伦敦金属交易所（LME）公布数据显示，上周伦铜库存整体继续回升，1月29日库存增至逾八个月新高176,075吨，而后库存小幅回落，最新库存水平为 174,975吨。 刘明康 上周，纽铜库存继续累积，最新库存水平为577,724吨，再创阶段性新高。 156 5309 0867 注：一般来说，国内外交易所库存不断下降将对期价形成支撑，反之，则对期价有所利空。 作为全球最大的铜消费国，中国产业链面临三大挑战：上游资源对外依存度攀升、中游加工环节产能过剩、下游需求受高铜价抑制。为助力行业应对变局， 上海有色网携手铜产业链企业联合编制《2026中国铜产业链分布图》中英双语版，点击此链接即可免费领取铜产业链分布图： https://s.wcd.im/v/470opZ19l/。 SMM联合制作联系人 上海期货交易所最新公布数据显示，1月30日当周，沪铜库存继续累积，周度库存增加3.13%至233,004吨，增至近十个月新高。国际铜库存减少101吨至 15,794吨。 2023年以来三大交易所铜库存对比 以下为2026年1月以来三大交易所铜库存数据：（单位：吨） | 日期 | COMEX | LME | SHFE | | - ...

Industry Investment Rating - The industry investment rating is maintained at "Outperform the Market" [1] Core Insights - The report indicates that the precious metals market is experiencing a significant correction, but this is not seen as the end of the bull market. It suggests looking for low-position chips in gold between 4800-4900 USD per ounce [4] - Copper prices have shown considerable volatility, reaching historical highs above 14,000 USD before a sharp correction. The report anticipates a tight supply-demand situation for copper in 2026 due to production forecast downgrades by major companies [5] - The aluminum market is facing weak demand due to high prices, with expectations of a decline in operating rates. The report suggests that buying on dips remains a viable strategy [6] - Tantalum prices are expected to rise due to supply shocks from mining accidents in the Democratic Republic of Congo, which account for over 15% of global tantalum supply [6] - Tin prices have significantly dropped, influenced by macroeconomic events and supply uncertainties from conflict-affected regions. The report recommends buying on dips within a price range of 300,000 to 350,000 CNY [8] Summary by Sections Section 1: Market Performance - The non-ferrous metals sector has shown a weekly increase of 2.6%, ranking fifth among industry sectors [18] Section 2: Prices - LME copper decreased by 0.85%, aluminum by 1.88%, while zinc increased by 0.57%. Precious metals saw COMEX gold drop by 1.94% and silver by 17.94% [19][20] Section 3: Inventory - Global visible copper inventories increased by 28,066 tons, while aluminum saw a decrease of 6,204 tons. Other metals like zinc and lead also experienced inventory changes [32][34]

Core Viewpoint - The overall market sentiment indicators are stable, with rapid fund switching observed, indicating a bullish sentiment in the market [4][5]. Group 1: Market Sentiment Indicators - The market sentiment structure indicators include various metrics such as industry trading volatility, trading congestion, price-volume consistency, and others, which collectively inform the sentiment direction [2][3]. - As of January 30, the market sentiment indicator value is 2.6, a slight increase from 2.35 the previous week, suggesting a stable sentiment with a bullish bias [4]. - The sentiment structure indicator has fluctuated around the zero axis within the range of [-6, 6] over the past five years, with significant volatility observed in 2023 [3]. Group 2: Sub-indicator Analysis - The industry trading volatility has shown a slight recovery, indicating increased frequency of fund switching between different sectors, while the industry trend indicator has rapidly declined, suggesting growing divergence in short-term industry outlooks [5][18]. - The price-volume consistency indicator remains high, reflecting a strong correlation between market attention and stock price movements, indicating active market sentiment [7]. - The financing balance ratio has slightly increased, indicating that leveraged funds are maintaining a high level of sentiment, with overall investor risk appetite remaining positive [19]. Group 3: Sector Performance and Trends - The short-term score for the food and beverage sector has risen significantly, while growth and small-cap styles are currently favored [26]. - The highest short-term scores are observed in the oil and petrochemical, construction materials, and non-ferrous metals sectors, indicating strong performance in these areas [26][27]. - The average congestion levels are highest in sectors like non-ferrous metals and oil and petrochemicals, while the lowest are in transportation and real estate, suggesting varying levels of market focus and potential risks [32][34].

Group 1 - The domestic futures market experienced a widespread decline on February 2, with over 10 futures contracts hitting or approaching the daily limit down, including gold, silver, platinum, palladium, copper, aluminum, nickel, crude oil, and lithium carbonate [1][2] - Precious metals saw significant drops, with silver futures down 17%, platinum and palladium down 16%, and gold futures also hitting the limit down with a 16% decline [1][2] - Industrial metals faced similar declines, with tin futures hitting the limit down at 11%, while copper and aluminum futures dropped by 9%, and lithium carbonate futures fell by 14% [2][3] Group 2 - In the energy sector, crude oil futures hit the limit down with a 7% decline, while other energy products like fuel oil and low-sulfur fuel oil also saw declines exceeding 5% [3][4] - The A-share market showed a downward trend, with all three major indices falling over 2%, and a total trading volume of 2.58 trillion yuan, down 250.8 billion yuan from the previous trading day [5][6] - The non-ferrous metals sector was notably impacted, with multiple stocks such as Sichuan Gold and Chifeng Jilong Gold hitting the limit down, reflecting the broader market's struggles [5]

Market Overview - The A-share market opened with mixed performance among the three major indices, followed by a downward trend with all indices falling over 1% [1] - As of the midday close, the Shanghai Composite Index decreased by 1.32%, the Shenzhen Component Index fell by 1.41%, and the ChiNext Index dropped by 1.18% [1][2] - The total trading volume for the half-day reached 1.66 trillion yuan, with nearly 3,500 stocks declining [1] Index Performance - Shanghai Composite Index: 4063.54, down 54.41 points (-1.32%) [2] - Shenzhen Component Index: 14006.25, down 199.65 points (-1.41%) [2] - ChiNext Index: 3306.94, down 39.41 points (-1.18%) [2] - CSI 300 Index: 4656.16, down 50.18 points (-1.07%) [2] - CSI 500 Index: 8179.80, down 190.72 points (-2.28%) [2] - CSI 1000 Index: 8105.79, down 149.07 points (-1.81%) [2] Sector Performance - The liquor sector showed strong performance with multiple stocks rising significantly [3] - The commercial aerospace sector was also active, with several stocks experiencing substantial gains [3] - Other sectors that performed well included optical communication, CPO concepts, and superhard materials [3] - Conversely, the three major telecom operators collectively weakened, and the chip industry chain continued to decline, particularly in the storage sector [3] - Other sectors with notable declines included non-ferrous metals, oil and gas, agriculture, and semiconductors [3]

Core Viewpoint - In January, the global asset allocation logic shifted from valuation recovery to profit-driven, with A-shares continuing an upward trend supported by policies, funding, and valuation [1][2]. Group 1: A-share Market Performance - The A-share market showed a steady upward trend in January, with the Shanghai Composite Index rising by 3.76%, the ChiNext Index by 4.47%, and the Shenzhen Index by 5.03% by the end of January [2]. - The non-ferrous metals sector led the gains with a 22.59% increase, followed by media, oil and petrochemicals, construction materials, and basic chemicals with respective increases of 17.94%, 16.31%, 13.31%, and 12.72% [2]. Group 2: Fund Performance - Public FOFs (funds of funds) performed well, with some products achieving monthly returns exceeding 30%. For instance, the Guotai Industry Rotation A fund had a monthly return of 30.31%, while the Guotai Preferred Navigation fund reached 37.12% [3][5]. - A total of 35 FOFs had monthly performance exceeding 10%, with 4 funds surpassing 20% [3]. Group 3: Market Trends and Predictions - Analysts noted that the core drivers of asset performance in January were cross-year capital reallocation and sentiment recovery, with expectations of a "spring excitement" in the stock market in the first quarter [3][7]. - The transition from valuation-driven to profit-driven narratives in global asset allocation is expected to continue, with a focus on sectors showing clear performance improvements, particularly in technology and cyclical industries [7]. Group 4: Fund Issuance and Research Activity - The issuance of public funds accelerated in January, with a significant number of FOFs focusing on themes like technological innovation and high-end manufacturing, reflecting market interest in economic transformation opportunities [6][7]. - A total of 156 public fund institutions participated in A-share research activities in January, covering 486 stocks across 30 first-level industries, indicating high research engagement [7].

格隆汇2月2日丨创新新材(600361.SH)公布，截至2026年1月31日，公司已累计回购股份15,429,150股， 占公司最新总股本的比例为0.4108%,回购成交的最高价为4.32元/股、最低价为3.93元/股，成交总金额为 人民币64,448,632元（不含印花税、交易佣金等交易费用）。 ...

Market Overview - The A-share market experienced a decline on Monday, with all three major indices falling over 2%. The Shanghai Composite Index closed at 4015.75 points, down 2.48%, the Shenzhen Component Index at 13824.35 points, down 2.69%, and the ChiNext Index at 3264.11 points, down 2.46% [1] - The total trading volume in the Shanghai and Shenzhen markets was 2.58 trillion yuan, a decrease of 250.8 billion yuan compared to the previous trading day [1] Sector Performance - The electric grid equipment and liquor sectors showed strong performance, with stocks like Huan Tai Liquor and Jin Hui Liquor experiencing multiple days of gains, while Water Well Liquor hit the daily limit [2] - Conversely, resource cyclical sectors such as metals, oil and gas, chemicals, coal, and steel faced significant declines [1][2] Individual Stocks - Over 4600 stocks in the market experienced declines, indicating a broad-based sell-off [3] Institutional Insights - According to Jifeng Investment Advisory, the market is currently in a correction phase, but the overall trend remains upward. They suggest focusing on leading companies in previously popular sectors that have seen price corrections [4] - CITIC Securities noted that the price of Moutai has continued to rise, with expectations for the liquor sector to perform well around the Spring Festival. They believe the sector is currently undervalued and presents a strong bottom-fishing opportunity [4] - According to招商证券, the market is expected to remain volatile in February, particularly due to the upcoming Spring Festival, which may lead to decreased market activity [4] Industry Data - The Ministry of Industry and Information Technology projected that by 2025, the added value of the electronic information manufacturing industry will grow by 10.6% year-on-year, outpacing the overall industrial and high-tech manufacturing growth rates [6] - In December, the added value of the electronic information manufacturing industry increased by 11.8% year-on-year, with specific product outputs showing varied trends, such as a 5.8% decline in mobile phone production [6] Policy Developments - The Guangdong Provincial Development and Reform Commission announced a plan to support the construction of a carbon emissions trading market and the potential introduction of carbon emission-related futures products [7]

Market Overview - The A-share market experienced a decline today, with the Shanghai Composite Index falling by 2.48% to close at 4015.75 points, the Shenzhen Component Index down by 2.69% to 13824.35 points, the Sci-Tech 50 Index dropping by 3.88% to 1450.90 points, and the ChiNext Index decreasing by 2.46% to 3264.11 points [1][10] - Overall, there were 770 stocks that rose while 4647 stocks fell, with a total trading volume of 25,848 billion yuan, a decrease of 250.8 billion yuan compared to the previous trading day [1] Industry Performance - Among the Shenwan first-level industries, only the food and beverage and banking sectors saw gains, with increases of 1.11% and 0.17% respectively. In contrast, sectors such as non-ferrous metals, steel, basic chemicals, coal, and oil and petrochemicals experienced significant declines, with drops of 7.62%, 5.93%, 5.69%, 5.64%, and 5.51% respectively [1][10] - The leading concept sectors for today included ultra-high voltage, liquor, selected beverage manufacturing, cultivated diamonds, central enterprise banks, virtual power plants, superhard materials, charging piles, Pinduoduo partners, brand leaders, and solar thermal power, all of which showed positive performance [2][12]

Market Overview - A-shares experienced a significant decline on February 2, with the Shanghai Composite Index falling by 2.48% to close at 4015.75 points, the Shenzhen Component Index down 2.69% at 13824.35 points, and the ChiNext Index decreasing by 2.46% to 3264.11 points. The Sci-Tech Innovation Board Index dropped 3.95% to 1760.23 points [2][3]. Sector Performance - The domestic commodity futures market saw widespread declines, with multiple commodities hitting the limit down, including silver, platinum, palladium, lithium carbonate, nickel, tin, copper, aluminum, and various oil products. Notably, gold fell over 15%, while zinc dropped more than 6% [3]. - The energy, coal, steel, and chemical sectors faced broad sell-offs, while the ultra-high voltage concept stocks showed strength, and liquor stocks rose against the trend [4]. Notable Stocks - In the electric grid equipment sector, several stocks hit the daily limit up, including Tongguang Cable (+20.00% to 15.66), Senyuan Electric (+10.07% to 7.54), and Baobian Electric (+10.04% to 15.57) [5][6]. - Liquor stocks also performed well, with Jinhuijiu rising by 10.00% to 23.98, Huangtaijiu up 9.98% to 17.52, and ShuiJingFang increasing by 7.44% to 44.78 [7]. Market Activity - The total trading volume in the Shanghai and Shenzhen markets was 2.58 trillion yuan, a decrease of 250.8 billion yuan from the previous trading day, with over 4600 stocks declining, including 123 stocks hitting the limit down [8]. - Main capital flows showed net inflows into electric grid equipment, banking, and food and beverage sectors, while there were net outflows from semiconductor, communication, and non-ferrous metal sectors [9]. Institutional Insights - Citic Securities noted that the market's January surge was driven by capital inflows and rising sentiment, while February's market confidence remains in a recovery phase [14]. - Other institutions, such as Caifeng Securities, indicated that the market is experiencing increased short-term volatility and advised controlling positions for opportunistic buying [12][13].