant rise in both its scale and shares, reaching a record high since its inception [1] - The Commodity ETF (510170) has experienced a continuous net inflow of funds totaling 197 million yuan over the past 10 days, indicating strong investor interest [1] - The ETF closely tracks the Shanghai Commodity Stock Index, which includes large and liquid commodity production companies, reflecting the overall performance of commodity-related securities in the Shanghai market [1] Group 2 - Recent trends show that the decline of the US dollar index, coupled with escalating geopolitical tensions, has led to an overall increase in base metal prices, driven by structural changes in global supply and demand dynamics [2] - The demand for base metals is being bolstered by the acceleration of energy transitions, particularly in green industries such as electric vehicles, photovoltaics, and wind power, which are creating sustained demand for copper and aluminum [2] - Precious metal prices have reached new highs due to heightened safe-haven demand, influenced by geopolitical risks and central bank gold purchases exceeding expectations, further enhancing the investment value of precious metals [2]

免责声明 本报告中的信息均来源于被广发期货有限公司认为可靠的已公开资料，但广发明货对这些信息8D准确性及完整性不作任何保证。本报告反映研究人员的不同观点、见解及 分析方法，并不代表厂发朝货或其防闹机构的立场。在任何情况下，报告内富仅供体考，报告中的信息或所袁达的意见并不构成所述品种买卖的出价或向价，投资者揭比 投资，风险自担。本报告高在发送给广发期始特定客户及其他专业人士，版权归厂发期货所有，未经广发明贫节面授权，任何人不得对不报告进行任何形式的发布、复制 。如引用、刊发、需注明出处为"广发期货"。 知识图强,求实奉献,客户至上,合作共赢 | 投资咨询业务资格:证监许可 【2011】1292号 | 材产业期现日报 | | 問數波 | Z0010559 | | | --- | --- | --- | --- | --- | --- | | 2026年1月29日 | | | | | | | 钢材价格及价差 | | | | | | | 品种 | 现值 | 即日 | 张跃 | 基产 | 单位 | | 螺纹钢现货(华东) | 3240 | 3260 | -20 | 40 | | | 螺纹钢现货(华北) | 3160 | ...

投资咨询系列报告 山金期货黑色板块日报 一、螺纹、热卷 更新时间：2026年01月29日08时05分 报告导读： 供需方面，上周的数据显示螺纹产量环比增加 ，整体库存增加，螺纹表观需求环比回落，五大品种表观需求整体回落，库存增加，产量基本维持不 变。整体来看，目前市场整体处于消费淡季，产量、需求处于低位，库存从低位回升。央行下调再贷款再贴现利率在一定程度上提振市场信心 ，未 来仍有降准和降息的空间，不排除央行将很快行动。从技术面看，目前期价在上下 100 元/吨的区间窄幅震荡，可能面临方向选择 操作建议： 多单轻仓持有，待期价回落至震荡区间下沿附近后再逢低加仓 ，中线交易。不可以追涨杀跌 投资咨询系列报告 需求方面，上周五大钢材品种整体产量基本维持不变 ，表观需求环比回落，库存增加。目前市场仍处于消费淡季，铁水产量大概率仍将沿着季节性 趋势回落，上周 247 家样本钢厂铁水产量基本维持不变 。由于今年春节较晚，节前的补库需求到来时间也会晚于往年 ，钢材表观需求的好转或主要 因年末抢工期所致，钢材以及铁水产量暂时不会大幅上升 ，但回落的空间也不大。供应端，全球发运回落，后期受南半球季节性因素的影响，发运 预计将 ...

三省份地区生产总值超十万亿元—— 地区经济迎难而上向新向优 31个省份2025年经济增长数据均已发布。面对外部环境急剧变化、国内困难挑战增多的复杂严峻形势， 各地扎实推动宏观政策加力显效，经济运行稳中有进，高质量发展向新向优。20个省份增速超过或达到 全国水平，多个省份经济总量实现新突破，特别是经济大省切实发挥了勇挑大梁作用。 发展新质生产力是高质量发展的内在要求和重要着力点。各地加快推动科技创新和产业创新深度融合， 因地制宜培育壮大新质生产力，发展动能"攀高向新"。 传统产业加快更新。在大规模设备更新政策的有力带动下，2025年山东省技改投资中设备工器具购置投 资增长22.6%，高于2024年增速22.3个百分点。随着设备更新纵深推进，产业含金量、含新量和含绿量 得到有效提升，钢铁、石化等传统行业先进产能占比超过40%。累计打造省级以上绿色工厂1256家，其 中传统产业领域占比达76%。 新兴产业发展态势良好。2025年，北京市规模以上工业战略性新兴产业、高技术制造业增加值分别增长 15.5%和7.5%。未来产业投入增长机制率先建立，累计备案上线209款人工智能大模型，人工智能+医 疗、制造、科学等应用中试 ...

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - The prices of iron ore are expected to oscillate due to the game between expectations and reality [2][4]. - Rebar and hot - rolled coils are expected to have wide - range oscillations [2][7]. - The prices of ferrosilicon and silicomanganese are expected to have wide - range oscillations with cost as the bottom support [2][11]. - Coke has completed the first round of price increase and is expected to oscillate within a range; coking coal is expected to oscillate within a range [2][15][16]. - The supply and demand of thermal coal are both weakening, and the coal price is slightly rising [2][20]. - Logs are expected to oscillate within a range [2][23]. 3. Summary by Related Catalogs Iron Ore - **Fundamentals**: The closing price of futures I2605 was 783.0 yuan/ton, down 5.0 yuan/ton (-0.63%); the positions decreased by 6,440. Among spot prices, most imported and domestic ores declined slightly, and the basis increased slightly [4]. - **Macro and Industry News**: China's December industrial enterprise profits above designated size increased by 5.3% year - on - year, and the annual profit increased by 0.6%. Some real - estate enterprises are no longer required to report "three red lines" indicators monthly [4]. - **Trend Intensity**: 0, indicating a neutral trend [5]. Rebar and Hot - Rolled Coils - **Fundamentals**: The closing prices of RB2605 and HC2605 futures were 3,123 yuan/ton and 3,280 yuan/ton respectively, with decreases of 0.32% and 0.39%. The positions of RB2605 increased by 29,747, and those of HC2605 increased by 9,222. Spot prices in most regions decreased or remained unchanged, and the basis and spreads changed to varying degrees [7]. - **Macro and Industry News**: In December, the output of medium - thick plate rolling mills of key enterprises increased year - on - year, while that of hot - continuous and cold - continuous rolling mills decreased. In January 2026, the daily output of key steel enterprises' crude steel decreased, while that of pig iron and steel increased. The steel inventory of key enterprises increased. The social inventory of 5 major steel products in 21 cities decreased slightly. BHP's first - half iron ore output hit a record high, and it accepted partial price cuts. An explosion occurred at Baotou Steel's plate plant. China's steel imports in December 2025 increased in quantity and price. Some steel products are subject to export license management [7][9][10]. - **Trend Intensity**: 0 for both rebar and hot - rolled coils, indicating a neutral trend [10]. Ferrosilicon and Silicomanganese - **Fundamentals**: The closing prices of SiFe2603 and SiFe2605 were 5,632 and 5,606 respectively; the closing prices of SiMn2603 and SiMn2605 were 5,802 and 5,832 respectively. Spot prices and various spreads changed to different extents [12]. - **Macro and Industry News**: On January 28, the prices of ferrosilicon and silicomanganese in different regions were reported. The start - up rates and production of ferrosilicon enterprises in Inner Mongolia, Gansu, and Qinghai changed. Some steel mills determined the procurement prices of ferrosilicon and silicomanganese [11][13]. - **Trend Intensity**: 0 for both ferrosilicon and silicomanganese, indicating a neutral trend [14]. Coke and Coking Coal - **Fundamentals**: The closing price of JM2605 was 1,134.5 yuan/ton, up 1.6%; the closing price of J2605 was 1,684 yuan/ton, up 1.0%. Spot prices of most coking coals and cokes remained unchanged, and the basis and spreads changed [16]. - **Macro and Industry News**: On January 28, the CCI metallurgical coal index was reported. The online coking coal auction had a 27% non - sale rate, and the market sentiment cooled down [16]. - **Trend Intensity**: 0 for both coke and coking coal, indicating a neutral trend [19]. Thermal Coal - **Fundamentals**: The prices of thermal coal in production areas, ports, and overseas showed different degrees of change. The January long - term agreement prices of some regions decreased [21]. - **Macro and Industry News**: On January 28, the port market price was firm, with a slight increase in upstream quotes, but downstream demand was weak. The production area market was stable and slightly strong. In December 2025, China's coal production increased month - on - month, and the coal import volume in December 2025 exceeded expectations [22]. Logs - **Fundamentals**: The closing prices, trading volumes, and positions of log futures contracts changed to different degrees. The spot prices of most logs remained stable, and the spreads also changed [23]. - **Macro and Industry News**: China's December industrial enterprise profits above designated size increased by 5.3% year - on - year, and the annual profit increased by 0.6%. Some real - estate enterprises are no longer required to report "three red lines" indicators monthly [25]. - **Trend Intensity**: 0, indicating a neutral trend [26].

| | | | 钢材早报 | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | | | 研究中心黑色团队 2026/01/29 | | | 现 货 价 格 | | | | | | | | 日期 | 北京螺纹 | 上海螺纹 | 成都螺纹 | 西安螺纹 | 广州螺纹 | 武汉螺纹 | | 2026/01/22 | 3110 | 3260 | 3310 | 3240 | 3420 | 3340 | | 2026/01/23 | 3160 | 3260 | 3350 | 3240 | 3420 | 3340 | | 2026/01/26 | 3160 | 3290 | 3350 | 3240 | 3420 | 3340 | | 2026/01/27 | 3160 | 3240 | 3310 | 3240 | 3420 | 3320 | | 2026/01/28 | - | - | - | - | - | - | | 变化 | - | - | - | - | - | - | | 日期 | 天津热卷 | 上海热卷 | 乐从热卷 | 天津冷卷 | 上海冷卷 ...

废钢早报 研究中心黑色团队 2026/01/29 | 日期 | 华东 | 华北 | 中部 | 华南 | 东北 | 西南 | | --- | --- | --- | --- | --- | --- | --- | | 2026/01/22 | 2184 | 2266 | 2052 | 2248 | 2217 | 2109 | | 2026/01/23 | 2185 | 2266 | 2052 | 2248 | 2218 | 2109 | | 2026/01/26 | 2189 | 2271 | 2057 | 2250 | 2218 | 2109 | | 2026/01/27 | 2189 | 2271 | 2061 | 2246 | 2218 | 2109 | | 2026/01/28 | 2191 | 2271 | 2061 | 2245 | 2218 | 2107 | | 环比 | 2 | 0 | 0 | -1 | 0 | -2 | 免责声明: 以上内容所依据的信息均来源于交易所、媒体及资讯公司等发布的公开资料或通过合法授权渠道向发布人取得的资讯，我们力求分析及建议内 容的客观、公正，研究方法专业审慎，分析 ...

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 钢材早报：矛盾有限，期钢延续窄幅震荡 市场信息： 1、 美联储宣布将联邦基金利率目标区间维持在3.5%至3.75%之间，符合市场普遍预期。 2、 国家统计局数据显示，2025 年，中国粗钢产量96081 万吨，同比下降4.4%；生铁产量 83604万吨，同比下降3.0%；钢材产量144612万吨，同比增长 3.1%。国家统计局数据显示，2025年钢铁行业实现利润总额1098.3亿元，同比增长299.2%；煤炭开采和洗选业实现利润总额3520.0亿元，同比下降41.8%。 海关总署数据显示，2025 年我国累计出口钢材11901.9 万吨，同比增长7.5%，创历史新高。 3、 1月28日，河北、天津地区部分钢厂对焦炭采购价格进行首轮上调，湿熄焦上调50元/吨，干熄焦上调55元/吨，2026年1月30日零点执行。 4、 1月28日，全国主港铁矿石成交89.70万吨，环比增10.8%；237家主流贸易商建筑钢材成交6.56万吨，环比减1.1%。 5、 上周，247家钢厂高炉炼铁产能利用率85.51%，环比上周增加0.03个百分点 ；钢厂盈利率40.6 ...

Group 1 - During the "14th Five-Year Plan" period, the Ministry of Ecology and Environment, along with relevant departments and local governments, implemented 24,000 ecological environment governance projects, resulting in a significant reduction in the total emissions of major pollutants such as nitrogen oxides, volatile organic compounds, chemical oxygen demand, and ammonia nitrogen [1] - The reduction in nitrogen oxides and volatile organic compounds reached approximately 210,000 tons and 220,000 tons respectively, with the elimination of outdated production capacity including over 120 million tons of step-type sintering machine capacity and over 68 million tons of 4.3-meter and below coke oven capacity [1] - Urban environmental infrastructure construction has seen significant improvements, with cumulative reductions of approximately 3.2 million tons in chemical oxygen demand and 350,000 tons in ammonia nitrogen emissions through sewage treatment projects [1] Group 2 - A total of 124 major projects for soil pollution source control were implemented during the "14th Five-Year Plan," managing the leakage risk of 55 million tons of toxic and harmful substances annually [2] - The capacity for centralized treatment of hazardous waste reached 220 million tons per year, a 60% increase compared to 2020 [2] - The Ministry of Ecology and Environment plans to focus on strategic and leading major projects in areas such as air, water, and soil protection, solid waste and new pollutant management, ecosystem optimization, and climate change response for the "15th Five-Year Plan" [2]

这五年，新路蹚开。"先行区"的转型，彰显骨气。 建设绿色低碳高质量发展先行区，不啻一场深刻的自我革命。山东以"壮士断腕"的决心，推动钢 铁、石化等传统产业焕新，先进产能占比超过40%，高新技术产业产值占比5年提升了10.6个百分点。 顶压前行，向新而生，一条结构更优、动能更绿的转型新路，越走越宽。 五年，能改变什么？ 翻开今年的省政府工作报告，"八个新跃升"全面总结山东五年征程，厚重、提气，见格局、更见担 当。 "十四五"的圆满收官，充分证明，勇毅前行挑大梁，山东不负所托，堪当重任！ 这五年，脊梁挺起。"增长极"的实力，就是底气。 锚定"北方地区经济重要增长极"，山东以硬核数据作答。10万亿的经济体量，5.9%的年均增速，制 造业规模稳居全国第一梯队，农业总产值全国领跑，交通网络贯通八方。综合实力与辐射力同步提 升，"挑大梁"的底气，"增长极"的分量，硬桥硬马，实实在在。 这五年，格局打开。"新高地"的开放，激扬志气。 面朝大海，山东的胸襟更加开阔。山东港口货物吞吐量突破19亿吨，居全球第一；中欧班列累计开 行超1.4万列；跨国公司领导人青岛峰会、儒商大会等蓄势发力。打造高水平对外开放新高地，开放自 信的山东 ...