Core Viewpoint - The non-ferrous metal sector is leading the market with significant capital inflow, indicating strong investor confidence in future performance [1][5]. Group 1: Market Performance - On December 26, the non-ferrous metal sector saw a net capital inflow of 11.4 billion yuan, the highest across all industries [1]. - The Huabao non-ferrous ETF (159876) reached a peak increase of 3.98%, currently up 3.14%, marking a new high since its listing [1]. - The Huabao ETF attracted a total of 56.11 million yuan over the past two days, reflecting positive sentiment towards the non-ferrous metal sector [1]. Group 2: Stock Performance - Key stocks such as Yongxing Materials and Jiangxi Copper hit the daily limit, while Guocheng Mining rose over 9% [3]. - Major stocks like China Aluminum increased by over 6%, and Luoyang Molybdenum and Zijin Mining rose by over 5%, both reaching historical highs [3]. Group 3: Commodity Prices - On December 26, gold, silver, and copper prices reached new highs, with COMEX gold at $4,561.6 per ounce, silver at $75.495 per ounce, and copper at $5.7565 per pound [5]. - Year-to-date performance shows COMEX gold up 71.84%, silver up 156.74%, and copper up over 42% [5]. Group 4: Future Outlook - Analysts predict a strong performance for the metal sector in 2025, driven by macroeconomic policies and structural supply-demand changes [5]. - The upcoming changes in the Federal Reserve's leadership and increased capital expenditure in AI technology are expected to influence monetary policy and the non-ferrous metal bull market [5][6]. Group 5: Investment Strategy - A diversified investment approach through the Huabao non-ferrous ETF is recommended to capture the overall sector's performance while mitigating risks associated with individual metals [6][7].

Market Performance - On December 26, the Shanghai Composite Index experienced a slight decline of 0.19%, while the ChiNext Index fell by 0.15%. In contrast, the Shenzhen Component Index rose by 0.17% [1] - The total market turnover reached 1.4648 trillion yuan, an increase of 252.9 billion yuan compared to the previous day [1] Sector Performance - The AI industry chain saw a collective pullback, with CPO, liquid cooling, and high-speed copper concepts leading the declines. Technology themes such as robotics and photolithography also underwent a general correction [1] - Conversely, the lithium battery industry chain surged, with the non-ferrous metals sector accelerating. Companies like Luoyang Molybdenum and Zijin Mining reached historical highs in stock prices [1] - The commercial aerospace concept began to show signs of differentiation in performance [1] ETF Performance - Mini-sized Hong Kong stock ETFs continued to rise, with GF Fund's Hang Seng ETF and Cathay Fund's Hong Kong Stock Connect 50 ETF increasing by 7.11% and 2.84%, respectively. Their latest premium/discount rates are 16.96% and 12.35% [1] - The non-ferrous and photovoltaic sectors strengthened, with Southern Fund's Non-Ferrous Metals ETF, Huatai-PineBridge Fund's Non-Ferrous 50 ETF, and Yinhua Fund's Non-Ferrous Metals ETF all rising by 3%. Additionally, Harvest Fund's New Energy ETF and Bosera Fund's New Energy Theme ETF increased by 2% [1] - The semiconductor and CPO sectors declined, with chip equipment ETFs, semiconductor equipment ETFs, and semiconductor device ETFs dropping by 1.6%. Communication ETFs and 5G communication ETFs fell by 1.6% and 1.43%, respectively [1]

Core Viewpoint - The market is experiencing an upward trend, particularly in the metals sector, driven by various factors including macroeconomic liquidity improvements and specific supply-demand dynamics in different metal categories [1]. Summary by Category Market Performance - On December 26, the Shanghai and Shenzhen markets showed a fluctuating upward trend, with the Shanghai Composite Index rising by 0.33% and the Shenzhen Component Index increasing by 0.6% [1]. - The non-ferrous metals sector saw a rise of 1.63%, while the small metals sector increased by 1.94%, and the gold sector rose by 2.38% [1]. Specific Metal Insights - Basic metals like copper and aluminum are facing challenges in downstream demand, yet copper prices are trending upward. Aluminum prices are influenced by capacity releases in Xinjiang and reduced inventories [1]. - Precious metals are supported by expectations of Federal Reserve rate cuts, a weaker dollar, and geopolitical risks, leading to high volatility in gold and silver prices [1]. - Small metal tin is performing strongly due to supply disruptions and positive market sentiment [1]. - The rare earth permanent magnet sector is seeing accelerated supply-side consolidation, with improved export expectations, while demand is waiting for export recovery [1]. - Energy metals like lithium are experiencing price increases due to supply concerns, cobalt prices remain high due to tight supply, and nickel prices are rebounding due to developments in Indonesia [1]. ETF and Investment Opportunities - The non-ferrous metals ETF (512400.SH) has risen by 3.19%, with Luoyang Molybdenum Co., Ltd. increasing by 5.72% [1]. - The ETF tracks the CSI Shenyin Wanguo Non-Ferrous Metals Index, comprising 50 stocks from the non-ferrous metals industry, reflecting the overall performance of the sector and providing exposure to various sub-sectors including precious metals, industrial metals, rare earths, and energy metals [1].

Group 1 - Luoyang Molybdenum Co., Ltd. experienced a stock price increase of 5.03%, reaching 19.64 CNY per share, with a trading volume of 2.025 billion CNY and a turnover rate of 0.60%, resulting in a total market capitalization of 420.184 billion CNY [1] - The company, established on December 22, 1999, and listed on October 9, 2012, primarily engages in the mining, selection, deep processing, trading, and research of precious metals such as molybdenum, tungsten, and gold [1] - The revenue composition of the company includes: refined metal product trading (48.56%), concentrate product trading (38.31%), copper (27.14%), cobalt (6.04%), molybdenum (3.12%), phosphorus (2.23%), niobium (1.88%), tungsten (1.17%), and others (0.11%) [1] Group 2 - The Qianhai United Hongxin Mixed A Fund (002780) holds 162,000 shares of Luoyang Molybdenum, representing 4.56% of the fund's net value, making it the second-largest holding [2] - The fund has achieved a year-to-date return of 37.83%, ranking 2255 out of 8087 in its category, and a one-year return of 35.21%, ranking 2354 out of 8074 [2] - The fund manager, Zhang Yong, has been in position for 8 years and 272 days, with the fund's total asset size at 55.7846 million CNY [3]

有色板块震荡走强，铜、贵金属方向领涨，紫金矿业、洛阳钼业涨超3%，双双创历史新高，江西铜业 涨超7%，白银有色、湖南白银、西部矿业跟涨。 ...

| 代码 | 名标 | | 涨幅% ↓ | 总市值 | 年初至今涨幅%。 | | --- | --- | --- | --- | --- | --- | | 002731 | 巷件珠宝 | | 5.21 | 35.14亿 | 47.05 | | 002716 | 湖南日银 | 策 | 4.94 | 192亿 | 100.59 | | 601212 | 日銀有色 | 主 | 4.81 | 435 乙 | 111.51 | | 000688 | 国城矿业 | | 4.00 | 326亿 | 131.62 | | 600362 | 江西铜业 | 1 | 3.83 | 1579亿 | 129.92 | | 601168 | 西哥的一小 | 1 | 3.36 | 638亿 | 77.33 | | 603993 | 洛阳钼业 | 1 | 2.83 | 4114亿 | 198.32 | | 601969 | 海南矿业 | 资 | 2.76 | 223亿 | 60.07 | | 000878 | 云南铜业 | 1 | 2.73 | 377亿 | 57.49 | | 000630 | 铜陵有色 | | 2.54 | 759亿 ...

Group 1 - The A-share market saw a collective surge in precious metal concept stocks, with Cuihua Jewelry rising over 5%, Hunan Silver, Silver Nonferrous, and Guocheng Mining increasing over 4%, and Jiangxi Copper and Western Mining up over 3% [1] - Luoyang Molybdenum achieved a historical high, indicating strong performance in the sector [1] - Geopolitical tensions have led to a significant increase in the precious metals market, with spot gold rising over 1% to surpass $4530 per ounce, marking a year-to-date increase of over 72%, potentially the best annual performance since 1979 [1] Group 2 - Spot silver broke through $75 per ounce, reaching a new historical high, with a year-to-date increase of 160% [1] - The table of stock performance shows Cuihua Jewelry with a market cap of 3.514 billion and a year-to-date increase of 47.05%, while Hunan Silver has a market cap of 19.2 billion and a year-to-date increase of 100.59% [2] - Other notable performances include Silver Nonferrous with a market cap of 43.5 billion and a year-to-date increase of 111.51%, and Guocheng Mining with a market cap of 32.6 billion and a year-to-date increase of 131.62% [2]

Market Performance - As of December 24, 2025, A-shares showed strong performance with the Shanghai Composite Index up 17.58%, the Shenzhen Component Index up 29.50%, and the ChiNext Index soaring 50.80%. The Hong Kong market also performed well, with the Hang Seng Index rising over 28.71% and the Hang Seng Tech Index gaining 23.08% [2][3]. Sector Performance - The metals sector emerged as the top performer in both A-shares and Hong Kong markets, with precious metals like gold and silver significantly increasing in value. Industrial metals such as copper and aluminum, along with energy metals like cobalt and lithium, also experienced substantial gains, marking a strong bullish trend [2][3]. Specific Metal Performance - In A-shares, the precious metals sector surged over 104.45%, leading the market. Other sectors such as small metals, zinc, lead, energy metals, industrial metals, and rare earths also saw significant increases [3]. - In Hong Kong, the copper sector led with a remarkable increase of over 243.33%. Other categories, including gold and precious metals, other metals and minerals, and aluminum, all rose over 130% [3]. Company Highlights - Notable companies in the sector include Zijin Mining (02899.HK), which saw a nearly 159% increase in stock price, and Luoyang Molybdenum (03993.HK), which surged nearly 285%. Other companies like Zhenfeng Gold (01815.HK) and Lingbao Gold (03330.HK) also achieved significant gains, with Zhenfeng Gold increasing by 1252.27% [4][5]. Financial Performance - Many companies in the metals sector reported substantial increases in net profits. For instance, Zijin Mining reported a mid-year net profit growth of 232.92%, while Luoyang Molybdenum's net profit increased by 60.07% [6][5]. - Five Mining Resources reported a staggering increase of over 15 times in net profit, showcasing the strong financial performance across the sector [5]. Factors Driving Metal Prices - The rise in metal prices is attributed to several factors, including global economic shifts, supply-demand imbalances, and geopolitical tensions. The demand for industrial metals is driven by sectors such as AI and renewable energy, while precious metals are being supported by central bank purchases and a weakening dollar [7][10][12]. Future Outlook - Analysts predict that the metals sector may enter a prolonged bullish cycle, with expectations of continued price increases for copper, aluminum, and precious metals due to supply constraints and strong demand [12][13]. - The outlook for gold remains positive, with expectations of continued central bank purchases and a favorable environment for price appreciation [12][14]. Conclusion - The metals sector, particularly companies like Zijin Mining and Luoyang Molybdenum, has shown exceptional performance in 2025, driven by strong market demand and favorable economic conditions. The upcoming Hong Kong Wealth Management Summit will highlight these trends and the potential for continued growth in the sector [15][16].

Group 1 - The core viewpoint of the news highlights the trading performance and financing activities of Luoyang Molybdenum Co., Ltd. on December 24, with a slight increase in stock price and significant trading volume [1] - On December 24, Luoyang Molybdenum had a financing buy amount of 261 million yuan and a financing repayment of 230 million yuan, resulting in a net financing purchase of 31.05 million yuan [1] - As of December 24, the total balance of margin trading for Luoyang Molybdenum reached 3.407 billion yuan, with a financing balance of 3.383 billion yuan, accounting for 1.04% 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, processing, and trading 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 past three years [3] - As of September 30, 2025, the top ten circulating shareholders of Luoyang Molybdenum include Hong Kong Central Clearing Limited, which increased its holdings by 47.472 million shares to 695 million shares [3] - Other notable shareholders include Huaxia SSE 50 ETF and Huatai-PB CSI 300 ETF, with changes in their holdings compared to the previous period [3]

Core Insights - Tencent Holdings (00700), Alibaba-W (09988), and Hong Kong Exchanges (00388) led the market in net inflows, with amounts of 1.115 billion, 1.055 billion, and 309 million respectively [1] - China Mobile (00941), Luoyang Molybdenum (03993), and CICC (03908) experienced the highest net outflows, with amounts of -1.053 billion, -184 million, and -181 million respectively [1] - In terms of net inflow ratios, China Telecom Services (00552), Yihua Tong (02402), and Sunshine Insurance (06963) topped the list with ratios of 167.31%, 126.18%, and 118.17% respectively [1] Net Inflow Rankings - Tencent Holdings (00700) had a net inflow of 1.115 billion, representing a 13.09% increase, closing at 614.500 [2] - Alibaba-W (09988) saw a net inflow of 1.055 billion, with a 12.23% increase, closing at 146.400 [2] - Hong Kong Exchanges (00388) recorded a net inflow of 309 million, with a 24.77% increase, closing at 407.000 [2] Net Outflow Rankings - China Mobile (00941) faced a net outflow of -1.053 billion, a decrease of -54.21%, closing at 83.700 [2] - Luoyang Molybdenum (03993) had a net outflow of -184 million, down by -29.82%, closing at 19.100 [2] - CICC (03908) experienced a net outflow of -181 million, a decrease of -30.22%, closing at 20.540 [2] Net Inflow Ratio Rankings - China Telecom Services (00552) achieved a net inflow ratio of 167.31%, with a net inflow of 26.5926 million, closing at 4.520 [3] - Yihua Tong (02402) had a net inflow ratio of 126.18%, with a net inflow of 26.5481 million, closing at 23.980 [3] - Sunshine Insurance (06963) recorded a net inflow ratio of 118.17%, with a net inflow of 31.5558 million, closing at 3.940 [3]