（来源：经济参考报） 工业强、江西强。"十四五"以来，江西紧扣实现新型工业化关键任务，深入实施"1269"行动计划，全部 工业增加值保持在万亿元以上，工业营业收入保持在4万亿元以上，高质量发展成色更足。 其背后，材料科学的创新支撑作用日益凸显。"1269"行动计划重点培育的12条制造业重点产业链和6个 先进制造业集群中，材料创新正是贯穿多领域、赋能产业升级的核心元素之一。 产业所需，正是科研所向。作为江西省唯一的国家"双一流"建设学科，南昌大学材料科学与工程学科 （以下简称"南昌大学材料学科"）坚持从产业发展痛点出发，以材料创新夯实工业根基，推动人才链、 创新链与产业链深度融合，已成为服务国家战略和区域高质量发展的重要"智力引擎"。 不是"能做什么" "传统无氧铜材沟槽管在持续高温下易软化变形，难以满足大功率器件长时间散热需要。"耐乐铜业总工 程师马力表示，无氧铜材沟槽管的散热"短板"，曾一度制约了国产高端散热模组向更高性能迈进。 2021年，南昌大学卓海鸥团队深入耐乐铜业生产一线，将实验室的前沿理念与产业端的实际痛点对接， 通过在无氧铜中添加微量稀土元素，使新型铜材的强度和高温性能显著提升。2024年，仅这 ...

国际金价迭创新高，一轮金矿并购热潮同步上演。1月26日晚间，紫金矿业宣布以55亿加元（约合人民 币280亿元）收购加拿大联合黄金，创下公司最大单笔并购纪录。 这是中国矿企全球"揽金"中的一例。洛阳钼业40天"闪电"交割南美金矿资产；江西铜业宣布以约8.42亿 英镑全面要约收购索尔黄金；灵宝黄金拟以3.7亿澳元将巴布亚新几内亚Simberi在产金矿纳入麾下；盛 屯矿业则以1.9亿美元收购刚果（金）Adumbi金矿……2025年下半年以来，中国矿企境外黄金矿山收购 总规模已接近600亿元人民币，交易标的遍布非洲、南美等地。 矿企加速全球"揽金" 在全球矿业并购市场，黄金已成为最炙手可热的标的。标普全球数据显示，自2023年起黄金资产并购金 额便超越普通金属，2024年黄金资产并购案件与金额占全球采矿业整体的70%左右。 中国企业已然成为其中最活跃的参与者之一。2026年1月26日晚，紫金矿业公告，旗下紫金黄金国际拟 以55亿加元（约合人民币280亿元）收购加拿大联合黄金全部股权，将马里Sadiola金矿、科特迪瓦金矿 综合体及埃塞俄比亚Kurmuk金矿收入囊中。这三座矿山合计拥有金资源量533吨，2024年产金1 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 持續關連交易 訂立合作框架協議的補充公告 茲 提 述 江 西 銅 業 股 份 有 限 公 司（「本公司」）日 期 為 二 零 二 六 年 一 月 十 九 日 的 公 告（「該公告」），內 容 有 關 合 作 框 架 協 議 的 持 續 關 連 交 易。除 另 有 說 明 外，本 公 告 所 用 詞 彙 與 該 公 告 所 界 定 者 具 有 相 同 涵 義。 除 該 公 告 所 披 露 的 資 料 外，本 公 司 謹 此 提 供(1)採購合作框架協議年度 上 限 釐 定 標 準 的 進 一 步 資 料；(2)銷售合作框架協議年度上限釐定標準 的 進 一 步 資 料；及(3)監 管 合 作 框 架 協 議 的 內 部 控 制 措 施。本 公 告 為 該 公 告 之 補 充，且 應 與 其 一 併 閱 讀。 採購合作框架協議 年 度上限釐定 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 有關新相互擔保協議的持續關連交易的補充公告 1. 本 公 司 已 制 定 內 部 控 制 措 施，以 確 保 新 相 互 擔 保 協 議 項 下 的 擔 保 金 額在建議 年 度 上限之內。本公司財務部門及證券部門相關人員 將 每 個 月 對 擔 保 金 額 進 行 監 控，以 確 保 擔 保 金 額 在 建 議 年 度 上限之內。 若本公司財務部門及證券部門相關人員發現擔保金額預計將超過 建 議 年 度 上 限，則 必 須 報 告 董 事 會（包 括 獨 立 非 執 行 董 事）以 作 進 一 步 的 評 估 及 批 准，以 確 保 本 公 司 遵 守 上 市 規 則 的 要 求。 – 1 – 承董事會命 茲 提 述 江 西 銅 業 股 份 有 限 公 司（「本公司」）日 期 為 二 零 二 六 年 一 月 十 九 日 的 公 告（「 ...

Group 1 - The industrial metals sector is expected to enter a golden window in 2026, driven by macroeconomic factors and fundamental demand, with the Federal Reserve's interest rate cuts and domestic policies boosting liquidity and demand [1] - Supply constraints are evident due to insufficient long-term capital expenditure, declining ore grades, and frequent mine production cuts, leading to sustained pressure on copper and aluminum supplies [1][5] - Demand remains resilient in traditional sectors while emerging fields like AI data centers and energy storage are experiencing explosive growth, becoming key drivers of marginal demand [1][2] Group 2 - The copper market is characterized by a structural shortage, with refined copper expected to face a shortfall of 380,000 tons in 2026, leading to an upward price trend [1][5] - The aluminum sector is in a tight balance phase, with domestic production capacity nearing its limit and new capacity additions constrained by high costs and power supply issues in regions like Indonesia [2][5] - Demand for aluminum is significantly improving, particularly in transportation and power electronics, with a projected domestic aluminum shortfall increasing from 150,000 tons in 2025 to 1,070,000 tons by 2027 [2][5] Group 3 - The financial attributes of copper are strengthened by the ongoing interest rate cuts, while its commodity attributes are constrained by supply-side tensions [5] - The demand for copper in data centers is projected to reach 268,000 tons by 2026, driven by the growth of AI and energy storage applications [1][24] - The aluminum demand in data centers is estimated at 78,000 tons globally and 20,000 tons domestically by 2026, with aluminum primarily used in structural and electrical applications [39][40] Group 4 - Investment recommendations focus on companies in the copper sector with sustainable growth, including Zijin Mining, Minmetals Resources, and China Nonferrous Mining, while also highlighting aluminum companies with strong dividend yields and profit elasticity [5][52] - The report emphasizes the importance of monitoring supply chain risks related to bauxite, as the industry remains highly dependent on external sources [5][55]

格隆汇1月27日丨ST联合（维权）(600358.SH)公布，经财务部门初步测算，预计2025年年度实现归属于 母公司所有者的净利润-2,800.00万元到-4,000.00万元，与上年同期-6,370.31万元相比，将出现亏损缩 小。预计2025年年度实现归属于母公司所有者的扣除非经常性损益后的净利润-4,800.00万元到-6,000.00 万元。 ...

Core Insights - In 2025, Jiangxi's non-ferrous metal industry achieved a historic breakthrough, with revenue surpassing 1 trillion yuan, becoming the second trillion-level industrial cluster in the province after the electronic information industry [1] - The capital market plays a significant role in supporting this growth, with eight listed companies in the non-ferrous metal sector generating over 436 billion yuan in revenue and nearly 8 billion yuan in net profit in the first three quarters of 2025 [1] - Leading companies such as Jiangxi Copper, China Rare Earth, and Ganfeng Lithium are pivotal in establishing a robust industrial framework for Jiangxi's non-ferrous metal sector [1] Industry Growth and Development - Jiangxi Copper Group has signed strategic cooperation agreements with local companies to enhance collaboration in mining equipment maintenance and overseas market expansion [2] - The copper industry in Jiangxi has seen a 23.57% increase in main product output and an 11.6% rise in revenue since 2022, driven by integrated development and collaboration among chain enterprises [2] - The province has implemented a "1269" action plan to modernize key manufacturing industry chains, focusing on enhancing the non-ferrous metal sector [2] Resource Utilization and Innovation - Jiangxi's rare earth industry has transformed from a resource-rich but weak industrial base to a thriving sector, with the establishment of the China Rare Earth Group and the emergence of local companies like Jinli Permanent Magnet [3] - The lithium battery industry in Yichun has grown from under 25 billion yuan to a scale exceeding 100 billion yuan, with over 70% of the industry's value chain now in the mid-to-late stages [3] Capital Market Empowerment - The traditional copper industry in Yingtan has shown resilience and vitality, with the establishment of a 5 billion yuan copper industry guidance fund to support the development of over 280 enterprises [4] - Jiangxi has created a copper-based new materials cluster with a production value exceeding 600 billion yuan, driven by collaboration among leading companies [5] - Jiangxi's capital market has facilitated the transformation of companies like Anyuan Coal Industry into new sectors, focusing on rare metals and mining investment [6] Investment and Financial Support - The Jiangxi Modern Industry Guidance Fund, established in May 2022 with a total scale of 300 billion yuan, has exceeded 342 billion yuan and has supported 90 industrial projects [7] - The fund collaborates with major enterprises to establish specialized funds, promoting the transition of key industries from aggregation to quality enhancement [7] - The fund aims to build a development matrix that includes traditional, emerging, and future industries, enhancing the competitiveness of industrial clusters [7]

Summary of Key Points from the Conference Call Industry Overview - **Industry Focus**: Greater China Materials, specifically alumina and related sectors [1] - **Market Sentiment**: The industry view is considered attractive by Morgan Stanley [6] Core Insights - **Alumina Production Cuts**: An alumina plant in Guizhou is planning production cuts in January and February, indicating a potential shift in supply dynamics [8] - **Government Actions**: China has issued its first batch of ultra-long special treasury bonds amounting to Rmb93.6 billion for equipment upgrading, which may impact the materials sector positively [8] - **Safety Inspections**: There is a potential nationwide safety inspection in the iron and steel industry due to a recent explosion, which could affect production and operational costs [8] Price and Inventory Movements - **Base Metals**: - Shanghai copper prices decreased by 0.8% WoW, with inventories increasing by 25.1% [2] - Shanghai aluminum prices increased by 0.4% WoW, while inventories rose by 37.0% [2] - **Steel Prices**: - Shanghai HRC and CRC prices both fell by 0.6% WoW, while rebar prices dipped by 0.2% [3] - Tangshan billet prices declined by 1.3% WoW [3] - **Cement Prices**: Remained stable at Rmb340/t as of January 23 [3] - **Coal Prices**: QHD5500 price decreased by 0.3% WoW to Rmb686/t, with inventory rising by 5.8% to 5.82 million tons [3] - **Glass Prices**: - Glass fiber prices remained flat at Rmb3,883/t [4] - Float glass prices unchanged at Rmb1,198/t [4] Battery Metals - **Price Increases**: - Domestic industrial-grade and battery-grade hydroxide prices rose by 3.5% and 4.0% WoW, respectively [2] - Industrial- and battery-grade lithium carbonate prices both increased by 3.5% WoW [2] Gold Market - **Price Surge**: Gold prices increased by 6.9% WoW to US$4,936/oz, indicating strong demand [2] Additional Observations - **Inventory Trends**: - Long steel inventories at traders increased by 2.0% WoW, while flat steel inventories decreased by 0.9% WoW [3] - **Market Dynamics**: The increase in inventories for copper and aluminum suggests a potential oversupply situation, which could impact future pricing [2][3] This summary encapsulates the key points from the conference call, highlighting the current state of the Greater China materials sector, particularly focusing on alumina and related industries.

Market Overview - The market experienced a downturn with the Shanghai Composite Index closing down 0.09%, the Shenzhen Component down 0.85%, and the ChiNext down 0.91% [1] - A total of 1,604 stocks rose while 3,771 stocks fell, indicating a broader market weakness [1] Precious Metals Sector - The precious metals sector saw significant gains, with gold prices surpassing $5,000 per ounce for the first time, and silver prices also rising sharply [2] - Notable stocks in this sector included Zhongjin Gold and Xibu Gold, which reached their daily limit [2] Pharmaceutical Sector - The pharmaceutical sector strengthened, with stocks like Cap Bio and Mike Bio hitting their daily limit due to concerns over a Nipah virus outbreak in India [2][4] - The outbreak has prompted increased monitoring in countries such as Thailand and Nepal [2] Oil and Gas Sector - Oil and gas stocks rallied, with Zhongman Petroleum hitting its daily limit and China National Offshore Oil Corporation (CNOOC) rising over 6% to reach a new high [5] Commercial Aerospace Sector - The commercial aerospace sector faced adjustments, with stocks like China Satellite and China Satcom hitting their daily limit [6] Large Sell Orders - Significant sell orders were noted in major stocks, with Zijin Mining seeing over 4.07 billion yuan in sell orders and China Ping An over 2.05 billion yuan [6] Market Sentiment and Policy - Analysts from CITIC Securities indicated that the current reduction in broad-based ETFs by institutional investors may be a strategy to realize profits rather than directly suppressing speculative trading [10] - The report suggests that increasing margin requirements or trading fees could be more effective in cooling market enthusiasm [10]

Group 1 - The meeting involved representatives from Guotai Junan Securities and Lanshi Zhongke, focusing on the latest developments and technological layout in the field of nanomaterials [1][2] - Lanshi Zhongke showcased its core technology system and competitive advantages in nanomaterials, as well as its future development plans [1] - The discussion included key technical indicators and optimization paths for materials such as lanthanum oxide, cerium oxide, and nano zinc oxide, with positive feedback on Lanshi Zhongke's technical strength and development prospects [1] Group 2 - Lanshi Zhongke expressed gratitude for the support and resource promotion from Guotai Junan Securities, highlighting the complementary nature of their core process R&D and industrialization experience with the research focus of Jiangxi Copper Research Institute [2] - The company looks forward to a site visit from the Jiangxi Copper team for further exchanges and aims to collaborate with partners in the new materials field [2]