PPI改善也有国际大宗商品的输入性因素。国际有色金属价格上行拉动国内有色金属矿采选 业、有色金属冶炼和压延加工业价格环比分别上涨3.7%和2.8%。但是，国际原油价格下行也 影响国内石油开采、精炼石油产品制造价格分别下降2.3%和0.9%。当前，国际石油和其他大 宗商品供需的不确定性增加，再加上全球流动性正从美国股市向商品市场转移，2026年大宗商 品价格上涨可能会继续改善国内PPI水平。 当前的价格修复，是2025年需求侧扩大内需与供给侧治理竞争政策协同发力的直接结果。本轮 物价回升具有鲜明的结构性特征和政策驱动特点，这一态势能否维持并传导至广泛的投资与消 费预期，将决定2026年经济能否步入"物价温和回升-企业利润改善-资产负债表修复-内需扩 张"良性循环。 将短期的政策驱动效应，转化为可持续的市场内生增长动力，或是2026年的关键任务。有力的 价格预期与传导对提振投资与消费能够起到关键作用。进一步降息与企业利润不断改善，也将 提升资产价格上涨预期，改善企业资产负债表，释放"财富效应"，进一步刺激投资与消费，形 成良性循环。 应继续积极扩大内需，纵深推进全国统一大市场建设，改善供需关系，努力稳定楼市，激发 ...

1. Report Industry Investment Rating - No information provided 2. Core View of the Report - In December 2025, China's overall inflation level rebounded moderately. It is expected that the year-on-year increase of CPI in January this year will decrease compared to December last year, and the year-on-year decline of PPI in January will narrow compared to December last year [5][20] 3. Summary by Relevant Catalogs CPI Analysis - **Year-on-year data**: In December, the national consumer price (CPI) increased by 0.8% year-on-year, with a market expectation of 0.75% and a previous value of 0.7%. In 2025, the national consumer prices were flat compared to the previous year. Food prices increased by 1.1% year-on-year, non-food prices increased by 0.8% year-on-year, consumer goods prices increased by 1.0% year-on-year, and service prices increased by 0.6% year-on-year. Core CPI increased by 1.2% year-on-year [2][7] - **Month-on-month data**: In December, CPI increased by 0.2% month-on-month. Food prices increased by 0.3% month-on-month, non-food prices increased by 0.1% month-on-month, consumer goods prices increased by 0.3% month-on-month, and service prices were flat month-on-month. Core CPI increased by 0.2% month-on-month [2][8] - **Eight major categories**: In December, the price of food, tobacco and alcohol increased by 0.2% month-on-month, housing prices decreased by 0.1% month-on-month, transportation and communication prices were flat month-on-month, medical care prices increased by 0.1% month-on-month, education, culture and entertainment prices increased by 0.1% month-on-month, clothing prices were flat month-on-month, daily necessities and services prices increased by 0.4% month-on-month, and other supplies and services increased by 2.8% month-on-month [9] - **Impact factors**: The increase in the year-on-year increase of food prices in December was an important factor driving the relatively large year-on-year increase of CPI in December. The month-on-month increase of industrial consumer goods prices excluding energy by 0.6% affected the month-on-month increase of CPI by about 0.16 percentage points [2][8] - **January forecast**: The current agricultural product prices are conducive to the increase of the year-on-year CPI data in January, and have little impact on the month-on-month CPI data in January. It is speculated that refined oil prices will have a downward pull on the year-on-year CPI in January and may have a slight downward pull on the month-on-month CPI in January [11] PPI Analysis - **Year-on-year data**: In December, the ex-factory prices of industrial producers nationwide decreased by 1.9% year-on-year, with a market expectation of a 2.0% decrease and a previous value of a 2.2% decrease. In 2025, the ex-factory prices of industrial producers decreased by 2.6%. Production material prices decreased by 2.1% year-on-year, and living material prices decreased by 1.3% year-on-year [3][12] - **Month-on-month data**: In December, PPI increased by 0.2% month-on-month. Production material prices increased by 0.3% month-on-month, and living material prices were flat month-on-month [4][13] - **Industry performance**: In December, industries with a relatively large year-on-year decline in ex-factory prices included the oil and gas extraction industry, coal mining and washing industry, etc.; industries with a relatively large year-on-year increase included the non-ferrous metal ore mining industry and non-ferrous metal smelting and rolling processing industry. Industries with a relatively large month-on-month increase in prices included the non-ferrous metal ore mining industry and non-ferrous metal smelting and rolling processing industry; industries with a relatively large month-on-month decline included the oil and gas extraction industry and oil, coal and other fuel processing industries [12][15] - **Impact factors**: The price increases of precious metals represented by gold and silver prices, and non-ferrous metals represented by copper in December played a relatively large role in the month-on-month increase of PPI in December [5][20]

CPI Insights - In December, the CPI increased by 0.2% month-on-month (previous value: -0.1%) and rose by 0.8% year-on-year (previous value: 0.7%) [1] - Core CPI also rose by 0.2% month-on-month (previous value: -0.1%) and maintained a year-on-year growth of 1.2% for four consecutive months [1] - The main driver for the food CPI was the seasonal increase in fresh fruit prices, while fresh vegetable prices saw a significant decrease in growth [5] PPI Insights - The PPI increased by 0.2% month-on-month (previous value: 0.1%) but showed a year-on-year decline of -1.9% (previous value: -2.2%) [13] - The structural characteristics of PPI indicate an improvement in overall economic conditions, with the PMI at 50.1% [13] - Rising prices in industrial goods are influenced by geopolitical risks and increased demand in sectors like new energy and AI [2] Market Outlook - The outlook for CPI in 2025 is cautiously optimistic, driven by the upward trend in consumer goods prices due to rising raw material costs [2] - The long-term forecast suggests that pig prices may gradually enter an upward trend in the second half of the year, impacting food CPI [5] - The overall improvement in industrial product prices reflects a recovery in market conditions, supported by various economic policies [13]

PPI同比下降1.9%，降幅比上月收窄0.3个百分点。国内各项宏观政策持续显效，部分行业价格呈现积极 变化。 国家统计局数据显示，2025年12月，工业生产者出厂价格同比降幅收窄，环比涨幅扩大。受国际大宗商 品价格传导拉动以及国内重点行业产能治理相关政策持续显效等因素影响，工业生产者出厂价格指数 （PPI）环比上涨0.2%，同比下降1.9%。 国家统计局城市司首席统计师董莉娟表示，2025年12月，PPI环比上涨0.2%，连续3个月上涨，涨幅比 上月扩大0.1个百分点。 其中，供需结构改善带动部分行业价格上涨。重点行业产能治理与市场竞争秩序综合整治持续显效，煤 炭开采和洗选业、煤炭加工价格环比分别上涨1.3%和0.8%，均连续5个月上涨；锂离子电池制造价格上 涨1.0%，水泥制造价格上涨0.5%，均连续3个月上涨；新能源车整车制造价格由上月下降0.2%转为上涨 0.1%。 需求季节性增加带动燃气生产和供应业、电力热力生产和供应业价格分别上涨1.2%和1.0%，羽绒加 工、毛纺织染整精加工价格分别上涨1.2%和1.0%。 输入性因素影响国内有色金属和石油相关行业价格走势分化。国际有色金属价格上行拉动国内有色金属 ...

Investment consulting business qualification：CSRC License [2012] No. 669 投资咨询业务资格：证监许可【2012】669 号 中信期货国际化研究 | CITIC Futures International Research 2026/01/08 Assets Allocation in January: Macro Friendly, Metals Optimistic 1 月资产配置月报：宏观友好，金属乐观 | 姜 | 婧 | Jiang Jing | 从业资格号 Qualification No.: F3018552 | 投资咨询号 Consulting No.: Z0013315 | | --- | --- | --- | --- | --- | | 王含章 | | Wang Hanzhang | 从业资格号 Qualification No.: F03121254 | 投资咨询号 Consulting No.: Z0022985 | | 仲 | 鼎 | Zhong Ding | 从业资格号 Qualification No.: F0 ...

（记者 王晓波） 华新环保（301265.SZ）1月7日在投资者互动平台表示，公司不同项目可提炼金属不同，涵盖有色金 属、贵金属等。 每经AI快讯，有投资者在投资者互动平台提问：贵公司能提炼出哪些金属材料？ ...

2、昨天相关部门发布了《固体废物综合治理行动计划》，要加强工业固体废物源头减量，要依法依规淘汰落后产能，关键在于推动重有色金属矿采选一体 化建设，推进尾矿就近充填回填，原则上不再批准建设无自建矿山、无配套尾矿利用处置设施的选矿项目，并且要推动重点行业固体废物产生量与综合消纳 量逐步实现动态平衡。 这消息的重要在于要推动重要有色金属矿采取一体化建设，这实际上是对有色金属矿的落后产能的一次淘汰过程，也势必会对市场的供给带来一定的影响， 如此看对有色金属是利好，并且是中长期利好，在需求比较旺盛，而供给未来相对短缺的情况下，势必会给价格带来向上的动力，如此继续关注有色金属。 大家最关心的可能就是今天市场怎么走，从外围的情况看，上周五的美股大型科技股涨跌互现，呈现的是结构性的状态，这个对A股科技股影响不大。 反而港股走势非常强劲，恒生科技指数单日大涨4%，这是过去5年以来新年第一个交易日涨幅最大的一次，可以说恒生科技指数的这根阳线是过去一段时间 以来最大的一根阳线，虽然说短期面临60日线的压制，然而从走势上看突破的态势非常明显。 大家早上好，今天是2026年开年的第一个交易日，萌生先向大家表示祝福，新的一年财源滚滚！ ...

2025年，全球宏观经济充满不确定性是大类资产价格波动的核心逻辑，贵金属、有色金属等原材料价格 飙升，A股走出"慢牛"行情，量化策略异军突起……2026年，随着全球经济逐步摆脱极端风险扰动，资 产配置逻辑从"避险主导"转向"增长与通胀双轮驱动"，美联储货币政策、AI技术落地进程等将成为重塑 市场格局的关键力量。 回顾2025年：不确定性驱动的结构性行情 2025年，贵金属、工业金属等商品价格持续上涨，A股在"相对确定性"支撑下走出"慢牛"行情，债市震 荡走弱，量化策略热度攀升，共同勾勒出一幅复杂的市场图景。 "2025年大类资产价格演化的核心在于不确定性驱动。"康楷数据首席经济学家杨敬昊表示，贵金属、有 色金属和稀有金属能够走出波澜壮阔的上涨行情，是供需与宏观因素共同作用的结果。 杨敬昊表示，全球宏观经济的不确定性不仅直接影响商品市场，还间接推动A股走高。2025年年初，我 国权益市场走出一轮"慢牛"行情，是因为在美元资产的不确定性与"资产荒"背景下，A股具有宏观政策 与估值的双重确定性。 从大类资产配置特点看，畅力资产董事长宝晓辉认为，2025年的市场呈现以下特征：一是"股强债弱"。 权益市场全面走强，硬科 ...

Group 1: Precious Metals - Guotai Junan Securities indicates that silver possesses higher elasticity in the short term, especially as it relates to AI narratives and its dual role as a precious metal and an asset linked to AI electricity [1] - Huaxi Securities notes that high volatility in precious metals is expected to continue in the short term, with silver, platinum, and palladium facing larger adjustments due to liquidity constraints, while gold is anticipated to stabilize sooner [2] - Citic Securities emphasizes that the macroeconomic backdrop remains favorable for precious metals in the medium to long term, with expectations of a long-term bull market supported by Fed easing and a weak dollar [2] Group 2: Internet Sector - Citic Securities reports that the internet sector is expected to experience a rebound driven by AI narratives and liquidity improvements, with a focus on model iteration and performance realization as key catalysts [3] - The report highlights the importance of selecting stocks based on performance visibility and valuation for companies with lower AI correlation, particularly in stable competitive landscapes and high-growth sectors [3] Group 3: Home Appliance Sector - Citic Securities identifies that the home appliance sector has shown underperformance compared to the market, but recovery opportunities are emerging, supported by domestic demand policies and a reduction in tariff impacts [4][5] - The report suggests focusing on leading home appliance companies with scale and technological strength, particularly in areas like domestic policy support and expansion into emerging markets [4][5] Group 4: Digital Currency - Citic Securities states that the digital yuan is evolving from a cash-replacement model to a deposit currency model, enhancing banks' stability and monetary policy transmission efficiency [6] - The report anticipates that banks will need to shift focus from qualification to capability in promoting digital yuan services, capitalizing on increased penetration rates [6] Group 5: Titanium Alloys - CITIC Jiantou highlights that titanium demand is expected to grow rapidly due to its unique properties, with applications expanding in aerospace, medical, and consumer electronics [7] - The report predicts a demand growth rate of over 10% for titanium alloys in the next three years, driven by advancements in 3D printing technology [7] Group 6: AI Industry - Huatai Securities expresses optimism about the AI industry trend, focusing on investment opportunities in the domestic and international computing power supply chain [8] - The report outlines three main investment lines for 2026, emphasizing the importance of AI computing power, new productivity sectors, and core assets with long-term competitive advantages [8]

食用农产品市场：30种蔬菜平均批发价格每公斤5.87元，下降2.0%，其中菜花、西兰花、西葫芦分别下 降14.4%、11.3%和10.2%。肉类批发价格略有下降，其中猪肉每公斤18.05元，下降0.2%，牛肉下降 0.1%，羊肉与前一周基本持平。粮油批发价格稳中有降，其中菜籽油、大米均与前一周基本持平，花 生油、面粉、豆油分别下降0.3%、0.2%和0.1%。禽产品批发价格稳中有涨，其中鸡蛋与前一周基本持 平，白条鸡上涨0.4%。水产品批发价格略有上涨，其中大黄鱼、鲫鱼、草鱼分别上涨1.0%、0.9%和 0.5%。6种水果平均批发价格小幅上涨，其中柑橘、香蕉、苹果分别上涨2.2%、1.4%和0.8%。 商务大数据显示，12月22日至28日，全国食用农产品市场价格比前一周(环比，下同)下降0.3%，生产资 料市场价格比前一周上涨0.1%。 生产资料市场：有色金属价格小幅回升，其中铜、铝分别上涨3.1%和0.8%，锌与前一周基本持平。橡 胶价格继续上涨，其中合成橡胶、天然橡胶分别上涨0.6%和0.2%。化肥价格略有上涨，其中尿素、三 元复合肥分别上涨0.3%和0.1%。钢材价格略有波动，其中高速线材、螺纹钢每吨3 ...