Core Insights - The core asset "cash cows" are performing strongly, with sectors like oil, petrochemicals, and non-ferrous metals leading the gains, as evidenced by the CSI 300 cash flow index rising by 1.9% against major indices like the CSI Dividend, Shanghai Composite, and ChiNext [1][19]. Performance Summary - The CSI 300 cash flow index closed with a gain of 1.8998% on January 26, 2026, outperforming the CSI Dividend index which rose by 0.6525%, the Shanghai Composite index which fell by 0.086%, and the ChiNext index which decreased by 0.9062% [2][19]. - The CSI 300 cash flow ETF (562080) opened high and closed up by 2.07% at ¥0.641, reaching a historical high of ¥0.646 during the trading session, with a trading volume of ¥55.94 million [4][21]. Fund Flow and Investment Trends - There has been a notable increase in fund inflows, with a net inflow of ¥41.56 million over the past five days [6][24]. - Among the 50 large-cap "cash cow" stocks, 33 saw price increases, with notable gains from Kingsoft International (up 9.93%), PetroChina (up 5.7%), and CNOOC (up 6.66%) [7][26]. Sector Analysis - The non-ferrous metals sector has seen a significant improvement in cash flow, with its representation in the CSI 300 cash flow index increasing from 4% to 11% between early 2024 and the end of 2025, enhancing profitability and resilience [31][33]. - The long-term performance of the CSI 300 cash flow total return index has shown a cumulative return of over 427% since 2014, with an annualized return of 15.31% [15][34]. Strategic Insights - The cash flow strategy is gaining traction as a robust investment approach, particularly in the current market environment that favors high-quality growth and shareholder returns [28][35]. - Investors are encouraged to consider the CSI 300 cash flow ETF (562080) and its associated funds for exposure to high-quality "cash cow" assets within the CSI 300 [35].

来源：沃伦财经 从尾盘表现来看，市场降温进程并未轻易结束，管理层仍在致力于控制"疯牛"这种节奏。近期多家上市 公司公告已明确指出，部分概念题材炒作本质上属于 "击鼓传花" 性质。因为诸多题材股的炒作缺乏实 质支撑，随时有可能鼓点停息。（本文数据来自：choice数据） 一方面，宽基 ETF 仍在盘中持续打压指数；另一方面，受打压影响的个股结构正在悄然发生变化 —— 前期率先完成调整的板块已逐步企稳，而前期未经历调整的爆炒题材股则跻身今天跌幅榜前列。 尾盘时段，多只权重指标股再度出现压盘动作，中国平安压出 20 亿的量，紫金矿业压出 40 亿的量，江 西铜业压出 19 亿的量。中国平安作为保险行业龙头，今天保险板块一度位居涨幅榜首位，尾盘涨幅仍 位列前六，压一下中国平安大家可以理解；而有色板块作为近期市场热门方向，紫金矿业、江西铜业的 尾盘压盘，显然是针对热门板块的定向降温措施。由此可见，市场降温已不再局限于大金融板块，正逐 步向其他领域扩散。 刚刚过去的周末，市场层面释放了多项降温信号：既有针对"大庄家"的十多亿元罚款处罚消息，也有锋 龙、嘉美等上市公司停牌的公告，更有官方媒体公开点名，明确反对商业航天、机器 ...

聚焦痛点破题：在降本增效中构筑产业化根基 在推进制造业高质量发展、构建绿色低碳循环经济体系的布局中，工业固废的资源化利用已从一道"附加题"演变为关乎产业安全与可持续性的"必答题"。 铜冶炼渣，这一长期制约行业绿色转型的"沉睡矿山"，正通过兰石中科与相关单位的技术赋能与产业实践，在年产1.5万吨铜镍合金生产线的持续运转 中，从环境包袱转变为蕴含巨大价值的战略资源，实现了"变废为金"的华丽转变。这不仅是一场深刻的技术革命，更是对产业循环模式的重塑，生动诠释 了科技型企业服务国家战略的使命与担当。 铜镍合金 兰石中科建立了基体净化与性能调控的理论体系和技术方案。特别是铜镍渣冶炼铜镍合金过程中难免存在的硫、磷、氧、铅等杂质，这些"小瑕疵"会严重 影响材料的导电、导热和力学性能，技术团队从高丰度稀土元素的差异化应用出发，其一是在冶炼过程中加入镧铈稀土元素，利用其与杂质元素亲和力强 的特性，形成稳定化合物，最终随渣排出。从根本上提升铜镍合金的纯度，材料高低温加工性能更稳定。其二是利用纳米粒子弥散强化技术原理，在铜镍 合金浇铸过程中加入微量纳米稀土材料。纳米稀土材料能有效抑制铜镍合金铸态组织中柱状晶的生长，推动其向更均匀的 ...

1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints of the Report - The market is currently in a state of high activity with a strong upward trend, especially for the CSI 500 and CSI 1000 indices. The market成交 remains high, and the upward momentum is expected to continue. However, there are also potential risks, such as a reversal in market liquidity, a burst of the US AI bubble, and lower - than - expected economic growth [20]. - In different commodity sectors: - Agricultural products: Overall, the supply and demand situation varies. For example, protein meal faces supply pressure, while sugar has supply - side issues both domestically and internationally. Oils and fats are in a state of wide - range oscillation [25][28][31]. - Metals: Precious metals like gold and silver are strongly influenced by geopolitical factors and are expected to maintain a strong upward trend. Base metals have different trends, such as copper being in a high - level consolidation phase, and iron ore having a weakening fundamental outlook [70][77][65]. - Energy and chemicals: Crude oil is affected by geopolitical risks and is expected to be volatile and slightly bullish. Other products like asphalt, fuel oil, and LPG also have their own supply - demand and price characteristics [120][122][127]. 3. Summary by Relevant Categories Financial Derivatives - **Stock Index Futures**: The IC and IM indices are accelerating upwards. The market enthusiasm is high, and the upward trend is expected to continue. The CSI 500 and CSI 1000 indices are favored. Trading strategies include going long on IM and IC in the medium - to - long term, and using grid trading for IF and IH in the short term [18][20]. - **Treasury Bond Futures**: Economic data is mixed, and the central bank's attitude towards liquidity is positive. It is recommended to partially take profits on long positions in TL and consider short - selling the basis of 30Y active bonds [22][23]. Agricultural Products - **Protein Meal**: Supply pressure is increasing, and the overall market is declining. The US soybean market is under pressure due to a generally loose supply - demand situation, while the domestic market may have some support in the short - term but still faces long - term pressure [25][27]. - **Sugar**: The international sugar price is falling, while the Zhengzhou sugar price is relatively strong. The international sugar market is affected by the expected increase in production in the Northern Hemisphere, while the domestic market is under supply pressure but has some support at low prices [28][30]. - **Oils and Fats**: The sector is expected to continue wide - range oscillations. Domestic soybean supply is sufficient, and the inventory of various oils is in different states. The Malaysian palm oil is expected to continue to reduce production and inventory [31][35]. - **Corn/Corn Starch**: The northern port spot price is rising, and the market is in a strong - side oscillation. The US corn market is affected by export sales and weather, while the domestic market has a stable spot price in the short - term but still faces pressure [35][37]. - **Hogs**: The slaughter pressure is improving, and the spot price is gradually rising. However, the overall supply pressure still exists, and the price is still under pressure [38][40]. - **Peanuts**: The spot price is stable, and the market is oscillating at the bottom. The import volume is decreasing, and the oil mill has a profit. The 05 contract is recommended to go long at low prices [41][43]. - **Eggs**: As the Spring Festival approaches, the egg price is rising. The supply is gradually reducing production, but the 03 contract may have limited upward space due to the weak demand after the Spring Festival [44][48]. - **Apples**: The pre - festival sales are good, and the price is firm. The inventory is low, the cost of warehouse receipts is high, and the 5 - month contract price is expected to be easy to rise and difficult to fall [50][55]. - **Cotton - Cotton Yarn**: The sentiment is optimistic, and the cotton price is supported. The sales progress is fast, and the improvement in Sino - US relations and the expected expansion of Xinjiang textile factories' production capacity support the market. The short - term market is expected to oscillate within a range [56][57]. Black Metals - **Steel**: The demand is marginally weakening, and the steel price continues to oscillate. The steel production and inventory are in a complex state, and the cost is supported. The market is expected to remain oscillating before the Spring Festival [59][60]. - **Coking Coal and Coke**: The fundamentals are lackluster, and attention should be paid to capital disturbances. The supply of coking coal is not tight, and the downstream replenishment is not strong. The market is expected to oscillate widely, and it is recommended to wait and see or go long at low prices [61][64]. - **Iron Ore**: The terminal demand is at a low level, and the iron ore price is oscillating. The supply is increasing, the demand is weak, and the high - valuation situation is expected to be difficult to sustain. The market is expected to oscillate in the short - term [65][67]. - **Ferroalloys**: The valuation is low and there is a need for restoration, and the short - term market is oscillating strongly. The supply and demand of silicon - iron and manganese - silicon are improving marginally, and the cost is supported [67][69]. Non - ferrous Metals - **Gold and Silver**: Gold has broken through the $5000 mark, and silver has entered the "three - digit" era. Geopolitical factors are the main drivers, and the prices are expected to remain strong in the short - term [70][73]. - **Platinum and Palladium**: Geopolitical events have led to a rift in trust between Europe and the United States, and the precious metals are strongly rising. Platinum has a stronger upward drive than palladium [74][76]. - **Copper**: The copper price is in a high - level consolidation phase. The increase in inventory and the uncertainty of tariffs have an impact on the short - term price, but the long - term supply shortage and strong financial attributes support the price [77][79]. - **Alumina**: The market is mainly oscillating at a low level. The supply has short - term maintenance and production reduction, and the fundamentals are still weak [80][83]. - **Electrolytic Aluminum**: The aluminum price is oscillating and rebounding. The global shortage is more prominent overseas, and the downstream has replenishment sentiment, supporting the price [84]. - **Cast Aluminum Alloy**: Driven by risk appetite, the alloy is oscillating and rebounding with the sector. The supply of scrap aluminum is tight, and the cost supports the price [85][86]. - **Zinc**: Attention should be paid to the change in domestic social inventory. The supply of zinc concentrate is still in short supply, and the supply of refined zinc is increasing. The market is expected to oscillate and rebound [87][93]. - **Lead**: There may be support at the bottom. The supply of primary lead is stable, and the production of recycled lead may decline. The demand is weakening, and the price is in a range - bound oscillation [93][97]. - **Nickel**: The long - term expectation is leading the nickel price to rise. The short - term reality is weak, but the long - term expectation is optimistic. The price is expected to have upward space after high - level consolidation [98][101]. - **Stainless Steel**: The supply and demand are tight, and the price is firm. The supply of raw materials is short, the inventory is decreasing, and the price is expected to remain high [102]. - **Industrial Silicon**: The news of production reduction is fermenting, but the coking coal is dragging down the market. The short - term market is oscillating strongly. If the production reduction is implemented, the price may rise [104]. - **Polysilicon**: The spot price is declining, and the short - term futures are under pressure. The high inventory and weak demand may lead to a decline in the spot price, and the futures should be treated with a short - term bearish view [105][106]. - **Lithium Carbonate**: The price is at a high level, and cautious operation is recommended. The supply may be affected by policies and maintenance, and the demand is supported by pre - holiday stocking. The price may continue to rise, but there are also regulatory risks [110][112]. - **Tin**: The tin price has increased in volume and broken through. The inventory is increasing, the production is decreasing, and the demand is in the off - season. The price is expected to oscillate widely at a high level [114][116]. Shipping - **Container Shipping**: The spot freight rate is continuing to decline, and attention should be paid to geopolitical dynamics. The freight rate is in the off - season decline process, and the impact of export tax rebates and geopolitical factors on the market needs to be observed [117][118]. Energy and Chemicals - **Crude Oil**: Driven by risk appetite, geopolitical sentiment still exists. Geopolitical factors and cold snaps in Europe and the United States are boosting the price, and the market is expected to be volatile and slightly bullish [120][121]. - **Asphalt**: Low inventory and low production support the spot price. The market is following the high - level oscillation of crude oil, and the demand is weakening as the Spring Festival approaches [122][125]. - **Fuel Oil**: The fundamentals remain weak, and geopolitical factors are the main bullish drivers. The high - sulfur fuel oil fundamentals are expected to be stable and weak in the first quarter, while the low - sulfur fuel oil supply is increasing [127][128]. - **LPG**: International propane is in short supply, and chemical demand is declining. The international market is tight, the supply of domestic liquefied gas is increasing slightly, and the demand for downstream chemicals is decreasing [130]. - **Natural Gas**: It is expected that the upward space of LNG price is limited, and attention should be paid to the market risk of US HH near the delivery date. The short - term price is supported by cold weather, but the long - term demand growth is slow, and the price is expected to decline [132][134]. - **PX & PTA**: The capital attention is increasing, and the aromatics sector is in a strong atmosphere. The PX supply is at a high level, and the PTA is affected by cost and capital sentiment [136][138]. - **BZ & EB**: There are frequent unexpected device problems, and the export transactions are good. The supply of pure benzene is expected to tighten, and the supply of styrene is affected by device problems. The market is expected to be volatile and slightly bullish [140][142]. - **Ethylene Glycol**: Saudi Arabia's maintenance is expected to reduce imports, and the Lianyungang device is switching production. The supply is expected to decrease, and the price is expected to be volatile and slightly bullish [143][145]. - **Short - fiber**: The supply is sufficient, and the terminal demand is weakening. The load is expected to decrease, and the price is following the cost side [146][148]. - **Bottle - grade PET**: The maintenance is accelerating in late January, and the price is following the cost side. The start - up rate is expected to decrease, and the price is expected to be volatile and slightly bullish [149]. - **Propylene**: The load continues to decline. The supply is affected by device maintenance, and the market supply and demand are supported [150][152]. - **Plastics (L & PP)**: The operation of the rubber and plastics industry is continuously improving. The prices of L and PP are rising, and the industry's profitability is improving [153][154]. - **Caustic Soda**: The price of caustic soda is weakening. The supply is strong, the demand is weak, and the inventory is accumulating. The price and the futures market are expected to be weak [155][158]. - **PVC**: The price continues to rise. The start - up rate is expected to decrease, the export is expected to be strong, and the price is expected to continue to be strong [159][161]. - **Soda Ash**: The price is oscillating and repairing. The supply is stable, the demand is good, and the price decline is expected to slow down [161][163]. - **Glass**: The futures price is oscillating. The market is affected by the real - estate situation, and the price is expected to decline with a narrowing range [164][166]. - **Methanol**: The market is running strongly. The international device start - up rate is declining, and the domestic supply is relatively loose. The market is supported by the overall strength of chemical products [166][168]. - **Urea**: The market is mainly oscillating. The domestic production is at a high level, the international market has an impact on sentiment, and the market is expected to continue to oscillate [169][171]. - **Pulp**: The pulp price is oscillating widely. Attention should be paid to the impact of the Chilean fire on the pulp supply. The supply is greater than the demand, and the price is expected to be bullish, but the impact of the fire needs to be observed [172][175]. - **Logs**: Due to natural disasters in New Zealand, the supply is tightening, and the spot price is slightly strong. The price is affected by supply and demand in different regions, and the long - position should be held [176][180]. - **Offset Printing Paper**: The inventory is high, and the cultural paper spot price has weak rebound momentum. The supply is still sufficient, the demand is weak, and the price is expected to be weak [180][182]. - **Natural Rubber and 20 - grade Rubber**: The NR warehouse receipts are reducing inventory, and the tire inventory is increasing. The inventory of different types of rubber is in different states, and the short - position is recommended for RU and NR [183][186]. - **Butadiene Rubber**: The warehouse receipts are increasing inventory, and the tire inventory is increasing. The inventory is increasing, and the market should be observed [186][189].

文字早评 2026/01/26 星期一 宏观金融类 股指 【策略观点】 近期政策更多是担心市场短期过热，慢牛才是政策的长期导向。中长期看政策支持资本市场的态度未变， 短期关注市场的节奏，策略上以逢低做多的思路为主。 【行情资讯】 国债 1、银河航天徐鸣：太空新基建迎万亿市场 2035 年全球太空经济将达 1.8 万亿美元； 2、星河动力总工李君：液体回收火箭智神星二号预计今年首飞； 3、AI：元宝官宣 2 月 1 号开启新春 10 亿红包活动；百度文心助手将发放 5 亿现金； 4、马斯克：星舰今年目标完全复用 进入太空成本将降至目前的 1%； 5、报道称三星电子将一季度 NAND 价格上调 100%。 期指基差比例： IF 当月/下月/当季/隔季：0.03%/0.14%/-0.32%/-1.18%； IC 当月/下月/当季/隔季：0.77%/0.79%/-0.13%/-1.15%； IM 当月/下月/当季/隔季：0.72%/0.54%/-1.23%/-2.97%； IH 当月/下月/当季/隔季：0.01%/0.19%/0.13%/-0.86%。 基本面看，12 月经济数据显示生产端有所回暖，外需方面出口数据超 ...

2026年1月26日，豫光金铅（sh600531）触及涨停，涨停价18.63元，涨幅9.98%，总市值225.29亿元，流 通市值225.29亿元，截止发稿，总成交额1.09亿元。 责任编辑：小浪快报 根据喜娜AI异动分析，豫光金铅涨停原因可能如下，高端材料转型+营收增长+套期保值： 1、公司主要 从事有色金属及贵金属冶炼销售，近年积极向高端材料制造转型，从传统冶炼延伸至高纯稀散金属及泛 半导体化合物产业，提升了产品附加值，这一业务升级或吸引市场关注，刺激股价上涨。 2、公司经营 状况有积极表现，2025年前三季度营收同比增长20.12%，主营业务规模扩大。同时开展商品期货及外 汇衍生品业务，有效对冲原材料价格和汇率波动风险，增强了风险管理能力，这些因素都为公司发展提 供了支撑。 3、从行业来看，有色金属板块受资金流向、金属价格等因素影响较大。近期金属市场的一 些变化或带动了板块热度，豫光金铅作为行业内企业，可能受到板块联动影响。资金流向方面，若当日 有主力资金流入该股票，也会推动股价涨停。技术面上，需结合具体的指标如MACD、BOLL通道等判 断，但文中未提供相关数据暂无法进一步分析。 声明：市场有风险，投 ...

"吃"进去的是废渣，"吐"出来的是稀贵金属，这样的工业奇迹不久后将在汉中锌业有限责任公司实 现。 1月20日，位于勉县的汉中锌业"6+N"废渣提铟资源综合利用示范项目正在如火如荼建设中。 在项目建设现场，工作人员紧张有序地忙碌着，项目主体即将竣工，一楼部分设备已进场安装。 作为陕西有色金属控股集团的核心成员企业和铅锌冶炼基地，汉中锌业有限责任公司通过前期铟富 集实验，发现公司在处置锌冶炼废渣过程中，铟元素富集在次氧化锌中。高达0.1%至0.2%，成为较好 的铟资源来源。 为了走循环发展之路，实现废渣就地转化，2025年6月30日，汉中锌业"6+N"废渣提铟资源综合利 用示范项目正式开工。项目占地约3亩，在现有三车间氧化锌系统的基础上，实施技术改造，最终形成 年产30吨的精铟生产线。 "作为铅锌冶炼产业链的重要延伸，该项目建成后，经过'铟富集—浸出—萃取—反萃—电解—熔 铸'6道工序，锌冶炼废渣就能变成金属铟，真正实现将废渣'吃干榨净'、变废为宝。"汉中锌业锌冶炼有 限责任公司电锌三车间负责人陈德涛介绍。 铟作为一种稀缺金属，具有绝佳的导电性、抗腐蚀性、延展性，被广泛应用于航空航天、无线电和 电子工业、新能源、 ...

Group 1 - The first major acquisition loan in the critical metals industry in Guangxi was successfully issued, amounting to 224 million yuan, aimed at supporting resource integration and capacity expansion [1] - Guangxi is recognized as a significant region for non-ferrous metals, holding a leading position in the reserves of various critical metals such as tin, antimony, indium, gallium, germanium, and rare earths [1] - To promote the high-quality development of the critical metals industry, Guangxi has introduced several policy documents in 2025, including measures for financial support and the establishment of the "Nandan Critical Metals Loan" [1] Group 2 - Financial institutions in Guangxi are innovating to support the green and high-quality development of the critical metals industry, with notable loans such as 100 million yuan from China Construction Bank for operational needs and 300 million yuan from Industrial and Commercial Bank of China for production stability [2] - The establishment of the Guangxi Critical Metals Industry Development Group in January 2026 aims to provide comprehensive financial services, with plans for Guangxi Beibu Gulf Bank to invest at least 20 billion yuan in the critical metals sector over the next five years [2] - By the end of 2025, 53 enterprises in the critical metals industry chain in Guangxi had been included in the "Nandan Critical Metals Loan" list, with 33 enterprises receiving a total of 2.838 billion yuan in loans [3]

位于江西省的江铜集团贵溪冶炼厂智能化电解车间内，机器臂进行铜板转运作业。 新华社记者 万 象摄 2025年经济社会发展各项数据近日"出炉"，如何评价中国经济全年表现？作为"十五五"开局之年，2026 年中国经济核心潜力主要体现在哪些方面？如何充分挖掘中国经济潜能？国家发展改革委有关负责人在 国新办日前举行的新闻发布会上一一进行了解读。 交出了一份高质量答卷 "2025年，经济运行稳中有进，发展韧性进一步彰显，民生政策更有温度，交出了一份高质量答卷。"国 家发展改革委副主任王昌林说。 经济实力跃上新台阶。面对风高浪急的外部环境，全年经济总量迈上140万亿元新台阶，5%的增速在全 球主要经济体中继续保持前列，增量相当于一个中等规模经济体的总量。 新质生产力发展取得新突破。创新成果竞相涌现，人工智能、生物医药、机器人等研发应用走在世界前 列。扎实推进现代化产业体系建设，传统产业焕新升级，新兴产业、未来产业加快塑造新动能，制造业 增加值连续16年位居全球第一。"实践证明，'卡脖子'是卡不住的，中国拥有强大的创新基因和巨大的 创新潜能。"王昌林说。 "展望2026年，我国经济结构将持续向'优'、发展动能持续向'新'、整 ...

证券日报网讯1月23日，豫光金铅（600531）在互动平台回答投资者提问时表示，截至2026年1月20日公 司股东人数为109441户。 ...