Group 1 - The report indicates that the A-share market is expected to maintain a stable and positive trend, with structural differentiation observed in industry performance, particularly favoring growth and cyclical sectors [4][22][24] - Growth and cyclical sectors showed better performance last week, with average returns of 0.37% and 0.19% respectively, while other styles like consumption and stability experienced declines [5][13] - The report highlights that the 2025 foreign trade achieved rapid growth, with total imports and exports reaching 45.47 trillion yuan, an increase of 3.8%, and exports growing by 6.1% [18] Group 2 - The macro liquidity outlook remains positive, with financial totals growing rapidly and a continued implementation of moderately loose monetary policy expected in 2026 [19][21] - The report emphasizes the importance of structural adjustments in monetary policy, including a 0.25 percentage point reduction in various structural monetary policy tool rates to enhance credit support for key sectors [21] - The report identifies key investment themes, including technology and advanced manufacturing, domestic demand expansion, and opportunities arising from supply-demand changes, with specific sectors like electronics, automotive, and medical devices highlighted for potential investment [24]

格隆汇1月19日丨江西铜业(600362.SH)公布，公司第十届董事会第十五次会议审议通过议案，拟申请注 册中国银行间市场交易商协会会员资格并注册发行非金融企业债务融资工具，发行品种为中期票据、超 短期融资券等，其中中期票据不超过150亿元，超短期融资券不超过100亿元。 ...

行业景气度是业绩胜负手 A股市场已有超过350家公司发布2025年度业绩预告，一幅清晰的产业景气度"分野图"就此展开。 业绩预告数据显示，在全球科技浪潮与商品周期驱动下，半导体、有色金属行业业绩耀眼，龙头公司普 遍实现高增长；而曾备受瞩目的光伏产业则因产能过剩、价格内卷深陷亏损，多家龙头预亏合计超300 亿元。更为引人深思的是，商业航天、AI应用等此前遭资金热捧的赛道，多数公司业绩预告亏损，凸 显概念炒作后基本面与估值的严重脱节。 综观已披露的业绩预告，A股市场正在经历一场从"预期叙事"到"报表验证"的切换，市场资金正基于业 绩真实成色进行博弈与调仓，业绩确定性已成为当前市场的核心锚点。 半导体业绩实现高增长，光伏龙头陷亏损泥潭 目前已披露的2025年业绩预告清晰地刻画了不同产业周期的分化态势。其中，受益于全球人工智能基础 设施建设浪潮及存储芯片的涨价周期，半导体产业链成为业绩增长的"优等生"。 佰维存储（688525.SH）预计2025年营收、净利均创历史新高。公司预计全年实现营业收入100亿元至 120亿元，同比增长49.36%至79.23%；实现归母净利润8.5亿元至10亿元，同比增长427.19%至 ...

截至日间收盘，内盘基本金属集体下跌，且除了沪铜、沪铝外，其余金属跌幅均超1%，沪锡以高达 5.98%的跌幅领跌，沪铅跌2.33%，沪锌跌1.91%，沪镍跌1.42%。氧化铝主连跌1.19%，铸造铝主连跌 0.11%。 此外，碳酸锂主连跌3.83%，工业硅主连涨1.61%，多晶硅主连涨0.63%。欧线集运主连跌1.77%报 1132.2。 来源：上海有色网 金属市场： 【国家统计局：2026年我国有基础、有条件保持经济稳定向好运行】国家统计局局长康义在国新办新闻 发布会上表示，从开年以来，生产价格预期都出现了积极变化，经济稳中有进的态势在持续。2025年12 月份，规模以上服务业增加值、服务业生产指数同比增速均比上月有所加快；核心CPI涨幅也连续4个 月保持在1%以上，PPI同比降幅收窄，环比连续三个月回升；制造业PMI和非制造业商务活动指数双双 重回扩张区间。从政策支撑看，国常会部署实施财政金融协同的一揽子政策。扩大内需，"两新"政策也 在不断优化，这些都为今年经济的起步创造了有利条件。从2026年全年看，我国经济长期向好的支撑条 件和基本趋势没有改变，高质量发展的大势没有改变，有基础、有条件保持经济稳定向好 ...

证券日报网讯1月19日，云南锗业（002428）在互动平台回答投资者提问时表示，2025年12月31日的股 东人数公司将在2025年年度报告中公开披露，敬请关注。 ...

每经AI快讯，1月19日，江西铜业（600362）(600362.SH)公告称，公司第十届董事会第十五次会议审议 通过议案，拟申请注册中国银行间市场交易商协会会员资格，并注册发行非金融企业债务融资工具，发 行品种包括中期票据和超短期融资券，其中中期票据不超过150亿元，超短期融资券不超过100亿元。 ...

Core Viewpoint - Multiple private equity firms in China have actively engaged in self-purchase actions, indicating confidence in the market and their own products [1][3]. Group 1: Self-Purchase Actions - Jiu Yang Run Quan Capital announced that its chairman and fund manager, Hu Jun Cheng, personally subscribed to new fund shares worth RMB 10 million [1]. - Yuan Fang Fund announced a self-purchase of no less than RMB 4 million for its Yuan Fang Han Ze Growth No. 1 private equity securities investment fund [1][3]. - Hu Jun Cheng expressed that personal investment in the fund demonstrates confidence in the market, despite concerns about potential market corrections [3]. Group 2: Market Confidence and Trends - The private equity confidence index for A-shares recorded 124.94 in January 2026, a slight increase of 0.48% from December 2025, indicating improved confidence among private equity managers [5]. - The average position of subjective long-biased private equity funds remained at 78% as of December 2025, with 93.8% of funds maintaining positions above 50%, reflecting stable market sentiment [5]. - Analysts suggest that the current market liquidity is relatively abundant, and the combination of policy support and improved fundamentals presents numerous investment opportunities [6]. Group 3: Investment Focus Areas - Resource and technology sectors are highlighted as key investment areas for many private equity firms, with a focus on scarce resources and high-quality companies in technology and brand expansion [7]. - Investment strategies include maintaining high positions in cyclical industries, benefiting from rapid AI development, and focusing on monopolistic industries with high dividend rates [7].

【导读】私募机构纷纷启动自购行动 中国基金报记者 孙越 开年以来，已有多家私募积极开展自购行动。 1月18日，北京久阳润泉资本管理中心（有限合伙）（以下简称久阳润泉）发布公告称，公司 董事长兼基金经理胡军程已以个人自有资金认购公司旗下新募集基金份额人民币1000万元。 1月7日，远方私募基金管理（苏州）有限公司（以下简称远方基金）宣布自购不低于人民币 400万元。 多家私募宣布自购 中国证券投资基金业协会官网信息显示，久阳润泉成立于2014年3月，当前基金管理规模处 于10亿元至20亿元区间。近年来，久阳润泉已多次开展自购：2024年2月，公告显示其员工 近一年认购该公司基金产品共计1239.6万元；2022年2月末，公告显示基金经理、高管等先 后申购旗下管理基金共2251万元，且均长期持有所认购基金。 久阳润泉董事长兼基金经理胡军程回应称："以个人自有资金申购基金，是为了表明看好市场 的决心和信心，部分投资者担忧市场回调风险，但我认为当前市场仍处于估值修复初期。" 展望2026年，胡军程表示，将持续在科技、医药、消费、金融、周期五大行业深耕，尤其关 注AI驱动下的"小金属"需求跃升（锡、铜、钨、钽、铋等）； ...

Core Viewpoint - The article discusses the joint issuance of the "Guiding Opinions on the Construction of Zero Carbon Factories" by several Chinese government agencies, aiming to enhance energy conservation and carbon reduction in key industries, thereby promoting green and low-carbon transformation and fostering new productive forces [1]. Group 1: Definition and Concept - Zero carbon factory construction involves reducing carbon dioxide emissions through technological innovation, structural adjustments, and management optimization, aiming for near-zero emissions rather than absolute zero [4]. Group 2: Implementation and Timeline - The guiding opinions outline a phased approach for cultivating zero carbon factories, with benchmark factories to be selected starting in 2026, followed by the development of zero carbon factories in sectors such as automotive, lithium batteries, photovoltaics, and electronics by 2027, and expanding to traditional high-energy industries like steel and petrochemicals by 2030 [6]. Group 3: Construction Pathways - Six major directions for construction are proposed, including establishing a carbon accounting system, optimizing energy structure, enhancing energy efficiency, conducting carbon footprint analysis, enabling smart carbon control through digitalization, and implementing carbon offsetting and information disclosure for continuous improvement [9]. - The guiding opinions also emphasize organizational implementation, standard system improvement, and the promotion of comprehensive energy-saving and carbon reduction services [9]. Group 4: Current Initiatives - Some regions in China have already initiated pilot projects for near-zero carbon factories, with over 30 related group standards developed and implemented, laying the foundation for nationwide promotion [9].

转自：智通财经 【江西铜业：与兵工物资签订合作框架协议】智通财经1月19日电，江西铜业(600362.SH)公告称，公司 已与兵工物资签订《合作框架协议》，向兵工物资供应阴极铜、粗铜、电解镍等产品。兵工物资为公司 控股子公司江铜国贸的股东，此次交易构成关联交易。协议有效期至2028年12月31日。 ...