Core Viewpoint - Hunan Zijin Lithium Industry Co., Ltd. has initiated a consumer assistance program by leveraging group resources to establish a production and sales connection platform, purchasing over 300 tons of Daozhou navel oranges, thereby addressing sales challenges for farmers and enhancing employee welfare, which contributes to rural revitalization and demonstrates corporate social responsibility [1][3][4] Group 1 - Dao County, known as the "Hometown of Navel Oranges," is located in the prime citrus planting area and has a cultivation history of over 1,300 years, producing high-quality Daozhou navel oranges that have won multiple awards [3] - The local farmers faced a "high yield but low income" situation due to poor sales channels, prompting the company to respond quickly by integrating the purchase of Daozhou navel oranges into the employee welfare system [3][4] - This initiative has resulted in a win-win situation, allowing employees across the country to enjoy fresh, high-quality local products while alleviating sales pressure for farmers, transforming their "hard-earned fruit" into "wealth-generating fruit" [3][4] Group 2 - The company successfully dispatched a total of 300 tons of Daozhou navel oranges, with the last two trucks carrying 50 tons sent to Urumqi and Jilin, completing the distribution [4] - The success of this assistance program is attributed to the strong support from the group and the active participation of various subsidiaries, showcasing a collective effort in helping local farmers [4]

Core Viewpoint - Southbound capital saw a significant increase in trading volume today, reaching approximately HKD 137.85 billion, but still experienced a net outflow of about HKD 34.27 billion, marking a continuous outflow trend over the past four trading days totaling approximately HKD 64.88 billion [2][3]. Trading Activity - Southbound trading accounted for 38.13% of the total turnover of the Hang Seng Index today, with a notable net outflow from the Shanghai-Hong Kong Stock Connect of approximately HKD 47.72 billion and a net inflow from the Shenzhen-Hong Kong Stock Connect of about HKD 13.45 billion [2]. - Major stocks with significant net inflows included Tencent Holdings (HKD 1.21 billion), Pop Mart (HKD 734 million), Yangtze Optical Fibre (HKD 298 million), and CloudWalk Technology (HKD 74 million) [3]. - Conversely, stocks with substantial net outflows included Alibaba (HKD 945 million), Zijin Mining (HKD 854 million), China Mobile (HKD 748 million), and SMIC (HKD 379 million) [3]. Stock Performance - Tencent Holdings increased by 2.31%, with a cumulative reduction of approximately 80,000 shares over the past five days, but has seen a return of capital in the last three days [4]. - Pop Mart surged by 7.03%, with an increase of 19.44 million shares over the past five days, indicating a continued inflow trend [5]. - Yangtze Optical Fibre rose by 15.43%, despite a reduction of 6.78 million shares in the previous five days, suggesting a short-term outflow [5]. - CloudWalk Technology experienced a significant increase of 73.79%, with an addition of 440,000 shares over the past five days, indicating accelerated inflow [5]. - Alibaba saw a rise of 2.12%, with an increase of 27.08 million shares over the past five days, maintaining a short-term inflow trend [5]. - Zijin Mining increased by 3.13%, but has seen a reduction of 49.81 million shares over the past five days, indicating a short-term outflow [5]. - China Mobile rose by 3.06%, with a reduction of 21.9 million shares over the past five days, continuing the outflow trend [5]. - SMIC increased by 3.52%, with an addition of 44.02 million shares over the past five days, indicating a short-term inflow trend [5].

Core Viewpoint - The Hong Kong stock market experienced a net sell-off of 34.27 billion HKD from northbound trading, with significant movements in individual stocks, indicating investor sentiment and market dynamics. Group 1: Northbound Trading Summary - Northbound trading saw a net sell of 34.27 billion HKD, with the Shanghai Stock Connect contributing a net sell of 47.72 billion HKD and the Shenzhen Stock Connect a net buy of 13.45 billion HKD [1] - The most bought stocks included Tencent (00700), Pop Mart (09992), and Yangtze Optical Fibre and Cable (06869) [1] - The most sold stocks included the Tracker Fund of Hong Kong (02800), Alibaba-W (09988), and Zijin Mining (02899) [1] Group 2: Individual Stock Performance - Alibaba-W (09988) had a buy amount of 20.87 billion HKD and a sell amount of 29.31 billion HKD, resulting in a net outflow of 8.44 billion HKD [2] - Tencent (00700) recorded a net buy of 12.09 billion HKD, supported by the announcement of a cash red envelope event worth up to 1 billion HKD [4] - Pop Mart (09992) saw a net buy of 7.33 billion HKD, with plans for expansion into North American shopping centers [5] - Yangtze Optical Fibre and Cable (06869) had a net buy of 2.97 billion HKD, benefiting from a long-term supply agreement with Meta for fiber optic cables [5] - The Tracker Fund of Hong Kong (02800) faced a net sell of 23.16 billion HKD, influenced by market sentiment regarding the US dollar [7] - Other notable net sells included China Mobile (00941) with 7.48 billion HKD, Zijin Mining (02899) with 8.54 billion HKD, and Alibaba-W (09988) with 9.44 billion HKD [8]

Core Viewpoint - The gold sector is experiencing significant growth, with numerous stocks reaching their daily limit up, driven by rising gold prices and strong earnings forecasts for 2025 [1][4]. Group 1: Stock Performance - On January 28, over 20 gold-related stocks, including Feinan Resources, Xiaocheng Technology, and China Gold, hit their daily limit up [1]. - Since 2026, several companies such as Hunan Silver and Sichuan Gold have seen their stock prices double, with increases of 180.35%, 139.99%, and 136.07% respectively [1]. Group 2: Earnings Forecasts - Among the gold sector companies that have disclosed their 2025 earnings forecasts, six companies expect a year-on-year net profit increase exceeding 100%, with two companies projecting increases over 200% [1]. - Huayu Mining leads with a projected net profit increase of 235.54%, while other notable companies include Zhaojin Gold and Fuda Alloy with increases of 219.28% and 169.55% respectively [2]. Group 3: Market Trends - The recent surge in gold prices is closely linked to the performance of individual stocks, with spot gold prices reaching a new high of over $5,300 per ounce, marking a 22% increase in January alone [4]. - Several financial institutions have raised their gold price forecasts for 2026, with Morgan Stanley increasing its target from $4,750 to $5,700, while Goldman Sachs and UBS set their targets at $5,400 [4].

1. Report Industry Investment Rating No information provided about the report industry investment rating. 2. Core Viewpoints of the Report - Short - term copper price is expected to reach the previous historical high. Last week, the copper price rebounded after reaching a low. The Shanghai copper futures reached around 99,500 yuan/ton with good support, and the short - term support level of LME copper was at $12,700/ton. At the beginning of this week, the non - ferrous sector started to rise, and the copper price is expected to reach the previous historical high in the short term [3]. - The logic of the sharp rise in copper prices in 2025 remains unchanged. Benefiting from the reduction of assets such as US Treasury bonds and the US dollar, precious metals like gold and silver have reached new highs. In the context of global currency over - issuance, commodities have become core anti - inflation assets. After gold continuously breaks through $4,500 and $5,000 per ounce, funds are expected to spread from precious metals to industrial metals, and copper and tin are likely to rise successively [3]. - Copper prices face risks in the short term. Copper will face risks such as tariff expectations and inventory conversion between CMX, LME, and domestic markets in the short term, which may lead to a situation where market speculative and investment funds are reluctant to follow up. After the copper price hits the previous high, it still faces the situation of long - liquidation, so it is necessary to be cautious when chasing high near the new high [3]. 3. Summary According to Relevant Catalogs 3.1 Monthly Balance Sheet - The monthly balance sheet shows the production, supply, consumption, and surplus of copper from January 2025 to June 2026. For example, in January 2026, the total production was 1.18 million tons, the total supply was 1.36 million tons, the total consumption was 1.28 million tons, and the surplus was 88,000 tons [4]. - There are also data on year - on - year changes in total supply, consumption, cumulative production, and cumulative consumption. For instance, in January 2026, the year - on - year change in total supply was 7.33%, and the year - on - year change in consumption was 10.30% [4]. 3.2 Main Mining Enterprises News Updates - The CSRC approved the registration of options for 20 - rubber, low - sulfur fuel oil, and international copper at the Shanghai International Energy Exchange [7]. - Zijin Mining's Julong Copper Mine Phase II was put into operation. After reaching full production, the total production scale will reach 350,000 tons per day. In 2026, the expected copper production will reach 300,000 tons, and the molybdenum production will increase from 8,000 tons in 2025 to about 13,000 tons [7]. - The CAPSTONE copper mine in Chile was shut down due to a strike [7]. - McMoRan Copper & Gold's Q4 2025 adjusted EPS exceeded expectations. The company plans to restart the Grasberg mine in Indonesia in phases in Q2 2026 [7]. - The ICSG reported that the global refined copper market had a surplus of 94,000 tons in November 2025, and the cumulative surplus in the first 11 months of 2025 was 206,000 tons [7]. - Rio Tinto Group's copper equivalent production increased by 8% in 2025. In 2026, the company aims for a copper production of 800,000 - 870,000 tons [7]. 3.3 Copper Concentrate/Crude Copper Processing Fees - Last week, the spot TC of copper concentrate decreased slightly. The core contradiction of the tight supply in the copper concentrate market remains unresolved. Without substantial positive news, the spot TC is expected to continue to be under pressure. The market's core concerns focus on long - term contract negotiations, sulfuric acid price trends, and the recovery of global copper mine supply [12]. - The domestic trade copper concentrate spot market is stable. Refineries mainly replenish inventory as needed, and the procurement rhythm is steady. The pricing coefficient of imported copper concentrate converted to domestic trade is expected to remain high and may rise slightly in the short term [12]. 3.4 Copper Concentrate Port Data - Last week, the inventory of imported copper concentrate at 16 ports in China was 723,000 tons, an increase of 31,000 tons from the previous week. The main increase came from Fangchenggang Port [15]. 3.5 Smelting Profit - Last week, the zero - order TC price continued to decline, the sulfuric acid price remained below 1,000 yuan/ton, and the copper price was flat. The long - term contract of smelting enterprises had a profit of 780 yuan/ton, while the zero - order contract had a loss of about 710 yuan/ton [20]. 3.6 Shanghai Copper Spread Structure - Last week, the copper price was flat. The arrival of domestic copper increased, but the inflow of imported copper was limited due to the large loss in import parity. Downstream processing enterprises' procurement demand was cautious, and holders maintained a discount quotation. At the beginning of this week, the contango structure of the near - month contract widened to around 300 yuan/ton, but the increase in the discount of holders was limited [22]. 3.7 London Copper Structure Curve - As of January 23, the LME copper inventory increased slightly by about 17.17 tons, mainly from New Orleans. The cancelled warrant ratio decreased slightly to about 26.95%. The cash month was quoted at a discount of about $66.06/ton. Some goods originally flowing to the US started to turn to China, and both overseas and domestic inventories increased [30]. 3.8 London Copper Position and Warrant Concentration - The Futures Banding Report of LME shows that the short - term light - position long positions of copper prices increased, while the medium - term light - position short positions increased to medium - sized positions, and the long - term light - position short positions decreased. The Cash Report and Warrant Banding Report show that the market concentration increased [32][33]. 3.9 Shanghai - London Ratio Change - Recently, the copper price was flat, the Shanghai - London ratio was maintained at around 7.8, and the loss in the import window was maintained at 1,400 yuan/ton. As the copper supply in non - US overseas markets continues to be tight, the ratio is expected to remain weak [35]. 3.10 Scrap Copper Market - In the scrap red copper market, the copper price fluctuated at a high level, and the market trading was sluggish. Upstream traders were cautious, and downstream manufacturers' production enthusiasm was not high, mainly maintaining rigid - demand procurement [38]. - In the scrap brass market, the copper price fluctuated widely after opening lower, and the price center of scrap brass moved down slightly. Upstream traders were cautious in replenishing inventory, and downstream brass enterprises had difficulty in selling goods, and their raw material procurement demand was weakened [38]. 3.11 Downstream Enterprises and End - Users - Refined copper rod: The overall operation of refined copper rod enterprises has not returned to normal. Although the overall orders decreased week - on - week, the actual output was basically the same as before [40]. - Recycled copper rod: The production of recycled copper rod manufacturers did not improve. The raw material supply was difficult, and the product sales were not smooth, which may affect future output [40]. - Copper tube: The output of copper tube enterprises increased slightly, and the ex - factory price decreased. The supply was mainly driven by large - scale enterprises, and the demand of air - conditioning host factories' long - term orders was stable, while the spot market was more affected by price fluctuations [40]. - Copper foil: The supply of the copper foil market was stable. The capacity utilization rate of electronic circuit copper foil was high, and the supply of lithium - ion copper foil was also relatively stable, and the market supply and demand were loose [40]. - Copper plate and strip: The overall operation of the copper plate and strip market changed little. Some downstream enterprises started pre - holiday inventory plans, but the upstream copper factories did not increase production significantly. The supply and demand of brass plate and strip were weak, while the supply of red copper plate and strip was relatively stable [40]. 3.12 Inventory Changes - Recently, the domestic inventory remained at a high level, and the inventories of LME, CMX, and bonded areas increased. The LME inventory increased slightly due to the transfer of goods between overseas regions and the export of some overseas and domestic goods [43]. 3.13 Bonded Area Inventory Changes - On January 19, the cumulative copper inventory in the bonded areas of Shanghai and Guangdong was 118,300 tons, a decrease of 6,400 tons from the 12th and an increase of 800 tons from the 15th. The inventory increase was mainly due to the arrival of export goods from smelters, but there were still goods leaving the port for export [46][48]. 3.14 Shanghai Regional Social Inventory - At the beginning of this week, the inventory in Shanghai was 204,100 tons, an increase of 12,400 tons from the 19th and an increase of 8,200 tons from the 22nd. The arrival of goods in Shanghai warehouses increased, and the downstream procurement demand was limited, so the inventory continued to accumulate [50]. 3.15 Guangdong Regional Social Inventory - At the beginning of this week, the inventory in Guangdong was 45,300 tons, a decrease of 3,400 tons from the 19th and a decrease of 2,200 tons from the 22nd. The arrival of goods decreased, and the warehouse outbound volume did not increase much, so the inventory continued to decline slightly [56]. 3.16 Wuxi Regional Social Inventory - At the beginning of this week, the inventory in Jiangsu was 86,500 tons, a decrease of 4,000 tons from the 19th and an increase of 1,300 tons from the 22nd [65]. 3.17 CFTC Position - As of January 20, the non - commercial long and short positions accounted for 36.5% and 17.6% respectively. The long positions increased by 0.4%, and the short positions increased by 1.3%. The non - commercial net long position was 52,575 contracts, and the COT index was 0.822, and the strength of the copper price slightly weakened [72].

Group 1 - The core viewpoint of the article highlights the significant surge in gold prices, with spot gold breaking through $5300 per ounce, marking a historical high and a cumulative increase of nearly $1000 in January, representing a rise of over 22% [1] - The current price of gold in various markets shows a notable increase, with London gold at $5304.613 per ounce, up 2.37%, and COMEX gold at $5288.7, up 4.06% [2] - Domestic gold jewelry prices have also surged, with major brands quoting prices above 1600 RMB per gram, reflecting the international price increase [2] Group 2 - Gold mining companies are reporting strong earnings forecasts, with Zhongjin Gold expecting a net profit of 4.8 to 5.4 billion RMB for 2025, an increase of 41.76% to 59.48% year-on-year [5] - Hunan Gold anticipates a net profit of 1.27 to 1.608 billion RMB for 2025, representing a year-on-year growth of 50% to 90% due to rising sales prices of gold and other products [5] - Zijin Mining forecasts a net profit of approximately 51 to 52 billion RMB for 2025, a significant increase from 32.051 billion RMB in the previous year, driven by strong international gold prices [6]

1月28日，沪深两市成交额合计2.97万亿元，较上一交易日放量约704.29亿元。其中，沪市成交额1.37万 亿元，深市成交额1.6万亿元。紫金矿业成交额居首，为272.85亿元。其后是中际旭创、蓝色光标、宁德 时代、阳光电源，成交额分别为208.19亿元、184.46亿元、156.38亿元、147.57亿元。 ...

花旗预计，公司收购已投产的金矿将提升紫金的黄金产量和盈利能力。当前金价下，收购价格具吸引 力。但本次收购尚待Allied Gold股东大会批准、加拿大安大略省高等法院批准，以及包括加拿大和中国 监管机构在内的主要监管批准。并相信此次收购进一步证明紫金通过紫金黄金国际发展其黄金资产组合 的承诺。 智通财经APP获悉，紫金矿业(02899)涨超3%，截至发稿，涨3.09%，报44.74港元，成交额56.49亿港 元。 消息面上，近日，紫金矿业及紫金黄金国际联合公布，紫金矿业控股的紫金黄金国际与联合黄金签署 《安排协议》，紫金黄金国际拟以44加元/股的现金价格，收购联合黄金全部已发行的普通股，收购对 价共计约55亿加元(约合人民币280亿元或40亿美元)。"联合黄金"指 Allied Gold Corporation，一家总部 位于加拿大的黄金矿业公司。联合黄金旗下项目均为在产或即将投产的大型露天开采金矿，并购当年即 可贡献产量与利润。 ...

紫金矿业（601899）(02899)涨超3%，截至发稿，涨3.09%，报44.74港元，成交额56.49亿港元。 花旗预计，公司收购已投产的金矿将提升紫金的黄金产量和盈利能力。当前金价下，收购价格具吸引 力。但本次收购尚待Allied Gold股东大会批准、加拿大安大略省高等法院批准，以及包括加拿大和中国 监管机构在内的主要监管批准。并相信此次收购进一步证明紫金通过紫金黄金国际发展其黄金资产组合 的承诺。 消息面上，近日，紫金矿业及紫金黄金国际联合公布，紫金矿业控股的紫金黄金国际与联合黄金签署 《安排协议》，紫金黄金国际拟以44加元/股的现金价格，收购联合黄金全部已发行的普通股，收购对 价共计约55亿加元(约合人民币280亿元或40亿美元)。"联合黄金"指Allied Gold Corporation，一家总部位 于加拿大的黄金矿业公司。联合黄金旗下项目均为在产或即将投产的大型露天开采金矿，并购当年即可 贡献产量与利润。 ...

Group 1: Market Overview - The non-ferrous metal sector experienced a significant rise, with major companies like Zijin Mining and Luoyang Molybdenum seeing substantial gains [1][4] - The oil and gas extraction sector also strengthened, with "three major oil companies" collectively rising, including China National Offshore Oil Corporation increasing over 7% [8] - The overall market sentiment towards resource stocks extended to other cyclical sectors such as chemicals, steel, and coal, all of which saw upward movement [1][11] Group 2: Specific Sector Performance - Precious metals led the gains in the non-ferrous metal sector, with stocks like Zhaojin Mining, Sichuan Gold, and Hunan Gold hitting the daily limit [5][7] - The chemical sector benefited from price increase themes, with specific products like epoxy propylene and glyphosate seeing price hikes [11][12] - The semiconductor sector was also active, with companies like Zhongwei Semiconductor rising over 14% after announcing price increases of 15%-50% for certain products due to supply chain pressures [14] Group 3: Economic Indicators - The US dollar index fell significantly, reaching a near four-year low, influenced by market speculation regarding potential currency interventions by the US and Japan [10] - Analysts predict that oil prices may see a bottoming out and potential recovery in mid-2026, driven by demand recovery and global inventory accumulation [10]