Market Overview - The Shanghai Composite Index experienced a rare 13 consecutive days of gains, breaking the previous high from November 14, 2025, and reaching a new high since July 2015, closing up by 1.50% [1] - The market saw over 4,100 stocks in the green, with significant contributions from financial sectors such as brokerage, insurance, and internet finance [1] Seasonal Trends - According to Zheshang Securities, the first quarter typically sees a "spring rally," where small and mid-cap growth indices perform best, setting the stage for February's market performance [1] Key Sectors Financial Sector - Major financial stocks like Dazhihui and Hualin Securities hit the daily limit, while China Ping An reached a new five-year high [1] Brain-Computer Interface - The brain-computer interface sector saw a surge, with nearly 20 stocks hitting the daily limit, driven by breakthroughs in clinical trials for a new fully implanted device [3] - The industry is expected to enter a critical phase of large-scale application, supported by policy backing and ongoing technological advancements [3] Non-Ferrous Metals - The non-ferrous metals sector strengthened, with companies like Luoyang Molybdenum and Zijin Mining reaching historical highs, influenced by rising global metal prices [4] - The London Metal Exchange reported significant price increases for tin and copper, indicating strong demand and supply dynamics [4] Solid-State Batteries - The solid-state battery sector experienced a rally, with several stocks hitting the daily limit, following the announcement of a commercially viable solid-state battery by Donut Lab [5] - The sector is expected to progress towards industrialization, supported by policy focus and active participation from industry players [5] Semiconductor Sector - The semiconductor sector remained active, with storage chips and semiconductor equipment leading the gains, as companies like Beifang Huachuang reached historical highs [6] - Price increases for DRAM chips were reported, with significant hikes expected in Q1 2026 [7] Institutional Insights - Guotai Junan Securities highlighted the internal trend of a "transformation bull market" in China, driven by economic shifts and capital market reforms [8] - Debon Securities expressed optimism for a slow bull market following the New Year, with expectations for continued upward movement in the A-share market [8] - Dongfang Securities noted that the market's upward trend is supported by strong investor confidence and the commercialization of new industries like brain-computer interfaces and AI [9]

Group 1 - Guiyan Platinum Industry has reached its daily limit increase [1] - Luoyang Molybdenum and Zijin Mining have both hit historical highs [1] - Other companies such as Xiyegang, Huaxi Nonferrous, Yunnan Germanium, and China Tungsten High-tech have also seen increases [1]

Group 1 - The A-share market saw strong performance in the non-ferrous metal sector, with Luoyang Molybdenum (603993.SH) reaching a historical high of 22.03 yuan, up nearly 8%, and its market capitalization exceeding 470 billion yuan [1] - Concerns over supply shortages and the turmoil in Venezuela are driving expectations for increased competition for key global minerals, leading to a collective surge in the commodity market [1] - Spot gold prices rose over 3%, reaching a peak of 4,467 USD per ounce, while COMEX silver futures surged 7.95%, closing above 76 USD [1] Group 2 - Luoyang Molybdenum holds approximately 23% of the world's cobalt reserves and possesses world-class copper-cobalt mining clusters, with core mines having copper and cobalt grades significantly above industry averages [2] - The KFM Phase II production will add an additional 100,000 tons of copper capacity, supported by favorable cobalt export quotas from the Democratic Republic of Congo, contributing to high growth in performance [2] - The company benefits from resource endowment and digital reforms to reduce costs, maintaining relatively low copper production costs, and its "mining + trading" model enhances resilience against market fluctuations [2]

长江证券认为，碳中和ETF具备长期投资价值。随着能源金融市场加速向多元化、低碳化转型，清洁能 源投资持续升温，2020年至2024年年均复合增长率达16.7%，其中电池与储能领域增速达106.8%，展现 出强劲的发展势头。绿证市场也呈现供需改善态势，1月至11月交易量同比大幅增长119%，交易占比提 升至41.81%，价格逐步企稳。供给端136号文限制了常规电量绿证的核发，需求端2025年电解铝行业将 被纳入绿证考核，2026年钢铁等四大高耗能行业也将陆续加入，刚性需求持续扩容，支撑绿证价格。在 新能源装机方面，光伏保持稳定增长，风电增速回暖，同时火电装机规模创新高，增强了电力系统的调 节能力，有利于提升新能源消纳水平。能源转型推动电力、新能源等相关板块融资需求旺盛，电力行业 在能源上市公司债权与股权融资中的占比分别达到65%和70%。在政策支持与市场驱动的双重作用下， 可再生能源发电、储能、氢能等领域的投资持续扩大。 1月6日，A股市场延续涨势，有色金属、非银金融、综合板块涨幅靠前。截至11点00分，碳中和ETF南 方(159639.SZ)涨1.98%，洛阳钼业涨6.95%。 资讯所属栏目还有更多独家策划、 ...

有色板块再度走强，铜、铝等工业金属方向领涨，洛阳钼业、宏创控股、中矿资源、紫金矿业涨超 4%，创历史新高，此前贵研铂业涨停，华友钴业、锡业股份、中国铝业、华锡有色等跟涨。 ...

Group 1 - The core viewpoint of the articles highlights a significant rise in Hong Kong's non-ferrous metal stocks, driven by geopolitical tensions and supply constraints in the metals market [1][2] - Major companies such as China Daye Nonferrous Metals saw a nearly 7% increase, while Luoyang Molybdenum and Zhaojin Mining also experienced notable gains of 5.6% and over 4% respectively [2] - The recent military action by the U.S. against Venezuela has heightened market risk aversion, leading to a surge in gold prices, which reached $4,450 per ounce, and silver prices, which rose to $77 per ounce [1] Group 2 - The copper market is facing supply challenges due to worker strikes at mining sites, exacerbating an already tight supply situation, which has pushed London copper prices to a record high of over $13,090 per ton [1] - CITIC Securities' latest report indicates that the resource bull market is continuing due to renewed geopolitical conflicts, which are driving both risk-averse investments and central bank allocations towards gold [1] - Basic metals such as copper, aluminum, and nickel are experiencing supply contradictions, supporting price increases in these commodities [1]

Group 1 - The core viewpoint of the news highlights the trading performance and financing activities of Luoyang Molybdenum Co., Ltd. on December 31, with a stock price increase of 2.46% and a trading volume of 5.017 billion yuan [1] - On December 31, Luoyang Molybdenum had a financing buy amount of 369 million yuan and a financing repayment of 437 million yuan, resulting in a net financing buy of -67.59 million yuan [1] - As of December 31, the total balance of margin trading for Luoyang Molybdenum was 3.363 billion yuan, with a financing balance of 3.341 billion yuan, accounting for 0.96% of the circulating market value, indicating a high level compared to the past year [1] Group 2 - Luoyang Molybdenum Co., Ltd. was established on December 22, 1999, and listed on October 9, 2012, primarily engaged in the mining, selection, deep processing, trading, and research of rare metals such as molybdenum, tungsten, and gold [2] - The company's main business revenue composition includes refined metal product trading (48.56%), concentrate product trading (38.31%), copper (27.14%), cobalt (6.04%), molybdenum (3.12%), and others [2] - As of September 30, 2025, Luoyang Molybdenum achieved an operating income of 145.485 billion yuan, a year-on-year decrease of 5.99%, while the net profit attributable to shareholders increased by 72.61% to 14.280 billion yuan [2] Group 3 - Luoyang Molybdenum has distributed a total of 21.562 billion yuan in dividends since its A-share listing, with 10.576 billion yuan distributed in the last three years [3] - As of September 30, 2025, the top ten circulating shareholders of Luoyang Molybdenum included Hong Kong Central Clearing Limited, which increased its holdings by 47.472 million shares to 695 million shares [3] - The Huaxia SSE 50 ETF and Huatai-PineBridge CSI 300 ETF saw a decrease in holdings, while the E Fund CSI 300 ETF became a new shareholder with 86.4742 million shares [3]

Group 1 - The core objective for 2026 is to ensure the KFM Phase II project meets key milestones, preparing for the commissioning and trial production of the concentrator plant [2][5] - The KFM mine, operated by Luoyang Molybdenum in the Democratic Republic of Congo, is a world-class copper-cobalt mine [4] - In 2025, Luoyang Molybdenum announced an investment of $1.084 billion for the KFM Phase II project, expected to start production in 2027, adding an average of 100,000 tons of copper metal annually upon reaching full capacity [6] Group 2 - The copper futures market is expected to maintain a supply-demand imbalance in 2026, driven by significant demand growth from sectors such as electric vehicles, energy storage systems, and renewable energy [7][8] - The anticipated increase in copper demand is projected to outpace supply growth, as new projects like KFM require several years for completion, leading to sustained high prices [8] - The construction and management of the KFM project are characterized by tight schedules and complex coordination, contributing to a sense of achievement for the team involved [8]

| 2. 股份分類 | 普通股 | 股份類別 | A | | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 603993 | 說明 | | 於上海證券交易所上市 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 17,460,842,176 | RMB | | 0.2 | RMB | | 3,492,168,435.2 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 17,460,842,176 | RMB | | 0.2 | RMB | | 3,492,168,435.2 | 本月底法定/註冊股本總額： RMB 4,278,862,035.2 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 致：香港交易及結算所有限 ...

Investment Rating - Industry rating: Recommended [3] Core Views - The report anticipates a strong fluctuation in lithium prices in the short term, supported by a backdrop of price reassessment across key metals [1] - The Indonesian government plans to reduce nickel and coal production in 2026, which, combined with Vale's suspension of nickel mining, is expected to tighten supply and support nickel prices [1] - The cobalt market is expected to remain structurally tight, with prices likely to rise further due to ongoing supply constraints [2][5] - The antimony market is showing signs of recovery in exports, which may lead to domestic prices converging with higher international prices [6][18] - The lithium market is experiencing a continuous destocking trend, with prices expected to remain strong due to stable demand from the electric vehicle and energy storage sectors [8][19] - The rare earth market is tightening due to new export restrictions from Vietnam, which may further support prices [20] - The tin market faces uncertainties in supply due to ongoing issues in the Democratic Republic of Congo and Indonesia's export controls [21] Summary by Sections Nickel and Cobalt Industry Update - Indonesia's government plans to cut nickel production by approximately 34% in 2026, reducing the target to 250 million tons from 379 million tons in 2025 [1] - Vale's Indonesian operations have halted nickel mining, contributing to supply tightness [1] - The cobalt market is expected to face structural supply constraints, with prices projected to rise due to a decrease in available export quotas from the Democratic Republic of Congo [2][5] Antimony Industry Update - Domestic antimony prices are expected to rise as supply remains tight, particularly with winter mining activities slowing down [6][18] - The Chinese government has implemented export controls that may further tighten supply and support higher domestic prices [6][18] Lithium Industry Update - The average price of battery-grade lithium carbonate has increased to 118,600 CNY/ton, reflecting a 16.76% rise [8] - Continuous destocking in the lithium market is expected to support prices, with demand from the electric vehicle sector remaining robust [8][19] Rare Earth Industry Update - New export restrictions from Vietnam are expected to tighten global rare earth supply, supporting prices [20] - China continues to dominate the rare earth supply chain, with significant production capacity compared to other countries [20] Tin Industry Update - The tin market is facing uncertainties due to supply issues in the Democratic Republic of Congo and Indonesia's export controls [21] - Recent increases in tin imports from Myanmar may help alleviate some supply concerns, but overall uncertainty remains [21]