Core Viewpoint - The precious metals sector experienced a rise of 1.56% on January 14, with Hunan Silver leading the gains, while the Shanghai Composite Index fell by 0.31% and the Shenzhen Component Index increased by 0.56% [1] Group 1: Market Performance - Hunan Silver closed at 9.92, up by 9.98%, with a trading volume of 3.897 million shares and a transaction value of 3.805 billion yuan [1] - Other notable performers included Shanjin International, which rose by 3.60% to 27.94, and Sichuan Gold, which increased by 2.51% to 31.49 [1] - The overall precious metals sector saw a net inflow of 238 million yuan from main funds, while retail investors experienced a net outflow of 247 million yuan [1] Group 2: Fund Flow Analysis - Main funds showed a net inflow of 88.8975 million yuan for Hunan Silver, while retail investors had a net outflow of 12.6 million yuan [2] - Shanjin International had a net inflow of 77.3476 million yuan from main funds, with retail investors seeing a net outflow of 1.49 million yuan [2] - Sichuan Gold recorded a net inflow of 44.7158 million yuan from main funds, while retail investors faced a net outflow of 4.28173 million yuan [2]

Core Viewpoint - 2026 is identified as the "Year of the Red Horse," which is favorable for the Chinese base metals market due to factors such as a weak dollar, a U.S. interest rate cut cycle, and ongoing supply tightness in copper and aluminum [1] Group 1: Market Drivers - Demand drivers for this year include a 10% year-on-year increase in grid investment, a 27% growth in electric vehicle battery production, a 41% increase in energy storage systems, and rising AI power demand [1] - The real estate and consumer sectors are experiencing weakness, while the implementation of anti-involution policies is becoming more balanced but currently lacks strong enforcement [1] Group 2: Investment Recommendations - The company favors aluminum stocks as alternative investments for AI power supply, maintaining a "buy" outlook on gold, copper, lithium (including battery materials), and cobalt stocks [1] - The company holds a neutral view on coal and is bearish on solar energy and construction materials (such as steel) due to weak demand, short-term weak enforcement of anti-involution policies, and declining steel profit margins [1] Group 3: Preferred Stocks - Preferred stocks include China Aluminum, Zijin Mining, China Hongqiao, Shandong Gold, and Ganfeng Lithium [1]

Core Viewpoint - 2026 is identified as the "Year of the Red Horse," which is favorable for the Chinese base metals market due to factors such as a weak dollar, a U.S. interest rate cut cycle, and strong demand driven by electrification and AI power infrastructure [1] Group 1: Market Conditions - A weak dollar and the U.S. interest rate cut cycle are beneficial for metals [1] - Continuous supply tightness for copper and aluminum is noted [1] Group 2: Demand Drivers - Key demand drivers include a 10% year-on-year increase in grid investment, a 27% growth in electric vehicle battery demand, a 41% increase in energy storage systems, and rising AI power demand [1] Group 3: Sector Outlook - The real estate and consumer sectors are experiencing weakness [1] - Policies aimed at reducing internal competition are becoming more balanced, although recent execution has been weak [1] Group 4: Investment Recommendations - The firm prefers aluminum stocks as alternative investments for AI power supply [1] - A "buy" outlook is maintained for gold, copper, lithium (including battery materials), and cobalt stocks [1] - Coal is viewed neutrally, while solar and construction materials (like steel) are seen negatively due to weak demand and declining steel profit margins [1] Group 5: Preferred Stocks - Preferred stocks include China Aluminum, Zijin Mining, China Hongqiao, Shandong Gold, and Ganfeng Lithium [1]

Core Viewpoint - The A-share market is experiencing a strong upward trend, particularly in the non-ferrous metals sector, with significant price increases in various metals and ETFs [1][3]. Non-Ferrous Metals Sector Performance - The non-ferrous metals sector is benefiting from multiple catalysts, including macroeconomic disturbances, rigid supply, and new demand dynamics [3]. - The non-ferrous 50 ETF (159652) has seen a price increase of over 2%, reaching new highs [1][5]. - Key stocks in the sector include Zijin Mining, which rose by 2.69%, and Yunnan Tin, which surged by 6.29% [2][5]. Precious Metals Insights - Gold prices are supported by geopolitical tensions and weak employment data, with forecasts suggesting potential for gold to exceed $4,500 per ounce [3]. - The World Gold Council reported a net purchase of 45 tons of gold by central banks in November, indicating strong demand [3]. Industrial Metals Dynamics - Copper prices are expected to continue rising due to supply constraints and regional mismatches, with a projected total market shortfall of over 100,000 tons by 2026 [6]. - The ongoing geopolitical risks and supply security concerns are driving copper prices to new historical highs [6]. Lithium Market Outlook - Policy changes are anticipated to lead to a short-term surge in lithium exports, positively impacting lithium carbonate prices [4][6]. - The demand for lithium remains robust, with expectations of continued strong performance in the battery sector [4]. Investment Strategy - The non-ferrous 50 ETF (159652) is highlighted as a comprehensive investment vehicle covering various metal sectors, with a high concentration of strategic assets [7][9]. - The ETF's copper content is 34%, and gold content is 12%, making it a leading option in its category [9]. Performance Metrics - The non-ferrous 50 ETF has shown a cumulative return of 99.61% since 2022, driven by earnings rather than valuation increases, with a current PE ratio of 26.27, down 52% from five years ago [11].

央广网济南1月13日消息（记者程立龙）"以往，不少矿坑因为安全隐患难以开采，如今，通过膏体填充技术把采 空区填实，不仅彻底消除了塌方风险，这些原本'拿不到手'的矿产资源也能安全回收了。"山东黄金集团充填工程 实验室主任介绍道。 日前，山东省属企业科技创新生态建设推进会在济南召开，山东黄金多项"硬核"科技成果获奖。其中两项成果分 别入选省属企业十大创新成果与十大人工智能典型应用场景，彰显了集团以科技创新驱动矿业升级的坚实成效。 如果说充填技术是给矿山"强身健体"，那人工智能应用就是给生产"装了大脑"。山东黄金集团自主研发的"全生命 周期智能管理大模型"，此次成功入选省属企业十大人工智能典型应用场景。该模型覆盖12类2000余台套核心生产 设备，实现了设备智能监测、故障预警与预测性维护的全流程闭环管理。 三山岛金矿调度指挥中心（央广网发 山东黄金集团供图） 此次入选省属企业十大创新成果的"金属矿智能化充填绿色开采关键技术"，是集团在绿色开采领域的突破性成 果。这套被称为矿山"无缝缝合"的黑科技，核心在于将尾砂等固体废弃物加工成膏状料浆，通过智能泵送系统精 准注入采空区，凝固后即可替代矿石支撑围岩，实现全流程自动化 ...

中信期货表示，金银价格再度放量上行，宏观与地缘风险共振，流动性与资源安全预期成为主线。此 外，美联储独立性受损的交易逻辑重新定价，黄金延续趋势性上行，白银在现货紧张与高弹性驱动下加 速冲高，短期波动显著放大。 （文章来源：21世纪经济报道） 1月13日，三大指数集体调整，其中创业板指冲高回落跌近2%。板块上看，贵金属概念股集体上涨，晓 程科技、湖南白银涨超5%领涨，山金国际、山东黄金、招金黄金等多只概念股跟涨。 消息面上，隔夜纽约商品交易所2月黄金期价12日一度触及每盎司4630.19美元；3月白银期价一度冲上 每盎司86美元，涨幅超过8%，均创历史新高。 ...

Core Insights - The precious metals sector experienced a significant increase of 2.81% on January 13, with Xiaocheng Technology leading the gains [1] - The Shanghai Composite Index closed at 4138.76, down 0.64%, while the Shenzhen Component Index closed at 14169.4, down 1.37% [1] Precious Metals Sector Performance - Xiaocheng Technology (300139) closed at 38.47, up 8.52%, with a trading volume of 566,300 shares and a transaction value of 2.152 billion yuan [1] - Hunan Silver (002716) closed at 9.02, up 7.64%, with a trading volume of 4.4151 million shares and a transaction value of 3.964 billion yuan [1] - Shandong Gold (600547) closed at 46.27, up 2.80%, with a trading volume of 516,600 shares and a transaction value of 2.401 billion yuan [1] - The overall net inflow of main funds in the precious metals sector was 475 million yuan, while retail investors saw a net outflow of 217 million yuan [1] Fund Flow Analysis - Hunan Silver (002716) had a main fund net inflow of 186 million yuan, but retail investors experienced a net outflow of 70.625 million yuan [2] - Xiaocheng Technology (300139) saw a main fund net inflow of 113 million yuan, with retail investors facing a net outflow of 100 million yuan [2] - Shandong Gold (600547) recorded a main fund net inflow of 100 million yuan, while retail investors had a net outflow of 72.668 million yuan [2]

Market Overview - The market experienced a pullback today, with the Shanghai Composite Index down by 0.64%, the Shenzhen Component down by 1.37%, the ChiNext Index down by 1.96%, and the Northern Stock 50 Index down by 2.5% [1][15] - The total market turnover reached a record high of 36,987 billion yuan [1][15] Sector Performance - The medical industry chain was active, with the medical services sector showing strength. Notable stocks such as NuoSiGe, HongBo Pharmaceutical, and PuRuiSi hit the daily limit, while MeiNian Health achieved a three-day limit with a market value of 29.005 billion yuan [3][17] - The AI application sector continued its upward trend, with stocks like TongDaHai and TianLong Group also hitting the daily limit [3][18] - The precious metals sector saw significant gains, with stocks like XiaoCheng Technology and Hunan Silver leading the rise [5][20] Precious Metals Market - The precious metals sector was among the top gainers today, with gold prices fluctuating around 4,580 USD per ounce as the market awaited U.S. inflation data [6][21] - The main silver contract closed up nearly 6% [7][22] - The Chicago Mercantile Exchange announced changes to the margin requirements for gold, silver, platinum, and palladium contracts, which may lead to increased caution in market trading [9][24] - Recent geopolitical tensions have heightened market risk aversion, contributing to a strong performance in the precious metals market [9][24] Electric Power Sector - The electric power sector saw a surge in activity in the afternoon, particularly in the power transmission and transformation equipment sector, with stocks like YiNeng Electric and Shuangjie Electric showing significant gains [10][25] - SanBian Technology experienced a rapid increase, hitting the daily limit within four minutes, with a closing price of 17.48 yuan per share [10][25] Renewable Energy Initiatives - The National Energy Administration issued guidelines for the management of renewable energy green power certificates to promote high-quality market development [12][27] - A joint initiative by several government departments aims to expand the application of green electricity in industrial sectors and promote energy conservation and carbon reduction [12][27] Data Center Industry Growth - The data center industry in China is expected to enter a phase of explosive growth, with market size projected to exceed 318 billion yuan by 2025 and reach 1.2 trillion yuan by 2030, driven by increased AI computing demand [13][28]

Market Overview - The A-share market experienced a collective decline in the three major indices, with the Shanghai Composite Index closing at 4163.84 points, down 0.03%, the Shenzhen Component Index down 0.31%, and the ChiNext Index down 0.83% [1] Sector Performance - The market saw 2427 stocks rise, with 81 hitting the daily limit, while 2862 stocks fell. Notably, sectors such as medical services, lithium mining, precious metals, and insurance showed significant gains, while commercial aerospace, communication equipment, and shipbuilding sectors faced declines [2] Lithium Mining Sector - The lithium mining sector saw a strong surge, with stocks like Tibet Summit hitting the daily limit, and companies such as Salt Lake Industry and Ganfeng Lithium rising over 7%. Other companies like Zangge Mining and Tianqi Lithium also saw increases of over 5% [5] - The main contract for lithium carbonate futures on the Shanghai Futures Exchange surpassed 170,000 yuan per ton, marking a rise of over 9% and reaching a new high since October 2023 [7] Insurance Sector - The insurance sector showed resilience, with major players like China Life and Ping An rising over 3% and 2% respectively. China Life's market capitalization reached 1.2794 trillion yuan, while Ping An's reached 1.2034 trillion yuan [10][11] - Analysts predict that new insurance premiums for listed companies will achieve double-digit growth by 2026, driven primarily by the bancassurance channel and the proactive expansion of large insurers [12] AI Medical Sector - The AI medical sector experienced a wave of activity, with stocks like Dian Diagnostics and Nuo Si Ge hitting the daily limit. Nvidia announced a $1 billion investment with Eli Lilly to establish an AI drug laboratory, which is expected to accelerate medical discoveries [13] Precious Metals Sector - The precious metals sector saw a notable rise, with spot gold prices reaching a record high of $4630.28 per ounce. Stocks such as Hunan Silver and Xiaocheng Technology rose over 8%, while other companies like Shandong Gold and Zhongjin Gold also experienced gains [15]

Core Viewpoint - International gold and silver prices have risen again, leading to a strong performance in A-share market gold-related stocks, with several stocks hitting their daily limit or showing significant gains [1] Group 1: Market Performance - As of the half-day close, Mingpai Jewelry reached its daily limit, Hunan Silver also hit the limit, and Xiaocheng Technology rose over 8% [1] - Other notable performers include Shanjin International and Fuda Alloy, both up over 6%, while Guocheng Mining, Silver Nonferrous, and Nankuang Group increased by over 5% [1] - Shandong Gold, Baoding Technology, Shengda Resources, Chaohongji, Zhaojin Gold, and Jiangxi Copper all saw gains exceeding 4% [1] Group 2: Market Drivers - The rise in gold and silver prices was influenced by a significant announcement from Federal Reserve Chairman Jerome Powell regarding an ongoing criminal investigation, which traders interpreted as a signal of President Trump's intention to undermine the political independence of the Federal Reserve [1] - This shift in sentiment led to a rapid decline in risk appetite among traders, contributing to the increase in precious metal prices [1] Group 3: Price Milestones - Spot gold reached a historic high of $4,630 per ounce during trading yesterday, marking a new record [1] - Spot silver also broke through $86 per ounce, achieving a new historical peak [1]