Group 1 - The core viewpoint of the news highlights the performance of the non-ferrous metal industry, with the National Index for Non-Ferrous Metals (399395) rising by 0.72% and specific stocks like Guocheng Mining (000688) and Huayou Cobalt (603799) showing significant gains [1] - The COMEX gold futures increased by 0.2% to $4,352.3 per ounce, while spot gold rose by 0.17% to $4,338.83 per ounce, indicating a strong momentum in precious metals [1] - The article mentions a policy from the National Development and Reform Commission encouraging mergers and reorganizations in resource-constrained industries like alumina, which has led to a significant rise in alumina prices [1] Group 2 - The Non-Ferrous Metals ETF (159880) closely tracks the National Index for Non-Ferrous Metals, which includes 50 securities that reflect the overall performance of listed companies in the non-ferrous metal sector [2] - As of November 28, 2025, the top ten weighted stocks in the National Index for Non-Ferrous Metals account for 52.34% of the index, with companies like Zijin Mining (601899) and Luoyang Molybdenum (603993) being prominent [2]

融资融券数据显示，该股最新（12月30日）两融余额82.33亿元，其中，融资余额为81.69亿元，近5日融 资余额合计增加7.73亿元，增幅为10.45%。（数据宝） （文章来源：证券时报网） 紫金矿业股价出现异动，截至今日9时50分，股价大涨5.03%，成交1.03亿股，成交金额35.25亿元，换 手率为0.50%，公司发布的最新业绩预告显示，预计2025年实现净利润510.00亿元—520.00亿元，净利 润同比增长59.00%—62.00%。 资金面上看，紫金矿业近5日主力资金总体呈净流出状态，累计净流出5.04亿元，其中，上一交易日主 力资金全天净流出2.15亿元。 ...

公司提出2026年度主要矿产品产量计划，矿产金105吨、矿产铜120万吨、当量碳酸锂12万吨、矿产银 520吨。 本文源自：财华网 业绩预增主要原因是期内主要矿产品产量同比增加，其中矿产金约90吨(2024年度：73吨)、矿产铜(含卡 莫阿权益产量)约109万吨(2024年度：107万吨)、矿产银约437吨(2024年度：436吨)、当量碳酸锂(含藏格 矿业5-12月产量)约2.5万吨(2024年度：261吨)；及矿产金、矿产铜、矿产银销售价格同比上升。 【财华社讯】紫金矿业(02899.HK)AH股双双上涨，截至发稿，紫金矿业H股涨3.39%，报36.56港元。紫 金矿业(601899.SH)A股涨4.64%，报34.43元。消息面上，该公司公布，预计2025年度实现归属于上市公 司股东的净利润约510亿-520亿元(人民币,下同)，同比增加约59%-62%；归属于上市公司股东的扣除非 经常性损益的净利润约475亿-485亿元，同比增加约50%-53%。 ...

融资融券数据显示，该股最新(12月30日)两融余额82.33亿元，其中，融资余额为81.69亿元，近5日融资 余额合计增加7.73亿元，增幅为10.45%。注：本文系新闻报道，不构成投资建议，股市有风险，投资需 谨慎。 紫金矿业股价出现异动，截至今日9时50分，股价大涨5.03%，成交1.03亿股，成交金额35.25亿元，换 手率为0.50%，公司发布的最新业绩预告显示，预计2025年实现净利润510.00亿元—520.00亿元，净利 润同比增长59.00%—62.00%。 资金面上看，紫金矿业近5日主力资金总体呈净流出状态，累计净流出5.04亿元，其中，上一交易日主 力资金全天净流出2.15亿元。 ...

Core Viewpoint - The non-ferrous metal sector has shown strong performance, leading the market with a net inflow of 4.8 billion yuan on the last trading day of 2025, indicating positive investor sentiment towards this sector [1][6]. Group 1: Market Performance - The non-ferrous metal sector recorded a remarkable increase of over 92% in 2025, outperforming the second-ranked communication sector by 5.37 percentage points [6]. - The Huabao Non-Ferrous Metal ETF (159876) saw a price increase of over 2.5% during trading, reaching a new high since its listing [1]. - The Huabao ETF has attracted a net subscription of 2.4 million units, reflecting strong investor confidence in the non-ferrous metal sector [1]. Group 2: Investment Drivers - The strong performance of the non-ferrous metal sector is attributed to macroeconomic financial policies and structural changes in supply and demand, with a global easing of monetary policy and a weakening dollar leading to increased liquidity [2]. - Emerging demands in sectors such as AI and new energy, along with domestic policies aimed at regulating industry competition, have stimulated demand for non-ferrous metals [2]. - The current bull market is driven by new productive forces, integrating global energy transitions, technological revolutions, and industrial upgrades, with new energy, new materials, AI, and aerospace being key growth drivers [3]. Group 3: Investment Strategy - A diversified investment approach through the Huabao Non-Ferrous Metal ETF and its associated funds is recommended to capture the overall sector's performance while mitigating risks associated with individual metal investments [4].

Group 1 - The core viewpoint is that the supply tightness trend is the fundamental driver for copper price increases, with a positive outlook for the copper sector's mid-term investment value [2] - The Chilean Manto Verde copper-gold mine is facing strike risks, which may increase supply uncertainty in 2026 [1] - The supply-side constraints are expected to continue due to potential disruptions from strikes and other events, while downstream demand for copper is anticipated to grow due to upgrades in electrical grids in Europe and North America, as well as the global transition to clean energy [2] Group 2 - The ETF tracking the non-ferrous metals sector, specifically the CSI Shenwan Non-Ferrous Metals Index, has shown a 2.04% increase with a trading volume of 242 million yuan [1] - Key stocks in the index include Jiangxi Copper, which rose by 9.07%, and other companies like Guocheng Mining and Shengxin Lithium Energy, which also saw significant gains [1] - The index comprises 50 listed companies selected from the non-ferrous metals and non-metallic materials sectors to reflect the overall performance of the industry [2]

Investment Rating - The industry investment rating is maintained as "Positive" [5] Core Viewpoints - The report indicates that gold and silver prices are expected to experience short-term fluctuations but may trend upwards in the medium term, with the average prices of gold and silver likely to rise gradually. This suggests that the equity sector related to precious metals may outperform the commodity sector [8] - The report highlights that the processing fees for copper concentrate have been finalized, and there are pessimistic expectations for the smelting sector, indicating potential challenges ahead [7] Summary by Sections Industry Overview - The report focuses on the non-ferrous and steel industries, providing a dynamic tracking of market conditions and price movements [1][5] Investment Recommendations - The report recommends focusing on companies with substantial resource reserves and expected production increases, such as Zijin Mining (601899, Buy) and Chifeng Jilong Gold Mining (600988, Buy). Other companies mentioned include Zhongjin Gold (600489, Not Rated) and Shandong Gold International (000975, Not Rated) [3] Market Trends - The report notes significant price volatility in silver, with a sharp decline of 9.08% on December 29, 2025, while gold also saw a decrease of 4.42%. Despite this, the report anticipates that gold prices may maintain a low volatility range and have the potential for medium-term growth [8] - The report emphasizes that the equity sector has lagged behind the commodity sector in terms of price increases, but as gold and silver prices stabilize, companies with strong performance in precious metals are expected to catch up [8]

Core Viewpoint - The non-ferrous metal sector has shown strong performance, leading the market with a net inflow of 4.8 billion yuan on the last trading day of 2025, indicating investor confidence in the sector's future performance [1][9]. Group 1: Market Performance - The non-ferrous metal sector recorded a remarkable increase of over 92% in 2025, outperforming the second-best sector, communications, by 5.37 percentage points [4][15]. - Major stocks in the sector, such as Jiangxi Copper, Yunnan Copper, and Shengxin Lithium Energy, have seen significant gains, with Jiangxi Copper leading with over 9% increase [3][11]. Group 2: Investment Trends - The Huabao Non-Ferrous Metal ETF (159876) has attracted substantial investment, with a net subscription of 2.4 million units and 85.71 million yuan in the past five days, reflecting strong market interest [1][9]. - Analysts attribute the strong performance of the non-ferrous metal sector to macroeconomic policies and structural changes in supply and demand, alongside a global easing of monetary policy and a weakening dollar [2][12]. Group 3: Future Outlook - The non-ferrous metal sector is expected to continue its strong performance into 2026, driven by emerging demands in AI, new energy, and other innovative sectors, as well as domestic policies aimed at regulating industry competition [2][5]. - The current bull market is characterized by a shift towards "new quality productivity," integrating global energy transitions and technological advancements, which are key drivers for the demand in the non-ferrous metal sector [5][13]. Group 4: Investment Strategy - A diversified investment approach through the Huabao Non-Ferrous Metal ETF and its associated funds is recommended to capture the overall sector's performance while mitigating risks associated with individual metal investments [6][16].

Group 1 - The core point of the article is that Zijin Mining (02899.HK) has seen its stock price increase by over 3%, specifically a rise of 3.51%, reaching a price of 36.6 HKD [1] - The trading volume for Zijin Mining is reported at 642 million HKD, indicating significant market activity [1]

Group 1 - The non-ferrous metal sector experienced a significant upward trend on December 31, with copper and precious metals leading the gains [1] - Zijin Mining (601899) and Luoyang Molybdenum (603993) both rose over 4%, reaching new historical highs [1] - Jiangxi Copper (600362) approached the daily limit increase, marking its highest level since January 2008 [1] Group 2 - Other companies such as Shengda Resources (000603), Yunnan Copper (000878), and Tongling Nonferrous Metals (000630) also saw increases in their stock prices [1]