每经AI快讯，1月22日，港股黄金股多数调整。截至发稿，赤峰黄金(06693.HK)跌5.19%、灵宝黄金 (03330.HK)跌4.38%、山东黄金(01787.HK)跌4.03%、紫金矿业(02899.HK)跌3.67%。 ...

Group 1 - The top three companies by Hong Kong Stock Connect holding ratios are China Telecom (00728) at 70.91%, Green Power Environmental (01330) at 69.45%, and Tianjin Chuangye Environmental (01065) at 67.62% [1][2] - The largest increases in holding amounts over the last five trading days were seen in Alibaba-W (09988) with an increase of 2.229 billion, SMIC (00981) with an increase of 1.693 billion, and Huahong Semiconductor (01347) with an increase of 1.379 billion [1][2] - The largest decreases in holding amounts over the last five trading days were recorded for China Mobile (00941) with a decrease of 2.613 billion, UBTECH (09880) with a decrease of 787 million, and Kuaishou-W (01024) with a decrease of 739 million [1][3] Group 2 - The latest holding ratio rankings for Hong Kong Stock Connect show that China Telecom holds 9.842 billion shares, Green Power Environmental holds 0.281 billion shares, and Tianjin Chuangye Environmental holds 0.230 billion shares [2] - The top ten companies with the largest increases in holdings over the last five trading days include Tencent Holdings (00700) with an increase of 917 million and China Construction Bank (00939) with an increase of 866 million [2] - The top ten companies with the largest decreases in holdings over the last five trading days also include Alibaba Health (00241) with a decrease of 665 million and China Hongqiao (01378) with a decrease of 647 million [3]

图虫创意/供图 证券时报记者 裴利瑞 在成长风格的另一端，以有色为代表的周期风格正在成为基金经理的新宠。 近日，公募基金2025年四季报密集披露，证券时报记者注意到，在市场热点此起彼伏的同时，多位 知名基金经理却在2025年四季度"不谋而合"地对有色板块进行了重点加仓，而深耕该领域的基金经理更 是在季报中用仓位和持股表达了自己的看好。 多位基金经理认为，在宏观经济温和复苏、全球商品周期持续以及降息预期等多重因素共振下，有 色板块仍具备显著的吸引力，价格景气周期远未结束。 多位知名基金经理加仓有色 最新披露的2025年四季报显示，众多全行业配置的基金在去年四季度加仓以有色为代表的资源股， 其中不乏多位知名基金经理。 比如，高楠管理的永赢睿信混合在去年四季度新进重仓五矿资源、宏创控股，神爱前管理的平安兴 奕成长新进重仓了云铝股份，王崇管理的交银新兴产业和焦巍管理的银华富裕主题新进重仓了紫金矿 业。此外，焦巍管理的银华富饶精选三年持有更是在去年四季度同时新进重仓了紫金矿业、藏格矿业、 洛阳钼业、云铝股份、西部矿业、紫金黄金国际、江西铜业等多只有色股。 除了上述全行业配置的基金，一些深耕资源股投资的基金经理，也在20 ...

国际金价如脱缰野马般一路狂奔，在2026年初刷新了历史纪录，触及每盎司4640美元的高位。 在这波 黄金牛市中，上游的"淘金者"，黄金开采企业赚得盆满钵满。 紫金矿业发布的2025年业绩预增公告如 同一颗惊雷，预计全年净利润将高达510亿元至520亿元，同比增长近60%。 这家矿业巨头在2025年生 产的黄金高达约90吨，价格与产量的双轮驱动，使其成为了这轮行情中最耀眼的明星。 金价的强势表现并非偶然。 回顾2025年，国际金价全年涨幅接近70%，创下了自1979年石油危机以来 的最大年度涨幅。 金价从年初的每盎司2600美元附近起步，在3月突破3000美元，10月突破4000美元， 直至年末逼近4600美元大关。 这种爆发性增长，使得国内黄金饰品价格从每克800元左右一路攀升至 1360元左右。 推动金价上涨的因素是多方面的。 全球地缘政治风险持续加剧，如俄乌冲突僵局和中东局势动荡；同 时美国债务规模突破38万亿美元，引发市场对美元信用的担忧。 这些因素共同促使资金涌入黄金这一 传统避险资产。 各国央行也在持续增持黄金储备，2025年初至11月末，全球央行净购金量达297吨，为 金价提供了长期支撑。 在这轮 ...

Group 1: Chemical and Metal Industries - Several chemical companies, including Xinong Co. and Dayang Bio, are showing continuous improvement in their operations [1] - The non-ferrous metal sector benefits from high prices and capacity release, with Zijin Mining expected to achieve a net profit of 51 billion to 52 billion yuan in 2025, a year-on-year increase of 59% to 62% [1] - Zijin Mining's growth is driven by increased production and higher sales prices of gold, copper, and silver [1] - The high-end manufacturing sector shows resilience, with Okoyi's net profit projected to grow by 67.53% to 91.96% in 2025, despite rising raw material costs [1] - The new materials industry is also performing well, with China National Materials Technology expected to achieve a net profit of 1.55 billion to 1.95 billion yuan in 2025, a year-on-year increase of 73.79% to 118.64% [1] Group 2: International Market Growth - The overseas market is becoming a new growth engine for many listed companies [2] - Siyuan Electric is expected to achieve total revenue of 21.205 billion yuan in 2025, a year-on-year increase of 37.18%, and a net profit of 3.163 billion yuan, up 54.35% [2] - Absen, a leading global LED display provider, anticipates a net profit of 240 million to 290 million yuan in 2025, representing a year-on-year growth of 105.32% to 148.09% [2] - Absen's overseas revenue reached approximately 3.193 billion yuan, a year-on-year increase of about 8.94% [2] Group 3: Company-Specific Developments - Chutian Technology expects a net profit of 235 million to 300 million yuan in 2025, marking a turnaround to profitability driven by strong international market breakthroughs [3] - The company has made significant progress in Southeast Asia, the Middle East, and the Americas, with overseas sales revenue steadily increasing [3] - Hangcha Group is also expanding into emerging markets while consolidating its traditional markets, indicating the effectiveness of its globalization strategy [3]

◎记者 高志刚 上海证券报记者梳理上市公司2025年业绩预告发现，半导体、新能源汽车、通信设备等行业表现突出， AI、机器人、低空经济等新兴赛道正成为企业业绩增长的重要引擎。 Wind数据显示，截至1月21日午间，已有578家A股上市公司发布业绩预告，29家公司发布业绩快报。总 体来看，稳增长态势巩固，产业结构持续优化，新旧动能转换明显提速。 在新能源汽车产业链中，已有超20家公司实现业绩显著增长。三花智控依托其在全球新能源汽车热管理 领域的领先布局，借助标杆客户的示范效应，持续拓展优质订单，进一步夯实汽车零部件业务的增长动 能。亚太股份作为国内重要的汽车制动系统供应商，预计2025年归属于上市公司股东的净利润同比增长 120%至170%，明确将业绩高增归因于新能源汽车市场的高速增长。 产业领域中，半导体、新能源汽车、人工智能（AI）等新兴产业表现亮眼。相关企业普遍将业绩增长 归因于AI加速落地、新能源汽车产业链景气度提升等，技术创新正成为上市公司高质量发展的核心驱 动力。 AI正加速渗透进各行各业，成为驱动产业升级的核心力量。数据显示，近20家上市公司披露，其业务 直接受益于AI产业发展趋势。鼎通科技表示， ...

Core Viewpoint - The number of companies in the A-share market forecasting profit growth for 2025 is increasing, driven significantly by the commercialization of AI technology and strong demand in various sectors [1][2][3]. Group 1: AI-Driven Growth - As of January 20, 177 companies in the A-share market have announced profit increases, with 55 companies expecting net profit growth exceeding 100% year-on-year, excluding those returning to profitability [1]. - Shanghai Jianqiao Technology Co., Ltd. anticipates a net profit of 252 million to 278 million yuan for 2025, representing a year-on-year increase of 51.19% to 66.79%, driven by strong market demand for high-speed optical modules and other core businesses [1]. - Dongguan Dingtong Precision Technology Co., Ltd. expects a revenue growth of 54.37% and a net profit growth of 119.59% in 2025, attributed to robust demand in the AI-driven communications connector market [2]. Group 2: New Energy Sector Performance - Shanghai Putailai New Energy Technology Group Co., Ltd. forecasts a net profit of 2.3 billion to 2.4 billion yuan for 2025, reflecting a year-on-year increase of 93.18% to 101.58%, supported by the ongoing trend of electrification in the automotive market and strong demand in the energy storage market [2][3]. - The company highlights improvements in operational conditions and the introduction of new products and processes to capture high-end customer demand [3]. Group 3: Mining Sector Growth - Zijin Mining Group Co., Ltd. projects a net profit of approximately 51 billion to 52 billion yuan for 2025, with a year-on-year increase of 59% to 62%, driven by increased production of key mineral products and rising prices of gold, copper, and silver [4]. - Luoyang Luanchuan Molybdenum Group Co., Ltd. expects a net profit of 20 billion to 20.8 billion yuan for 2025, representing a year-on-year increase of 47.80% to 53.71%, due to a combination of increased production and effective cost management [4]. - Analysts suggest that the prices of copper and other mineral resources are likely to remain high, benefiting related companies as demand from emerging industries continues to grow [4].

在成长风格的另一端，以有色为代表的周期风格正在成为基金经理的新宠。 近日，公募基金2025年四季报密集披露，券商中国记者注意到，在市场热点此起彼伏的同时，多位知名基金经 理却在去年四季度"不谋而合"地对有色板块进行了重点加仓，而深耕该领域的基金经理更是在季报中用仓位和 持股表达了自己的坚定看好。 多位基金经理认为，在宏观经济温和复苏、全球商品周期持续以及降息预期等多重因素共振下，有色板块仍具 备显著的吸引力，价格景气周期远未结束。 多位知名基金经理加仓有色 最新披露的2025年四季报显示，众多全行业配置的基金在去年四季度加仓以有色为代表的资源股，其中不乏多 位知名基金经理。 比如，高楠管理的永赢睿信混合在去年四季度新进重仓五矿资源、宏创控股，神爱前管理的平安兴奕成长新进 重仓了云铝股份，王崇管理的交银新兴产业和焦巍管理的银华富裕主题新进重仓了紫金矿业，此外，焦巍管理 的银华富饶精选三年持有更是在去年四季度同时新进重仓了紫金矿业、藏格矿业、洛阳钼业、云铝股份、西部 矿业、紫金黄金国际、江西铜业等多只有色股。 除了上述全行业配置的基金外，一些深耕资源股投资的基金经理，也在 去年 四季度继续用持仓表达了对有色 的看 ...

紫金矿业疯狂"掘金"矿产股。 1月21日，四川黄金午后涨停，实现5天3板，股价报收43.76元/股，创历史新高。拉长时间来看，2026 年以来，四川黄金股价持续飙升，月内涨幅已达57.07% 据四川黄金招股书披露，公司上市前，紫金矿业旗下全资孙公司紫金矿业集团南方投资有限公司（以下 简称"紫金南方"）共耗资约7495.06万元，获得四川黄金约3758.40万股股份，持股比例约占公司上市后 总股本的8.95%，折合每股成本仅约1.99元。 截至目前，紫金南方仍持有四川黄金3354.83万股，对应持股比例降至7.99%。以43.76元/股的收盘价计 算，该部分股权市值约达14.68亿元；叠加此前减持套现落袋的1.06亿元，紫金南方在四川黄金上的浮盈 合计约15亿元，投资收益率高达20倍。 事实上，四川黄金的丰厚回报，仅是紫金矿业"掘金"矿产股的一个缩影。 除四川黄金外，紫金矿业还精准布局了藏格矿业、招金矿业、万国黄金集团、潼关黄金等多家矿产股， 对应的投资金额分别约为137.29亿元、43.95亿港元、13.74亿港元、1.16亿港元。 随着矿产股板块整体走高，上述投资项目也收获颇丰。据统计，截至目前，紫金矿业在 ...

Core Viewpoint - The resource sector has seen significant growth, with many resource-related funds doubling their net value over the past year, driven by strong performance in the non-ferrous metals sector and rising prices of gold and silver [1][2]. Group 1: Market Performance - The Shenyin Wanguo non-ferrous metals sector index surged by 89.38% in 2025, leading the A-share market [1]. - As of January 19, 2026, the number of public funds with a unit net value growth rate exceeding 100% reached 176, with 124 being actively managed equity funds [3]. - Among the doubling funds, a significant number are focused on resource sectors, particularly in non-ferrous metals and gold [2][3]. Group 2: Fund Strategies and Adjustments - Many fund managers adjusted their holdings in the fourth quarter based on fundamental changes and valuation considerations, with a focus on resource-related stocks [1][4]. - The Longcheng Value Selection fund achieved a net value growth rate of 105.16% over the past year, with a majority of its top holdings in non-ferrous metals [4]. - The China Europe Cycle Preferred fund reduced its holdings in traditional non-ferrous metals while increasing exposure to lithium and cobalt, reflecting a shift towards new energy resources [8]. Group 3: Future Outlook - Fund managers remain optimistic about the resource sector, citing factors such as global monetary easing, increased demand from AI data centers, and supply-side uncertainties as drivers for growth [9][10]. - The China Europe Resource Selection fund manager highlighted copper, aluminum, lithium carbonate, gold, and tungsten as the top five investment targets for 2026, while also considering opportunities in chemical and steel sectors [10].