Group 1 - The core viewpoint of the article is that 2026 is identified as the "Year of the Red Horse," which is favorable for the Chinese base metals market due to several key factors, including a weak US dollar and a US interest rate cut cycle benefiting metals [1] - Key demand drivers for this year include a 10% year-on-year increase in grid investment, a 27% growth in electric vehicle battery demand, a 41% increase in energy storage systems, and rising AI power demand [1] - Supply constraints for copper and aluminum are expected to continue, contributing to the overall market dynamics [1] Group 2 - The preferred investment stocks include aluminum companies, with a forecasted price-to-earnings ratio between 8 to 10 times, and a "buy" outlook on gold, copper, lithium (including battery materials), and cobalt stocks [1] - The company holds a neutral view on coal and a bearish outlook on solar energy and construction materials (such as steel) due to weak demand and declining steel profit margins [1] - Key stocks that are expected to underperform the market include Tongwei Co., Ltd. (600438.SH), Xinyi Solar (00968), Ansteel Group (00347), and China Resources Cement Technology (01313) [1]

Core Viewpoint - The non-ferrous metal sector is experiencing significant growth, with the popular ETF, Huabao Non-ferrous ETF (159876), hitting a new historical high and attracting substantial capital inflow [1][9]. Group 1: Market Performance - The Huabao Non-ferrous ETF (159876) saw an increase of 3.23% and 2.69%, marking five consecutive days of gains and setting a new historical high [1][9]. - As of the report, the ETF received a net subscription of 38.4 million units, accumulating a total of 440 million yuan in the past ten days [1][9]. Group 2: Sector Analysis - In the gold sector, Xian Financial Securities suggests that the U.S. faces recession pressures, high sovereign debt, and trade deficits, which weaken the dollar's credibility, leading to increased focus on gold as a global asset [2][10]. - For copper, China Galaxy Securities indicates that there is still significant upward potential for copper prices, as historical data shows that current prices, adjusted for inflation, have not reached previous supercycle highs [3][11]. - Strategic metals like tungsten, molybdenum, titanium, and rare earths are expected to see increased demand due to technological revolutions and supply chain security concerns, as noted by CITIC Securities [3][11]. Group 3: Stock Performance - Key stocks in the non-ferrous metal sector include Huaxi Non-ferrous, Hunan Silver, and Huayou Cobalt, all of which have surged over 7% [4][12]. - Other notable performers include Ganfeng Lithium, which rose over 6%, and several other stocks that experienced significant gains [4][12]. Group 4: Future Outlook - The industry is expected to enter a supercycle driven by the convergence of AI advancements and global order restructuring, with historical parallels drawn to significant macroeconomic events [5][13]. - Institutions predict a bullish market for non-ferrous metals, with expectations of a synchronized upward trend in currency, demand, and supply by 2026 [5][13].

（文章来源：每日经济新闻） 每经AI快讯，1月15日，贵金属板块短线走高，湖南白银、晓程科技涨超4%，招金黄金、四川黄金、山 东黄金跟涨。 ...

Group 1 - The core viewpoint of the news highlights a general increase in non-ferrous metals, with significant price movements observed in various metals such as tin, nickel, and silver [1] - The LME copper price rose by $24, reaching $13,188 per ton, while LME aluminum fell by $12 to $3,186 per ton [1] - The international geopolitical tensions are driving safe-haven investments and central bank allocations towards gold, reinforcing a bullish trend in precious metals [1] Group 2 - The China Securities Non-Ferrous Metals Industry Index (399395) saw a strong increase of 1.55%, with notable gains in stocks such as Huayou Cobalt, which rose by 7.20%, and Yunnan Tin, which increased by 5.32% [1] - The Penghua Non-Ferrous ETF closely tracks the China Securities Non-Ferrous Metals Industry Index, which includes 50 prominent securities in the non-ferrous metals sector, reflecting the overall performance of listed companies in this industry [2] - As of December 31, 2025, the top ten weighted stocks in the index account for 51.65% of the total, including companies like Zijin Mining and China Northern Rare Earth [2]

贵金属板块走高，湖南白银、晓程科技涨超4%，招金黄金、四川黄金、山东黄金跟涨。 ...

Core Viewpoint - The international gold price has reached a record high of $4,640 per ounce as of January 14, 2026, driven by international turmoil, benefiting upstream mining companies while putting pressure on downstream retail businesses [1]. Upstream Mining Sector - Leading mining companies are expected to see significant profit growth in 2025 due to rising gold prices. For instance, Chifeng Jilong Gold Mining anticipates a net profit of 3 to 3.2 billion yuan, representing a year-on-year increase of 70% to 81% [2]. - Chifeng Jilong attributes this growth to an expected gold production of approximately 14.4 tons and a 49% increase in gold sales prices [2]. - Zijin Mining forecasts a net profit of about 51 to 52 billion yuan for 2025, an increase of approximately 59% to 62% compared to 2024, driven by both production increases and price hikes [3]. - Zijin Mining's production figures include around 90 tons of gold, 1.09 million tons of copper, and 437 tons of silver, all showing year-on-year growth [3]. - Other mining companies, such as Zhaojin Mining, reported substantial revenue and profit increases, with Zhaojin achieving a 119.51% year-on-year revenue growth in the first three quarters of 2025 [3]. Downstream Retail Sector - In contrast to the mining sector, downstream retail businesses are facing challenges, with many reporting declining revenues and profits. For example, Lao Feng Xiang's revenue fell by 8.71% to 48 billion yuan, and net profit decreased by 19.05% [4]. - The jewelry segment, particularly, has been adversely affected, with Lao Feng Xiang's jewelry sales dropping by 11.51% [4]. - Zhou Dashing reported a revenue decline of 37.35% to approximately 6.77 billion yuan, although its net profit saw a slight increase of 3.13% [4]. - The pressure on jewelry companies is attributed to the high price elasticity of demand for gold jewelry, leading to reduced sales volumes despite higher nominal prices [4]. Future Outlook for Gold - Investment institutions remain optimistic about gold prices in 2026, with no signs of reversal in the factors driving price increases [5]. - The World Gold Council anticipates that investment demand, particularly through gold ETFs, will continue to be a key driver [6]. - Goldman Sachs notes a structurally strong demand for gold from central banks, alongside cyclical support from potential interest rate cuts by the Federal Reserve, which will contribute to rising gold prices [7].

Core Viewpoint - The A-share precious metals sector experienced a significant surge, with multiple leading stocks reaching historical highs, driven by global market dynamics and rising gold and silver prices [2][11]. Group 1: Market Performance - On January 13, the A-share precious metals index rose by 2.69%, with notable gains from stocks such as Xiaocheng Technology (up 8.52%) and Hunan Silver (up 7.64%) [5][14]. - The London gold price reached a historical high of $4630.24 per ounce on January 12, while silver peaked at $86.247 per ounce, both setting new records [2][11]. - As of January 13, London gold was priced at $4593.90 per ounce, reflecting a year-to-date increase of 6.38%, while London silver was at $85.64 per ounce, with a year-to-date rise of 19.65% [2][6]. Group 2: Investment Outlook - Multiple international investment banks have raised their forecasts, with Citigroup predicting gold could reach $5000 per ounce and silver $100 per ounce within three months under a bullish scenario [2][7]. - The current market is characterized by a "credit reconstruction" phase, influenced by geopolitical tensions, concerns over the independence of the Federal Reserve, and increased central bank gold purchases [3][12]. - Analysts suggest that while gold and silver have long-term investment value due to ongoing demand for safe-haven assets, short-term volatility risks should be monitored closely [7][16]. Group 3: Risk Management - The Chicago Mercantile Exchange announced adjustments to margin requirements for gold and silver to mitigate market volatility risks [6][15]. - The Shanghai Gold Exchange issued a risk warning, advising members to closely monitor market changes and prepare for potential volatility [6][15]. - Investment strategies should focus on asset allocation and risk management, emphasizing the importance of understanding market trends and maintaining discipline in trading [8][17].

Core Viewpoint - 2026 is identified as the "Year of the Red Horse," which is favorable for the Chinese base metals market due to factors such as a weak dollar, a U.S. interest rate cut cycle, and strong demand driven by electrification and AI power infrastructure [1] Group 1: Market Conditions - A weak dollar and the U.S. interest rate cut cycle are beneficial for metals [1] - Continuous supply tightness for copper and aluminum is noted [1] Group 2: Demand Drivers - Key demand drivers include a 10% year-on-year increase in grid investment, a 27% growth in electric vehicle battery demand, a 41% increase in energy storage systems, and rising AI power demand [1] Group 3: Sector Outlook - The real estate and consumer sectors are experiencing weakness [1] - Policies aimed at reducing internal competition are becoming more balanced, although recent execution has been weak [1] Group 4: Investment Recommendations - The firm prefers aluminum stocks as alternative investments for AI power supply [1] - A "buy" outlook is maintained for gold, copper, lithium (including battery materials), and cobalt stocks [1] - Coal is viewed neutrally, while solar and construction materials (like steel) are seen negatively due to weak demand and declining steel profit margins [1] Group 5: Preferred Stocks - Preferred stocks include China Aluminum, Zijin Mining, China Hongqiao, Shandong Gold, and Ganfeng Lithium [1]

央广网济南1月13日消息（记者程立龙）"以往，不少矿坑因为安全隐患难以开采，如今，通过膏体填充技术把采 空区填实，不仅彻底消除了塌方风险，这些原本'拿不到手'的矿产资源也能安全回收了。"山东黄金集团充填工程 实验室主任介绍道。 日前，山东省属企业科技创新生态建设推进会在济南召开，山东黄金多项"硬核"科技成果获奖。其中两项成果分 别入选省属企业十大创新成果与十大人工智能典型应用场景，彰显了集团以科技创新驱动矿业升级的坚实成效。 如果说充填技术是给矿山"强身健体"，那人工智能应用就是给生产"装了大脑"。山东黄金集团自主研发的"全生命 周期智能管理大模型"，此次成功入选省属企业十大人工智能典型应用场景。该模型覆盖12类2000余台套核心生产 设备，实现了设备智能监测、故障预警与预测性维护的全流程闭环管理。 三山岛金矿调度指挥中心（央广网发 山东黄金集团供图） 此次入选省属企业十大创新成果的"金属矿智能化充填绿色开采关键技术"，是集团在绿色开采领域的突破性成 果。这套被称为矿山"无缝缝合"的黑科技，核心在于将尾砂等固体废弃物加工成膏状料浆，通过智能泵送系统精 准注入采空区，凝固后即可替代矿石支撑围岩，实现全流程自动化 ...

Market Performance - The Hong Kong stock market saw a significant early rise but narrowed gains in the afternoon, with the Hang Seng Index closing at 26,848.47 points, up 239.99 points, or 0.90% [1] - The total trading volume for the day was 315.2 billion HKD, showing a slight increase compared to the previous day [1] Sector Highlights - Gold stocks continued their upward trend, with China Gold International (HK02099) rising over 7%, Lingbao Gold (HK03330) up nearly 3%, and Zijin Mining (HK01818) and Shandong Gold (HK01787) both increasing over 2% [3] - The Hang Seng Tech Index closed at 5,869.79 points, up 6.59 points, or 0.11% [4] Company News - Citigroup has aggressively raised its short-term outlook for precious metals, predicting gold prices could reach 5,000 USD/oz and silver 100 USD/oz within three months due to escalating geopolitical risks, physical shortages, and uncertainties in Federal Reserve policies [6] - Innovative drug concept stocks performed well, with WuXi AppTec (HK02359) rising over 8% [7] - WuXi AppTec announced an expected annual revenue of 45.456 billion CNY, a year-on-year increase of 15.84%, with adjusted net profit expected to rise by approximately 41.33% to 14.957 billion CNY [9] - Rongchang Biopharmaceutical (HK09995) signed an exclusive licensing agreement with AbbVie for its new dual-target PD-1/VEGF antibody drug RC148, receiving an upfront payment of 650 million USD and potential total payments of up to 5.6 billion USD [11] Market Outlook - Guosen Securities noted that the Hong Kong stock market has not yet fully strengthened, with traditional industries still dominating, and concerns over intensified competition among internet companies affecting market sentiment [13] - The pricing power of Hong Kong stocks is influenced by overseas risk appetite, and the appreciation of the RMB is being offset by profit-taking sentiment [13] - The AH premium index indicates that quality H-shares are preferred over A-shares, with domestic investors favoring leading companies through southbound channels [13]