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。 ...

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了《江西铜业股 份有限公司关于与中国兵工物资集团有限公司签订〈合作框架协议〉的公告》，协议主要涉及阴极铜、 粗铜、电解镍等产品的购销。 ...

期货研究报告 宏观氛围冷却，有色高位回落 有色金属 姓名：龙奥明 宝城期货投资咨询部 从业资格证号：F3035632 投资咨询证号：Z0014648 电话：0571-87006873 邮箱：longaoming@bcqhgs.com 作者声明 本人具有中国期货业协会授 予的期货从业资格证书，期货投 资咨询资格证书，本人承诺以勤 勉的职业态度，独立、客观地出 具本报告。本报告清晰准确地反 映了本人的研究观点。本人不会 因本报告中的具体推荐意见或观 点而直接或间接接收到任何形式 的报酬。 投资咨询业务资格：证监许可【2011】1778 号 2026 年 1 月 19 日 铜铝周报 专业研究·创造价值 核心观点 铜：铜价冲高回落，关注 10 万关口支撑 上周铜价冲高回落，持仓量持续下降，多头了结意愿较强。上周 铜价回落主要是由于宏观氛围冷却，整个有色板块乃至是商品市场均 有所回落，短期资金了结意愿持续上升。宏观层面，海外美元指数持 续反弹；国内两融保证金比例上调，市场调控预期上升。产业层面， 近月月差走弱明显，电解铜持续累库，产业下游观望氛围浓。随着铜 价下挫至 10 万关口，部分产业补库意愿上升，或给予铜价一定支 ...

| 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:沪铜(日,元/吨) | 101,180.00 | +410.00↑ LME3个月铜(日,美元/吨) | 12,841.00 | +38.00↑ | | | 主力合约隔月价差(日,元/吨) | -180.00 | +10.00↑ 主力合约持仓量:沪铜(日,手) | 217,432.00 | -8501.00↓ | | | 期货前20名持仓:沪铜(日,手) | -51,946.00 | +8753.00↑ LME铜:库存(日,吨) | 143,575.00 | +2450.00↑ | | | 上期所库存:阴极铜(周,吨) | 213,515.00 | +32972.00↑ LME铜:注销仓单(日,吨) | 49,575.00 | -525.00↓ | | | 上期所仓单:阴极铜(日,吨) | 152,655.00 | -2856.00↓ | | | | | SMM1#铜现货(日,元/吨) | 100,940.00 | - ...

市场情绪回落，铜价震荡整理 沪铜周度报告·2026年01月19日 姓名：安冉 从业资格号：F3049294 交易咨询证书号：Z0017020 姓名：王海聪 从业资格号：F03101206 交易咨询证书号：Z0022465 联系人：陈天敏 从业资格号：F03134700 目 录 01 周度综述：宏观/周度数据/多空逻辑/风险提示 02 铜产业链解析：价格/价差/成本/利润/供给/需求/库存 CONTENTS 资金持仓：外盘持仓CFTC/LME 03 | 宏观方面 | 美国就业市场仍显韧性 | 强化了未来数月美联储维持利率不变的预期 | 同时美联储下一任主席人选生变 | 降息预期降温 | 美元指数走强 | 对铜价形成 | ， | ， | ， | ， | ， | ， | 压制 | 但地缘政治风险上升 | 特朗普宣布自2月1日起对多国输美商品加征10%关税 | 市场不确定性显著上升 | 铜价波动风险加大 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | -- ...

新浪合作平台光大期货开户 安全快捷有保障 责任编辑：朱赫楠 专题：光大期货热点追踪视频合集 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 光大期货0119热点追踪：有色集体"高位刹车"，行情拐点到了？ 光大期货0119热点追踪：有色集体"高位刹车"，行情拐点到了？ 新浪合作平台光大期货开户 安全快捷有保障 责任编辑：朱赫楠 专题：光大期货热点追踪视频合集 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 ...

Core Viewpoint - The article discusses the implementation of zero-carbon factory construction in China, emphasizing the government's commitment to promoting green and low-carbon development through a series of guidelines and policies aimed at reducing carbon emissions across various industries [1][2]. Group 1: Policy and Guidelines - On January 19, 2026, five government departments issued the "Guiding Opinions on Zero-Carbon Factory Construction," which outlines the selection of benchmark zero-carbon factories starting in 2026 [1]. - By 2027, the initiative aims to cultivate zero-carbon factories in sectors such as automotive, lithium batteries, photovoltaics, electronics, light industry, machinery, and computing facilities [1][5]. - The goal is to expand zero-carbon factory construction to industries like steel, non-ferrous metals, petrochemicals, building materials, and textiles by 2030, exploring new decarbonization pathways for traditional high-energy industries [1][5]. Group 2: Construction and Implementation - Zero-carbon factory construction involves continuous reduction of carbon dioxide emissions through technological innovation, structural adjustments, and management optimization [2][4]. - The construction path includes establishing a carbon emission accounting management system, transforming energy structures to be greener, enhancing energy efficiency, analyzing carbon footprints of key products, and improving digital intelligence levels for carbon control [5][6]. - The article highlights that various regions, including Tianjin, Shanghai, Jiangsu, and Guangdong, have begun pilot projects for near-zero carbon factories, with over a hundred near-zero carbon factory lists published [6]. Group 3: Challenges and Future Directions - The construction of zero-carbon factories is a complex and systematic project that involves multiple aspects such as energy structure, process technology, funding, and management services, with significant variations in implementation across different regions and industries [6]. - Challenges include inconsistent evaluation requirements, unverified key technologies, and weak foundations for carbon emission statistics, necessitating enhanced guidance and technical support [6]. - The Ministry of Industry and Information Technology plans to coordinate with other departments to promote the implementation of the guidelines and support high-quality progress in zero-carbon factory construction [6].