主材方面，电解液方面，国内三元、动力铁锂、储能铁锂分别下降0.1万元/吨、0.1万元/吨、0.08万元 负极方面，石墨化国内主流保持不变，包覆剂乙烯焦油下降0.02万元/吨。 【长江电新】周度锂电高频数据更新（2026.1.30） 辅材方面，华东85%湿法净化磷酸上升100元/吨，华东地区-锂电池粘结剂上升0.3万元/吨，50%液体烧碱下降24.5 元/吨。 资源品方面，电解钴、硫酸钴、四氧化三钴分别上升0.8万元/吨、保持不变、保持不变，碳酸锂(99.2%工业级/国 产)、电池级碳酸锂分别下降1.05万元/吨、1.05万元/吨，电池级硫酸镍上升150元/吨，电池级硫酸锰上升140元/ 吨。 【长江电新】周度锂电高频数据更新（2026.1.30） 主材方面，电解液方面，国内三元、动力铁锂、储能铁锂分别下降0.1万元/吨、0.1万元/吨、0.08万元/吨，溶剂EC 国内主流下降300元/吨。 资源品方面，电解钴、硫酸钴、四氧化三钴分别上升0.8万元/吨、保持不变、保持不变，碳酸锂(99.2%工业级/国 产)、电池级碳酸锂分别下降1.05万元/吨、1.05万元/吨，电池级硫酸镍上升150元/吨，电池级硫酸锰上升1 ...

Focus Review - The People's Bank of China has lowered the interest rates of various structural monetary policy tools by 0.25 percentage points, with the one-year re-lending rate now at 1.25% [3] - This policy is seen as the start of a monetary easing process, with potential for further adjustments if economic conditions worsen [3] Equity Market - Huatai Securities emphasizes the importance of focusing on performance and cost-effectiveness as the earnings forecast period approaches, suggesting two main categories for investment: themes with catalysts and relatively low crowding, such as media (gaming) and service consumption (duty-free), and sectors benefiting from external demand recovery, like batteries and engineering machinery [5] - Fuguo Fund highlights that in a low-interest-rate environment, dividend assets are gaining attention due to their stable cash flow and high dividend yield, making them a mature investment strategy globally [6] - CICC predicts that A-shares are likely to outperform Hong Kong stocks in 2026, while investors should focus on unique structural opportunities in Hong Kong, particularly in sectors like dividends, internet, innovative pharmaceuticals, and new consumption [7] Industry Research - GF Fund suggests that resource products may become a key investment theme in 2026, driven by macroeconomic conditions and AI demand, with a focus on non-ferrous metals and certain chemicals [11] - Huatai Securities notes a significant recovery in the liquidity of the Hong Kong innovative pharmaceutical sector, driven by unexpected BD transactions and overseas interest rate cuts, recommending increased allocation to this sector [12] - Fuguo Fund reports that surging AI demand is causing a supply-demand imbalance in the memory industry, leading to significant price increases, with expectations of a strong cycle lasting until the second half of 2026 [13] Macro and Fixed Income - Guohai Franklin Fund indicates that the bond market may experience volatility in 2025, with a focus on stable growth and price recovery policies, while remaining cautious of potential upward risks from stimulus measures [18] - Guotai Fund believes that the recent interest rate cuts by the central bank have boosted market sentiment, although the direct impact on credit and the bond market is limited [19] -招商基金 suggests a defensive approach in the first quarter, anticipating stabilization in the bond market as supply shocks are absorbed [19] Asset Allocation - HSBC Jintrust Fund highlights that global liquidity easing will create diverse asset allocation opportunities, with A-shares expected to show a low valuation and technology-driven market [21]

Export Performance - In September, export growth rebounded to 8.3%, up 3.9 percentage points from the previous month, exceeding the Wind consensus expectation of 5.7%[3] - The month-on-month export growth was 2.2%, slightly below seasonal expectations[3] - The rebound in exports was primarily driven by a low base effect, as the year-on-year growth in September 2024 was only 2.3%, the second-lowest point of the year[3] Regional Export Trends - Exports to non-U.S. economies showed strong resilience, with exports to Africa surging by 56.4%, an increase of 29.5 percentage points from the previous month, contributing 2.7 percentage points to overall export growth[4] - Exports to ASEAN and the EU maintained high growth rates of 15.6% and 14.2%, respectively, with EU growth up 3.8 percentage points from the previous month[4] - Exports to the U.S. continued to decline, with a year-on-year drop of 27.0% and a cumulative decline of 16.8%[4] Product Category Insights - Labor-intensive product exports showed some recovery, but many categories remained in negative growth, such as bags (-12.3%) and toys (-28.0%), collectively dragging down overall exports by 0.8 percentage points[5] - In contrast, technology-intensive product exports significantly rebounded, with electromechanical products growing by 12.6%, contributing 7.7 percentage points to export growth[5] Import Dynamics - Imports saw a significant rebound in September, with a year-on-year growth of 7.4%, up 6.1 percentage points from the previous month[6] - Agricultural imports surged, with a notable increase in soybean imports, which grew by 1.7%, a rise of 10.6 percentage points from the previous month[6] - High-tech product imports also rose sharply, with integrated circuit imports increasing by 14.1%[7] Future Outlook - The export rebound in September was mainly driven by low base effects, but as the base rises, export growth may slow again[7] - The structural shift in export markets towards non-U.S. regions is expected to provide some support, with exports to ASEAN, EU, Latin America, Africa, and Hong Kong now accounting for over 55% of total exports[7]