Market Overview - The A-share market rose again on January 9, with the Shanghai Composite Index breaking through 4100 points, marking a continuous 16-day increase [1] - The total trading volume of the A-share market exceeded 3 trillion yuan, the first time since October 2025 [1] - The Shanghai Composite Index closed up 0.92% at 4120.43 points, while the Shenzhen Component Index rose 1.15% and the ChiNext Index increased by 0.77% [1] AI Application Sector - The AI application concept saw a significant surge, with stocks like Yidian Tianxia and Kunlun Wanwei hitting the 20% limit up, and Xinghuan Technology reaching a historical high [3][4] - The Ministry of Industry and Information Technology and other departments issued an implementation opinion for the "AI + Manufacturing" initiative, aiming for significant advancements in AI technology and applications by 2027 [4][5] - The proportion of industrial enterprises in China applying large models and intelligent agents increased from 9.6% in September 2024 to 47.5% in 2025, with further rapid growth expected [5] Aerospace and Military Sector - The aerospace and military sectors showed strong performance, with stocks like Qian Zhao Guangdian and Zhenyou Technology hitting the 20% limit up [7][8] - The military industry is expected to enter a long-term prosperous phase, driven by both domestic demand and foreign trade, with significant improvements in revenue and profitability anticipated [8] Notable Stocks - Fenglong Co. continued its impressive performance with an 11-day limit up streak, reaching a historical high [10] - Lushin Investment also saw a strong performance with 9 limit up days in 11 trading sessions [10] - Zhizhi New Materials achieved a 20% limit up for five consecutive days, with a cumulative increase of nearly 150% [11]

证券之星消息，1月9日小金属板块较上一交易日上涨4.64%，云南锗业领涨。当日上证指数报收于 4120.43，上涨0.92%。深证成指报收于14120.15，上涨1.15%。小金属板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002428 | 云南省业 | 38.92 | 10.01% | 107.40万 | 41.26 Z | | 600549 | 厦门钨业 | 48.19 | 10.00% | 70.03万 | 33.08亿 | | 601958 | 金铝股份 | 18.38 | 9.99% | 76.92万 | 13.79亿 | | 002378 | 章源钨业 | 16.96 | 8.44% | 112.99万 | 19.04亿 | | 000960 | 锡业股份 | 33.82 | 7.81% | 56.89万 | 18.80亿 | | 600301 | 华锡有色 | 42.29 | 7.75% | 16.48万 | 6.85亿 | | 001280 | 中国留业 ...

Core Viewpoint - The non-ferrous metal sector in the Shanghai and Shenzhen markets is experiencing active performance, with several companies showing significant stock price increases today. Group 1: Company Highlights - Antai Technology: Latest stock price is 25.19 yuan with a daily increase of +10.00%. It is a leader in refractory metals and semiconductor equipment materials, holding a leading global market share in tungsten alloy multi-leaf gratings [1]. - Xiamen Tungsten: Latest stock price is 48.19 yuan with a daily increase of +10.00%. It possesses a complete tungsten industry chain and is the first in China to develop and produce tungsten components for nuclear fusion devices [2]. - Zhangyuan Tungsten: Latest stock price is 16.96 yuan with a daily increase of +8.44%. It is a domestic producer with a complete tungsten industry chain and has its own tungsten mine resources with nearly 95,000 tons of tungsten reserves [3]. - Tin Industry Co.: Latest stock price is 33.82 yuan with a daily increase of +7.81%. It operates as a full industry chain enterprise in non-ferrous metals [4]. - Zhong Rare Earth: Latest stock price is 64.22 yuan with a daily increase of +6.41%. It is a core platform of China Rare Earth Group, spanning industries including rare earth, copper, and tungsten [5]. - Zhong Tung High-tech: Latest stock price is 32.89 yuan with a daily increase of +6.03%. It is a tungsten industry platform under China Minmetals, operating the entire industry chain, with significantly increased tungsten metal reserves after acquisitions [6]. - Luoyang Molybdenum: Latest stock price is 22.78 yuan with a daily increase of +5.07%. It is a global diversified mineral giant, operating molybdenum-tungsten mines that are associated with tungsten resources [7]. - Zhongjin Lingnan: Latest stock price is 6.51 yuan with a daily increase of +4.83%. It is a comprehensive non-ferrous metal enterprise [9].

Core Viewpoint - The A-share market showed strong performance with the Shanghai Composite Index surpassing 4100 points, indicating a potential bullish trend in the market [3][11]. Market Performance - The Shanghai Composite Index rose by 0.92% to close at 4120.43, the Shenzhen Component Index increased by 1.15% to 14120.15, the ChiNext Index gained 0.77% to 3327.81, and the Sci-Tech Innovation Board Index surged by 2.09% to 1803.40 [4][3]. - The total trading volume in the Shanghai and Shenzhen markets reached 3.12 trillion yuan, an increase of 322.4 billion yuan compared to the previous trading day, with over 3900 stocks rising and more than a hundred stocks hitting the daily limit for two consecutive days [8]. Sector Performance - AI application themes surged, particularly in the fields of healthcare, film, and short drama games, with stocks like Meian Health, Jiuyuan Yinhai, and Guoxin Health hitting the daily limit [5][6]. - The concept of controllable nuclear fusion continued to perform strongly, with stocks such as Hongxun Technology and Xiamen Tungsten rising by the daily limit [7]. Fund Flow - Major funds saw net inflows in sectors such as non-ferrous metals, media, and home appliances, while there were net outflows in semiconductor, insurance, and electronic components sectors [10]. - Specific stocks that attracted significant net inflows included Liou Co., Jinfa Technology, and Kunlun Wanwei, with inflows of 1.747 billion yuan, 1.663 billion yuan, and 1.369 billion yuan respectively [10]. Institutional Insights - Dexun Securities noted that the Shanghai Composite Index's rise above 4100 points, coupled with increased trading volume, suggests the potential for a comprehensive bull market [11]. - Guojin Securities emphasized the acceleration of the spring market and the importance of AI chain rotation opportunities, while Xiangcai Securities highlighted the recent upward breakout of the Shanghai Composite Index, indicating a possible recovery of the upward trend from the second half of 2025 [13].

Core Viewpoint - The A-share market experienced a collective rise today, with significant gains across major indices and various sectors showing strong performance, particularly in AI applications, commercial aerospace, and small metals [1] Market Performance - The Shanghai Composite Index rose by 0.92%, the Shenzhen Component Index increased by 1.15%, the ChiNext Index gained 0.77%, and the North Star 50 Index was up by 1.05% [1] - The total trading volume in the three markets reached 31,523 billion yuan, an increase of 3,261 billion yuan compared to the previous day, with over 3,900 stocks in the three markets showing gains [1] Sector Highlights - Leading sectors included AI applications, commercial aerospace, military equipment, controllable nuclear fusion, small metals, medical services, oil and gas exploration and services, computing power leasing, and retail, all showing significant gains [1] - The AI application sector saw a surge, with stocks like Tianlong Group, Yidian Tianxia, and Guangdong Media hitting the daily limit [1] - The small metals sector continued to rise, with companies such as Zhongtung High-tech and Yunnan Zhenye reaching new highs, and Jintong Co. hitting the daily limit [1] - The commercial aerospace sector maintained its strong performance, with stocks like Galaxy Electronics and China First Heavy Industries achieving consecutive gains [1] Underperforming Sectors - The photovoltaic sector showed weakness, with Hongyuan Green Energy hitting the daily limit down, followed by declines in Daqo New Energy and Tongwei Co. [1] - The brain-computer interface sector experienced fluctuations, with companies like Meihao Medical and Aipeng Medical seeing significant declines [1]

Core Viewpoint - The non-ferrous metal sector is experiencing a significant surge, with the Huabao Non-Ferrous ETF (159876) reaching a historical high and attracting substantial capital inflows [1] Group 1: Market Performance - On January 9, the Huabao Non-Ferrous ETF saw an intraday price increase of over 3.5%, setting a new historical high [1] - The ETF has received a net subscription of 55.8 million units, with a total capital inflow of 194 million yuan over the past five days, and 279 million yuan over the last ten days [1] - The top-performing stocks within the ETF include Hai Liang Co. (10.02% increase), Xiamen Tungsten (10.00% increase), and Yunnan Pig Industry (10.01% increase) [2] Group 2: Commodity Price Trends - Recent price increases have been noted in various minor metal products, particularly tungsten, with black tungsten concentrate (≥65%) priced at 485,000 yuan/ton, a 5.4% increase week-on-week, and tungsten powder at 1,130 yuan/kg, a 6.5% increase week-on-week [2] - Analysts indicate that the tungsten market is supported by supply constraints due to lower ore grades, controlled mining volumes, and sellers' reluctance to sell, alongside global demand for strategic resources [3] Group 3: Economic Outlook - Current market conditions are characterized by a "slump phase" in the fifth Kondratiev wave cycle, with expectations that commodities will benefit as the previous technology cycle peaks and a new one is still developing [3] - The U.S. economy faces recession pressures, which may lead to a reevaluation of commodities like gold and copper as global assets, potentially increasing their valuations [3] - In a context of loose liquidity and frequent supply disruptions, copper, aluminum, gold, and strategic metals are expected to maintain upward trends through 2026 [3] Group 4: Investment Opportunities - The Huabao Non-Ferrous ETF and its linked funds cover a wide range of sectors including copper, aluminum, gold, rare earths, and lithium, allowing investors to capture the overall sector's beta performance [4] - Notable stocks in the commercial aerospace sector, such as Hai Liang Co., Yunnan Zhiye, and Xiamen Tungsten, have shown significant gains, with some reaching their daily limit [5]

Group 1 - The non-ferrous metal sector is experiencing significant growth, with the Huabao Non-ferrous ETF (159876) rising over 3.5% on January 9, reaching a historical high [1][8] - The ETF has attracted a net subscription of 55.8 million units, with a total inflow of 194 million yuan over the past five days and 279 million yuan over the last ten days [1][8] - Prices for tungsten have notably increased, with black tungsten concentrate (≥65%) priced at 485,000 yuan/ton, up 5.4% week-on-week, and tungsten powder at 1,130 yuan/kg, up 6.5% week-on-week, both reaching historical highs [1][10] Group 2 - Analysts indicate that the entire tungsten product line is expected to rebound after a brief correction by the end of 2025, driven by supply constraints and global demand for strategic resources [12] - The current economic cycle is characterized as a "slump phase" within the fifth Kondratiev wave, where traditional tech benefits are peaking and new technologies like AI are still emerging, suggesting that commodity assets may benefit [12] - The U.S. faces recession pressures, with high sovereign debt and trade deficits weakening the dollar's credibility, leading to increased interest in gold as a global standard, which may also positively impact the valuation of other commodities like copper [12] Group 3 - Concept stocks providing non-ferrous metals for commercial aerospace have significantly outperformed, with HaiLiang Co., Yunnan Zhenye, and Xiamen Tungsten all hitting the daily limit [3][10] - Major stocks such as Shandong Gold and Luoyang Molybdenum have also shown strong performance, with increases of over 5% and 4% respectively [3][10] Group 4 - The Huabao Non-ferrous ETF and its linked funds comprehensively cover various sectors including copper, aluminum, gold, rare earths, and lithium, allowing for better capture of the sector's beta trends [5][13] - The ETF's index includes precious metals (for hedging), strategic metals (for growth), and industrial metals (for recovery), catering to different economic cycles [5][13]

Group 1 - The A-share small metal sector showed strength, with the sector index rising by 3.59% as of the morning close on January 9, 2023, driven by significant price increases in tungsten and other rare metals [1] - Notable stocks in the sector included Yunnan Zhenye, Dongfang Tantalum, and Xiamen Tungsten, which reached their daily limit up, while other companies like Jinchuan Group and Huaxi Nonferrous also saw gains [1] - Tungsten prices have reached historical highs, with black tungsten concentrate priced at 485,000 yuan/ton, ammonium paratungstate (APT) at 710,000 yuan/ton, and tungsten powder at 1,130 yuan/kg, reflecting week-on-week increases of 5.4%, 6.0%, and 6.5% respectively [1] Group 2 - Analysts indicate that the tungsten market is supported by supply constraints due to lower ore grades, controlled mining volumes, and sellers' reluctance to sell, alongside a growing global demand for strategic resources [2] - The cobalt market is experiencing price increases due to export quota controls in the Democratic Republic of Congo and delays in domestic arrivals, with cobalt powder prices rising to 570 yuan/kg, a week-on-week increase of 10.7% [2] - The rare earth industry is witnessing price increases, with the rare earth industry index rising by 2.96% on January 9, driven by supply constraints, favorable macroeconomic conditions, and increasing downstream demand [2] Group 3 - The global rare earth industry is undergoing a transformation, with domestic supply consolidation and increased industry concentration, while overseas mines are actively developing, indicating a trend towards diversified global supply [3] - Demand for rare earths is stable in traditional sectors like electric vehicles and wind power, while emerging fields such as robotics and low-altitude economy are expected to provide long-term support for demand [3] - The supply-demand imbalance for strategic minor metals is tightening due to limited reserves, high extraction difficulty, and rapid growth in downstream demand from sectors like new energy and semiconductors [3]

Group 1 - The core viewpoint of the news is that the copper demand is expected to increase significantly due to growth in artificial intelligence and defense sectors, with a projected 50% rise by 2040, leading to a potential annual supply gap of over 10 million tons if recycling and mining efforts are not intensified [1] - The Zhongzheng Nonferrous Metals Industry Index (399395) has seen a strong increase of 3.45%, with notable gains from individual stocks such as Xiamen Tungsten (600549) up 9.86%, Hailiang Co. (002203) up 7.91%, and Chihong Zn & Ge (600497) up 7.82% [1] - Tianfeng Securities indicates that the copper supply side is cautious with new expansions and high production costs, predicting a 2% growth in copper mine supply by 2026, while the smelting side faces historically low TC/RC levels, potentially limiting capacity utilization [1] Group 2 - The demand for copper is expected to grow by 3% due to economic recovery and the demand from AI-related equipment, resulting in a global supply-demand gap of approximately 630,000 tons [1] - The application of copper in data centers includes power transmission, signal transmission for high-speed data exchange between chips and systems, heat dissipation, and as a key material in semiconductor manufacturing [1] - The Nonferrous ETF Fund (159880) closely tracks the Zhongzheng Nonferrous Metals Industry Index, which reflects the overall performance of listed companies in the nonferrous metals sector [2]

Core Viewpoint - The non-ferrous metal index has shown strong growth, with significant inflows into the non-ferrous metal ETF fund, indicating a positive market sentiment and robust demand in the sector [1]. Group 1: Market Performance - As of January 9, 2026, the non-ferrous metal ETF fund (516650) increased by 3.15%, with key holdings such as Yunnan Tin and Xiamen Tungsten hitting the daily limit, and Western Superconducting rising by 9.86% [1]. - The non-ferrous metal ETF fund has experienced continuous net inflows over the past 11 days, totaling 6.446 billion yuan, reaching a new high in both share count (4.716 billion shares) and total scale (9.418 billion yuan) as of January 8, 2026 [1]. Group 2: Industry Outlook - In 2025, various companies accelerated the development of strategic mineral resources to implement the "Non-ferrous Metal Industry Stabilization and Growth Work Plan," leading to an expansion in the asset scale of non-ferrous metal enterprises by the end of September 2025 [1]. - According to a credit analysis by United Credit, the overall credit risk in the non-ferrous metal industry is expected to remain stable in 2026, although structural pressures are prominent [1]. - Upstream resource-based enterprises are likely to maintain stable credit quality supported by prices, while downstream smelting and processing companies will face challenges such as low processing fees and high debt rollover pressure, indicating relatively higher credit risk [1].