零碳工厂建设是指通过技术创新、结构调整和管理优化等减排措施，实现厂区内二氧化碳排放的持续降 低、逐步趋向于近零的过程。工业和信息化部节能与综合利用司有关负责人提出，零碳工厂不是绝对 的"零"二氧化碳排放，而是在当前技术经济条件允许下，实现应减尽减并持续改进提升，保持工厂二氧 化碳排放最低。 1月19日消息，工业和信息化部、国家发展改革委、生态环境部、国务院国资委、国家能源局近日联合 印发《关于开展零碳工厂建设工作的指导意见》，深挖工业和信息化领域节能降碳潜力，带动重点行业 领域减碳增效和绿色低碳转型。其中，提出2026年起，遴选一批零碳工厂，做好标杆引领。 《指导意见》主要目标为：实施分阶段梯度培育，优先选择脱碳需求迫切、能源消费以电力为主、脱碳 难度相对较小的行业先行探索，逐步完善相关规划设计、能源供应、工艺技术、管理运营和商业模式， 待条件成熟后再向碳排放量强度高、脱碳难度大的行业逐步推进。2026年起，遴选一批零碳工厂，做好 标杆引领。到2027年，在汽车、锂电池、光伏、电子电器、轻工、机械、算力设施等行业领域，培育建 设一批零碳工厂。到2030年，逐步拓展至钢铁、有色金属、石化化工、建材、纺织等行业领 ...

1月19日，工业和信息化部、国家发展改革委、生态环境部、国务院国资委、国家能源局五部门发布消 息，已于近期联合印发《关于开展零碳工厂建设工作的指导意见》（以下简称《指导意见》），明确零 碳工厂建设的总体要求、阶段目标与实施路径，旨在深挖工业和信息化领域节能降碳潜力，带动重点行 业领域减碳增效和绿色低碳转型，培育发展新质生产力。 阶段目标方面，《指导意见》提出梯度培育策略。2026年起，遴选一批零碳工厂，做好标杆引领。到 2027年，在汽车、锂电池、光伏、电子电器、轻工、机械、算力设施等行业领域，培育建设一批零碳工 厂。到2030年，逐步拓展至钢铁、有色金属、石化化工、建材、纺织等行业领域，探索传统高载能产业 脱碳新路径。 "十五五"规划建议提出，要积极稳妥推进和实现碳达峰，发展分布式能源，建设零碳工厂和园区。去年 年底，国家发展改革委等三部门发布了首批国家级零碳园区建设名单。 业内人士表示，《指导意见》的发布，将与零碳园区建设形成配合，共同推动工业生产技术与方式重 构，进而推进工业和信息化领域节能降碳。 工业和信息化部节能与综合利用司相关负责人表示，零碳工厂不是绝对的"零"二氧化碳排放，而是在当 前技术经济条 ...

《指导意见》提出了建设目标，自2026年起，遴选一批零碳工厂，做好标杆引领；到2027年，在汽车、 锂电池、光伏、电子电器、轻工、机械、算力设施等行业领域，培育建设一批零碳工厂；到2030年，逐 步拓展至钢铁、有色金属、石化化工、建材、纺织等行业领域，探索传统高载能产业脱碳新路径。 中新社北京1月19日电 (记者刘育英)中国工业和信息化部、国家发改委等五部门19日发布《关于开展零 碳工厂建设工作的指导意见》(简称《指导意见》)，提出到2027年，在汽车、锂电池、光伏、电子电 器、轻工、机械、算力设施等行业领域，培育建设一批零碳工厂。 零碳工厂建设是指通过技术创新、结构调整和管理优化等减排措施，实现厂区内二氧化碳排放的持续降 低、逐步趋向于近零的过程。中国部分地区已先行先试、积极探索零碳工厂建设，发布百余家(近)零碳 工厂名单。 工信部节能与综合利用司表示，零碳工厂涉及能源结构、工艺技术、资金投入、管理服务等多个方面， 不同地区、不同行业的具体路径、工作进展和实施难度差别较大，还面临着评价要求不统一、关键技术 有待验证、碳排放统计核算基础薄弱等问题困难，因此研究编制了《指导意见》。 （文章来源：中国新闻网） 《 ...

Core Viewpoint - The copper market is experiencing a significant correction, influenced by a data error from Nvidia regarding copper demand for AI data centers, which has led to a downward adjustment in copper price expectations [1][3][5]. Group 1: Market Reaction - On January 19, major copper stocks such as Jiangxi Copper, Yunnan Copper, and Tongling Nonferrous Metals saw declines, with the Wind copper industry index dropping by 0.88% [3]. - The main contract for Shanghai copper futures closed at 101,180 yuan per ton, down 0.68%, continuing a downward trend [3]. - The correction in copper prices is attributed to Nvidia's revised claim that 1 GW of traditional data center racks require approximately 200 tons of copper, a drastic reduction from the previously stated 50,000 tons [3][5]. Group 2: Analyst Insights - Analysts believe that the adjustment in Nvidia's copper demand figures will have a limited short-term impact on the copper market, as the industry had already been cautious about the initial figure [2][5]. - The anticipated copper demand from AI data centers is estimated to be around 40,000 tons annually, with the actual increase in demand expected to be only 15,000 tons [5]. - Citibank projects that copper consumption in the data center sector will account for only 1.4% of global copper consumption by 2025, increasing to 2.4% by 2027 [5]. Group 3: Future Outlook - The copper price is expected to remain high in the first half of the year, driven by macroeconomic inflation expectations and supply constraints, but caution is advised for potential corrections in the second half [2][9]. - Analysts suggest that the copper market may experience a shift from surplus to tight balance in the second quarter, supporting high price levels [9]. - Goldman Sachs maintains a long-term bullish outlook on copper, predicting a price of $15,000 per ton by 2035, but warns of potential price declines in late 2026 and early 2027 due to increased speculative positions [9].

- The report discusses a rotation model that monitors micro-cap stocks and the "Mao Index" (茅指数). The rotation model uses the relative net value of micro-cap stocks to the Mao Index and their respective 20-day closing price slopes. When the slopes diverge and one is positive, the model suggests investing in the index with the positive slope to anticipate potential style shifts[17][23][24] - Timing indicators for micro-cap stocks are based on the 10-year government bond yield (threshold: 0.3) and the volatility crowding degree (threshold: 0.55). If either indicator reaches its threshold, a closing signal is triggered[23] - The macro timing model evaluates economic growth and monetary liquidity signals. For January, the model recommends a 60% equity allocation, with economic growth and liquidity signals both at 60%. The model's year-to-date return is 14.59%, compared to 26.87% for the Wind All-A Index[44][45][46] - Eight major stock selection factors are tracked, including quality, growth, and consensus expectations, which performed well in the past week. Quality and growth factors showed IC averages of 14.07% and 8.69%, respectively, while reversal and value factors underperformed[47][48][49] - Convertible bond selection factors are constructed based on the relationship between the underlying stock and the convertible bond. Factors include parity, floor premium rate, and financial quality of the underlying stock. Among these, the financial quality of the underlying stock achieved a high IC average last week[56][57][58]

Group 1 - The core viewpoint of the article is that the recent correction in copper prices is significantly influenced by a data error from Nvidia regarding copper demand for AI data centers, which has led to a reassessment of market expectations [1][3][5] - The main copper futures contract on the Shanghai Futures Exchange fell by 0.68%, while leading copper stocks such as Jiangxi Copper, Yunnan Copper, and Tongling Nonferrous Metals also experienced declines [1][3] - Analysts believe that the correction in Nvidia's copper demand estimate from 50,000 tons to approximately 200 tons will have limited short-term impact on the copper market, as the industry had already been cautious about the initial figure [2][5] Group 2 - The recent rise in copper prices was primarily driven by macroeconomic inflation expectations and supply constraints, rather than a tight supply-demand balance [2][7] - Analysts noted that the copper price increase in the past two months was influenced by two main factors: the pursuit of gold prices and the siphoning effect from the U.S., which has secured over half of the global copper inventory [8] - Looking ahead, industry experts expect copper prices to remain high in the first half of the year, with potential risks of correction in the second half due to increasing social inventory and weak downstream orders [9][6] Group 3 - The long-term outlook for copper consumption is optimistic, particularly due to the anticipated expansion of power grids driven by AI development, with the International Energy Agency projecting a 20% increase in grid length by 2030 [6] - Citibank estimates that copper demand from the data center sector will only account for 1.4% of global copper consumption by 2025, increasing to 2.4% by 2027, indicating a modest growth trajectory [5] - Goldman Sachs maintains a bullish long-term outlook for copper, predicting a price of $15,000 per ton by 2035 due to constrained supply and sustained demand growth [9]

Core Viewpoint - The article discusses the "Guiding Opinions on the Construction of Zero Carbon Factories" issued by the Ministry of Industry and Information Technology, emphasizing the importance of reducing carbon emissions through technological innovation, structural adjustments, and management optimization in industrial settings [2][3]. Summary by Sections Phase Goals - By 2026, a selection of zero carbon factories will be identified to serve as benchmarks [3]. - By 2027, a batch of zero carbon factories will be cultivated in industries such as lithium batteries, photovoltaics, automotive, electronics, light industry, machinery, and computing facilities, establishing an industrial ecosystem for zero carbon factory construction [3]. - By 2030, the initiative will expand to include industries like steel, non-ferrous metals, petrochemicals, building materials, and textiles, exploring new decarbonization pathways for traditional high-energy industries [3]. Construction Paths - Establish a carbon emission accounting management system to accurately quantify emissions and removals, including direct and indirect emissions from production activities [4][15]. - Accelerate the transition to a green and low-carbon energy structure, encouraging factories to utilize zero carbon electricity, heat, hydrogen, and fuel supplies [4][15]. - Significantly improve energy efficiency through systematic optimization of production processes, aiming for compliance with national energy consumption standards [4][16]. Supply Chain and Digitalization - Promote zero carbon supply chain management by analyzing carbon footprints of key products and improving carbon emission reduction across the entire supply chain [5][18]. - Enhance digital and intelligent management levels by establishing digital energy and carbon management centers using technologies like IoT and big data for precise measurement and control of energy consumption and emissions [5][19]. Carbon Offsetting and Reporting - Implement carbon offsetting strategies and information disclosure to achieve and maintain near-zero carbon emissions, including participation in cross-border carbon trading [5][19]. - Encourage regular publication of sustainability reports, ESG reports, and zero carbon factory construction reports to disclose carbon emissions and construction progress [6][19]. Implementation Requirements - Strengthen organizational implementation by local industrial and information departments to develop specific plans for zero carbon factory construction [20]. - Improve the standard system to provide scientific and reasonable technical bases for zero carbon factory management and evaluation [21]. - Promote comprehensive services for energy saving and carbon reduction, facilitating technology transfer and market services for industrial enterprises [21].

安徽省有色金属产业优化升级实施方案 安徽省制造强省建设领导小组办公室近日印发《安徽省有色金属产业优化升级实施方案》。 内容来源 | 安徽省工业和信息化厅、上海证券报 1月16日，记者从安徽省工业和信息化厅获悉，安徽省制造强省建设领导小组办公室近日印发《安徽省有色金属产业优化升级实施方案》，明确到2027 年，安徽有色金属产业营收力争突破5000亿元，培育铜、铝两个千亿级产业和镁、铅两个百亿级产业，新增4家百亿级企业。 安徽省工业和信息化厅原材料工业处处长吕秀峰介绍，方案的制定既是落实国家关于铜、铝等有色金属产业高质量发展部署的具体行动，也是基于安徽省 产业实际做出的战略规划。安徽有色金属产业基础雄厚，精炼铜、再生铅等重点产品产能居全国首位，铜陵有色连续多年入选世界500强，铜陵市也已入 选首批国家级战略性新兴产业集群。此次方案提出打造"1+2+N"产业布局，即做优铜产业，壮大铝镁产业，提升钼铅锌等其他细分领域，并推动铜陵、芜 湖、池州、淮北、六安、滁州、合肥等地的产业集聚集群、特色发展。 根据方案，安徽省将围绕优化产业结构、推动绿色转型、扩大有效投资、强化标准引领和优化产业生态五个方面实施14项具体举措。重点 ...

Core Viewpoint - Jiangxi Copper announced the approval of several key proposals during its 15th meeting of the 10th Board of Directors, including applications for membership in the China Interbank Market Dealers Association and the issuance of non-financial corporate debt financing instruments [1] Group 1 - The company approved the proposal to apply for membership in the China Interbank Market Dealers Association [1] - The company also approved the proposal for its subsidiaries, Zhejiang Jiangxi Copper Fuyue and Ding Copper Industry Co., Ltd., to provide external guarantees [1] - Additionally, the company signed a cooperation framework agreement with China Ordnance Material Group Co., Ltd. [1]

有商家表示，月初才推出的投资铜条，现在每日出货200条，十几天已售出上千条。不过，目前多数铜条不支持回收，部分可回收的，回收价则是售价的 五到六折。 投资铜条兴起的背后是贵金属价格的上涨。Wind数据显示，伦敦金属交易所（LME）期铜2025年累计涨超40%，2026年以来上涨近4%。 分析人士指出，水贝市场推出铜条，是金银价格高企背景下，市场情绪的扩散与寻求"价值洼地"的跟风行为，存在变现困难等潜在投资风险。作为重要的 工业金属，铜价上行趋势会加速"铝代铜"等材料替代和技术创新的进程，但替代将是一个渐进的过程，短期内铜在关键应用领域的主导地位难以被完全取 代。 1公斤投资铜条最高299元 多数不支持回收，或回收价腰斩 "以前家里堆着的废铜烂铁，现在居然摇身一变成'硬通货'。"有网友感叹道。 水贝商家洪远（化名）就是其中之一。他表示，1月初门店推出投资铜条，一条1000克的投资铜条价格为188元，目前购买的人很多，每日出货200条，十 几天已售出上千条。 "金银条价格涨得太厉害，铜条价格比较低，很多人买来自己收藏投资或送人。"洪远说道。 图片来源：受访者供图 不过，与成熟的投资金条、银条相比，多数投资铜条都不 ...