Investment Rating - The investment rating for the non-ferrous metals industry is "Positive" (maintained) [4] Core Views - The report highlights that copper prices are experiencing high-level fluctuations amidst inventory accumulation, with short-term price adjustments expected to be limited due to the financial attributes of copper supported by rising gold prices. The supply-demand balance for copper may shift from tight equilibrium to shortage in the medium to long term, driven by insufficient capital expenditure in copper mines and frequent supply disruptions. The report suggests monitoring companies such as Zijin Mining, Luoyang Molybdenum, Jiangxi Copper, and others [5] - For aluminum, the report notes that both alumina and aluminum prices are under pressure due to high inventory levels. The short-term outlook for aluminum prices is expected to remain stable amidst high demand, particularly in the air conditioning and consumer goods sectors [5] - Lithium demand remains strong despite seasonal trends, with lithium carbonate prices entering an upward cycle driven by supply-demand reversal. The report recommends focusing on companies with high self-sufficiency in lithium resources [5] - Cobalt prices are expected to continue rising due to tight raw material supply, with the report suggesting companies like Huayou Cobalt and others for investment [5] Summary by Sections 1. Industry Overview - The report provides insights into macroeconomic indicators, including the U.S. core PCE price index and unemployment claims, which align with expectations [9] - Key announcements include Zijin Mining's completion of the second phase of the Jilong Copper Mine, significantly increasing its production capacity [10] 2. Market Performance - The non-ferrous metals sector outperformed the Shanghai Composite Index, with a weekly increase of 6.03% compared to the index's 0.84% rise [11] - The report lists the top-performing stocks in the sector, highlighting significant movements in various sub-sectors [11] 3. Valuation Changes - The report notes that the TTM PE for the non-ferrous metals sector is 33.82, with a change of 1.79, while the PB is 4.18, reflecting a significant premium over the broader market [20][23]

Group 1 - The core viewpoint of the article highlights the significant rise in nickel futures, with the main contract increasing nearly 5% to 149,290 yuan/ton on January 23, indicating a bullish trend in the nickel market [2] - Indonesia is expected to approve a production quota of approximately 260 million tons of nickel ore by 2026, which could create a supply-demand gap in the market, potentially leading to a rebound in nickel prices [2] - According to Zhongyou Securities, nickel has been one of the few metals absent from the bullish trend in the non-ferrous metals market in 2024, with only a 3% increase since the beginning of 2024, compared to significant gains in precious metals and other industrial metals [2] Group 2 - Likin Resources is identified as a leading global nickel enterprise, covering the entire nickel industry chain, starting from nickel ore trading and gradually transforming into a comprehensive industrial company [2] - The company has established a complete industry chain that includes nickel ore trading, smelting production, equipment manufacturing, and sales [2] - As of the latest report, Likin Resources' stock price rose over 11%, reaching 26.42 HKD with a trading volume of 170 million HKD [3]

Group 1 - The stock of Liqin Resources (02245.HK) rose over 11%, reaching a price of 26.42 HKD, with a trading volume of 170 million HKD [2]

Group 1 - The stock of Liqin Resources (02245.HK) rose over 11% in the afternoon trading session, reaching an increase of 11.01% [1] - The current trading price is 26.42 HKD per share [1] - The trading volume amounted to 170 million HKD [1]

Core Viewpoint - The stock of Lygend Resources (02245) has risen over 11%, reaching HKD 26.42, with a trading volume of HKD 170 million, driven by positive developments in the nickel market [1] Group 1: Nickel Market Dynamics - On January 23, the main contract for nickel futures in Shanghai surged nearly 5%, reaching CNY 149,290 per ton [1] - Indonesia is expected to approve a production quota of approximately 260 million tons of nickel ore by 2026, which could impact global supply [1] - According to Zhongyou Securities, nickel has been one of the few metals absent from the ongoing bull market in non-ferrous metals in 2024, with only a 3% increase since the beginning of the year, significantly lagging behind precious metals and other industrial metals [1] Group 2: Company Overview - Lygend Resources is a leading global player in the nickel industry, covering the entire nickel supply chain [1] - The company started with nickel ore trading and has gradually transformed into a comprehensive industrial player, now encompassing nickel ore trading, smelting production, equipment manufacturing, and sales [1]

Core Viewpoint - The report from Everbright Securities highlights the increasing importance of strategic metals (copper, aluminum, cobalt, nickel, tin, antimony, tungsten, rare earths) due to supply disruptions and the limitations in production capacity in China and abroad [1][2]. Group 1: Strategic Metal Storage Initiatives - Australia announced a strategic reserve plan for critical minerals worth AUD 1.2 billion, with AUD 185 million allocated for necessary mineral reserves, prioritizing antimony, gallium, and rare earths [2] - The European Commission approved a resource revival action plan to raise EUR 3 billion for supply chain strategies, establishing a platform to support critical material reserves [2] - The U.S. Defense Logistics Agency (DLA) plans to procure USD 500 million in cobalt, USD 245 million in antimony, USD 100 million in tantalum, and USD 45 million in scandium [2] Group 2: Investment Opportunities in Strategic Metals - The focus on strategic metal storage in the U.S. and Australia presents significant investment opportunities, particularly in metals with concentrated supply chains and security risks, such as cobalt from the Democratic Republic of Congo and lithium from South America [3] - The rapid development of AI and energy transition is expected to drive demand for copper, aluminum, and tin, although supply constraints exist for these metals [4] - Military-related metals like tungsten, antimony, and rare earths are facing tightening supply, with production declines attributed to lower resource grades and regulatory controls [5] Group 3: Supply Concentration and Constraints - Copper, lithium, cobalt, and nickel supply is highly concentrated in South America, the Democratic Republic of Congo, and Indonesia, with Chile and Peru accounting for 35% of global copper production and the Democratic Republic of Congo producing 76% of global cobalt [4] - The rapid growth of AI is expected to significantly increase demand for copper, aluminum, and tin, but supply for these metals is constrained [4] - Tungsten, antimony, and rare earths are critical for military applications, but their production has decreased due to resource management practices and regulatory measures [5] Group 4: Investment Recommendations - For copper, recommended companies include Zijin Mining, Luoyang Molybdenum, and Western Mining [5] - For aluminum, Yunnan Aluminum is recommended, with China Aluminum as a focus [5] - For cobalt and nickel, Huayou Cobalt is recommended, with attention to Liqin Resources and Shengtun Mining [5] - For tungsten, focus on China Tungsten High-tech [5] - For tin, Xiyang Tin Industry is recommended, with interest in Xingye Silver Tin [5] - For antimony, Huaxi Nonferrous is highlighted, and for rare earths, Northern Rare Earth is recommended with a focus on China Rare Earth [5]

Investment Rating - The report maintains a "Buy" rating for several companies in the non-ferrous metals sector, including 山金国际, 赤峰黄金, 洛阳钼业, 中国宏桥, and 中钨高新 [10]. Core Insights - The non-ferrous metals sector is experiencing a general upward trend, with significant price increases across various metals, driven by macroeconomic factors and supply chain dynamics [11][19]. - The report highlights the impact of U.S. tariffs and trade policies on the supply and demand dynamics of key metals, particularly copper and aluminum [2][3]. - The report emphasizes the importance of monitoring inventory levels and production capacities, as these factors are critical in determining future price movements [26][35]. Summary by Sections Precious Metals - Concerns over tariffs have led to a temporary pullback in silver prices, but the long-term outlook remains positive [1]. - The report suggests monitoring companies such as 兴业银锡 and 盛达资源 for potential investment opportunities [1]. Industrial Metals - Copper inventories are rising, particularly in the U.S., raising concerns about supply tightness in non-U.S. regions [2]. - The report notes that while high copper prices are suppressing end-user demand, the long-term consumption outlook remains strong due to infrastructure investments [2]. Aluminum - The aluminum market is expected to experience price fluctuations due to geopolitical tensions and macroeconomic policies [3]. - The report indicates that production cuts in aluminum processing are occurring, particularly in regions like Guizhou and Henan [3]. Nickel - Nickel prices are on an upward trend, supported by supply tightening expectations from Indonesia [4]. - The report highlights the importance of monitoring companies like 华友钴业 and 力勤资源 for investment opportunities [4]. Tin - Supply chain bottlenecks and macroeconomic factors are providing short-term support for tin prices [5]. - The report suggests that companies like 华锡有色 and 兴业银锡 may benefit from these market conditions [5]. Lithium - Lithium prices are experiencing wide fluctuations due to export policy expectations and demand uncertainties [6]. - The report recommends关注 companies such as 赣锋锂业 and 天齐锂业 for potential investment [6]. Cobalt - Progress in cobalt shipments from the Democratic Republic of Congo is expected to support high cobalt prices in the short term [9]. - The report suggests monitoring companies like 华友钴业 and 腾远钴业 for investment opportunities [9].

Market Overview - The Hang Seng Index fell by 0.55%, down 149 points, closing at 26,850 points, while the Hang Seng Tech Index dropped by 1.83% [1] - The trading volume in the Hong Kong stock market reached HKD 163.9 billion in the morning session [1] Company Highlights - Jiexin International Resources (03858) rose over 5%, reaching a new high as black tungsten ore prices surpassed 500,000 yuan, prompting several tungsten companies to raise long-term contract prices [1] - Likin Resources (02245) increased by over 10% due to disruptions in Indonesian nickel ore quotas, while Zhongwei New Materials (02579) gained over 9% [1] - China Rare Earth Holdings (03788) experienced significant volatility, rising by 8% after announcing the termination of its spin-off listing plan and plans to rename itself "Rare Earth Gold" [1] - Ocean Park Hong Kong (02255) surged over 10%, with visitor numbers on the first day of the New Year holiday increasing by 60% year-on-year [1] - Zhipu (02513) rose over 4% after announcing a collaboration with Huawei to open-source a new generation image generation model [1] - China Heartland Fertilizer (01866) increased by over 4%, anticipating a potential global urea supply shortage, and has been actively repurchasing shares [1] - Woan Robotics (06600) gained over 7% following the release of its humanoid intelligent robot, Onero [1] - Jiantao Laminates (01888) saw a nearly 6% increase after announcing a price hike, which is expected to become a trend in the copper-clad laminate industry [1] - Qiu Tai Technology (01478) declined over 7% as Citigroup reported that the company's net profit last year fell below expectations [1] Other Notable Movements - Kanglong Chemical (03759) dropped over 5% after announcing a placement of shares at an 8.5% discount, aiming to raise nearly HKD 1.32 billion [2] - Trip.com Group (09961) plummeted over 19% due to an investigation by the State Administration for Market Regulation for alleged monopoly practices, while Same City Travel (00780) fell over 11% [2]

Group 1 - Nickel stocks rose in early trading, with Liqin Resources (02245) up 11.22% at HKD 25.78, Zhongwei New Materials (02579) up 9.14% at HKD 39.16, and Xinjiang Xin Mining (03833) up 4.63% at HKD 2.94 [1] - The price of nickel on the London Metal Exchange closed at 18,785, an increase of 6.7%, while the Shanghai nickel futures closed at 148,930, up 5.6% [1] - Indonesia may approve a nickel ore production quota of approximately 260 million tons by 2026, according to local media citing mining officials [1] Group 2 - CITIC Futures anticipates that the theoretical demand for nickel ore in Indonesia will exceed the currently proposed quota of 260 million wet tons by approximately 15% in 2026, as it is a period of concentrated release of new capacity for Indonesian hydrometallurgical (HPAL) projects [1] - If this quota is implemented, it could lead to significant tightening expectations in the market [1]

Group 1 - Nickel industry stocks rose in early trading, with Liqin Resources (02245) up 11.22% to HKD 25.78, Zhongwei New Materials (02579) up 9.14% to HKD 39.16, and Xinjiang Xinxin Mining (03833) up 4.63% to HKD 2.94 [1] - The price of nickel on the London Metal Exchange closed at 18,785, an increase of 6.7%, while the Shanghai nickel futures closed at 148,930, up 5.6% [1] - Indonesia is expected to approve a nickel ore production quota of approximately 260 million tons by 2026, according to local media citing mining officials [1] Group 2 - CITIC Futures anticipates that the theoretical demand for nickel ore in Indonesia will exceed the currently proposed target of 260 million wet tons by approximately 15% in 2026, as it is a period of concentrated release of new capacity for Indonesian hydrometallurgical (HPAL) projects [1] - If this demand projection materializes, it could lead to significant tightening expectations in the market [1]