Domestic Market Overview - The domestic market experienced a rise in both volume and price, with the Shanghai Composite Index closing at 4083.67 points, up 1.5%, and the Shenzhen Component Index at 14022.55 points, up 1.4% [1][8] - A total of 28 out of 30 sectors in the CITIC index saw gains, with non-ferrous metals, non-bank financials, and defense industries leading the increases, while only the telecommunications sector experienced a slight decline [1][8] - The total trading volume for the A-share market reached 28,323 billion yuan, showing a significant increase compared to the previous day [1][8] Driving Factors - The People's Bank of China has deployed key work for 2026, emphasizing the flexible and efficient use of various monetary policy tools, including reserve requirement ratio cuts and interest rate reductions, to maintain ample liquidity [9] - On the same day, 4,108 stocks in the A-share market rose, while 1,222 fell, indicating strong market sentiment with 395 stocks rising over 5% and 144 hitting the daily limit up [9] Industry Insights - The civil aviation sector is projected to surpass 500 million passengers by 2025, making China the world's largest aviation population country [13] - The civil aviation industry is expected to see a 26.9% increase in total transport turnover, a 16.7% increase in passenger transport volume, and a 35.1% increase in cargo transport volume compared to 2019 [13] - Fixed asset investment in civil aviation during the 14th Five-Year Plan period is expected to reach a record high, with 6,300 billion yuan invested, adding 49 new runways and 2,232 new parking spaces [13] Global Market Overview - On January 6, the three major U.S. stock indices all closed higher, with the Dow Jones up 0.99%, the S&P 500 up 0.62%, and the Nasdaq up 0.65% [2] - However, the major Chinese concept stocks saw a decline, with BOSS Zhipin dropping over 6% [2]

工业有色ETF（560860.SH），场外联接(A类：018489；C类：018490）。 2026年1月7日，工业有色ETF（560860.SH）收涨1.59%，主力资金（单笔成交额100万元以上）净流出 1319.18万元，居全市场第一梯队。（数据来源：Wind） 与此同时，该基金最新成交量为4.59亿份，最新成交额达7.90亿元，当日主力资金净流出成交额占比达 1.67%。 ...

数据显示，1月7日上海1#电解铜现货价格报价103410.00元/吨，相较于期货主力价格(103410.00元/吨)贴 水0.0元/吨。 (1月7日)全国铜价格一览表 兴业期货研报：供给偏紧预期与金融属性支撑共振美联储仍然处于降息周期，美元计价金属品种获得较 强支撑，且电解铜供应紧张局面将至少持续至今年年中，全球头部矿山企业减产趋势明显，而近日智利 北部Mantoverde铜金矿罢工事件加剧了市场对矿端供给紧缺的担忧，铜价延续中长期上行趋势。 期货市场上看，1月7日收盘，沪铜期货主力合约报103410.00元/吨，涨幅0.11%，最高触及105500.00元/ 吨，最低下探102330.00元/吨，日内成交量达329686手。 【市场资讯】 曼托维德矿预计年产铜2.9万至3.2万吨，仅占今年全球铜产量预期值2400万吨的一小部分。 1月7日，上期所沪铜期货仓单录得96474吨，较上一交易日增长3203吨；最近一周，沪铜期货仓单累计 增长14699吨，增长幅度为17.97%；最近一个月，沪铜期货仓单累计增长66518吨，增长幅度为 222.05%。 分析观点： | 规格 | 品牌/产 | 报价 | 报价类 | ...

Macro Environment - The central economic work conference held on December 10-11 emphasized counter-cyclical and cross-cyclical adjustments, indicating a stable macro policy for 2026, focusing on structure and efficiency [10] - The manufacturing PMI for December was 50.1%, up 0.9 percentage points from the previous month, indicating an acceleration in manufacturing activities [12] - The non-manufacturing business activity index rose to 50.2%, returning to the expansion zone [12] Market and Industry Performance - In December, the bond market faced pressure, with the ten-year main contract down 0.05% and the thirty-year bond down 2.66% [50] - The equity market favored growth styles, with the advanced manufacturing sector rising by 5.97% and technology (TMT) by 4.55% [51] - The top five performing industries in December were defense and military (17.22%), non-ferrous metals (13.68%), and telecommunications (12.06%) [59] Monthly Allocation Recommendations - For January 2026, the report suggests focusing on technology sectors (such as electrical equipment and semiconductors), resource products, and high-dividend sectors due to ongoing policy support and a favorable liquidity environment [70]

Core Viewpoint - The article discusses recent fluctuations in the equity markets, particularly focusing on the performance of the Hong Kong and Japanese markets, and highlights three main variables affecting market sentiment, including Alibaba's rating downgrade, the decline in precious metals, and liquidity concerns [1][3][4]. Group 1: Market Performance - The Asia-Pacific markets showed weakness, with Hong Kong stocks collectively declining and the Japanese market also underperforming, leading to a nearly 1% drop in the A50 index [1][2]. - The Nikkei 225 index closed down 1.06% at 51,961.98 points, with significant declines in major stocks such as Nintendo (-4.65%) and Sony (-3.28%) [2]. - The Hang Seng Index fell significantly, losing over 355 points and dropping below 26,400 points, while the Hang Seng Tech Index saw a decline of over 2% [2]. Group 2: Alibaba's Rating Downgrade - Freedom Capital Markets downgraded Alibaba's rating from "Buy" to "Hold," reducing the target price from $180 to $140 per share, despite the company reporting better-than-expected quarterly earnings [3]. - Concerns were raised regarding the rapid increase in capital expenditures related to Alibaba's cloud business, with uncertain return prospects [3]. - The company's ability to expand its retail and cloud businesses without significantly increasing costs will be a key factor influencing its performance in the coming quarters [3]. Group 3: Precious Metals Market - Precious metals experienced a decline as investors took profits, compounded by a strengthening dollar ahead of key employment data releases [3]. - The market sentiment for precious metals was pressured, with expectations that the Federal Reserve may cut interest rates at least twice this year [3]. - The adjustment in the stock of Zijin Mining, which had previously surged, contributed to some pressure on the Shanghai Composite Index [3]. Group 4: Liquidity Concerns - According to CITIC Securities, there is a liquidity gap due to seasonal fluctuations in M0 and increased government debt financing, which could lead to structural tightening in the banking system [4]. - The central bank's actions, including reverse repos and medium-term lending facilities (MLF), will determine whether the liquidity situation trends towards tightening [4]. - Continuous foreign exchange settlements by commercial banks may consume excess reserves in the banking system, impacting overall liquidity [4].

Group 1 - The core viewpoint of the article highlights the impact of geopolitical tensions on the demand for safe-haven assets, particularly gold, which saw a price surge to $4,512 per ounce before retreating to around $4,454 per ounce by the end of the trading day [1] - The article mentions that U.S. Secretary of State Rubio indicated that the U.S. government has issued threats regarding Greenland, aiming to "purchase" the island from Denmark, which may contribute to market volatility and investor sentiment [1] - A non-farm employment report is set to be released by the U.S. Bureau of Statistics, which is expected to influence the Federal Reserve's interest rate adjustments, as the Fed has expressed concerns over a weak labor market [1] Group 2 - Morgan Stanley's latest report predicts that gold prices will rise to $4,800 per ounce by the fourth quarter of 2026, surpassing the historical record set in 2025, driven by declining interest rates, changes in Fed leadership, and continued buying by central banks and funds [1] - The article notes the performance of various ETFs, with the Huaxia Gold ETF (518850) down 0.65%, the Gold Stock ETF (159562) down 1.36%, and the Non-ferrous Metals ETF (516650) up 0.39%, reflecting market reactions to gold price fluctuations [1]

Group 1: Currency and Economic Outlook - The Chinese yuan is expected to continue appreciating against the US dollar, with the exchange rate surpassing 7.0, validating previous predictions of a return to the "six" range [1][10] - The anticipated appreciation of the yuan is driven by a slowdown in the US economy and expected interest rate cuts by the Federal Reserve, which may lower the dollar index and boost non-US currencies [1][10] - A steady appreciation of the yuan is ideal, as rapid appreciation could negatively impact export companies, while also benefiting imports in line with domestic demand policies [2][11] Group 2: Market Trends and Investment Opportunities - The appreciation of the yuan is likely to attract more capital into Chinese assets, positively impacting the A-share and Hong Kong stock markets, as foreign investment seeks opportunities [2][11] - The central economic work conference has indicated a shift towards a moderately loose monetary policy to stabilize economic growth and promote reasonable price recovery, with CPI showing positive growth [3][12] - The new "old-for-new" consumption policy is expected to boost sales in related products, further driving consumption growth, especially during the traditional peak consumption season around the Spring Festival [4][13] Group 3: Sector-Specific Insights - The commercial aerospace sector is gaining attention, with a record 90 launches in 2025, indicating a shift towards a market-driven model, which is expected to accelerate technological advancements and expansion [4][13] - The humanoid robotics sector is projected to have significant growth potential, despite current technological bottlenecks, with increasing production and potential applications in various fields [5][14] - Precious metals like gold and silver have seen substantial price increases, with silver's price doubling in 2025, driven by both monetary and industrial demand, and this trend is expected to continue into 2026 [7][16] Group 4: Stock Market Dynamics - The A-share market has started 2026 positively, surpassing 4000 points, indicating a continuation of the slow bull market that began in September 2024, with expectations of increased market participation from retail investors [8][17] - Seasonal trends suggest a spring market rally, with various sectors including technology, new energy, consumer staples, and military industries expected to perform well as market sentiment improves [8][17]

Core Insights - The Ministry of Industry and Information Technology (MIIT) has issued an action plan to promote the integration of industrial internet and artificial intelligence across key industries [1] Group 1: Key Industry Promotion - The plan emphasizes accelerating the promotion of industrial internet in key sectors such as steel, aviation, shipbuilding, engineering machinery, agricultural machinery, electronic information manufacturing, electric power, petrochemicals, non-ferrous metals, textiles and apparel, pharmaceuticals, and light industry [1] - It aims to implement a "chain-network collaboration" project that strengthens the connection and coordination of digitalization and intelligence-related policies across various industries [1] Group 2: Digital Transformation and Intelligent Upgrading - The action plan focuses on addressing the digital transformation and intelligent upgrading needs and challenges of key industries by compiling and publishing reference guidelines for integrated applications [1] - It includes the identification of typical scenarios for the integration of industrial internet and artificial intelligence, along with a list of technical products, supplier directories, and standard indexes [1] Group 3: Resource Sharing and Solution Pool - The initiative aims to establish a resource pool for solutions, enhance precise matching of supply and demand, and promote the sharing of resources and interconnectivity among upstream and downstream elements of the industrial chain [1] - It will also collect and select exemplary cases of artificial intelligence and industrial internet "chain-network collaboration" projects that demonstrate high levels of system integration, broad connectivity, and significant transformation benefits [1]

Group 1 - The A-share market reached a new record on January 6, with the Shanghai Composite Index closing at 4083.67 points, marking a 1.5% increase and a 13-day consecutive rise, surpassing the previous record of 12 days set in 1992 [1] - Multiple positive factors contributed to this "opening red" phenomenon, including coordinated fiscal and monetary policies, which improved fundamental expectations, and a shift in market sentiment as new capital began to enter the market [1] - The performance of technology companies over the past six months has significantly boosted investor confidence, with many firms demonstrating strong profitability [1] Group 2 - Institutions generally hold an optimistic view on the A-share market's future performance, attributing the current trend to a combination of favorable policies, capital influx, solid fundamentals, and industry trends [2] - The investment focus for the new year is expected to revolve around technology sectors such as AI, semiconductor equipment, and brain-computer interfaces, reflecting optimism about technological breakthroughs and industry implementation [2] - Investors are advised to adopt a long-term perspective, focusing on new productive forces like artificial intelligence, high-end manufacturing, and biomanufacturing, while being cautious of short-term volatility [2] Group 3 - Investors are encouraged to anchor their strategies on fundamentals and cash flow, avoiding high-valuation stocks without performance support and low-valuation traps lacking improvement expectations [3] - A "barbell" strategy is recommended, balancing investments between low-risk assets and high-risk, high-reward assets to manage current market conditions [3] - The goal is to achieve a comprehensive allocation strategy that controls short-term risks, captures mid-term recovery, and fosters long-term growth [3]

资金流向方面，近期有色金属板块备受青睐。2025年12月以来，该行业获融资净买入达109.7亿元，紫金矿业、赣锋锂业等龙头股融资净买入金 额均超过5亿元。从业绩预告来看，赤峰黄金、紫金矿业、华友钴业、中国铀业等4家公司已公布的2025年业绩预告均显示预增，其中紫金矿业预 计归母净利润达510亿元—520亿元，同比增长近六成。 分析人士指出，随着新一轮找矿行动的开启，国家层面对于战略性矿产资源的重视程度进一步提升，这为有色金属行业的长期发展提供了政策红 利。展望2026年，在美联储降息周期延续等宏观背景下，流动性宽松将继续利好贵金属和工业金属价格。供给端方面，全球矿山资本开支位于低 位，叠加地缘因素导致的供应紧张，供应紧约束特征明显。需求端则不仅有传统行业的韧性支撑，AI、储能等新兴领域的爆发也将驱动新一轮商 品周期。（文馨） 【环球网财经综合报道】近日，自然资源部发布重磅消息，宣布我国将开展新一轮找矿突破战略行动。这一举措进一步提升战略性矿产资源的安 全保障能力，为有色金属等关键行业的长期稳定发展筑牢资源基础。 据了解，"十四五"期间，我国新一轮找矿突破战略行动已取得显著成效，全面完成了既定目标。国家通过聚焦 ...