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]

洛阳钼业(603993)1月25日晚公告，公司此前曾披露通过控股子公司收购加拿大上市公司Equinox Gold Corp.旗下Aurizona金矿、RDM金矿、Bahia综合矿区100%权益。鉴于协议中约定的先决条件已全部实现 或豁免，本次收购已于北京时间2026年1月23日完成交割。 洛阳钼业在1月25日晚的公告中表示，依托公司在巴西近十年的深耕运营经验以及在管理、技术和协同 方面的综合优势，本次收购项目落地节奏显著提升，快速完成交割。本次交易涉及的金矿资产合计包含 黄金资源量501.3万盎司，平均品位为1.88g/t；黄金储量387.3万盎司，平均品位为1.45g/t。公司认为上 述金矿资源量较大，基础设施完善，选矿工艺成熟，盈利能力较强，收购完成即可为公司贡献产量和利 润，预期投资回报期短，经济效益良好。2026年黄金预计年化产量6吨至8吨，将为公司实现黄金产量规 划目标发挥积极贡献，进一步培厚公司资源储备。 RDM金矿体于1986年被发现，1997年之前一直以露天堆浸矿（open-pit heap leach mine）模式运营。 2014年初，该金矿启用炭浸法（carbon-in-leach，CI ...

1月25日，洛阳钼业宣布完成对此前披露的巴西金矿项目收购的交割。公司于2025年12月15日宣布此项 交易，计划以最高10.15亿美元收购加拿大Equinox Gold公司在巴西的Aurizona金矿、RDM金矿及Bahia 综合体三项金矿资产（四座矿山）的100%权益。随着协议约定的先决条件全部实现或豁免，该交易已 于1月23日正式完成。该公司预计，该资产今年将实现6–8吨黄金的产量。 ...

证券代码：603993 证券简称：洛阳钼业 公告编号：2026-008 洛阳栾川钼业集团股份有限公司 关于收购金矿项目完成交割的公告 特此公告。 洛阳栾川钼业集团股份有限公司董事会 2026 年 1 月 25 日 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 2 洛阳栾川钼业集团股份有限公司（以下简称"公司"）于2025 年12月15日披露《洛阳栾川钼业集团股份有限公司关于收购金矿项目 的公告》（公告编号：2025-068）。公司通过控股子公司收购加拿大 上市公司Equinox Gold Corp.旗下Aurizona金矿、RDM金矿、Bahia 综合矿区100%权益。鉴于协议中约定的先决条件已全部实现或豁免， 本次收购已于北京时间2026年1月23日完成交割。 依托公司在巴西近十年的深耕运营经验以及在管理、技术和协同 方面的综合优势，本次收购项目落地节奏显著提升，快速完成交割。 本次交易涉及的金矿资产合计包含黄金资源量501.3万盎司，平均品 位为1.88g/t；黄金储量387.3万盎司，平均品位为1.45g/t。公司认 ...

Core Viewpoint - The company has successfully completed the acquisition of gold mining projects from Equinox Gold Corp, enhancing its resource reserves significantly [1] Group 1: Acquisition Details - The company announced the acquisition of 100% equity in the Aurizona gold mine, RDM gold mine, and Bahia integrated mining area from Equinox Gold Corp [1] - The acquisition was disclosed on December 15, 2025, and the transaction was completed on January 23, 2026 [1] Group 2: Resource and Production Metrics - The acquired gold mines contain a total gold resource of 5.013 million ounces with an average grade of 1.88 g/t [1] - The proven and probable reserves amount to 3.873 million ounces with an average grade of 1.45 g/t [1] - The expected annual gold production for 2026 is projected to be between 6 to 8 tons, which will enhance the company's resource reserves [1]

Core Insights - A total of 710 A-share listed companies have disclosed their 2025 annual performance forecasts, with 284 companies expected to report positive results, resulting in a positive forecast ratio of 40% [1] Group 1: Performance Highlights - Among the 710 companies, 43 reported slight increases, 57 turned losses into profits, 4 maintained profitability, and 180 projected profit increases [2] - 295 companies expect a net profit growth of over 10%, with 237 anticipating over 30%, 183 over 50%, and 67 over 100% [2] - Notable companies with significant expected net profit growth include Southern Precision, Shanghai Yizhong, Jin'an Guoji, Shenzhen Nande A, Limin Co., and SAIC Motor [2] Group 2: Industry Performance - The industries showing strong performance include non-ferrous metals, biomedicine, semiconductors, hardware equipment, chemicals, and automotive parts [3] - In the non-ferrous metals sector, companies like Xianglu Tungsten, Zhenghai Magnetic Materials, Jinli Permanent Magnet, Northern Rare Earth, Chifeng Gold, Zijin Mining, and others have performed well due to rising product prices and improved downstream demand [3][4] Group 3: Specific Company Forecasts - Southern Precision expects a net profit of 300 million to 370 million yuan, representing a year-on-year increase of 1130% to 1417%, primarily due to fair value changes from investments [2] - WuXi AppTec anticipates a revenue of approximately 45.456 billion yuan, a year-on-year increase of about 15.84%, and a net profit of around 19.15 billion yuan, a growth of approximately 102.65% [3] - Xianglu Tungsten forecasts a net profit of 12.5 million to 18 million yuan, significantly turning losses into profits due to improved market conditions and cost control [4] Group 4: Challenges in Certain Industries - The real estate sector is under pressure, with only one out of 31 companies reporting profits, while most are facing significant losses [7] - In the photovoltaic industry, companies like Tongwei Co., TCL Zhonghuan, Trina Solar, JinkoSolar, and LONGi Green Energy are expected to report varying degrees of losses due to rising costs of key raw materials [7]

Core Viewpoint - The AI Fund Puyin Ansheng Environmental New Energy Class A (007163) reported a profit of 2.4783 million yuan for Q4 2025, with a net value growth rate of 4.02% during the reporting period [3]. Fund Performance - The fund's scale reached 62.5804 million yuan by the end of Q4 2025 [16]. - As of January 22, the unit net value was 2.397 yuan [3]. - The fund's performance over different time frames includes: - 3-month net value growth rate: 8.87%, ranking 73 out of 100 among comparable funds [3]. - 6-month net value growth rate: 46.35%, ranking 21 out of 100 [3]. - 1-year net value growth rate: 45.39%, ranking 49 out of 92 [3]. - 3-year net value growth rate: -11.96%, ranking 55 out of 68 [3]. Risk Metrics - The fund's Sharpe ratio over the past three years is 0.0855, ranking 55 out of 66 among comparable funds [9]. - The maximum drawdown over the past three years is 52.94%, with a ranking of 54 out of 66 [11]. - The highest quarterly maximum drawdown occurred in Q1 2020, at 29.78% [11]. Investment Strategy - The fund focuses on advanced manufacturing stocks, particularly in the tight supply chain segments of large storage, solid-state, and lithium batteries [3]. - The management is also monitoring opportunities in the photovoltaic industry and the expansion of new scenarios in wind power enterprises to enhance returns for investors [3]. Portfolio Concentration - The fund has a high concentration of holdings, with the top ten stocks including: - CATL (宁德时代) - Cambricon (寒武纪) - Industrial Fulian (工业富联) - Zhejiang Rongtai (浙江荣泰) - Shenzhen South Circuit (深南电路) - Yangtze Power (长江电力) - Shenghong Technology (胜宏科技) - Sungrow Power (阳光电源) - Topband (拓普集团) - Luoyang Molybdenum (洛阳钼业) [19]. Stock Positioning - The average stock position over the past three years is 81.04%, compared to a comparable average of 87.15% [14]. - The fund reached its highest stock position of 92.74% by the end of 2025, with a lowest position of 62.61% at the end of 2019 [14].

Core Viewpoint - The non-ferrous metal sector is experiencing a strong rally, with the popular ETF, Huabao Non-Ferrous ETF (159876), reaching a historical high and significant trading volume, indicating potential investment opportunities [1][11]. Group 1: Market Performance - The non-ferrous metal sector has shown a robust performance, with the Huabao Non-Ferrous ETF (159876) rising by 3.29% and achieving a trading volume of 1.07 billion yuan, surpassing the previous day's total [1][9]. - Major stocks in the sector, such as Baiyin Non-Ferrous and Tongling Non-Ferrous, have seen significant gains, with Baiyin Non-Ferrous up by 9.97% and Tongling Non-Ferrous by 9.94% [2][14]. - The overall market sentiment is positive, with the non-ferrous metal sector leading among 31 primary sub-industries in the A-share market [5][13]. Group 2: Gold Price Surge - International gold prices have surged, with spot gold reaching 4,950 USD per ounce, marking a new historical high, while COMEX gold futures peaked at 4,970 USD per ounce [2][10]. - The rise in gold prices is attributed to factors such as geopolitical tensions, U.S. risks, and central bank gold purchases, which are expected to support gold prices in the future [3][13]. Group 3: Investment Trends - The Huabao Non-Ferrous ETF has seen a net subscription of 52.2 million units, accumulating 844 million yuan over the past 20 days, indicating strong investor interest [1][11]. - The ETF covers a wide range of metals, including copper, aluminum, gold, rare earths, and lithium, allowing investors to capture various market cycles [6][16]. - Analysts predict that the demand for basic metals like copper, aluminum, and tin will continue to perform well due to emerging needs in AI, electricity, and new energy sectors [3][13].

Group 1 - The core viewpoint of the articles highlights the strong resurgence of gold's financial attributes, driven by factors such as real interest rates, the US dollar index, and regional situations, with gold prices reaching historical highs of $4,960 per ounce and silver surpassing $97 per ounce [1] - The World Gold Council reported that in 2025, gold prices set records 53 times, with global gold ETF inflows reaching $89 billion and total holdings climbing to a historical high of 4,025 tons, indicating a continuous influx of funds driving up the value of gold assets [1] - Silver is positioned as an essential raw material in three key sectors: solar photovoltaic, automotive and electric vehicles, and data centers and artificial intelligence, supporting its core role in future industrial transformations [1] Group 2 - As of January 23, 2026, the National Securities Nonferrous Metals Industry Index (399395) rose by 1.86%, with component stocks such as silver and gold companies showing significant gains, including a 9.97% increase in silver stocks and a 7.02% rise in Chifeng Jilong Gold Mining [2] - The National Securities Nonferrous Metals Industry Index reflects the overall performance of listed companies in the nonferrous metals sector, based on a sample of 50 securities with notable scale and liquidity, providing a benchmark for industry investment [2] - The top ten weighted stocks in the National Securities Nonferrous Metals Industry Index as of December 31, 2025, include Zijin Mining, Luoyang Molybdenum, and Northern Rare Earth, collectively accounting for 51.65% of the index [2]

Group 1 - The A-share market experienced fluctuations at relatively high levels in Q4 2025, with a slight decrease in overall equity positions of public funds compared to Q3 2025 [1][2] - The average equity positions for stock and mixed funds were 89.06% and 81.05%, respectively, showing a minor decline from the previous quarter [2] - Major holdings in public funds included leading light module companies, with Zhongji Xuchuang and Xinyi Sheng surpassing Ningde Times and Tencent Holdings to become the top two heavyweights [1][4] Group 2 - Several actively managed equity funds significantly increased their positions, with notable examples including Bosera Huixing and GF Chengxiang, which raised their equity positions by 12.31 and 10.3 percentage points, respectively [2] - Fund managers expressed optimism about the A-share market for 2026, citing potential dual benefits from domestic and international liquidity [3][9] - The focus on technology sectors continued, with managers identifying investment opportunities in storage chips, solid-state batteries, and humanoid robots [7][10] Group 3 - The top 50 heavyweights in public funds were primarily concentrated in information technology, consumer goods, and investment sectors, with 18 stocks in the information technology sector [4][6] - AI-related stocks gained prominence, with Zhongji Xuchuang, Xinyi Sheng, and Hanwujing entering the top seven heavyweights due to the AI boom [4][6] - The number of innovative drug companies in the top 50 heavyweights decreased from eight to five by the end of Q4 2025, indicating a shift in investment focus [5] Group 4 - Fund managers anticipate that the AI investment theme will continue to be a primary focus, with expectations for rapid growth in AI applications in the coming years [9][10] - The investment strategy is shifting towards AI applications, including smart driving, edge AI, and humanoid robots, as the industry matures [9][10] - The overall sentiment among fund managers is that the AI-driven technology market will remain a significant area of investment for the next several years [9][10]