Core Viewpoint - The report highlights the current premium rates of AH shares, with Northeast Electric, Zhejiang Shibao, and Junda Co. leading in premium rates, while CATL, Hengrui Medicine, and China Merchants Bank are at the bottom of the list [1][2]. Premium Rate Rankings - Northeast Electric (00042) has a premium rate of 815.25%, followed by Zhejiang Shibao (01057) at 378.67% and Junda Co. (02865) at 342.63% [2]. - The lowest premium rates are recorded for CATL (03750) at -13.79%, Hengrui Medicine (01276) at -2.52%, and China Merchants Bank (03968) at -2.22% [1][2]. Deviation Values - Junda Co. (02865) has the highest deviation value at 104.89%, followed by Goldwind Technology (02208) at 23.62% and Guanghetong (00638) at 20.17% [1][2]. - The lowest deviation values are for Northeast Electric (00042) at -35.64%, Chenming Paper (01812) at -16.87%, and China Life (02628) at -15.34% [1][4]. Additional Insights - The report includes a detailed table of the top ten and bottom ten AH stocks based on premium rates and deviation values, providing a comprehensive overview of the current market situation [2][3][4].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 28.11 RMB [6][7]. Core Insights - The company, Longjing Environmental Protection, is a leader in China's air pollution control industry, benefiting from its partnership with Zijin Mining to become a comprehensive green energy service provider for mining [1][14]. - The "source-network-load-storage" and "mining-electricity linkage" strategies are expected to drive long-term growth, with significant contributions from clean energy projects and electric mining vehicles [1][2][15]. - The company has maintained over 9 billion RMB in new environmental orders annually since 2017, supported by the ongoing demand for ultra-low emissions in industries such as steel and cement [2][17]. Summary by Relevant Sections Business Growth and Strategy - Longjing Environmental Protection has a robust growth trajectory, with a clean energy project capacity exceeding 3 GW by 2025, and significant project values from various hydroelectric stations [3][15]. - The company is positioned to benefit from Zijin Mining's dual-carbon strategy, aiming for peak carbon emissions by 2029 and carbon neutrality by 2050, enhancing its role as a green energy service provider [14][31]. Financial Performance - The company is projected to achieve net profits of 1.21 billion RMB, 1.58 billion RMB, and 1.97 billion RMB for the years 2025 to 2027, respectively, with corresponding EPS of 0.96, 1.24, and 1.55 RMB [6][10]. - The revenue for 2025 is expected to reach 11.66 billion RMB, reflecting a growth rate of 16.36% compared to the previous year [10][12]. Market Position and Competitive Advantage - The company has established a unique business model integrating "green electricity-storage-electric mining vehicles," which is expected to create a closed-loop business ecosystem [4][15]. - The electric mining vehicles provided by Longjing have significantly lower operational costs compared to traditional fossil fuel vehicles, enhancing their competitive edge in the market [4][15]. Future Outlook - The report highlights the potential for clean energy and electric mining vehicles to open up substantial growth opportunities for Longjing Environmental Protection, supported by favorable market conditions and strategic partnerships [1][15][16]. - The company is actively expanding its overseas projects and enhancing its technological capabilities in areas such as carbon capture and mining machinery [5][16].

Core Viewpoint - Morgan Stanley forecasts China's GDP growth to reach 5% year-on-year by 2025, driven primarily by consumption stimulation from the trade-in policy [1] Group 1: Economic Outlook - The growth trend in the commodity market is expected to continue into 2026, with global demand-driven metals (such as gold, copper, and lithium) outperforming domestic demand-driven sectors (like coal and steel) [1] - Supply disruptions and accelerated industry consolidation are anticipated to persist throughout the year [1] Group 2: Policy Impact - The trade-in subsidy policy is projected to extend into 2026, with incentives becoming more targeted and efficiency-focused, still providing substantial support for overall commodity demand [1] Group 3: Industry Preferences - The preferred order for the basic materials sector in 2026 is gold and copper, followed by aluminum, lithium, coal, and steel [1] - The materials sector is expected to continue outperforming the MSCI China Index in 2026 [1] Group 4: Investment Recommendations - Investors are advised to buy Zijin Mining (02899, 601899.SH) and to accumulate China Aluminum (02600, 601600.SH) and China Hongqiao (01378) on dips [1] - Luoyang Molybdenum (03993) may experience a temporary pause due to the issuance of convertible bonds [1]

Core Viewpoint - Morgan Stanley forecasts China's GDP growth to reach 5% year-on-year by 2025, driven primarily by consumption stimulation from the trade-in policy [1] Group 1: Economic Outlook - The growth trend in the commodity market is expected to continue into 2026, with global demand-driven metals (such as gold, copper, and lithium) outperforming domestic demand-driven sectors (like coal and steel) [1] - Supply disruptions and accelerated industry consolidation are anticipated to persist throughout the year [1] Group 2: Policy Impact - The trade-in subsidy policy is projected to extend into 2026, with incentives becoming more targeted and efficiency-focused, still providing substantial support for overall commodity demand [1] Group 3: Industry Preferences - The preferred order for the basic materials sector in 2026 is gold and copper, followed by aluminum, lithium, coal, and steel [1] - The materials sector is expected to continue outperforming the MSCI China Index in 2026 [1] Group 4: Investment Recommendations - Investors are advised to buy Zijin Mining (02899, 601899.SH) and to accumulate China Aluminum (02600, 601600.SH) and China Hongqiao (01378) on dips [1] - Luoyang Molybdenum (03993) may experience a temporary pause due to the issuance of convertible bonds [1]

沪深两市数据显示，1月20日，融资净买入前十的股票分别为： 浙文互联（2.65亿元）、 人民网（2.21 亿元）、 紫金矿业（2.14亿元）、 贵州茅台（1.95亿元）、 上海电力（1.63亿元）、 国电南瑞（1.52亿 元）、 航天电子（1.48亿元）、 中国电建（1.40亿元）、 长电科技（1.31亿元）、 包钢股份（1.28亿 元）。 ...

智通财经APP获悉，根据2026年1月20日披露数据，中国电信（00728）、绿色动力环保（01330）、天 津创业环保股份（01065）位居港股通持股比例前3位，分别为71.01%、69.50%、67.58%。此外，阿里 巴巴－W（09988）、腾讯控股（00700）、建设银行（00939）在最近有统计数据的5个交易日内，持股 额增幅最大，分别为+30.01亿元、+25.58亿元、+14.29亿元;中国移动（00941）、中国铝业（02600）、 紫金矿业（02899）在最近有统计数据的5个交易日内，持股额减幅最大，分别为-27.58亿元、-8.63亿 元、-8.06亿元。 2、港股通最近5个交易日增持榜（前10名） 具体数据如下（交易所数据根据T+2日结算）： 1、港股通最新持股比例排行（前20名） | 公司名称 | 持股数量 | 最新持股比例 | | --- | --- | --- | | 中国电信(00728) | 98.56亿股 | 71.01% | | 绿色动力环保(01330) | 2.81亿股 | 69.50% | | 天津创业环保股份(01065) | 2.30亿股 | 67.58% | | ...

紫金矿业：布局全球黄金、铜等多金属矿产资源开发，核心业务涵盖矿产资源勘查、采选冶炼及深加 工。2025年前三季度营业收入与归母净利润实现同比增长，完成多项海外矿山项目收购交割。 全球"去美元化"趋势深化，各国央行持续增持黄金等贵金属以分散储备风险，中国央行已连续14个月增 持黄金。全球货币宽松预期升温，美元走弱使得以美元计价的贵金属与有色金属吸引力提升。新兴产业 的刚性需求不断释放，光伏、新能源汽车、AI服务器等领域对白银、铜、铝等金属的需求持续增长， 叠加供应端存在的刚性约束，相关金属品种的市场格局正在发生变化。2026年开年，贵金属及有色金属 市场迎来普涨行情，呈现出"金融属性与工业属性共振"的特征，贵金属既受益于全球央行购金与美元信 用质疑引发的金融需求，白银又凭借新兴产业的工业刚需获得额外支撑；有色金属则在传统基建需求平 稳增长的基础上，叠加新能源汽车、储能等新兴产业的刚性需求，形成双重驱动力。 广发证券2026年1月19日发布研报称，当前商品市场多空博弈激烈，看多理由包括全球货币宽松和财政 扩张推动世界主要经济体经济景气度回暖，去美元化背景下商品金融属性重估提速，AI等新产业趋势 带来强劲边际需求， ...

Core Viewpoint - Several listed companies in the non-ferrous metals industry have released optimistic performance forecasts for 2025, driven by product price increases and production growth, reflecting a positive outlook for the sector [1][2][4]. Group 1: Company Performance Forecasts - Zijin Mining Group expects a net profit of 51 billion to 52 billion yuan for 2025, a year-on-year increase of 59% to 62%, supported by increased production and sales prices of gold, copper, and silver [1]. - Chifeng Jilong Gold Mining anticipates a net profit of 3 billion to 3.2 billion yuan for 2025, representing a growth of 70% to 81%, with gold production expected to be approximately 14.4 tons and sales prices rising by about 49% [2]. - Northern Rare Earth forecasts a net profit of 2.176 billion to 2.356 billion yuan for 2025, a significant increase of 116.67% to 134.60%, driven by new technologies and products [2]. - Jinchuan Magnetics expects a net profit of 660 million to 760 million yuan for 2025, with a year-on-year growth of 127% to 161%, attributed to record high product sales in various applications [2]. - Xianglu Tungsten Industry predicts a net profit of 125 million to 180 million yuan for 2025, marking a turnaround from losses, supported by rising tungsten prices and increased sales orders [3]. - Huayou Cobalt anticipates a net profit of 5.85 billion to 6.45 billion yuan for 2025, a growth of 40.80% to 55.24%, benefiting from improved production and cost management [3]. - Luoyang Molybdenum expects a net profit of 20 billion to 20.8 billion yuan for 2025, with a growth of 47.80% to 53.71%, driven by increased production and effective cost control [4]. Group 2: Industry Insights - The positive performance forecasts are attributed to multiple factors, including government policy support, improved supply-demand dynamics, and strategic upgrades by companies [4]. - Emerging sectors such as new energy vehicles, power batteries, energy storage, and artificial intelligence are expected to drive sustained demand for non-ferrous metals, particularly lithium, nickel, rare earths, and tungsten [4].

Core Viewpoint - On January 20, the Hang Seng Index fell by 0.29%, closing at 26,487.51 points, while southbound funds through the Stock Connect recorded a net buy of HKD 36.63 billion [1]. Group 1: Market Activity - The total trading volume for the Stock Connect on January 20 was HKD 972.83 billion, with a net buy of HKD 36.63 billion [1]. - The Shanghai Stock Connect accounted for HKD 594.79 billion in trading volume with a net buy of HKD 34.44 billion, while the Shenzhen Stock Connect had a trading volume of HKD 378.04 billion and a net buy of HKD 2.18 billion [1]. Group 2: Active Stocks - In the Shanghai Stock Connect, Tencent Holdings was the most actively traded stock with a transaction amount of HKD 37.26 billion, followed by Xiaomi Group-W and Alibaba-W with transaction amounts of HKD 30.51 billion and HKD 23.91 billion, respectively [1]. - Tencent Holdings had a net buy of HKD 5.03 billion, despite its closing price dropping by 1.48% [1]. - China Mobile recorded the highest net sell amount of HKD 6.37 billion, closing flat [1]. Group 3: Shenzhen Stock Connect Activity - In the Shenzhen Stock Connect, Tencent Holdings also led with a transaction amount of HKD 26.62 billion, followed by Alibaba-W and SMIC with transaction amounts of HKD 25.02 billion and HKD 19.36 billion, respectively [2]. - Meituan-W had the highest net buy amount of HKD 2.54 billion, although it closed down by 1.17% [2]. - SMIC experienced the largest net sell amount of HKD 5.42 billion, closing down by 3.25% [2].

Market Overview - The Hong Kong stock market has been experiencing a downward trend, with the index dropping to around 26,300 points after reaching 27,000 points [1][2] - The market sentiment remains cautious, and the index needs to stabilize around 26,400 points to avoid further declines, with a potential drop to 25,800 points if it fails to hold [2][3] Investment Strategies - Investors are advised to monitor the distribution of warrants, particularly the heavy positions around 25,800 points, which is a critical support level [2][4] - The current trading range for the index is suggested to be between 25,800 and 27,500 points for investment deployment [2] Stock Analysis: Xiaomi Group (01810) - Xiaomi's stock has shown weakness, dropping to a low of 35.6 HKD, with concerns about its automotive safety impacting investor sentiment [6][7] - Despite previous strong performance, the stock has fallen below key support levels, leading to cautious investor behavior regarding long-term entry points [8] - Investors are considering options like call warrants with lower entry costs to mitigate risks while betting on potential rebounds [8][9] Stock Analysis: Semiconductor Industry (SMIC 00981) - SMIC has seen a decline in stock price, currently around 34 HKD, after a peak of 94 HKD, but investor interest remains strong for rebound opportunities [10][11] - New high-leverage products have been introduced to attract investors looking for higher returns in the semiconductor sector [11][13] Stock Analysis: Pop Mart (09992) - Pop Mart's stock has shown signs of recovery after management's first buyback in two years, indicating confidence in the company's future [15][16] - Investors are encouraged to consider call warrants as a way to capitalize on potential rebounds, with specific products highlighted for their favorable terms [16][24] Resource Sector Insights - The resource sector, particularly gold and silver, is gaining attention as prices reach historical highs, with recommendations for investing in related stocks or ETFs [19][20] - Investors are advised to consider leveraged products in the resource sector to maximize returns while managing capital [20] Domestic Consumption Sector - The domestic consumption sector is expected to benefit from ongoing policies promoting local brands, with companies like Li Ning and Midea being highlighted for potential investment [23][24] - Specific warrants for these companies are suggested as viable options for investors looking to capitalize on the domestic consumption trend [24][25]