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 - Gold and silver prices reached historical highs, leading to a surge in related A-share market stocks [1] Group 1: Market Performance - Sichuan Gold saw a 10% increase, reaching a market capitalization of 14.5 billion [2] - Hunan Silver and Xiaocheng Technology rose by over 8%, with market capitalizations of 30.5 billion and 11.3 billion respectively [2] - Jiangxi Copper increased by over 7%, with a total market value of 222.1 billion [2] - Zhongjin Lingnan and Zhuhai Group both experienced gains of over 6% [2] - Other companies such as Luoyang Molybdenum, Shengtu Mining, and Zhaojin Gold saw increases of over 4% [1][2] Group 2: Price Movements - Spot gold prices reached 4,643 USD per ounce, marking a new historical high [1] - Spot silver prices surpassed 93 USD per ounce, also setting a new record [1]

Group 1 - The core point of the news is that Baiyin Nonferrous Metals has seen a significant stock price increase of 5.11% on January 15, reaching 7.41 CNY per share, with a total market capitalization of 54.869 billion CNY and a trading volume of 2.105 billion CNY [1] - Baiyin Nonferrous Metals has experienced a cumulative increase of 21.13% over the past four days, indicating strong market performance [1] - The company, established on July 6, 2007, and listed on February 15, 2017, specializes in the mining, smelting, processing, and trading of various nonferrous metals, including copper, lead, zinc, gold, and silver [1] Group 2 - The top circulating shareholder of Baiyin Nonferrous Metals is a fund under Southern Fund, specifically the Southern CSI 500 ETF, which reduced its holdings by 1.0557 million shares in the third quarter, now holding 43.2981 million shares, representing 0.58% of the circulating shares [2] - The Southern CSI 500 ETF has generated a floating profit of approximately 15.5873 million CNY today and a total of 53.2567 million CNY during the four-day stock price increase [2] - The Southern CSI 500 ETF was established on February 6, 2013, with a current scale of 140.098 billion CNY, achieving a year-to-date return of 10.24% and a one-year return of 50.25% [2]

Group 1 - Gold and silver prices reached historical highs, with spot gold hitting $4,643 per ounce and spot silver surpassing $93 per ounce [1] - A-share market related concept stocks saw significant gains, with Sichuan Gold hitting the daily limit, and Hunan Silver, Xiaocheng Technology, Jiangxi Copper, and others also experiencing substantial increases [1] - The stock performance of various companies included Sichuan Gold up 10%, Hunan Silver up 8.87%, and Jiangxi Copper up 7.27%, among others [2] Group 2 - Total market capitalization for Sichuan Gold is 14.5 billion, while Hunan Silver stands at 30.5 billion [2] - Year-to-date performance shows Hunan Silver with a 56.07% increase, Xiaocheng Technology at 36.20%, and Jiangxi Copper at 16.81% [2] - Other notable companies include Zhongjin Lingnan with a market cap of 31.1 billion and a year-to-date increase of 19.83% [2]

Core Insights - The industrial metal sector experienced a rise of 1.18% on January 14, with Xingye Silver Tin leading the gains [1] - The Shanghai Composite Index closed at 4126.09, down 0.31%, while the Shenzhen Component Index closed at 14248.6, up 0.56% [1] Industrial Metal Sector Performance - Xingye Silver Tin (000426) closed at 50.38, up 7.74% with a trading volume of 1.01 million shares and a transaction value of 50.13 billion [1] - Baiyin Nonferrous (601212) closed at 7.05, up 7.63% with a trading volume of 4.97 million shares and a transaction value of 34.46 billion [1] - Shengda Resources (000603) closed at 40.92, up 6.23% with a trading volume of 482,300 shares and a transaction value of 19.37 billion [1] - Xibu Mining (601168) closed at 30.06, up 5.77% with a trading volume of 1.09 million shares and a transaction value of 32.84 billion [1] - Jiangxi Copper (600362) closed at 59.80, up 4.53% with a trading volume of 971,200 shares and a transaction value of 57.89 billion [1] Fund Flow Analysis - The industrial metal sector saw a net outflow of 2.12 billion from main funds, while retail funds had a net inflow of 1.56 billion [2] - The main funds' net inflow for Yuguang Jin Lead (600531) was 297 million, accounting for 14.47% of its total [3] - Yunnan Copper (000878) had a net inflow of 187 million from main funds, representing 5.26% [3] - The net inflow for North Copper (000737) was 145 million, accounting for 5.89% [3]

Group 1 - The core viewpoint of the article highlights the strong performance of the non-ferrous metal sector, driven by solid supply and demand fundamentals [3] - The non-ferrous metal sector is experiencing a rally due to long-term constraints on the supply side, including declining ore grades and insufficient capital expenditure, compounded by geopolitical factors increasing supply uncertainty [3] - On the demand side, the rapid development of the new energy industry is driving growth in the demand for strategic metals like lithium and cobalt, while a manufacturing recovery is boosting demand for minor metals [3] Group 2 - Multiple institutions are optimistic about the resource sector, with CITIC Securities recommending an increase in positions in cyclical industries like non-ferrous metals, citing a favorable risk-reward ratio [3] - According to招商证券, 2026 is expected to see a cyclical resonance between China and the U.S., making non-ferrous metals a key focus for current investments in cyclical sectors [3] - The mining ETF (159690) is designed to focus on upstream resource sectors, covering various strategic resources such as gold, silver, copper, lithium, and rare earths, with the top three weighted varieties accounting for nearly 60% [3]

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]

Group 1 - The gold concept continues to strengthen, with companies like Shanghai Construction, Mingpai Jewelry, and Hunan Silver hitting the daily limit up [1] - Xiaocheng Technology saw a rise of over 12%, indicating strong market interest [1] - Other companies such as Shanjin International, Silver Yousheng, Baoding Technology, and Chaohongji also experienced gains, reflecting a broader trend in the gold and silver sectors [1]

重要内容提示： ● 白银有色集团股份有限公司（以下简称"公司"）于2026年1月12日召开第五届董事会第三十一次会 议，同意选举王文广先生担任公司第五届董事会董事及董事会战略委员会、合规与风险管理委员会委员 职务，尚需提交股东会审议。同日收到董事王樯忠先生递交的书面辞职报告，因到龄退休，王樯忠先生 申请辞去公司董事以及董事会下设专门委员会相关委员职务，辞职后不再担任公司任何职务。 一、董事选举情况 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：601212 证券简称：白银有色 公告编号：2026-临004号 白银有色集团股份有限公司 关于选举董事及董事辞职的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 近日，公司收到甘肃省新业资产经营有限责任公司《关于向白银有色集团股份有限公司推荐董事人选的 函》，推荐王文广同志为公司董事人选，王樯忠同志不再担任公司董事职务。 2026年1月12日，公司召开第五届董事会第三十一次会议，审议通过《关于选举董事的提案》，尚需提 交股东会审议。根据《公司法》和《公司章程》规定， ...