Market Overview - The main copper futures contract on the Shanghai Futures Exchange opened at 101,020 CNY/ton and closed at 101,280 CNY/ton, a slight increase of 0.05% from the previous trading day [2] - The night session saw the main copper contract open at 100,550 CNY/ton and close at 100,260 CNY/ton, remaining stable compared to the afternoon close [2] Spot Market - SMM reported that the spot price for 1 electrolytic copper was quoted at a discount of 280 to 80 CNY/ton against the current month contract, with an average discount of 180 CNY/ton, down 30 CNY/ton from the previous day [3] - The price range for electrolytic copper was between 99,820 and 100,300 CNY/ton, with the market showing a clear differentiation in supply [3][15] - Downstream purchasing showed structural characteristics, with leading enterprises actively accepting deliveries, particularly when copper prices fell below 99,500 CNY/ton [15] Important News - The geopolitical situation regarding Greenland has improved, with U.S. President Trump announcing an agreement framework with NATO Secretary General Stoltenberg, which could benefit the U.S. and NATO members [4] - Economic forecasts indicate that most economists expect the Federal Reserve to maintain the benchmark interest rate unchanged this quarter, with potential rate cuts anticipated later in the year [4][5] Mining Sector - Rio Tinto reported a copper production of 240,000 tons in Q4 2025, a 5% increase year-on-year, and a total production of 883,000 tons for the year, exceeding the revised guidance [5][17] - The Democratic Republic of the Congo is opening its doors to U.S. capital for strategic mineral projects, including copper and cobalt, as part of a new investment initiative [5][17] Smelting and Imports - The London Metal Exchange (LME) reported a significant premium for spot copper prices compared to future contracts, with the "tom/next" spread reaching its highest level since the 2021 supply squeeze [6][18] - The copper market is experiencing a new round of volatility, with recent prices exceeding 13,400 USD/ton [6][18] Inventory and Warehouse Data - LME warehouse stocks decreased by 8,875 tons to 159,400 tons, while SHFE stocks fell by 2,612 tons to 145,581 tons [7][19] - As of January 21, domestic electrolytic copper stocks were at 329,400 tons, a decrease of 850 tons from the previous week [19] Strategy - The outlook for copper is neutral, with recent tariffs on semiconductors affecting demand projections for non-ferrous metals [20] - Current copper prices are expected to remain in a range between 99,500 CNY/ton and 110,000 CNY/ton due to high prices and low downstream demand [20]

Core Viewpoint - Gansu Province is implementing a three-year action plan to enhance the quality and efficiency of green mining, aiming for significant improvements in the mining sector by 2028 [1][2]. Group 1: Goals and Objectives - The plan sets a target for 90% of large licensed operating mines and 80% of medium-sized mines to meet green mining standards by the end of 2028, while encouraging small mines to participate [1]. - A total of 18 intelligent green mines are to be established, promoting the information and intelligent transformation of mines [1]. Group 2: Implementation Strategies - Establishment of a green mine reserve library, with annual construction plans that are dynamically adjusted [2]. - Encouragement of technological innovation and increased R&D investment by enterprises to foster new productive forces in the mining sector [2]. - Tax incentives for qualifying enterprises, including exemptions from resource tax for low-grade mineral products [2]. Group 3: Monitoring and Evaluation - The effectiveness of green mine construction will be included in the audit of natural resource assets for departing leaders, with penalties for municipalities that fail to meet targets [2]. - A dynamic management system will be implemented, including random checks and special inspections for sand and gravel mines every three years [2]. - As of now, Gansu has established 194 green mines, including 22 national-level and 172 provincial-level [2].

Group 1 - Report industry investment rating: Bullish on iron ore in the black building materials sector [3] Group 2 - Core view: The iron ore market has certain positive factors, and short - term long positions can be attempted with stop - loss set [3] Group 3 1. Market Review - Iron ore futures closed higher in the night session on Tuesday [3] 2. Important Information - The National Development and Reform Commission will formulate an implementation plan for the strategy of expanding domestic demand from 2026 to 2030, implement a more proactive fiscal policy and a moderately loose monetary policy, and address low - price and disorderly competition among enterprises [3] - Rio Tinto's Pilbara iron ore production in the fourth quarter was 89.7 million tons, a 6.66% increase quarter - on - quarter and a 3.70% increase year - on - year. The shipment volume was 91.3 million tons, an 8.30% increase quarter - on - quarter and a 6.53% increase year - on - year [3] - From January 12th to January 18th, the total iron ore inventory at seven major ports in Australia and Brazil was 1.1736 billion tons, a decrease of 816,000 tons from the previous period, slightly lower than the average level in the fourth quarter [3] 3. Market Logic - Globally, iron ore shipments and arrivals have decreased. Domestic mine production has increased, and port iron ore inventories continue to accumulate. The daily average hot metal output is 2.2801 million tons, a decrease of 14,900 tons from last week but an increase of 35,300 tons compared to the previous year [3] 4. Trading Strategy - Try short - term long positions and set stop - losses. The support level is lowered to 780, and the resistance level is 844 [3]

1. Report's Investment Rating for the Industry - The mid - term outlook for the industry is "Oscillation" [6] 2. Core Viewpoints of the Report - In the off - season, the pressure of inventory accumulation in the steel sector is becoming obvious, and the fundamentals lack highlights. The supply of steel is disturbed, and the cost support is loosening. However, due to subsequent steel mill resumption and winter storage replenishment, the further decline space of furnace material prices is limited, and the cost decline rhythm is gradually slowing down. The oversupply of glass and soda ash continues to suppress the futures prices. The sector still shows weak performance, and attention should be paid to the winter storage replenishment rhythm of the furnace material end [2]. - Overall, the off - season fundamentals are lackluster, and the futures market is expected to be under pressure in the short term. Before the Spring Festival, continue to pay attention to the downstream replenishment intensity. The resumption of steel enterprises in January is expected to further boost the replenishment expectation, and the furnace material prices still have the expectation of a low - level rebound at that time [6] 3. Summary According to the Catalog Iron Element - Supply increment expectation and inventory pressure are gradually increasing. The supply end is still expected to be disturbed by weather, and the pre - festival replenishment on the demand side supports the ore price. The supply and demand on the real side remain to be verified, and it is expected to oscillate in the short term. The supply of scrap steel is rising, and the daily consumption is expected to decline. The overall fundamentals will weaken marginally, and the spot price is expected to follow the finished products [2] Carbon Element - Coke: There is still room for the cost end of coke to rebound. With the expectation of steel mill resumption and the demand for winter storage replenishment still existing, the supply - demand structure of coke may gradually tighten, the spot price increase will still be implemented, and the futures price is expected to follow the coking coal [3]. - Coking coal: The winter storage on the demand side is still in progress, and the output of coal mines on the supply side is expected to decline near the holiday. The fundamentals of coking coal will continue to improve marginally, and the spot price still has upward momentum. However, after the trading logic changes, the bullish driving force of the fundamentals for the futures price is limited, and it is expected to oscillate [3] Alloys - Manganese silicon: The cost push is relatively weak, the market supply - demand pattern is loose, and the inventory reduction pressure is large. The upward space of the futures price is limited, but the current futures price valuation is low. Under the support of high - cost, beware of the risk of excessive short - chasing [3]. - Ferrosilicon: Currently, the supply and demand in the ferrosilicon market are both weak, and the fundamental contradictions are relatively limited. In the short term, the futures price is expected to mainly follow the sector [3] Glass and Soda Ash - Glass: The supply is still expected to be disturbed, but the inventory of the middle and lower reaches is moderately high. From the perspective of fundamentals, the current supply and demand are still in surplus. If there is no more cold - repair before the end of the year, the high inventory will always suppress the price, and it is expected to oscillate weakly. Otherwise, the price will rise [3]. - Soda ash: The overall supply and demand are still in surplus. It is expected to oscillate in the short term. In the long run, the oversupply pattern will further intensify, and the price center will still decline, promoting capacity reduction [3]

1. Report Industry Investment Ratings No specific industry investment ratings are provided in the report. 2. Core Views of the Report - Trump's statements on Greenland and other issues have led to changes in market risk preferences, affecting the trends of various assets such as the US dollar, gold, and US stocks [2][4][14]. - The A - share market has shown a trend of shock and upward movement, and the market sentiment has been repaired after the previous callback. The regulatory authorities' measures to cool the market are still ongoing [3][24][26]. - The prices of various commodities are affected by factors such as supply - demand fundamentals, geopolitical risks, and policy changes, showing different trends and investment opportunities [5][6][7]. 3. Summary by Directory 3.1 Financial News and Comments 3.1.1 Macro Strategy (Foreign Exchange Futures - US Dollar Index) - News: Trump reached a framework agreement on Greenland and will not impose tariffs on it. The US Supreme Court is cautious about Trump's attempt to remove Fed Governor Cook, and Trump hinted at the selection of the next Fed Chairman [12][13][14]. - Comment: Market risk preferences have rebounded, and the US dollar has rebounded. However, market volatility risks still exist [14]. - Investment advice: The US dollar index is expected to rise in the short term [15]. 3.1.2 Macro Strategy (Gold) - News: Trump stated that the US has no intention of using force to obtain Greenland and will not implement the original European tariff measures [16]. - Comment: Gold prices first rose and then fell. The short - term callback risk of precious metals has increased, but the long - term upward logic of gold remains unchanged [17][18]. - Investment advice: In the short term, the safe - haven sentiment has eased, precious metals face callback risks, and the gold - silver ratio is expected to rise [19]. 3.1.3 Macro Strategy (US Stock Index Futures) - News: Trump hinted at the selection of the next Fed Chairman, reached a "framework agreement" on Greenland with NATO, and the US Supreme Court is cautious about removing Fed Governor Cook [20][21][22]. - Comment: Geopolitical risks have eased, market risk preferences have improved, and the US stock market has repaired its previous decline and maintained high - level oscillations [22]. - Investment advice: The volatility of the US stock market will increase during the earnings season, and it is expected to oscillate at a high level [23]. 3.1.4 Macro Strategy (Stock Index Futures) - News: A - share indexes rose in shock, and the Ministry of Housing and Urban - Rural Development plans to implement the spot - housing sales system [24][25]. - Comment: Market sentiment has been repaired, trading volume has shrunk but the index has risen. The regulatory authorities' measures to cool the market are still ongoing. The strategy of buying on dips is better than chasing highs [26]. - Investment advice: Hold the long - position strategy for stock index futures [27]. 3.1.5 Macro Strategy (Treasury Bond Futures) - News: The central bank conducted 3635 billion yuan of 7 - day reverse repurchase operations, with a net investment of 1227 billion yuan [28]. - Comment: The rapid rebound of treasury bond futures is due to the alleviation of institutional concerns. However, it is difficult to chase the rise, and it is recommended to pay attention to short - selling opportunities on rallies [28][29]. - Investment advice: It is difficult to chase the rise, and it is recommended to pay attention to short - selling opportunities on rallies [30]. 3.2 Commodity News and Comments 3.2.1 Black Metal (Rebar/Hot - Rolled Coil) - News: Xingtai City launched an orange - level emergency response for heavy pollution weather [31]. - Comment: Steel prices are weakly oscillating. The fundamental pressure on finished products has increased, but the price decline space is limited in the short term [32]. - Investment advice: Adopt an oscillating mindset and consider inventory hedging on rallies [32]. 3.2.2 Black Metal (Coking Coal/Coke) - News: The price of coking coal in the Hebei market remained stable. Coke producers initiated the first price increase, but steel mills have not responded [33]. - Comment: The futures price is oscillating downward, and the spot price is rising. The supply is stable, and the demand for replenishment by downstream enterprises is strong, but the market trading activity has declined [33]. - Investment advice: In the short term, the spot price is supported, and the futures price is expected to oscillate [33]. 3.2.3 Agricultural Products (Pigs) - News: It is reported that Muyuan Co., Ltd. may be listed in Hong Kong as early as February [34]. - Comment: The main contract of live - hog futures has declined. The market is worried about the price decline after the Spring Festival, and the technical side shows a bear - dominated pattern [34][35]. - Investment advice: Hold the short - position established earlier and pay attention to the slaughter rhythm, frozen - product inventory changes, and policy reserve purchase trends [35]. 3.2.4 Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil) - News: The production of Malaysian palm oil from January 1 - 20 decreased by 16.06% month - on - month, and Indonesia revoked the licenses of 28 companies [36][37]. - Comment: The oil market is generally strong, with palm oil leading the rise. The decline in palm oil production has maintained the expectation of inventory reduction in January [37]. - Investment advice: The supply pressure of Malaysian palm oil is alleviating, and the Indonesian government's measures have increased market concerns. The palm oil price is still supported, but attention should be paid to the prices of crude oil and US soybean oil [38]. 3.2.5 Non - ferrous Metals (Lead) - News: On January 20, the LME 0 - 3 lead was at a discount of 46.32 US dollars/ton, and the import volume of lead ore and concentrates in December increased by 35.8% month - on - month [39]. - Comment: The lead price oscillated downward. The fundamentals are weakening, the inventory is expected to rise, and the demand feedback at high prices is negative [39][40]. - Investment advice: For single - side trading, pay attention to short - selling opportunities on rallies; for arbitrage, adopt a wait - and - see approach [41]. 3.2.6 Non - ferrous Metals (Zinc) - News: Teck Resources' zinc concentrate and zinc ingot production in 2025 were at the high end of the guidance range, and on January 20, the LME 0 - 3 zinc was at a discount of 43.57 US dollars/ton [42][43]. - Comment: The zinc price oscillated and stabilized. The fundamentals of LME zinc are weakening, and the social inventory is expected to rise before the Spring Festival. The market sentiment is stable, but the upward drive is limited [43]. - Investment advice: For single - side trading, short - term wait - and - see; for arbitrage, wait - and - see [43]. 3.2.7 Non - ferrous Metals (Lithium Carbonate) - News: The Democratic Republic of the Congo opened its cobalt and copper mines to the US, and there are disturbances in the lithium ore market [44]. - Comment: The price of lithium carbonate rose sharply. There are continuous disturbances in the ore end, and there are expectations of supply reduction due to the maintenance of lithium salt plants. The downstream demand is weak, and the key lies in price transmission [44][45]. - Investment advice: The capital game in the lithium carbonate futures market is stronger than the fundamental game. Pay attention to long - buying opportunities after the position and volatility stabilize [46]. 3.2.8 Non - ferrous Metals (Copper) - News: The Democratic Republic of the Congo opened its mines to the US, Vale aims to achieve an annual copper production capacity of 1 million tons, and BHP Billiton raised the production guidance of the Escondida mine [47][48][49]. - Comment: The macro - sentiment is highly complex, and there is a risk of repeated expectations. The domestic inventory is rising, and the overseas squeeze - out risk has decreased [50]. - Investment advice: For single - side trading, the market is expected to oscillate widely, and short - term wait - and - see; for arbitrage, wait - and - see [50]. 3.2.9 Non - ferrous Metals (Tin) - News: The Ministry of Industry and Information Technology stated that artificial intelligence has injected strong impetus into industrial economic growth, and on January 20, the LME 0 - 3 tin was at a discount of 92 US dollars/ton [51][52]. - Comment: The inventory of SHFE tin decreased, and the LME tin inventory increased. The processing fee of smelters rose, demand is weak, and the inventory replenishment may be restricted by high prices [52]. - Investment advice: The price trend divergence increases, and it is expected to oscillate widely in the short term. Pay attention to the supply recovery and consumption improvement [52]. 3.2.10 Energy and Chemicals (Crude Oil) - News: India's Reliance Group plans to buy Russian oil in February and March, and the API crude oil inventory increased [53][54]. - Comment: Oil prices rose. The IEA raised the global demand growth forecast, but the market still faces a large surplus. The geopolitical situation has eased slightly, and the import of Russian oil by India will resume [54]. - Investment advice: Oil prices are expected to oscillate in the short term [55]. 3.2.11 Energy and Chemicals (Liquefied Petroleum Gas - LPG) - News: The price of LPG in the South China market continued to decline, and the US issued an emergency warning of extreme cold [56]. - Comment: The domestic and foreign prices rose slightly due to the sharp rise in HH natural gas prices. The market is worried about the short - term supply and export of US LPG [56]. - Investment advice: The overseas price is expected to be strong in the near term, and the domestic price may follow passively [57]. 3.2.12 Energy and Chemicals (Asphalt) - News: The capacity utilization rate of domestic heavy - traffic asphalt decreased [57]. - Comment: The asphalt market is in a pattern of weak supply and demand and cost game. The spot price is expected to be stable, and the low - price resources are decreasing [57]. - Investment advice: The futures market is expected to oscillate before the Spring Festival, and pay attention to cost changes [58]. 3.2.13 Energy and Chemicals (Styrene) - News: In December 2025, China's styrene export volume decreased by 30.86% month - on - month and increased by 382.71% year - on - year [59]. - Comment: The styrene price fluctuated greatly. The market is in an emotional game stage, and the previous upward drive has been challenged [59]. - Investment advice: If there is no new supply - side disturbance, the styrene market may adjust [60]. 3.2.14 Energy and Chemicals (Soda Ash) - News: The price of soda ash in the South China market was stable on January 21 [61]. - Comment: The soda ash futures price fell, the supply is increasing, and the downstream demand is weak. The soda ash factory's inventory is expected to continue to accumulate [61]. - Investment advice: In the expansion cycle, take a bearish view of soda ash in the medium term, and consider short - selling long - term contracts on rallies [62]. 3.2.15 Energy and Chemicals (Float Glass) - News: The price of float glass in the Shahe market decreased on January 21 [63]. - Comment: The glass futures price continued to fall, the inventory replenishment enthusiasm of traders weakened, and the supply - demand situation of the 05 contract is still in surplus [64]. - Investment advice: In 2026, the FG contract is expected to oscillate between 900 - 1250 yuan/ton. Short - sell on rallies. Pay attention to potential supply - side changes [64].

Group 1 - Xibei Restaurant Group completed a new round of financing, with new shareholders including Zhang Yong, founder of Xinrongji, and Hu Xiaoming, former CEO of Ant Group [2] - The financing round saw shareholding proportions of 4.4209%, 4.4209%, 2.2104%, 0.4421%, and 0.0884% for new investors [2] Group 2 - Apple's first foldable phone, iPhone Fold, is expected to be released in September, featuring a wide aspect ratio and dual screens [3] - The design of the iPhone Fold continues the style of the iPhone 17 Pro series [3] Group 3 - Baidu's Wenxin App is set to introduce a social interaction feature with "multi-agent group chat" capabilities, currently in internal testing [5] - Taobao and Tmall will launch an AI-based initiative to combat fake images in after-sales service this year [5] Group 4 - The AI model series "Qianwen" from Alibaba has surpassed 1 billion downloads, becoming the first open-source large model to achieve this milestone [8] - The average daily downloads of the Qianwen series models are 1.1 million [8] Group 5 - Chang'an Ford's annual sales in China fell below 100,000 units for the first time, with wholesale sales of 121,500 units and retail sales of 99,400 units in 2025 [16] - This marks a significant decline from 247,000 units sold in 2024 [16] Group 6 - OpenAI announced plans to expand its AI infrastructure in the U.S. to 10 GW by 2029, with several sites already in development [15] - The company will cover energy costs to ensure the project does not increase electricity prices [15] Group 7 - SWISSto12 has raised over €100 million for its new satellite project, with €73 million coming from the European Space Agency [17] - The funding will support the development and industrialization of the new "Hummingbird Satellite" platform [17] Group 8 - Energy Fuels announced a $299 million acquisition of Australian Strategic Materials, valuing the company at this amount [18] - This acquisition is part of Energy Fuels' strategy to expand its operations in the rare earth sector [18]

于2026年1月22日，公司拟配售最多1.62亿股新股份，占公司于本公告日期现有已发行股本约7.96%;及 公司经配发及发行认购股份及配售股份后扩大的已发行股本约7.23%。配售价为每股3.80港元，较1月21 日每股收市价4.650港元折让约18.28%。配售事项的所得款项总额预期约为6.16亿港元。配售事项的所 得款项净额预期约为6.07亿港元。 智通财经APP讯，中国罕王(03788)发布公告，于2026年1月21日，公司拟向四名认购方(紫金全球基金、 新加坡鲁银贸易有限公司、东方金业(香港)有限公司、MLHK Vehicle 1 Limited)发行及配发合共4396万 股认购股份，占公司于本公告日期现有已发行股本约2.16%;及公司经配发及发行认购股份及配售股份后 扩大的已发行股本约1.96%。每股3.80港元的认购价，较1月21日每股收市价4.650港元折让约18.28%。 认购事项的所得款项总额预期约为1.67亿港元。认购事项的所得款项净额预期约为1.65亿港元。 本次发行认购股份及配售股份乃为开发位于澳洲的Mt Bundy金矿项目而进行。认购事项及配售事项所 得款项总额将约为7.83亿港元。认 ...

Core Viewpoint - The number of companies in the A-share market forecasting profit growth for 2025 is increasing, driven significantly by the commercialization of AI technology and strong demand in various sectors [1][2][3]. Group 1: AI-Driven Growth - As of January 20, 177 companies in the A-share market have announced profit increases, with 55 companies expecting net profit growth exceeding 100% year-on-year, excluding those returning to profitability [1]. - Shanghai Jianqiao Technology Co., Ltd. anticipates a net profit of 252 million to 278 million yuan for 2025, representing a year-on-year increase of 51.19% to 66.79%, driven by strong market demand for high-speed optical modules and other core businesses [1]. - Dongguan Dingtong Precision Technology Co., Ltd. expects a revenue growth of 54.37% and a net profit growth of 119.59% in 2025, attributed to robust demand in the AI-driven communications connector market [2]. Group 2: New Energy Sector Performance - Shanghai Putailai New Energy Technology Group Co., Ltd. forecasts a net profit of 2.3 billion to 2.4 billion yuan for 2025, reflecting a year-on-year increase of 93.18% to 101.58%, supported by the ongoing trend of electrification in the automotive market and strong demand in the energy storage market [2][3]. - The company highlights improvements in operational conditions and the introduction of new products and processes to capture high-end customer demand [3]. Group 3: Mining Sector Growth - Zijin Mining Group Co., Ltd. projects a net profit of approximately 51 billion to 52 billion yuan for 2025, with a year-on-year increase of 59% to 62%, driven by increased production of key mineral products and rising prices of gold, copper, and silver [4]. - Luoyang Luanchuan Molybdenum Group Co., Ltd. expects a net profit of 20 billion to 20.8 billion yuan for 2025, representing a year-on-year increase of 47.80% to 53.71%, due to a combination of increased production and effective cost management [4]. - Analysts suggest that the prices of copper and other mineral resources are likely to remain high, benefiting related companies as demand from emerging industries continues to grow [4].

Group 1 - The core point of the article is that Zhixin Group Holdings (02187) announced a sales contract for the acquisition of remaining sand and gravel from a quartz mine in Longyan City, which was successfully bid on January 16, 2026 [1] - The remaining sand and gravel amounts to approximately 3.8 million cubic meters, indicating a significant resource acquisition for the company [1] - Prior to this acquisition, Zhixin New Energy Technology (Longyan) Co., Ltd. entered into land use rights transfer contracts for two adjacent industrial plots on September 26 and October 17, 2025, to build facilities for processing the quartz mine's resources [1]

Core Viewpoint - Rio Tinto (RIO.US) shares rose nearly 5%, reaching a record high of $89.78, driven by strong growth in iron ore and copper production in Q4, following a rebound from earlier weather disruptions and ongoing capacity improvements in its flagship copper assets [1] Group 1: Production Performance - Pilbara iron ore shipments increased by 7% year-on-year to 91.3 million tons [1] - Iron ore production grew by 4% year-on-year to 89.7 million tons, setting a quarterly record [1] - Copper production rose by 5% year-on-year to 240,000 tons [1]