Core Insights - The top three companies by Hong Kong Stock Connect shareholding ratios are China Telecom (71.61%), Gree Power (69.82%), and Kaisa New Energy (67.97%) [1] - The largest increases in shareholding over the last five trading days were seen in the Tracker Fund of Hong Kong (+4.898 billion), Xiaomi Group-W (+2.104 billion), and Hang Seng China Enterprises (+2.034 billion) [1] - The largest decreases in shareholding over the last five trading days were recorded for Tencent Holdings (-3.674 billion), China Mobile (-2.390 billion), and Zijin Mining (-792 million) [1] Group 1: Hong Kong Stock Connect Shareholding Ratios - China Telecom (00728) holds 9.938 billion shares with a shareholding ratio of 71.61% [1] - Gree Power (01330) holds 0.282 billion shares with a shareholding ratio of 69.82% [1] - Kaisa New Energy (01108) holds 0.170 billion shares with a shareholding ratio of 67.97% [1] - Tianjin Chuangye Environmental Protection (01065) holds 0.229 billion shares with a shareholding ratio of 67.36% [1] - Other notable companies include China Shenhua (66.29%) and Southern Hang Seng Technology (65.38%) [1] Group 2: Recent Increases in Shareholding - Tracker Fund of Hong Kong (02800) saw an increase of +4.898 billion with a change of +18.6086 million shares [1] - Xiaomi Group-W (01810) increased by +2.104 billion with a change of +5.53495 million shares [1] - Hang Seng China Enterprises (02828) increased by +2.034 billion with a change of +2.19962 million shares [1] - Other companies with significant increases include Ping An Insurance (+2.027 billion) and Kuaishou-W (+1.709 billion) [1] Group 3: Recent Decreases in Shareholding - Tencent Holdings (00700) experienced a decrease of -3.674 billion with a change of -5.9645 million shares [3] - China Mobile (00941) decreased by -2.390 billion with a change of -2.9561 million shares [3] - Zijin Mining (02899) saw a decrease of -792 million with a change of -2.1294 million shares [3] - Other companies with notable decreases include China Unicom (-764 million) and Xinda Biopharmaceuticals (-596 million) [3]

摩根大通：将江西铜业A股评级上调至中性。 ...

Group 1 - The stock of ST United (600358) closed at 6.03 yuan on January 8, 2026, down 0.66% from the previous trading day, with a total market value of 3.045 billion yuan [1] - The stock opened at 6.07 yuan, reached a high of 6.09 yuan, and a low of 6.02 yuan, with a trading volume of 43.7226 million yuan and a turnover rate of 1.43% [1] - The company announced that Guotour Cultural Investment Group Co., Ltd. received an inquiry letter from the Shanghai Stock Exchange regarding its plan to acquire 100% of Jiangxi Runtian Industrial Co., Ltd. through a combination of issuing shares and cash payment, along with raising supporting funds [1] Group 2 - The company has applied for an extension to respond to the inquiry letter, with the extension period not exceeding one month, and will disclose the response document within the stipulated timeframe [1] - The transaction is subject to approval by the Shanghai Stock Exchange and registration by the China Securities Regulatory Commission [1]

资金流向方面，主力资金净流入4076.10万元，特大单买入3.13亿元，占比14.54%，卖出3.02亿元，占比 14.04%；大单买入5.94亿元，占比27.56%，卖出5.64亿元，占比26.17%。 江西铜业今年以来股价涨2.69%，近5个交易日涨12.24%，近20日涨34.19%，近60日涨47.71%。 资料显示，江西铜业股份有限公司位于江西省南昌市高新开发区昌东大道7666号，成立日期1997年1月 24日，上市日期2002年1月11日，公司主营业务涉及铜和黄金的采选、冶炼与加工;稀散金属的提取与加 工;硫化工以及金融、贸易等领域。主营业务收入构成为：阴极铜50.21%，铜杆线19.55%，黄金 14.50%，铜精矿、稀散及其他有色金属6.91%，白银3.21%，铜加工产品2.66%，其他产品1.65%，化工 产品(硫酸硫精矿)0.85%，其他(补充)0.46%。 1月8日，江西铜业盘中上涨2.03%，截至10:55，报56.40元/股，成交21.54亿元，换手率1.88%，总市值 1952.98亿元。 分红方面，江西铜业A股上市后累计派现235.64亿元。近三年，累计派现76.00亿元。 机构 ...

Core Viewpoint - The Huabao S&P Hong Kong Stock Connect Low Volatility Dividend ETF (159220) has shown a slight decline in its closing price and has experienced a modest increase in its scale since the end of 2025, indicating stable performance in a volatile market [1]. Group 1: Fund Performance - As of January 7, 2025, the fund closed down by 0.50% with a trading volume of 20.57 million yuan [1]. - The fund's management fee is 0.50% annually, and the custody fee is 0.10% annually [1]. - The fund's latest share count is 512 million, with a total scale of 311 million yuan, reflecting a 0.00% increase in shares and a 0.98% increase in scale since December 31, 2025 [1]. Group 2: Trading Activity - Over the last 20 trading days, the cumulative trading amount for the fund reached 716 million yuan, with an average daily trading amount of 35.78 million yuan [1]. Group 3: Fund Management - The current fund managers are Yang Yang and Hu Yijiang, both of whom have managed the fund since its inception on April 29, 2025, achieving a return of 20.30% during their tenure [2]. Group 4: Top Holdings - The fund's top holdings include Jiangxi Copper Co. (3.33%), Hang Lung Properties (3.17%), China Shenhua Energy (3.10%), and others, with their respective market values and share counts detailed [3].

Summary of Jiangxi Copper 2026 Business Outlook Call Company Overview - **Company**: Jiangxi Copper (0358.HK) - **Date of Call**: January 6, 2026 - **Participants**: Mr. Gong Kun, IR Manager Key Points Industry and Market Dynamics - Jiangxi Copper signed a long-term agreement with Antofagasta in December 2025, establishing a long-term TC/RC (Treatment Charge/Refining Charge) of **0** for 2026E, with a slight increase in recovery rate [1][2] - The company is in negotiations with other copper concentrate producers, anticipating similar TC/RC terms [2] Production and Raw Material Usage - Management expects a year-over-year decrease in the percentage of copper cathode output derived from copper concentrate in 2026E, with an increase in the use of crude copper as raw material [3] - Jiangxi Copper's improved bargaining power allows it to secure better TC/RC than the market spot price for copper concentrate [3] - There is an expectation that spot TC/RC could improve as Chinese copper smelters may reduce their consumption of copper concentrate in 2026E [3] Financial Performance and Acquisitions - The acquisition of SolGold has received approval from Chinese authorities and is pending shareholder approval, expected to be completed in the first half of 2026E [5] - The profitability of copper smelting using crude copper and copper anode has remained stable over the past two years [4] Pricing and Demand Factors - The price of sulfuric acid has reached approximately **Rmb 1,000/t** in Jiangxi since December 2025, with expectations for high prices in the short term due to strong demand, although further increases are unlikely due to government price control efforts [6] - Management anticipates mergers and acquisitions in the copper smelting industry in China, driven by government anti-involution efforts, with a slowdown in future capacity additions [7] Investment Outlook - Current share price is **HK$44.80** with a target price of **HK$39.80**, indicating an expected share price return of **-11.2%** and a total return of **-9.2%** [8] - Market capitalization is reported at **HK$155,130 million** (approximately **US$19,926 million**) [8] Risks - Potential downside risks include a slowdown in China's grid investment, a more significant than expected decline in property demand affecting copper prices, and rising mining or smelting costs [12] Additional Insights - The company maintains a "Buy" rating from analysts, reflecting confidence in its strategic positioning and market dynamics [1]

Core Viewpoint - The strategic cooperation agreement between Fushite (301446) and Jiangxi Copper (600362) aims to enhance collaboration in mining equipment maintenance and management, focusing on overseas market expansion and establishing a long-term partnership for mutual benefits [1][2] Group 1: Strategic Cooperation - Fushite and Jiangxi Copper will strengthen their cooperation in mining equipment maintenance to reduce equipment failure rates and improve production efficiency and economic benefits [1] - The agreement allows Jiangxi Copper to prioritize Fushite as a partner for domestic and international mining equipment maintenance services when external procurement is needed [1] Group 2: Brand Integration and Technology - Both companies will integrate their resource advantages to promote a "mining resources + intelligent mining equipment maintenance" platform, establishing a smart mining system that monitors equipment throughout its lifecycle [1] - The collaboration aims to achieve shared results and a win-win situation through the integration of intelligent products and operational data [1] Group 3: Overseas Market Development - The agreement emphasizes overseas market development as a key component of the strategic partnership, leveraging Jiangxi Copper's global mining resource layout and Fushite's maintenance service expertise [2] - The partnership will facilitate the sharing of overseas market information, customer resources, and project leads, enhancing both companies' competitiveness and brand influence in international markets [2] - Fushite anticipates that the agreement will strengthen its relationship with major clients and positively impact its mining equipment maintenance business and international expansion efforts [2]

Core Viewpoint - The strategic cooperation agreement signed between Fushite (301446.SZ) and Jiangxi Copper Group aims to enhance collaboration in the mining equipment maintenance sector and expand into overseas markets, fostering a long-term partnership for mutual benefits [1] Group 1: Strategic Cooperation Agreement - Fushite signed a strategic cooperation agreement with Jiangxi Copper on January 6, 2026 [1] - Jiangxi Copper possesses a full industry chain in copper and related non-ferrous metals, including exploration, mining, beneficiation, smelting, and processing [1] - The agreement focuses on various cooperation models, particularly in the maintenance and management of mining equipment [1] Group 2: Business Impact - The partnership is expected to strengthen Fushite's relationship with key clients and positively impact its mining equipment maintenance business [1] - The agreement will facilitate the deepening of equipment lifecycle monitoring and systematic maintenance management services [1] - The strategic cooperation will accelerate Fushite's international expansion efforts [1]

Core Viewpoint - Fushite has signed a strategic cooperation agreement with Jiangxi Copper Group, aiming to establish a long-term and stable partnership in the copper and related non-ferrous metal sectors [1] Group 1: Strategic Cooperation - The agreement focuses on various cooperation models, particularly enhancing collaboration in the maintenance and servicing of mining equipment [1] - Fushite will leverage its expertise in mining equipment management to provide comprehensive lifecycle monitoring and systematic maintenance services [1] Group 2: Market Expansion - The strategic cooperation will also emphasize the development of overseas markets as a crucial component of their partnership [1] - The goal is to build a long-term and stable overseas business community, fostering a comprehensive strategic partnership for mutual benefits [1]

Market Overview - The Hong Kong stock market indices showed strong performance, with the Hang Seng Index rising by 1.38% to close at 26,710.45 points, and a total trading volume of HKD 291.76 billion [1] - The Hang Seng Tech Index increased by 1.46%, closing at 5,825.26 points, indicating a positive sentiment in the technology sector [1] Blue Chip Performance - China Hongqiao (01378) led the blue-chip stocks, rising by 6.14% to HKD 35.26, contributing 10.84 points to the Hang Seng Index [2] - Other notable performers included JD Health (06618) up 5.41%, Ping An Insurance (02318) up 4.96%, while Alibaba (09988) fell by 1.31% [2] Sector Highlights - The capital market is heating up, with financial stocks, particularly Chinese brokerage firms, showing significant gains. For instance, Jiufang Zhitu (09636) surged by 18.84% [3] - The non-ferrous metals sector performed strongly, with notable increases in Aluminum Corporation of China (02068) up 8.05% and Zhaojin Mining Industry (01818) up 7.29% [4] Commodity Trends - Commodities such as gold, silver, and copper have seen rising futures prices, driven by geopolitical tensions and supply constraints [5] - The aluminum market is particularly affected by supply threats, with prices expected to remain high due to production risks [5] Autonomous Driving Sector - The autonomous driving sector is gaining traction, with companies like Zhejiang Shibao (01057) rising by 21.53% following announcements from NVIDIA regarding advancements in self-driving technology [6] - NVIDIA's new AI platform is expected to stimulate demand for autonomous taxis, supporting global economic growth [6] Commercial Aerospace Developments - The commercial aerospace sector is experiencing growth, with companies like JunDa Co. (02865) rising by 8.01% due to recent developments in the industry [6] - The acceleration of the commercialization of space is anticipated to enhance the performance and valuation of related companies [6] Notable Stock Movements - Xindong Company (02400) increased by 6.04% after announcing a significant share buyback plan worth HKD 400 million [7] - Hesai Technology (02525) rose by 5.9% after being selected as a lidar partner for NVIDIA's platform and announcing plans to double production capacity [8] - Cathay Pacific (00293) faced pressure, declining by 2.6% due to a share placement by China National Aviation [9]