Core Viewpoint - In a low interest rate environment, high-quality fixed income plus products are becoming increasingly sought after [1] Fund Performance - The fund has a performance benchmark of 90% of the China Bond Composite Index and 10% of the CSI 300 Index, achieving a net value growth of 41.6% since inception, significantly outperforming the 22.9% yield of the China Government Bond Index during the same period [4] - The annualized return of the fund since inception is 6.8%, with a maximum drawdown kept under 5% during a pessimistic market in September 2024, indicating a comfortable holding experience for investors [5] Fund Management - The fund, named Invesco Great Wall Jingyi Zhaoli 6-Month Holding Period Bond Fund, has a combined scale of 4.49 billion, managed by experienced professionals including Dong Han, Li Yiwen, and Zou Lihua [7] - Li Yiwen, one of the managers, has a master's degree from the University of Chicago and has extensive experience in asset management, having worked with the State Administration of Foreign Exchange and China Construction Bank [7] Asset Allocation - The fund is classified as a secondary bond fund, maintaining a stock asset proportion of 10%-20% over the past three years, thus can be viewed as a fixed income plus fund [10] - As of Q3 2025, the fund's allocation includes 51.3% in financial bonds, 20% in corporate bonds, and approximately 14% in medium-term notes and convertible bonds, with a focus on AAA-rated convertible bonds and state-owned bank secondary capital bonds [13] Equity Investments - The fund has a strong preference for non-ferrous metals, increasing its allocation to 61.09% by Q2 2025, while also favoring sectors like transportation, coal, and steel, focusing on resource stocks with dividend potential [15] - The top ten holdings include five stocks from the non-ferrous metals sector, with notable performers like Zijin Mining and Western Mining, the latter having increased by over 76% within the year [17] Overall Returns - The fund achieved a return of 11.6% in the current year, significantly outperforming the 1.05% increase in the China Government Bond Index, providing investors with unexpected returns despite a weak bond market [18]

Core Insights - Zijin Mining's stock price surged over 6%, marking a historic moment as its A-share market capitalization surpassed 1 trillion yuan for the first time, representing a significant milestone for the company and the entire non-ferrous metals and resources sector [1][3] - The company's growth from a local mining enterprise in Fujian to a global giant in copper, gold, and lithium reflects the benefits of the commodity super cycle and a re-evaluation of the value of hard assets in the current market [3][4] - The breakthrough in market capitalization signifies a shift in industry and capital logic, highlighting the increasing scarcity premium for leading companies with top-tier resources and operational excellence amid global re-inflation and energy transition trends [4][6] Investment Strategy - For investors already holding Zijin Mining shares, it is advisable to consider them as a core asset and allow profits to run [5] - New investors are cautioned against chasing high prices and should wait for overall sector fluctuations to identify companies with quality resource reserves and reasonable valuations for potential entry points [5] - The market will demand higher performance accountability from Zijin Mining following its trillion-yuan milestone, indicating a need for careful monitoring of its earnings capabilities [5]

智通财经1月6日讯，今日120股涨停，25股炸板，封板率为83%，胜通能源13连板，锋龙股份8连板，雷 科防务5连板，友邦吊顶、南兴股份4连板，索菱股份、城建发展、农心科技3连板，嘉美包装16天12 板，浙江世宝14天7板，鲁信创投8天6板，北斗星通10天5板，中国卫通6天4板。三大指数集体收涨，沪 指高开高走，日线录得13连阳，再创十年新高。量能持续放大，沪深两市成交额2.81万亿，较上一个交 易日放量2602亿。板块方面，脑机接口、化工、有色金属板块涨幅居前；美容护理、CPO、银行板块表 现相对落后。 人气及连板股分析 连板晋级率升至71.42%，其中3板及以上连板股全部实现晋级，随着人气龙头胜通能源复牌缩量涨停晋 级13连板，高位股情绪得到逆转并重新获得资金聚焦，嘉美包装、鹭燕医药、国晟科技、浙江世宝等多 只人气品种封涨停，进而带动商业航天、机器人、脑机等近端主线热度持续提升，其中20、30厘米弹性 票的赚钱效应依旧居高不下，合计涨停家数维持20家左右的高位。不过近期高弹性票的强度，仍基于几 大热门板块内10厘米人气股的不断向上拓展空间，一旦其中部分品种出现掉队，仍不利于其赚钱效应维 持高位。 | 连板 ...

| 交易日期 | 证券简称 | 证券代码 | | | 成交价(元) 成交金额(万元) 成交量( *) 买入营业部 | | 类出营业部 | 是否为专场 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2026-01-06 | 属金矿业 | 668 TO9 | 37.6 | 707.26 | 18.81 | | 茶園茶園家園酒酒 | | 警 | | 2026-01-06 | 宝宝头不 | 601899 | 37.6 | 488.8 | 13 | 菜品店餐餐餐餐 | 去自意参得的女 | | Ka | 1月6日，紫金矿业大宗交易成交31.81万股，成交额1196.06万元，占当日总成交额的0.09%，成交价37.6 元，较市场收盘价37.6元持平。 ...

Core Viewpoint - Over 60 companies in the A-share market have forecasted their 2025 performance, with more than 80% expecting positive results, driven by macroeconomic recovery and industrial upgrades [1][2]. Group 1: Company Performance Forecasts - Hunan-based company Hualing Steel expects a net profit of 2.6 billion to 3 billion yuan for 2025, representing a year-on-year growth of 27.97% to 47.66% [1]. - Zijin Mining anticipates a net profit of 51 billion to 52 billion yuan for 2025, reflecting a year-on-year increase of approximately 59% to 62%, primarily due to rising sales prices of gold, copper, and silver [1][2]. - Luxshare Precision forecasts a net profit of 16.52 billion to 17.19 billion yuan for 2025, with a growth rate of 23.59% to 28.59% [2]. - AVIC Heavy Machinery expects a net profit of 11.5 billion yuan for 2025, showing a year-on-year growth of 11.06% [2]. Group 2: Loss Forecasts - Moer Technology is projected to incur a loss of 116.8 million to 73 million yuan in 2025, while Muxi Co. anticipates a loss of 76.3 million to 52.7 million yuan [2]. - Both Moer Technology and Muxi Co. are newly listed on the Sci-Tech Innovation Board and are recognized as "domestic GPU first and second stocks," respectively, despite their current losses [2]. Group 3: Industry Trends - The performance of companies is concentrated in sectors such as materials and mining, new materials, electronic communications, and consumer services, indicating a trend towards hard technology enterprises benefiting from core technological barriers [1]. - The steel industry, represented by Hualing Steel, is undergoing a deep adjustment phase, focusing on "reduction development and stock optimization," with ongoing supply-demand contradictions [3].

Group 1 - The metal zinc concept increased by 3.22%, ranking 8th among concept sectors, with 38 stocks rising, including Siyi Co. and *ST Zhengping hitting the daily limit [1] - Notable gainers in the zinc sector include Beijiete, Zijin Mining, and Weiling Co., with increases of 8.48%, 6.21%, and 6.13% respectively [1] - The largest net inflow of main funds in the zinc sector was 1.384 billion yuan, with 27 stocks receiving net inflows, and 7 stocks exceeding 50 million yuan in net inflow [2] Group 2 - The top three stocks by net inflow ratio were Xizang Zhufeng, Feinan Resources, and Zinc Industry Co., with ratios of 10.16%, 8.80%, and 8.39% respectively [3] - Zijin Mining had a net inflow of 1.029 billion yuan, leading the sector, followed by Xingye Silver Tin and Siyi Co. with net inflows of 204 million yuan and 153 million yuan respectively [2][3] - The trading volume and turnover rates for key stocks in the zinc sector showed significant activity, with Zijin Mining at a turnover rate of 1.73% and a trading volume of 1.028 billion yuan [3][4]

Group 1 - The metal lead concept increased by 3.11%, ranking 10th among concept sectors, with 35 stocks rising, including significant gains from Xiyang Co., which hit the daily limit, and others like Beijiete, Zijin Mining, and Weiling Co. with increases of 8.48%, 6.21%, and 6.13% respectively [1][2] - The metal lead sector saw a net inflow of 1.194 billion yuan, with 22 stocks receiving net inflows, and 8 stocks exceeding 50 million yuan in net inflows. Zijin Mining led with a net inflow of 1.029 billion yuan, followed by Xiyang Co., Xiyang Co., and Tibet Zhufeng with net inflows of 204 million yuan, 153 million yuan, and 127 million yuan respectively [2][3] - The top net inflow ratios were recorded by Tibet Zhufeng, China Metallurgical Group, and Zijin Mining, with net inflow ratios of 10.16%, 7.89%, and 7.80% respectively [3] Group 2 - The trading performance of key stocks in the metal lead sector included Zijin Mining with a daily increase of 6.21% and a turnover rate of 1.73%, while Xiyang Co. had a 10.01% increase and a turnover rate of 4.09% [3][4] - Other notable stocks included Western Mining with a 3.17% increase and a turnover rate of 2.79%, and Shengtun Mining with a 5.61% increase and a turnover rate of 6.03% [4][5] - Stocks such as Beijiete and Huaxiang Co. also showed significant increases of 8.48% and 6.13% respectively, indicating strong market interest in the sector [5]

Core Viewpoint - The metal industry experienced a significant increase, with a rise of 4.26% on January 6, driven by substantial capital inflow, while the communication sector faced a decline of 0.77% [1] Group 1: Market Performance - The Shanghai Composite Index rose by 1.50% on January 6, with 30 out of 31 sectors showing gains, led by the metal and non-banking financial sectors, which increased by 4.26% and 3.73% respectively [1] - The non-banking financial sector saw a net capital inflow of 69.61 billion yuan, while the metal sector followed with an inflow of 58.85 billion yuan [1] Group 2: Capital Flow in the Metal Industry - The metal industry had 138 stocks, with 128 stocks rising and 5 hitting the daily limit, while 9 stocks declined [2] - Notable stocks with significant capital inflow included Zijin Mining, which received 1.029 billion yuan, followed by Huayou Cobalt and Tianqi Lithium with inflows of 549 million yuan and 439 million yuan respectively [2] Group 3: Capital Outflow in the Metal Industry - The metal industry also experienced capital outflows, with 6 stocks seeing outflows exceeding 100 million yuan, led by Baiyin Nonferrous with an outflow of 311.89 million yuan [3] - Other notable outflow stocks included Chifeng Jilong Gold and Tianshan Aluminum, with outflows of 224.87 million yuan and 183.85 million yuan respectively [3]

一、行情回顾 沪指全天震荡上扬，录得13连阳走势，刷新十年多以来新高，市场热点轮番活跃。脑机接口概念延续涨势，三博脑科、创新医疗等多股涨停。券商、保险等 金融股拉升，华安证券、华林证券涨停。有色板块走强，洛阳钼业、紫金矿业等多股创历史新高。商业航天继续活跃，北斗星通、中国卫通6天4板。个股涨 多跌少，沪深京三市约4100股飘红，连续两日超百股涨停，今日成交2.83万亿。 | 普利特 | 2天2板 | | +10.01% | | 3.49% | | I、公円 □ヨ荷 ｿ 行了共同开发以及 | | --- | --- | --- | --- | --- | --- | --- | --- | | 002324.SZ | | 19.35 | | 09:25:00 | | 150.21亿 | 顺利; 2、公司L( | | | | | | | | | 卫星等商业航天领 | | 国际医学 | 2天2板 | 5.19 | +9.96% | 09:25:00 | 2.16% | 114.43亿 | 公司旗下医疗机构 | | 000516.SZ | | | | | | | | | | | | | | | | 全资子公司岩思类 ...

Core Insights - The market experienced a strong performance with 120 stocks hitting the daily limit up, and a total of 43 stocks classified as consecutive limit-up stocks, indicating a bullish sentiment among investors [1] - The advancement rate of consecutive limit-up stocks reached 71.42%, excluding ST and delisted stocks, showcasing a significant increase in market enthusiasm [1] Group 1: Market Performance - Over 4,100 stocks rose in the market, with more than 100 stocks hitting the limit up for the second consecutive trading day [1] - The stock of Victory Energy, which resumed trading, achieved a limit up with a T-shaped pattern, marking its 13th consecutive limit-up [1] - Jia Mei Packaging, which underwent a shareholding change, also saw a limit up, achieving 12 limit-ups over 16 days [1] Group 2: Sector Performance - Resource stocks, particularly in non-ferrous metals and chemicals, showed strong performance, with Luoyang Molybdenum and Zijin Mining both rising over 6% to reach historical highs [1] - Hengli Petrochemical has increased over 20% since December, reaching a nearly four-year high [1] Group 3: Emerging Concepts - The brain-computer interface sector continued its strong momentum, with nearly 20 stocks achieving consecutive limit-ups, including Sanbo Brain Science, Meihao Medical, and Aipeng Medical [1] - The commercial aerospace concept remained active, with notable performances from large-cap stocks such as China Satellite Communications, which achieved 4 limit-ups in 6 days, and Goldwind Technology, which hit a limit up and reached a historical high [1]