Core Insights - The rapid growth in the number of standards published in China's intelligent manufacturing industry in 2025, reaching a total of 21, indicates a comprehensive coverage across key sectors such as machinery, electronics, communications, steel, non-ferrous metals, and power [1][2][3] Group 1: Equipment Manufacturing - Three standards were introduced in the equipment manufacturing sector, including the "Technical Requirements for Digital Workshops of Small Circuit Breakers," which fills a gap in low-voltage electrical equipment standards and provides a replicable implementation path for SMEs' digital transformation [1] Group 2: Electronics Information - Six standards were released in the electronics information sector, including a series of standards for "Digital Design of Radar and Similar Electronic Information Equipment," which establishes a systematic digital design standard framework, enhancing R&D efficiency and product reliability [1] Group 3: Raw Materials Industry - Ten standards were published in the raw materials industry, characterized by "precise control and green orientation," with a focus on energy consumption in steel production and the establishment of a comprehensive smart factory standard system in the non-ferrous metals sector [2] Group 4: Consumer Goods - Two standards were introduced in the consumer goods sector, specifically addressing the tobacco industry, with guidelines for intelligent machinery and smart factory construction that aim to enhance the industry's overall intelligent upgrade [2] Group 5: Policy Coordination - The release of these standards aligns with national strategies for intelligent manufacturing, aiming to eliminate "data silos" and "standard barriers" across different industries and enterprises, thus supporting collaborative upgrades for businesses of all sizes [3]

Group 1: Investment Ratings - No investment ratings provided in the report Group 2: Core Views - The report presents cross - market, inter - period, spot - futures, and cross - variety arbitrage tracking data for non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on January 13, 2026, to assist investors in identifying potential arbitrage opportunities [1][3] Group 3: Cross - Market Arbitrage Tracking Copper - Spot price: domestic 103225, LME 13257, ratio 7.61; March price: domestic 103980, LME 13193, ratio 7.84; equilibrium ratio for spot import 7.92, profit -1040.64, profit for spot export 977.85 [1] Zinc - Spot price: domestic 24140, LME 3141, ratio 7.69; March price: domestic 24175, LME 3182, ratio 5.48; equilibrium ratio for spot import 8.34, profit -2042.72 [1] Aluminum - Spot price: domestic 24340, LME 3181, ratio 7.65; March price: domestic 24650, LME 3171, ratio 7.74; equilibrium ratio for spot import 8.32, profit -2133.30 [1] Nickel - Spot price: domestic 141050, LME 17930, ratio 7.87; equilibrium ratio for spot import 8.00, profit 1072.78 [1] Lead - Spot price: domestic 17300, LME 2016, ratio 8.56; March price: domestic 17475, LME 2060, ratio 11.68; equilibrium ratio for spot import 8.53, profit 58.78 [3] Group 4: Inter - Period Arbitrage Tracking Copper - Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are 2590, 2770, 2750, 2890 respectively; theoretical spreads are 608, 1114, 1629, 2144 respectively [3] Zinc - Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are 205, 255, 285, 305 respectively; theoretical spreads are 223, 351, 480, 608 respectively [3] Aluminum - Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are 120, 195, 215, 265 respectively; theoretical spreads are 233, 368, 502, 636 respectively [3] Lead - Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are 100, 135, 165, 180 respectively; theoretical spreads are 212, 319, 427, 535 respectively [3] Nickel - Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are 6200, 6390, 6680, 6830 respectively Tin - 5 - 1 spread is 5130, theoretical spread is 7640 [3] Group 5: Spot - Futures Arbitrage Tracking Copper - Spreads for当月合约 - 现货 and 次月合约 - 现货 are -1965 and 625 respectively; theoretical spreads are -164 and 782 respectively [3] Zinc - Spreads for当月合约 - 现货 and 次月合约 - 现货 are -220 and -15 respectively; theoretical spreads are 77 and 217 (or 102 and 264) respectively [3] Lead - Spreads for当月合约 - 现货 and 次月合约 - 现货 are 40 and 140 respectively; theoretical spreads are 90 and 205 respectively [3] Group 6: Cross - Variety Arbitrage Tracking - Ratios for copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, lead/zinc: Shanghai (three - continuous) are 4.30, 4.22, 5.95, 1.02, 1.41, 0.72 respectively; London (three - continuous) are 4.11, 4.15, 6.43, 0.99, 1.55, 0.64 respectively [3]

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints of the Report - The sentiment in the copper market is still warm, with strong support from the tight supply of copper mines and the strength of LME spot. It is expected that the price will fluctuate and rise in the short term [2][3]. - The aluminum price is expected to remain strong, supported by positive factors such as the low overseas inventory and the improvement of the domestic spot market [4]. - The price of cast aluminum alloy is expected to run strongly in the short term due to the strong cost - side price and continuous supply - side disturbances [7][8]. - The lead price is expected to fluctuate widely following the sentiment of the non - ferrous metal sector, influenced by the current industrial situation and market sentiment [9][10]. - The zinc price is expected to fluctuate widely following the non - ferrous metal sector sentiment, with potential for a significant catch - up increase compared to copper and aluminum [11][12]. - The tin price is expected to fluctuate according to market risk preference in the short term, and it is recommended to wait and see [14][16]. - The nickel price is expected to fluctuate widely in the short term, and short - term waiting and seeing is recommended [17]. - The lithium carbonate price is in a bullish trend, but the rapid rise increases the risk of correction. It is recommended to wait and see or try with a light position [19][21]. - The alumina price is expected to be mainly observed in the short term, and it is advisable to wait for an opportunity to short the near - month contracts at high prices [23][24]. - The stainless - steel price is expected to remain in a high - level oscillating trend in the short term due to stable cost support, low supply from steel mills, and continuous inventory reduction [26][27]. Group 3: Summary by Related Catalogs Copper - **Market Information**: The LME copper 3M closed up 2.07% to $12,965 per ton on Friday, and the SHFE copper main contract closed at 102,220 yuan per ton. LME copper inventory decreased by 2,100 tons to 138,975 tons, while the SHFE inventory increased significantly [2]. - **Strategy Viewpoint**: The policy is expected to remain in a loose direction, and the domestic manufacturing industry is improving. The supply of copper mines is tight, so the copper price is expected to fluctuate and rise in the short term. The reference range for the SHFE copper main contract is 100,000 - 104,500 yuan per ton, and for LME copper 3M is $12,800 - $13,250 per ton [3]. Aluminum - **Market Information**: The aluminum price rose after a decline, with the LME aluminum closing up 1.98% to $3,149 per ton on Friday, and the SHFE aluminum main contract closing at 24,465 yuan per ton. The SHFE aluminum weighted - contract positions increased, and inventory changes varied [4]. - **Strategy Viewpoint**: Supported by macro - sentiment, the aluminum price is expected to remain strong. The reference range for the SHFE aluminum main contract is 24,100 - 24,800 yuan per ton, and for LME aluminum 3M is $3,100 - $3,180 per ton [4][5]. Cast Aluminum Alloy - **Market Information**: The price of the main cast aluminum alloy contract AD2603 closed up 1.77% to 22,985 yuan per ton on Friday. The weighted - contract positions increased, and the inventory situation changed [7]. - **Strategy Viewpoint**: With strong cost - side prices and continuous supply - side disturbances, the price is expected to run strongly in the short term [7][8]. Lead - **Market Information**: The SHFE lead index closed up 0.14% to 17,381 yuan per ton last Friday, and the LME lead 3S rose to $2,040 per ton. Various price and inventory data are provided [9]. - **Strategy Viewpoint**: The lead price is expected to fluctuate widely following the non - ferrous metal sector sentiment, affected by the industrial situation and market sentiment [10]. Zinc - **Market Information**: The SHFE zinc index closed up 0.01% to 24,007 yuan per ton last Friday, and the LME zinc 3S fell to $3,152.5 per ton. Multiple price and inventory indicators are given [11]. - **Strategy Viewpoint**: The zinc industry situation has not improved significantly, but it has a large potential for a catch - up increase compared to copper and aluminum. The zinc price is expected to fluctuate widely following the sector sentiment [12]. Tin - **Market Information**: The SHFE tin main contract closed at 352,540 yuan per ton on Friday, up 0.83%. The supply and demand situation and inventory changes are described [14]. - **Strategy Viewpoint**: The tin price is expected to fluctuate with market risk preference in the short term, and it is recommended to wait and see. The reference range for the domestic main contract is 310,000 - 370,000 yuan per ton, and for overseas LME tin is $43,000 - $47,000 per ton [14][16]. Nickel - **Market Information**: The SHFE nickel main contract closed at 139,090 yuan per ton on January 10, up 1.94%. Spot prices, cost - side prices, and nickel - iron prices are reported [17]. - **Strategy Viewpoint**: The nickel market has a large surplus pressure, but the domestic loose liquidity provides support. The nickel price is expected to fluctuate widely in the short term, and short - term waiting and seeing is recommended. The reference range for SHFE nickel is 120,000 - 150,000 yuan per ton, and for LME nickel 3M is $16,500 - $19,000 per ton [17]. Lithium Carbonate - **Market Information**: On January 9, the MMLC lithium carbonate spot index rose, and prices of different grades and contracts changed. The price of imported lithium concentrate also increased [19]. - **Strategy Viewpoint**: The bullish trend continues, but the rapid rise increases the correction risk. It is recommended to wait and see or try with a light position. The reference range for the Guangzhou Futures Exchange lithium carbonate main contract is 139,500 - 148,500 yuan per ton [20][21]. Alumina - **Market Information**: On January 9, the alumina index fell 0.65% to 2,830 yuan per ton. There were changes in positions, basis, and inventory. The ore prices decreased [23]. - **Strategy Viewpoint**: The ore price is expected to decline, and the alumina market faces multiple difficulties. It is recommended to wait and see in the short term and short the near - month contracts at high prices. The reference range for the domestic main contract AO2602 is 2,450 - 2,950 yuan per ton [24]. Stainless Steel - **Market Information**: The stainless - steel main contract closed at 13,860 yuan per ton on Friday, up 1.35%. Spot prices, raw material prices, and inventory data are presented [26][27]. - **Strategy Viewpoint**: Affected by the nickel price and market supply - demand, the price is expected to remain in a high - level oscillating trend in the short term [27].

Group 1 - The U.S. military confirmed a large-scale airstrike against ISIS targets in Syria as part of "Operation Eagle Eye," which was initiated in response to the deaths of two U.S. soldiers and a civilian translator in a prior attack [2] - The airstrikes occurred on December 10, 2025, targeting multiple locations associated with the extremist group [2] Group 2 - President Trump threatened intervention in Iran, stating that the U.S. is prepared to provide "help" amid ongoing protests and unrest due to rising prices and currency devaluation [3] - The Iranian military declared its commitment to defend national interests and urged citizens to unite against perceived foreign conspiracies, particularly from Israel and terrorist organizations [5] - The Israeli military is closely monitoring the situation in Iran but currently has no offensive intentions, focusing instead on defensive preparations [5] Group 3 - President Trump signed an executive order to protect Venezuelan oil revenues stored in U.S. Treasury accounts from being seized or entangled in legal proceedings, declaring a national emergency [7][8] - The executive order aims to ensure that these funds remain available to support U.S. foreign policy objectives regarding Venezuela's economic and political stability [7] Group 4 - The non-ferrous metals market has experienced significant price increases, driven by macroeconomic policies and strong demand in sectors like electric grid infrastructure [10] - Analysts noted that copper has shown particularly strong performance due to solid fundamentals, while aluminum faces potential demand risks despite current price strength [10][11] - The overall market sentiment is influenced by expectations of U.S. Federal Reserve interest rate cuts, which have bolstered prices across various metals [11][12]

CPI同比上涨0.8%，涨幅比上月扩大0.1个百分点，回升至2023年3月份以来最高，同比涨幅扩大主要是 食品价格涨幅扩大拉动。食品价格上涨1.1%，涨幅比上月扩大0.9个百分点，对CPI同比的上拉影响比上 月增加约0.17个百分点。食品中，鲜菜和鲜果价格涨幅分别扩大至18.2%和4.4%，对CPI同比的上拉影响 比上月合计增加约0.16个百分点；牛肉、羊肉和水产品价格分别上涨6.9%、4.4%和1.6%，涨幅均有扩 大；猪肉价格下降14.6%，降幅略有收窄。能源价格下降3.8%，降幅比上月扩大0.4个百分点，其中汽油 价格降幅扩大至8.4%。扣除食品和能源价格的核心CPI同比上涨1.2%，涨幅连续4个月保持在1%以上。 服务价格上涨0.6%，影响CPI同比上涨约0.25个百分点。其中，家庭服务价格上涨1.2%；房租价格下降 0.3%。扣除能源的工业消费品价格上涨2.5%，影响CPI同比上涨约0.63个百分点。其中，金饰品价格涨 幅继续扩大至68.5%；家用器具和家庭日用杂品价格涨幅分别扩大至5.9%和3.2%；燃油小汽车和新能源 小汽车价格降幅分别收窄至2.4%和2.2%。 二、PPI环比涨幅扩大，同比降幅 ...

Group 1: Report Summary - The report reviews the historical evolution and pricing logic iteration of the copper-aluminum ratio. "Dr. Copper" is more tied to global liquidity, geopolitical risks, and currency credit strength, while aluminum has both financial and industrial attributes [3]. - After 2023, in the context of the "de-dollarization" trend and rising concerns about currency credit, the resource allocation attribute of copper has been further strengthened. In 2026, a copper-aluminum ratio above 4 will become the norm and may reach new highs [4]. Group 2: Core Viewpoints - The copper-aluminum ratio is affected by various factors such as global economic events, geopolitical risks, and macro - monetary policies. Different economic periods have different impacts on the supply and demand of copper and aluminum, thus affecting the ratio [11][16][20]. - In 2026, both macro and micro factors will promote the further strengthening of the copper-aluminum ratio. Geopolitical risks may disrupt copper supply, and the synchronous monetary easing in China and the US will also support the rise of the ratio [4]. Group 3: Summary by Directory 1997 - 2002: Asian Financial Crisis - During the Asian financial crisis, the copper-aluminum ratio dropped from 1.6 - 1.7 to below 1.1. The crisis amplified the demand structural differences between copper and aluminum. Fiscal austerity policies cut copper consumption, and copper supply was more affected by exchange - rate shocks [11]. 2002 - 2008: China's Accession to the WTO - After China joined the WTO in 2001, the financial attribute of copper increased rapidly. The copper-aluminum ratio rose from about 1.1 to 3.6. China's economic development drove the demand for commodities, and the supply and cost differences between copper and aluminum also contributed to the ratio change [12][14]. 2009 - 2011: Post - Subprime Crisis Bailout - After the subprime crisis, the copper-aluminum ratio first declined and then rose. Due to global monetary easing policies, the ratio exceeded 4 for the first time in 2011. Supply shortages in copper and over - supply concerns in aluminum, along with China's large - scale infrastructure investment, affected the ratio [16]. 2011 - 2016: European Debt Crisis and China's Economic Slowdown - The European debt crisis and China's economic transformation led to a decline in the copper-aluminum ratio. Both copper and aluminum faced supply - surplus situations, and the "Dr. Copper" was more sensitive to the economic downturn [18]. 2016 - 2021: New Energy Transition + Public Health Safety Disturbance - Trump's victory in 2016 and subsequent market expectations led to an increase in the copper-aluminum ratio. The COVID - 19 pandemic and global monetary easing policies made the ratio exceed 4 again. The new energy transition created a situation of strong demand for both copper and aluminum [20]. 2021 - 2025: Consumption Structural Reform and Liquidity Easing after the Energy Crisis - The energy crisis in 2021 led to a decline in the copper-aluminum ratio. Subsequently, the demand for both copper and aluminum increased, but the supply shortage of copper became more prominent. In 2025, the ratio exceeded 4 again due to various factors [22][23]. Copper - Aluminum Ratio Outlook: "Monroe Doctrine" - Induced Resource Concerns - The conflict between the US and Venezuela may affect copper supply in South America. In 2025, South American copper production accounts for a significant proportion of the global total. However, the impact on the aluminum market is expected to be small. In 2026, both fundamental and macro factors will support the further increase of the copper-aluminum ratio [27][28].

1. Report Industry Investment Rating - Copper: Cautiously bullish [6] - Options: Sell put options [6] 2. Core Viewpoints of the Report - The copper market is currently facing tight supply at the mine end, increased refined copper exports due to foreign market premiums, and relatively reluctant sales of scrap copper. However, demand is relatively weak due to high prices and holiday factors. If copper prices decline, the downstream replenishment enthusiasm is expected to increase. Therefore, it is recommended to conduct batch and dip - buying hedging between 98,000 yuan/ton and 98,500 yuan/ton. Attention should be paid to the short - term decline of copper varieties caused by the rebalancing of the Bloomberg Commodity Index [6]. 3. Summary by Relevant Catalogs 3.1 Futures Market - On January 7, 2026, the opening price of the main SHFE copper contract was 104,480 yuan/ton, and the closing price was 103,410 yuan/ton, a decrease of 1.81% from the previous trading day's closing price. The opening price of the main SHFE copper contract in the night session was 103,200 yuan/ton, and the closing price was 102,030 yuan/ton, a decrease of 1.98% from the afternoon closing price [1]. 3.2 Spot Market - According to SMM, the spot quotation of SMM 1 electrolytic copper was at a discount of 150 yuan/ton to a premium of 50 yuan/ton, with an average discount of 50 yuan/ton, narrowing by 30 yuan/ton compared with the previous day. The spot price range was 102,830 - 103,990 yuan/ton. It is expected that today's spot will still be mainly traded at a discount, and the discount may narrow slightly as the delivery approaches [2]. 3.3 Important News - **Domestic**: As of the end of December 2025, China's foreign exchange reserves reached 3.3579 trillion US dollars, a month - on - month increase of 1.15 billion US dollars, reaching a new high since December 2015. The gold reserve was 74.15 million ounces, a month - on - month increase of 300,000 ounces, increasing for the 14th consecutive month [3]. - **Overseas**: In December 2025 in the US, the ADP private - sector employment increased by 41,000, reversing the previous month's decline but falling short of market expectations. In November 2025, the JOLTS job openings in the US dropped to 7.146 million, far lower than the market expectation of 7.6 million, reaching the lowest level since September 2024 [3]. 3.4 Supply Side - **Mining End**: In December 2025, the average processing fee of domestic southern crude copper was reported at 1,500 yuan/ton, and the northern average was 1,050 yuan/ton, with a month - on - month increase of 250 yuan/ton and 150 yuan/ton respectively. The latest weekly average processing fee of southern crude copper has reached 2,000 yuan/ton. SMM expects that the crude copper market in January 2026 will remain loose, and the processing fees will remain high [4]. - **Smelting and Import**: Fitch's BMI maintains the average copper price forecast for 2026 at 11,000 US dollars/ton, stating that supply shortages, green - transition demand, and the Fed's interest - rate cuts will support copper prices. BMI expects the global refined copper production growth rate to drop to 1.1% in 2026, and the market may face a shortage [4]. 3.5 Demand Side - The Department of Industry and Information Technology of Shandong Province and other departments jointly issued the "Stable Growth Work Plan for the Non - ferrous Metals Industry in Shandong Province", aiming to break through key technologies such as high - quality alumina, new cathode preparation, and high - end rolled copper foil [5]. 3.6 Inventory and Warehouse Receipts - LME warehouse receipts changed by 3,525 tons to 143,225 tons compared with the previous trading day. SHFE warehouse receipts changed by 3,203 tons to 96,474 tons. On January 7, the domestic electrolytic copper spot inventory was 257,600 tons, with a change of 18,700 tons compared with the previous week [5].

Core Viewpoint - The capital market in Tibet has shown remarkable progress during the "14th Five-Year Plan" period, contributing significantly to the high-quality development of the local economy and laying a solid foundation for continued growth in the "15th Five-Year Plan" period [1] Group 1: Company Performance - The number of listed companies in Tibet has steadily increased to 22 by the end of Q3 2025, with total market capitalization rising from over 200 billion to 320 billion yuan, and 14 companies entering the "100 billion club," accounting for nearly 60% [2] - In the first three quarters of 2025, the total operating revenue of these companies reached 40.98 billion yuan, a year-on-year increase of 4.96%, while net profit attributable to shareholders was 6.63 billion yuan, up 37.2%, significantly outpacing national averages [2] - The pharmaceutical and non-ferrous metal industries have emerged as key drivers of regional economic growth, with 8 pharmaceutical companies and 3 non-ferrous metal companies leading the market [2] Group 2: Industry Innovation - Companies in Tibet have prioritized innovation as a core development strategy, with R&D expenditures increasing from 1.441 billion yuan in 2020 to 2.206 billion yuan in 2024, a growth of 53.09% [4] - The R&D intensity of listed companies in Tibet has consistently exceeded the national average, reaching 4.24% in the first three quarters of 2025, nearly double the national average [4] - Hai Sikang, the company with the highest R&D investment, raised 800 million yuan through a private placement in February 2023, with R&D expenses reaching 624 million yuan in 2024 [4] Group 3: Investor Returns - Listed companies in Tibet have focused on enhancing investor returns, with cumulative cash dividends reaching 17.012 billion yuan during the "14th Five-Year Plan," a 28.79% increase from the previous period [6] - Meihua Biological, the company with the highest dividend payout, distributed 6.218 billion yuan in dividends during this period, reflecting a strong operational capacity [6] - Stock buybacks have also been utilized to boost market confidence, with a total of 3.424 billion yuan spent on buybacks during the "14th Five-Year Plan," a 391.24% increase from the previous period [6] Group 4: Financing Channels - The capital market in Tibet has diversified financing tools, with direct financing amounts growing from 13.92 billion yuan in 2021 to 25.528 billion yuan in 2024, achieving a compound annual growth rate of 22.40% [7] - The issuance of asset-backed securities (ABS) marked a significant milestone, with a local state-owned enterprise issuing 7 ABS products in 2024, achieving a "zero breakthrough" in ABS issuance in Tibet [7] - By Q3 2025, there were 120 private fund management institutions in Tibet, ranking 22nd in the country, with a total fund size of 260.971 billion yuan [7] Group 5: Risk Management - Regulatory authorities in Tibet have adopted a "zero tolerance" approach to illegal activities, handling 13 cases of market violations during the "14th Five-Year Plan," with penalties exceeding 30 million yuan [8] - The region has maintained a "zero default" status for corporate bonds, with no companies facing major delisting risks during this period [9] - Investor education initiatives have been implemented, including the creation of bilingual resources and partnerships with local universities to enhance investor literacy [9] Group 6: Future Outlook - The capital market in Tibet aims to focus on "innovation-driven, industrial upgrading, and risk prevention" as core strategies for the "15th Five-Year Plan," with efforts to cultivate quality enterprises in key sectors [10] - Regulatory bodies are committed to enhancing corporate governance and internal control systems while encouraging companies to return value to investors through dividends and buybacks [10] - The emphasis will be on fostering a healthy market ecosystem by addressing financial misconduct and supporting the development of high-quality enterprises [10]

Report Industry Investment Rating - Not provided Core Viewpoints - The report presents cross - market, cross - period, spot - futures, and cross - variety arbitrage tracking data for non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on January 6, 2026 [1][3][4] Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: Spot price is 100600 domestically and 12934 on LME with a ratio of 7.63; March price is 101470 domestically and 12892 on LME with a ratio of 7.82. Spot import equilibrium ratio is 7.93 with a profit of - 1538.75 [1] - **Zinc**: Spot price is 23980 domestically and 3136 on LME with a ratio of 7.65; March price is 23865 domestically and 3173 on LME with a ratio of 5.49. Spot import equilibrium ratio is 8.35 with a profit of - 2191.68 [1] - **Aluminum**: Spot price is 23310 domestically and 3033 on LME with a ratio of 7.68; March price is 23700 domestically and 3061 on LME with a ratio of 7.71. Spot import equilibrium ratio is 8.32 with a profit of - 1940.69 [1] - **Nickel**: Spot price is 136050 domestically and 16668 on LME with a ratio of 8.16. Spot import equilibrium ratio is 8.02 with a profit of 729.44 [1] - **Lead**: Spot price is 17325 domestically and 1974 on LME with a ratio of 8.72; March price is 17415 domestically and 2020 on LME with a ratio of 11.81. Spot import equilibrium ratio is 8.59 with a profit of 270.43 [3] Cross - Period Arbitrage Tracking - **Copper**: Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are 2550, 2670, 2600, 2650 respectively, and theoretical spreads are 596, 1090, 1593, 2096 respectively [4] - **Zinc**: Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are 420, 465, 495, 520 respectively, and theoretical spreads are 220, 346, 472, 598 respectively [4] - **Aluminum**: Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are 695, 750, 790, 830 respectively, and theoretical spreads are 226, 353, 479, 606 respectively [4] - **Lead**: Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are 80, 100, 85, 140 respectively, and theoretical spreads are 212, 319, 427, 534 respectively [4] - **Nickel**: Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are 3700, 4030, 4330, 4680 respectively [4] - **Tin**: 5 - 1 spread is 1310 and theoretical spread is 6871 [4] Spot - Futures Arbitrage Tracking - **Copper**: Spreads for 当月合约 - 现货 and 次月合约 - 现货 are - 1740 and 810 respectively, and theoretical spreads are - 6 and 921 respectively [4] - **Zinc**: Spreads for 当月合约 - 现货 and 次月合约 - 现货 are - 580 and - 160 respectively, and theoretical spreads are 64 and 304 respectively [4][5] - **Lead**: Spreads for 当月合约 - 现货 and 次月合约 - 现货 are - 10 and 70 respectively, and theoretical spreads are 109 and 224 respectively [5] Cross - Variety Arbitrage Tracking - Ratios of 沪（三连） for copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, lead/zinc are 4.25, 4.28, 5.83, 0.99, 1.36, 0.73 respectively. No data for 伦（三连） [5]

证券时报·数据宝统计，截至下午13:58，今日沪指涨1.01%，A股成交量1329.11亿股，成交金额23023.29 亿元，比上一个交易日增加10.63%。个股方面，3672只个股上涨，其中涨停128只，1622只个股下跌， 其中跌停2只。从申万行业来看，综合、有色金属、非银金融等涨幅最大，涨幅分别为2.82%、2.78%、 2.68%；通信、银行、美容护理等跌幅最大，跌幅分别为0.87%、0.34%、0.21%。（数据宝） | 申万行业 | 行业涨跌（%） | 成交额（亿元） | 比上日（%） | 领涨（跌）股 | 涨跌幅（%） | | --- | --- | --- | --- | --- | --- | | 综合 | 2.82 | 42.18 | 19.77 | 天宸股份 | 9.98 | | 有色金属 | 2.78 | 1587.85 | 25.93 | 天力复合 | 21.96 | | 非银金融 | 2.68 | 994.17 | 79.07 | 华林证券 | 9.99 | | 基础化工 | 2.58 | 1162.07 | 31.16 | 潞化科技 | 10.14 | | 国防军工 | 2.50 ...