早间洞察：2026年1月12日

Morning Insight:January 12, 2026 Certification：Z0002332gaolinlin@gtht.com Yu Chen Wu (Contact)Certification：F03133175 wuyuchen@gtht.com Main Body Commodity MarketInsight： Alumina:The divergence between macro-driven sentiment and micro-levelvaluation continues to widen. Since the“anti-involution”rally onDecember 26, AO futures prices have remained elevated. As we previouslynoted, the rapid surge in futures prices triggered a large volume of spot Open Interest Source：iFind, GUOTAIJUNAN FUTURES Source：iFind, GUOTAIJUNAN FUTURES Source：iFind, GUOTAIJUNAN FUTURES Source：iFind, GUOTAIJUNAN FUTURES News Highlights: 1. China will move faster to establish a data property rightsregistration system, as part of the efforts to promote the use of data The NDA said it will draw on the experience of registration systems inother fields, actively solicit opinions from various sectors, and Liu Liehong, head of the NDA, chaired a symposium on data property rightsregistration recently. Participants from the Beijing Internet Court and 2. China announced on Friday that it will change export tax rebates for arange of products, including photovoltaic and battery products. Meanwhile, the export tax rebate rate for the value added tax of batteryproducts will be reduced from 9 percent to 6 percent starting from April The move is welcomed by China's domestic industry, with the ChinaPhotovoltaic Industry Association saying that the measure will help Over the long term, the measure will help prevent export prices fromfalling too rapidly and lower the risk of trade disputes further, 3. China has issued new guidelines to promote green microgrids in theindustrial sector, as part of a broader strategy to bolster the new Industrial green microgrids are integrated energy systems designed toprimarily supply clean power to industrial users, combining technologies Currently, China has over 300 microgrid projects in operation nationwide.However, the sector remains in its pilot phase, facing challenges According to the official document, newly built renewable power projectsat industrial enterprises and parks must ensure that at least 60 percent An MIIT official said that the ministry will enhance policy support andguidance for key industries, providing solid backing for the green and Guotai Junan Futures Co., Ltd. (hereinafter referred to as "the Company") is qualified to conduct investment consultingbusiness in the futures market, as approved by the China Securities Regulatory Commission (Approval No. [2011]1449). The views and information contained in this report are intended solely for the reference of the Company’s professionalinvestors. This report is not intended to target or violate any laws and regulations of any region, country, city, or other legaljurisdiction. Due to the difficulty in restricting access to this report, we apologize for any inconvenience this may cause. If you Analyst Statement The author(s) of this report hold a futures investment consulting qualification granted by the China Futures Association or possessesequivalent professional competence. The author(s) strive to ensure that the report is independent, objective, and fair. This report solely Disclaimer The information in this report is derived from publicly available sources, but the Company does not guarantee the accuracy,cohesiveness, or reliability of such information. The research, opinions, and forecasts contained in this report reflect theCompany'sjudgment as of the date of the report's release. The prices of the underlying futures analyzed in the report may fluctuate, and past The research services mentioned in this report may not be suitable for individual clients and do not constitute private consulting advice forclients. Clients should consider whether any opinions or suggestions in this report are appropriate when applied to their specific situation.Under no circumstances do the research or opinions expressed in this report constitute investment advice to any individual person. Under Copyright Statement The copyright of this report is solely owned by the Company. Without written permission, no institution or individual may reproduce, copy,publish, or quote this report in any form. If consent is obtained from the Company for citation or publication, it must be used within thepermitted scope, and the source must be indicated as "Guotai Junan Futures Research," along with a reminder of the risks associated Unless otherwise specified, all trademarks, service marks, and logos used in this report are owned by Guotai Junan Futures orare legallyauthorized for use. No individual or institution may use these trademarks, service marks, or logos without the writtenpermission of Guotai