早晨洞察：2026年1月19日

Morning Insight:January 19, 2026 Certification：Z0002332gaolinlin@gtht.com Yu Chen Wu (Contact)Certification：F03133175 wuyuchen@gtht.com Main Body Commodity MarketInsight： Tin:Looking back at last week’s market performance, tin prices surgedsharply on the back of inventory drawdowns, hitting the daily limit twiceand briefly reaching a record high of RMB 443,380/ton before pulling backon Friday. On the inventory side, social inventories returned todestocking and domestic spot premiums edged higher. Overall fundamentalsremained relatively strong, with domestic“invisible”tin inventories week may diverge and is more likely to take the form of wide-range Open Interest Source：iFind, GUOTAIJUNAN FUTURES Source：iFind, GUOTAIJUNAN FUTURES Source：iFind, GUOTAIJUNAN FUTURES Source：iFind, GUOTAIJUNAN FUTURES News Highlights: 1.In their latest move to support the real estate market, China'sfinancial authorities on Saturday announced that they will lower the The adjustment, which also applies to properties with dual business andliving purposes, marks a significant reduction from the previous minimum The move aims to adapt to the shifting supply-demand dynamics of theproperty market and support a new development model for the real estate Local central bank branches and financial regulatory offices will makecity-specific arrangements and determine specific down payment The reduction is among the central bank's recent measures to support deputy governor of the central bank, at a press conference on Thursday.The central bank will cut interest rates on all structural monetary 2. China's electricity consumption, a key barometer of economic activity,reached a milestone last year, surpassing 10 trillion kWh for the first This record-breaking volume also makes China the first country to surpassthe 10-trillion-kWh mark in annual power use, more than doubling that of Last year's growth stems from the stable and positive fundamentals of themacroeconomy, coupled with prolonged high temperatures and a rising level High-end manufacturing is becoming a core engine for power demand asChina accelerates the development of new quality productive forces. In Meanwhile, rapid expansion of the digital economy and new technologieshas created new demand. Accelerated construction of new infrastructure, As of the end of November 2025, the number of charging guns for electric NEA data showed. "Behind the 10-trillion-kWh annual power use is steady progress toward ahigh-tech, high-value-added industrial structure and a firm commitment to 3. China and Canada have reached specific arrangements to properlyaddress trade issues related to electric vehicles, steel and aluminum To implement the important consensus reached by the leaders of China andCanada, both sides have recently conducted multiple rounds of intensive The two sides have reached positive consensus on increasing direct This marks an important step in resolving bilateral trade concerns and Looking ahead, both sides will jointly implement the hard-won outcomes ofthese consultations, accelerate finalizing details, clarify timelines, The two sides will fully leverage the China-Canada Joint Economic andTrade Commission mechanism to continue expanding cooperation, resolving 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. Un