1月20日，上海发布《加强期现联动 提升有色金属大宗商品能级行动方案》，加强市场之间的联动发 展，合力提高上海有色金属大宗商品的资源配置能力和全球定价影响力，助力上海"五个中心"建设。据 上海市委金融办介绍，《行动方案》主要包括三部分内容18项措施。 推进有色金属市场互通 促进期—现—衍联动发展 扩大上海有色金属期货市场高水平制度开放，逐步将符合条件的有色金属商品期货期权品种纳入对外开 放品种范围，并同步完善与对外开放品种相适配的业务细则。积极探索跨境交割机制创新，深化交割服 务"走出去"，在风险可控的前提下，落地境外设库、跨境交割业务模式。《行动方案》依托在沪金融基 础设施，加强有色金属大宗商品国际影响力，提升"上海价格"影响力。 集聚市场主体 培育良好有色金属市场生态圈 培育具有综合竞争力的贸易主体，推动大宗商品企业与产业链上下游企业合作。扩展区块链在有色金属 领域应用，推动更多跨平台、跨机构、跨地域的数据共享。支持仓单立法，探索通过仓单立法实现全仓 登仓单登记的有效性和权威性。《行动方案》推动各市场主体形成合力，助力提升上海有色金属行业影 响力。（央视新闻） 支持上海清算所、上海期货交易所探索在清算、风 ...

从股价表现看，收盘价创历史新高股中，今日股价平均上涨3.69%，涨停的有锋龙股份等，涨幅居前的 有志特新材、赛恩斯、亿能电力等。股价方面，创新高股平均股价65.97元，其中，股价超百元的有11 只，50元~100元的有23只，收盘股价最高的是兆易创新，今日收盘价为292.00元，上涨1.23%，其次是 金海通、开普云，收盘价分别为261.13元、239.61元。 资金流向上，今日创新高股主力资金合计净流出8.70亿元，其中，主力资金净流入的有40只，净流入资 金居前的有通富微电、佰维存储、兆易创新等，净流入资金分别为4.31亿元、2.76亿元、2.36亿元；主 力资金净流出的有30只，净流出资金较多的有特变电工、中国西电、三变科技等，净流出资金分别为 14.80亿元、7.74亿元、1.79亿元。 沪指今日下跌0.01%，72股收盘价创历史新高。 今日可交易A股中，股价上涨的有2233只，占比40.85%，下跌的有3102只，占比56.74%，其中，涨停的 有63只，跌停的有24只。 证券时报·数据宝统计显示，不含近一年上市的次新股，今日共有72股收盘价创历史新高，按所属板块 看，主板有42只，创业板有13只， ...

Metal Market - As of the afternoon close, domestic base metals showed mixed performance, with tin leading the gains at 3.08%, followed by copper at 0.58% and nickel at 0.36%. Lead led the declines with a drop of 0.2% [1] - Lithium carbonate futures surged to a limit-up increase of 8.99%, closing at 160,500 yuan/ton. Polysilicon rose by 0.91%, while industrial silicon fell by 0.4% [1] - In the external market, base metals generally declined, with only tin showing a slight increase of 0.48%. Nickel fell by 1.3%, and other metals saw declines within 1% [1] Precious Metals - COMEX gold rose by 2.72%, reaching a new historical high of $4,723.7 per ounce. COMEX silver increased by 5.84%, also hitting a historical high of $94.745 per ounce. Domestic gold rose by 1.99%, reaching a peak of 1,061.16 yuan/gram, marking a new historical high, while silver increased by 3.62% [1][2] Macro Environment - The National Development and Reform Commission emphasized the need to strengthen domestic demand and adapt to the upgrading trend of demand structure. A strategic plan for expanding domestic demand from 2026 to 2030 will be developed [5][6] - The Ministry of Finance announced the expansion of support for equipment renewal loans, including a 1.5% interest subsidy for fixed asset loans related to equipment updates, effective until December 31, 2026 [7] - The central bank conducted a net withdrawal of 346 billion yuan through reverse repos, maintaining the operation rate at 1.40% [8]

新华财经上海1月20日电 1月20日，上海市委金融办联合上海期货交易所、上海清算所、上海市商务委 共同召开新闻发布会，介绍《加强期现联动提升有色金属大宗商品能级行动方案》（以下简称《行动方 案》）相关情况，并答记者问。依托"五个中心"建设和金融要素市场齐全的优势，上海将加强期现联 动，进一步提升有色金属大宗商品期现货市场国际化水平，提高有色金属大宗商品的资源配置能力和全 球定价影响力。 依托"五个中心"建设和金融要素市场齐全的优势，上海提出加强期现联动，进一步提升有色金属大宗商 品能级的若干举措，《行动方案》主要包括三部分内容18项措施。 一是推进有色金属市场互通，促进期—现—衍联动发展。支持上海清算所、上海期货交易所探索在清 算、风险管理方面开展沟通交流。支持本市有色金属现货交易场所通过大宗商品清算通开展资金清结 算，提高现货市场结算效率和安全性。推动汽车生产、建筑、家电制造等各类型有色金属应用类企业参 与期货和场外衍生品市场，更好管理价格风险。《行动方案》聚焦市场参与主体，从基础设施到实体企 业，加强期—现—衍联动，提升有色金属大宗商品服务实体经济能级。 有色金属大宗商品战略地位持续凸显 二是提升有色金属 ...

Report Industry Investment Rating No information provided in the content. Core Viewpoints - The secondary - market trends of industrial bond sub - industries show a divergence in the correlation between primary and secondary markets. This divergence may be due to differences in supply among industries and differences in bond liquidity and trading popularity within each industry. If an industry has many issuing entities with strong willingness and ability to issue bonds and is in a good development trend, the probability of a synchronous resonance relationship between primary - market supply and secondary - market demand is relatively high, which can improve the accuracy of judging trading signals of narrowing spreads from daily net financing [1][14]. - Most industries have trading signals transmitted from primary - market supply to secondary - market demand, including comprehensive, non - ferrous metals, and others. Some industries show a stronger negative correlation between primary - market supply and secondary - market demand, such as comprehensive and non - ferrous metals. Some industries have a weak correlation between daily net financing and daily spreads, including communication and food and beverage [2][4]. Summary by Directory 1. Industrial Bond Sub - industries Show Divergence in Primary - Secondary Market Trend Correlation - **Research Method**: Classify industrial bond issuers by Shenwan primary industries, calculate the daily net financing and daily credit spreads of each sub - industry from January 1, 2025, to December 19, 2025, to observe the correlation between primary - market supply and secondary - market demand [12]. - **Divergence Performance**: Most industries have trading signals transmitted from primary - market supply to secondary - market demand, while some do not show this feature significantly [13]. - **Reasons for Divergence**: Differences in supply among industries are related to the number, size, and life - cycle stage of issuing entities. Differences in bond liquidity and trading popularity within industries are related to the scale of outstanding bonds, valuation levels, and event catalysts [14]. 1.1. Industries with Obvious Correlation - **Comprehensive Industry**: From January to March 2025, daily net financing decreased and daily spreads increased; from March to June, daily net financing increased and daily spreads decreased; from June to December, both were in a low - level oscillation [21]. - **Non - ferrous Metals Industry**: From January to July 2025, daily net financing increased and daily spreads decreased; from July to September, daily net financing decreased and daily spreads increased; from October to December, both were in a low - level oscillation [25]. - **Other Industries**: Similar analysis is conducted for industries such as pharmaceutical biology, social services, and others, with different trends in different time intervals [27][30][32]. - **Common Features**: These industries generally have a large scale of outstanding bonds and high institutional investor attention, which is conducive to the transmission of primary - market supply changes to secondary - market spread changes [3][87]. 1.2. Industries with General Correlation - **Industries Included**: Communication, food and beverage, and other industries have a weak correlation between daily net financing and daily spreads, and the linkage and transmission between primary - and secondary - market indicators are relatively weak [4][13]. - **Reasons**: These industries have low participation in the bond market, and their secondary - market trading demand is more affected by overall bond - market trends, industry risk premiums, and liquidity premiums. Different types of industries have specific reasons for the weak correlation [4][90][91].

翔鹭钨业今日上涨4.18%，全天换手率28.68%，成交额15.12亿元，振幅15.51%。龙虎榜数据显示，机构 净买入5073.92万元，营业部席位合计净卖出5108.69万元。 深交所公开信息显示，当日该股因日振幅值达15.51%上榜，机构专用席位净买入5073.92万元。 （文章来源：证券时报网） 具体来看，今日上榜的营业部中，共有5家机构专用席位现身，即买一、买二、买三、买四、买五、卖 一、卖三、卖四、卖五，合计买入金额2.40亿元，卖出金额1.89亿元，合计净买入5073.92万元。 近半年该股累计上榜龙虎榜7次，上榜次日股价平均跌0.76%，上榜后5日平均涨0.15%。 资金流向方面，今日该股主力资金净流出2660.81万元，其中，特大单净流出9.54万元，大单资金净流出 2651.26万元。近5日主力资金净流入1.84亿元。 翔鹭钨业1月20日交易公开信息 | 买/ 卖 | | 会员营业部名称 | 买入金额（万元） | 卖出金额（万元） | | --- | --- | --- | --- | --- | | 买一 | 机构专用 | | 7679.15 | 6768.61 | | 买二 | 机构专 ...

Group 1 - Recent net redemptions in A-share broad-based ETFs have drawn market attention, with significant outflows recorded on January 15 and 16, totaling 687 billion and 863 billion respectively, marking the highest single-day outflows in history [1] - As of January 19, four out of six major broad-based ETFs saw their shares decline by over 10% in the last three trading days, with the largest, Huatai-PB CSI 300 ETF, dropping to 778.63 billion shares, a scale of approximately 369.2 billion, the lowest since August 2024 [1] - The ChiNext and STAR Market ETFs also experienced significant declines, with the E Fund STAR 50 ETF and E Fund ChiNext ETF seeing share reductions of 34.55% and 20.22% respectively [3] Group 2 - In contrast to the outflows from broad-based ETFs, certain commodity, cross-border, and narrow-based ETFs attracted significant inflows, with the Southern Nonferrous ETF being the only product to receive over 10 billion in net inflows, totaling 100.87 billion, driven by rising base metal prices [3] - Other ETFs such as Yongying Satellite ETF, Harvest Software ETF, and GF Media ETF also received net inflows exceeding 6 billion [3] - According to CITIC Securities, the impact of ETF redemptions on individual stocks was significant, with main board, ChiNext, and STAR Market stocks experiencing sell-offs of 946 billion, 334 billion, and 265 billion respectively during the peak outflow days [3] Group 3 - Regulatory measures have been implemented to cool down the market following rapid price increases and overheated sentiment, including raising the minimum margin requirement for margin trading from 80% to 100% [5][6] - The China Securities Regulatory Commission emphasized the need for comprehensive market monitoring and timely counter-cyclical adjustments to maintain market stability and prevent excessive volatility [6] - There are differing views on the long-term outlook for A-shares, with some analysts suggesting the potential for a slow bull market due to reforms, while others remain skeptical about escaping historical volatility patterns [7]

每经AI快讯，1月20日，伦敦金属交易所(LME)三个月期锡涨2%，报50805美元/吨。 ...

深圳水贝有商家试探性推出了投资铜条，纯度为999.9，规格有500克和1000克，不过以1000克居多，一根1000克的投资铜条的报价从180元至280 元。 摩根大通全球研究部预测，2026年精炼铜将出现约33万吨的缺口，均价接近12075美元/吨，并在第二季度触及约12500美元/吨的高点。 ...

现金流ETF嘉实（159221）当前管理费率为0.15%（每年），托管费率为0.05%（每年），没有股票账户 的投资者还可以通过联接基金（024574.OF，024575.OF）布局板块投资机遇。 热门ETF方面，现金流ETF嘉实（159221）下跌0.08%，盘中成交额达1019.4万元，换手率达1.29%。 消息面上，市场对高分红、稳现金流资产的配置需求升温；当前A股"慢牛"引导下，资金正从动量泡沫 向高性价比方向轮动，而现金流指数涵盖有色金属、基础化工等品种，受益于实物资产定价与高开工率 涨价逻辑，呈现出显著的周期Alpha特征；同时"十五五"期间国家电网预计固定资产投资达4万亿， 较"十四五"增40%，直接利好指数成分中的电网设备、能源类标的。 1月20日，据深交所数据显示，截至11:30，深证成指下跌1.22%，创业板指下跌1.83%，自由现金流指数 上涨0.07%，个股方面，南山铝业涨超7%，卫星化学、海螺水泥涨超5%，顾家家居、中国化学涨超 4%，欧派家居涨超3%，东航物流涨超2%，格力电器、浙江龙盛、首旅酒店、中国动力、云铝股份等涨 超1%。 免责声明：以上内容为本网站转自其他媒体，相关信息仅 ...