Group 1 - The core viewpoint of the news highlights a collective decline in Hong Kong's non-ferrous metal stocks, with significant drops observed in companies such as China Nonferrous Mining, China Aluminum, and China Hongqiao, among others [1] - The report mentions a strategy proposed by Bank of America, suggesting investment in non-AI tech stocks that benefit from the AI boom, focusing on sectors like electrification, infrastructure, and metals [1] - Bank of America identifies metals such as copper, silver, lithium, aluminum, and nickel as key beneficiaries of the growing demand driven by the restructuring of energy infrastructure across economies [1] Group 2 - Specific stock performance data shows China Nonferrous Mining down 7.26%, China Aluminum down 4.62%, and China Hongqiao down 4.60%, among others, indicating a broader trend of declines in the sector [2] - Other notable declines include Luoyang Molybdenum down 4.59%, Lingbao Gold down 4.29%, and Chifeng Jilong Gold down 4.09%, reflecting a significant downturn in the non-ferrous metal market [2] - The overall trend indicates that multiple companies in the non-ferrous metal sector, including Jiangxi Copper and Zijin Mining, experienced declines of over 3%, suggesting a challenging market environment [2]

Summary of Key Points from Conference Call Industry Overview - The conference call discusses various industries including semiconductor solutions, aviation, power equipment, robotics, and tourism. Company-Specific Insights - **Shanghai Shockley**: A semiconductor chip solution provider, is set to acquire 100% of its shares along with Fujide China, which specializes in circuit board assembly and semiconductor equipment. This acquisition is expected to constitute a significant asset restructuring and will lead to the resumption of stock trading [2][4]. - **Fujide China**: Primarily involved in the sales of circuit board assembly equipment and semiconductor-related devices [4]. - **China Commercial Aircraft Corporation (COMAC)**: The European Union Aviation Safety Agency (EASA) has begun flight evaluations of the C919 aircraft, indicating good performance and safety, which may facilitate its entry into European and other international markets [5]. Industry Trends and Projections - **Power Equipment**: - Southern Power Grid's fixed asset investment is projected to reach 180 billion yuan by 2026, marking a 9.5% annual growth rate [4]. - The State Grid's investment during the 14th Five-Year Plan is expected to reach 4 trillion yuan, a 40% increase from the previous plan, with an average annual growth rate of 6% [4]. - The demand for power equipment in North America is expected to rise due to AI-driven needs, particularly in the transformer segment [4]. - **Aviation**: - The domestic commercial aircraft production pace and the self-sufficiency of commercial aircraft engines are anticipated to accelerate, providing significant growth for the military aviation sector [4]. - **Robotics**: - The establishment of a working group for commercial community service robots indicates a new phase of standardization in this field [6]. - Global humanoid robot installations are projected to increase by approximately 16,000 units annually, with the top five manufacturers holding 73% of the market share [7][6]. Market Dynamics - **Tourism**: The upcoming long Spring Festival holiday is expected to boost the tourism market, leading to both performance and valuation recovery in the tourism sector [10]. - **Material Prices**: Prices for various tungsten products have seen significant increases, with 65% black tungsten concentrate rising to 512,000 yuan per ton, an 11.3% increase since the beginning of the year [7][8]. Additional Insights - **AI and Technology**: - Morgan Stanley has raised its long-term shipment expectations for Google's TPU chips, predicting shipments of 3.7 million and 5 million units in 2026 and 2027, respectively [10]. - Nvidia's GB300 AI servers are set for large-scale delivery starting in Q2 2026, reflecting the growing demand for AI infrastructure [10]. This summary encapsulates the key points discussed in the conference call, highlighting significant developments in various industries and companies, along with market trends and projections.

这一年，南方电网各项事业取得长足进步，在学习教育中砥砺作风，在巡视整改中淬炼党性，在多重考 验中挺膺担当，在复杂环境中稳进应变，在决战决胜中进位争先，建设世界一流企业第二阶段战略目标 如期实现、圆满达成。 这五年，"十四五"圆满收官，南方电网综合实力实现跨越式发展，服务大局发挥顶梁柱作用，"两型建 设"取得开创性进展，发展方式锻造系统性优势， 深化改革彰显示范田担当，业务布局取得全方位突 破，全面从严治党实现整体性重塑。 从一年看五年，极不寻常、极不平凡，南方电网在变革、斗争、担当的主旋律中，跑好了关键一程、铸 就了辉煌一章。 这一程牢记嘱托、勇担使命 将担当作为熔铸于国家发展大局 2026年1月1日，喜讯和新年的钟声一起传来——南方电网西电东送2025年送电量达2616亿千瓦时、创历 史新高。从"十四五"开局之年"2206亿"，到收官之年"首超2600亿"，西电东送电量的增长，映照出南方 电网守护万家灯火的初心。 于时代奋进处落笔 续写中国式现代化南网实践新篇 ——写在南方电网公司第四届职工代表大会第四次会议暨2026年工作会议之际 时代的坐标系上，刻印了发展的足迹。 刚刚走过的2025年，令人难忘，在南方 ...

| 代码 | 名称 | 最新价 | 涨跌幅 √ | | --- | --- | --- | --- | | 03939 | 万国黄金集团 ⊙ | 12.590 | 8.82% | | 00358 | 江西铜业股份 | 48.320 | 4.36% | | 01208 | 五矿资源 | 10.050 | 3.93% | | 02099 | 中国黄金国际 | 189.800 | 3.77% | | 03993 | 洛阳钼业 | 22.920 | 2.96% | | 01258 | 中国有色矿业 | 16.400 | 2.69% | | 02899 | 三十四年薪 | 41.100 | 0.74% | 1月15日，港股铜矿股持续走高，万国黄金集团大涨近9%、江西铜业股份涨4.36%、中国黄金国际涨近 4%、洛阳钼业涨3%、紫金矿业涨近1%，这些个股均刷新上市新高价。 消息上，1月14日，铜价创下历史新高。市场担心特朗普政府扩大铜进口关税范围，贸易商赶在新关税 出台前加速向美国运铜，并可能导致世界其他地区面临供应短缺。渤海证券表示，资源争夺等市场情绪 对当前铜价影响较大，若短期情绪热度难以消散，铜价或维持高位震荡，关 ...

Group 1 - The Wanjiacn Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (159333) closed down 0.42% on January 14, with a trading volume of 27.4289 million yuan [1] - The fund was established on August 21, 2024, with an annual management fee of 0.50% and a custody fee of 0.10% [1] - As of January 13, 2025, the fund had 359 million shares and a total size of 517 million yuan, showing a decrease of 9.34% in shares and 7.74% in size compared to December 31, 2024 [1] Group 2 - The current fund manager is Yang Kun, who has managed the fund since its inception, achieving a return of 44.33% during the management period [2] - The top holdings of the fund include COSCO Shipping Holdings (6.02%), China Nonferrous Mining (3.22%), and China National Offshore Oil (2.51%), among others, with their respective market values detailed [2]

Group 1 - Copper stocks saw significant gains in the afternoon, with China Daye Nonferrous Metals rising by 10.91% to HKD 0.183, Jiangxi Copper up by 3.29% to HKD 47.06, Zijin Mining increasing by 1.74% to HKD 40.9, and China Nonferrous Mining rising by 1.59% to HKD 15.95 [1] - On January 14, copper prices reached an all-time high, driven by concerns over the potential expansion of copper import tariffs by the Trump administration, prompting traders to accelerate copper shipments to the U.S. before new tariffs are implemented, which may lead to supply shortages in other regions [1] - Bohai Securities indicated that market sentiment related to resource competition significantly impacts current copper prices, suggesting that if short-term sentiment remains high, copper prices may continue to fluctuate at elevated levels [1] Group 2 - Huayuan Securities released a report stating that in the medium to long term, insufficient capital expenditure in copper mining and frequent supply-side disruptions may shift the copper supply-demand balance from tight equilibrium to shortage [1] - The report also noted that copper smelting profits are expected to bottom out amid a "de-involution" trend, and with the Federal Reserve entering a rate-cutting cycle, copper prices are likely to break upward [1]

Core Viewpoint - The Wanjiac Zhongzheng Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (159333) has shown a slight increase in its closing price and has experienced a decrease in both share count and total assets since the beginning of the year [1][2] Group 1: Fund Performance - As of January 13, 2024, the ETF closed with a gain of 0.64% and a trading volume of 54.82 million yuan [1] - The fund's management fee is 0.50% annually, and the custody fee is 0.10% annually [1] - The ETF's performance benchmark is the China Securities Hong Kong Stock Connect Central State-Owned Enterprises Dividend Index return rate, adjusted for valuation exchange rates [1] Group 2: Fund Size and Liquidity - As of January 12, 2024, the ETF had a total of 365 million shares and a total size of 522 million yuan, reflecting a decrease of 7.83% in shares and 6.91% in size since December 31, 2023 [1] - Over the past 20 trading days, the ETF's cumulative trading amount reached 275 million yuan, with an average daily trading amount of 13.76 million yuan [1] - In the current year, the ETF has recorded a cumulative trading amount of 128 million yuan over 7 trading days, with an average daily trading amount of 18.33 million yuan [1] Group 3: Fund Management and Holdings - The current fund manager is Yang Kun, who has managed the ETF since its inception on August 21, 2024, achieving a return of 44.33% during his tenure [2] - The ETF's top holdings include COSCO Shipping Holdings (6.02%), China Nonferrous Mining (3.22%), China National Offshore Oil (2.51%), and Agricultural Bank of China (2.27%), among others [2]

消息面上，中国有色矿业公告，谦比希东南矿体主、副井于2025年12月完成修复工作，修复效果符合预 期，该矿山已于2026年1月1日正式复产。2026年，公司预计综合铜产量约48.4万吨，其中阴极铜约13.4 万吨，粗铜/阳极铜约35万吨。 智通财经APP获悉，中国有色矿业(01258)尾盘涨近5%，截至发稿，涨4.83%，报15.63港元，成交额3.08 亿港元。 值得注意的是，中国有色矿业上月发布公告称，拟进一步收购SM Minerals公司55%的股份，对应股份 为6.47万股，交易对价为8900万美元。此次收购完成后，该公司将合计持有SM Minerals 70%股份。该 公司是一间于哈萨克斯坦注册成立的公司，主要从事铜的开采和富集，其中本卡拉北矿区拥有约150万 吨铜资源。 ...

中国有色矿业(01258)尾盘涨近5%，截至发稿，涨4.83%，报15.63港元，成交额3.08亿港元。 消息面上，中国有色矿业公告，谦比希东南矿体主、副井于2025年12月完成修复工作，修复效果符合预 期，该矿山已于2026年1月1日正式复产。2026年，公司预计综合铜产量约48.4万吨，其中阴极铜约13.4 万吨，粗铜/阳极铜约35万吨。 值得注意的是，中国有色矿业上月发布公告称，拟进一步收购SM Minerals公司55%的股份，对应股份 为6.47万股，交易对价为8900万美元。此次收购完成后，该公司将合计持有SM Minerals 70%股份。该 公司是一间于哈萨克斯坦注册成立的公司，主要从事铜的开采和富集，其中本卡拉北矿区拥有约150万 吨铜资源。 ...

Group 1 - The core announcement indicates that China Nonferrous Mining (01258) has completed the repair work on the main and auxiliary shafts of the Qianbixi Southeast mine, with the repairs meeting expectations, and the mine is set to resume production on January 1, 2026 [1] - In 2026, the company expects a total copper production of approximately 484,000 tons, including 134,000 tons of cathode copper and 350,000 tons of crude/anode copper, with a noted decrease in crude/anode copper production due to planned maintenance shutdowns at Qianbixi and Luabala copper smelters [1] - The company anticipates producing approximately 155,000 tons of copper from its own mines, along with 900,000 tons of sulfuric acid, 100,000 tons of liquid sulfur dioxide, and 600 tons of cobalt hydroxide containing cobalt [1]