| 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].

Group 1: Report Industry Investment Rating - Not provided in the content Group 2: Report's Core View - The overall stock strategy can be treated with cautious optimism. In the short term, the market is oscillating to digest profit - taking chips, and the medium - term oscillating upward pattern remains unchanged. Recently, be vigilant about the callback of over - traded sectors and pay attention to the impact of economic data and earnings reports on the fundamentals. Currently, the sentiment repair is relatively optimistic, the returns of medium and large - cap stocks are strengthening, the profit - making ability outside the index is poor, the basis is continuously converging, and the intraday Alpha and trading - type Alpha environments have not yet recovered. The basis cost is good, the excess environment is weak, and the tail risk is moderately high [11]. - For the long - only stock strategy, currently, it is advisable to increase positions in trading - type Alpha or intraday Alpha, and strictly control the proportion of component stocks in the long - only stock strategy with a high proportion of component stocks and a low exposure to small and micro - cap stocks. For the neutral strategy, it is recommended to seize the low - cost position - building window and increase positions in strategies that replicate T and strictly control exposure without relying on the return contribution of small and micro - cap stocks (mixed neutral strategies with basis management and index T strategies), but the cost - effectiveness of increasing positions in neutral strategies whose main returns rely on the contribution of small and micro - cap stocks is relatively low at this time [11]. Group 3: Summary by Relevant Catalogs 3.1 Equity Market Review - **Factor Calendar Overview**: As of January 16, 2026, most broad - based indices rose this week. The CSI 500 index rose 2.18%, the CSI 1000 index rose 1.27%, the CSI 2000 index rose 0.94%, the CSI All - Share index rose 0.47%, the CSI A500 rose 0.13%, the Shanghai - Shenzhen 300 index fell 0.57%, and the CSI Dividend fell 1.78%. Among the Barra style factors, the top three performing factors were BETA (1.34%), growth (0.53%), and momentum (0.26%); the bottom three were liquidity (- 0.53%), residual volatility (- 0.73%), and size (- 0.90%) [16]. - **Main Broad - based Index Review**: Most broad - based indices rose and most volatilities declined this week. The short - term, medium - term market activity is at a medium - high level. As of January 16, 2026, the average daily trading volume of the CSI All - Share index was 3.40 trillion yuan in the current 5 - day rolling average, and 2.51 trillion yuan in the current 20 - day rolling average [18][23][27]. - **Equity Industry Index Review**: This week, 41.9% of industries achieved positive returns, with the computer sector leading. The top three industries with the highest weekly returns were computer (3.82%), electronics (3.77%), and non - ferrous metals (3.03%); the bottom three were agriculture, forestry, animal husbandry and fishery (- 3.27%), real estate (- 3.52%), and national defense and military industry (- 4.92%) [28][29]. - **Equity Style Factor Review**: Among the Barra style factors, BETA, growth, and momentum factors performed well, while liquidity, residual volatility, and size factors performed poorly. Among the Giant Tide style indices, half of them rose. The top three indices with the highest returns were small - cap growth (3.61%), mid - cap growth (3.15%), and small - cap value (0.69%); the bottom three were large - cap growth (- 0.03%), mid - cap value (- 0.13%), and large - cap value (- 2.81%) [33][39]. - **Stock Index Futures Market Review**: The discount converged, and most volatilities rose. The basis of IF, IC, and IM all converged. The estimated impact of each contract's hedging on the average return of neutral products this week was - 0.10% for 300 neutral, - 0.17% for 500 neutral, and - 0.48% for 1000 neutral. Since the beginning of this year, it has been - 0.41% for 300 neutral, - 0.66% for 500 neutral, and - 0.86% for 1000 neutral [41][46]. - **Options Market Review**: The implied volatility generally increased this week, which is expected to be beneficial for option - buying and arbitrage strategies [50]. 3.2 Strategy Environment Monitoring - **Intraday Alpha Environment for Neutral and Index - Enhancement Strategies**: Overall, it is conducive to the accumulation of intraday Alpha in terms of liquidity, volatility, and the proportion of high - volatility stocks, but the net outflow of funds is not conducive to the accumulation of intraday Alpha [55][58][61]. - **Trading - Type Alpha Environment for Neutral and Index - Enhancement Strategies**: Overall, it is not conducive to the accumulation of trading - type Alpha. Although factors such as trading volume, turnover rate, and differentiation degree are beneficial, the mid - cap style and the decrease in the number of stocks that can beat the benchmark index are significantly unfavorable [64][70]. - **Holding - Type Alpha Environment for Neutral and Index - Enhancement Strategies**: The overall environment shows that it is not conducive to the accumulation of holding - type Alpha, but some factors such as the number of limit - up and limit - down stocks, liquidity, and volatility are expected to be beneficial for Alpha accumulation [76][88][91]. - **Neutral Strategy Hedging Environment Monitoring**: The basis volatility slightly decreased, and the cost control pressure increased [104]. 3.3 Future Strategy Judgement - **20 - day Rolling Returns**: As of January 16, 2026, the relative returns of the CSI 1000, CSI 2000, and CSI 500 to the Shanghai - Shenzhen 300 were in extremely high intervals, while the return of the Shanghai - Shenzhen 300 was in a relatively high interval [106]. - **Derivatives Option Sentiment Dimension**: The sentiment of the CSI 1000, Shanghai - Shenzhen 300, and CSI 500 is generally cautious but structurally differentiated, with the sentiment of the Shanghai - Shenzhen 300 being significantly bullish [110]. - **Derivatives Futures Sentiment Dimension**: The sentiment of the CSI 1000, Shanghai - Shenzhen 300, and CSI 500 is generally optimistic, and the basis of IF, IC, and IM converged, indicating that the market sentiment has recovered [113]. - **Risk Preference**: As of January 15, 2026, the margin trading balance was 2.70 trillion yuan, at an extremely high level in the past three years, indicating a high risk preference [116]. - **Style Attention Multiples**: Currently, the CSI 1000 is in a normal interval, the CSI 2000 is in a lower interval, and the CSI 500 is in an extremely high interval [122]. - **Profit Spread**: As of January 16, 2026, the profit spreads of the CSI 1000, CSI 500, CSI 2000, and Shanghai - Shenzhen 300 were in lower, extremely low, extremely low, and extremely low intervals respectively [123]. - **Dividend Spread**: As of January 16, 2026, the dividend spreads of the CSI 1000, CSI 500, CSI 2000, and Shanghai - Shenzhen 300 were all in normal intervals [127]. - **Trading Congestion of Small and Micro - Cap and TMT**: As of January 16, 2026, the trading heat of the TMT sector was in a relatively high interval, the trading heat of small and micro - cap sectors was in a normal interval, and the total market trading volume was in an extremely high interval [130].

Core Viewpoint - The release of the "Guiding Opinions on the Construction of Zero Carbon Factories" aims to enhance energy conservation and carbon reduction in the industrial sector, promoting green and low-carbon transformation while fostering new productive forces [1][2]. Group 1: Overall Requirements - The initiative is guided by Xi Jinping's thoughts on ecological civilization and aims to integrate green energy with modern manufacturing, accelerating technological and industrial innovation to significantly reduce carbon emissions and strengthen green manufacturing [5][6]. Group 2: Principles of Zero Carbon Factory Construction - The construction of zero carbon factories will follow principles such as tailored strategies based on industry needs, innovation-driven approaches, continuous improvement in carbon reduction, and ensuring transparency and standardization in carbon emissions reporting [6][7]. Group 3: Main Goals - The plan includes phased cultivation of zero carbon factories, starting with industries that have urgent decarbonization needs and gradually expanding to more challenging sectors by 2030, with specific targets set for 2026 and 2027 [8]. Group 4: Construction Pathways - Key pathways for construction include establishing a carbon emission accounting system, transitioning to green energy sources, enhancing energy efficiency, analyzing carbon footprints of key products, leveraging digital technologies for carbon management, and implementing carbon offsetting and information disclosure [9][10][11][12]. Group 5: Work Requirements - Local industrial and information departments are encouraged to develop specific implementation plans for zero carbon factory construction, emphasizing collaboration among government, enterprises, and markets, while also enhancing the standard system to support effective management and evaluation of zero carbon factories [13][14].

每经编辑｜许绍航 潘海福 1公斤投资铜条180元至280元不等 在许多网络社交平台，水贝"投资铜条"也引起了热议，还流传出许多"投资铜条"实物图。 问的人多、买的人少 深圳水贝是国内最大的黄金珠宝集散地，就在这个月，金座、银座、特力等市场的不少商家试探性地推出了纯铜999.9的投资铜条，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。 近期，贵金属市场热潮涌动，黄金和白银价格一路走高，成为大众追捧的投资焦点。而在这股热潮之下，又一种金属悄悄"出圈"——投资铜条。 "不是金条和银条买不起，而是铜条更有性价比。" 有网友说，一开始以为是段子，结果发现是真的。还有网友开玩笑说：以后再也不敢叫"破铜烂铁"了…… 据都市快报及新闻晨报等媒体报道，目前大部分商家没有铜条现货，需要预订，时间3至7天不等，量大可以优惠。 在杭州市场，也有投资客开始关注投资铜条。杭州老福林打金店老板老林说，前天有客人在买银条时候讲到最近铜在涨价，问店里有没有投资铜条 卖。"在大众认知里铜很廉价，买得少没有多少增值，买得多又没地方放，以后回收也是个问题。" 那么，投资铜条的交易情况到底如何 ...

每经AI快讯，江西铜业股份(00358.HK)跌超3%，截至发稿跌3.52%，报46.04港元，成交额8.93亿港元。 （文章来源：每日经济新闻） ...

消息面上，近日有报道称，英伟达将其一篇技术论文中有关数据中心铜需求量数据进行了修正，将每吉 瓦机架铜母线用量从"50万吨"大幅下调至200吨。调整后，市场对铜未来需求的预期或将下调。高盛分 析师们警告称，铜价格上涨的大部分或许已经过去，铜价未来越来越容易出现回调。 铜冠金源期货指出，关税缓和及市场逐渐定价年内两次降息预期的背景下，海外部分基金多头获利了解 为主，英伟达财报称AI数据中心用铜量或有高估嫌疑，美元指数反弹对金属上行形成制约；基本面 上，海外中断矿山持续，国内精铜供应边际收窄，全球显性库存突破百万大关，国内社库持续累增，预 计短期铜价将维持高位区间震荡。 江西铜业（600362）股份(00358)跌超3%，截至发稿，跌3.52%，报46.04港元，成交额8.93亿港元。 ...

智通财经APP获悉，江西铜业股份(00358)跌超3%，截至发稿，跌3.52%，报46.04港元，成交额8.93亿港 元。 消息面上，近日有报道称，英伟达将其一篇技术论文中有关数据中心铜需求量数据进行了修正，将每吉 瓦机架铜母线用量从"50万吨"大幅下调至200吨。调整后，市场对铜未来需求的预期或将下调。高盛分 析师们警告称，铜价格上涨的大部分或许已经过去，铜价未来越来越容易出现回调。 铜冠金源期货指出，关税缓和及市场逐渐定价年内两次降息预期的背景下，海外部分基金多头获利了解 为主，英伟达财报称AI数据中心用铜量或有高估嫌疑，美元指数反弹对金属上行形成制约；基本面 上，海外中断矿山持续，国内精铜供应边际收窄，全球显性库存突破百万大关，国内社库持续累增，预 计短期铜价将维持高位区间震荡。 ...