Market Overview - The market is at a critical short-term turning point, facing a directional choice soon [1] - Positive performance could lead to new highs, while poor performance may result in a pullback [1] Key News - In January, 177 game approvals were granted, positively impacting the gaming sector [1] - The central bank emphasized its commitment to maintaining financial market stability and addressing systemic financial risks, providing reassurance to market participants [1] Sector Analysis - The precious metals sector, particularly gold and silver, experienced a spike followed by a pullback, indicating caution for investors to avoid chasing highs [1] - The overall performance of the precious metals sector remains healthy, but investors should be wary of potential corrections [1] Market Trends - The upward trend since January 19 is still intact, with the index above the 5-day and 10-day moving averages [2] - The key support level is around 4120 points; as long as this level holds, the market remains in an upward state [2] - Stability in heavyweight sectors such as non-ferrous metals, oil, coal, insurance, securities, and banking is crucial for maintaining the upward trend [2] Investment Strategy - Investors are advised to be patient and wait for the market to indicate its final direction [2] - Caution is advised against blindly chasing high-priced stocks due to recent pressure on high-positioned assets [2]

今天有色板块集体大涨，金铜矿龙头站上万亿市值，股价大涨5.17%，银矿龙头 涨停，有色掀起涨停潮，矿业 etf(561330)大涨6.23%。 今天还有一波资金，突然疯抢石油类资产。 今天原油龙头大涨6.66%，市值同样破万亿人民币，石油产业链小公司也跟着大涨。 买石油类公司的资金，我认为有两部分： 1. 一部分是前期踏空了有色金属理论上，美元不断贬值，有色能源都 今天有色板块集体大涨，金铜矿龙头站上万亿市值，股价大涨5.17%，银矿龙头 涨停，有色掀起涨停潮，矿业 etf(561330)大涨6.23%。 今天还有一波资金，突然疯抢石油类资产。 今天原油龙头大涨6.66%，市值同样破万亿人民币，石油产业链小公司也跟着大涨。 买石油类公司的资金，我认为有两部分： 1. 一部分是前期踏空了有色金属理论上，美元不断贬值，有色能源都会受益。 其他的商品有色股普遍大涨，但因为通胀问题，特朗普一直压制油价。 美联储主席换届在今年5月份，美国今年中期选举时间在11月份，在5月到11月份这段时间，特朗普对油价的态度 可能会有一些变化。 2.对有色仓位的保护有色公司最怕的就是美元加息或者通胀预期抬升，油价如果大涨，会有可能减缓 ...

Core Viewpoint - Oil prices decreased despite a significant winter storm impacting crude production and refinery operations on the U.S. Gulf Coast [1] Industry Impact - The winter storm has led to disruptions in crude production and refinery activities, indicating potential supply constraints in the oil market [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]

Group 1 - In 2025, the total profit of industrial enterprises above designated size in the country reached 73,982.0 billion yuan, an increase of 0.6% compared to the previous year [1] - The profit situation in major industries includes: - Black metal smelting and rolling industry profits increased by 3.0 times - Non-ferrous metal smelting and rolling industry increased by 22.6% - Computer, communication, and other electronic equipment manufacturing increased by 19.5% - Electricity and heat production and supply increased by 13.9% - Special equipment manufacturing increased by 5.7% - Electrical machinery and equipment manufacturing increased by 4.9% - General equipment manufacturing increased by 4.2% - Agricultural and sideline food processing increased by 3.2% - Automobile manufacturing increased by 0.6% - The petroleum, coal, and other fuel processing industry reduced losses compared to the previous year - Non-metallic mineral products industry decreased by 1.7% - Chemical raw materials and chemical products manufacturing decreased by 7.3% - Textile industry decreased by 12.0% - Oil and gas extraction industry decreased by 18.7% - Coal mining and washing industry decreased by 41.8% [1][2]

（文章来源：新华财经） 新华财经北京1月27日电华泰证券最新研报指出，2026年1月以来，委内瑞拉、伊朗等地缘紧张局势再次 引发市场供应风险担忧，1月23日WTI/Brent期货价格收于61.07/65.88美元／桶，较12月末上涨 6.4%/8.3%。地缘溢价已导致淡季油价筑底反弹，随着需求回升及全球性储备性累库，2026年第二至第 三季度油价有望见底上探，叠加美联储降息对需求拉动，亚非拉地区成品油需求或景气上行，上调2026 年布伦特原油均价为65美元／桶（前值62美元／桶）。长期而言，考虑主要产油国边际成本及"利重于 量"诉求，油价中枢存60美元／桶底部支撑。具备增产降本能力及天然气业务增量的能源龙头企业或将 显现配置机遇；油价筑底后库存损失减少，炼化有望迎来盈利低迷下的景气反转。 ...

亚洲早盘油价小幅走低，但或受伊朗紧张局势支撑，该局势可能导致供应中断。近月西得州中质油期货 下跌0.2%，报每桶60.52美元；近月布伦特原油期货下跌0.3%，报每桶65.40美元。澳大利亚国民银行高 级市场策略师Gavin Friend在评论中称，随着美国军事力量向中东移动，市场对伊朗可能发生的情况日 益担忧。媒体援引美国官员的话报道称，"亚伯拉罕·林肯"号航空母舰及其随行战舰已进入中东。此举 为美国总统特朗普提供了额外的进攻和防御能力，以备他选择推进对伊朗的攻击。 来源:金融界AI电报 ...

Core Viewpoint - The wholesale prices of gasoline and diesel in China have increased as of January 26, with the average wholesale price of 92 gasoline at 7341 yuan per ton, up by 9 yuan per ton from January 23, and diesel at 6097 yuan per ton, up by 2 yuan per ton from January 23 [1] Market Overview - The increase in wholesale prices is attributed to a rise in international crude oil futures prices and a positive change in the average price of a basket of crude oil, although demand remains limited, leading to a relatively stable purchasing atmosphere [1] Regional Price Changes - Gasoline prices increased in regions including Inner Mongolia, Shaanxi, Shandong, Anhui, Jiangsu, Zhejiang, Jiangxi, Fujian, Beijing, and Hubei, while prices decreased in Gansu, Sichuan, and Chongqing - Diesel prices rose in Gansu, Inner Mongolia, Shaanxi, Shandong, Shanghai, Zhejiang, Beijing, Tianjin, Hebei, and Henan, but fell in Heilongjiang, Sichuan, Chongqing, Anhui, Jiangsu, Guangdong, Shanxi, and Guangxi [1] Data Source - The price data is published by the China Economic Information Agency and the China Petroleum Economic and Technological Research Institute's "Energy Big Data Laboratory," reflecting the overall situation of the gasoline and diesel wholesale market in China [1]

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 原油： （钟美燕，从业资格号：F3045334；交易咨询资格号：Z0002410） 周一油价震荡回落，其中WTI 3月合约收盘下跌0.44美元至60.63美元/桶，跌幅0.72%。布伦特3月合约收 盘下跌0.29美元至65.59美元/桶，跌幅0.44%。SC2603以450.1元/桶收盘，下跌0.8元/桶，跌幅为0.18%。 随着一个承担了哈萨克斯坦大部分原油出口的关键黑海码头恢复运行，一度导致欧洲市场供应紧张的哈 萨克斯坦原油出口中断情况有所缓解。与此同时，该国巨型的Tengiz油田也将于近期重新启动产出。在 投资者评估席卷美国广大地区的冬季风暴带来的影响之际，新增供应缓解了市场对短缺的担忧。包括埃 克森美孚公司的Baytown大型炼油厂在内的多家工厂在暴风雪来临前削减了运营。1月26日，中东紧张 局势仍在持续，美国总统特朗普向中东地区派遣海军力量引发外界猜测他可能兑现攻击伊朗政权的威 胁，并加剧了对该国原油产出的担忧。特朗普表示，鉴于韩国方面尚未通过该项贸易协议，他已决定将 对韩国汽车、木材、制药产品以及其他对等关税项目的税率从15%上调至 ...

投资咨询业务资格：证监许可【2012】669号 中信期货研究|能源化⼯策略⽇报 2026-01-27 哈萨克斯坦原油供应即将回归，地缘和 预期促使能化延续震荡 原油市场延续震荡整理格局，多重因素作用于油价之上。原油实际供 需而言，彭博报道哈萨克斯坦的原油出口终端已经完成修复，田吉兹巨型 油田的生产也即将重启，这将有助于缓解欧洲市场的偏紧格局。1月20日 当周，强冬季风暴登陆美国大西洋沿岸，带来强降雪和冻雨天气，2月3日 左右美国气温又将明显回升。美国总统特朗普向中东地区派遣海军兵力 后，当地地缘紧张局势持续升级，伊朗日产原油超过300万桶，是具有地 缘意义的产油国，局势的不确定性对油价形成支撑。（以上新闻和数据均 来自彭博终端） 板块逻辑： 化工延续震荡整理态势，供需面的因素退居其次，预期的力量依旧较 强。液体化工库存周度全线增加，纯苯华东港口库存环比增2.69%，苯乙 烯华东港口库存环比增7.59%，乙二醇华东港口库存环比增7.8%，化工实 体需求即将逐步进入消费淡季，产业将逐步累库。化工整体处于震荡格 局，芳烃生产已经出现利润，但当前也看不到供给大幅增加打压价格的情 况；聚烯烃期价反弹，油制烯烃生产盈亏格 ...