Market Overview - A-shares showed mixed performance last week with a marginal decline in trading volume [1][10] Macro Data Analysis - In December 2025, the profit growth rate of industrial enterprises turned positive, with an annual cumulative growth rate of 0.6%, breaking a three-year trend of negative growth [4][20] - The improvement in profits is attributed to supply-side management policies like "anti-involution" [4][20] - Foreign and state-owned enterprises performed better, with state-owned enterprises' profit decline narrowing by 0.7 percentage points compared to 2024 [4][20] - Private enterprises saw profit growth stagnate, contrasting with the previous year's positive growth, which negatively impacted overall industrial profit growth [4][20] - Manufacturing benefited from "anti-involution" and overseas expansion, with a growth rate of 5.0%, rebounding by 8.9 percentage points from 2024 [4][20] - The equipment manufacturing sector contributed 2.8 percentage points to the overall industrial profit growth, while upstream raw material manufacturing showed marginal recovery [4][20] Short-term Market Strategy - The market is experiencing a significant adjustment in weak dollar-related sectors due to liquidity issues in the commodity market [11][25] - The market's sensitivity to macro liquidity shocks has increased, leading to a demand for certainty and risk aversion in investments [11][25] - Despite the current market challenges, there are still structural opportunities, and new leading sectors may emerge with macro changes [11][25] Mid-term Outlook - Technology growth remains a favored direction, with expectations of improving economic fundamentals gradually accumulating [12][26] - The market is expected to continue generating thematic opportunities supported by a loose monetary policy and low-interest environment [12][26] Long-term Perspective - The long-term dynamics of the US-China struggle are becoming clearer, with increasing skepticism about the US government's governance capabilities [13][27] - The potential for foreign capital inflow into China's equity market may provide support, especially with the current favorable conditions for the RMB against the USD [13][27] Industry Insights - Defensive dividend sectors are entering an observation phase, while aggressive sectors may face pressure [28][29] - Continued focus on technology sectors, particularly in AI and domestic technology advancements, is recommended [28][29] - There is potential for investment in domestic demand-related sectors, especially those showing signs of recovery amid inflation expectations [28][29]

投资咨询业务资格 沪证监许可[2015]84 号 商品日报 20260203 联系人 李婷、黄蕾 电子邮箱 jytzzx@jyqh.com.cn 主要品种观点 宏观：美国 1 月制造业 PMI 超预期，A 股缩量调整加剧 海外方面，美国 1 月 ISM 制造业指数大幅反弹至 52.6，创 2022 年 2 月以来新高，显著 高于预期 48.5，核心拉动来自新订单与产出同步改善，就业分项虽创一年高点，但仍处收缩 区间，显示需求修复快于用工扩张，物价指数回升则指向成本端再度抬头。与此同时，受联 邦政府部分停摆影响，美国劳工统计局确认 1 月非农报告延期发布，短期内削弱就业"硬数 据"的可得性。在经历连续两个交易日的快速下跌后，贵金属出现企稳修复迹象，黄金反弹 至约 4800 美元、白银回升至 83 美元，美元指数回升至 97.5 附近，美股同步反弹，铜、油 均收跌。本周继续美国政府关门进展、ADP 就业。 国内方面，中国 1 月 RatingDog 制造业 PMI 升至 50.3 并重返扩张区间，新订单与用工 同步改善，但企业信心走弱、成本压力抬升，推动销售价格 14 个月来首次上涨，显示需求 修复初现而定价能力 ...

2026 2026 年 年第 1 月 5 27 期 宏观经济 日 工业企业利润数据点评 新旧分化显著，工业企业利润年增速结束连续三年负 增长转正 ——12 月工业企业利润数据点评 事件：2025 年 1-12 月工业企业营收同比增长 1.1%，较 2024 年回落 1 个百分点，较 1-11 月回落 0.5 个百分点；1-12 月工业企 业利润同比 0.6%，较 2024 年回升 3.9 个百分点，较 1-11 月回升 0.5 个百分点,12 月当月利润同比 5.3%，较上年同期回落 5.7 个百 分点，较 11 月回升 18.4 个百分点。 "量"的支撑边际加大、"价"的拖累减轻，12 月工业企业 利润由负转正，2025 年工业企业利润扭转连续 3 年负增长态势， 增速转正但仍位于低位水平。12 月工业企业利润当月同比由负转 正，为 5.3%，较 11 月回升 18.4 个百分点，为近 3 个月最高。量 的方面，12 月年底备货的季末效应和出口拉动下工业增加值增速 回升，12 月工业增加值同比较上月回升 0.4 个百分点至 5.2%。价 的方面，12 月 PPI 当月同比下降 1.9%，降幅较前值收窄 0. ...

Group 1 - The core point of the article is that Hainan Mining (601969.SH) has announced a share buyback program, having repurchased a total of 1,977,900 shares, which represents 0.099% of the company's total share capital [1] - The highest transaction price for the repurchased shares was RMB 11.91 per share, while the lowest transaction price was RMB 7.91 per share [1] - The total amount of funds paid for the share buyback, excluding transaction fees, was RMB 20,966,544.00 [1]

出售事项应于待售公司向公司宣派股息(应于2026年2月4日或前完成)后的第三个营业日完成。 公司为投资控股公司，其附属公司主要从事膨润土采矿、生产及销售钻井泥浆及冶金球团用膨润土、金 融服务业务、租赁业务及个人护理产品批发。董事会认为，出售事项符合集团优化待售集团股东结构以 促进其长期发展的策略。透过出售事项，集团能够变现其于待售集团的部分投资，同时保留其对待售集 团业务的管理及营运控制权。董事认为，出售协议的条款属公平合理，乃按正常商业条款订立且符合公 司及股东的整体利益。 格隆汇1月30日丨倍搏集团(08331.HK)公告，于2026年1月30日，公司与买方Haohai Limited订立出售协 议，据此，公司同意出售，而买方同意购买待售公司飞尚国际控股30%股权，现金代价为人民币1140万 元。 ...

按投资主体统计，超过90%的投资为国家预算外资金，表明私人资本的信心增强，外国直接投融资占比 达到40.5%，较上年增长46.9%。按货币计算，外国直接投融资239.4万亿苏姆(190.35亿美元)；中央财政 投融资62.6万亿苏姆(49.77亿美元)，增长13.6%，占比10.6%；企业投融资147.8万亿苏姆(109.4亿美元)， 增长7.7%；个人投融资38.4万亿苏姆(30.53亿美元)，增长12.3%；商业银行贷款22.1万亿苏姆(17.57亿美 元)。按行业统计，制造业160.8万亿苏姆(127.85亿美元)，占比27.2%，能源和天然气供应占比14.0% (65.8亿美元)及采矿业占比10.8%(50.76亿美元)，农业投资规模几乎翻番，占比8.8%(41.36亿美元)。 乌兹日报网1月26日报道，乌兹别克斯坦固定资本投资呈现强劲增长态势，据国家统计委员会统计， 2025年固投591.1万亿苏姆(约合470亿美元)，按实际价值计算较去年增长10.5%。 ...

Core Insights - The industrial output of Uzbekistan is projected to reach 11,011 trillion soums (approximately 90.2 billion USD) in 2025, reflecting a growth of 6.8% compared to the previous year [1] Industry Overview - As of January 1, 2026, there are a total of 59,800 industrial enterprises in Uzbekistan, with the following distribution: - Food industry: 11,900 companies (20%) - Non-metallic mineral products: 8,300 companies (13.8%) - Apparel: 6,000 companies (10%) - Metal products: 4,800 companies (8%) - Furniture: 4,100 companies (6.9%) - Textiles: 3,700 companies (6.2%) - Rubber and plastic products: 2,800 companies (4.7%) [1] Manufacturing and Mining Contributions - The manufacturing sector's output is estimated at 9,472 trillion soums (approximately 77.64 billion USD), accounting for 86% of the total industrial output - The mining sector's output is projected at 770 trillion soums (approximately 6.31 billion USD) - The electricity and gas sector is expected to generate 708 trillion soums (approximately 5.8 billion USD) - The water supply, sewage, and waste management sector is anticipated to produce 61 trillion soums (approximately 510 million USD) [1] Resource Production - In 2025, Uzbekistan is expected to extract 42.3 billion cubic meters of natural gas, 655,700 tons of oil, and 8.9 million tons of coal - The production of gasoline is projected to be 1.2002 million tons, diesel 1.1581 million tons, Portland cement 20.2 million tons, and yarn 592.9 thousand tons [1]

经济观察网据央视新闻客户端消息，广东省统计局1月30日发布的数据显示，2025年广东全省经济运行 稳中有进、稳中提质，高质量发展取得新进展。 根据地区生产总值统一核算结果，2025年，广东实现地区生产总值145846.76亿元，按不变价格计算， 比上年增长3.9%。其中，第一产业增加值5891.80亿元，增长4.5%；第二产业增加值54993.50亿元，增 长2.4%；第三产业增加值84961.46亿元，增长4.7%。 01 农业生产形势较好 现代服务业增速较好 分门类看，采矿业增加值增长3.0%，制造业增长3.2%，电力、热力、燃气及水生产和供应业增长 0.3%。重点行业支撑稳定，计算机、通信和其他电子设备制造业增加值增长7.1%，电气机械和器材制 造业增长4.0%，通用设备制造业增长5.3%，汽车制造业增长10.1%、增速比前三季度提高1.9个百分点， 专用设备制造业增长7.6%、增速比前三季度提高2.3个百分点。新动能产业增势良好，先进制造业、高 技术制造业增加值分别增长5.1%、6.2%，增速比规模以上工业高2.1个、3.2个百分点，占规模以上工业 比重56.2%、34.7%，比前三季度提高0.7个、 ...

Core Viewpoint - Shengda Resources (000603.SZ) is focusing on advancing the exploration and mining rights for its key assets, particularly the 460 Gaodi Gold Mine and associated copper-molybdenum resources, with plans for construction to begin by 2027 [1] Group 1: Shengda Resources - The core asset of Shengda Resources is the exploration rights for the 460 Gaodi Gold Mine, which includes the I copper-molybdenum mineral belt and its associated resources [1] - The I copper-molybdenum mineral belt's resource estimation has been approved and filed, with plans to convert exploration rights into mining rights [1] - The company aims to focus on the procedures for converting exploration to mining rights for the 460 Gaodi copper-molybdenum mine in 2026, targeting construction commencement in 2027 [1] Group 2: Guangxi Jinshi Mining - Guangxi Jinshi Mining holds mining rights for the Miaohuang copper-lead-zinc-silver mine and exploration rights for the Huapeng-Na Yi and Huahou-Huayi copper-lead-zinc-silver mines [1] - The company is currently in the approval stage with the National Development and Reform Commission for the construction of the Miaohuang copper-lead-zinc-silver mine [1] - Exploration work is ongoing for the Huapeng-Na Yi and Huahou-Huayi copper-lead-zinc-silver mines [1]

鼎亿集团投资(00508)发布公告，公司与独立第三方就收购一项位于赞比亚的采矿许可证订立一系列相 关安排。采矿许可证赋予其持有人于赞比亚经营金矿的专有权。持牌人Cabral Mining Minerals Limited 由目标公司Wealthy Faith Group Limited拥有99.996%权益。于2026年1月29日，买方Igniscore Mineral Group Limited(公司的间接非全资附属公司)与卖方Solid Stone International Limited和Li Jin Holding Limited及彼等各自的最终实益拥有人订立购股协议，买方拟购买销售股份(合共占目标公司的70.0%股 权)。销售股份的代价包括于完成时作出的初步现金付款342万美元，其可于完成后根据矿场金矿数量进 行上调或下调，以及卖方的利润分成权利。 公司计划与管理人李剑波合作管理及营运矿场。于签署购股协议的同时，公司全资附属公司、由管理人 全资拥有的实体及管理人订立股东协议，其中载列合作事项的条款。根据订约方协定的条款，公司将向 买方提供股东贷款以进行购股，而管理人将订立服务协议，据此，其将就矿场 ...