Core Viewpoint - The integration of artificial intelligence (AI) with the manufacturing sector is accelerating, fundamentally transforming production models and economic structures, and is seen as a key driver for industrial upgrades [2]. Group 1: Policy Implementation - The Ministry of Industry and Information Technology, along with seven other departments, issued the "Implementation Opinions on the 'AI + Manufacturing' Special Action," aiming to promote the application of AI in manufacturing and enhance new productive forces [2]. - The document outlines 21 specific measures across seven key areas, including innovation, intelligence upgrades, product breakthroughs, and international cooperation, with clear targets set for 2027 [2][3]. - Goals include launching 1,000 high-level industrial intelligent systems, creating 100 high-quality data sets, and promoting 500 typical application scenarios [2]. Group 2: Industry Empowerment - The initiative encourages deep engagement with key manufacturing sectors such as raw materials, equipment manufacturing, and consumer goods through expert-led service teams [3]. - It aims to customize AI products and solutions based on the characteristics of different countries and regions, while also attracting foreign investment into the AI sector [3]. Group 3: Operational Guidelines - Accompanying the main policy document, two attachments were released: the "Guidelines for AI Empowerment in Key Manufacturing Industry Transformation" and the "AI Application Guide for Manufacturing Enterprises," providing detailed operational instructions [4]. - These documents offer tailored transformation paths for five major industries and address common challenges faced by enterprises in adopting AI technologies [4]. Group 4: Potential for Upgrading - AI is rapidly integrating with the real economy, showcasing significant potential for "intelligent upgrades," as evidenced by successful applications in quality inspection processes [5]. - The drive for digital transformation in industries like non-ferrous metals is leading to improved production efficiency and energy effectiveness, with a focus on creating a shared AI empowerment system across all sectors [5]. Group 5: Strategic Insights - Experts highlight that despite advancements in AI and other technologies, China still lags behind developed countries, necessitating stronger government guidance and increased market participation to enhance technological innovation [6]. - The comprehensive policy framework aims to facilitate the intelligent upgrade of the manufacturing sector, thereby fostering new productive forces [6].

Group 1 - The core viewpoint of the articles indicates that the Consumer Price Index (CPI) has shown a moderate recovery, with a year-on-year increase of 0.8% in December 2025, marking the highest level since March 2023 [2][6][7] - The increase in CPI is significantly driven by food prices, particularly fresh vegetables and fruits, which saw year-on-year price increases of 18.2% and 4.4%, respectively [2][3] - The Producer Price Index (PPI) has shown a narrowing year-on-year decline of 1.9% in December, indicating positive changes in certain industries due to improved market competition [4][5] Group 2 - The core CPI, excluding food and energy, rose by 1.2%, maintaining a growth rate above 1% for four consecutive months, reflecting a stable recovery in demand [3][6] - The overall price stability in 2025, with CPI remaining flat year-on-year and PPI declining by 2.6%, suggests that market supply and demand relationships are improving [6][7] - Experts predict that in 2026, with more proactive macroeconomic policies, CPI is expected to rise steadily, supported by recovering consumer demand and structural adjustments in the economy [7][8]

Group 1 - As of the end of Q4 2025, northbound funds held a total of 3,257 stocks, with a total holding amount of approximately 1,077.09 billion shares and a total market value of about 2.59 trillion yuan, showing an increase from the previous quarter [1] - The top holdings of northbound funds include leading stocks such as CATL, Midea Group, Kweichow Moutai, and China Merchants Bank, with CATL's market value held by northbound funds reaching 254.34 billion yuan, significantly higher than Midea Group's 77.05 billion yuan [2] - The three major sectors heavily invested by northbound funds are power equipment, electronics, and non-ferrous metals, marking a shift from the previous year's focus on power equipment, banking, and food and beverage [2] Group 2 - In Q4 2025, the sectors with the largest increase in market value for northbound funds were non-ferrous metals, communications, and basic chemicals, with notable individual stocks including Zijin Mining and China Aluminum [3] - The estimated net purchases by northbound funds for CATL reached 45.63 billion yuan, making it the top stock, followed by Northern Huachuang and BYD with net purchases of 24.89 billion yuan and 13.03 billion yuan respectively [3] - Looking ahead to 2026, foreign investment in Chinese stocks is expected to increase, with potential buying funds estimated to reach 10 billion dollars, driven by global long-term investors seeking diversification [4]

Market Performance - On January 9, the Shanghai Composite Index surpassed 4100 points, with strong performances in sectors such as cultural media, aerospace, and software, leading to significant gains in related ETFs [1][4] - The Entertainment Media ETF (516190) led the market with a closing increase of over 8%, reaching a peak intraday gain of 9.85% [1][4] ETF Fund Flows - From January 5 to January 8, the metal sector attracted significant capital, with the highest net inflows recorded in color metal-themed ETFs [2][10] - The top two ETFs by net inflow during this period were the Color Metal ETF (512400) with a net inflow of 30.47 billion and the Color Metal ETF Fund (516650) with 24.85 billion [10] Sector Highlights - The satellite and aerospace sectors also showed strong performance, with multiple satellite-themed ETFs gaining over 20% in the last five trading days [4][7] - The Aerospace ETF (561660) and other related ETFs recorded gains exceeding 17% over the same period [7] Future Outlook - The commercial aerospace industry is expected to accelerate in 2026, with numerous catalysts anticipated, suggesting that the sector's performance may exceed expectations [6][12] - Investment opportunities are seen in the rocket and satellite manufacturing and launch sectors, as well as ground terminal and operational services, which have a larger market potential [12]

- The report introduces a quantitative model named "250-day new high distance" to track market trends and identify investment hotspots. The model is based on momentum and trend-following strategies, emphasizing the effectiveness of monitoring stocks near their 52-week high prices[11][19][20] - The construction process of the "250-day new high distance" model is as follows: Formula: $ 250\text{-day new high distance} = 1 - \frac{Close_t}{ts\_max(Close, 250)} $ Explanation: - $ Close_t $ represents the latest closing price - $ ts\_max(Close, 250) $ represents the maximum closing price over the past 250 trading days If the latest closing price reaches a new high, the distance equals 0; otherwise, it is a positive value indicating the degree of price fallback[11] - The report evaluates the model positively, highlighting its ability to capture market trends and identify leading stocks in various sectors. It references studies by George (2004), William O'Neil, and Mark Minervini, which support the effectiveness of tracking stocks near their high prices[11][19] - The model's testing results show that as of January 9, 2026, major indices such as the Shanghai Composite Index, Shenzhen Component Index, and CSI 500 have a "250-day new high distance" of 0.00%, indicating they are at their peak levels. Other indices like CSI 300 and ChiNext have distances of 0.66% and 0.06%, respectively[12][13][33] - A quantitative factor named "Stable New High Stocks" is constructed to identify stocks with smooth price paths and consistent momentum. The factor incorporates analyst attention, relative price strength, price path smoothness, and sustained new high performance[26][28] - The construction process of the "Stable New High Stocks" factor includes: - Analyst attention: At least five buy or overweight ratings in the past three months - Relative price strength: Top 20% in 250-day price change - Price path smoothness: Evaluated using metrics like price displacement ratio - Sustained new high performance: Average "250-day new high distance" over the past 120 days and the last five days[26][28] - The factor is positively evaluated for its ability to capture stocks with strong and consistent momentum, supported by studies on smooth price paths and investor underreaction to gradual price changes[26][28] - Testing results for the "Stable New High Stocks" factor show that 50 stocks were selected, with the highest representation in cyclical and technology sectors. Notable stocks include Yuanjie Technology, Yaxiang Integration, and Xinwei Communication[29][34]

中新社香港1月9日电 (记者 戴小橦)港股三大指数9日齐涨，截至收盘，香港恒生指数涨0.32%，报 26231.79点；恒生科技指数涨0.15%，报5687.14点；国企指数涨0.1%，报9048.53点。 对于港股9日的反弹及后续走势，市场人士给出积极解读。盈立证券研究部执行董事黄德几表示，中国 内地经济数据向好，最新居民消费价格指数(CPI)同比增长0.8%，符合预期；工业生产者出厂价格指数 (PPI)也有所改善，这是推动港股9日出现轻微反弹的重要原因。(完) 1月9日，香港恒生指数收市报26231.79点，上升82.48点，升幅为0.32%，全日成交金额为2451.30亿港 元。 中新社记者 陈永诺 摄 回顾全周，港股市场呈现"开门红后震荡回调"的节奏。香港恒生指数在1月6日一度升至26858.13点，创 下自去年11月14日以来的最佳点位。同期恒生科技指数走势相近，单日最高触及5875.32点，同样刷新 2025年11月14日以来的新高。 板块方面，互联网医疗股走势亮眼，阿里健康领涨4.72%，平安好医生、京东健康涨幅超2.9%。黄金股 集体上扬，山东黄金涨6.12%，招金矿业、灵宝黄金等跟涨。有色金 ...

Group 1 - The core transaction on January 9 involved a block trade of 370,800 shares of Zijin Mining, amounting to 13.80 million yuan, with a transaction price of 37.22 yuan per share [1] - The buyer was CITIC Securities Co., Ltd. Beijing Branch, while the seller was UBS Securities Co., Ltd. Shanghai Huayuan Shiqiao Road Securities Branch [1] - Over the past three months, Zijin Mining has recorded a total of 21 block trades, with a cumulative transaction value of 1.48 billion yuan [1] Group 2 - On January 9, Zijin Mining closed at 37.22 yuan, reflecting a 2.53% increase, with a daily turnover rate of 1.36% and a total transaction amount of 10.41 billion yuan [1] - The net inflow of main funds for the day was 551 million yuan, and the stock has risen by 7.98% over the past five days, with a total net inflow of 722 million yuan [1] - The latest margin financing balance for Zijin Mining is 8.78 billion yuan, which has increased by 608 million yuan over the past five days, representing a growth rate of 7.44% [1]

1. Report's Industry Investment Rating - Not provided in the content 2. Core Views of the Report - For copper, short - term price may enter a high - level oscillation stage, and long - term demand has positive support with a long - term bullish trend in bands [45][46][47] - For polysilicon, short - term sentiment is pessimistic and price may continue to seek the bottom, and long - term attention should be paid to production adjustment, inventory digestion and regulatory policy impact [49][50] - For alumina and electrolytic aluminum, short - term alumina will oscillate weakly at a low level, and Shanghai aluminum will oscillate at a high level; long - term Shanghai aluminum will oscillate strongly under a loose monetary environment, and alumina will oscillate widely at a low level without large - scale production cuts [51][52] 3. Summary by Relevant Catalogs 3.1 Domestic Main Metal Spot Price Trends - Copper: Futures (CU2603) rose from 92780 to 101580 (9.48% weekly increase), and spot average price rose from 99290 to 100590 (1.31% weekly increase) [3] - Aluminum: Futures (AL2603) rose from 22950 to 24385 (6.25% weekly increase), and spot average price rose from 22450 to 24020 (6.99% weekly increase) [3] - Zinc: Futures (ZN2603) rose from 23310 to 24015 (3.02% weekly increase), and spot average price rose from 23340 to 24040 (3.00% weekly increase) [3] - Lead: Futures (PB2603) rose from 17360 to 17395 (0.20% weekly increase), and spot average price rose from 17125 to 17175 (0.29% weekly increase) [3] - Nickel: Futures (NI2602) rose from 132850 to 139090 (4.70% weekly increase), and spot average price rose from 137550 to 141900 (3.16% weekly increase) [3] - Alumina: Futures (AO2605) rose from 2778 to 2843 (2.34% weekly increase), and spot price fell from 2720 to 2710 (- 0.37% weekly decrease) [3] - Industrial silicon: Futures (SI2605) fell from 8860 to 8715 (- 1.64% weekly decrease), and spot average price fell from 9650 to 9550 (- 1.04% weekly decrease) [3] - Lithium carbonate: Futures (LC2605) rose from 121580 to 143420 (17.96% weekly increase), and spot average price rose from 121500 to 140000 (15.23% weekly increase) [3] - Polysilicon: Futures (PS2605) rose from 53150 to 57190 (7.60% weekly increase), and spot price rose from 53000 to 55000 (3.77% weekly increase) [3] 3.2 Copper Inventory Trends of Three Major Exchanges - LME copper inventory decreased from 14.95 million tons to 14.11 million tons (- 5.62% weekly decrease) [12] - COMEX copper inventory increased from 49.07 million tons to 51.5 million tons (4.95% weekly increase) [12] - SHEF copper inventory increased from 14.53 million tons to 18.05 million tons (24.23% weekly increase) [12] 3.3 Copper Concentrate Processing Fees - As of January 8, 2026, copper concentrate spot TC was - 44.76 dollars/ton, remaining unchanged weekly and at a historical low; RC was - 4.48 cents/pound, with a tight supply expectation at the mine end [19] 3.4 Lithium Spodumene Concentrate Index - As of January 9, 2026, the latest quote was 1880 dollars/ton, a weekly increase of 332 dollars/ton [22] 3.5 Aluminum Raw Material Supply - As of January 9, bauxite port inventory was 25.096 billion tons, an increase of 88.6 million tons from last week; as of December end, alumina plant bauxite inventory was 24.66 billion tons, a month - on - month increase of 50 million tons (2.07%) and a year - on - year increase of 275 million tons (12.55%), at a historical high [25] 3.6 Alumina Supply - As of January 9, alumina enterprise weekly operating rate was 85.74%, a week - on - week increase of 1.07 percentage points; weekly output was 1.851 billion tons, a week - on - week increase of 23 million tons; total inventory was 5.318 billion tons, an increase of 76 million tons from last week [28] 3.7 Electrolytic Aluminum Supply - As of November end, China's primary aluminum output was 3.647 billion tons, imports were 1.47 million tons, and inventory was 5.95 million tons; as of December end, the electrolytic aluminum industry operating rate was 98.3%, remaining at a high level [31] 3.8 Aluminum Inventory Trends of Three Major Exchanges - As of January 9, LME aluminum inventory was 4.998 billion tons, a decrease of 9500 tons from last Friday; SHFE aluminum inventory was 1.438 billion tons, an increase of 1.4 million tons from last Friday; COMEX aluminum inventory was 6338 tons, an increase of 75 tons from last week, and the overall global inventory continued to accumulate [34][35] 3.9 Non - ferrous Metal Demand - In November 2025, automobile production and sales reached 3.532 million and 3.429 million respectively, with a month - on - month increase of 5.1% and 3.2%, and a year - on - year increase of 2.8% and 3.4%. From January to November, cumulative production and sales were 31.231 million and 31.127 million respectively, with a year - on - year increase of 11.9% and 11.4% [39] - In November 2025, new - energy vehicle production and sales reached 1.88 million and 1.823 million respectively, with a year - on - year increase of 20% and 20.6%. The proportion of new - car sales in total automobile sales reached 53.2%, exceeding 50% for the first time in a single month. From January to November, cumulative sales were 14.78 million, with a year - on - year increase of 31.2%, and the proportion increased to 47.5% [39] - From January to November, real - estate construction area was 6.56066 billion square meters, a year - on - year decrease of 9.6%; new construction area was 534.57 million square meters, a decrease of 20.5%; completion area was 394.54 million square meters, a decrease of 18.0% [41] - As of November end, the total installed power - generation capacity in China was 3.79 billion kilowatts, a year - on - year increase of 17.1%. Among them, solar - power installed capacity was 1.16 billion kilowatts, a year - on - year increase of 41.9%; wind - power installed capacity was 600 million kilowatts, a year - on - year increase of 22.4%. From January to November, the average utilization hours of power - generation equipment were 2858 hours, a decrease of 289 hours compared with the same period last year [43] 3.10 Strategy Recommendations - **Copper**: Short - term high - level oscillation, focus on overseas mine strikes and downstream order recovery; long - term demand has positive support [45][46][47] - **Polysilicon**: Short - term price may continue to seek the bottom, long - term focus on production adjustment, inventory digestion and regulatory policy impact [49][50] - **Alumina and Electrolytic Aluminum**: Short - term alumina oscillates weakly at a low level, Shanghai aluminum oscillates at a high level; long - term Shanghai aluminum oscillates strongly under a loose monetary environment, alumina oscillates widely at a low level without large - scale production cuts [51][52]

Group 1 - The core point of the article is that Fulong Technology announced its plan to conduct commodity hedging business for the year 2026 through its wholly-owned subsidiary, Fujian Fulongyuan Recycling Resources Development Co., Ltd. [2] - The company will limit the investment (margin) for this hedging business to within RMB 18 million [2] - The authorized trading margin amount at any point during the validity period will not exceed the specified limit, and this amount can be rolled over during the validity period [2]

证券日报网讯1月9日，宏创控股（002379）发布公告称，公司将于2026年1月27日召开2026年第一次临 时股东会。 ...