Report Industry Investment Rating - Not provided in the given content. Core Viewpoints - On January 28, equity index and CGB futures rose slightly, and most commodities showed higher performance, with energy & chemicals strengthening and precious metals leading the rises. In equity index futures, IC rose 0.7% and IH dropped 0.0%; in CGB futures, TL rose 0.07% and TF rose 0.06%. In commodity futures, the top three gainers were Aluminum, SCFIS(Europe), and Bitumen, while the top three decliners were Lithium Carbonate, Poly-Silicon, and Palladium [10][11][12]. - Aluminum prices are expected to trend higher due to positive macro outlook and tight supply - demand expectations, and cast aluminum alloy prices will likely continue to fluctuate upward with reinforced cost - support logic. It is recommended to seek long positions in primary aluminum and cast aluminum alloy on dips [20][22]. - Bitumen's absolute price is in an overvalued range, and its medium - to - long - term valuation is expected to pull back due to factors such as ample long - term supply and weak demand [29][30][31]. Summary by Relevant Catalogs 1. China Futures 1.1 Overview - On January 28, equity index futures & CGB futures rose slightly. Most commodities showed higher performance, with energy & chemicals strengthening and precious metals leading the rises. In equity index futures, IC rose 0.7% and IH dropped 0.0%; in CGB futures, TL rose 0.07% and TF rose 0.06%. In commodity futures, the top three gainers were Aluminum (up 5.8% with 16.3% month - on - month open interest increase), SCFIS(Europe) (up 4.4% with 3.9% month - on - month open interest increase), and Bitumen (up 4.0% with 7.3% month - on - month open interest increase). The top three decliners were Lithium Carbonate (down 3.9% with 2.7% month - on - month open interest decrease), Poly - Silicon (down 2.3% with 0.1% month - on - month open interest decrease), and Palladium (down 1.8% with 8.7% month - on - month open interest increase) [10][11][12]. 1.2 Daily Raise 1.2.1 Aluminum & Cast Aluminum Alloy - On January 28, the front - month contract of aluminium surged 5.8% to 25,640 yuan/ton (SHFE), and the front - month contract of cast aluminium alloy jumped 3.4% to 23,785 yuan/ton (SHFE). News factors include the sharp surge in European and US natural gas prices, escalating geopolitical tensions in the Middle East, and stock - futures linkage. Fundamentally, for primary aluminium, overseas smelting faces cost and power supply issues, and the domestic and global markets are expected to shift into a deficit in 2026. For cast aluminium alloy, scrap aluminium circulation is tight, and the cost - side support is strong. It is recommended to seek long positions in both on dips, with attention paid to the upper end of the range at 28,000 yuan/ton for SHFE primary aluminium front - month contract and 26,500 yuan/ton for cast aluminium alloy front - month contract [16][17][20]. 1.2.3 Bitumen - On January 28, the front - month contract of bitumen surged 4.0% to 3,410 yuan/ton (SHFE). Bitumen futures fluctuate in tandem with crude oil, and its absolute price is in an overvalued range, with the medium - to - long - term valuation poised for a pullback due to factors such as OPEC+ production suspension, Venezuela's crude oil production increase, high bitumen output in Hainan, weak supply and demand, and high inventory [29][30][31]. 2. China News 2.1 Macro News - In 2026, China's tax authorities will deepen tax system reform, optimize the tax structure, expand local tax sources and boost local fiscal autonomy. Regulators no longer require most developers to submit monthly reports on the "Three Red Lines" indicators, but some troubled developers need to report financial metrics regularly. China will hold the 2026 APEC First Senior Officials' Meeting in Guangzhou from February 1 to 10 [36]. 2.2 Industry News - Market talk of a proposed T+3 rule for major quant funds' program trading is unsubstantiated, as several top 10 - billion - yuan quant PE firms confirmed no relevant regulatory notice has been received to date [37].

Group 1 - The core viewpoint emphasizes the importance of private enterprises in China's economy and the supportive measures taken by financial institutions like Industrial Bank to foster high-quality development of the private sector [1] - The Industrial Bank Jinan Branch is committed to supporting private enterprises through optimized credit policies, innovative financial products, and improved service quality [1] - The bank has implemented a comprehensive financial service package for private enterprises, integrating domestic and foreign trade, as well as currency operations [1] Group 2 - A private asphalt company in Rizhao has leveraged its location advantages to establish long-term partnerships with major refineries, but faced operational funding constraints that hindered growth [2] - The Jinan Branch of Industrial Bank provided a significant liquidity loan of 50 million yuan to the asphalt company, alleviating its cash flow pressure [2] - The bank aims to enhance its financing support system, improve capital market services, and innovate financial products to contribute to high-quality development in Shandong [2]