每经AI快讯，"A股绿色报告"项目监控到的数据显示，中国铝业（601600）控股子公司兰州铝业有限公 司兰州铝业扁锭生产线深井铸造安全隐患综合治理项目环评审批获原则同意。该项目总投资额达3945万 元。该审批信息于2025年12月11日被相关监管机构披露。 "A股绿色报告"项目由每日经济新闻联合环保领域知名NGO公众环境研究中心（IPE）共同推出，旨在 让上市公司环境信息更加阳光透明。本项目基于31个省（区、市）、337个地级市政府发布的权威环境 监管数据，筛选监控上市公司及其旗下公司（包括分公司、参股公司和控股公司）的环境表现，加以专 业数据分析及深入解读，每日智能写作及时发布上市公司AI绿报，每周推出A股绿色周报，定期动态更 新上市公司环境风险榜。 (记者 刘志远 魏官红) 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前核实。据此操作，风险自担。 上期（总第227期）A股绿色周报显示，共有4家上市公司在近期暴露了环境风险。 ...

Report Industry Investment Ratings Not provided in the document. Core Views of the Report - China's service industry activities maintained expansion in December 2025, but new export orders re - entered the contraction zone. Enterprises' optimism about the business outlook for the next year improved to the highest in 9 months [7][28]. - The price of lithium carbonate is expected to rise due to concerns about supply contraction and positive demand expectations. The demand side is supported by policies and better - than - expected demand in the traditional off - season, while the supply side is affected by potential supply tightening policies [8]. - It is not advisable to short caustic soda. Although the short - term decline due to delivery factors is limited, the spot market still faces challenges such as low - price warehouse receipts, and obvious rebounds are difficult without production cuts [10][92]. - In the short term, butadiene and butadiene rubber may run strongly, but the upside space is gradually narrowing. The cost of synthetic rubber is pushed up by butadiene, and the apparent demand for butadiene rubber remains high [13]. - Aluminum prices may continue to rise. Although the spot market is weak, the basis may be repaired, and there is potential for upward movement in the first quarter, especially if there is a spring rally in the equity market [14]. Summary by Relevant Catalogs Gold and Silver - Gold: Safe - haven sentiment has rebounded. The prices of domestic and foreign gold futures and spot have shown different trends, and the trading volume and positions have also changed. The geopolitical situation, such as the arrest of Venezuelan President Maduro, has affected the market [21]. - Silver: It is consolidating at a high level. The prices of domestic and foreign silver futures and spot have fluctuated, and the trading volume and positions have changed accordingly [21]. Base Metals - Copper: The sentiment for going long is strong, and the price continues to rise. The prices of domestic and foreign copper futures have increased, and the trading volume and positions have changed. Geopolitical risks and macro - economic data have influenced the market [24]. - Zinc: It is oscillating strongly. The prices of domestic and foreign zinc futures have shown an upward trend, and the inventory has decreased, supporting the price [27]. - Lead: The inventory has decreased, supporting the price. The prices of domestic and foreign lead futures have changed slightly, and the inventory decline has provided some support [30]. - Tin: It is oscillating within a range. The prices of domestic and foreign tin futures have increased, and the trading volume and positions have changed [34]. - Aluminum: It continues to make up for losses. The prices of domestic and foreign aluminum futures have risen, and the spot market is weak but may be repaired [37]. - Alumina: It has declined slightly. The price of alumina futures has decreased, and the market is affected by supply and demand factors [37]. - Cast aluminum alloy: It follows the trend of electrolytic aluminum. The price of cast aluminum alloy is related to the price of electrolytic aluminum [37]. - Platinum: It is oscillating upward. The prices of platinum futures and spot have increased, and the trading volume and positions have changed [43]. - Palladium: It is oscillating within a range. The prices of palladium futures and spot have fluctuated, and the trading volume and positions have changed [43]. - Nickel: There is a game between real - world pressure and cycle - shift narratives, with wide - range oscillations. The price of nickel futures is affected by multiple factors such as supply and demand and policies [45]. - Stainless steel: The real - world fundamentals are dragging down the market, and the market is mainly gambling on Indonesian policies. The price of stainless steel futures is affected by domestic and foreign policies and supply - demand relationships [45]. Energy and Chemicals - Lithium carbonate: Concerns about supply contraction and positive demand expectations have led to an upward shift in the price center. The prices of lithium carbonate futures and spot have increased, and the market is affected by policies and demand [49]. - Industrial silicon: The fundamental situation is weak. The price of industrial silicon futures has declined, and the market is facing challenges in supply and demand [52]. - Polysilicon: It is oscillating at a high level, and attention should be paid to the impact of news. The price of polysilicon futures is affected by supply - demand and news factors [52]. - Iron ore: It is fluctuating at a high level. The price of iron ore futures has increased slightly, and the market is affected by supply - demand and macro - economic factors [56]. - Rebar and hot - rolled coil: The expectation of raw material winter storage and resumption of production may compress steel mill profits. The prices of rebar and hot - rolled coil futures have declined slightly, and the market is affected by supply - demand and policies [60]. - Ferrosilicon: The settlement electricity price has decreased, and the price is oscillating weakly. The price of ferrosilicon futures has declined, and the market is affected by electricity prices and supply - demand [64]. - Manganese silicon: After the holiday, the inquiry sentiment is strong, waiting for the steel procurement to be finalized. The price of manganese silicon futures has declined, and the market is waiting for steel procurement information [64]. - Coke and coking coal: Contradictions are accumulating, and they are oscillating weakly. The prices of coke and coking coal futures have declined, and the market is affected by supply - demand and environmental protection policies [67]. - Logs: They are oscillating at a low level. The prices of log futures have declined slightly, and the market is affected by supply - demand and seasonal factors [72]. - p - Xylene (PX), PTA, and MEG: PX and PTA are in a high - level oscillating market supported by cost. MEG has limited upside space and still faces pressure in the medium term. The prices of PX, PTA, and MEG futures have declined, and the market is affected by cost and supply - demand [75]. - Rubber: It is oscillating. The price of rubber futures has increased slightly, and the market is affected by supply - demand and inventory factors [80]. - Synthetic rubber: The short - term center has shifted upward. The price of synthetic rubber futures has increased, and the market is affected by cost and demand [83]. - LLDPE: The upstream inventory has been transferred, and the basis has strengthened. The price of LLDPE futures has declined slightly, and the market is affected by inventory transfer and geopolitical factors [86]. - PP: Multiple PDH units are planned to be overhauled in January, and the basis has strengthened. The price of PP futures has declined slightly, and the market is affected by production overhauls and cost factors [88]. - Caustic soda: It is not advisable to short. The price of caustic soda futures has declined, and the market is affected by delivery factors and supply - demand fundamentals [90][92]. - Pulp: It is oscillating widely. The price of pulp futures has declined slightly, and the market is affected by supply - demand and inventory factors [97]. - Glass: The price of the original sheet is stable. The price of glass futures has declined slightly, and the market is affected by supply - demand and macro - economic factors [100]. - Methanol: It is expected to be strong in the short term. The price of methanol futures has declined slightly, and the market is affected by geopolitical factors and inventory expectations [104][107]. - Urea: The oscillation center has shifted upward. The price of urea futures has increased, and the market is affected by supply - demand and expectations of agricultural demand [108][109]. - Styrene: It is oscillating in the short term. The price of styrene futures has declined, and the market is affected by valuation and supply - demand factors [111][112]. - Soda ash: The spot market has changed little. The price of soda ash futures has declined, and the market is affected by supply - demand and production start - up rates [117]. - LPG: Geopolitical factors are disturbing the cost, and attention should be paid to the realization of downward drivers. The price of LPG futures has increased slightly, and the market is affected by geopolitical and supply - demand factors [120]. - Propylene: The upward and downward drivers are limited, and the spot trend is stabilizing. The price of propylene futures has declined slightly, and the market is affected by supply - demand and production start - up rates [121]. - PVC: It is strong in the short term and oscillating in the medium term. The price of PVC futures has declined slightly, and the market is affected by supply - demand and cost factors [130]. - Fuel oil and low - sulfur fuel oil: The upward trend of fuel oil has paused, and there is support below. Low - sulfur fuel oil is oscillating narrowly. The prices of fuel oil and low - sulfur fuel oil futures have declined, and the market is affected by supply - demand and international oil prices [133]. Shipping and Transportation - Container Freight Index (European Line): Attention should be paid to the opening guidance. The price of the container freight index futures has increased, and the market is affected by shipping capacity, freight rates, and geopolitical factors [135]. Agricultural Products - Short - fiber and bottle - chip: They are in a short - term oscillating market. The prices of short - fiber and bottle - chip futures have declined, and the market is affected by supply - demand and raw material prices [148]. - Offset - printing paper: It is advisable to wait and see. The price of offset - printing paper futures has increased slightly, and the market is affected by supply - demand and cost factors [151]. - Pure benzene: It is oscillating mainly in the short term. The price of pure benzene futures has declined, and the market is affected by inventory and supply - demand factors [155]. - Palm oil and soybean oil: Palm oil has weak fundamental drivers, and attention should be paid to the spill - over effect of crude oil fluctuations. Soybean oil is mainly in a unilateral range, and attention should be paid to the spread opportunities. The prices of palm oil and soybean oil futures have declined slightly, and the market is affected by supply - demand and international market factors [159]. - Soybean meal and soybeans: Soybean meal is oscillating strongly, and soybeans are rebounding and oscillating. The prices of soybean meal and soybean futures have changed, and the market is affected by international soybean prices and supply - demand [164]. - Corn: Attention should be paid to the spot market. The price of corn futures has declined slightly, and the market is affected by supply - demand and spot prices [168]. - Sugar: It is mainly in a weak - running state. The price of sugar futures has declined, and the market is affected by domestic and international production, consumption, and import policies [171]. - Cotton: It is maintaining a strong - oscillating trend. The price of cotton futures has increased, and the market is affected by domestic and international supply - demand and spot prices [176]. - Eggs: They are oscillating and adjusting. The price of egg futures has increased, and the market is affected by supply - demand and feed prices [181]. - Hogs: The weakness is emerging. The price of hog futures has declined slightly, and the market is affected by supply - demand and inventory factors [186]. - Peanuts: They are oscillating. The price of peanut futures has declined, and the market is affected by supply - demand and spot prices [190].

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - After the holiday, non-ferrous metals generally rose, with copper, aluminum, and aluminum alloys showing strength, while zinc, tin, etc. followed the upward trend, and nickel and lead were consolidating. The macro environment is positive, and the supply side of non-ferrous metals is strongly supported. Valuation-lagging varieties also showed a rotational recovery in the strong sector. The report suggests paying attention to whether there will be fluctuations and differentiation due to fundamental differences after the positive start. [12][13] - The report provides specific operation suggestions and market outlooks for various non-ferrous metal varieties, including copper, zinc, aluminum, tin, lead, nickel, and stainless steel. [14][15][16] Summary by Relevant Catalogs First Part: Non-ferrous Metal Operation Logic and Investment Recommendations - **Macro Logic**: The non-ferrous metal sector had a positive start after the holiday, and it is expected that in 2026, factors such as a relatively loose monetary environment, the development direction of AI technology, increased attention to the critical mineral supply chain, and the rise of resource nationalism in resource-rich countries will continue to support non-ferrous metals. China's December official manufacturing PMI and non-manufacturing PMI both returned to the expansion range, and the US economic data also showed certain positive signs. [12] - **Operation Suggestions for Each Variety**: - **Copper**: Try to gradually buy on dips. The short-term upper pressure range is around 105,000 - 110,000 yuan/ton, and the lower support range is around 95,000 - 96,000 yuan/ton. Consider buying deep out-of-the-money long-term call options. [3][14] - **Zinc**: It is expected to continue the relatively strong consolidation pattern. The upper pressure is around 23,800 - 24,000, and the short-term lower support is around 22,800 - 23,000. Hold long positions and wait and see. [4][15] - **Aluminum Industry Chain**: - **Aluminum**: Temporarily wait and see to prevent a callback after a short-term over - rise. The upper pressure range is 24,000 - 24,500, and the lower support range is 22,000 - 22,300. Buy out-of-the-money put options for protection. - **Alumina**: Sell on rallies. The upper pressure range is 2,800 - 3,000, and the lower support range is 2,000 - 2,200. Buy out-of-the-money call options for protection. - **Recycled Aluminum Alloy**: Temporarily wait and see. The upper pressure range is 23,000 - 23,500, and the lower support range is 21,000 - 21,500. Buy out-of-the-money put options for protection. [5][15] - **Tin**: Adopt a bullish mindset. Pay attention to the influence of other non-ferrous metal varieties, as well as the situation of the ore end and policy regulation. The upper pressure range is 350,000 - 355,000, and the lower support range is 310,000 - 320,000. Consider buying out-of-the-money put options for protection. [6][7][15] - **Lead**: It is expected to continue the consolidation pattern after the holiday. The short-term lower support is around 16,700 - 16,800, and the upper resistance is around 17,500 - 17,700. Consider the double - selling strategy. [8][16] - **Nickel and Stainless Steel**: - **Nickel**: It may continue the relatively strong fluctuation after the holiday. The upper resistance is around 135,000 - 136,000 yuan, and the lower support is around 126,000 - 128,000 yuan. Buy on dips. - **Stainless Steel**: It is currently consolidating. The lower support is around 12,800 - 13,000, and the upper resistance is around 13,400 - 13,600. Wait and see until the Indonesian policy becomes clear. [9][16] Second Part: Non-ferrous Metal Market Review - The closing prices and price changes of various non-ferrous metal futures are provided, including copper, zinc, aluminum, aluminum oxide, tin, lead, nickel, stainless steel, and cast aluminum alloy. For example, the closing price of copper futures was 101,350, with a price increase of 3.17%. [17][18] Third Part: Non-ferrous Metal Position Analysis - The latest position analysis of the non-ferrous metal sector is presented, including the price change, net long - short strength comparison, net long - short position difference, changes in net long and net short positions, influencing factors, and the sector for each variety. For example, for Shanghai Nickel (NI2602), the price change was 2.44%, with a strong short position by the main force, a net long - short position difference of - 19,690, an increase of 568 in net long positions, a decrease of 2,947 in net short positions, and the influencing factor was the reduction of short positions by the main force. [20] Fourth Part: Non-ferrous Metal Spot Market - The spot prices and price changes of various non-ferrous metals are provided, including copper, zinc, aluminum, aluminum oxide, nickel, stainless steel, tin, lead, and cast aluminum alloy. For example, the Yangtze River Non - ferrous copper spot price was 100,750 yuan/ton, with a price increase of 1.33%. [22] Fifth Part: Non-ferrous Metal Industry Chain - Various industry chain - related charts are presented for different non-ferrous metal varieties, such as the exchange copper inventory change, LME copper inventory, copper concentrate smelting fee, zinc inventory change, zinc concentrate processing fee change, etc. [24][26][28] Sixth Part: Non-ferrous Metal Arbitrage - Arbitrage - related charts for different non-ferrous metal varieties are provided, such as the copper Shanghai - London ratio change, Shanghai copper and London copper basis, zinc Shanghai - London ratio change, etc. [58][60] Seventh Part: Non-ferrous Metal Options - Option - related charts for different non-ferrous metal varieties are provided, such as the historical volatility of copper options, the weighted implied volatility of copper options, the historical volatility of zinc options, etc. [78][81]

Group 1 - The core index, Shanghai Composite Index, rose by 1.14%, reaching a 10-year high, while Shenzhen Component Index increased by 0.81%, and ChiNext Index slightly decreased by 0.04% [1] - The non-ferrous metal sector showed strong performance, with companies like Liyuan Co. and Chang Aluminum Co. hitting the daily limit [1] - The insurance and securities sectors were active, with Hualin Securities reaching the daily limit and Xinhua Insurance rising over 7% [1] Group 2 - Energy metals, fertilizers, minor metals, photovoltaic, precious metals, chemical fibers, titanium dioxide, and brain engineering concepts were among the top-performing sectors [1] - Conversely, sectors such as beauty care, CPO, and copper cable high-speed connection concepts experienced the largest declines [1] - Over 3,600 stocks in the market saw an increase [1]

Group 1 - The non-ferrous sector experienced a strong rally on the 6th, with cobalt and nickel stocks performing notably well. Companies such as Guiyan Platinum Industry, Chang Aluminum, and Tin Industry Co. reached their daily limit up, while Huayou Cobalt rose nearly 8% and Hanrui Cobalt increased over 5% [1] - CITIC Construction Investment Securities highlighted that a large-scale military action by the U.S. against Venezuela on January 3 has drawn strong international condemnation, increasing geopolitical tensions and driving safe-haven investments into gold, reinforcing the bullish trend in precious metals [1] - In the base metals sector, the beginning of the new year saw supply issues emerge, particularly with copper, where worker strikes at mining sites exacerbated existing supply tensions. Additionally, the electrolytic aluminum sector faces potential production cuts, leading to a breakout in London aluminum prices above key levels [1] Group 2 - Indonesian nickel miners proposed a reduction in nickel ore quotas, while Vale's Indonesian operations have paused mining activities due to delays in the approval of their 2026 production plans, which supports a rebound in nickel prices [1]

Group 1: Report Investment Rating - Not mentioned in the provided content Group 2: Core Views - The overall sentiment for copper is that the upward trend may slow down due to factors such as squeezed downstream demand and inventory accumulation, despite strong support from supply - side factors. For aluminum, it is expected to continue to be range - bound with an upward bias. Lead is likely to be weak in the short - term, zinc is expected to have a wide - range oscillation in the medium - term and follow the non - ferrous sector strongly in the short - term. Tin prices are expected to fluctuate with market risk appetite. Nickel's short - term bottom may have appeared. Carbonate lithium is subject to high volatility and is recommended to be observed or lightly traded. Alumina is recommended to be observed, and short positions can be considered under certain conditions. Stainless steel may be advisable to go long at low prices. Cast aluminum alloy is expected to be range - bound with an upward bias [2][5][8][10][12][14][18][21][24][27] Group 3: Summary by Metal Copper - **Market Information**: After the domestic holiday, copper prices continued to be strong. LME copper 3M rose 5.03% to $13,087/ton, and SHFE copper main contract closed at 102,650 yuan/ton. LME copper inventory decreased, while domestic social and bonded - area inventories increased. The spot in Shanghai and Guangdong changed from discount to premium. The import loss of SHFE copper spot widened, and the refined - scrap copper price difference increased [1] - **Strategy View**: With a loose US financial market liquidity, mild domestic policy stimulus, and geopolitical factors, the sentiment is favorable. However, high prices are squeezing downstream demand, and there is inventory accumulation pressure. The upward trend of copper prices is expected to slow down. The reference range for SHFE copper main contract is 101,200 - 105,000 yuan/ton, and for LME copper 3M is $12,800 - 13,400/ton [2] Aluminum - **Market Information**: Both domestic and international aluminum prices accelerated their upward movement. LME aluminum rose 2.28% to $3,090/ton, and SHFE aluminum main contract closed at 24,165 yuan/ton. SHFE aluminum weighted contract positions increased significantly, and futures warehouse receipts increased. Domestic aluminum ingot and aluminum rod social inventories increased, and the processing fee of aluminum rods decreased. The spot in the East China region was at a discount to futures, and LME aluminum inventory decreased [4] - **Strategy View**: The high prices of precious metals and copper are expected to drive up aluminum prices. Although high aluminum prices suppress downstream production, low overseas inventory and supply - side disturbances support the price. Aluminum prices are expected to continue to be range - bound with an upward bias. The reference range for SHFE aluminum main contract is 23,700 - 24,400 yuan/ton, and for LME aluminum 3M is $3,050 - 3,140/ton [5] Lead - **Market Information**: SHFE lead index rose 0.27% to 17,403 yuan/ton, and LME lead 3S rose to $2,020/ton. The refined - scrap lead price difference was 150 yuan/ton. Domestic social lead inventory increased, and LME lead inventory and注销仓单 were recorded [7] - **Strategy View**: The visible lead ore inventory increased, the primary lead production rate remained high, and the recycled lead production rate slightly increased. Downstream battery enterprises' production rate decreased marginally, and domestic lead inventory stopped falling. The lead price is near the upper limit of the oscillation range, and it is expected to be weak in the short - term [8] Zinc - **Market Information**: SHFE zinc index rose 2.34% to 23,849 yuan/ton, and LME zinc 3S rose to $3,172.5/ton. The zinc ingot social inventory increased. The zinc ore visible inventory decreased, and the zinc concentrate TC decreased again but at a slower pace [9] - **Strategy View**: The zinc ore visible inventory decreased, and zinc smelting profit stabilized. Domestic zinc inventory decreased, and the SHFE - LME ratio increased. After the winter stockpiling, the domestic zinc ore supply may be more abundant. The zinc price is expected to have a wide - range oscillation in the medium - term and follow the non - ferrous sector strongly in the short - term [10] Tin - **Market Information**: On January 5, 2026, SHFE tin main contract closed at 334,370 yuan/ton, up 3.55%. The smelting plants in Yunnan and Jiangxi showed different situations in production. The downstream consumer electronics demand was in the off - season, but the new - energy vehicle and AI server orders supported the tin solder enterprises' production rate. The spot market had weak purchasing willingness, and the tin inventory increased for three consecutive weeks [11] - **Strategy View**: Although the current tin market has weak demand and supply improvement expectations, the low downstream inventory limits the bargaining power. The price is expected to fluctuate with market risk appetite. It is recommended to observe. The reference range for the domestic main contract is 300,000 - 350,000 yuan/ton, and for overseas LME tin is $39,000 - 43,000/ton [12] Nickel - **Market Information**: On January 5, nickel prices oscillated. SHFE nickel main contract closed at 134,100 yuan/ton, up 0.94%. The spot premiums were stable, and the nickel ore prices were stable. The nickel iron price continued to rise [13] - **Strategy View**: The nickel surplus pressure is still large, but due to Indonesia's policies, the short - term bottom of nickel prices may have appeared. It is recommended to observe. The reference range for SHFE nickel is 110,000 - 140,000 yuan/ton, and for LME nickel 3M is $13,000 - 16,500/ton [14] Carbonate Lithium - **Market Information**: The Five - Mineral Steel Union's carbonate lithium spot index rose, and the LC2605 contract price also increased. The battery - grade carbonate lithium premium was - 1,750 yuan [17] - **Strategy View**: On Monday, carbonate lithium opened and closed higher, and the total positions increased. The domestic carbonate lithium inventory decreased, and the market has optimistic expectations for the supply - demand pattern in 2026. However, the price transmission to the end - users is incomplete. It is recommended to observe or lightly trade. The reference range for the Guangzhou Futures Exchange's carbonate lithium 2605 contract is 125,500 - 134,500 yuan/ton [18] Alumina - **Market Information**: On January 5, 2026, the alumina index fell 0.22% to 2,749 yuan/ton. The positions increased, and the basis showed that the Shandong spot was at a discount to the main contract. The overseas price fell, and the import loss was reported. The futures warehouse receipts remained unchanged, and the ore prices were stable [20] - **Strategy View**: After the rainy season, the ore supply from Guinea is expected to increase, and the alumina smelting capacity is in surplus. Although there are expectations of supply - side policies, the price rebound faces difficulties. It is recommended to observe, and short positions can be considered if there is no actual production cut. The reference range for the domestic main contract AO2602 is 2,400 - 2,900 yuan/ton [21] Stainless Steel - **Market Information**: On Monday, the stainless steel main contract closed at 13,075 yuan/ton, down 0.38%. The positions increased. The spot prices in different markets showed different trends, and the raw material prices such as nickel and chromium were stable or increased. The futures inventory decreased, and the social inventory decreased [23] - **Strategy View**: In late December, the stainless steel price was driven up by the nickel price. The supply from steel mills was limited, and the inventory decreased. The nickel iron price was firm, but the terminal demand was weak. If the nickel ore supply quota is tightened, the price may rise further. It is advisable to go long at low prices and closely monitor policy implementation [24] Cast Aluminum Alloy - **Market Information**: The cast aluminum alloy price accelerated its upward movement. The AD2603 contract closed up 3.04% to 22,520 yuan/ton. The positions and trading volume increased, and the warehouse receipts slightly increased. The domestic mainstream ADC12 price increased, and the inventory decreased slightly [26] - **Strategy View**: The cost of cast aluminum alloy is strong, and there are supply - side disturbances. The price is expected to be range - bound with an upward bias [27]

Report Investment Ratings - Copper: ★☆☆ [1] - Aluminum: ★★★ [1] - Alumina: ☆☆☆ [1] - Zinc: ☆☆☆ [1] - Lead: ★★★ [1] - Nickel and Stainless Steel: ★★★ [1] - Tin: ★☆☆ [1] - Lithium Carbonate: ★★★ [1] - Industrial Silicon: ★★☆ [1] - Polysilicon: ★★★ [1] Core Views - The copper market has a supply - demand slump, and it's recommended to wait and see or execute an option combination [2]. - The aluminum market is trending strongly, and the alumina market needs large - scale production cuts to stabilize. Cast aluminum alloy shows weak seasonal performance [3]. - The zinc market is expected to consolidate around 23,800 yuan, and it's in a rebound pattern [4]. - The lead market has limited rebound space and is expected to stay within 17,000 - 17,800 yuan [6]. - The nickel and stainless - steel market is dominated by policy sentiment, and a long - position strategy is recommended [7]. - For the tin market, continue to hold the call option with an execution price of 350,000 yuan [8]. - The lithium carbonate market has a slow de - stocking speed and a rising price center [9]. - The industrial silicon market is expected to fluctuate in the short term, and the polysilicon market is in a high - level shock [10][11]. Summary by Metal Copper - On the first trading day of 2026, Shanghai copper rose with increased positions, breaking 100,000 yuan. The SMM spot copper price was adjusted to 100,575 yuan, and the social inventory increased by 1.87 million tons to 25.76 million tons. The copper market has a weak supply - demand situation. Consider an option combination of selling a call at 104,000 yuan and buying a put at 98,000 yuan [2]. Aluminum & Alumina & Aluminum Alloy - Shanghai aluminum rose, with increased spot discounts and a 2.4 - million - ton increase in social inventory. The aluminum market has a bullish trend, and it's advisable to go long based on the 40 - day line. The casting aluminum alloy has a weak seasonal performance. The alumina market is in significant surplus, and short - term price decline slows down, while mid - term stabilization awaits large - scale production cuts [3]. Zinc - In January, the TC of zinc concentrate decreased, and domestic smelters continued maintenance. After the holiday, downstream consumption recovered, driving the price up. The spot market is chaotic, and the price is expected to consolidate around 23,800 yuan, with a rebound pressure range of 24,000 - 24,200 yuan/ton [4]. Lead - The supply pressure of lead is small, and post - holiday consumption is recovering. However, the profit of recycled lead is improving, and overseas surplus is affecting the domestic market. The price is expected to stay between 17,000 - 17,800 yuan [6]. Nickel and Stainless Steel - Shanghai nickel is strong, with active trading. Upstream price rebounds, and social inventory of stainless steel decreases. A long - position strategy is recommended [7]. Tin - On the first trading day, Shanghai tin rebounded. Pay attention to the production of low - grade mines and the seasonal risk of Indonesian tin exports. Continue to hold the call option of the 2602 contract with an execution price of 350,000 yuan [8]. Lithium Carbonate - The lithium carbonate market is strong, with limited supply from upstream and some demand from downstream. The total inventory decreases, but the de - stocking speed slows down, and the price center rises [9]. Industrial Silicon - The industrial silicon futures declined slightly. Supply is expected to decrease by about 2 million tons in January, and demand from organic silicon and polysilicon is weakening. The market is expected to fluctuate in the short term [10]. Polysilicon - The polysilicon spot price increase drives the futures up. The price increase is driven by the cost of silver auxiliary materials, but the terminal demand is weak, and the market is in a stockpiling state, with high - level shocks in the short term [11].

证券日报网讯 1月5日，罗平锌电在互动平台回答投资者提问时表示，公司将向优秀企业学习，共筑竞 争力。 （文章来源：证券日报） ...

格隆汇1月5日丨白银有色(601212.SH)在投资者互动平台表示，近两年，公司无产品出口欧盟国家。 ...

Report Industry Investment Rating - Not provided in the report Core Views - The US military action in Venezuela is an upgrade of the "Monroe Doctrine 2.0" strategy, which has led to a sharp increase in global risk aversion and a short - term strengthening of the US dollar index. However, in the long - term, it may accelerate the erosion of the US dollar's credit. The RMB is expected to appreciate moderately against the US dollar, but the trend is non - linear [4]. - The domestic PMI in December exceeded expectations, driven by the recovery of supply and demand and price stabilization. The overseas market focuses on the next Fed chair nominee. For silver, it's recommended that holders take profits and non - holders wait for a pullback [2]. - Short - term stock index is expected to be strong but with limited upside due to multiple factors. Treasury bonds are expected to open higher today, and medium - term long positions can be held [5][6]. - Platinum and palladium prices are expected to be volatile in the short - term due to geopolitical risks and index adjustments, but the long - term bullish foundation remains. Gold and silver are in adjustment in the short - term and bullish in the long - term. Copper prices are expected to be affected by volume and price changes. Zinc, tin, lead, and other metals have different market outlooks based on their fundamentals [9][13][15]. - Steel prices are expected to remain volatile. Iron ore prices are expected to be in a neutral pattern and fluctuate. Coking coal and coke prices are affected by inventory and demand. Ferroalloys may correct but are supported by cost [26][27][30]. - Pulp and offset paper prices are in a neutral situation and can be observed first. LPG may be supported in the short - term by geopolitical factors. PTA - PX and MEG - bottle chips are affected by supply and demand and cost. Methanol is likely to start an upward - trending phase. PP and PE are in a supply - demand double - reduction pattern. Asphalt may be strong at the opening. Urea has a price increase expectation for the 05 contract. Glass, soda ash, and caustic soda are expected to fluctuate [32][34][39]. - Hog prices are expected to be supported in the short - term by consumption and supply changes. Oilseeds show a near - strong and far - weak pattern. Oils may strengthen slightly. Cotton prices may correct in the short - term and rise in the long - term. Sugar prices are expected to open slightly lower. Apples may wait for a pullback to go long. Red dates are expected to be in a low - level shock [65][67][68] Summary by Directory Financial Futures - Macro: Pay attention to geopolitical risks such as the US attack on Venezuela and the situation in Iran. The reset of the commodity benchmark index poses a selling risk to gold and silver [1]. - RMB Exchange Rate: The US military action in Venezuela has led to an increase in global risk aversion. The US dollar may show a short - long and long - short pattern, and the RMB is expected to appreciate moderately against the US dollar [4]. - Stock Index: The post - holiday capital environment supports the stock index, but there are many factors restricting its upside, and it is expected to be strong but with limited space in the short - term [5]. - Treasury Bonds: The new regulations on bond fund redemption fees are beneficial to the bond market, and the US military action in Venezuela may also benefit the bond market. Treasury bonds are expected to open higher today [6]. Commodities Non - ferrous Metals - Platinum & Palladium: Prices were volatile last week. In the short - term, they will be affected by the US military action in Venezuela and index adjustments. In the long - term, the bullish foundation remains. It's recommended to be vigilant against callback risks in the short - term [9][13]. - Gold & Silver: They are in adjustment in the short - term. Gold should pay attention to the support levels, and silver has adjustment pressure. They are bullish in the long - term [14][15]. - Copper: The external copper price was stable during the holiday. The US - Venezuela event has limited impact on the domestic opening. It is recommended to hold long positions and conduct high - selling and low - buying operations [16][18]. - Zinc: The upper space is limited, and it is expected to maintain a high - level shock in the short - term [19]. - Tin: The high - price negative feedback has come, and it is expected to maintain a wide - range shock [20]. - Carbonate Lithium: In the short - term, the price is driven by market sentiment, but there is a risk of large fluctuations. In the long - term, it has the opportunity to go long on dips [20][22]. - Industrial Silicon & Polysilicon: Industrial silicon is in a supply - demand double - weak pattern, and it has the value of long - term position building on dips. Polysilicon prices are rising, and attention should be paid to the sustainability of the rise [22][24]. - Lead: It is expected to fluctuate between 16700 - 17600, with strong support at 16500 [24]. Black Metals - Rebar & Hot Rolled Coil: Steel production has slightly increased, and the market is in a weak shock pattern. The price range of rebar 2605 is expected to be between 2900 - 3300, and that of hot - rolled coil 2605 is between 3000 - 3400 [26]. - Iron Ore: The inventory continues to accumulate. The high supply and rigid demand balance each other, and the price is expected to fluctuate [27]. - Coking Coal & Coke: The fourth round of coke price cuts has been fully implemented. The coking coal inventory structure has improved, and the future price depends on the domestic mine resumption. The coke supply - demand structure may improve if the steel mills' production increases [28][29]. - Ferrosilicon & Ferromanganese: They may correct in the short - term, but the cost provides support below [30]. Energy and Chemicals - Pulp - Offset Paper: The pulp market is neutral, and the offset paper price is affected by cost and supply - demand. It is recommended to observe first [32][33]. - LPG: Geopolitical factors may provide short - term support. Attention should be paid to overseas events and domestic PDH maintenance [34][35]. - PTA - PX: They fluctuate with cost. PX is expected to be in short supply in the second quarter, and PTA processing fees are expected to rise with limited space [36][39]. - MEG - Bottle Chips: The demand is weakening, and the inventory is high. The valuation is under pressure before the macro - narrative is realized [40][43]. - Methanol: It is likely to start an upward - trending phase, and attention should be paid to factors such as inventory and MTO profit [44][45]. - PP: The supply and demand are both decreasing. The core concern is the scale of January's device maintenance [46][48]. - PE: Geopolitical conflicts may cause short - term disturbances. The supply pressure is relieved, but the demand is weakening [48][50]. - Asphalt: The short - term cracking may be strong due to supply disturbances caused by the US - Venezuela conflict [51][52]. - Urea: The 05 contract has a price increase expectation, and it is recommended to try to buy the far - month contract [54][55]. - Glass, Soda Ash, and Caustic Soda: Soda ash has an oversupply expectation, glass has high inventory pressure, and caustic soda is expected to fluctuate widely with weak fundamentals [56][57][59]. - Logs: The price has limited fluctuation space, and it is recommended to observe or use a small - interval grid strategy [60][61][62]. - Propylene: The domestic supply is loose, and the price may be affected by cost in the short - term with limited upward space [63]. Agricultural Products - Hogs: The approaching Spring Festival and the decrease in average出栏 weight may support the price in the short - term [65][67]. - Oilseeds: They show a near - strong and far - weak pattern. The supply rhythm of imported soybeans affects the price, and the supply of domestic bean粕 and菜粕 has different situations [68][69][70]. - Oils: They may strengthen slightly after the holiday, and palm oil is relatively strong within the sector [71]. - Cotton: The price may correct in the short - term due to factors such as weak downstream demand, but it has an upward space in the long - term [72][73]. - Sugar: The Zhengzhou sugar price is expected to open slightly lower, suppressed by the decline in the external market [74][75]. - Apples: The consumption slowdown causes short - term pressure, and it is recommended to wait for a pullback to go long [76][77]. - Red Dates: They are in a low - level shock in the short - term, and the price will be under pressure in the long - term due to oversupply [78].