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。 ...

Market Overview - The three major indices opened lower and fluctuated, with the Shanghai Composite Index up 0.13%, the ChiNext Index down 0.64%, and the Shenzhen Component Index down 0.01%. The trading volume in Shanghai, Shenzhen, and Beijing exceeded 1.8 trillion yuan, a decrease of over 200 billion yuan from the previous day. Overall, nearly 3,300 stocks rose [1] Company Developments - Beijing Chuanxuer Manned Space Technology Co., Ltd. announced that its self-developed CYZ 1 manned spacecraft test cabin completed the comprehensive verification test of the landing buffer system on January 18. This success marks the company as the third commercial space enterprise globally to develop and verify manned spacecraft landing buffer technology [1] Industry Insights - CITIC Securities suggests that as the annual report performance forecast disclosure period begins, the weight of performance clues is rising. The investment portfolio should focus on "resources + traditional manufacturing pricing power," including chemicals, non-ferrous metals, electric equipment, and new energy sectors. Additionally, it recommends increasing allocation to non-bank sectors (securities, insurance) and enhancing returns through certain service consumer sectors (such as duty-free and aviation) or high-growth sectors (like semiconductor equipment) [2] - The National Energy Administration's latest data indicates that by 2025, China's total electricity consumption will exceed 10 trillion kilowatt-hours for the first time, reaching 10,368.2 billion kilowatt-hours, a year-on-year increase of 5.0%. This milestone signifies an upgrade in China's energy security capacity and economic development level [1] Investment Strategy - As the performance disclosure battle intensifies in late January, attention should be paid to companies with better-than-expected performance or those that stabilize after disclosures. The focus remains on technology and industrial metals, as well as service consumption and non-bank finance sectors. The strategy should consider cyclical and technology sectors, including electric equipment, machinery, non-bank finance, electronics, non-ferrous metals, and basic chemicals [3] - The market sentiment is currently in a chaotic phase, with short-term index fluctuations and sector rotations expected to continue. It is advisable to control short-term positions and focus on short-term rhythms while avoiding high-priced and underperforming stocks [3]

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][6]. Group 1: Principles of Zero Carbon Factory Construction - The construction of zero carbon factories follows four principles: tailored strategies based on industry needs, systematic advancement, innovation-driven and technology-enabled approaches, and a commitment to transparency and standardization [4][10]. Group 2: Goals and Phased Implementation - The initiative will prioritize industries with urgent decarbonization needs and lower decarbonization difficulties, with a phased approach starting in 2026 to select benchmark zero carbon factories [4][11]. - By 2027, a batch of zero carbon factories will be established in sectors such as automotive, lithium batteries, photovoltaics, electronics, light industry, machinery, and computing facilities [4][11]. - By 2030, the initiative aims to expand to high carbon intensity industries like steel, non-ferrous metals, petrochemicals, building materials, and textiles, exploring new decarbonization pathways [4][11]. Group 3: Construction Pathways - Key pathways for construction include establishing a carbon emission accounting management system, accelerating the transition to a green and low-carbon energy structure, and enhancing energy efficiency through technological upgrades [5][12][13]. - The initiative emphasizes the importance of carbon footprint analysis for key products to drive collaborative carbon reduction across the entire supply chain [5][14]. - Digitalization and intelligent management will be leveraged to achieve precise measurement and control of energy consumption and carbon emissions [5][15]. Group 4: Implementation Requirements - Local industrial and information authorities are encouraged to develop specific implementation plans for zero carbon factory construction, promoting collaboration among government, enterprises, and markets [16][17]. - A comprehensive standard system will be established to support the management and evaluation of zero carbon factories, ensuring alignment with international standards [16][17].

Core Viewpoint - The ongoing trend towards zero-carbon initiatives is being reinforced by the implementation of policies for zero-carbon factories, which are expected to significantly contribute to the green transformation of industries in China [1][4]. Group 1: Policy and Guidelines - The Ministry of Industry and Information Technology, along with four other departments, issued the "Guiding Opinions on the Construction of Zero-Carbon Factories," which outlines the selection of zero-carbon factories starting in 2026 and aims to establish benchmarks for various industries [1][4]. - By 2027, the plan includes the cultivation of zero-carbon factories in sectors such as automotive, lithium batteries, photovoltaics, electronics, light industry, machinery, and computing facilities [1][4]. - The expansion of zero-carbon factory initiatives to traditional high-energy industries like steel, non-ferrous metals, petrochemicals, building materials, and textiles is targeted by 2030 [1][4]. Group 2: Objectives and Implementation - The guiding opinions emphasize a phased approach to nurturing zero-carbon factories, focusing on quality improvement and green transformation across the entire industrial chain [4][5]. - Key objectives include the establishment of a carbon emission accounting management system, enhancing energy efficiency, and promoting digitalization to achieve intelligent carbon control [4][5]. Group 3: Challenges and Support - The construction of zero-carbon factories faces challenges such as inconsistent evaluation standards, unverified key technologies, and weak foundations for carbon emission statistics [6]. - The Ministry of Industry and Information Technology plans to enhance coordination and policy support to facilitate the high-quality advancement of zero-carbon factory construction [6].

Core Viewpoint - The article discusses the release of the "Guiding Opinions on the Construction of Zero Carbon Factories" by five Chinese government departments, emphasizing the importance of reducing carbon emissions in industrial sectors and promoting green transformation through zero carbon factory initiatives [2][3]. Group 1: Overall Requirements - The initiative is guided by Xi Jinping's thoughts on ecological civilization and aims to enhance industrial efficiency and promote green transformation across the entire industrial chain [7]. - The construction of zero carbon factories will follow principles such as tailored strategies for different industries, innovation-driven approaches, continuous improvement, and transparency in carbon emissions reporting [8][9]. Group 2: Main Goals - The plan includes a phased approach, starting with industries that have urgent decarbonization needs and are primarily electricity consumers, with a goal to select a batch of zero carbon factories by 2026 [10]. - By 2027, the initiative aims to establish zero carbon factories in sectors like automotive, lithium batteries, photovoltaics, electronics, light industry, machinery, and computing facilities, with further expansion to high carbon intensity industries by 2030 [10]. Group 3: Construction Pathways - Establishing a carbon emission accounting management system is crucial for accurate data support in zero carbon factory construction [11]. - Transitioning to a green and low-carbon energy structure is essential, encouraging the use of renewable energy sources and technologies such as distributed solar and wind power [12]. - Improving energy efficiency through systematic optimization of production processes and adopting advanced technologies is a key focus [13]. - Promoting zero carbon supply chain management and conducting carbon footprint analysis for key products will drive collaborative decarbonization across the industry [14]. - Enhancing digital and intelligent management capabilities will facilitate precise measurement and control of energy consumption and carbon emissions [14]. - Carbon offsetting and information disclosure are necessary to achieve and maintain near-zero carbon emissions [14]. Group 4: Work Requirements - Local industrial and information departments are encouraged to develop specific implementation plans for zero carbon factory construction, promoting collaboration among government, enterprises, and markets [15]. - A comprehensive standard system for zero carbon factories is to be established, providing scientific and practical guidelines for management and evaluation [16]. - The promotion of comprehensive services for energy saving and carbon reduction is essential, including technology transfer and international cooperation [17].

2026年01月19日 国泰君安期货商品研究晨报-贵金属及基本金属 观点与策略 | 黄金：避险情绪回升 | 2 | | --- | --- | | 白银：关税预期波动 | 2 | | 铜：美元走强，价格承压 | 4 | | 锌：区间震荡 | 6 | | 铅：海外库存减少，限制价格回落 | 8 | | 锡：关注资源收储 | 9 | | 铝：高位磨盘 | 10 | | 氧化铝：共振下行 | 10 | | 铸造铝合金：跟随电解铝 | 10 | | 铂：ETF较大幅度流出，上方承压 | 12 | | 钯：跟随区间震荡 | 12 | | 镍：印尼言论反复扰动情绪，镍价宽幅震荡运行 | 14 | | 不锈钢：盘面锚定矿端矛盾，镍铁跟涨支撑重心 | 14 | 国 泰 君 安 期 货 研 究 所 请务必阅读正文之后的免责条款部分 1 期货研究 商 品 研 究 商 品 研 究 2026 年 1 月 19 日 黄金：避险情绪回升 白银：关税预期波动 刘雨萱 投资咨询从业资格号：Z0020476 liuyuxuan023982@gtjas.com 【基本面跟踪】 贵金属基本面数据 | | | 昨日收盘价 | 日涨幅 | 昨日夜盘收 ...

Core Viewpoint - The prices of gold, copper, and aluminum are rising, indicating a strong performance in the precious and industrial metals sector, with expectations of a super cycle similar to 2006-2007 driven by AI and industrial metal demand [1] Group 1: Market Performance - As of January 19, gold ETF Huaxia (518850) increased by 1.4%, and the industrial metals ETF (516650) rose by 0.94% [1] - The copper price has reached a historical high, although the London copper market may not see significant upward movement [1] Group 2: Supply and Demand Dynamics - Global major mines are experiencing frequent accidents, leading to an expected reduction of 200,000 tons in supply by Q4 2025, translating to a quarterly decrease of approximately 3%-4% in copper production [1] - The macroeconomic environment, including potential interest rate cuts by the Federal Reserve, is expected to support copper prices, with a forecasted continued depreciation of the US dollar [1] Group 3: Investment Opportunities - Copper is identified as a key metal for energy transition, holding strategic value under the "14th Five-Year Plan" policy guidance [1] - The strong supply-demand fundamentals, along with ongoing macro policy support in China, are likely to stimulate sectors such as electric infrastructure, new energy vehicles, and home appliance consumption [1] Group 4: ETF Fund Performance - The industrial metals ETF (516650) tracks the CSI segmented industrial metals theme index, with a combined gold, copper, and aluminum content of 61.29%, the highest in the market [2] - The fund has seen significant capital inflow, with its latest scale reaching 13.77 billion, an increase of over 71.7 billion from the end of 2025, representing a year-to-date growth rate of over 108.7%, leading the sector [2]

北京商报 网友："下一个会不会是投资铁条、投资油条？" 1月19日，#金银大涨后铜条悄悄火了#冲上热搜。最近，贵金属市场热潮涌动，特别是黄金和白银价格 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。 相关话题下，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："再也不敢叫破 铜烂铁了"。 据悉，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。 不过大部分商家没有铜条现货，需要预订，预订时间3至7天不等。 一位水贝商家说，这两天问的人比较多，真正下单的人很少。大家普遍比较关心的是将来的回收问题。 "这还是遍地黄金的水贝吗？"目前只有少数商家推出了投资铜条，除了网友，就连市场里的商家都觉得 离谱。 不过杭州市场，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 ...