Core Viewpoint - The non-ferrous metal sector is experiencing significant growth, with major companies like Zijin Mining and Luoyang Molybdenum reaching historical highs, and the popular ETF, Huabao Non-ferrous ETF, hitting record levels as well [1][10] Group 1: Market Performance - On January 6, the non-ferrous metal sector led the market, with Zijin Mining's market capitalization surpassing 1 trillion yuan for the first time [1][10] - Huabao Non-ferrous ETF (159876) saw a price increase of 4.21%, reaching a new historical high [1][10] - The ETF has experienced a net inflow of 97.49 million yuan over the past five days, totaling 126 million yuan over the last 20 days, indicating strong market interest [1][10] Group 2: Economic Indicators - Federal Reserve Governor Milan indicated that upcoming economic data may support further interest rate cuts, with expectations of a reduction exceeding 100 basis points this year [3][12] - Analysts from CITIC Securities believe that as long as the Fed remains in a rate-cutting cycle, non-ferrous metal prices will continue to have upward momentum [3][12] Group 3: Sector-Specific Insights - In the aluminum sector, concerns over the stability of electrolytic aluminum supply have arisen due to the indefinite shutdown of the Mozal aluminum plant in Mozambique, with global demand expected to increase by 150,000 to 187,000 tons by 2026 [4][13] - The copper market is projected to face a supply gap exceeding 100,000 tons by 2026, driven by regional supply mismatches and optimistic demand forecasts from the U.S. and China [4][13] - In the gold market, geopolitical tensions, particularly regarding Venezuela, are expected to drive safe-haven investments into precious metals, maintaining a strong outlook for gold prices [4][13] Group 4: Future Outlook - Various institutions are bullish on non-ferrous metal prices, with UBS raising its 2026 gold price target to $5,000 and Citigroup predicting copper prices to reach $15,000 per ton by mid-year [5][14] - The non-ferrous sector is anticipated to enter a bull market driven by a convergence of monetary policy, demand, and supply dynamics [5][14][6] Group 5: ETF Coverage - Huabao Non-ferrous ETF and its associated funds cover a wide range of sectors including copper, aluminum, gold, rare earths, and lithium, allowing investors to capture the overall sector's performance across different economic cycles [7][15]

Group 1 - The core viewpoint of the news is that China's new round of mineral exploration actions is expected to drive up precious metal prices due to continued investment demand [1][5][6] Group 2 - Guosheng Technology announced a stock suspension for verification due to significant stock price fluctuations, with a cumulative increase of 370.20% during the specified period, indicating potential market overheating and irrational speculation risks [2] - The company's latest price-to-book ratio is significantly higher than the industry average, suggesting a bubble in stock prices, while the company remains in a loss-making state with a net profit of -151 million yuan for the first three quarters of 2025 [2] - The company is also facing uncertainties regarding external investments and high pledge ratios of controlling shareholders [3] Group 3 - The Ministry of Natural Resources reported that during the 14th Five-Year Plan period, significant progress was made in mineral exploration, with the discovery of 10 large oil fields and 19 large gas fields, and substantial increases in resources such as uranium, copper, gold, lithium, and potassium salt [5][6] - The exploration strategy will continue into 2026, focusing on improving the exploration, development, and reserve capabilities of strategic mineral resources [6] Group 4 - The global prices of non-ferrous metals have been on the rise, with London gold and silver experiencing significant increases of 64.56% and 147.79% respectively in 2025, marking the highest annual growth since 1980 [8] - As of January 6, 2026, non-ferrous metals continued their upward trend, driven by geopolitical risks, supply constraints, and steady demand [9] Group 5 - The non-ferrous metal sector has seen substantial net financing inflows, with a total of 10.97 billion yuan since December 2025, ranking fourth among all industries [10] - Companies such as Zijin Mining and Ganfeng Lithium have reported significant profit increases, with Zijin Mining expecting a net profit of 51 to 52 billion yuan for 2025, a year-on-year increase of 59% to 62% [10]

Group 1: Market Overview - The A-share market remains strong at the beginning of 2026, with the Shanghai Composite Index reaching a 10-year high and achieving a record 13 consecutive days of gains [1] Group 2: Sector Analysis - In January 2026, the electronic sector has the highest weight in the brokers' "golden stocks," accounting for 13.6%, followed by non-ferrous metals at 10.0%, and power equipment and basic chemicals at 9.0% and 8.0% respectively [3] - Non-ferrous metals saw the most significant increase in allocation among sectors, with a rise of 3.13% compared to December 2025 [3] - The food and beverage and media sectors experienced the largest reductions in allocation, with decreases of 2.67% and 1.95% respectively [4] Group 3: Individual Stock Recommendations - Zijin Mining (601899) is the most recommended stock in January 2026, with a total of 12 recommendations [5] - Other notable stocks include Zhongji Xuchuang (300308) with 11 recommendations and Ping An Insurance (601318) with 7 recommendations [6] - New stocks entering the recommendation list include Tianshan Aluminum (002532) and WuXi AppTec (603259), each receiving 4 recommendations [11] Group 4: Industry-Specific Highlights - In the electronics sector, the most recommended stocks are Zhongji Xuchuang and Haiguang Information, each with 3 recommendations [12] - In the non-ferrous metals sector, Zijin Mining leads with 12 recommendations, while in the power equipment sector, Ningde Times (300750) is the most recommended with 5 [12] - The basic chemicals sector's top stock is Wanhua Chemical (600309), also with 5 recommendations [12]

Core Viewpoint - The Ministry of Natural Resources reports significant achievements in China's mineral exploration strategy during the 14th Five-Year Plan, with a focus on key mineral types and the discovery of new large oil and gas fields [1] Group 1: Mineral Discovery Achievements - During the 14th Five-Year Plan, China discovered 10 large oil fields and 19 large gas fields, with substantial increases in uranium, copper, gold, lithium, and potassium salt resources [1] - The Dadonggou gold mine in Liaoning has a proven resource of 1,444.49 tons [1] Group 2: Future Plans and Regulations - In 2026, China will continue a new round of mineral exploration strategy actions and implement a special rectification for "circle but not explore" practices, cracking down on illegal mining of strategic mineral resources [1] - The 15th Five-Year Plan will focus on improving the coordination of exploration, production, supply, reserve, and sales of strategic mineral resources, enhancing safety risk monitoring and early warning systems [1] Group 3: Market Performance - Since the end of the New Year holiday, the non-ferrous metal sector has seen a significant rise, with the industry index increasing by 6.98% over two trading days [1] - 16 stocks, including Tianli Composite, Hunan Silver, and China Aluminum, have recorded cumulative gains of over 10% [1] - As of December 2025, the non-ferrous metal industry has seen a net financing inflow of 10.97 billion yuan, ranking fourth among all industries [1] - Major companies such as Zijin Mining, Ganfeng Lithium, Western Materials, China Uranium, Tianqi Lithium, and Xingye Silver Tin have each received net financing inflows exceeding 500 million yuan [1]

10024亿元，A股再增万亿市值龙头。 1月6日早盘，紫金矿业涨幅达到6.5%，总市值首破1万亿元。A股市值排名升至13位的同时，也超越了力拓（1月5日美股收盘市值约合人民币 9499.2亿元左右），成为全球市值第二大的矿业公司。 在此之前，紫金矿业2025年股价已经取得了133%的上涨，这是公司自2008年上市以来涨幅最大的一年。 而以上二级市场的突出表现，又受到来自行业、企业等多方面的利好驱动。 首先，紫金矿业的铜、金两大主营矿种连续三年上涨，尤其是伦敦金以64.56%的涨幅成为2025年表现最好的大宗商品之一，带动全球黄金行 业上市公司股价大涨。 Wind数据显示，截至2025年末，市值超过1000亿元的有色行业上市公司涨幅中位数在88%左右，同期全球前十大的黄金企业涨幅中位数则达 到172.82%，领跑有色行业大盘。 其次，是紫金矿业一直强调的"成长性"。2023年以来，公司矿产金迅速放量，由67.7吨增加至2025年的90吨，产量增速明显高于铜产品，并在 2025年成为公司利润第一大来源。 量、价双重驱动下，体量可观的紫金矿业近两年盈利增速依旧保持在50%以上，2025年预计盈利更是突破500亿元。 ...

新年伊始，港股市场业绩预告披露逐渐进入高峰期。Wind数据显示，截至1月5日，已有超过280家港股 上市公司发布了2025财年的年度业绩预告，其中，超过10家公司预告了截至2025年12月31日的年度业绩 情况。 整体来看，在贵金属价格持续攀升的背景下，有色金属行业公司业绩普遍向好；创新药公司在生物医药 研发需求提升的背景下，业绩也实现大幅增长；部分传统行业仍面临周期性压力，业绩下降明显。 受益于全球大宗商品价格上行及产能优化，有色金属行业成为2025年港股市场的盈利担当。 除了有色金属行业外，创新药、智能驾驶等行业公司同样在2025年实现业绩大幅增长。如创新药公司百 奥赛图预计2025年归母净利润为1.35亿元，同比增长303.57%。公司表示，业绩大幅预增主要得益于海 外市场的成功拓展以及国内生物医药研发需求的逐步释放。 此外，部分金融行业公司2025年业绩也实现大增。如亚洲金融公告称，预期2025年全年公司股东应占净 利润同比将增长超过50%。 （文章来源：证券时报） 紫金黄金国际、赤峰黄金等有色金属行业公司也预计2025年业绩将实现大幅增长。 紫金黄金国际预计2025年度实现归属于母公司股东净利润约1 ...

Group 1: Overall Market Performance - As of January 5, over 280 Hong Kong-listed companies have released their annual performance forecasts for the fiscal year 2025, with more than 10 companies providing specific earnings guidance for the year ending December 31, 2025 [1] - The non-ferrous metal industry is expected to perform well due to rising prices of precious metals, while innovative pharmaceutical companies are also seeing significant growth in earnings driven by increased demand for biopharmaceutical research [1] - Traditional industries are facing cyclical pressures, leading to noticeable declines in performance [1] Group 2: Non-Ferrous Metal Industry - Zijin Mining (601899) forecasts a net profit attributable to shareholders of 51 billion to 52 billion yuan for 2025, representing a year-on-year increase of approximately 59% to 62% [1] - The company attributes its performance to increased production of major mineral products and rising sales prices of gold, copper, and silver [1] - Zijin Mining expects to produce approximately 90 tons of gold, 1.09 million tons of copper, and 437 tons of silver in 2025 [1] Group 3: Other Companies in Non-Ferrous Metal Sector - Zijin Gold International anticipates a net profit of approximately 1.5 billion to 1.6 billion USD for 2025, an increase of 212% to 233% compared to the previous year [2] - The growth is attributed to increased gold production and successful acquisitions, with gold production expected to rise to about 46.5 tons in 2025 [2] - Chifeng Jilong Gold Mining expects a net profit of 3 billion to 3.2 billion yuan for 2025, reflecting a year-on-year increase of 70% to 81% due to a 49% rise in gold sales prices [2] Group 4: Innovative Pharmaceutical and Financial Sectors - Innovative pharmaceutical company Bai Ao Sai Tu forecasts a net profit of 135 million yuan for 2025, a year-on-year increase of 303.57% driven by successful overseas market expansion and domestic biopharmaceutical research demand [3] - Asian Financial anticipates a net profit growth of over 50% for 2025 [3]

Core Viewpoint - The A-share market has reached a new record, with the Shanghai Composite Index closing at 4083.67 points, marking a 1.50% increase and breaking a ten-year high since July 2015, supported by a strong performance across various sectors and increased trading volume [1][2]. Market Performance - The A-share market exhibited a comprehensive upward trend, with significant contributions from the financial, materials, and technology sectors, driven by ongoing policy benefits and accelerated industrial trends [2]. - The financial sector, particularly securities and insurance, played a crucial role in supporting the Shanghai Composite Index above 4000 points, with companies like New China Life Insurance and China Pacific Insurance reaching new highs [2]. - The cyclical sector saw notable gains due to improved supply-demand dynamics, with the metals sector, including companies like Zijin Mining, experiencing significant price increases [2]. Emerging Trends - The technology and emerging industries continued to show structural growth, particularly in the brain-computer interface sector, which has become a hot topic, with companies like Beiyikang and Weisi Medical seeing substantial stock price increases [3]. - The brain-computer interface market in China is projected to exceed 120 billion yuan by 2040, with a compound annual growth rate of approximately 26%, indicating its potential as a key growth area in the global market [3]. Trading Volume and Capital Flow - The recent market rally is characterized by a significant increase in both trading volume and price, with the Shanghai Composite Index rising nearly 7% since December 17, 2025, and total market turnover increasing from 1.8 trillion yuan to 2.8 trillion yuan [4]. - Various funding sources, including foreign capital and margin trading, have contributed to this volume increase, with margin trading balances reaching a historical high of 25,606.48 billion yuan [4]. Institutional Outlook - Institutions are generally optimistic about the A-share market's future performance, attributing the current rally to a confluence of favorable policies, capital influx, and strong fundamentals [6]. - Analysts suggest that the ongoing "spring rally" has room for further development, with a focus on sectors benefiting from AI investments and global manufacturing recovery, such as industrial resources and equipment exports [7].

在美国芝商所两次上调保证金之后，黄金白银等贵金属大幅震荡下，仍然保持高位上冲姿态，铜、铝等 基本金属则在不断刷新历史高位。 在经过2025年超60%的涨幅后，投资机构对于2026年黄金涨幅趋向于谨慎，但是对于涨幅超146%的白 银仍然充满想象力。而国投白银LOF（161226）份额仍在创下历史高点。相对于贵金属而言，期货市场 资金更偏爱铜铝等基本金属，特别是铜在两个交易日资金大幅净流入。 白银比黄金还有想象空间 清和泉资本认为，2026年最大的投资机会之一，就是战略资源股，如铜、铝、煤等。当前这些上游品种 供需均处于平衡或紧缺的状态，中上游品种则依托中国成本优势，盈利水平处于历史高位，而且这些行 业均存在具备全球竞争力的企业，包括成本水平、管理水平等，其中铜的公司成长属性高一点，铝和煤 炭的价值属性更突出；这些行业中，估值低的品种PE在10倍左右，高的在15倍左右，中期性价比依然 十分可观。 1月6日，国内黄金主力2602合约收盘时，报价继续站上1000元/克关口上方。而白银主力2604合约，收 盘价格创下历史新高，报19452元/千克，涨幅7.06%，成交量和持仓量均大幅增长，其中成交量增加了 125.8万 ...

Group 1 - Gold and silver prices have surged at the beginning of 2026, with COMEX silver futures rising over 10% and gold futures increasing over 3% within just four trading days [1][2] - Predictions suggest that gold prices could reach $5000 per ounce and silver could hit $100 per ounce due to factors such as geopolitical tensions, central bank purchases, and potential interest rate cuts by the Federal Reserve [1][6][7] - The precious metals sector has become a leading performer in the A-share market at the start of 2026, with significant inflows into gold and silver ETFs, including a single-day inflow of over 10 billion yuan into gold ETFs [3][4] Group 2 - The current gold bull market has lasted for three years, driven by geopolitical factors, central bank gold purchases, and weakening dollar credibility [4] - International institutions maintain an optimistic outlook for gold prices, with forecasts suggesting a potential decline to $4200 per ounce in Q1 2026, followed by a recovery to $4900 by the end of the year [5] - Silver's price performance is expected to be strong in 2026, supported by industrial demand in sectors such as photovoltaics and new energy, alongside financial attributes [6][7]