Report Industry Investment Rating No relevant content provided. Core View of the Report The report covers various sectors including finance, energy, metals, black commodities, agriculture, and shipping. It provides analysis and forecasts on the market trends of different varieties, suggesting potential investment opportunities and risks in the market. For example, it anticipates a long - term upward trend for precious metals, a short - term strong performance for lithium carbonate, and an overall positive outlook for A - shares [2][3][11]. Summary by Directory 1.当日主要新闻关注 (Main News Focus of the Day) - **International News**: US President Trump announced to buy $200 billion in mortgage - backed securities through Fannie Mae and Freddie Mac, aiming to lower mortgage rates. The US Senate passed a resolution restricting Trump's military action against a South American country without congressional authorization. The US initial jobless claims rose to 208,000 last week, slightly below market expectations [6][14]. - **Domestic News**: The Political Bureau Standing Committee of the CPC Central Committee held a meeting, emphasizing the importance of Party leadership in the "15th Five - Year Plan" period. China National Petroleum & Chemical Corporation and China National Aviation Fuel Group were approved to implement a restructuring [7][8]. - **Industry News**: The State - owned Assets Supervision and Administration Commission of the State Council plans to promote strategic and professional restructuring and high - quality mergers and acquisitions in 2026, with potential acceleration in new energy, energy conservation, environmental protection, and construction sectors [8][9]. 2.外盘每日收益情况 (Daily Returns of Overseas Markets) - The S&P 500 rose 0.01%, the European STOXX 50 fell 0.14%, and the Chinese A50 futures dropped 1.06%. ICE Brent crude oil increased 3.83%, and London gold spot rose 0.48%, while London silver fell 1.66% [10]. 3.主要品种早盘评论 (Morning Comments on Major Varieties) Financial - **Stock Index**: A - shares are expected to form a long - term bullish pattern due to supply - side reform, RMB appreciation, and overseas capital inflows [11]. - **Treasury Bonds**: Treasury bonds stabilized and rose. The yield of the 10 - year treasury bond active bond declined. The central bank's open - market operations and economic data influenced the market. The new public - fund sales regulations eased concerns about bond - fund liquidity [12][13]. Energy and Chemicals - **Crude Oil**: Crude oil futures rebounded. Trump's statement on South American oil and OPEC's compensation plan affected the market [14]. - **Methanol**: Methanol prices declined. High inventory and reduced开工 rates led to a short - term weakening trend [15]. - **Natural Rubber**: Rubber prices are expected to be volatile and bullish due to supply constraints and stable tire production [4][16]. - **Polyolefins**: Polyolefin futures continued to rebound, but the upward momentum may slow down [17]. - **Glass and Soda Ash**: Glass and soda ash futures declined. Attention is on the real - estate industry's recovery and supply - side changes [18]. Metals - **Precious Metals**: Precious metals are expected to have a long - term upward trend. Gold is supported by a weakening US dollar and central - bank purchases, while silver and platinum are also driven by supply - demand gaps [2][19]. - **Copper**: Copper prices fell at night. Tight concentrate supply and weak downstream demand influenced the market [20]. - **Zinc**: Zinc prices declined. Tight concentrate supply and weak downstream demand were the main factors [21]. - **Aluminum**: Aluminum prices continued to correct. The US economic data and Fed's stance affected the market. Supply was stable, and demand was acceptable, but attention is on the impact of the approaching Spring Festival [22]. - **Lithium Carbonate**: Lithium carbonate prices reached new highs. Despite short - term fluctuations, prices are likely to rise due to strong demand and inventory structure [3][24]. Black Commodities - **Coking Coal and Coke**: The prices of coking coal and coke are expected to be strong in the short term, supported by supply disruptions, iron - water production recovery, and pre - holiday restocking [25]. - **Iron Ore**: Iron - ore prices may continue to be slightly bullish in the short term, with a small increase in supply and stable demand [26]. - **Steel**: Steel prices fell at night. The market is in a state of weak supply and demand, but the overall commodity atmosphere is positive [27]. Agricultural Products - **Protein Meal**: Protein - meal prices are under pressure due to high inventory and expected South American soybean harvest, but Chinese purchases provide some support [28][29]. - **Oils and Fats**: Oil prices were weak. Palm - oil prices are affected by production concerns, while soybean - oil prices are influenced by potential soybean reserves and palm - oil prices [30]. - **Sugar**: Sugar prices are expected to be volatile. International prices are weak, while domestic prices are supported by production costs [31]. - **Cotton**: Cotton prices are likely to be strong, supported by reduced planting area expectations and fast sales progress [32]. Shipping Index - **Container Shipping to Europe**: The price of container shipping to Europe continued to decline, and the price inflection point at the beginning of the year may be confirmed [33][34].

Group 1 - The Shanghai Composite Index reached a high of 4100 points in early trading but narrowed its gains to close at 4095.33 points [1] - A-shares showed mixed performance in early trading, with over 60 stocks hitting the daily limit up [2] - The internet and cultural media sectors led the gains, while banking, insurance, oil and chemical, and household goods sectors experienced the largest declines [2] Group 2 - Rare metals surged over 5%, leading the popular concepts, while platforms like Xiaohongshu, Kimi, AIGC, and influencer economy also saw increases [3] - Industrial gases, silicon energy, photovoltaic, and semiconductor equipment concepts fell by more than 1% [3]

2026.01. 09 本文字数：1506，阅读时长大约3分钟 作者 | 一财阿驴 11:31 A股午盘丨沪指半日涨0.3% 截至午盘，沪指涨0.3%，盘中一度站上4100点；深成指涨0.57%，创业板指涨0.1%，科创综指涨 0.56%。 | 代码 | 名称 | 两日图 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 000001 | 上证指数 | win | 4095.33 | 12.35 | 0.30% | | 399001 | 深证成指 | may | 14038.46 | 78.98 | 0.57% | | 399006 | 创业板指 | Mark | 3305.48 | 3.18 | 0.10% | | 000680 | 科创综指 | port | 1776.42 | 9.85 | 0.56% | 盘面上，能源金属、商业航天、医保支付改革、AI应用、算力硬件题材活跃，光伏、半导体、保险板 块走弱。 | 板块名称 | 张鸣 | 涨速 | 涨停数 | | --- | --- | --- | --- | | 小金属 | +3.89% | ...

Domestic Market Overview - The domestic market experienced a slight decline with the Shanghai Composite Index closing at 4082.98 points, down 0.07%, and the Shenzhen Component Index at 13959.48 points, down 0.51% [1][5] - Among 30 sectors, 19 saw gains, with notable increases in defense, media, and real estate, while non-bank financials, non-ferrous metals, and banking sectors faced significant declines [1][5] - The total trading volume for the A-share market was approximately 282.63 billion yuan, showing a slight decrease from the previous day [1][5] Overseas Market Overview - The U.S. stock indices showed mixed results, with the Dow Jones rising by 0.55% and the Nasdaq falling by 0.44%, while Nvidia dropped over 2% [2][5] - Chinese concept stocks mostly rose, with Century Internet increasing by nearly 11% [2][5] Key News - China Petrochemical Corporation and China Aviation Oil Corporation are undergoing a merger, which is expected to enhance operational efficiencies and reduce supply costs in the aviation fuel sector [11][12][14] - Gold has reportedly surpassed U.S. Treasury bonds to become the world's largest reserve asset for the first time in 30 years, with a value of approximately 3.93 trillion USD compared to 3.88 trillion USD in U.S. bonds [10][17][18] - The Ministry of Industry and Information Technology convened a meeting to discuss the regulation of competition in the energy storage battery industry, aiming to address irrational competition and ensure sustainable development [19][20]

Core Viewpoint - The successful production of qualified products from a 200,000 tons/year ABS plant by Jilin Petrochemical Company, utilizing the continuous bulk method developed by Dalian University of Technology, marks a significant advancement in China's domestic capabilities in ABS technology and equipment [1][2]. Group 1: Technology and Production - The continuous bulk method for producing ABS offers advantages over traditional emulsion methods, including shorter processes, lower energy consumption, reduced investment, superior product performance, and environmental friendliness [1]. - The new ABS plant increases Jilin Petrochemical's total ABS production capacity to 1.8 million tons/year, positioning it among the top producers globally and promoting the high-end and green transformation of China's petrochemical products [1]. Group 2: Research and Development - Professor Li Yang's team at Dalian University of Technology has developed a complete independent intellectual property system covering process methods, product systems, and equipment design, focusing on high-end chemical materials [1]. - The ABS products produced using this new method exhibit characteristics such as pure white color, resistance to yellowing, low residual monomer content, and impact resistance that meets international leading standards, supporting the upgrade of China's ABS industry [1]. Group 3: Collaboration and Future Directions - The rapid transformation of this technology is attributed to a new collaborative model formed by Dalian University of Technology, which integrates original research, discipline-specific company transformation, and application by leading enterprises [2]. - The university plans to continue enhancing organized research and deepening the integration of industry and academia, supporting more high-level research outcomes to meet national demands and contribute to the upgrade of China's high-end chemical materials and manufacturing [2].

数据宝统计，截至10:24，中国石化成交额26.56亿元，创2024年10月9日以来新高。最新股价上涨 1.15%，换手率0.45%。上一交易日该股全天成交额为6.47亿元。（数据宝） （文章来源：证券时报网） ...

Group 1: Report Industry Investment Rating - High - sulfur fuel oil: Short - term neutral, slightly bearish [2] - Low - sulfur fuel oil: Short - term neutral, slightly bearish [2] - Cross - variety: None [2] - Cross - period: Go long on the spread of FU2603/2605 at low levels (positive spread trading) [2] - Spot - futures: None [2] - Options: None [2] Group 2: Core View of the Report - The main contract of SHFE fuel oil futures closed up 0.04% at 2,458 yuan/ton, and the main contract of INE low - sulfur fuel oil futures closed up 1.14% at 2,929 yuan/ton [1] - The escalation of the situation in Venezuela has limited direct impact on the crude oil market but is bearish in the medium - to - long - term. Oil prices are in a weak oscillation, suppressing the unilateral prices of FU and LU [1] - The fundamentals of the fuel oil market have both bullish and bearish factors, with limited overall contradictions and regional differentiation. The spread between the East and West regions of high - sulfur fuel oil has widened recently [1] - For high - sulfur fuel oil, due to the shift of heavy oil resources from Asia to the US, the supply of residual oil in the US has increased, leading to a significant decline in the crack spread of high - sulfur fuel oil in the US Gulf and a drop in the European crack spread. Meanwhile, the crack spread of high - sulfur fuel oil in Asia has shown a slightly strong oscillation. In the future, the increase in the volume of shipments from the West to Asia may form an upward resistance to the Asian market pricing [1] - For low - sulfur fuel oil, there is an expectation of supply recovery in Kuwait and Nigeria due to changes in the status of plant overhauls. However, the premium of gasoline and diesel will divert low - sulfur oil components through the RFCC unit, and the short - term market pressure is expected to be limited [1] Group 3: Figures and Data - The report includes figures on Singapore high - sulfur 380 fuel oil spot price, Singapore low - sulfur fuel oil spot price, Singapore high - sulfur fuel oil swap near - month contract, Singapore low - sulfur fuel oil swap near - month contract, Singapore high - sulfur fuel oil near - month spread, Singapore low - sulfur fuel oil near - month spread, fuel oil FU futures main contract closing price, fuel oil FU futures index closing price, fuel oil FU futures near - month contract closing price, fuel oil FU near - month contract spread, fuel oil FU futures main contract trading volume and open interest, fuel oil FU futures total trading volume and open interest, low - sulfur fuel oil LU futures main contract closing price, low - sulfur fuel oil LU futures index closing price, low - sulfur fuel oil LU futures near - month contract price, low - sulfur fuel oil LU futures near - month spread, low - sulfur fuel oil LU futures main contract trading volume and open interest, and low - sulfur fuel oil LU futures total trading volume and open interest [3]

Report Industry Investment Rating - Unilateral: Cautiously bullish, buy the main contract of BU on dips, avoid excessive chasing of rising prices [2] - Inter - period: Buy the spread of BU2303/2306 on dips (positive spread trading) [2] - Inter - variety: None [2] - Spot - futures: None [2] - Options: None [2] Core View - The trade flow of Venezuelan oil continues to change, and there is still support from the cost side. The domestic asphalt spot price was stable with a slight increase, and the supply - side support was solid. The terminal demand has entered the off - season, and the market support mainly comes from the cost side. The market is in a volatile stage after pricing in the expectation of tightened supply of Venezuelan oil. If the oil originally flowing to Asia continues to flow to Europe and the United States, domestic refineries may need to find alternative heavy - quality raw materials, which may lead to increased costs, but there is no expected shortage of raw materials [1] Market Analysis - On the afternoon of January 8th, the closing price of the main BU2603 contract of asphalt futures was 3132 yuan/ton, a decrease of 22 yuan/ton or 0.70% from the previous settlement price. The open interest was 224,334 lots, a net increase of 2,081 lots, and the trading volume was 244,582 lots, a decrease of 65,167 lots [1] - The spot settlement prices of heavy - traffic asphalt from Zhuochuang Information were: 3,356 - 3,500 yuan/ton in the Northeast, 3,050 - 3,190 yuan/ton in Shandong, 3,130 - 3,150 yuan/ton in South China, and 3,140 - 3,200 yuan/ton in East China [1] - The domestic asphalt spot price was stable with a slight increase, and the spot prices in East and South China continued to rise. The spot circulation volume of asphalt in some areas was still tight, and the supply - side support was solid. The terminal demand has entered the off - season, and the market support mainly comes from the cost side. The expectation of tightened supply of Venezuelan oil to domestic refineries is continuously being realized. If the oil originally flowing to Asia continues to flow to Europe and the United States, domestic refineries may need to find alternative heavy - quality raw materials from the Middle East, Canada, South America, etc., which may lead to increased costs, but there is no expected shortage of raw materials [1] Figures Information - The report includes figures on the spot prices of heavy - traffic asphalt in different regions (Shandong, East China, South China, North China, Southwest, Northwest), the closing prices of the asphalt futures index, main contract, and near - month contract, the near - month spread, trading volume and open interest of asphalt futures, domestic weekly asphalt production, asphalt production of independent refineries and in different regions, domestic asphalt consumption in different fields (road, waterproofing, coking, ship fuel), and asphalt refinery and social inventories [3]

Core Viewpoint - The "Comprehensive Solid Waste Management Action Plan" marks a significant shift in China's approach to solid waste management, transitioning from localized emergency responses to a systematic, full-chain governance model aimed at reducing, recycling, and safely disposing of solid waste [1][2]. Group 1: Systematic Governance - The Action Plan addresses the severe challenges of high solid waste generation, low recycling rates, and significant historical waste storage, emphasizing the need for a fundamental shift in governance models [2][3]. - It introduces a comprehensive framework focusing on five key dimensions: source control, flow regulation, risk management, monitoring systems, and enforcement responsibilities [3][4]. Group 2: Industry Challenges and Opportunities - The petrochemical industry, a major contributor to industrial solid waste, faces pressures to upgrade processes and comply with stricter regulations, which may lead to increased operational costs [5][6]. - However, the Action Plan also opens opportunities for the industry, such as enhanced support for waste resource utilization and the development of new market segments driven by circular economy initiatives [6][7]. Group 3: Technological Innovation and Upgrades - The Action Plan's higher requirements for waste resource utilization and safe disposal are expected to drive growth and innovation in the solid waste treatment equipment and technology sector [10][11]. - There is a notable shift towards smart technologies and low-carbon solutions, with an emphasis on integrating digital technologies into waste management processes [11][12]. Group 4: Social Participation and Collaboration - The involvement of social organizations is crucial for effective solid waste governance, as they can enhance monitoring capabilities and support community-level initiatives [12][13]. - Collaborative efforts among various stakeholders, including enterprises, government, and social organizations, are essential for the successful implementation of the Action Plan [15].

1月8日，中国石化资本旗下中石化私募基金管理有限公司管理的氢能基金向佛吉亚（上海）氢能投资有 限公司（下称"佛吉亚氢能"）战略投资3亿元人民币（约合4000万欧元），正式完成签约。佛吉亚氢能 是总部位于法国的汽车零部件供应商——佛瑞亚集团的全资子公司，也是佛瑞亚集团在中国设立的氢能 业务运营主体。 ...