Core Viewpoint - The capital markets in 2025 experienced significant activity, with the metals sector, particularly precious metals, leading the gains, showcasing a remarkable annual increase of 94.73% by year-end [1][4]. Group 1: Market Performance - The precious metals sector, including silver and gold, saw year-to-date price increases of over 130% and 40%, respectively, despite regulatory interventions causing a pullback in silver prices [4][5]. - In the Hong Kong stock market, the copper sector surged over 261%, significantly outperforming other sectors, while gold and precious metals also saw increases exceeding 170% [4][5]. - The top five performing sectors in the Hong Kong market were all dominated by non-ferrous metals, marking a historical first [7]. Group 2: Company Performance - Zijin Mining (02899.HK) saw its stock price increase by over 163%, with a market capitalization exceeding 940 billion HKD, outperforming its A-share counterpart [7][9]. - China Molybdenum (03993.HK) experienced a stock price increase of over 287%, with a market cap reaching 410 billion HKD [9]. - China Hongqiao (01378.HK), the largest integrated electrolytic aluminum producer, recorded a stock price increase of 203.7%, with a market cap surpassing 320 billion HKD [9][11]. Group 3: Financial Performance - Zijin Mining reported a revenue of 254.2 billion RMB for the first three quarters of 2025, a year-on-year increase of 10.33%, with a net profit of 37.86 billion RMB, up 55.45% [18][20]. - China Hongqiao's revenue for the first half of the year reached 81.04 billion RMB, a 10.12% increase, with a net profit of 12.36 billion RMB, up 35.02% [20][23]. - China Molybdenum's net profit for the first three quarters reached 14.28 billion RMB, a 72.61% increase, despite a revenue decline of 5.99% [24][26]. Group 4: Future Outlook - The non-ferrous metals sector is expected to continue its upward trajectory in 2026, driven by favorable monetary conditions and a tight supply-demand balance [4][28]. - Global structural supply constraints in copper and aluminum are anticipated to maintain high prices, with projections indicating a significant copper concentrate deficit in 2025 [29]. - Major institutions, including Goldman Sachs and Morgan Stanley, have expressed positive outlooks on the non-ferrous metals sector, highlighting the growth potential of leading companies like Zijin Mining and China Hongqiao [28][30].

Core Viewpoint - The article highlights the significant performance of the non-ferrous metal sector, particularly precious metals like gold and silver, which have outperformed other sectors in 2025, with non-ferrous metals rising by 94.73% throughout the year [2]. Group 1: Market Performance - Precious metals, including silver and gold, saw price increases of over 130% and 40% respectively, with silver experiencing extreme volatility due to regulatory interventions [5]. - In the stock market, non-ferrous metals such as copper, aluminum, cobalt, lithium, and rare earths also entered a strong upward cycle, with leading companies in the sector seeing their stock prices double [5]. - The Hong Kong stock market's non-ferrous sector outperformed other industries, with copper stocks soaring over 261%, and gold and precious metals rising by 197.85% [7][8]. Group 2: Company Performance - Zijin Mining (02899.HK) saw its stock price increase by over 163%, outperforming its A-share counterpart, with a current market capitalization exceeding 940 billion HKD [9]. - Luoyang Molybdenum (03993.HK) surged by over 287%, while China Hongqiao (01378.HK) recorded a 203.7% increase, with both companies showing strong earnings growth [11][22]. - China Hongqiao's revenue for the first half of the year reached 81.04 billion RMB, a 10.12% increase, with net profit rising by 35.02% [22]. Group 3: Future Outlook - Institutions expect the non-ferrous metal sector to continue its upward trajectory in 2026 due to favorable monetary conditions and a tight supply-demand balance [6]. - The article discusses the structural supply-demand gap in copper, with a projected global copper concentrate deficit of 848,000 tons in 2025, indicating a tightening market [32][33]. - The performance of leading companies like Zijin Mining and China Hongqiao is expected to remain strong, supported by their resource reserves and integrated industrial chains [34].

Core Insights - The Hong Kong stock market closed 2025 with the Hang Seng Index rising by 27.77%, marking its best annual performance since 2017 [1] - Among the constituents of the Hang Seng Index, China Hongqiao surged by 203.72%, leading the gains, followed by Zijin Mining at 162.29%, and SMIC at 124.69% [1][2] Group 1: Performance Highlights - China Hongqiao's stock price reached 32.620 with a year-to-date increase of 203.72% [2] - Zijin Mining's stock price was 35.660, reflecting a year-to-date rise of 162.29% [2] - SMIC's stock price stood at 71.450, with a year-to-date increase of 124.69% [2] - Hansoh Pharmaceutical increased by 113.33% year-to-date, with a stock price of 36.080 [2] - Pop Mart's stock price was 37.700, showing a year-to-date rise of 111.46% [2] - Innovent Biologics saw a year-to-date increase of 108.33%, with a stock price of 76.250 [2] - Chow Tai Fook's stock price was 12.390, reflecting a year-to-date increase of 100.16% [2] - China Biologic Products had a stock price of 6.180, with a year-to-date rise of 98.71% [2] - JD Health's stock price was 55.500, showing a year-to-date increase of 97.51% [2] - China Life's stock price stood at 27.380, with a year-to-date increase of 96.60% [2] Group 2: Sector Analysis - The performance of the top stocks reflects four main themes: cyclical resources, hard technology, innovative pharmaceuticals, and niche consumption [1] - Stocks like China Hongqiao and Zijin Mining benefited from global inflation and industrial demand [1] - SMIC represents the core of domestic substitution and technological self-reliance [1] - Companies like Hansoh and Innovent are being valued for genuine innovation and international pricing [1] - Niche consumption sectors, represented by Pop Mart, Chow Tai Fook, and JD Health, demonstrate strong vitality even in a weak recovery environment [1]

滨州日报/滨州网讯 12月30日，魏桥创业集团2025年工作总结表彰大会在邹平召开。市委书记宋永祥出 席并讲话，市人大常委会主任马俊昀、市政协主席范连生出席。 胡薄、丁锋、吕明涛、胡云江、张博参加会议，邹平市委主要负责同志讲话。魏桥创业集团董事长张波 作2025年度工作报告，魏桥创业集团党委书记、总裁张红霞宣读了《关于表彰2025年度先进集体和先进 个人的决定》。与会领导向先进集体和先进个人代表颁奖，5名受表彰代表作了典型发言。 宋永祥代表市委、市人大常委会、市政府、市政协"四大班子"，向魏桥创业集团取得的骄人业绩，向受 到表彰的先进集体、先进个人表示祝贺。他指出，在过去的一年里，魏桥创业集团勇做产业升级的领航 者、创新发展的开拓者、改革开放的先行者，为滨州经济社会发展作出了突出贡献。 原标题：魏桥创业集团2025年工作总结表彰大会召开 宋永祥希望，魏桥创业集团在向高而攀、向新而进、向远而行中再创精彩，持续推动企业做大做强做 久。向高而攀，坚定走好实业强企之路，聚焦高端化、智能化、绿色化方向，引领铝业、纺织两大世界 级优势产业集群大跨步迈向高端、走向世界；向新而进，坚定走好创新强企之路，推动科技创新和产业 创 ...

2025年，贵金属板块迎来全面爆发，其中白银的表现尤为惊艳，不仅大幅跑赢黄金，更成为全年商品市场的"明星品种"。 这一轮贵金属的上涨，并非单一因素驱动，而是避险需求、货币政策宽松、供需失衡与投机情绪共同作用的结果。 见下图，黄金价格从年初的每盎司2,624.50美元上涨67.16%，至如今的4,387.06美元。 2025年的全球商品市场，呈现出一幅泾渭分明的"冰火两重天"图景。 在地缘冲突扰动、货币政策转向与产业需求变革的多重合力下，黄金、白银、铜等金属品种涨势凌厉，成为资产配置的"避 风港"与"增长引擎"；而国际油价则在供应宽松与需求疲软的双重压制下持续下行，相关油企股价承压。这种分化格局的背 后，固然有投机资金在拨弄风云，但也不乏基本面的支撑，是宏观周期、产业逻辑与政策预期的深度交织。 贵金属：避险与流动性共振，白银成年度"涨势之王" 需求端：三重逻辑支撑，资金涌入硬通货 地缘风险的持续升温，为贵金属的避险需求提供了坚实基础。美国对委内瑞拉石油供应的封锁仍在持续，地缘冲突的未决 态势始终扰动市场情绪，不确定性的攀升推动全球投资者主动增持黄金、白银等避险资产。 与此同时，全球债务问题的凸显进一步强化了硬通 ...

摩根士丹利发表报告指，国家发改委上周五(26日)发表以《大力推动传统产业优化提升》为题的文章， 提及强化氧化铝与铜冶炼产业的管理及优化布局，并鼓励氧化铝及铜冶炼大型骨干企业实施兼并重组。 该行认为新政策可能限制新增规划氧化铝产能，并预计产能整合将有利于行业龙头如中国铝业和中国宏 桥。同时，更低的年度铜精矿加工费/提炼费价格和长期合同精矿量可能意味着2026年精炼铜产量削 减。这些因素结合需求仍较为稳固，应支撑铜价在高位波动，有利于紫金矿业、洛阳钼业、五矿资源以 及江西铜业。 ...

（文章来源：每日经济新闻） 每经AI快讯，港股有色股多数活跃，截至发稿，中国铝业(02600.HK)涨5.61%，报12.23港元；洛阳钼业 (03993.HK)涨3.3%，报19.08港元；紫金矿业(02899.HK)涨3.05%，报35.16港元；江西铜业股份 (00358.HK)涨2.47%，报40.64港元；中国宏桥(01378.HK)涨1.7%，报32.3港元。 ...

消息面上，贵金属重回升势，现货黄金日内涨超1%，一度触及4380美元；现货白银涨幅扩大逾4%，重 新站上75美元关口。此外，中信建投（601066）日前指出，资本性开支不足、资源供应受限、AI需求 前景强劲，以及财政赤字扩张、利率处于下行周期等因子重叠，又遭遇美国关税对部分关键矿产的威 胁，导致实物在美国与非美之间分配不均，造成局部货物流动性缺失，资金流入做多。一场用做多有限 资源对抗弱化的美元信用的全新表达，正在全球掀起新的资源定价范式，有色的盛宴正在舞动。 有色股多数活跃，截至发稿，中国铝业（601600）(02600)涨5.61%，报12.23港元；洛阳钼业（603993） (03993)涨3.3%，报19.08港元；紫金矿业（601899）(02899)涨3.05%，报35.16港元；江西铜业 （600362）股份(00358)涨2.47%，报40.64港元；中国宏桥(01378)涨1.7%，报32.3港元。 ...

智通财经APP获悉，有色股多数活跃，截至发稿，中国铝业(02600)涨5.61%，报12.23港元；洛阳钼业 (03993)涨3.3%，报19.08港元；紫金矿业(02899)涨3.05%，报35.16港元；江西铜业股份(00358)涨 2.47%，报40.64港元；中国宏桥(01378)涨1.7%，报32.3港元。 消息面上，贵金属重回升势，现货黄金日内涨超1%，一度触及4380美元；现货白银涨幅扩大逾4%，重 新站上75美元关口。此外，中信建投日前指出，资本性开支不足、资源供应受限、AI需求前景强劲， 以及财政赤字扩张、利率处于下行周期等因子重叠，又遭遇美国关税对部分关键矿产的威胁，导致实物 在美国与非美之间分配不均，造成局部货物流动性缺失，资金流入做多。一场用做多有限资源对抗弱化 的美元信用的全新表达，正在全球掀起新的资源定价范式，有色的盛宴正在舞动。 ...

大型蓝筹股涨跌不一，汇丰控股收报122.589港元，较香港收市涨0.57%；腾讯控股收报598.176港元，较香港收市涨0.28%。 | 序号 | 名称 | 港股代码 | 最新价 | 涨跌额 | 涨跌幅 | ADR代码 | ADR换算价( | | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 腾讯控股 | 0 00700 | 596.500 | -6.500 | -1.08% | TCEHY | 598 | | 2 | 阿里巴巴-W | 09988 | 143.300 | -2.700 | -1.85% | BABA | 744 | | 3 | 汇丰控股 | 00005 | 121.900 | -1.900 | -1.53% | HSBC | 122 | | 4 | 建设银行 | 00939 | 7.620 | +0.060 | 0.79% | CICHY | 7 | | 5 | 小米集团-W | 01810 | 38.580 | -0.640 | -1.63% | XIACY | 38 | | 6 | 友邦保险 | 01299 | 82.200 ...