1. Report Industry Investment Rating - Not provided in the content 2. Core Views - The price of steel products is expected to move in a range-bound manner, with its focus shifting downwards and showing a weak performance [1][3] - The price of aluminum ingots is expected to fluctuate at a high level in the short - term, and attention should be paid to macro - sentiment and mining - end news [4] 3. Summary by Relevant Content Steel Products - **Production Impact**: Yunnan and Guizhou short - process construction steel producers will halt production from mid - to late January and resume around the 11th to 16th day of the first lunar month, affecting 741,000 tons of output. In Anhui, 6 short - process steel mills, 1 stopped on January 5, most will stop in mid - January, and some after January 20, with a daily output impact of about 16,200 tons [2][3] - **Market Transaction**: From December 30, 2024, to January 5, 2025, the total transaction area of newly built commercial housing in 10 key cities was 2.234 million square meters, a 40.3% week - on - week decrease and a 43.2% year - on - year increase [3] - **Market Situation**: Steel products continued to decline yesterday, hitting a new low. In a weak supply - demand situation, market sentiment is pessimistic, and winter storage is sluggish, providing little price support [3] - **Later Concerns**: Macro policies and downstream demand [3] Aluminum Products - **Macro Factors**: The market expects the Fed to keep interest rates unchanged this week, but news of Powell's successor may impact the market [2] - **Raw Material Supply**: Some northern mining areas have reduced production due to weather. In Henan, bauxite mining in Xin'an stopped last weekend and is resuming, with an 80% drop in supply due to transportation issues. Southern domestic mines are stable, and domestic ore prices are expected to remain stable [3] - **Production Situation**: Domestic and Indonesian electrolytic aluminum projects are ramping up, and daily output is rising. The overall aluminum processing start - up rate was 60.9% last week, up 0.7 percentage points. Different sub - industries have different situations, with some affected by environmental protection, weather, and market demand [3] - **Inventory**: On January 26, the inventory of electrolytic aluminum ingots in major consumption areas was 777,000 tons, up 28,000 tons from last Monday [3] - **Price Outlook**: Due to macro uncertainty and weak dollar, non - ferrous metals are strong. Aluminum prices are expected to remain high in the short term, and attention should be paid to macro events and downstream feedback [4] - **Later Concerns**: Changes in macro expectations, development of geopolitical crises, mine resumption, and consumption release [4]

Group 1 - The A-share market opened lower on January 27, with the National Free Cash Flow Index down approximately 0.88% and the CSI 500 Free Cash Flow Index down about 0.55% [1] - The largest free cash flow ETF (159201) has seen a net inflow of 1.707 billion yuan over the past week, while the only ETF tracking the cash flow 500 index (560120) has received a net inflow of 7.136 million yuan over the last nine days [1] - Multiple brokerage reports suggest that despite a slowing market rhythm, the upward momentum in the A-share market is expected to continue, with earnings forecasts becoming a core focus [1] Group 2 - The free cash flow ETF (159201) has a sample from the entire A-share market, with the top three industries being automotive (18.2%), oil and petrochemicals (10.4%), and home appliances (10.2%), indicating a larger market capitalization [2] - The cash flow 500 ETF (560120) is based on the CSI 500 sample, with the top three industries being non-ferrous metals (18.3%), basic chemicals (15.6%), and steel (7.8%), indicating a smaller market capitalization [2]

- The report highlights the performance of eight major stock selection factors across different stock pools (All A-shares, CSI 300, CSI 500, and CSI 1000). Among these, the value factor (17.88%) and size factor (11.88%) showed strong IC mean performance, while reversal and quality factors performed relatively weaker[54][55][66] - Small-cap value style dominated the market, with the small-cap size factor performing strongly across the entire market. Value factors also showed positive performance, indicating a market preference for low valuation stocks. Additionally, technical and low-volatility factors performed well, while consensus expectation factors weakened due to reduced focus on high-performance expectation sectors[54][55][66] - The report provides detailed definitions for various factors, such as size (logarithm of market capitalization), value (e.g., book-to-price ratio, earnings-to-price ratio), growth (e.g., net income growth), quality (e.g., ROE, gross margin), consensus expectation (e.g., changes in expected EPS), technical (e.g., volume skewness), volatility (e.g., 60-day return standard deviation), and reversal (e.g., 20-day return)[66][67] - The report also tracks the performance of convertible bond selection factors, which are constructed based on the relationship between convertible bonds and their underlying stocks. Factors include stock consensus expectation, stock value, and convertible bond valuation (e.g., parity premium rate). Among these, stock consensus expectation and stock value factors achieved higher IC mean values in the past week[59][60][62]

Group 1 - The overall steel market in South China is stable, with minor fluctuations in individual brands, while the futures market shows an increase in most black series products, led by coking coal with a rise of 1.35% [3] - Guangdong plans to invest over 1 trillion yuan in 2026, with significant allocations for infrastructure, industry, and public welfare projects, which is expected to support steel demand [4] - The China Iron and Steel Association reported a slight decrease in daily crude steel production but an increase in daily steel output, indicating a mixed supply situation that may pressure steel prices [5][9] Group 2 - Guangdong's public budget revenue for 2025 was 1.39 trillion yuan, with a growth of 3%, and the forecast for 2026 is 1.44 trillion yuan, also growing by 3%, indicating stable fiscal conditions that support steel demand [6][7] - The increase in public budget expenditures and the growth in the less developed regions of Guangdong provide ongoing support for steel demand, particularly in construction [7] - The futures market shows a mixed sentiment, with rebar prices rising but with a decrease in positions, indicating weaker momentum despite the price increase [8][9]

Report Investment Ratings Macroeconomics and Finance - Index: Long - term bullish, buy on dips [5] - Treasury bonds: Range - bound [5] Black Building Materials - Coking coal: Short - term trading [6] - Rebar: Range trading [7] - Glass: Hold off [7] Non - ferrous Metals - Copper: Hold off or hold long positions lightly and roll [9] - Aluminum: Strengthen observation [11] - Nickel: Hold off [12] - Tin: Range trading or take profit on previous long positions [13] - Gold: Range trading [15] - Silver: Bullish [15] - Lithium carbonate: Range - bound [17] Energy and Chemicals - PVC: Range trading [17] - Caustic soda: Hold off [19] - Soda ash: Hold off [26] - Styrene: Range trading [19] - Rubber: Range trading [21] - Urea: Range trading [23] - Methanol: Range trading [25] - Polyolefins: Weakly range - bound [25] Cotton Textile Industry Chain - Cotton and cotton yarn: Range adjustment [26] - Apples: Weakly range - bound [28] - Jujubes: Weakly range - bound [28] Agricultural and Livestock - Pigs: Short on rebounds [30] - Eggs: Avoid shorting in the short term [32] - Corn: Be cautious about chasing highs, hedge on rebounds [34] - Soybean meal: Bearish on rallies [35] - Fats and oils: Bullishly range - bound [41] Core Views The report provides trading suggestions for various futures products based on their respective market fundamentals, including supply - demand relationships, cost factors, policy impacts, and international situations. It also analyzes short - term and long - term trends and risks of each product to help investors make decisions. Summary by Category Macroeconomics and Finance - Index: Affected by international trade policies, central bank policies, and market sentiment, it may range - bound in the short term but is long - term bullish [5] - Treasury bonds: Without significant negative factors, they may range - bound in a narrow range as there is limited impetus for further interest rate declines [5] Black Building Materials - Coking coal: Due to weak fundamentals, demand is sluggish, and supply disturbances may limit the downside. Short - term trading is recommended [6] - Rebar: With a slight over - valuation in price, weak short - term supply - demand contradictions, and a policy vacuum period, range trading is the main strategy [7] - Glass: With stable supply, weakening speculative demand, and limited downstream inventory digestion, it may range - bound around 1050 - 1070. Attention should be paid to the opportunity of going long on glass and short on soda ash [7] Non - ferrous Metals - Copper: Supported by macro factors but with weak fundamentals, it may range - bound at high levels. Be cautious of pre - holiday profit - taking [9] - Aluminum: With stable supply, weakening demand, and cooling of market sentiment, it may adjust at high levels [11] - Nickel: Although stimulated by policy, fundamentals are weak. It is recommended to hold off [12] - Tin: With tight supply and stable demand, it may range - bound. Attention should be paid to supply resumption and demand recovery [13] - Gold and silver: Driven by geopolitical tensions and changes in the Fed's policy expectations, they are bullish. Silver is recommended to hold long positions, and gold is recommended for range trading [15] - Lithium carbonate: With supply disturbances and strong demand, it may range - bound [17] Energy and Chemicals - PVC: With low valuation, weak domestic demand, and high inventory, it may have a bottom. Range trading is recommended, and attention should be paid to policies and cost factors [17] - Caustic soda: With high supply pressure and weak demand, it may range - bound at low levels. Attention should be paid to supply - side adjustments [19] - Styrene: With high valuation after a rebound, it is recommended to be cautious about chasing highs. Attention should be paid to cost and supply - demand changes [19] - Rubber: With supply contraction but high inventory pressure, it may range - bound. Attention should be paid to inventory and downstream demand [21] - Urea: With sufficient supply and increasing demand, it may range - bound. Attention should be paid to supply - side changes and demand trends [23] - Methanol: With weak domestic demand and strong local prices, it may range - bound. Attention should be paid to geopolitical situations and port arrivals [25] - Polyolefins: With increasing supply and weakening demand, they may range - bound weakly. Attention should be paid to cost and demand [25] - Soda ash: With supply over - capacity and cost support, it is recommended to hold off [26] Cotton Textile Industry Chain - Cotton and cotton yarn: With a decrease in global cotton output and an increase in consumption, long - term expectations are optimistic, but short - term caution is needed [26] - Apples: With slow sales in the main production areas and slightly improved sales in some secondary areas, they may range - bound weakly [28] - Jujubes: With the end of raw material acquisition in Xinjiang and stable market transactions, they may range - bound weakly [28] Agricultural and Livestock - Pigs: In the short term, prices may range - bound due to supply - demand games. In the long term, be cautious about the upside. Range - bound trading and hedging are recommended [30] - Eggs: With high valuation and supply pressure in the medium - long term, hedging of post - holiday contracts is recommended [32] - Corn: With short - term supply - demand balance and long - term loose supply - demand, be cautious about chasing highs and hedge on rebounds [34] - Soybean meal: With short - term support and long - term pressure, short - term range trading and long - term bearishness are recommended [35] - Fats and oils: Bullishly range - bound. Hold previous long positions and exit previous spread - narrowing strategies [41]

2026 年 1 月 27 日星期二 广发早知道-汇总版 投资咨询业务资格： 广发期货研究所 电 话：020-88818009 E-Mail：zhangxiaozhen@gf.com.cn 目录： 每日精选： 每日重点关注品种逻辑解析 金融衍生品： 金融期货： 股指期货、国债期货 贵金属： 黄金、白银、铂、钯 集运欧线 商品期货： 有色金属： 铜、氧化铝、铝、铝合金、锌、锡、镍、不锈钢、碳酸锂、工业硅、多 晶硅 黑色金属： 钢材、铁矿石、焦煤、焦炭、硅铁、锰硅 农产品： 油脂、粕类、玉米、生猪、白糖、棉花、鸡蛋、红枣、苹果 能源化工： PX、PTA、乙二醇、短纤、瓶片、纯苯、苯乙烯、LLDPE、PP、甲醇、烧 碱、PVC、尿素、纯碱、玻璃、天然橡胶、合成橡胶 证监许可【2011】1292 号 组长联系信息： 张晓珍（投资咨询资格：Z0003135） 电话：020- 88818009 邮箱：zhangxiaozhen@gf.com.cn 周敏波（投资咨询资格：Z0010559） 电话：020-81868743 邮箱：zhoumingbo@gf.com.cn 朱迪（投资咨询资格：Z0015979） 电话：020- ...

甘肃省第十四届人民代表大会第四次会议 政协甘肃省第十三届委员会第四次会议 甘肃新媒体集团 700 每日日肃网 大会第四次会议 投资消 可腰向 甘肃省第十四届人民 表大会第四次会议 政协甘肃省第十三届委员会第四次会议 蛋深边 ait 11 ■ 2025年甘肃省- 地区生产总值增长5.8%，增速居 全国第2位 规模以上工业增加值增长9.5%, 增速居全国第3位 全体居民人均可支配收入增长 6.1%，增速居全国第3位 般公共预算收入增长5.7%,增 速居全国第5位 2025年目肃省 304个省列重大项目完成投资 2929亿元、超年度计划28% 争取国家"两重"建设任务162 项、中央预算内投资和超长期特别 国债资金465.8亿元 实施消费品以旧换新行动,开展促 日期买少去 头味山口 6 市出曲线 HARIENT THE WANT TE CARDEN FOR STORE 零售总额增长2.5% 每日日肃网 甘肃新媒体集团 甘肃省第十四届人民生表大会第四次会议 政协甘肃省第十三届委员会第四次会议 i 川 代表). 2025年甘肃省- 制定实施钢铁、石化、光伏、新材 料等重点产业提质升级方案 实施"三化"改造项目304个, ...

Core Insights - The article highlights the successful issuance of green technology innovation bonds by Anyang Iron and Steel Group, raising 200 million yuan for environmental projects, particularly focusing on the transformation of coking plant emissions [1] - The People's Bank of China in Anyang has played a crucial role in facilitating financing for traditional industries transitioning towards greener and smarter operations, with a total of 39.9 billion yuan raised in 2025 through various bond instruments [2] - Innovative financing models, such as asset-backed securities, have been explored to address the financing challenges faced by public utilities, exemplified by the issuance of a 1 billion yuan asset-backed note by Linzhou Urban-Rural Heating Co., which set a historical low interest rate in Henan province [3] - A long-term financing service mechanism has been established by the People's Bank of China in Anyang to ensure continuous support for the bond market, including a whitelist for key enterprises and regular policy outreach activities [4] Group 1 - Anyang Iron and Steel Group successfully issued 200 million yuan in green bonds for 11 environmental projects, including coking plant emissions treatment [1] - The People's Bank of China in Anyang has facilitated the raising of 39.9 billion yuan in 2025, with 14.2 billion yuan from technology bonds and 23.7 billion yuan from technology notes [2] - The financing support has enabled the steel industry to advance towards greener and smarter operations, enhancing the resilience of the industrial chain [2] Group 2 - Linzhou Urban-Rural Heating Co. issued the first asset-backed note in the heating industry in Henan province, amounting to 1 billion yuan, with a record low interest rate of 3.13% [3] - The asset-backed securities model has provided a solution for public utilities facing long financing cycles and heavy assets [3] - The People's Bank of China in Anyang has implemented a dynamic management system for bond issuance, ensuring the stability of the local bond market [4]

Group 1 - The steel ETF (515210) has seen a net inflow of nearly 400 million yuan over the past four days, indicating a potential value recovery in the industry [1] - The supply disruptions in the steel sector are intensifying, with safety incidents at Baogang prompting safety inspections across steel mills, which may lead to temporary production cuts [1] - The Tangshan Emergency Management Bureau has initiated a city-wide safety inspection for steel enterprises, which could slightly reduce local production capacity, providing cost and supply support [1] Group 2 - Current profits for ordinary steel (普钢) are substantial, and in the context of the industry's "anti-involution," there is significant room for performance improvement among ordinary steel companies, suggesting a potential value recovery [1] - The steel ETF (515210) tracks the CSI Steel Index (930606), which selects securities from listed companies in the steel industry to reflect the overall performance of the sector [1] - The index includes various sub-sectors such as ordinary steel and special steel, capturing the overall market dynamics of the steel industry, which exhibits notable cyclical characteristics [1]

Core Insights - In 2025, the total profit of industrial enterprises above designated size in China reached 73,982 billion yuan, marking a 0.6% increase from the previous year [1] Industry Performance Summary - The black metal smelting and rolling processing industry saw a profit increase of 3.0 times compared to the previous year, totaling 1,098.3 billion yuan, with a year-on-year growth of 299.2% [1] - The non-ferrous metal smelting and rolling processing industry grew by 22.6% [1] - The computer, communication, and other electronic equipment manufacturing industry increased by 19.5% [1] - The electricity and heat production and supply industry grew by 13.9% [1] - The specialized equipment manufacturing industry saw a profit increase of 5.7% [1] - The electrical machinery and equipment manufacturing industry grew by 4.9% [1] - The general equipment manufacturing industry increased by 4.2% [1] - The agricultural and sideline food processing industry grew by 3.2% [1] - The automobile manufacturing industry saw a slight profit increase of 0.6% [1] - The petroleum, coal, and other fuel processing industry reduced losses compared to the previous year [1] - The non-metallic mineral products industry declined by 1.7% [1] - The chemical raw materials and chemical products manufacturing industry decreased by 7.3% [1] - The textile industry experienced a decline of 12.0% [1] - The oil and gas extraction industry fell by 18.7% [1] - The coal mining and washing industry saw a significant decline of 41.8% [1] Monthly Steel Industry Performance - In December, the steel industry reported a loss of 16.70 billion yuan [2] - In November, the steel industry achieved a profit of 61.80 billion yuan [3] - In October, the steel industry reported a profit of 79.80 billion yuan [4] - In September, the steel industry achieved a profit of 136.4 billion yuan [5]