高盛此前指出，继2025年金属市场反弹后，多数大宗商品在2026年初延续了强劲而波动的走势。该行认 为，投资者持续的资产配置调整可能使部分金属(如铜)价格长期处于高位，形成结构性溢价。在宏观与 地缘风险上升的驱动下，投资者分散配置硬资产的意愿已成为本轮商品行情的关键推动力。 本文源自：智通财经网 智通财经获悉，铜业股集体上扬，截至发稿，中国有色矿业(01258)涨5.6%，报15.83港元；五矿资源 (01208)涨4.19%，报10.69港元；中国大冶有色金属(00661)涨4.65%，报0.18港元；江西铜业股份(00358) 涨3.8%，报46.94港元。 花旗发布研报称，短期内看好铜价，预计未来三个月将触及每吨14,000美元。虽然价格走势难以准确判 断，但认为短期内风险回报偏向看涨，料投资者将趁低吸纳，加上春节后中国供应链补充库存，为铜价 走势提供支撑。花旗认为，铜价下行风险有限，相反看好上行风险，原因是市场对铜价周期性增长持乐 观态度，又因去美元化、货币贬值及资源安全等因素，使其建立更多对实物资产持仓。此外，潜在的供 应进一步受阻亦构成上涨因素。 ...

智通财经APP获悉，铜业股集体上扬，截至发稿，中国有色矿业(01258)涨5.6%，报15.83港元；五矿资 源(01208)涨4.19%，报10.69港元；中国大冶有色金属(00661)涨4.65%，报0.18港元；江西铜业股份 (00358)涨3.8%，报46.94港元。 高盛此前指出，继2025年金属市场反弹后，多数大宗商品在2026年初延续了强劲而波动的走势。该行认 为，投资者持续的资产配置调整可能使部分金属(如铜)价格长期处于高位，形成结构性溢价。在宏观与 地缘风险上升的驱动下，投资者分散配置硬资产的意愿已成为本轮商品行情的关键推动力。 花旗发布研报称，短期内看好铜价，预计未来三个月将触及每吨14,000美元。虽然价格走势难以准确判 断，但认为短期内风险回报偏向看涨，料投资者将趁低吸纳，加上春节后中国供应链补充库存，为铜价 走势提供支撑。花旗认为，铜价下行风险有限，相反看好上行风险，原因是市场对铜价周期性增长持乐 观态度，又因去美元化、货币贬值及资源安全等因素，使其建立更多对实物资产持仓。此外，潜在的供 应进一步受阻亦构成上涨因素。 ...

Market Overview - The Hong Kong stock market experienced a half-day trading session on February 16, with all three major indices opening lower but recovering. The Hang Seng Index closed up 0.52% at 26,705.94 points, with a total turnover of 849.97 billion HKD. The Hang Seng Tech Index rose 0.13%, while the Hang Seng China Enterprises Index increased by 0.42% [1] - For the year of the Snake, the Hang Seng Index has gained over 32%, the Hang Seng Tech Index has risen over 13%, and the China Enterprises Index has increased by over 23% [1] Blue Chip Performance - Zijin Mining (02899) led the blue-chip stocks, rising 4.67% to 43.52 HKD, contributing 18.71 points to the Hang Seng Index. Citigroup raised its target prices for Zijin's A-shares and H-shares by over 30% due to increased gold and lithium price forecasts and higher gold sales [2] - Other notable blue-chip performers included China Hongqiao (01378) up 3.92%, CNOOC (00883) up 3.71%, while HSBC Holdings (00005) fell 1.11% [2] Sector Highlights - The technology sector showed mixed results, with Alibaba down 0.45%, Baidu up over 1%, and Tencent up 0.19%. The storage chip sector saw significant price increases, with companies like Lianqi Technology and Zhaoyi Innovation reaching new highs [3] - The storage chip price surge is expected to improve profitability across the NAND industry, with Kioxia projecting a 50% increase in average selling prices starting Q1 2026. Morgan Stanley estimates Kioxia's adjusted gross margin will reach 66% in Q1 [3] - The large model AI sector also saw significant gains, with MINIMAX (00100) up 24.56% and Zhipu AI (02513) up 4.74%. MINIMAX launched a new flagship programming model, while Zhipu announced a price increase for its AI programming subscription [4] Commodity and Energy Stocks - The non-ferrous metals sector experienced broad gains, with Luoyang Molybdenum (03993) up 6.35%, China Nonferrous Mining (01258) up 5.55%, and Zijin Mining (02899) also contributing to the sector's performance [4] - The oil and shipping sectors remained active, with rising sentiments among shipowners due to geopolitical tensions, leading to higher freight rates [10] Recent Developments - The Hang Seng Index Company announced its quarterly review results, with companies like CATL, Luoyang Molybdenum, and Laopuhuang being added to the Hang Seng Index, increasing the number of constituent stocks from 88 to 90 [7] - Haizhi Technology Group (02706) saw a significant rise of 29.59% on its second day of trading, attributed to its focus on AI solutions and rapid revenue growth [8] - Fubo Group (03738) also experienced an 8.22% increase, driven by the popularity of its new copyright management platform [9]

Group 1 - The core viewpoint of the news highlights a significant increase in the prices of non-ferrous metal stocks, driven by favorable economic indicators and expectations of interest rate cuts by the Federal Reserve [1] - Luoyang Molybdenum (03993) saw a rise of 6.63%, trading at HKD 23.16; Lingbao Gold (03330) increased by 5.72% to HKD 25.12; Jiangxi Copper (00358) rose by 5.25% to HKD 44.88; Shandong Gold (01787) gained 4.83% to HKD 40.36; and China Nonferrous Mining (01258) increased by 4.51% to HKD 15.07 [1] - The U.S. Consumer Price Index (CPI) for January fell to 2.4% year-on-year, below expectations, with core CPI dropping to 2.5%, the lowest level since 2021, leading to increased expectations for interest rate cuts [1] Group 2 - Everbright Securities recently reported that in the context of global changes, countries are emphasizing resource security, which will increase additional demand for metals and enhance the valuation of related metal stocks [2] - Strategic metals expected to benefit from resource accumulation include gold and silver due to geopolitical tensions, as well as copper, aluminum, silver, and tin driven by AI and new energy developments [2] - Military-related metals such as rare earths, tungsten, and antimony, along with essential metals like uranium, tantalum, and nickel, which have low production shares in China and the U.S., are also highlighted as potential beneficiaries [2]

Group 1 - The recent decline in the Hong Kong and A-share markets for non-ferrous metals and gold is attributed to multiple factors, including a significant drop in international gold prices and pressure on copper and other industrial metal prices [3] - Major companies in the sector, such as China Nonferrous Mining (01258.HK) and Zijin Mining (02899.HK), experienced substantial declines, with some stocks falling over 8% [2] - The downturn is also linked to the spillover effects from a sharp decline in the US stock market, driven by concerns over high valuations in the artificial intelligence sector, leading to widespread risk selling [3] Group 2 - Analysts are divided on the outlook for the non-ferrous and gold sectors, with some expressing optimism about a potential recovery, while others caution against valuation bubbles and speculative risks [4][5] - Optimistic views suggest that metal assets may continue to experience a period of consolidation, with a focus on upcoming US CPI data to gauge inflation persistence and adjust Federal Reserve policy expectations [4] - Conversely, cautious analysts warn that copper prices are overvalued and driven largely by speculation, indicating a potential cooling in the market as funds withdraw [5]

Group 1: Oil and Gas Sector - Oil stocks experienced a decline, with Sinopec (00386) down 3.89%, PetroChina (00857) down 3.17%, and CNOOC (00883) down 2.79%. This follows a drop in WTI crude oil futures by 2.77% to $62.84 per barrel and Brent crude by 2.71% to $67.52 per barrel [1] Group 2: Renewable Energy Sector - Solar stocks fell collectively, with Xinyi Solar (00968) down 3.62% and New Special Energy (01799) down 3.61%. The rise in silver prices has increased silver paste costs, impacting the battery and component sectors [1] Group 3: Precious Metals Sector - Lao Poo Gold (06181) saw a nearly 5% drop. Bank of America Securities reported that the company is expected to benefit from rising gold prices, with a projected revenue increase of 165% year-on-year for the second half of last year [1] Group 4: Pharmaceuticals - Zai Lab (09688) rose by 7% after its injection drug ZL-1310 was proposed for breakthrough therapy designation for extensive-stage small cell lung cancer (ES-SCLC), showing promising early clinical data [2] Group 5: Precision Manufacturing - China High Precision (00591) fell over 18% after issuing a profit warning, expecting a profit of approximately RMB 2.5 million to RMB 4.5 million for the six months ending December 31, 2025, due to project delays in the oil and petrochemical sectors [2] Group 6: Non-Ferrous Metals - Non-ferrous stocks faced significant declines, with China Nonferrous Mining (01258) down 5.08% and Zijin Mining (02899) down 5.29%. This is attributed to a "de-risking" sentiment in global financial markets, leading to a sell-off in precious metals [3] Group 7: Biotechnology - Xiansheng Pharmaceutical (02096) increased over 4.4% after announcing a licensing agreement with AbbVie for the investigational drug SIM0500, which includes upfront payments and potential milestone payments totaling up to $1.055 billion [3] Group 8: Gaming Sector - Gaming stocks declined, with Melco International Development (00200) down 6.21%. Wynn Macau reported a 7% year-on-year drop in EBITDA for Q4 2025, which was below market expectations [4] Group 9: Oilfield Services - Anton Oilfield Services (03337) rose over 9% after announcing a profit forecast of approximately RMB 360 million to RMB 380 million for 2025, representing a significant year-on-year increase of 48.4% to 56.6% [4] Group 10: U.S. Market Movements - Arko Petroleum (APC.US) opened with a 2.5% decline after its market debut. The company delivered 1.5 billion gallons of fuel in the nine months ending September 30, 2025 [5] - Albemarle (ALB.US) fell 9.41% despite a 16% year-on-year increase in Q4 sales to $1.4 billion, reporting a net loss of $414 million [5] - Boeing (BA.US) rose 1.31% as it plans to increase the monthly production of its 737 series aircraft to 63 units in the coming years [5] Group 11: Technology Sector - Cisco (CSCO.US) dropped 12.32% as it projected a decline in adjusted gross margin for Q3, indicating a worsening trend compared to previous quarters [7] - Storage stocks saw gains, with SanDisk (SNDK.US) up 5.16% and Western Digital (WDC.US) up 3.78% [7]

Group 1 - The core viewpoint of the article highlights a significant decline in the prices of non-ferrous metal stocks, driven by a global "de-risking" sentiment in financial markets, leading to a sell-off in precious metals [1] - Specific stock performances include China Nonferrous Mining (01258) down 5.27% to HKD 14.91, Zijin Mining (02899) down 4.98% to HKD 42.78, Luoyang Molybdenum (03993) down 4.71% to HKD 22.24, and Minmetals Resources (01208) down 4.54% to HKD 9.89 [1] - The article notes that the recent drop in metal prices is characterized by algorithmic trading and systematic strategies, particularly a "momentum deleveraging" triggered by programmatic trend funds reducing positions after key price levels were breached [1] Group 2 - According to Dongfang Securities, the previous liquidity shock has been largely absorbed, and the pricing of various metals is expected to return to fundamentals [1] - In the industrial metals sector, despite short-term setbacks in easing narratives, the overall direction remains towards interest rate cuts, with copper and aluminum inventories still accumulating but at a slowing pace [1] - The article indicates that as prices adjust in the short term, downstream acceptance is improving, and overall supply-demand dynamics for certain metals are expected to continue performing well [1]

Core Viewpoint - The Hong Kong stock market saw a significant rise in non-ferrous metal stocks on February 10, with notable gains among several companies in the sector [1] Group 1: Company Performance - China Nuclear International (02302.HK) experienced a surge of over 12.7% [1] - China General Nuclear Power Corporation Mining (01164.HK) increased by more than 7% [1] - Jiangxi Copper Company (00358.HK) and Luoyang Molybdenum (03993.HK) both rose nearly 4% [1] - China Nonferrous Mining (01258.HK) and Zijin Mining (02899.HK) each saw gains exceeding 2.5% [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 FF301 第 1 頁 共 10 頁 v 1.2.0 FF301 II. 已發行股份及/或庫存股份變動及足夠公眾持股量的確認 1. 股份分類 普通股 股份類別 不適用 於香港聯交所上市 (註1) 是 證券代號 (如上市) 01258 說明 已發行股份（不包括庫存股份）數目 庫存股份數目 已發行股份總數 上月底結存 3,902,036,000 0 3,902,036,000 增加 / 減少 (-) 本月底結存 3,902,036,000 0 3,902,036,000 足夠公眾持股量的確認(註4) | 根據《主板上市規則》第13.32D(1)條或第19A.28D(1)條 / 《GEM上市規則》第17.37D(1)條或第25.21D(1)條，我們在此確認，就上述所列股份類別而言，截至本月底: | | --- | | ✔ 已符合適用的公眾持股量要求（見下方） | | 未符合適用的公眾持股量要求（見下方） | | 根據《主板上市規則》第13.32B條或第19A.28B條 / 《GEM上市規則》第17.37B條或第25.21B條（視情況而定 ...

Group 1 - Copper stocks have risen significantly, with China Nonferrous Mining (01258) up 7.76% to HKD 16.52, Minmetals Resources (01208) up 4.46% to HKD 10.54, China Daye Nonferrous Metals (00661) up 4.92% to HKD 0.192, and Jiangxi Copper (00358) up 4.02% to HKD 47.12 [1] - The Vice Secretary-General of the China Nonferrous Metals Industry Association, Duan Shaofu, announced plans to improve the copper resource reserve system, which includes expanding the national copper strategic reserve and exploring a commercial reserve mechanism [1] - There is a potential inclusion of copper concentrate in the strategic reserve, which may enhance supply chain security amid declining global copper ore grades [1] Group 2 - Dongfang Securities believes that the tightening supply trend will continue to elevate the status of copper as a key metal, with a positive outlook on mid-term copper prices and copper smelting fees [1] - The focus is on the profit recovery potential and investment opportunities for copper mining and smelting companies [1]