Group 1 - The core viewpoint is that resource commodities continue to face opportunities, with strategic value enhancement due to factors such as global liquidity boosting prices and increasing demand from technology sectors like AI and high-end manufacturing [1] - In the non-ferrous metals sector, geopolitical disturbances are elevating the strategic importance of key minerals, which is expected to lead to a revaluation of commodity prices [1] - For precious metals, factors like monetary easing, expanding credit cracks in the US dollar, and ongoing high debt levels are contributing to a situation where gold prices are likely to rise but face challenges in declining [1] Group 2 - The Non-Ferrous 60 ETF (159881) tracks the CSI Non-Ferrous Index (930708), which selects listed companies involved in the mining, smelting, and processing of non-ferrous metals, covering sectors such as copper, gold, aluminum, rare earths, and lithium [1] - The constituent stocks of the index have a large average market capitalization, providing good liquidity and representativeness, with a balanced industry distribution [1]

发行利率上行，信用利差整体收窄——信用债周报 公司研究 营收超全年指引，实现强劲增长——药明康德（603259）2025 年业绩预增点 评 行业研究 晨会纪要（2026/01/14） 编辑人 崔健 022-28451618 SAC NO：S1150511010016 cuijian@bhzq.com 渤海证券研究所晨会纪要（2026.01.14） 固定收益研究 地缘局势推动部分品种价格走强——金属行业周报 证 券 研 究 报 告 晨 会 纪 要 请务必阅读正文之后的声明 渤海证券股份有限公司具备证券投资咨询业务资格 1 of 7 晨会纪要（2026/01/14） 固定收益研究 发行利率上行，信用利差整体收窄——信用债周报 李济安（证券分析师，SAC NO：S1150522060001） 王哲语（证券分析师，SAC NO：S1150524070001） 2、风险提示 政策推动不及预期，违约超预期，统计口径偏差，不构成投资建议。 公司研究 营收超全年指引，实现强劲增长——药明康德（603259）2025 年业绩预增点评 请务必阅读正文之后的声明 2 of 7 1、核心观点 本期（1 月 5 日至 1 月 11 日 ...

行业 铝日报 日期 2026 年 1 月 14 日 有色金属研究团队 研究员：余菲菲 021-60635729 yufeifei@ccb.ccbfutures.com 期货从业资格号：F3025190 研究员:张平 021-60635734 zhangpin@ccb.ccbfutures.com 期货从业资格号：F3015713 研究员：彭婧霖 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 请阅读正文后的声明 ＃summary＃ 每日报告 一、行情回顾与操作建议 数据来源：Wind，建信期货研究发展部 铝观点： 13 日沪铝夜盘继续上冲至 2.5 万关口后回落调整，尾盘收跌 0.85%报 24375 元/吨，总持仓减少 2 万手至 77 万手附近。现货上，受到高铝价抑制下游采购需 求，买方整体成交情绪环比上一交易日有所下滑，日内华东贴水-60，中原贴水 -220，华南贴水-45。供应端上短期铝整体供应量小幅增长，国内以及印尼新投项 目继续爬产，带动日均产量提升，海外方面莫桑比克铝厂停产落定，但一季度仍 保持满产运行，市场对此消息也基本 ...

乳目技 2026年1月14日 周敏波 Z0015979 | 价格及基差 | | --- | | | 现值 | 前值 | 日 涨跌 | 日涨跌幅 | 单位 | | --- | --- | --- | --- | --- | --- | | SMM 1#电解铜 | 102510 | 103235 | -725.00 | -0.70% | 元/吨 | | SMM 1#电解铜升贴水 | 60 | 60 | 0.00 | | 元/肥 | | SMM 广东1#电解铜 | 102155 | 103165 | -1010.00 | -0.98% | 元/吨 | | SMM 广东1#电解铜升贴水 | 20 | 5 | +15.00 | - | 元/吨 | | SMM湿法铜 | 102395 | 103110 | -715.00 | -0.69% | 元/吨 | | SMM湿法铜升贴水 | -55 | -65 | +10.00 | - | 元/吨 | | 精废价差 | 50ae | 5537 | -440.71 | -7.96% | 元/吨 | | LME 0-3 | 64.31 | 41.94 | +22.37 | - | 美 ...

南山铝业公告称，公司拟以集中竞价交易方式回购股份，回购资金不低于3亿元且不超6亿元，回购价不 超7.52元/股，用途为注销并减少注册资本。回购期限自股东会审议通过最终方案起不超12个月。截至 2025年9月30日，按最高回购资金测算，回购资金约占总资产0.82%、净资产1.15%，不会对公司产生重 大影响。此外，相关主体未来3个月、6个月内均无减持计划。回购存在股价、债权人、经营及政策等风 险。 ...

Group 1: Precious Metals - Gold price reached $4493.85 per ounce, up $140.90 from January 2, with a growth rate of 3.24% [2][3] - Silver price was $78.14 per ounce, increasing by $3.93 from January 2, reflecting a growth rate of 5.29% [2][3] - The U.S. non-farm payrolls for December showed an increase of 50,000 jobs, below the expected 65,000, indicating a potential upward trend for precious metals [3] Group 2: Copper and Aluminum - LME copper closed at $12,990 per ton, up $480 from January 2, with a growth rate of 3.84% [4] - Domestic aluminum price was 24,060 yuan per ton, an increase of 1,540 yuan from December 31 [6] - High prices are suppressing short-term demand for copper and aluminum, with copper production facing supply disruptions [5][6] Group 3: Tin and Antimony - Domestic refined tin price was 350,700 yuan per ton, up 24,610 yuan from December 31, with a growth rate of 7.55% [7] - Antimony price was 158,000 yuan per ton, down 3,000 yuan from December 31, indicating weak demand [8] Group 4: Industry Ratings and Investment Strategy - The gold industry is rated "recommended" due to the Fed's easing cycle [9] - The copper industry is also rated "recommended" as copper supply remains tight [10] - The aluminum industry maintains a "recommended" rating due to rigid supply [11]

1月13日，南山铝业盘中上涨2.08%，截至09:45，报5.88元/股，成交4.82亿元，换手率0.73%，总市值 675.24亿元。 资金流向方面，主力资金净流出486.80万元，特大单买入6213.24万元，占比12.89%，卖出7124.54万 元，占比14.77%；大单买入1.35亿元，占比28.07%，卖出1.31亿元，占比27.19%。 责任编辑：小浪快报 分红方面，南山铝业A股上市后累计派现129.99亿元。近三年，累计派现72.78亿元。 机构持仓方面，截止2025年12月31日，南山铝业十大流通股东中，中国证券金融股份有限公司位居第三 大流通股东，持股5.89亿股，持股数量较上期不变。香港中央结算有限公司位居第四大流通股东，持股 5.72亿股，相比上期减少5648.12万股。华泰柏瑞沪深300ETF（510300）位居第六大流通股东，持股 1.16亿股，相比上期减少310.95万股。易方达沪深300ETF（510310）位居第七大流通股东，持股 8208.75万股，相比上期减少367.17万股。南方标普中国A股大盘红利低波50ETF联接A（008163）位居 第八大流通股东，持股7758. ...

股票研究 /[Table_Date] 2026.01.12 从商品到战略资产 [Table_Industry] 有色金属 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 李鹏飞(分析师) | 010-83939783 | lipengfei2@gtht.com | S0880519080003 | | 魏雨迪(分析师) | 021-38674763 | weiyudi@gtht.com | S0880520010002 | | 刘小华(分析师) | 021-38038434 | liuxiaohua@gtht.com | S0880523120003 | | 王宏玉(分析师) | 021-38038343 | wanghongyu@gtht.com | S0880523060005 | | 梁琳(分析师) | 021-23185845 | lianglin@gtht.com | S0880525070014 | | 李阳(分析师) | 021-23185618 | liyang7@gtht.com | S0880525040 ...

Group 1 - The core point of the article is that Hongchuang Holdings (002379) reported a total of 22,789 shareholders as of January 9, 2026 [1]

1. Report Industry Investment Ratings No information about industry investment ratings is provided in the reports. 2. Core Views of the Reports - Copper: The medium - to long - term fundamentals of copper remain good, with supply - side capital expenditure constraints supporting a gradual upward shift in the bottom. Short - term prices are likely to stay strong due to the structural imbalance of global inventories and the risk premium of metal supply concerns. However, real terminal demand is weak at high prices. Focus on changes in CL premium, LME inventory, and the 99000 - 100000 support level [1]. - Zinc: The shortage of zinc ore at the mine end supports prices, but the import window for zinc ore is opening, limiting the downside space of TC. The supply pressure of refined zinc is relieved, and demand is suppressed. Overseas and domestic inventories are increasing. Short - term prices are expected to fluctuate, with support from the tight domestic zinc ore supply and pressure from the expected supply of imported ore and weak demand feedback. Pay attention to zinc ore TC and refined zinc inventory changes, and the 23300 - 23400 support level [4]. - Nickel: The nickel market has seen significant price fluctuations. The unclear result of the 2026 nickel ore quota in Indonesia has affected market sentiment. High nickel prices have restricted downstream transactions, and the supply and demand situation is complex. Short - term prices are expected to adjust in a wide range, with the main contract running in the 132000 - 142000 range [6]. - Stainless Steel: The stainless - steel market is mainly driven by nickel raw materials. The unclear nickel ore quota in Indonesia has affected market expectations. The supply pressure has eased slightly, but demand in the off - season is weak. The cost support from the ore end and nickel - iron is strengthened. Short - term prices are expected to fluctuate, with the main contract in the 13400 - 14200 range [8]. - Lithium Carbonate: The lithium carbonate market has seen a significant increase in the price center last week. The supply - side shock expectation is strengthened, and demand is expected to be optimistic. The inventory situation has changed, with upstream inventory increasing and downstream inventory decreasing. The market is expected to maintain a strong and volatile trend, with a focus on the 150000 breakthrough and liquidity risks [10]. - Industrial Silicon: The industrial silicon market is expected to continue the pattern of weak supply and demand in January. Supply may decrease by 1 - 20,000 tons, and demand is expected to decline slightly. Exports may increase. The price is expected to fluctuate at a low level, mainly in the 8000 - 9000 yuan/ton range [11]. - Polysilicon: In January, the polysilicon market is in a weak - demand situation, with high inventory and price pressure. There is a need for further production cuts to balance supply and demand. Pay attention to the impact of antitrust news, the possibility of production cuts, and the redistribution of industrial chain profits. The 50000 yuan/ton level may provide support, and trading is recommended to wait and see [12]. - Tin: The short - term price of tin is greatly affected by macro - sentiment. The supply side may be affected by the situation in Congo (Kinshasa), and demand shows regional differences. The price is expected to fluctuate at a high level, and operations should be cautious [13]. - Alumina: The alumina market has been oscillating widely. The supply is rigid, and demand is weak, with inventory accumulating. The short - term price is expected to oscillate widely around the industry cash - cost line, with the main contract in the 2600 - 2950 yuan/ton range. A rebound depends on capacity - control policies or large - scale production cuts [14]. - Aluminum: The aluminum price has risen strongly, driven by macro and policy expectations. However, the fundamentals are under pressure, with supply increasing and demand being suppressed by high prices, and inventory starting to accumulate. Short - term prices are expected to oscillate widely at a high level, with the main contract in the 23000 - 25000 yuan/ton range [14]. - Aluminum Alloy: The casting aluminum - alloy market has shown a strong trend, mainly driven by cost factors. However, the supply and demand are both weak, with supply affected by raw - material shortages and demand being suppressed by high prices. Inventory has been gradually decreasing. Short - term prices are expected to oscillate in a high - level range, with the main contract in the 22000 - 24000 yuan/ton range [15]. 3. Summaries According to Relevant Catalogs Price and Spread - **Copper**: SMM 1 electrolytic copper price dropped to 100275 yuan/ton, with a daily decline of 1.77%. The LME 0 - 3 spread increased to 41.94 dollars/ton [1]. - **Zinc**: SMM 0 zinc ingot price was 24170 yuan/ton, with a decline of 0.58%. The import profit and loss was - 1887 yuan/ton [4]. - **Nickel**: SMM 1 electrolytic nickel price decreased to 141900 yuan/ton, with a daily decline of 4.80%. The LME 0 - 3 spread was - 196 dollars/ton [6]. - **Stainless Steel**: The price of 304/2B (Wuxi Hongwang 2.0 roll) remained at 13800 yuan/ton. The inter - month spread of 2602 - 2603 increased to - 85 yuan/ton [8]. - **Lithium Carbonate**: SMM battery - grade lithium carbonate average price rose to 140000 yuan/ton, with an increase of 1.08%. The inter - month spread of 2602 - 2603 was - 580 yuan/ton [10]. - **Industrial Silicon**: The price of East China SI4210 industrial silicon remained at 9650 yuan/ton. The inter - month spread of 2602 - 2603 decreased to 25 yuan/ton [11]. - **Polysilicon**: The average price of N - type re -投料 was 55000 yuan/ton, with a decline of 0.90%. The main contract price dropped to 51300 yuan/ton [12]. - **Tin**: SMM 1 tin price decreased to 349750 yuan/ton, with a decline of 1.49%. The inter - month spread of 2601 - 2602 increased to 370 yuan/ton [13]. - **Aluminum**: SMM A00 aluminum price rose to 24030 yuan/ton, with an increase of 0.12%. The import profit and loss of electrolytic aluminum was 176.8 yuan/ton [14]. - **Aluminum Alloy**: SMM aluminum alloy ADC12 price remained at 23700 yuan/ton. The inter - month spread of 2601 - 2602 increased to - 105 yuan/ton [15]. Fundamental Data - **Copper**: In December, electrolytic copper production was 117.81 million tons, a 6.80% increase month - on - month. In November, the import volume was 27.11 million tons, a 3.90% decrease [1]. - **Zinc**: In December, refined zinc production was 55.21 million tons, a 7.24% decrease month - on - month. In November, the import volume was 1.82 million tons, a 3.22% decrease [4]. - **Nickel**: In December, China's refined nickel production decreased by 9.38% month - on - month. The import volume in November increased by 30.08% [6]. - **Stainless Steel**: In December, China's 300 - series stainless - steel crude steel production decreased by 2.50% month - on - month. The net export volume increased by 25.31% [8]. - **Lithium Carbonate**: In December, lithium carbonate production was 99200 tons, a 4.04% increase month - on - month. The demand decreased by 2.50% [10]. - **Industrial Silicon**: In January, the expected production of industrial silicon may decrease to 38 - 39 million tons. The demand is expected to decline by about 1 million tons [11]. - **Polysilicon**: In December, polysilicon production was 11.55 million tons, a 0.79% increase month - on - month. The net export volume increased by 2041.76% [12]. - **Tin**: In November, tin ore imports increased by 29.81% month - on - month. In December, SMM refined tin production decreased slightly [13]. - **Aluminum**: In December, alumina production was 751.96 million tons, a 1.08% increase month - on - month. Domestic electrolytic aluminum production increased by 3.97% [14]. - **Aluminum Alloy**: In December, the production of recycled aluminum alloy ingots decreased by 6.16% month - on - month. The production of primary aluminum alloy ingots increased slightly [15]. Inventory Data - **Copper**: Domestic social inventory increased by 14.61% week - on - week to 27.38 million tons. LME inventory decreased by 1.49% day - on - day to 13.90 million tons [1]. - **Zinc**: China's zinc ingot seven - region social inventory increased by 11.69% week - on - week to 11.85 million tons. LME inventory decreased by 0.51% day - on - day to 10.7 million tons [4]. - **Nickel**: SHFE inventory increased by 2.43% week - on - week to 46650 tons. LME inventory increased by