这股上涨浪潮并非毫无根基的空中楼阁。 背后是实实在在的业绩支撑。 截至1月底，A股黄金白银产业链中，已有7家上游上市公司发布了2025年全年的业 绩预告。 一个引人注目的现象是，这7家公司全部"预喜"，其中6家净利润预计大幅增长，1家成功实现扭亏为盈。 | | ◎ 排 容代码 | 名称 | 张唱 | 现价 | 张跌 | 换手 | 振幅 | 涨速 | 息金额 | 息而值 | 抗曲市值 | 总手 | 利女子 | 利空 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 881278 | 田树区官 | -0.68% | 7096.886 | -48.626 | 3.70% | 1.86% | -0.02% | 574.247 | 1.737 17 | 1.55 / 1.55 | 41797 | 九 | 元 | | 2 | 002560 | 迪达股份 | -3.11% | 10.59 | -0.34 | 7.76% | 3.39% | -0.09% | 3.747. | 55 ...

Core Viewpoint - The event "Praise for China's Economy - Entrepreneur Night" highlighted the achievements and future prospects of various companies and entrepreneurs, emphasizing the importance of innovation and resilience in driving economic growth. Group 1: Mining Industry - Chen Jinghe, founder of Zijin Mining, expressed confidence in the company's future, stating that their complete technical capabilities and strong exploration abilities position them favorably against Western companies [6]. - Zijin Mining's overseas gold segment is set to be spun off and listed in Hong Kong by the end of September 2025, with the gold segment currently valued at over 580 billion RMB in the market [6]. - Chen emphasized that the company's growth potential is significantly underestimated, asserting that it is difficult not to profit from Zijin's promising trajectory [6]. Group 2: Child Development Initiatives - Lu Mai, former vice chairman of the China Development Research Foundation, called for attention to rural child development, particularly for children aged 0 to 3, highlighting a funding gap of 30 million RMB needed for initiatives [12]. - He emphasized the urgency of addressing the lack of support for rural children, stating that without immediate action, the future is concerning [12]. Group 3: Dairy Industry - Cold Youbin, chairman of China Feihe, reiterated the company's commitment to producing high-quality infant formula that closely resembles breast milk, focusing on thorough research and fresh ingredients [16]. - Feihe has achieved 100% self-sufficiency in 11 core raw materials and established five large-scale production lines to ensure quality control [18]. Group 4: Biotechnology and Assistive Technology - Han Bicheng, CEO of Zhejiang Qiangnao Technology, aims to use advanced technology to help individuals with disabilities regain mobility through brain-machine interface technology [23]. - The company showcased a bionic hand that can be controlled intuitively, demonstrating its potential to significantly improve the lives of disabled individuals [25]. Group 5: AI and Technology - Liu Debing, chairman of Zhiyuan, stated that the company's goal is to enable machines to think like humans, reflecting a long-term vision in the pursuit of artificial general intelligence (AGI) [29]. - The company aims to reach the ultimate level of intelligence in its exploration of AGI [29]. Group 6: Autonomous Vehicles - Peng Jun, CEO of Pony.ai, expressed the vision of making transportation safer and more efficient through autonomous driving technology, with aspirations for widespread adoption [35]. - The company demonstrated its latest autonomous vehicle during the event, showcasing its capabilities in real-world scenarios [37]. Group 7: Aviation and Transportation - Zhao Deli, founder of Huitian, announced that the company is the largest flying car R&D firm in Asia, with plans to start mass production by the end of 2025 and has already received 7,000 orders [51]. - The company aims to lead the low-altitude economy and flying car market, leveraging China's industrial and supply chain advantages [51]. Group 8: Real Estate and Lifestyle - Ma Yin, founder of Anaya, emphasized the importance of creating spaces that foster community and aesthetic appreciation, focusing on quality of life rather than just economic metrics [60]. - He expressed a commitment to addressing deeper societal issues through his projects, aiming to enhance the human experience [60]. Group 9: Semiconductor Industry - Representatives from the "China Chip Infrastructure" group highlighted the significance of AI chips as the cornerstone of modern technology and digital economy, with a focus on building a self-sufficient computing foundation by 2025 [66]. - The group aims to support rapid development in emerging fields such as artificial intelligence and high-performance computing [66]. Group 10: Entertainment and Media - Du Hua, founder of Lehua Entertainment, discussed the company's transformation into a comprehensive entity that integrates robotics and AI into its operations, aiming to enhance emotional value for consumers [72]. - The company is exploring new business models that combine entertainment with technological innovation [72].

Group 1 - The event "Praise for China's Economy - Entrepreneur's Night" was held on January 29 in Beijing, attended by hundreds of entrepreneurs and experts, honoring notable figures such as Chen Jinghe, Lu Mai, and others [2][70] - Chen Jinghe, founder and honorary chairman of Zijin Mining, expressed confidence in the future of the mining industry, stating that Chinese companies have superior technical and exploration capabilities compared to Western firms [5][71] - Zijin Mining plans to spin off its overseas gold segment in Hong Kong by September 2025, with the gold segment currently valued at over 580 billion RMB in the market [5][73] Group 2 - Lu Mai, former vice chairman of the China Development Research Foundation, emphasized the importance of early childhood development in rural areas, highlighting a funding gap of 30 million RMB for initiatives aimed at supporting children aged 0-3 [12][81] - Lu Mai has raised 41 million RMB towards a goal of 71 million RMB for rural child-rearing guidance, stressing the urgency of addressing this issue [13][81] Group 3 - Cold Friend, chairman of China Feihe, reiterated the company's commitment to producing high-quality infant formula that closely resembles breast milk, with a focus on fresh ingredients and thorough research [16][84] - Feihe has achieved 100% self-sufficiency in 11 core raw materials and has established five large-scale production lines to ensure the safety and quality of its products [18][86] Group 4 - Han Bicheng, CEO of Zhejiang Qiangnao Technology, aims to use advanced technology to help physically disabled individuals regain mobility through brain-machine interface technology [19][24] - The company has showcased its bionic hand technology, which allows users to control the device through thought, significantly improving the quality of life for amputees [26][94] Group 5 - Liu Debing, chairman of Zhipu Technology, expressed the company's vision of enabling machines to think like humans, aiming for breakthroughs in artificial general intelligence (AGI) [29][97] - Zhipu Technology is recognized as a pioneer in the market for large models in China, with aspirations to reach the ultimate level of intelligence [29][97] Group 6 - Pony.ai, led by CEO Peng Jun, focuses on making autonomous driving safer and more efficient, with a vision of integrating their vehicles into everyday life [30][102] - The company has demonstrated its latest autonomous vehicle technology in real-time during the event, showcasing its capabilities in urban environments [36][104] Group 7 - Weichai Power's chairman, Ma Changhai, emphasized the company's commitment to becoming a backbone of China's equipment manufacturing industry [38][106] - The company aims to enhance its global presence and contribute to the development of the manufacturing sector [38][106] Group 8 - Wu Xiangdong, chairman of Zhenjiu Liudu Group, expressed hopes for the international expansion of Chinese liquor products, aiming to increase global appreciation for their offerings [41][111] - The company is recognized for its unique brewing techniques and aims to maintain high standards in product quality and consumer satisfaction [41][109] Group 9 - Zhao Deli, founder of Huitian, highlighted the company's position as Asia's largest flying car R&D firm, with plans to begin mass production by the end of 2025 [48][116] - Huitian has received 7,000 orders for its flying cars, aiming to revolutionize transportation through innovative technology [48][116] Group 10 - Ma Yin, founder of Anaya, discussed the importance of creating spaces that foster community and aesthetic appreciation, focusing on a slower, more meaningful approach to development [50][123] - The company aims to provide not just housing but also a sense of belonging and connection to nature [50][123] Group 11 - The "China Chip Infrastructure" group, including companies like Cambricon and Moore Threads, was honored for their contributions to the AI chip industry, which is seen as a cornerstone of modern technology and digital economy [58][128] - The semiconductor industry in China is expected to support rapid growth in AI, high-performance computing, and automotive electronics by 2025 [60][128] Group 12 - Du Hua, founder of Lehua Entertainment, announced plans for the company's transformation into a comprehensive entity that integrates robotics, AI, and entertainment, aiming to enhance emotional value for consumers [61][133] - The company is exploring innovative business models that combine technology with entertainment to create new experiences [61][133]

专题：为中国经济点赞——企业家之夜2025盛典 "为中国经济点赞——企业家之夜"于1月29日在北京举行。紫金矿业创始人、终身荣誉董事长陈景河出 席接受致敬。中国发展研究基金会原副理事长卢迈、全球化智库（CCG）创始人兼理事长王辉耀与世 界黄金协会中国区CEO王立新为其见证荣誉。 致敬词： 他被誉为"有色金属领域的李四光"。四十四载风雨兼程，他跋涉于崇山峻岭间，主导发现并探明了一批 世界级超大型矿床，"点石成金"破解了一系列低品位、难采选资源的关键技术与工程难题。他以炽热情 怀开基创业，以非凡胆略勇闯全球，带领紫金矿业从一个开办费仅一万元的县属小企业，蝶变为总市值 超万亿的全球一流跨国矿业集团，推动中国矿业在国际舞台实现历史性跨越。 陈景河在发表感言时表示，44年来，他基本都是从事地质探矿和矿业开发工作，这是非常艰苦的行业。 他用四年时间发现了福建上杭紫金山低品位的超大型金铜矿，在基本上没有资本金，缺人才、少技术背 景下，开启了其创业创新的历程。用四年时间把紫金矿业这个低品位的金铜矿成功开发出来，完成了资 本积累，人才、技术的积累。 通过30几年的创新和努力，紫金矿业的全球竞争力已经初步形成。他提到，紫金矿业原 ...

专题：为中国经济点赞——企业家之夜2025盛典 "为中国经济点赞——企业家之夜"于1月29日在北京举行。紫金矿业创始人、终身荣誉董事长陈景河出 席接受致敬。中国发展研究基金会原副理事长卢迈、全球化智库（CCG）创始人兼理事长王辉耀与世 界黄金协会中国区CEO王立新为其见证荣誉。 致敬词： 他被誉为"有色金属领域的李四光"。四十四载风雨兼程，他跋涉于崇山峻岭间，主导发现并探明了一批 世界级超大型矿床，"点石成金"破解了一系列低品位、难采选资源的关键技术与工程难题。他以炽热情 怀开基创业，以非凡胆略勇闯全球，带领紫金矿业从一个开办费仅一万元的县属小企业，蝶变为总市值 超万亿的全球一流跨国矿业集团，推动中国矿业在国际舞台实现历史性跨越。 陈景河在发表感言时表示，44年来，他基本都是从事地质探矿和矿业开发工作，这是非常艰苦的行业。 他用四年时间发现了福建上杭紫金山低品位的超大型金铜矿，在基本上没有资本金，缺人才、少技术背 景下，开启了其创业创新的历程。用四年时间把紫金矿业这个低品位的金铜矿成功开发出来，完成了资 本积累，人才、技术的积累。 通过30几年的创新和努力，紫金矿业的全球竞争力已经初步形成。他提到，紫金矿业原 ...

智通财经APP获悉，2026年1月29日当天，阿里巴巴-W(09988)、中国海洋石油(00883)、中芯国际 (00981)位居沪港通（南向）成交额前3位，成交额分别为31.75 亿元、27.64 亿元、25.55 亿元；阿里巴 巴-W(09988)、腾讯控股(00700)、中国海洋石油(00883) 位居深港通（南向）成交额前3位，成交额分别 为18.47 亿元、17.79 亿元、16.69 亿元。 深港通（南向）十大活跃成交公司 | 公司名称 | 成交金额 | 净买入额 | | --- | --- | --- | | 阿里巴巴-W(09988) | 18.47 亿元 | -8215.41 万元 | | 腾讯控股(00700) | 17.79 亿元 | +2.96 亿元 | | 中国海洋石油(00883) | 16.69 亿元 | +5.72 亿元 | | 中芯国际(00981) | 13.15 亿元 | -8080.28 万元 | | 小米集团-W(01810) | 10.94 亿元 | +3.05 亿元 | | 紫金黄金国际(02259) | 10.36 亿元 | -2.15 亿元 | | 山东黄金( ...

披露的南向资金成交股中，盈富基金、腾讯控股、小米集团－Ｗ分别获净买入23.95亿港元、8.00亿港 元、6.43亿港元；中国移动、紫金矿业、阿里巴巴－Ｗ分别遭净卖出6.46亿港元、3.77亿港元、3.31亿港 元。 作者：智投君 港股通成交数据披露（沪深合计） 本文源自：市场资讯 恒生指数今日涨0.51%，报27968.09点，大市成交3319.94亿港元。 证券简称成交金额净买入额收盘价涨跌幅盈富基金 0280024.08亿港元23.95亿港元28.18港元5.00%腾讯控股 0070042.16亿港元8.00亿港元622.00港元1.60%小米集团－Ｗ 0181036.03亿港元6.43亿港元36.62港元8.30%招金矿业 018189.89亿港元1.48亿港元40.20港元-13.70%华虹半导体 0134713.37亿港元1.13亿港元116.20港元-53.00%融创中国 0191830.72亿港元-0.93亿港元1.33港元291.30%山东黄金 0178710.34亿港元-0.95亿港元51.65港元8.80%中国海洋石油 0088344.33亿港元-1.14亿港元24.98港元13.00%中 ...

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the **China Basic Materials** sector, particularly the **metals** industry, highlighting a tight year for metals [2][4]. Core Insights and Arguments - **Cement Production**: Expected output in December 2025 is projected at **144 million tons**, reflecting a **6.6% YoY decline**. The total output for 2025 is estimated at **1,693 million tons**, down **6.9% YoY** [6][6]. - **Finished Steel**: Anticipated output for December 2025 is **115 million tons**, with a **3.8% YoY decrease**. The total for 2025 is **1,446 million tons**, showing a **3.1% YoY increase** [6][6]. - **Crude Steel**: Projected output for December 2025 is **68 million tons**, down **10.3% YoY**, with a total of **961 million tons** for 2025, a **4.4% YoY decline** [6][6]. - **Aluminum Production**: December 2025 output is expected to be **4 million tons**, a **3.0% YoY increase**, with a total of **45 million tons** for 2025, reflecting a **2.4% YoY increase** [6][6]. - **Copper Production**: December 2025 output is projected at **440,000 tons**, down **21.4% YoY**, with a total of **5,320,000 tons** for 2025, a **6% YoY decline** [6][6]. - **Automobile Production**: December 2025 output is expected to be **3 million units**, down **2.8% YoY**, while total production for 2025 is projected at **35 million units**, up **9.8% YoY** [6][6]. - **Electricity Generation**: Expected to reach **859 billion KWh** in December 2025, with a **0.1% YoY increase** and a total of **9,716 billion KWh** for 2025, reflecting a **2.2% YoY increase** [6][6]. Policy Changes - The **2026 Trade-in Subsidy Policy** for automobiles will see a reduction in the first tranche of fund allocation from **Rmb 81 billion** in 2025 to **Rmb 62.5 billion** in 2026 [8][8]. - Subsidies for **New Energy Vehicles (NEVs)** will shift from a fixed amount to a percentage of the vehicle price, capped at **Rmb 20,000** [8][8]. Real Estate Market Insights - **Residential Sales Value**: Expected to decline to **Rmb 11,662 billion** in 2023, down **6.5% YoY**, with a recovery projected to **Rmb 14,997 billion** in 2025 [10][10]. - **New Residential Starts**: Anticipated to decrease to **1,989 million sqm** in 2024, with a further decline to **954 million sqm** in 2025 [10][10]. - **Average Selling Price**: Expected to stabilize around **Rmb 10,442 per sqm** in 2025, reflecting a **0.7% YoY increase** [10][10]. Additional Insights - The **mining sector** is projected to see a **5.4% YoY increase** in added value, while the **ferrous metals** sector is expected to grow by **0.7% YoY** [6][6]. - The **non-ferrous metals** sector is anticipated to grow by **4.8% YoY** [6][6]. - **Investment in Property**: Expected to decline significantly, with a total of **Rmb 420 billion** in 2025, down **36.8% YoY** [6][6]. This summary encapsulates the critical insights and projections from the conference call, providing a comprehensive overview of the current state and future expectations of the metals and real estate sectors in China.

Asia Pacific Equity Research 26 January 2026 This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. Zijin-A/H Key beneficiary with gold at 5k; Recent call takeaways reaffirming our constructive view We hosted Zijin Mining's IR representative for a call last Friday ...

January 28, 2026 09:29 AM GMT Zijin Mining Group | Asia Pacific What's in the price? Our analysis implies that Zijin Mining stock currently prices in gold at only US$4.1k/t (vs. spot US$50.8k/t) and copper at only $10k/t (vs. spot US $13.1k/t). Based on our increased estimates, 2026e P/E is 12x and EV/EBITDA is 7.9x. With its outlook for growth in both gold and copper production volume in the next few years, we view valuation as very attractive. High Growth with Very Attractive Valuation | What's Changed | ...