Core Viewpoint - Chihong Zn & Ge Co., Ltd. has not yet established a partnership with CATL for the cooperation on germanium and cobalt materials as of the latest update [1] Group 1 - The company confirmed that there is currently no collaboration with CATL regarding germanium and cobalt materials [1]

格隆汇1月20日丨驰宏锌锗(600497.SH)在投资者互动平台表示，永昌铅锌拥有的杨梅田铜铅矿已完成采 矿证办理。 ...

格隆汇1月20日丨驰宏锌锗(600497.SH)在投资者互动平台表示，永昌铅锌拥有的杨梅田铜铅矿已完成采 矿证办理。 ...

Core Viewpoint - The company has not established any cooperation with CATL regarding germanium and cobalt materials as of January 20 [2] Group 1 - An investor inquired about the collaboration between the company and CATL on an investor interaction platform [2] - The company confirmed that there are currently no partnerships related to germanium and cobalt materials with CATL [2]

Core Viewpoint - The non-ferrous metal sector is experiencing a strong upward trend, with significant inflows into related ETFs, indicating robust investor interest and potential for continued growth [1][12]. Group 1: Market Performance - The popular non-ferrous ETF, Huabao (159876), saw an intraday increase of 2.2%, currently up 1.41%, reaching a new high since its listing [1][12]. - As of January 15, the latest scale of Huabao ETF reached 1.453 billion, marking a historical peak and ranking first among three ETFs tracking the China Nonferrous Metals Index [1][12]. - The ETF has attracted a net subscription of 50.4 million units, with a total net inflow of 473 million over the past ten days [1][12]. Group 2: Stock Performance - Leading stocks in the sector include Hunan Silver, which surged over 6%, along with Chihong Zn & Ge, Jiangxi Copper, and Jinchuan Group, all rising more than 5% [4][15]. - Other notable performers include Western Mining and Zhongjin Lingnan, both showing positive gains [4][15]. Group 3: Industry Outlook - Analysts predict that the non-ferrous metal sector will continue to thrive due to multiple factors, including global capital expenditure cycles, manufacturing recovery, and improved domestic macro expectations [5][16]. - The sector is expected to enter a bull market by 2026, driven by a confluence of monetary, demand, and supply factors [5][16]. - The demand for strategic metals is anticipated to rise significantly, influenced by new technologies and geopolitical factors, with a focus on metals used in military applications [3][16]. Group 4: Copper Market Insights - China Galaxy Securities suggests that copper prices have substantial upward potential, as historical analysis shows that current prices, adjusted for inflation, have not reached previous supercycle highs [3][14]. - The ongoing reshaping of the international monetary order and the low copper-to-gold ratio indicate a favorable environment for copper investments [3][14]. - The convergence of the AI technology revolution and global order restructuring is expected to create a new supercycle for copper [3][14].

Core Viewpoint - The silver sector in A-shares has attracted market attention due to rising risk aversion amid global economic uncertainties, with silver being favored for its financial attributes and industrial demand. Group 1: Company Highlights - Hunan Silver (002716.SZ): Latest stock price is 10.54 CNY with a daily increase of +6.25%. It is a significant base for silver production and export in China, having established a complete industrial chain from silver-rich lead concentrate to deep processing of silver products and "Internet+" applications [1]. - Zhuhai Group (600961.SH): Latest stock price is 19.50 CNY with a daily increase of +5.69%. It is a performance stock with silver as one of its main smelting products [2]. - Chihong Zn & Ge (600497.SS): Latest stock price is 9.03 CNY with a daily increase of +5.37%. This comprehensive mining company has a production capacity of over 1,000 tons per year for precious metals including silver [3]. - Zhongjin Lingnan (000060.SZ): Latest stock price is 6.86 CNY with a daily increase of +4.41%. The company’s main products include silver, with silver metal resource reserves of 5,722 tons [4]. - Jinhui Mining (603132.SH): Latest stock price is 16.26 CNY with a daily increase of +3.83%. The main business involves non-ferrous metal mining, primarily producing zinc and lead concentrates (including silver) [5]. - Huayu Mining (601020.SH): Latest stock price is 30.50 CNY with a daily increase of +2.31%. The company has abundant silver resources [6]. - Western Mining (601168.SH): Latest stock price is 30.74 CNY with a daily increase of +2.26%. The company engages in the production and sales of precious metals, including silver ingots [7]. - Hengbang Shares (002237.SZ): Latest stock price is 14.95 CNY with a daily increase of +2.26%. The company primarily focuses on gold and silver as its main products [8]. - Shanjin International (000975.SZ): Latest stock price is 28.55 CNY with a daily increase of +2.18%. It owns Yulong Mining, one of the largest single silver-containing mines in China [9]. - Chifeng Gold (600988.SH): Latest stock price is 32.94 CNY with a daily increase of +1.92%. The company’s main products include silver, with its subsidiary Hanfeng Mining producing lead and copper concentrates containing silver [10]. - Silver Yunnan (601212.SH): Latest stock price is 7.16 CNY with a daily increase of +1.56%. It is a comprehensive production base for various non-ferrous metals in China [11].

Core Viewpoint - Yunnan Chihong Zinc & Germanium Co., Ltd. has signed an agreement to acquire a 55% stake in Wumeng Mining, marking a strategic move to enhance its lead and zinc resource reserves and production capacity [1] Group 1: Investment Details - The agreement involves a cash investment of 122 million yuan and the contribution of exploration rights [1] - The acquisition is part of the company's resource strategy implementation [1] Group 2: Strategic Implications - The chairman of Chihong Zinc & Germanium, Yang Meiyan, emphasized that this investment will significantly improve the company's resource reserves and production scale in the lead and zinc sector [1]

Group 1 - Precious metals have shown active performance, with spot silver rising over 7% and reaching a historical high of $93 per ounce, while spot gold has also set a new record at $4,643 per ounce [1] - Huafu Securities noted that escalating regional conflicts have led to fluctuations in gold prices, with deteriorating U.S. manufacturing activity and unexpectedly weak employment data providing key support for gold prices, reinforcing market expectations for further easing policies from the Federal Reserve [1] - As of January 15, 2026, the National Securities Nonferrous Metals Industry Index (399395) surged by 3.59%, with constituent stocks such as Huaxi Nonferrous Metals up 8.54%, Huayou Cobalt up 8.23%, and Chihong Zn & Ge up 7.82% [1] Group 2 - The top ten weighted stocks in the National Securities Nonferrous Metals Industry Index (399395) as of December 31, 2025, include Zijin Mining, Luoyang Molybdenum, Northern Rare Earth, Huayou Cobalt, China Aluminum, Ganfeng Lithium, Yun Aluminum, Shandong Gold, Zhongjin Gold, and Tianqi Lithium, collectively accounting for 51.65% of the index [2] - The Nonferrous ETF Penghua (159880) closely tracks the National Securities Nonferrous Metals Industry Index, which selects 50 securities with significant scale and liquidity in the nonferrous metals sector, reflecting the overall performance of listed companies in this industry [1][2]

Core Viewpoint - The non-ferrous metal sector is experiencing significant growth, with the popular ETF, Huabao Non-ferrous ETF (159876), hitting a new historical high and attracting substantial capital inflow [1][9]. Group 1: Market Performance - The Huabao Non-ferrous ETF (159876) saw an increase of 3.23% and 2.69%, marking five consecutive days of gains and setting a new historical high [1][9]. - As of the report, the ETF received a net subscription of 38.4 million units, accumulating a total of 440 million yuan in the past ten days [1][9]. Group 2: Sector Analysis - In the gold sector, Xian Financial Securities suggests that the U.S. faces recession pressures, high sovereign debt, and trade deficits, which weaken the dollar's credibility, leading to increased focus on gold as a global asset [2][10]. - For copper, China Galaxy Securities indicates that there is still significant upward potential for copper prices, as historical data shows that current prices, adjusted for inflation, have not reached previous supercycle highs [3][11]. - Strategic metals like tungsten, molybdenum, titanium, and rare earths are expected to see increased demand due to technological revolutions and supply chain security concerns, as noted by CITIC Securities [3][11]. Group 3: Stock Performance - Key stocks in the non-ferrous metal sector include Huaxi Non-ferrous, Hunan Silver, and Huayou Cobalt, all of which have surged over 7% [4][12]. - Other notable performers include Ganfeng Lithium, which rose over 6%, and several other stocks that experienced significant gains [4][12]. Group 4: Future Outlook - The industry is expected to enter a supercycle driven by the convergence of AI advancements and global order restructuring, with historical parallels drawn to significant macroeconomic events [5][13]. - Institutions predict a bullish market for non-ferrous metals, with expectations of a synchronized upward trend in currency, demand, and supply by 2026 [5][13].

Group 1 - The core viewpoint of the news highlights a general increase in non-ferrous metals, with significant price movements observed in various metals such as tin, nickel, and silver [1] - The LME copper price rose by $24, reaching $13,188 per ton, while LME aluminum fell by $12 to $3,186 per ton [1] - The international geopolitical tensions are driving safe-haven investments and central bank allocations towards gold, reinforcing a bullish trend in precious metals [1] Group 2 - The China Securities Non-Ferrous Metals Industry Index (399395) saw a strong increase of 1.55%, with notable gains in stocks such as Huayou Cobalt, which rose by 7.20%, and Yunnan Tin, which increased by 5.32% [1] - The Penghua Non-Ferrous ETF closely tracks the China Securities Non-Ferrous Metals Industry Index, which includes 50 prominent securities in the non-ferrous metals sector, reflecting the overall performance of listed companies in this industry [2] - As of December 31, 2025, the top ten weighted stocks in the index account for 51.65% of the total, including companies like Zijin Mining and China Northern Rare Earth [2]