Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - The overall market shows a complex trend, with different sectors having their own characteristics. The stock index continues to be strong, while the bond market is weak. In the agricultural products sector, there are differences in supply and demand among various varieties. In the black metal and non - ferrous metal sectors, prices are affected by factors such as policies, supply and demand, and geopolitical events. The energy and chemical sector also shows price fluctuations due to geopolitical and supply - demand factors [19][23][26]. Summary by Related Categories Financial Derivatives 1. Stock Index Futures - **Core Viewpoint**: Fluctuations do not change the upward trend. The stock index continued to rise strongly on Tuesday, with all major indices hitting new highs. The market sentiment was high, and short - term stock indices still had upward momentum [19][20]. - **Trading Strategy**: Unilateral trading should adopt a strategy of buying on dips; for arbitrage, wait for the discount to widen for IM/IC long 2603 + short ETF cash - and - carry arbitrage; for options, use a bull spread strategy [21]. 2. Treasury Bond Futures - **Core Viewpoint**: With the increase in risk appetite, the bond market tends to be weak. On Tuesday, treasury bond futures closed down across the board, and short - term bond markets may continue to be weak, but the space for further adjustment is relatively limited [23]. - **Trading Strategy**: Both unilateral and arbitrage trading should adopt a wait - and - see approach [24]. Agricultural Products 1. Protein Meal - **Core Viewpoint**: Supply pressure still exists, and US soybeans continue to decline. International soybeans are under cost pressure, but due to the relatively low inventory of South American old crops, the decline in prices may be limited. Domestic soybeans may have some support on the spot side [26][27]. - **Trading Strategy**: Unilateral trading should be mainly based on range - bound operation; for arbitrage, narrow the MRM spread; for options, use a short straddle strategy [27]. 2. Sugar - **Core Viewpoint**: International sugar prices rose slightly, and domestic sugar prices were slightly stronger. International sugar prices may bottom - oscillate in the short term, and domestic sugar prices may also be slightly stronger, but there is still pressure at the upper shock platform [28][30]. - **Trading Strategy**: Unilateral trading: International sugar prices are expected to bottom - oscillate in the short term, and Zheng sugar is expected to be slightly stronger; for arbitrage, wait and see; for options, sell put options [31]. 3. Oilseeds and Oils - **Core Viewpoint**: The sentiment in the commodity market has improved, and oils have risen. However, the fundamentals are still weak, and the upside space is restricted. Geopolitical factors may have more emotional impact than real impact [33]. - **Trading Strategy**: Unilateral trading: Oils will oscillate in the short term, and the idea for palm oil is to short at the upper edge of the range after a rebound; for arbitrage and options, wait and see [34]. 4. Corn/Corn Starch - **Core Viewpoint**: US corn is weak, and the spot price of domestic corn is stable in the short term but still under pressure in the long term [35][37]. - **Trading Strategy**: Unilateral trading: For the outer 03 corn, buy on dips during the bottom - oscillation; for the 07 corn, adopt a strategy of buying on dips; for arbitrage, widen the spread between 05 corn and starch; for options, wait and see [37]. 5. Live Hogs - **Core Viewpoint**: Supply pressure still exists, and the spot price oscillates. The overall inventory of live hogs is relatively high, and the supply pressure still exists, so the pig price is still under pressure [39]. - **Trading Strategy**: Unilateral trading should mainly be based on a short - selling strategy; for arbitrage, wait and see; for options, use a short straddle strategy [40]. 6. Peanuts - **Core Viewpoint**: Peanut spot prices are stable, and the futures price oscillates at the bottom. The spot price is stable, and the 03 peanut futures have a warehouse - receipt game, but the supply of oil - using peanuts is loose, so the futures price oscillates at the bottom [41][42]. - **Trading Strategy**: Unilateral trading: The 05 peanut futures will oscillate at the bottom, buy on dips but do not chase the rise; for arbitrage, wait and see; for options, sell the pk603 - C - 8200 option [42]. 7. Eggs - **Core Viewpoint**: The demand is average, and the egg price rises steadily. In the short term, the near - month contract may oscillate weakly, and the far - month May contract can consider building long positions on dips [44][46]. - **Trading Strategy**: Unilateral trading: The February contract is expected to oscillate within a range, and consider building long positions on the far - month May contract; for arbitrage and options, wait and see [46]. 8. Apples - **Core Viewpoint**: The cold - storage inventory is low, and the fruit price oscillates at a high level. The cost of apple warehouse receipts is high, which supports the futures price. If the cold - storage apple delivery can maintain a normal level, the supply may be tight in the future [48][49]. - **Trading Strategy**: Unilateral trading: Hold the long position of the May contract and short the October contract on rallies; for arbitrage, go long on May and short on October; for options, wait and see [50]. 9. Cotton - Cotton Yarn - **Core Viewpoint**: The expected planting area in the new year will decline, and the cotton price will oscillate strongly. The expected reduction in the planting area and strong sales progress support the cotton price, but there may be a short - term correction risk [51][52]. - **Trading Strategy**: Unilateral trading: US cotton is expected to oscillate within a range in the short term, and Zheng cotton will oscillate strongly; for arbitrage and options, wait and see [53]. Black Metals 1. Steel - **Core Viewpoint**: The fundamentals are marginally weakening, and the steel price oscillates within a range. The steel market is affected by factors such as production resumption, inventory, demand, and policies. Although there is support in the short term, the upward space may be suppressed in the future [56]. - **Trading Strategy**: Unilateral trading should mainly be based on a wait - and - see approach; for arbitrage, short the coil - coal ratio on rallies and hold the short position of the coil - screw spread; for options, wait and see [57]. 2. Coking Coal and Coke - **Core Viewpoint**: They continue to oscillate widely. Affected by macro - sentiment and seasonal factors, the coking coal and coke prices are expected to continue to oscillate widely, and it is not recommended to chase the rise [59]. - **Trading Strategy**: Unilateral trading: Do not chase the rise, and try to go long on dips; for arbitrage and options, wait and see [60]. 3. Iron Ore - **Core Viewpoint**: Market expectations are fluctuating, and the ore price oscillates. The global iron ore supply is loose, and the domestic terminal steel demand is declining, so the ore price is expected to oscillate [62]. - **Trading Strategy**: Unilateral trading: The price will oscillate; for arbitrage and options, wait and see [63]. 4. Ferroalloys - **Core Viewpoint**: With the expectation of marginal improvement in supply and demand and cost - push, they are short - term bullish. Both ferrosilicon and ferromanganese are expected to be short - term bullish due to factors such as supply contraction expectations and cost support [63][64]. - **Trading Strategy**: Unilateral trading: They are short - term bullish; for arbitrage, wait and see; for options, sell out - of - the - money put options [64]. Non - Ferrous Metals 1. Gold and Silver - **Core Viewpoint**: Geopolitical factors dominate, and they may oscillate strongly in the short term. Affected by geopolitical events and market sentiment, gold and silver prices are expected to remain strong, but attention should be paid to short - term pressure [66][67]. - **Trading Strategy**: Unilateral trading: Hold long positions of Shanghai gold and silver cautiously based on the 5 - day moving average; for arbitrage and options, wait and see [67][68]. 2. Platinum and Palladium - **Core Viewpoint**: The sentiment of long - position funds is warming up, and they are back on the upward channel. Platinum is expected to be bullish due to tight supply - demand fundamentals, while palladium may be affected by the macro - environment and show a linkage with platinum [70][71]. - **Trading Strategy**: Unilateral trading: Go long on platinum on dips based on the MA5 daily line, and wait and see on palladium; for arbitrage, go long on platinum and short on palladium; for options, wait and see [72]. 3. Copper - **Core Viewpoint**: Adopt a strategy of buying on dips. Supported by macro - policies and supply - demand fundamentals, the copper price is in an upward trend, and it is recommended to buy on dips [74]. - **Trading Strategy**: Unilateral trading: The upward trend remains unchanged, and control the position to buy on dips; for arbitrage and options, wait and see [74]. 4. Alumina - **Core Viewpoint**: Driven by policy expectations, the alumina price rises. Market concerns about policies related to red mud treatment drive the price up, but the fundamentals change little [78]. - **Trading Strategy**: Unilateral trading: The price rises driven by policy expectations; for arbitrage and options, wait and see [79]. 5. Electrolytic Aluminum - **Core Viewpoint**: Shanghai aluminum is running strongly. Driven by factors such as global aluminum shortage expectations and geopolitical risks, the aluminum price is rising, and it is recommended to go long on dips [81]. - **Trading Strategy**: Unilateral trading: Follow the trend, hold long positions and control the position; for arbitrage and options, wait and see [82]. 6. Cast Aluminum Alloy - **Core Viewpoint**: It runs strongly following the sector. Affected by geopolitical risks and cost factors, the aluminum alloy price rises following the sector, but the trading volume is light [85]. - **Trading Strategy**: Unilateral trading: It runs strongly following the sector; for arbitrage and options, wait and see [85]. 7. Zinc - **Core Viewpoint**: Pay attention to the impact of the capital side, and the zinc price may run at a high level. The zinc market has a complex situation of supply and demand, and the price is mainly affected by macro - factors and capital. It is necessary to be cautious when chasing the rise [87][89]. - **Trading Strategy**: Unilateral trading: It runs at a high level, and pay attention to the capital sentiment; for arbitrage and options, wait and see [89]. 8. Lead - **Core Viewpoint**: Pay attention to the changes in domestic social inventory. The lead market has a situation of short - supply and certain consumption resilience. Low inventory and other factors may attract long - position funds, and the price may rise [92]. - **Trading Strategy**: Unilateral trading: Buy on dips and pay attention to the impact of the capital side; for arbitrage, wait and see; for options, buy out - of - the - money call options in a timely manner [92]. 9. Nickel - **Core Viewpoint**: Speculation on resource products, and the nickel price returns to the financial attribute. The nickel price is in a large - scale upward trend, and the financial attribute is restored. It is recommended to follow the trend, but be vigilant against correction risks [93]. - **Trading Strategy**: Unilateral trading: Adopt a bullish strategy and be vigilant against correction risks; for arbitrage and options, wait and see [94][96]. 10. Stainless Steel - **Core Viewpoint**: It follows the nickel price and runs strongly. Affected by factors such as nickel ore quota contraction and tight hot - rolled resources, the stainless - steel price follows the nickel price, but the upward drive is weaker [97]. - **Trading Strategy**: Unilateral trading: Follow the rise of the nickel price; for arbitrage, wait and see [98]. 11. Industrial Silicon - **Core Viewpoint**: It is short - term bullish and bearish in the medium - term. The industrial silicon market has a situation of high production and possible inventory accumulation, but it may rebound in the short term due to market sentiment. It is recommended to short on rallies in the medium - term [100][101]. - **Trading Strategy**: Unilateral trading: It is short - term bullish and short on rallies in the medium - term; for arbitrage, go long on polysilicon and short on industrial silicon; for options, sell out - of - the - money call options [102]. 12. Polysilicon - **Core Viewpoint**: The downstream price rises, the spot transaction center moves up, and it is bullish. Driven by the self - discipline of the photovoltaic industry chain, the polysilicon price is expected to be bullish in the long - term, but be cautious in the short - term [103]. - **Trading Strategy**: Unilateral trading: It is bullish, but be cautious and pay attention to risk control; for arbitrage, go long on polysilicon and short on industrial silicon; for options, sell put options [104]. 13. Lithium Carbonate - **Core Viewpoint**: The market sentiment is optimistic, and the price runs strongly. Although there may be inventory accumulation in January, the price is difficult to fall deeply due to the replenishment demand of upstream and downstream. The long - term trend is good [106]. - **Trading Strategy**: Unilateral trading: Control the position and operate cautiously [107]. 14. Tin - **Core Viewpoint**: Driven by AI demand, the tin price rises with increasing positions. Affected by geopolitical events and AI demand, the tin price rises, but attention should be paid to the resumption of production in Myanmar and consumption realization [109][112]. - **Trading Strategy**: Unilateral trading: Follow the logic of long - position funds to trade; for options, wait and see [112]. Shipping - **Core Viewpoint**: The spot price is peaking, and the futures price is expected to oscillate at a high level. The container shipping market is in a situation of price game, and the demand is expected to improve. Attention should be paid to the adjustment rhythm of shipping companies and geopolitical impacts [114]. - **Trading Strategy**: Unilateral trading: Most of the long positions in the EC2602 contract should be closed on rallies, and the remaining light positions can be held at discretion; for arbitrage, wait and see [114][116]. Energy and Chemicals 1. Crude Oil - **Core Viewpoint**: Geopolitical factors drive the price to fluctuate widely. Affected by the situation in Venezuela and other geopolitical factors, the crude - oil price is expected to fluctuate widely, and attention should be paid to the Brent main - contract price range [118][119]. - **Trading Strategy**: Unilateral trading: It will fluctuate widely; for arbitrage, domestic gasoline is relatively strong, diesel is relatively weak, and the crude - oil monthly spread is strong; for options, wait and see [119]. 2. Asphalt - **Core Viewpoint**: The raw - material contradiction dominates, and the asphalt price oscillates at a high level. The asphalt market is affected by raw - material supply and demand. Although the demand is in the off - season, the price is expected to oscillate at a high level [121][122]. - **Trading Strategy**: Unilateral trading: It will oscillate at a high level; for arbitrage and options, wait and see [122]. 3. Fuel Oil - **Core Viewpoint**: Geopolitical factors cause frequent disturbances, and the price fluctuation intensifies. Affected by the situation in Venezuela and other factors, the fuel - oil price fluctuates strongly. Attention should be paid to the development of the situation in Venezuela [124][125]. - **Trading Strategy**: Unilateral trading: It is short - term bullish, but be vigilant against geopolitical risks and do not chase the rise; for arbitrage, pay attention to the FU59 positive spread opportunity, and both low - sulfur and high - sulfur cracking are weak; for options, wait and see [125][126]. 4. Natural Gas - **Core Viewpoint**: TTF/JKM oscillates at a low level, and HH searches for support downward. Affected by temperature and inventory factors, the natural - gas price is expected to decline in the long - term, and the short position of the third - quarter TTF contract can be held [127][128]. - **Trading Strategy**: Unilateral trading: Hold the short position of the third - quarter TTF or JKM contract; for arbitrage and options, wait and see [129]. 5. LPG - **Core Viewpoint**: Supported by geopolitical premium. Affected by factors such as the rise in Saudi CP prices and geopolitical risks, the LPG price has support in the short - term, but it is under pressure in the long - term [130][131]. - **Trading Strategy**: Unilateral trading: Pay attention to the follow

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The 2026 central bank work meeting confirmed a moderately loose monetary policy, emphasizing the "integrated effect" of incremental and stock policies, which provides support for the economy and enhances the attractiveness of RMB assets. However, geopolitical conflicts and Fed policy uncertainty pose potential risks [2]. - In the short term, the stock index is expected to be strong, but there may be a phased correction due to local over - heating. The bond market may need to find a bottom, and if the stock market corrects, it may help the bond market stabilize [5][7][8]. - The shipping index (European line) is expected to fluctuate at a high level in the short term, with risks of insufficient actual cargo volume support. The far - month contract is suppressed by the resumption of navigation and off - season expectations [13]. - For new energy products, lithium carbonate has long - term value support and opportunities to build long positions on dips. Industrial silicon has limited downside space and is suitable for building long positions in far - month contracts. The spot price of polysilicon has risen, and attention should be paid to the sustainability of prices and terminal winning bids [17][19]. - In the non - ferrous metals market, copper prices are in an accelerating upward phase, aluminum is expected to be volatile and strong, zinc may reach a short - term top, nickel - stainless steel may be strong in the short term but with callback risks, tin has limited upside space, and lead is expected to fluctuate [24][25][28]. - In the oilseeds and fats market, oilseeds show a near - strong and far - weak pattern. Fats are expected to fluctuate widely in the short term [31][34]. - The asphalt crack spread may be strong in the short term due to supply disruptions [36][37]. - For precious metals, platinum and palladium may face short - term correction risks due to index parameter adjustment, while gold and silver are in an easy - to - rise and hard - to - fall pattern in the short term and are bullish in the medium - to - long term [40][43]. - In the chemical industry, pulp and offset paper prices have risen, and it is advisable to wait and see. LPG is supported in the short term by geopolitics but is under pressure in the long term. PTA - PX and MEG - bottle chips are affected by geopolitical disturbances and cost fluctuations. Methanol is likely to start an upward trend. PP and PE have short - term improvements in fundamentals but face Spring Festival inventory accumulation pressure. Pure benzene - styrene is running strongly, and rubber is expected to fluctuate widely [46][49][52][54][57][60][63][65][70]. - For black commodities, steel prices are expected to fluctuate, iron ore is running strongly, coking coal and coke may rebound, and ferroalloys may be under pressure to suppress the upward rhythm [80][82][84][86]. - In the agricultural and soft commodities market, cotton is affected by supply - demand expectations and policy adjustments, sugar is in a strong - side - oscillating pattern, rubber is expected to fluctuate widely, apples are running strongly, dates are in a low - level oscillation, and logs follow an interval trading strategy [90][92][96][99][101][103]. Summary by Relevant Catalogs Financial Futures - **Macro**: The central bank will implement a moderately loose monetary policy in 2026, using tools such as reserve requirement ratio and interest rate cuts. The Fed's policy and the Venezuelan situation may affect the market. The internal "policy integration" and external geopolitical disturbances create structural opportunities in the market [1][2]. - **RMB Exchange Rate**: Before the release of the US December ADP employment data, the US dollar index is oscillating. The RMB is relatively strong, and the central bank shows an intention to stabilize the exchange rate. Export enterprises are advised to lock in forward exchange settlement at 7.02, and import enterprises can adopt a rolling foreign exchange purchase strategy at 6.96 [3][4]. - **Stock Index**: The stock index is strong, but there may be a phased correction due to local over - heating. The short - term is expected to be strong [5][7]. - **Treasury Bond**: The bond market is under pressure. If the stock market corrects, it may help the bond market stabilize. It is recommended to hold medium - term long positions and try to buy on dips in the short term [7][8]. - **Container Shipping (European Line)**: The shipping index futures rose on January 2. The market is in a game between pre - Spring Festival and price increase implementation. The short - term is expected to fluctuate at a high level, and attention should be paid to the actual cargo volume support and resumption of navigation [9][11][13]. Commodities New Energy - **Lithium Carbonate**: The futures limit up, and the spot trading weakens. In the long - term, there is value support, and it is advisable to build long positions on dips [15][17]. - **Industrial Silicon & Polysilicon**: The prices of downstream products have risen. Industrial silicon is in a supply - demand weak situation but has a low - risk long - position value. The spot price of polysilicon has risen, and attention should be paid to price sustainability and terminal winning bids [18][19]. Non - Ferrous Metals - **Copper**: The copper price is in an accelerating upward phase. The futures market has net capital inflows. It is recommended to hold long positions in the 90000 - 100000 range and be cautious about new long positions above 100000 [22][24]. - **Aluminum Industry Chain**: Aluminum is expected to be volatile and strong, alumina is expected to oscillate, and cast aluminum alloy is expected to be volatile and strong. The core factors include funds and supply - demand expectations [25][26]. - **Zinc**: It may reach a short - term top. The short - term is expected to oscillate at a high level, and attention should be paid to the pressure at 24600 [27]. - **Nickel - Stainless Steel**: It rose strongly. The short - term may be strong due to Indonesian supply policy expectations, but there are callback risks [27][28]. - **Tin**: It is not recommended to short in the short term, and the upside space is limited. It is expected to be volatile and strong before the sentiment fades [29][30]. - **Lead**: It rose with the sector. It is expected to oscillate, and the price may fall after the sentiment fades [30]. Oilseeds and Fats - **Oilseeds**: It shows a near - strong and far - weak pattern. The supply pressure in Brazil next year suppresses the main contract, but there is a short - term supply gap. It is recommended to hold a 35 positive spread [31][33]. - **Fats**: It is expected to fluctuate widely in the short term. The fundamentals affect the price ratio, and attention should be paid to production areas and biodiesel information [34]. Energy and Oil & Gas - **Asphalt**: The supply is disturbed, and the short - term crack spread may be strong. The conflict between the US and Venezuela may affect the supply of heavy - crude oil and thus the price of asphalt [36][37]. Precious Metals - **Platinum & Palladium**: They rose strongly. In the short term, beware of the selling pressure caused by index parameter adjustment. In the medium - to - long term, the price center is expected to rise [40][41]. - **Gold & Silver**: They are approaching the previous high. In the short term, it is easy to rise and hard to fall. In the medium - to - long term, they are bullish, and corrections are opportunities to add long positions [42][43]. Chemicals - **Pulp - Offset Paper**: The spot price of pulp has risen, and the futures price is affected by spot support and overall commodity sentiment. The price of offset paper futures is rising, and it is advisable to wait and see [45][46]. - **LPG**: It is supported by geopolitics in the short term but is under long - term pressure. Attention should be paid to overseas events and domestic PDH maintenance [47][49]. - **PTA - PX**: It is affected by geopolitical disturbances and cost fluctuations. PTA is expected to have a tight supply - demand pattern in the first half of 2026, and PX is expected to be in short supply in the second quarter [50][52]. - **MEG - Bottle Chips**: It rebounded due to geopolitical speculation. The demand side is under pressure, and the inventory is high. The rebound is likely to be phased [53][54]. - **Methanol**: It is likely to start an upward trend. The change in inventory accumulation expectations is the main factor, and attention should be paid to the restart of Fude and the reduction of Iranian imports [55][57]. - **PP**: The short - term fundamentals have improved, and the Spring Festival inventory accumulation pressure exists. It is expected to oscillate [58][60]. - **PE**: It is rising from the bottom. The supply pressure is relieved, but the demand support is insufficient. It is in a supply - demand reduction pattern [61][63]. - **Pure Benzene - Styrene**: It is running strongly, affected by geopolitical pricing and capital allocation. The fundamentals are improving but are still in the off - season. Do not chase the high [64][65]. - **Rubber**: It is expected to fluctuate widely. The short - term may be strong, but there are callback risks. Pay attention to the pressure levels of different contracts and the RU - BR spread [66][70][72]. - **Soda Ash & Glass & Caustic Soda**: Soda ash has a surplus expectation, glass has high inventory and cold - repair expectations, and caustic soda is in a wide - range oscillation [73][75][76]. - **Propylene**: It is supported by cost in the short term, but the upside space is limited due to the loose supply - demand situation [77][78]. Black Commodities - **Rebar & Hot - Rolled Coil**: The prices are expected to oscillate. The fundamentals of steel products have little contradiction, but there is a possibility of inventory accumulation in the future [80]. - **Iron Ore**: It is running strongly. The high supply and rigid demand balance each other, and the price is affected by macro expectations [81][82]. - **Coking Coal & Coke**: They rebounded strongly. The inventory structure of coking coal has improved, and the supply pressure in January may ease. The coking profit of coke is under short - term pressure, and attention should be paid to the downstream steel mill's复产 elasticity [83][84]. - **Ferroalloys**: They rose due to electricity price news. The production has increased, and the inventory is accumulating. The upward rhythm may be suppressed, but the downside space is limited [85][86][87]. Agricultural and Soft Commodities - **Cotton**: The short - term is affected by supply - demand expectations and policy adjustment expectations. Pay attention to the cotton planting industry chain conference in Xinjiang and beware of price corrections. It is recommended to build long positions on dips [89][90][91]. - **Sugar**: It is in a strong - side - oscillating pattern. Pay attention to the trend of raw sugar [92][94]. - **Rubber**: It is expected to fluctuate widely. The short - term may be strong, but there are callback risks. Pay attention to the pressure levels of different contracts and the RU - BR spread [94][96][98]. - **Apple**: It is running strongly. The shortage of delivery products is expected to push up the prices of near - and far - month contracts [99][100]. - **Date**: It is in a low - level oscillation. The short - term price may be stable, and the long - term supply is abundant, and the price is under pressure [101][102]. - **Log**: It is oscillating. The 03 contract can adopt an interval trading strategy of buying low and selling high in the 760 - 790 range [103][104].

Group 1: International News - Venezuela and the U.S. are negotiating the issue of oil exports to the U.S. [10] - The U.S. Supreme Court is set to rule on tariff issues on January 9 [10] - Saudi Arabia will open its financial market to all foreign investors [10] Group 2: Market Overview - The U.S. dollar index rebounded, closing up 0.28% at 98.59, the highest in over two weeks [3] - Spot gold rose 1.04% to $4495.09 per ounce, while spot silver increased by 6.06% to $81.25 per ounce, reaching a high not seen since December 29 of the previous year [3][7] - International crude oil prices fell, with WTI crude down 2.22% to $56.86 per barrel and Brent crude down 2.07% to $60.43 per barrel [3][7] Group 3: Stock Market Performance - European major stock indices mostly rose, with the UK FTSE 100 up 1.18% and the German DAX up 0.09% [4] - U.S. stock indices all increased, with the Dow Jones up 0.99% and the S&P 500 up 0.6%, both reaching new highs [4] - The Hong Kong Hang Seng Index rose 1.38%, with significant gains in technology and financial sectors [5] Group 4: A-share Market - The three major A-share indices closed higher, with the Shanghai Composite Index up 1.5%, marking a 13-day winning streak and a ten-year high [6] - The total trading volume in the Shanghai and Shenzhen markets reached 2.81 trillion yuan, an increase of 260.2 billion yuan from the previous trading day [6] - The insurance sector was active, with notable gains in stocks like New China Life Insurance, which rose over 6% [6]

期 货 眼 ·日 迹 每日早盘观察 银河期货研究所 2026 年 1 月 6 日 0 / 48 研究所 期货眼·日迹 | 蛋白粕：供应端仍偏宽松 价格压力相对明显 5 | | --- | | 白糖：国际糖价小涨，国内糖价震荡 5 | | 油脂板块：油脂波动增加 7 | | 玉米/玉米淀粉：小麦和玉米拍卖，现货稳定 8 | | 生猪：出栏压力继续体现 现货震荡运行 8 | | 花生：花生现货稳定，花生盘面窄幅震荡 9 | | 鸡蛋：需求表现一般，蛋价稳中有涨 10 | | 苹果：冷库库存偏低，果价高位震荡 11 | | 棉花-棉纱：新年度种植面积预计下降，棉价震荡偏强 12 | | 钢材：基本面边际转弱，钢价区间震荡 13 | | --- | | 双焦：基本面乏善可陈 13 | | 铁矿：市场预期反复，矿价震荡运行 14 | | 铁合金：供需边际改善预期叠加成本推动，短期震荡偏强 15 | | 股指期货：仍有上攻动能 3 | | --- | | 国债期货：央行购债规模不及预期 4 | | 金银：地缘主导，短期内或偏强震荡 16 | | --- | | 铂钯：内盘溢价收敛，铂钯随金银上行 17 | | 铜：逢低多 ...

证券日报网讯1月6日，豫光金铅（600531）在互动平台回答投资者提问时表示，截至12月31日公司股东 人数为111177户。 ...

格隆汇1月6日丨锌业股份(000751.SZ)在互动平台表示，公司现有有色金属产品锌、铜、铅、综合回收 铟、黄金、白银等，其中主产品为锌、铜、铅，公司生产的锌铜铅产品主要作为基础工业原料提供给下 游用户。目前，公司未参与在汽车零部件领域的延伸应用研究，也未考虑通过产业协同或外延方式，加 强与汽车产业链联系。 ...

格隆汇1月6日丨锌业股份(000751.SZ)在互动平台表示，公司现有有色金属产品锌、铜、铅、综合回收 铟、黄金、白银等，其中主产品为锌、铜、铅，公司生产的锌铜铅产品主要作为基础工业原料提供给下 游用户。目前，公司未参与在汽车零部件领域的延伸应用研究，也未考虑通过产业协同或外延方式，加 强与汽车产业链联系。 ...

Group 1 - The domestic futures market for non-ferrous metals, particularly casting aluminum alloy, is experiencing a collective upward trend, with the main contract opening at 22,490.0 CNY/ton and reaching a high of 23,060.0 CNY, reflecting an increase of approximately 2.14% [1] - The market for casting aluminum alloy is showing a strong upward trend, supported by high aluminum prices and the implementation of the "Two New" policy in 2026, which has led to a slight increase in scrap aluminum prices, thereby strengthening the cost support for aluminum alloy [2] - Environmental policies and tight raw material supply are putting pressure on production costs, potentially leading to a reduction in output, while demand is weakening due to seasonal factors, resulting in a subdued market for spot transactions [2] Group 2 - The recycled aluminum alloy market is facing weak consumption, with prices rising but downstream die-casting enterprises struggling to accept these increases, leading to a decline in demand [3] - The operating rates of recycled aluminum alloy enterprises remain stable, but there is an accumulation of finished product inventory, indicating a mismatch between supply and demand [3] - The price of recycled aluminum alloy is expected to follow the trend of aluminum prices in the short term, with a recommendation for cautious trading strategies [3]

金融期货早评 宏观：A 股首个交易日迎"开门红" 【重点行情回顾】前一交易日，国内商品期市收盘涨跌参半，贵金属涨幅居前，钯金涨 8.88%，铂金涨 6.48%，沪金、沪银均涨超 1%。新能源材料多数上涨，碳酸锂涨 7.74%。基 本金属全部上涨，沪铝涨 3.98%。国际贵金属期货普遍收涨，伦敦基本金属全线上涨；美油 主力合约收涨 1.8%，报 58.35 美元/桶；布伦特原油主力合约涨 1.76%，报 61.82 美元/桶。 【市场资讯】1）证监会召开资本市场财务造假综合惩防体系跨部门工作推进座谈会。会议 认为，资本市场财务造假综合惩防体系建设已进入深化落实的关键阶段，必须坚持问题导 向和系统思维打好综合惩防"组合拳"。2）美国总统特朗普再对印度发出"加税"威胁。特朗 普表示，如果新德里不满足华盛顿限制购买俄罗斯石油的要求，美国可能会提高对印度的 关税。3）2026 年 FOMC 票委、明尼阿波利斯联储主席卡什卡利表示，目前美国利率水平 可能已接近对经济既不产生刺激、也不形成抑制的"中性利率"，未来美联储政策走向将取 决于最新经济数据。4）美国 2025 年 12 月 ISM 制造业指数从 48.2 小幅下降 ...

从大类来看，行业&主题板块ETF净流入居前，达+26.08亿元，主要有色金属板块的流入；宽基&策略板块ETF净流出居前，达-57.68亿元。 一、全市场概况 截至上周末，全市场权益类ETF总规模50178.47亿元，过去一周场内总规模减少319.95亿元，总份额增加26.08亿份，资金净流出0.04亿元。 消息面上，近日，国家国防科工局党组理论学习中心组召开扩大会议。会议提出，要促进商业航天发展，推动航天产业化。此前2025年12月26日，上交所发 布《商业火箭企业适用科创板第五套上市标准指引》，标志着商业火箭企业登陆资本市场的通道正式打通、标准全面明确。 二、资金加减仓方向 具体到细分板块，宽基&策略板块ETF中，净流入前三大板块依次为：中证A500、策略-红利、创50；净流出前三大板块依次为：上证50、沪深300、中证 500。 | | | 当周净流入前三及后三的宽基&策略板块 | | | | | --- | --- | --- | --- | --- | --- | | 板块 | | | 本周流入资金 本周规模变动 本年流入资金 本年规模变动 | | 基金规模 | | 中证A500 | 18.89 | ...