Investment Rating - The report maintains a positive outlook on the metal and new materials industry, indicating a strong spring market [2]. Core Insights - The report highlights that the non-ferrous metal index has outperformed the CSI 300 index, with a year-to-date increase of 94.73%, surpassing the CSI 300 by 77.07 percentage points [6]. - The report emphasizes the upward trend in various metal prices, with copper prices increasing by 122.97% year-to-date, and lithium prices also showing significant growth [10]. - The report suggests that the demand for copper is expected to remain strong due to increased investments in power grids and AI data centers, which will likely support higher price levels in the long term [5]. Market Overview - The Shanghai Composite Index rose by 0.71%, while the Shenzhen Component Index increased by 0.29% during the week [5]. - The non-ferrous metal index increased by 3.31%, outperforming the CSI 300 by 3.39 percentage points [6]. - The report notes that precious metals have seen a year-to-date increase of 79.89%, while aluminum and energy metals have risen by 70.62% and 103.31%, respectively [10]. Price Changes - The report details price changes for various metals, with copper prices increasing by 2.14% week-on-week and 41.69% year-on-year, while aluminum prices rose by 1.18% week-on-week and 17.40% year-on-year [16]. - Lithium prices have shown significant increases, with battery-grade lithium hydroxide rising by 15.98% week-on-week [18]. Inventory and Supply - The report indicates that domestic copper social inventory increased by 4.5 thousand tons, reaching 239 thousand tons, while exchange inventories also saw a rise [31]. - The report highlights that the supply of cobalt remains tight due to export restrictions from the Democratic Republic of Congo, leading to an increase in cobalt prices [5]. Company Valuations - The report provides valuations for key companies in the industry, with Zijin Mining's stock price at 35.40 yuan per share and a projected PE ratio of 29 for 2024 [19]. - Other notable companies include Shandong Gold at 40.19 yuan per share with a PE ratio of 71, and China Aluminum at 13.02 yuan per share with a PE ratio of 18 [19].

业 及 产 业 有色金属 2026 年 01 月 05 日 相关研究 证券分析师 郭中伟 A0230524120004 guozw@swsresearch.com 马焰明 A0230523090003 maym@swsresearch.com 陈松涛 A0230523090002 chenst@swsresearch.com 马昕晔 A0230511090002 maxy@swsresearch.com 联系人 郭中耀 A0230124070003 guozy@swsresearch.com 金属价格延续强势，看好春季行情 看好 ——金属&新材料行业周报 20251229-20260102 本期投资提示： 证 券 研 究 报 告 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 1．一周行情回顾 行 行 业 研 究 / 行 业 点 评 - ⚫ 一周行情回顾：据 iFind，环比上周 1）上证指数上涨 0.71%，深证成指上涨 0.29%，沪深 300 下跌 0.09%，有色金属（申 万）指数上涨 3.31%，跑赢沪深 300 指数 3.39 个百分点。2）分子板块看， ...

格隆汇1月5日丨山东黄金(600547.SH)公布，截至2025年12月31日，公司累计通过股票回购专用证券账 户以集中竞价交易方式回购股份数量为183.49万股，占公司总股本的0.07%，其中，最高成交价为19.45 元/股，最低成交价17.85元/股，成交总金额为34,092,534.43元(不含交易费用)。 ...

格隆汇1月5日丨山东黄金(600547.SH)公布，截至2025年12月31日，公司累计通过股票回购专用证券账 户以集中竞价交易方式回购股份数量为183.49万股，占公司总股本的0.07%，其中，最高成交价为19.45 元/股，最低成交价17.85元/股，成交总金额为34,092,534.43元(不含交易费用)。 ...

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公司 公司名稱: 山東黃金礦業股份有限公司 呈交日期: 2026年1月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01787 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 995,486,178 | RMB | | 1 RMB | | 995,486,178 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 995,486,178 | RMB | | 1 RMB | | 995,486,178 | | 2. 股份分類 | 普通股 | 股份類別 | A | | ...

Group 1 - The precious metals sector increased by 3.49% on January 5, with Hunan Silver leading the gains [1] - The Shanghai Composite Index closed at 4023.42, up 1.38%, while the Shenzhen Component Index closed at 13828.63, up 2.24% [1] - Hunan Silver's stock price rose by 9.97% to 7.61, with a trading volume of 3.7486 million shares and a transaction value of 2.808 billion yuan [1] Group 2 - The net inflow of main funds in the precious metals sector was 514 million yuan, while retail funds saw a net outflow of 248 million yuan [1] - Hunan Silver had a main fund net inflow of 355 million yuan, accounting for 12.66% of its total trading [2] - Shandong Gold experienced a main fund net inflow of 226 million yuan, representing 9.89% of its total trading [2]

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公司 公司名稱: 山東黃金礦業股份有限公司 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 呈交日期: 2026年1月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01787 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 995,486,178 | RMB | | 1 RMB | | 995,486,178 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 995,486,178 | RMB | | 1 RMB | | 995,486,178 | | 2. 股份分類 | 普通股 | 股份類別 | A | | ...

Core Insights - Shandong Gold Group's innovative technology for intelligent filling in metal mining has been recognized as one of the top ten innovative achievements among provincial enterprises, addressing the critical issue of tailings disposal and enhancing resource recovery [1][2] Group 1: Technological Advancements - The newly developed "key technology for intelligent filling in green mining" has been implemented in multiple provinces, leading to a 28.67% increase in production capacity, a 26% reduction in mining loss rate, and a 19.35% decrease in ore dilution rate [1] - The company has undertaken or participated in 21 major national and provincial-level scientific projects since the start of the 14th Five-Year Plan, marking a 43% increase compared to the previous five-year period [2] - The successful construction of the "Asia's deepest shaft" at the Sanshandao gold mine and the development of the third-generation metal mine filling system technology have been significant achievements [2] Group 2: Innovation and Collaboration - Shandong Gold Group has established nine new provincial and above-level scientific innovation platforms during the 14th Five-Year Plan, including the newly approved "Key Laboratory for Intelligent Green Development of Deep Coastal Gold Mines" [2] - The company has nurtured 27 high-tech enterprises, 14 specialized and innovative enterprises, and 2 gazelle enterprises, contributing to a robust collaborative innovation ecosystem [2] Group 3: Achievements in Innovation - The company has built 82 grassroots innovation studios, conducting over 500 research and minor improvement projects annually, with a total of 118 outstanding results promoted and applied in the past five years [3] - Shandong Gold Group has received numerous awards, including one national second-class science and technology progress award and 18 provincial-level science and technology progress awards, maintaining the highest number of awards in the industry for five consecutive years [3] - The company has applied for 2,169 patents, with 1,716 granted, and has participated in the formulation of 50 various standards, achieving a breakthrough in international standards [3]

Core Viewpoint - The military strike ordered by the U.S. against Venezuela has created significant uncertainty in global markets, particularly affecting the Chinese A-share market, which is set to react after a holiday pause [1][2]. Group 1: Immediate Market Reactions - Global markets reacted swiftly to the news, with gold prices surging due to increased safe-haven buying and international oil prices rising sharply due to geopolitical risk premiums [2]. - The FTSE China A50 index futures, typically a leading indicator for A-shares, remained inactive on January 3, indicating that market sentiments and risk assessments would be bottled up until the market reopened on January 5 [2]. Group 2: Market Dynamics and Implications - The decision to bypass Congress for military action introduces new variables into market dynamics, creating a 12-hour delay for market reactions and increasing uncertainty regarding potential further military actions [3]. - The turmoil in Venezuela, a key OPEC member, is expected to have delayed impacts on the energy sector, particularly affecting domestic refining companies and airlines, while also providing time for the renewable energy sector to assess potential opportunities [4]. Group 3: Sector-Specific Impacts - The military intervention is likely to amplify concerns about energy inflation, with oil prices already rising, which will impact the energy supply chain and related sectors once the A-share market reopens [4]. - The military action's implications extend to the defense sector, where the unpredictability of U.S. military actions may lead to increased demand for defense stocks, reflecting a broader trend of heightened geopolitical tensions [5]. Group 4: Investment Strategies and Scenarios - Three potential scenarios for the A-share market opening on January 5 have been outlined: a panic-driven sell-off, a rational adjustment reflecting market resilience, or a strategic opportunity arising from perceived overreactions [8][9][10]. - Investors are advised to prepare by assessing their holdings, setting specific price triggers for action, and closely monitoring developments regarding potential further military actions and Congressional responses [15][17]. Group 5: Broader Market Repercussions - The military strike may lead to a reevaluation of geopolitical risk pricing in global capital markets, particularly affecting countries with existing tensions with the U.S. [6]. - The potential for a second round of attacks raises concerns about ongoing supply disruptions, which could have lasting effects on market stability and investor confidence [4][5].

Group 1 - Shandong Gold (600547) closed at 39.7 yuan on December 26, 2025, up 9.01% from last week's 36.42 yuan, with a market cap of 178.45 billion yuan, ranking 1st in the precious metals sector and 84th among A-shares [1] - The highest price during the week was 41.7 yuan on December 24, and the lowest was 36.88 yuan on December 22 [1] - The company announced that its subsidiary, Shandong Gold International, provided a guarantee of 262 million yuan to its wholly-owned subsidiary Osino Mining Investments Limited, with a guarantee period of three years and no overdue guarantees [1] Group 2 - Independent director Zhan Kai resigned from his position due to personal reasons, effective upon the election of a new independent director at the shareholders' meeting [2] - Zhan confirmed there were no disagreements with the company, did not hold any shares, and had no unfulfilled commitments [2] - The company expressed gratitude for Zhan's contributions during his tenure [2]