Group 1 - The core viewpoint of the news is that Zijin Mining has shown a positive stock performance, with a 1.08% increase, reaching a price of 33.78 yuan per share and a total market capitalization of 898.2 billion yuan [1] - Zijin Mining's main business involves mineral resource exploration and development, with revenue composition as follows: smelting products 60.94%, mineral products 36.48%, other 16.83%, and trade 8.02% [1] Group 2 - Dongxing Fund has a significant holding in Zijin Mining, with the Dongxing Chenrui Quantitative Mixed A fund holding 38,000 shares, representing 2.86% of the fund's net value, making it the largest holding [2] - The Dongxing Chenrui Quantitative Mixed A fund has achieved a year-to-date return of 25.19% and a one-year return of 22.25%, ranking 3756 out of 8085 and 3937 out of 8085 respectively [2]

Group 1 - 32 companies have announced their annual performance forecasts, with 26 companies expecting profit increases, representing 81.25% of the total [1] - Among the companies expecting profit increases, one company anticipates a net profit growth exceeding 100%, while four companies expect a net profit growth between 50% and 100% [1] - Bai Ao Sai Tu is projected to have the highest net profit growth at a median of 303.57%, followed by N Heng Dong Guang and C Qiang Yi with median growths of 92.25% and 66.24% respectively [1] Group 2 - The average decline for companies expected to double their profits this year is 22.07%, underperforming compared to the Shanghai Composite Index [2] - The list of companies with expected significant profit increases includes Bai Ao Sai Tu with a median net profit growth of 303.57%, N Heng Dong Guang at 92.25%, and C Qiang Yi at 66.24% [2] - Other notable companies include Zijin Mining with a median net profit growth of 60.50% and Mu Xi Co., Ltd. with a growth of 54.22% [2]

Market Overview - On December 31, A-shares opened slightly higher with the Shanghai Composite Index up 0.09% at 3968.73 points, the Shenzhen Component Index up 0.17% at 13627.26 points, and the ChiNext Index up 0.15% at 3247.74 points [1] - Key sectors showing gains included home appliances, real estate, and consumer electronics, while the education sector was notably active with stocks like Kevin Education and Dou Shen Education rising over 5% [1] Company News - Tianpu Co. announced a suspension of trading due to significant stock price fluctuations, with a cumulative increase of 718.39% from August 22 to December 30, indicating a serious deviation from the company's fundamentals [2] - Zhaofeng Co. plans to redirect unused fundraising from a 300,000 sets/year electric vehicle control project to the industrialization of humanoid robots and high-end precision components for smart driving, aiming for substantial production capacity increases [2] - Jiamei Packaging's stock price has significantly diverged from its fundamentals, and the company may apply for a trading suspension if prices continue to rise abnormally [2] Industry Insights - Zijin Mining expects a net profit of approximately 51-52 billion yuan for 2025, representing a year-on-year increase of about 59%-62% [3] - Shengxin Lithium Energy plans to acquire a 30% stake in Sichuan Qicheng Mining for 2.08 billion yuan, which will lead to full ownership of the company [3] - Salt Lake Co. intends to acquire a 51% stake in Wuku Salt Lake Co. for 4.605 billion yuan, which will make it a subsidiary [3] - Zhejiang Rongtai is set to issue H-shares to enhance its international strategy and expand overseas production capacity [3] Emerging Trends - The humanoid robot sector is gaining traction, with reports of supply chain companies visiting North America, anticipating the release of Tesla's Optimus project [6] - The Ministry of Education plans to advance AI in education, with policies expected to be released next year to enhance AI education and applications [7] - The commercial aerospace sector is being promoted by the National Defense Science and Technology Bureau, emphasizing the importance of developing a strong aerospace industry [8] - The sodium battery market is set for large-scale application in various fields by 2026, marking a significant shift in battery technology within the renewable energy sector [12]

Group 1 - The A-share and Hong Kong stock markets showed a growth style leading the rally in December, with the ChiNext and North Star 50 indices rising over 5% [1] - The core drivers for the cyclical sector include economic recovery expectations and the revaluation of strategic resources, particularly benefiting from global manufacturing recovery and resource security themes [1][2] - The growth style focuses on technological self-reliance and new productivity, with capital concentrating on sectors like defense, communication, and AI-related high-end manufacturing [1][2] Group 2 - In January, the A-share market will enter a critical data verification period, influenced by policy effects, macro data, corporate performance, and liquidity changes, leading to potential increased volatility [2] - Key sectors such as defense, 6G, and satellite internet will require performance or order validation to digest previous gains, while commercial aerospace and AI computing sectors may still present active opportunities [2] - Strategic resource segments, especially rare metals like antimony, tungsten, and rare earths, are being revalued by the market due to their essential role in advanced technology breakthroughs [2] Group 3 - The company has excellent asset allocation in mineral resources, with a projected CAGR of 24% for copper production and 12% for gold production from 2020 to 2024, leading in growth among major copper/gold mining companies [6] - The company has successfully completed several significant acquisitions, contributing to production and profit, with ongoing projects expected to support sustainable growth in copper and gold businesses [6][8] - The company has effectively controlled costs, with production costs for copper and gold remaining competitive, positioning it within the top 20% globally [7] Group 4 - The company is benefiting from a stable coal production capacity of 48 million tons/year and has seen an increase in profitability due to low extraction costs and high long-term contracts [18] - The company is expanding its electrolytic aluminum capacity, with a projected increase to 121,000 tons/year by the end of 2025, supported by cost advantages from proximity to coal sources [19] - The company is actively promoting clean energy transition, with significant growth in renewable energy installations, aiming for 700,000 kW by the end of the 14th Five-Year Plan [19] Group 5 - The company is a leading supplier of air conditioning refrigeration valves, with rapid growth in automotive and humanoid robot businesses, actively developing new growth curves [47] - The company achieved a revenue of 240.29 billion yuan in the first three quarters of 2025, with a year-on-year increase of 16.86%, and a net profit of 32.42 billion yuan, up 40.85% [47] - The company is focusing on the development of robotic components, with plans for overseas mass production to strengthen its position in the global supply chain [49]

1. Report Industry Investment Ratings No industry investment ratings are provided in the report. 2. Core Views of the Report - **Financial Market**: A - shares are in a narrow - range consolidation with weakened upward momentum, but the early release of 62.5 billion yuan in consumer product national subsidy funds in 2026 may boost consumption in Q1, and the market is expected to maintain a volatile and slightly stronger trend without volume contraction. The Fed's December meeting minutes show increased internal differences on interest rate cuts, leading to a decline in market risk appetite and a stronger US dollar index. The bond market is still dominated by institutional behavior, and the risk of a rapid market decline cannot be completely resolved until the allocation of ultra - long bonds is significantly strengthened [1][3][21]. - **Commodity Market**: Steel prices continue to fluctuate, lacking a clear driving force before the New Year's Day holiday. Short - term callback pressure is expected for lithium carbonate, but there are mid - term opportunities to go long on dips. Oil prices are fluctuating strongly, with Venezuela reducing production due to blockades and an increase in the number of US oil rigs [4][5][6]. 3. Summary by Directory 3.1 Financial News and Comments 3.1.1 Macro Strategy (Gold) - Gold prices had a weak rebound, but gave back gains after the release of the Fed meeting minutes. Silver had a significant rebound, but its sustainability is weak due to pre - holiday position - reducing. The Fed meeting shows large internal differences, with little change in the market's interest rate cut expectations in 2026. Gold lacks continuous upward momentum in the short term, and there is a risk of a phased decline after the holiday [11]. - Investment advice: Reduce positions before the holiday and beware of the risk of decline due to increased short - term volatility in precious metals [12]. 3.1.2 Macro Strategy (Foreign Exchange Futures - US Dollar Index) - South Korea's inflation slowed in December 2025, with an average inflation rate of 2.1%. The Fed's December meeting minutes show increased differences among officials on interest rate cuts, leading to a decline in market risk appetite and a stronger US dollar index [13][15]. - Investment advice: The US dollar is expected to strengthen in the short term [16]. 3.1.3 Macro Strategy (US Stock Index Futures) - The US 20 - city housing price index rose 1.31% year - on - year in October, slightly higher than expected. The Fed plans to purchase about 220 billion US dollars of Treasury bills in the next 12 months. The US stock index is oscillating at a high level, and the market risk appetite remains high due to optimistic expectations of future liquidity release [17][18]. - Investment advice: Adopt a bullish approach [19]. 3.1.4 Macro Strategy (Stock Index Futures) - The early release of 62.5 billion yuan in consumer product national subsidy funds in 2026 may boost consumption in Q1. A - shares are in a narrow - range consolidation, and the market is expected to maintain a volatile and slightly stronger trend without volume contraction [20][21]. - Investment advice: Allocate evenly in long positions of various stock indices [22]. 3.1.5 Macro Strategy (Treasury Bond Futures) - The 12 - month manufacturing PMI is expected to be weak. The bond market is still dominated by institutional behavior, and the risk of a rapid market decline cannot be completely resolved until the allocation of ultra - long bonds is significantly strengthened. There is a need to be cautious when gambling on a rebound from oversold conditions [24][25]. - Investment advice: Be cautious when gambling on a rebound from oversold conditions [26]. 3.2 Commodity News and Comments 3.2.1 Black Metals (Rebar/Hot - Rolled Coil) - Steel prices continue to fluctuate, lacking a clear driving force before the New Year's Day holiday. The pressure on finished products is moderate, and there is no inventory accumulation. The pressure on the decline of hot metal is limited. Attention should be paid to export changes at the beginning of the year, and a volatile approach is recommended in the short term [29]. - Investment advice: Adopt a volatile approach to steel prices and hold light positions before the holiday [30]. 3.2.2 Black Metals (Coking Coal/Coke) - The price of coking coal in the central - southern market is running weakly and steadily. The supply of coking coal is shrinking, and the demand is slightly increasing. The price of coke is under pressure, and the futures may follow the weak oscillation. - Investment advice: Coal and coke are expected to fluctuate in the short term. Pay attention to inventory replenishment and the recovery of hot metal [31]. 3.2.3 Black Metals (Steam Coal) - Coal prices are stabilizing in the short term. The downstream daily consumption is average, and the port inventory is slightly decreasing. Overall, coal prices are still weak [32]. - Investment advice: The overall coal price is weak due to limited demand and high absolute inventory [33]. 3.2.4 Black Metals (Iron Ore) - Iron ore continues to oscillate, with strong overall support but limited upward space. The inventory of steel mills' raw materials is low, and there is short - term support due to the expected slight increase in hot metal and pre - holiday inventory replenishment by downstream [34]. - Investment advice: There is short - term support due to low raw material inventory in steel mills, expected increase in hot metal, and pre - holiday inventory replenishment [34]. 3.2.5 Non - ferrous Metals (Copper) - The second - phase expansion project of Julong Copper Mine has successfully carried out a joint trial run. Zijin Mining's net profit in 2025 is expected to increase by 59% - 62% year - on - year. Short - term macro concerns are alleviated, and the domestic inventory is rising. - Investment advice: Copper prices are expected to oscillate at a high level in the short term, and it is recommended to go long on dips. Wait and see for arbitrage [37]. 3.2.6 Non - ferrous Metals (Nickel) - Zhongwei Co., Ltd. has locked in the supply of 500 - 600 million wet tons of nickel ore resources. Indonesia plans to reduce the RKAB quota of nickel ore, and there may be a tax on cobalt at the mine end. The current price is close to the full cost of NPI, and there are factors restricting price increases. - Investment advice: The market is expected to return to oscillation. If the RKAB quota is only 250 million tons, there is still significant upward space [40]. 3.2.7 Non - ferrous Metals (Lithium Carbonate) - Zijin Mining plans to achieve an output of 120,000 tons of lithium carbonate equivalent in 2026. There may be short - term callback pressure, and mid - term opportunities to go long on dips can be considered [41][42]. - Investment advice: There is short - term callback pressure, and pay attention to mid - term opportunities to go long on dips [44]. 3.2.8 Non - ferrous Metals (Lead) - The lead price is oscillating at a high level, with an increase in LME inventory and a marginal decrease in social inventory. The supply and demand are both weak, and the upward space of the lead price is limited. - Investment advice: Wait and see for both unilateral and arbitrage trading [46]. 3.2.9 Non - ferrous Metals (Zinc) - The zinc product tariff in 2026 remains unchanged. The zinc price is oscillating strongly, mainly driven by macro sentiment. The short - term demand is recovering, and the mid - term price is still likely to rise. - Investment advice: Look for opportunities to buy on dips for unilateral trading. Wait and see for calendar spread arbitrage and adopt a reverse arbitrage approach for cross - market arbitrage [48][49]. 3.2.10 Non - ferrous Metals (Tin) - Nvidia has invested 5 billion US dollars in Intel. The supply of tin ore remains tight, and the demand is weak. - Investment advice: There may be short - term adjustments, and pay attention to mid - term opportunities to go long on dips [53]. 3.2.11 Energy and Chemicals (Crude Oil) - Venezuela is reducing oil production due to US blockades, and the number of US oil rigs is increasing. Oil prices are oscillating strongly, supported by risk premiums [56]. - Investment advice: Pay attention to geopolitical conflicts in the short term [57]. 3.2.12 Energy and Chemicals (Carbon Emissions) - The price of carbon emissions is rising, mainly due to the potential quota carry - over demand of some enterprises in newly entered industries. The short - term market risk is high [58]. - Investment advice: The short - term market risk is high [59]. 3.2.13 Energy and Chemicals (Methanol) - Trump threatens to strike Iran if it rebuilds its nuclear program. The methanol price is rising, and a bullish approach is recommended [60]. - Investment advice: Adopt a bullish approach with a target price of around 2250 yuan/ton [61][62]. 3.2.14 Energy and Chemicals (Soda Ash) - The soda ash price in the southwest market is stable. The supply is increasing, and the demand is average. The inventory of glass factories is high, and it is expected to accumulate in the future [63]. - Investment advice: Adopt a bearish approach in the medium term and short the far - month contracts on rallies [64]. 3.2.15 Energy and Chemicals (Float Glass) - The float glass price in the Shahe market is flat. The glass futures price is rising due to rumors of environmental protection requirements for fuel transformation. There is uncertainty in the implementation of the transformation [65][66]. - Investment advice: The FG contract is expected to fluctuate between 900 - 1250 yuan/ton in 2026. Short on rallies and pay attention to the potential impact of fuel transformation on supply [67].

Group 1 - The National Development and Reform Commission and the Ministry of Finance announced a subsidy policy for consumer electronics and appliances, providing a 15% subsidy for purchases of certain products, including smartphones and smart home devices, starting in 2026 [1] - Consumers can receive a subsidy of up to 500 yuan for each eligible smart product purchased, with a maximum subsidy of 1500 yuan for major appliances [1] - The policy aims to stimulate consumption and support the transition to smart and energy-efficient products, indicating a clear direction towards intelligent technology [1] Group 2 - A total of 625 billion yuan in special long-term bonds has been allocated to support the old-for-new consumption policy, with funds being distributed ahead of the New Year and Spring Festival to meet seasonal demand [2] - The National Development and Reform Commission will oversee the implementation of this policy, ensuring effective use of the subsidy funds and monitoring throughout the process [2] Group 3 - The Ministry of Finance and the State Taxation Administration announced a new tax policy, exempting individuals from value-added tax when selling homes purchased for over two years, effective January 1, 2026 [3] - The tax rate for homes sold within two years has been reduced from 5% to 3%, although the overall impact on the market is expected to be limited [3] Group 4 - The Ministry of Industry and Information Technology and three other departments released a digital transformation plan for the automotive industry, aiming to enhance smart manufacturing capabilities by 2027 [4] - Key targets include increasing the digitalization level of component manufacturers, improving labor productivity by 10%, and reducing product development and delivery cycles by 20% [4] Group 5 - iMoutai announced plans to launch a new product line in 2026, with production volumes aimed at preventing market speculation and ensuring supply-demand balance [5] Group 6 - The U.S. stock market faced pressure with declines in major indices, influenced by internal divisions within the Federal Reserve, while some tech stocks showed mixed performance [6] - The Nasdaq China Golden Dragon Index experienced fluctuations, reflecting the volatility in the market [6] Group 7 - The agricultural sector is focusing on increasing soybean oil production and self-sufficiency, alongside the development of modern livestock and aquaculture industries [10] - The initiative aims to enhance agricultural productivity and establish a diversified food supply system while maintaining strict land use regulations [10] Group 8 - The Ministry of Education plans to introduce policies to integrate artificial intelligence into education, aiming to cultivate high-quality talent for the future [11] - The initiative will focus on different educational stages and promote AI literacy among students [11]

盛新锂能：拟20.8亿元收购启成矿业30%股权，后者300万吨/年木绒锂矿正在推进开发建设 【投资经营】 【重要事项】 盐湖股份：拟46.05亿元现金收购五矿盐湖51%股权，加快推进世界级盐湖产业基地建设 中伟股份：锁定5-6亿湿吨镍矿资源的供应，掌控碳酸锂资源量超1000万吨 泰和科技：拟通过改造原磷酸铁锂生产装置生产磷酸焦磷酸铁钠，形成年产1万吨磷酸焦磷酸铁钠生产 规模 乾照光电：砷化镓太阳能电池相关产品已批量应用于国内在轨运行的大型商业航天星座组网卫星 星宸科技：车规级激光雷达SPAD芯片SS905HP与SS901适用于L3及以上场景，第一批产品将于2026年 上半年量产 【签约合作】 罗博特科：与英伟达共同开发的全球首个300mm双面晶圆测试平台已完成可靠性测试 精测电子：拟向客户出售多台半导体前道量检测设备等，合同总计金额达到5.71亿元 金盘科技：签订海外数据中心项目合同，金额约6.96亿元 九丰能源：2025年已连续九次为海南商业航天发射场长征系列火箭发射提供特燃特气保障 昊志机电：部分产品已在头部商业航天公司实现小批量应用并形成小幅盈利 *ST名家：拟与专业投资机构共同投资GPU算力芯片项目并 ...

虽然对紫金矿业（601899）盈利增长早有预期，但是极强的业绩兑现能力依旧让人感到震撼。 12月30日晚间，该公司发布披露业绩预告，公司预计2025年度实现归属于上市公司股东的净利润约人民币510-520亿元，同比增加189-199亿元，较上年同期 增长59%-62%。 剔除今年11月新上市的中国铀业（001280），紫金矿业也是今年有色行业首家披露业绩预告的公司，并且有望成为行业内首家市值破万亿的上市公司。 截至今日收盘，该公司年内涨幅达到125.99%，总市值增加至8800亿元，距捅破万亿市值的门槛仅差不足14%的涨幅。 而据上述业绩预告的下限计算，公司2025年度每股收益将达到1.92元，折算当前市盈率亦不过17.4倍左右。 而促使公司盈利增长的原因，无非是量、价层面的双重拉动。 量的方面。2025年，公司矿产金约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（000408）5-12月产量)约2.5万吨(2024年度：261吨)。 价格方面。矿产金、矿产铜、矿产银销售价格同比上升。 ...

紫金矿业的这一"炸裂"业绩刷新了公司历史纪录，是成立以来的最好成绩单。 《每日经济新闻》记者注意到，黄金价格的上涨对紫金矿业的业绩增长功不可没，伦敦现货黄金在2025 年创下了自1980年以来的最高单年涨幅。站在2026年的门槛上，不少研究机构认为黄金牛市基础依然稳 固，上涨趋势未改。 预计2025年归母净利润超510亿元 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 12月30日，紫金矿业（SH601899，股价33.42元，市值8886亿元）发布业绩预增公告，预计2025年度归 母净利润将突破510亿元人民币，同比大增约60%。 据公司公告，紫金矿业预计2025年度实现归属于上市公司股东的净利润约人民币510亿元至520亿元。与 2024年同期320.51亿元的净利润相比，将增加约189亿元至199亿元，同比增加约59%至62%。 基于此，华福证券给出了明确的价格预测：预计2026年黄金价格将在2025年4300美元/盎司左右的峰值 水平基础上继续抬升。 除了宏观利率环境，全球央行的购金行为正在发生深刻的结构性变 ...

Industry News - The Ministry of Finance and the State Administration of Taxation announced a new policy on the value-added tax for personal housing sales, effective from January 1, 2026. Homes sold within two years of purchase will incur a 3% VAT, while those sold after two years will be exempt from VAT [3]. - The Ministry of Education plans to continue promoting artificial intelligence in education, with related policy documents expected to be released next year [3]. - The Ministry of Industry and Information Technology and other departments issued a digital transformation implementation plan for the automotive industry, aiming for significant improvements in manufacturing capabilities and digital levels by 2027 [3]. - In November 2025, global automobile sales reached 8.59 million units, a year-on-year increase of 1%, with China's global market share rising to 40%, up 1 percentage point from the previous year [3]. - A new generation of the Honghu HH-200 commercial drone developed by Aviation Industry Corporation of China was unveiled, marking a breakthrough in low-altitude logistics transportation technology [4]. - In 2026, China will accelerate the construction of a digital economy, implementing the "East Data West Computing" project and fostering a national integrated data market [4]. - The Beijing Municipal Health Commission issued measures to support the innovation and development of the artificial intelligence industry in the healthcare sector for 2026-2027 [4]. Company News - Tianpu Co., Ltd. announced a cumulative stock price increase of 718.39% from August 22 to December 30, leading to a suspension for verification [5]. - Zijin Mining announced a projected net profit increase of 59%-62% for 2025, driven by rising sales prices of gold, copper, and silver [5]. - Wuzhou New Spring reported a recent reduction of 2.73% in total share capital by its controlling shareholder [5]. - Superjet Co., Ltd. announced the completion of its controlling shareholder's reduction plan [5]. - Jinpan Technology signed a contract for an overseas data center project worth approximately 696 million yuan [5]. - Shengxin Lithium Energy plans to acquire a 30% stake in Qicheng Mining for 2.08 billion yuan, with the latter's lithium mine under development [5]. - Mindray Bio-Medical Electronics announced a cash acquisition of 100% of Wuhan Bikaier Rescue Supplies Co., Ltd., expected to constitute a major asset restructuring [5]. - China National Airlines plans to purchase 60 Airbus A320NEO aircraft at a total catalog price of approximately 9.53 billion USD, with deliveries scheduled between 2028 and 2032 [5].