今日沪深两市主力资金开盘净流出225.52亿元，尾盘净流入49.73亿元，全天净流出509.2亿元。 1月15日，A股市场主要指数涨跌不一，全市场超3100股下跌。 截至收盘，上证指数收报4112.6点，下跌0.33%；深证成指收报14306.73点，上涨0.41%；创业板指收报 3367.92点，上涨0.56%。两市合计成交29054.96亿元，较上一交易日减少10358.93亿元。 1. 两市主力资金净流出超500亿元 | | | 沪深两市最近五个交易日主力资金流向情况(亿元) | | | | --- | --- | --- | --- | --- | | 日期 | | 净流入金额 开盘净流入 | 尾盘净流入 | 超大单净买入 | | 2026-1-15 | -509.20 | -225.52 | 49.73 | -265. 38 | | 2026-1-14 | -504.74 | -71. 84 | -54. 14 | -90. 16 | | 2026-1-13 | -1286.54 | -530. 96 | -183. 95 | -718. 20 | | 2026-1-12 | -213.07 | - ...

今年以来，铜价连创历史新高，1月14日，伦敦金属交易所期铜一度创出每吨13407美元的历史新高；国 内铜期货也飙升至每吨10万元以上。某加工企业负责人介绍，AI算力需求呈爆发式增长，单个芯片功 耗从几百瓦飙升至几千瓦，对散热和导电性能提出了严苛要求，因此一个机柜的线材和散热器用铜量需 要数百公斤。分析认为，此次铜价快速上涨，既有供需失衡的影响，也有情绪溢价与资金炒作等多重因 素。从供给来看，秘鲁、智利等南美国家的铜储量占全球40%，却受能源紧张等因素影响，铜矿市场供 应持续紧张。从需求来看，AI数据中心、新能源汽车、机器人等新兴领域的用铜需求快速增长，成为 支撑铜价的重要力量。 （央视财经） ...

LME 不再接受两韩企品牌锌锭，锌短时冲高 ———— 孙芳芳 投资咨询号：Z0018905 国投期货研究院 消息：据 LME 公告，自 2026 年 4 月 14 日起，伦敦金属交易所(LME)将不再接受 韩国锌业有限公司生产的锌品牌 KZ-SHG 99.995、铅品牌 KA-LEAD 以及 Young Poong Corporation 生产的锌品牌 YP-SHG 的仓单注册。 影响：截至 2026 年 1 月 15 日上午收盘，LME 锌高开带动沪锌积极跟涨，外盘锌 价一度高达 3355 美元/吨，沪锌主力最高触及 25645 元/吨。 解读：韩国锌业和 Young Poong 所产锌锭品牌是 LME 的锌注册品牌，但不是上期 所的锌注册品牌。历史数据看，两家公司锌锭年产量在 60-70 万吨，其中约 40 万吨供应 韩国自身需求，其他锌锭用于出口，LME 不再两韩企锌锭品牌，届时可能导致外盘显性 库存进一步回落，但并不会从根本上影响锌锭供求平衡，短期对盘面的推涨，更多是情 绪带动，另外也不排除企业补交材料后，两个品牌重回 LME 的可能，需要警惕资金快进 快出。 近期锌价整体偏强，具体而言可以归结为以下 ...

Core Viewpoint - The industrial non-ferrous ETF (560860) has shown strong performance, driven by rising prices of industrial metals like copper and aluminum, and increasing institutional investment interest, indicating a positive outlook for the sector. Group 1: Market Performance - As of January 15, the industrial non-ferrous ETF (560860) has seen a significant increase, with a year-to-date rise of 15.93%, outperforming the non-ferrous metal index (000819) which rose by 13.77% and gold stocks (931238.CSI) which increased by 14.49% [6][9] - The ETF has experienced a net inflow of 3.4 billion yuan over the last 10 trading days, totaling over 6 billion yuan in the past 60 days, bringing its total size to 12.965 billion yuan [1] Group 2: Institutional Investment - Institutional investors' share in the industrial non-ferrous ETF (560860) has risen from 41% at the end of 2024 to nearly 60% by mid-2025, reflecting growing confidence in the sector [3] - The top ten holders of the ETF account for over 48% of its total shares, with six being insurance institutions, indicating strong institutional support for the industrial non-ferrous metal sector during the economic recovery [4] Group 3: Sector Dynamics - The industrial non-ferrous ETF (560860) is heavily weighted towards copper (29.2%), aluminum (26.7%), and rare earths (15.3%), which together make up nearly 70% of the ETF, highlighting its focus on manufacturing-related metals [11] - The demand for key materials like aluminum and copper is expected to rise due to rapid advancements in AI, semiconductors, and robotics, with domestic robot production projected to grow by 33.39% year-on-year from March to October 2025 [6] Group 4: Supply and Demand Factors - The current low inventory levels of copper and aluminum, combined with a cyclical production recovery, are expected to support prices and enhance industry outlook [9] - The recent government policy restricting the approval of mining projects without self-built mines or tailings disposal facilities further emphasizes the scarcity and potential value of the industrial non-ferrous ETF (560860) [13]

地址：北京市朝阳区朝阳门外大街甲 6 号万通中心 D 座 20 层（100020） 总机：010-8535 6666 注:本报告有关现货市场的资讯与行情信息，来源于安云思、肥易通、国家统计局、隆众资讯、金十数 据、EIA、OPEC、IEA 等。 本公司具备期货交易咨询业务资格，请务必阅读免责声明。 苏妙达，执业资格证号 F03104403/Z0018167。 免责声明： 本报告中的信息均来源于公开资料，我公司对这些信息的准确性和完整性不作任何保证。报告中的内容和 意见仅供参考，并不构成对所述品种买卖的出价或征价。我公司及其雇员对使用本报告及其内容所引发的 任何直接或间接损失概不负责。本报告仅向特定客户传送，版权归冠通期货所有。未经我公司书面许可， 任何机构和个人均不得以任何形式翻版，复制，引用或转载。如引用、转载、刊发，须注明出处为冠通期 货股份有限公司。 每日核心期货品种分析 发布日期：2026 年 1 月 15 日 商品表现 数据来源:Wind、冠通研究咨询部 分析师：王静，执业资格证号 F0235424/Z0000771。 期市综述 截止 1 月 15 日收盘，国内期货主力合约跌多涨少。沪锡涨超 8%， ...

| 农林牧 | 23.54 | -29.75 | 2.44 | -0.70 | -14.66 | | --- | --- | --- | --- | --- | --- | | 渔 | | | | | | | 建筑装 | 47.17 | -38.65 | 1.66 | -0.76 | -15.57 | | 饰 | | | | | | | 电力设 | 119.50 | -26.78 | 4.74 | 0.54 | -15.63 | | 备 | | | | | | | 商贸零 | 43.76 | -32.56 | 3.66 | -1.65 | -25.26 | | 售 | | | | | | | 汽车 | 73.21 | -23.25 | 3.26 | -0.07 | -44.16 | | 机械设 | 103.36 | -21.42 | 3.79 | 0.03 | -50.10 | | 备 | | | | | | | 通信 | 57.49 | -15.37 | 3.28 | 0.40 | -54.52 | | 非银金 | 59.63 | -35.97 | 1.42 | -1.07 | -60.47 | | 融 | ...

Core Viewpoint - The Shenzhen State-owned Enterprise ESG Index (970055) closed at 1472.43 points, up 0.27%, with a trading volume of 49.598 billion yuan and a turnover rate of 1.79% [1] Group 1: Index Performance - On the day, 23 constituent stocks rose, with Zhongtung High-tech leading with a 5.52% increase, while 25 stocks fell, with Taisen Wind Power leading the decline at 6.2% [1] - The index's constituent stocks experienced a net outflow of 1.149 billion yuan from major funds, while retail investors saw a net inflow of 1.065 billion yuan [1] Group 2: Top Constituents - The top ten constituents of the Shenzhen State-owned Enterprise ESG Index include: - Hikvision (sz002415) with a weight of 9.57%, latest price at 31.29 yuan, down 0.45% [1] - Wuliangye (sz000858) with a weight of 9.23%, latest price at 106.09 yuan, down 0.89% [1] - Xugong Machinery (sz000425) with a weight of 8.83%, latest price at 11.12 yuan, up 0.54% [1] - Weichai Power (sz000338) with a weight of 7.59%, latest price at 20.20 yuan, up 4.18% [1] - Luzhou Laojiao (sz000568) with a weight of 7.52%, latest price at 115.36 yuan, down 1.28% [1] - Yun Aluminum (sz000807) with a weight of 5.93%, latest price at 33.16 yuan, up 1.44% [1] - Inspur Information (sz000977) with a weight of 5.93%, latest price at 68.13 yuan, down 2.04% [1] - AVIC Optoelectronics (sz002179) with a weight of 3.53%, latest price at 36.77 yuan, down 3.44% [1] - Yanghe Distillery (sz002304) with a weight of 3.17%, latest price at 62.95 yuan, down 0.55% [1] - Guangxun Technology (sz002281) with a weight of 2.96%, latest price at 78.50 yuan, up 1.79% [1] Group 3: Fund Flow Details - Major funds saw significant inflows in stocks such as: - Deep Technology (000021) with a net inflow of 503 million yuan [2] - Weichai Power (000338) with a net inflow of 1.12 million yuan [2] - Zhongtung High-tech (000657) with a net inflow of 95.263 million yuan [2] - Conversely, stocks like Yun Aluminum (000807) and Xugong Machinery (000425) experienced net outflows from major funds [2]

Market Performance - On January 15, the three major indices showed mixed results, with the Shanghai Composite Index briefly falling below 4100 points, closing down 0.33% [1] - The Shenzhen Component Index rose by 0.41%, and the ChiNext Index increased by 0.56% [1] - The total trading volume in the Shanghai and Shenzhen markets approached 3 trillion yuan, significantly down by over 1 trillion yuan compared to the previous day [1] Sector Performance - The semiconductor sector strengthened in the afternoon, with stocks like Xidian Co. hitting a 20% limit up and reaching a historical high [1] - The CPO concept saw fluctuations, with stocks like Huanxu Electronics also hitting the limit up [1] - The tourism and hotel sector was active, with stocks such as Shaanxi Tourism and Zhongxin Tourism reaching their limit up [1] - The non-ferrous metals sector also saw gains, with stocks like Sichuan Gold and Luoping Zinc Electric hitting the limit up [1] - Conversely, sectors like AI applications and commercial aerospace experienced significant declines [1] Stock Highlights - A total of 55 stocks hit the limit up across the market (excluding ST and delisted stocks), with 16 stocks on consecutive limit up days [1] - Notable stocks included Bofei Electric in the chemical sector with 5 consecutive limit ups, and AI application stocks like People's Daily with 4 consecutive limit ups [1][7] - The smart grid sector saw Sanbian Technology achieving 4 limit ups over 7 days [8] Investment Insights - TSMC is expected to have capital expenditures of $52 billion to $56 billion in 2026, with a total of $40.9 billion in 2025 [9] - The State Grid Corporation of China is projected to invest 4 trillion yuan in fixed assets during the 14th Five-Year Plan, a 40% increase from the previous plan [9] - The People's Bank of China announced a reduction in the minimum down payment ratio for commercial property loans to 30% [9]

Core Viewpoint - The non-ferrous metal sector has seen significant interest today, particularly in tungsten-related stocks, which have become the focus of market attention. Group 1: Tungsten-Related Companies - Xianglu Tungsten Industry (002842.SZ) has a latest stock price of 19.14 CNY with a daily increase of +10.00%. It is one of the few companies in the domestic tungsten industry with a complete industrial chain, covering tungsten ore mining, smelting, and deep processing of all product lines [1]. - Zhongtung High-tech (000657.SZ) has a latest stock price of 36.73 CNY with a daily increase of +5.52%. It serves as the operational management platform for the tungsten industry under China Minmetals Corporation, encompassing the entire industrial chain from mining to smelting and alloys [1]. - Zhangyuan Tungsten Industry (002378.SZ) has a latest stock price of 18.19 CNY with a daily increase of +4.84%. It is also one of the domestic companies with complete tungsten industrial chain production capabilities, owning multiple mining rights and exploration areas [2]. - Zhongjin Lingnan (000060.SZ) has a latest stock price of 6.86 CNY with a daily increase of +4.41%. It is an integrated enterprise in the deep processing of non-ferrous metals [3]. - Zhongxiyou Color (600259.SH) has a latest stock price of 74.70 CNY with a daily increase of +4.04%. It is the core listed platform of China Rare Earth Group, with a rich resource of tungsten mines and a horizontal layout in "rare earth, copper, tungsten" industries [4]. - Jiangxi Copper (600362.SH) has a latest stock price of 62.00 CNY with a daily increase of +3.68%. Its Kazakhstan Bakuta tungsten mine project has successfully commenced production [5]. - Luoyang Molybdenum (603993.SH) has a latest stock price of 24.05 CNY with a daily increase of +3.22%. It is a global leader in the production of copper, cobalt, molybdenum, and tungsten, operating molybdenum and tungsten mines in China [6][7]. - Xiamen Tungsten Industry (600549.SH) has a latest stock price of 51.92 CNY with a daily increase of +2.85%. It possesses a complete tungsten industrial chain and has a competitive advantage in tungsten mining, smelting, and deep processing [9]. Group 2: Other Companies in the Sector - Greeenme (002340.SZ) has a latest stock price of 8.94 CNY with a daily increase of +2.88%. It is a leader in the recycling of critical metals [8].

Group 1 - The core idea of the news is the introduction of a "carbon footprint" labeling system in Shandong Province, allowing consumers to easily identify the carbon emissions associated with products throughout their lifecycle [1][2] - The carbon footprint is defined as the total greenhouse gas emissions, expressed in carbon dioxide equivalents, resulting from specific entities or products over a certain period [1] - The implementation of the "Action Plan" aims to promote low-carbon lifestyles, provide clear environmental purchasing references for consumers, and enhance the international competitiveness of Shandong products in the green market [2][3] Group 2 - The "Action Plan" outlines a phased approach to establish a carbon footprint management system, with initial pilot projects by 2027 and a more comprehensive policy framework by 2030 [2] - Different cities in Shandong will adopt tailored strategies for carbon footprint management, such as Qingdao focusing on green finance and international trade, while Yantai will concentrate on key export industries [3] - The plan encourages other cities to explore innovative approaches based on their unique industrial structures and development conditions [3]