随着贵金属价格连创新高，此前一直不受关注的铜也成了"投资品"。不少珠宝集散地商家推出1000克规格的铜条产品， "投资铜条"在市场迅速走热。然 而，与黄金、白银成熟的回收体系不同， 目前多数售卖投资铜条的商家明确表示只卖不收，也有商家表示可以代卖，个人投资者买入铜条后很可能陷 入"难变现"的困境。 在这场看似低门槛的投资热潮中，除了回收路径不明，铜价波动规律、交易合规性等潜在问题也逐渐显现。普通投资者该如何看待铜条投资？ 某主播称："1000克的成品，艺术品，暂时没有上链接。喜欢的话可以关注一下主播，给主播发私信好不好？或者是看一下主播头像下面。" 卖家发来每天打包发出的铜条 短视频平台上， 有人手持印有"纯铜999.9"字样的铜条，宣称有地方铜条已经卖断货；还有商家展示批量打包的铜条，表示都是"工厂直供，量大价优"。 商家售卖的投资铜条 商家售卖的投资铜条 在多个交易平台上可以看到，1000克规格的铜条被贴上"财富铜条""投资铜条"的标签批量售卖。但在直播间，主播们都很小心，不提具体价格，对是否回 收也避而不谈，只是强调私信联系。 记者联系到一家经营多年的贵金属回收门店，店主李先生表示，最近有不少人到店咨询 ...

每经AI快讯，1月21日，特变电工在互动平台表示，公司黄金产量（金金属量）每年约2.5~3吨。 公司 有煤矿、石英矿等与主业相关的矿产资源。 （文章来源：每日经济新闻） ...

Metal Market - Domestic base metals experienced a general increase, with Shanghai lead and zinc both declining by 0.67% and 0.2% respectively. Shanghai tin led the gains with a rise of 5.79%, while other metals saw increases of less than 1% [1] - In the external market, base metals also showed positive performance, with London tin rising by 5.68% and nickel increasing by 1.75%. Other metals had gains of less than 1% [1] - Precious metals saw significant movements, with COMEX gold rising by 2.13% to a peak of $4891.1 per ounce, nearing the $4900 mark, setting a new historical high. COMEX silver fell by 0.18%, while domestic gold rose by 3.69% to a peak of 1101.92 yuan per gram, also setting a new historical high. Domestic silver decreased by 0.11% [1] Macro Environment - The Ministry of Industry and Information Technology announced plans to promote collaborative innovation in advanced materials across the entire supply chain, aiming to enhance the innovation capacity and development efficiency of the new materials industry [3] - The number of 5G users in China has exceeded 1.2 billion, with 483.8 million 5G base stations built, covering all towns and 95% of administrative villages. The country is also advancing in 6G technology, having completed the first phase of technical trials and starting the second phase [4] - The People's Bank of China conducted a net injection of 122.7 billion yuan through reverse repos, maintaining the operation rate at 1.40% [5] Oil Market - Both domestic and international oil prices fell, with U.S. oil down by 0.93% and Brent oil down by 0.92%. The U.S. President indicated that Venezuelan oil could help lower U.S. oil prices, while EIA forecasts a moderate recovery in crack spreads by 2026, with increasing refined oil inventories exerting short-term downward pressure on crude oil prices [8]

Core Viewpoint - The Tokyo stock market experienced a slight decline on January 21, with both major indices falling, marking the Nikkei index's fifth consecutive day of losses, a first since mid-January 2025 [1] Market Performance - The Nikkei 225 index closed down by 0.41%, while the Tokyo Stock Exchange index fell by 0.99% [1] - The Nikkei index dropped by 216.46 points, ending at 52,774.64 points; the Tokyo Stock Exchange index decreased by 35.90 points, closing at 3,589.70 points [1] Influencing Factors - The decline in the Tokyo stock market was influenced by a significant drop in the three major U.S. stock indices the previous night, leading to a gap down at the market opening [1] - Despite the overall decline, some investors increased their buying activity in response to the recent downturn, which helped to narrow the extent of the market's losses [1] Sector Performance - Among the 33 industry sectors on the Tokyo Stock Exchange, most sectors experienced declines, with banking, insurance, and services sectors showing the largest drops [1] - Conversely, sectors such as non-ferrous metals, petroleum and coal products, and electric and gas industries saw gains [1]

【博时市场点评1月21日】两市拉锯上涨，有色表现领先 每日观点 今日沪深三大指数上涨，两市成交较昨日缩量至2.6万亿，资金交易热度较前期继续降温。行业方面， 申万一级行业中有色金属涨幅领先。1月20日，财政部连续发布五项政策，包含四项贴息政策+一项担 保计划，这五项政策是"财政金融协同促内需一揽子政策"的具体落实，通过"财政补一点、银行担一 点、企业和居民出一点"的方式，精准发力于消费和投资这两大内需支柱。整体来看贴息政策期限延 长、价平量增，聚焦提振消费尤其是服务消费，支持设备更新改造、中小企业融资、民间投资等。通过 财政贴息直接降低融资成本，再通过担保计划分担银行风险，旨在引导银行等金融机构"敢贷、愿贷"， 把更多资金导向实体，同时政策直指民间投资信心和居民消费意愿这两个关键，对内需结构精准加固。 短期看，政策降低了企业与居民融资成本，刺激投资与消费需求，中长期看若民间投资被有效激活，将 增强经济内生动力和韧性。 消息面 1月20日，财政部会同央行、金融监管总局等部门，正式发布并实施财政金融协同促内需一揽子政策。 政策"组合拳"主要包括：首次设立5000亿元民间投资专项担保计划、对中小微企业固定资产贷款给 ...

证券研究报告 | 策略点评 2026 年 01 月 21 日 投资要点 分析师：孟之绪 执业编号：S0300524080001 电话： 邮箱：mengzhixu@ykzq.com 投资策略研究 粤开市场日报-20260121 今日关注 指数涨跌情况：今日 A 股主要指数悉数上涨。截止收盘，上证指数涨 0.08%， 收报 4116.94 点；深证成指涨 0.70%，报 14255.13 点；科创 50 涨 3.53%，收 报 1535.39 点；创业板指涨 0.54%，收报 3295.52 点。总体上，全天个股涨多 跌少，Wind 数据显示，全市场 3095 只个股上涨，2195 只个股下跌，180 只个 股收平。沪深两市今日成交额合计 26006 亿元，较上个交易日缩量 1770 亿元。 行业涨跌情况：今日申万一级行业涨多跌少，有色金属、电子、机械设备、 钢铁、建筑材料等涨幅靠前，涨幅分别为 2.79%、2.62%、1.50%、1.39%、1.35%， 银行、煤炭、食品饮料等跌幅靠前，跌幅分别为 1.58%、1.57%、1.53%。 概念板块涨跌情况：今日涨幅居前概念板块为 GPU、先进封装、稀有金属精选、 ...

（文章来源：证券时报网） Choice统计显示，1月21日，沪深两市可交易A股中，上涨个股有2962只，下跌个股有2046只，平盘个 股有168只。不含当日上市新股，共有90只个股涨停，11只个股跌停。从所属行业来看，涨停个股主要 集中在电子、有色金属、汽车、化工、机械设备等行业。 ...

| 公用事业 | | | | 中泰股份 | | | --- | --- | --- | --- | --- | --- | | 食品饮料 | -1.15 | 254.43 | -4.33 | 欢乐家 | -10.03 | | 银行 | -1.33 | 226.12 | -5.86 | 农业银行 | -2.23 | | 煤炭 | -1.34 | 85.06 | -10.85 | 大有能源 | -8.04 | （文章来源：证券时报网） 今日各行业表现（截至下午13:58） | 申万行业 | 行业涨跌（%） | 成交额（亿元） | 比上日（%） | 领涨（跌）股 | 涨跌幅（%） | | --- | --- | --- | --- | --- | --- | | 电子 | 3.05 | 4356.73 | 9.62 | 中熔电气 | 20.00 | | 有色金属 | 2.46 | 1567.79 | -2.61 | 晓程科技 | 12.19 | | 建筑材料 | 1.75 | 193.51 | -14.76 | 国际复材 | 9.99 | | 机械设备 | 1.58 | 1454.38 | -6.56 | 浙矿股份 ...

有色金属ETF基金(516650)，场外联接(华夏有色金属ETF联接A：016707；华夏有色金属ETF联接C： 016708；华夏有色金属ETF联接D：021534)。 华泰证券研究指出，当前有色金属供给数量存在硬约束，叠加供需区域不均衡、矿端事故频发，容易加 大供给端的不确定性。短期市场行情的演绎可能更多受资金影响，投机资金频繁进行逼仓操作推升价 格。短期关注何时从投机与囤货需求主导转向实体需求主导，价格上涨后对传统工业需求的抑制作用有 所显现，关注不同需求间的再平衡。长期来看，有色金属的宏观逻辑仍然完整，继续作为战略性品种， 坚持逢调整加仓的思路。 1月21日 13:42，受金价同价盘中异动催化，有色金属ETF基金(516650)上涨1.86%， 冲击3连涨。其持仓 股白银有色、国城矿业双双涨停，西部黄金上涨8.97%，中金黄金，赤峰黄金等个股跟涨。统计显示， 有色金属ETF基金(516650)近19天获得连续资金净流入，合计"吸金"108.78亿元。截至1月20日，最新份 额67.98亿份，最新规模达145.50亿元，均创成立以来新高。 ...

Group 1 - The rise in risk aversion has driven precious metals higher, with spot gold surpassing $4870 per ounce, showing a daily increase of over 2.3%. UBS strategist Joni Teves expects gold prices to have upward momentum in the first half of the year, potentially reaching $5000 per ounce if concerns about the Federal Reserve's independence persist [1] - Silver is benefiting from the rise in gold prices and a narrowing supply-demand gap, with expectations to challenge $100 per ounce this year [1] - The copper market is tightening due to demand from energy transition, leading to an expected increase in price levels [1] Group 2 - As of November, the U.S. unemployment rate has dropped to 4.4%, indicating a temporarily stable labor market, with market expectations that the Federal Reserve will halt interest rate cuts from January to April [1] - In the medium to long term, risks related to U.S. federal government debt remain, and the dollar's status is facing challenges, suggesting continued opportunities for gold in the context of a global monetary system restructuring [1] Group 3 - The CSI Nonferrous Metals Industry Index (399395) has risen by 1.76%, with component stocks such as silver and tungsten companies showing significant gains, including a 10.01% increase for silver companies and 9.92% for tungsten companies [1] - The CSI Nonferrous Metals Industry Index tracks 50 prominent securities in the nonferrous metals sector, reflecting the overall performance of listed companies in this industry on the Shanghai and Shenzhen stock exchanges [2] - The top ten weighted stocks in the CSI Nonferrous Metals Industry Index account for 51.65% of the index, including companies like Zijin Mining and China Molybdenum [2]