有色金属日报 2026-1-13 五矿期货早报 | 有色金属 【行情资讯】 有色金属小组 吴坤金 从业资格号：F3036210 交易咨询号：Z0015924 0755-23375135 wukj1@wkqh.cn 曾宇轲 从业资格号：F03121027 交易咨询号：Z0023147 0755-23375139 zengyuke@wkqh.cn 张世骄 从业资格号：F03120988 交易咨询号：Z0023261 0755-23375122 zhangsj3@wkqh.cn 王梓铧 从业资格号：F03130785 0755-23375132 wangzh7@wkqh.cn 刘显杰 从业资格号：F03130746 0755-23375125 liuxianjie@wkqh.cn 陈逸 从业资格号：F03137504 0755-23375125 cheny40@wkqh.cn 陈仪方 从业资格号：F03152004 0755-23375125 chenyf3@wkqh.cn 贵金属有色高位波动加大，短期情绪面受海外地缘影响或有所降温。产业上看当前铝 水比例下滑和铝价偏高的背景下，国内库存仍有累积压力，但海外低库存和 ...

每经AI快讯，白银有色1月12日晚间发布公告称，公司第五届第三十一次董事会会议于2026年1月12日 以通讯方式召开。会议审议了《关于选举董事的提案》等文件。 每经头条（nbdtoutiao）——年产量是传统大田120倍以上，1个人管理1栋楼！实探中国"植物工厂"：水 稻生产期从120天减到60天，没有虫害不用打农药 （记者 曾健辉） ...

格隆汇1月12日丨白银有色（维权）(601212.SH)公布，经公司第五届董事会第二十七次会议审议通过 《关于设立黄金公司的提案》，公司出资设立黄金公司，注册资本金15亿元，已于2025年11月完成工商 登记。 后续，公司完成黄金公司注册资本金15亿元实缴后，拟将下属分公司铜业公司的贵金属冶炼车间土地、 房屋、设备等固定资产和郝泉沟金矿采矿权增资至黄金公司，增资完成后，黄金公司注册资本将增加 2.4亿元（以最终登记的金额为准）。 ...

后续，公司完成黄金公司注册资本金15亿元实缴后，拟将下属分公司铜业公司的贵金属冶炼车间土地、 房屋、设备等固定资产和郝泉沟金矿采矿权增资至黄金公司，增资完成后，黄金公司注册资本将增加 2.4亿元（以最终登记的金额为准）。 格隆汇1月12日丨白银有色(601212.SH)公布，经公司第五届董事会第二十七次会议审议通过《关于设立 黄金公司的提案》，公司出资设立黄金公司，注册资本金15亿元，已于2025年11月完成工商登记。 ...

【华宝期货】有色金属周报 华宝期货 2026.1.12 以上内容谨代表个人观点，投资者据此做出的任何投资决策与华宝期货有限公司和作者无关，据此入市交易，风险自负！投资有风险，入市需谨慎！ 目录 01 有色周度行情回顾 02 本周有色行情预判 03 品种数据（铝、锌、锡、碳酸锂） 以上内容谨代表个人观点，投资者据此做出的任何投资决策与华宝期货有限公司和作者无关，据此入市交易，风险自负！投资有风险，入市需谨慎！ 02 本周有色行情预判 以上内容谨代表个人观点，投资者据此做出的任何投资决策与华宝期货有限公司和作者无关，据此入市交易，风险自负！投资有风险，入市需谨慎！ 铝锭：宏观依旧偏强 价格高位运行 Ø 逻辑：上周沪铝震荡走强。宏观上12月美国非农就业增长放缓程度超出预期，但失业率下降，表明劳动力市场并未出现 快速恶化，提升了经济有望避免陷入衰退的信心。基本面，国产矿方面，当前北方地区货源偏紧，但受氧化铝价格持续 走弱影响，氧化铝厂对铝土矿的溢价采购意愿不强。在供需博弈下，预计国产矿价仍有一定下行空间。进口矿市场近期 呈现买卖双方意向价分歧态势，整体成交表现胶着。不过，一季度长单价格总体平稳，加之部分矿区恢复发运， ...

每经AI快讯，1月12日，据上期所网站，上期所同意云南锡业股份（000960）有限公司生产的"YT"牌银 锭在上期所注册，执行标准价。 ...

Report Industry Investment Rating No relevant content provided. Core View of the Report - After the holiday, Shanghai tin showed a strong high - level volatile trend. On January 9, 2026, the spot price of Mysteel's comprehensive 1 tin was 327,000 yuan/ton, with large fluctuations in futures prices and significant changes in basis [16]. - In November 2025, the refined tin output was 15,490 tons, returning to normal in terms of both month - on - month and year - on - year comparisons. The cumulative domestic tin ore output from January to September was 56,500 tons, with a slight year - on - year increase. The domestic tin ore supply remained stable. The repeated process of mine resumption in Myanmar affected the price range. In November, Indonesia's exports returned to normal, with an export volume of 7,458.64 tons, a 25.59% year - on - year increase and a 182% month - on - month increase [16]. - In November, the demand growth in integrated circuits, automobiles, and PVC remained good, while the demand in traditional sectors such as computers and some white - goods slowed down. It is expected that in December, the demand in emerging fields will maintain resilience, while the demand in some traditional fields will be adjusted. According to preliminary estimates by the Passenger Car Association, in December 2025, the wholesale volume of new - energy passenger vehicles by national passenger - car manufacturers was 1.57 million, a 4% year - on - year increase and an 8% month - on - month decrease. The cumulative wholesale volume of new - energy passenger vehicles in 2025 was 15.33 million, a 25% year - on - year increase. The domestic economy has resilience, and the prosperity of new - energy and semiconductor industries has improved; overseas uncertainties remain high, and there is still a high probability of interest - rate cuts in the later period [16]. - The supply of tin ore remains tight, and the processing fees continue to decline weakly. Overall, under the background of mine - end interference, profits will remain at a low level [16]. - LME inventory increased slightly on a weekly basis; SHFE inventory decreased slightly on a weekly basis; and social inventory decreased slightly on a weekly basis [16]. - Due to insufficient supply, the domestic economy still has resilience, and the overall prosperity of semiconductors, automobiles, etc. remains upward. Overseas uncertainties remain high, and there are still expectations of interest - rate cuts. The mine - end situation is unstable, and the futures price remains strong. However, high - price expectations may suppress demand and stimulate supply. The industry association has called on all parties in the market to maintain a rational and cautious attitude. In terms of operation, hold long positions with a light position. Those with heavy positions can appropriately reduce their positions. The weekly reference support level has been raised to around 320,000 - 323,000 yuan/ton. Long positions can buy put options for protection. Later, focus on the implementation of macro - measures, the disturbances of Myanmar and Congo mines, the speed of Indonesia's exports, and the verification and guidance of consumption data [16]. Summary by Relevant Catalogs 1. Week - ly View and Strategy - **View**: After - holiday high - level strong volatility in Shanghai tin, with large fluctuations in futures prices and basis. Supply, demand, cost - profit, and inventory show different trends. The domestic economy has resilience, and overseas uncertainties remain high [16]. - **Strategy**: Hold long positions with a light position, reduce heavy positions appropriately. The reference support level is 320,000 - 323,000 yuan/ton, and long positions can buy put options for protection. Pay attention to macro - measures, mine disturbances, export speed, and consumption data [16]. 2. Industrial Chain Structure No specific content provided for in - depth summary. 3. Futures and Spot Markets No specific content provided for in - depth summary other than mentioning the SHFE and LME tin futures and spot prices and basis figures. 4. Inventory - As of January 8, 2026, SHFE inventory was 6,788 tons, decreasing slightly on a weekly basis. As of January 7, 2026, LME total inventory was 5,405 tons, increasing slightly on a weekly basis. As of January 2, 2026, the refined tin social inventory was 9,309 tons, decreasing slightly on a weekly basis [33][37]. 5. Cost and Profit As of January 9, 2026, the processing fee for Yunnan concentrate was 11,000 yuan/ton, and that for Guangxi concentrate was 7,000 yuan/ton. The processing fees continued to be weak [42]. 6. Supply - In November 2025, the refined tin output was 15,490 tons, returning to normal supply. The domestic tin ore output in September was 6,263.28 tons, showing a slight month - on - month decrease. In November 2025, the capacity utilization rate of tin enterprises was about 66.5%, returning to normal [48][53]. 7. Demand - In November 2025, China's automobile output was 3.519 million, a 2.4% year - on - year increase; the output of electronic computers was 29.028 million, a 1.4% year - on - year decrease. In December 2025, China's PVC output was 2.137 million tons, an 8.5% year - on - year increase; in November 2025, the output of mobile electronic communications was 142.35 million, an 11.6% year - on - year decrease. In November 2025, China's air - conditioner output was 15.026 million, a 23.4% year - on - year decrease; the refrigerator output was 9.442 million, a 5.6% year - on - year increase. In November 2025, China's washing - machine output was 12.013 million, a 5.5% year - on - year increase; the color - TV output was 17.449 million, a 5% year - on - year decrease. In November 2025, China's solar - cell output was 73.49 million kilowatts, a 7.8% year - on - year increase; the integrated - circuit output was 43.9 million pieces, a 15.6% year - on - year increase [60][65][70][75][79]. 8. Import and Export In November 2025, China imported 15,000 tons of tin ore, with a significant month - on - month increase; imported 1,194 tons of tin ingots; and exported 2,045 tons of refined tin and alloys [83]. 9. Supply - Demand Table The table shows the production, demand, and supply - demand balance of tin from 2018 to 2026E, including China's production, overseas production, global supply, China's demand, overseas demand, global demand, and global supply - demand balance [86].

锡周报 国泰君安期货研究所 有色及贵金属 刘雨萱 投资咨询从业资格号：Z0020476 唐文豪（联系人） 期货从业资格号：F03152608 日期：2026年1月11日 Guotai Junan Futures all rights reserved, please do not reprint Special report on Guotai Junan Futures 锡：震荡偏强 强弱分析：偏强 价格区间：345000-375000元/吨 0 5000 10000 15000 20000 25000 01-03 01-14 02-02 02-18 03-03 03-14 03-25 04-07 04-18 04-29 05-13 05-24 06-06 06-17 06-30 07-11 07-22 08-02 08-13 08-25 09-05 09-16 09-27 10-15 10-27 11-07 11-18 11-29 12-10 12-22 吨 SMM社会库存 2022 2023 2024 2025 2026 -1000 -500 0 500 1000 1500 2000 01-02 01- ...

铜锌比值新低， 板块氛围积极 锌周报 2026/01/10 张世骄（有色金属组） 0755-23375122 zhangsj3@wkqh.cn 从业资格号：F03120988 交易咨询号：Z0023261 CONTENTS 目录 02 宏观分析 05 供需库存 03 供给分析 06 价格展望 01 周度评估 周度评估 01 周度评估 04 需求分析 ◆ 价格回顾：上周五沪锌指数收涨0.01%至24007元/吨，单边交易总持仓21.81万手。截至上周五下午15：00，伦锌3S较前日同期跌 17.5至3152.5美元/吨，总持仓23.28万手。SMM0#锌锭均价24030元/吨，上海基差90元/吨，天津基差20元/吨，广东基差20元/吨， 沪粤价差70元/吨。 ◆ 国内结构：据钢联数据，全国主要市场锌锭社会库存为11.34万吨，较1月5日减少0.06万吨。上期所锌锭期货库存录得3.89万吨， 内盘上海地区基差90元/吨，连续合约-连一合约价差-50元/吨。海外结构：LME锌锭库存录得10.8万吨，LME锌锭注销仓单录得 0.82万吨。外盘cash-3S合约基差-42.57美元/吨，3-15价差-9.25美元/吨。 ...

Report's Investment Ratings for Different Metals - Copper: ★★★, indicating a clear upward trend and a relatively appropriate investment opportunity [1] - Aluminum: ★★★, suggesting a clear upward trend and a relatively appropriate investment opportunity [1] - Alumina: ★★★, showing a clear upward trend and a relatively appropriate investment opportunity [1] - Zinc: ★☆☆, representing a bullish bias but with limited operability on the trading floor [1] - Nickel and Stainless Steel: ☆☆☆, meaning the short - term long/short trend is in a relatively balanced state with poor operability [1] - Tin: ☆☆☆, indicating the short - term long/short trend is in a relatively balanced state with poor operability [1] - Lithium Carbonate: ★★★, suggesting a clear upward trend and a relatively appropriate investment opportunity [1] - Industrial Silicon: ★★★, showing a clear upward trend and a relatively appropriate investment opportunity [1] - Polysilicon: ★★★, indicating a clear upward trend and a relatively appropriate investment opportunity [1] Core Views of the Report - The report analyzes the market conditions of various non - ferrous metals, including price trends, supply - demand relationships, and influencing factors. It provides investment suggestions based on these analyses, such as holding certain option strategies, participating in hedging, and being cautious in trading [2][3][4] Summary by Metal Categories Copper - The Shanghai copper market reduced positions and fluctuated, recovering intraday losses. The impact of the US Supreme Court's ruling on Trump's tariffs on copper is limited. The previous option combination strategy can still be held. The domestic copper price is 100,275 yuan, and the Shanghai discount is 45 yuan [2] Aluminum and Alumina - Shanghai aluminum increased positions and rose. The spot discounts in East, Central, and South China narrowed. The short - term rise is driven by funds, deviating from the fundamentals. The profit per ton of aluminum soared to around 8,000 yuan, and aluminum plants can consider selling hedging. Alumina is in significant surplus, and the spot price is under pressure [3] Zinc - Zinc prices have not reached the downstream's psychological price, and the spot trading is light. In 2026, there is a strong expectation of pre - consuming, and the demand may not be weak in the off - season. The zinc price is expected to fluctuate in the range of 23,200 - 24,500 yuan/ton [4] Aluminum - The SMM 1 aluminum has a discount to the near - month contract. The import window is open, and the overseas surplus can be transmitted to the domestic market. The recycled aluminum production has increased after profit repair. The Shanghai aluminum is expected to fluctuate in the range of 17,000 - 17,800 yuan/ton [6] Nickel and Stainless Steel - Shanghai nickel fluctuated with active trading. The upstream is reluctant to sell, and the downstream's demand has improved. The stainless steel inventory has decreased. The market is currently dominated by policy sentiment [7] Tin - Shanghai tin increased positions and traded around the 350,000 - yuan mark. The spot price has support at the integer - level high. The option strategy of selling call options at 350,000 yuan can be held until maturity [8] Lithium Carbonate - The lithium price is oscillating at a high level with strong resilience. The upstream is reluctant to sell, and the downstream's demand has slightly improved. The price center is slowly rising, and the mine - end price remains strong [9] Industrial Silicon - The industrial silicon futures opened low and closed slightly down. The supply side has production cuts, and the demand side has reduced demand. The market is expected to be weak and volatile [10] Polysilicon - Polysilicon futures continued to decline sharply after the limit - down. The market's expectation for capacity clearance has changed. The supply is still high, and the price is seeking cost support [11]