多家券商认为春季躁动的持续时间可能拉长，春节后市场或将迎来一波新的行情。 其中，兆易创新1月内涨幅最多，累计涨近47%，最新收盘价报314.88元；中国中免1月内跌幅最大，累计跌超5%，最新 收盘价报89.37元。 | STATE | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 证券 | 最新 | 总市值 | 1月月内 | 所属 | 获推荐 | 推荐 | | 简称 | 收盘价 (元) | (亿元) | 涨跌幅 | 行业 | 次数 | 券商 | | 中国太保 | 45.55 | 4093.97 | 8.69% | 美部 | 3 | 中泰证券 太平洋 | | | | | | | | 平安证券 | | 器等处,不 | 40.14 | 10509.07 | 16.45% | 材料 | 3 | 华泰证券 中国银河 | | | | | | | | 光大证券 | | 万华化学 | 87.97 | 2753.88 | 14.72% | 材料 | 3 | 中泰证券 光大证券 | | | | | | | | 太平洋 | | | | 第二回经 | | | | ...

真没想到，持续走高近两年的黄金白银，竟在一夜之间迎来史诗级崩盘。 2026年1月31日凌晨，国际贵金属市场突发惊魂一幕，黄金瞬时暴跌超12%，白银闪崩36%。 全球超27万个账户资金一夜蒸发，国内金饰价格两天跌去90元，所有人都在问，贵金属牛市真的要结束 了吗？ 这场暴跌来得毫无预兆，前一天国际黄金还在刷新高位，国内金店门口还有人排队买金。 大家都想着靠黄金保值增值，甚至有人加了高杠杆跟风追高。 没人能预料到，一场由多重因素引发的风暴，会在凌晨席卷全球贵金属市场，让无数投资者从狂欢跌入 谷底。 首先要澄清一个市场误读，很多人刷到消息说黄金单克跌165元，白银跌得只剩零头。 通威股份等龙头企业，因银价波动预亏超150亿元，经营压力陡增。 其实这些都是不实信息，伦敦交易所已经紧急澄清，数据存在失真。盘中黄金12%、白银36%的跌幅， 只是瞬时波动，是算法交易放大流动性枯竭导致的。 实际收盘时，黄金跌幅在7%-8%左右，最低触及4682美元/盎司；白银跌幅约17%，最低74美元/盎司。 虽然没有瞬时数据那么夸张，但这样的跌幅，也是1980年以来前所未有的，足以说明市场波动的剧烈程 度。 国内金饰价格确实跟着下调，但 ...

Core Insights - The A-share market showed a positive performance in January, with over 90% of the broker "gold stock" combinations achieving positive returns, indicating strong stock selection capabilities among brokers [1][2] Group 1: January Performance - In January, 34 out of 36 broker "gold stock" combinations reported positive returns, with a notable performance from leading brokers [1][2] - The top three performing broker "gold stock" combinations were from Guojin Securities (16.55%), Shenwan Hongyuan (15.31%), and Guoxin Securities (14.62%) [2] - A total of 249 stocks were recommended by 42 brokers, with 165 stocks rising and 85 stocks falling, resulting in over 60% of stocks showing upward movement [2] Group 2: Notable Stocks - Among the recommended stocks, Zhuoyi Information from Hualong Securities saw a remarkable increase of over 98%, making it the top performer for January [3] - Other notable stocks included Hongjing Technology and Shenghui Integration, with increases of over 68% and 61%, respectively [3] - Several other stocks recommended by various brokers also achieved gains exceeding 50% [3] Group 3: February Outlook - As of January 30, seven brokers had released their February "gold stock" combinations, covering 53 A-share stocks with a clear structural characteristic in their recommendations [4] - The most frequently recommended stocks for February were Wanhua Chemical and Zijin Mining, each recommended by three brokers, indicating high consensus among institutions [4] - The February recommendations reflect a balanced focus across multiple sectors, including technology and finance, with a notable concentration in the information technology sector [4] Group 4: Industry Performance - In January, the energy sector led with an average increase of 18.48%, followed by materials at 12.36% and industrials at 9.82% [5] - The information technology sector, despite having the most recommended stocks, had an average increase of 8.55%, indicating a stable return profile [5] - The overall market sentiment is expected to remain positive, with a focus on technology and cyclical sectors as key drivers for the upcoming spring market [6][7]

Core Viewpoint - Zijin Mining Group Co., Ltd. plans to issue $1.5 billion zero-coupon convertible bonds, which can be converted into H-shares at an initial conversion price of HKD 63.30 per share, representing a premium of approximately 37.19% over the last closing price on January 29, 2026 [2][16]. Group 1: Issuance Overview - The issuance is scheduled for January 29, 2026, with the total principal amount of $1.5 billion guaranteed by Zijin Mining [2][4]. - The bonds can be converted into approximately 184,898,104 shares of H-shares, accounting for about 3.09% of the existing H-share capital and 0.70% of the total issued capital as of the announcement date [3][16]. Group 2: Use of Proceeds - The net proceeds from the bond issuance, estimated at approximately $1.527 billion after deducting underwriting commissions and other expenses, will be used for capital expenditures related to the Arinna copper-gold project in Peru, with the remainder allocated for working capital and general corporate purposes [23][24]. Group 3: Approval and Authorization - The issuance has received approval from the relevant state-owned assets supervision authority and the National Development and Reform Commission [22][25]. - The board of directors has the authority to issue up to 1,197,768,000 new shares under the general mandate granted at the 2024 annual general meeting, which represents 4.51% of the company's issued shares at that time [25][26]. Group 4: Company Background - Zijin Mining is a large multinational mining group engaged in the exploration, mining, processing, smelting, and sales of copper, gold, zinc, silver, lithium, molybdenum, and other strategic mineral resources [27].

Core Insights - Over 1,000 listed companies are expected to report positive performance in 2025, with a notable increase in the proportion of companies forecasting profit growth compared to 2024 [2] - The growth is supported by macroeconomic recovery, with industrial profits showing positive growth after three consecutive years of decline [2] Industry Performance - The non-ferrous metals, electronics, public utilities, and automotive sectors are performing particularly well, driven by the acceleration of AI implementation and rising prices of commodities like gold and copper [2] - Leading companies in sectors such as non-ferrous metals, semiconductors, and new energy vehicles are significantly outperforming, with Zijin Mining expected to achieve a net profit of 51 to 52 billion yuan, a year-on-year increase of 59% to 62% [3][4] Notable Company Forecasts - Companies like Jiangbolong in the storage chip sector are projecting substantial profit increases, with expected net profits of 1.25 to 1.55 billion yuan, representing a year-on-year growth of 150.66% to 210.82% [4] - Lixun Precision and Sanhua Intelligent Control are also showing strong performance, with Lixun's net profit forecasted to be between 16.518 billion and 17.186 billion yuan, a growth of 23.59% to 28.59% [4] - Century Huatong, a gaming leader, anticipates revenues of approximately 38 billion yuan, a year-on-year increase of about 68%, with net profit expected to rise by 357.47% to 475.34% [4] Doubling Profits - More than 200 companies are expected to see their net profits double, with 227 companies forecasting a minimum growth of over 100% [5] - Ningbo Fubang is leading with an expected net profit of 5 to 7 million yuan, a staggering increase of 3099.59% to 4379.43% [5] Biopharmaceutical Sector Growth - The biopharmaceutical sector is also thriving, with 28 A-share pharmaceutical companies predicting net profit growth exceeding 100% [6] - For instance, Sanofi's expected net profit is 2.9 billion yuan, reflecting a growth of 311.35% [6] AI and Price Increases as Growth Drivers - The demand for AI and rising product prices are identified as the two main drivers of significant profit growth among listed companies [7] - Companies like Cambrian are projecting revenues of 6 to 7 billion yuan, with a year-on-year growth of 410.87% to 496.02% [7] - The impact of AI extends beyond tech sectors, benefiting various industries including retail and construction through deep applications of AI technology [8] High-End Manufacturing Resilience - The high-end manufacturing sector is also showing resilience, with companies like Oke Yi expecting net profit growth of 67.53% to 91.96% despite rising raw material costs [9]

Group 1: Core Themes - The event "Praise for China's Economy - Entrepreneur Night" highlighted the achievements of entrepreneurs in driving high-quality economic development in China [1] - The three chapters of the event focused on innovation, dedication, and foundational industries, showcasing the diverse contributions of various sectors [1] Group 2: Innovation and Technology - Liu Debing, chairman of Zhipu, emphasized the company's vision of "making machines think like humans" and its leading position in the global AI model market with the launch of GLM-4.7 in 2025 [1] - The company aims to continue its focus on AGI (Artificial General Intelligence) and long-term technological missions [1] - Wu Xiangdong, chairman of Zhenjiu Lidou Group, expressed intentions to expand the international market for Chinese liquor, with 20% of exports currently going to South Korea [1] Group 3: Industry Insights - Han Wei from LeKe Sports indicated a focus on product services in 2026 after a challenging 2025, aiming to surpass international competitors [2] - Zhao Yan from Huaxi Biological shared plans to integrate AI into their operations, focusing on aging intervention and tissue regeneration [2] - Du Hua from Lehua Entertainment discussed the company's transformation into a comprehensive entity combining machines, AI, and trendy toys [2] Group 4: Foundational Industries - Chen Jinghe, founder of Zijin Mining, shared the company's growth from a startup with 10,000 yuan to a trillion-yuan international enterprise, emphasizing the importance of mining for industrial development [3] - Cold Youbin, chairman of China Feihe, highlighted the company's 64-year commitment to the dairy industry, achieving 20% market share in China through a focus on maternal milk research [3] - Ma Changhai, chairman of Weichai Power, discussed the company's evolution into a multinational group with significant R&D investments and advancements in diesel engine efficiency [4]

Group 1 - The net inflow of southbound funds today amounted to 3.22 billion HKD [1] - The top three companies with net inflows were CSPC Pharmaceutical Group, Xiaomi Group-W, and the Tracker Fund of Hong Kong, with net purchases of 935 million HKD, 914 million HKD, and 590 million HKD respectively [1] - The companies with the highest net outflows included Zijin Mining, China Mobile, and CNOOC, with net sales of 635 million HKD, 541 million HKD, and 526 million HKD respectively [1]

Investment Rating - The report maintains a positive investment rating for the non-ferrous metals and new materials industry, indicating a high cost-performance investment stage with potential for sustained growth [1][5]. Core Insights - The non-ferrous metals sector has shown a significant increase, with the Shenwan Non-Ferrous Metals Index rising by 94.73% in 2025, outperforming the CSI 300 Index by 77.07 percentage points [1][13]. - Geopolitical tensions, particularly between major powers like the US and China, are expected to continue impacting the stability of the metal supply chain, leading to increased raw material costs and upward price pressures on strategic metals [2][30]. - The demand outlook for non-ferrous metals remains strong, driven by emerging industries such as electric vehicles, renewable energy, and artificial intelligence, which require high-performance materials [4][34]. Summary by Sections Industry Overview - The non-ferrous metals industry is experiencing a transformation due to supply constraints and changing demand dynamics, with certain metals reaching new price highs [1][2]. - The industry is positioned for growth, supported by favorable policies and a robust demand from new technologies [24][25]. Investment Opportunities - Investment opportunities are particularly favorable in precious metals, copper, and strategic metals, with recommendations to focus on leading companies in high-growth sectors [3][5]. - Key companies to watch include Zijin Mining, Luoyang Molybdenum, Jiangxi Copper, and Northern Rare Earth [5]. Emerging Trends - The rapid expansion of new industries is creating a strategic demand for upstream materials, which are now subject to stricter performance and purity standards [4][34]. - The shift towards electric vehicles and renewable energy is expected to sustain high demand for metals like lithium, copper, and rare earth elements [36][42]. Market Dynamics - The report highlights the tightening supply of strategic metals due to increased global regulatory controls, which is expected to lead to a supply-demand imbalance [31][32]. - The copper market is particularly noted for its supply constraints and increasing demand, with a significant reliance on imports to meet domestic needs [46][47]. Future Outlook - The profitability outlook for the non-ferrous metals sector is expected to improve, with potential for continued price increases in copper, aluminum, and gold, driven by strong industrial demand and macroeconomic conditions [15][30].

Group 1 - Southbound funds net bought Hong Kong stocks worth 32.22 billion HKD today [1] - The top net purchases included: CSPC Pharmaceutical Group at 9.34 billion HKD, Xiaomi Group-W at 9.14 billion HKD, and the Tracker Fund of Hong Kong at 5.89 billion HKD [1] - Notable net sales included: Zijin Mining at 6.35 billion HKD, China Mobile at 5.41 billion HKD, and CNOOC at 5.25 billion HKD [1] Group 2 - Southbound funds have recorded a continuous net sell of China Mobile for 20 days, totaling 159.752 billion HKD [1] - Zijin Mining has seen a net sell for 5 consecutive days, amounting to 37.8638 billion HKD [1] - Semiconductor Manufacturing International Corporation (SMIC) has also experienced a net sell for 5 consecutive days, totaling 12.2751 billion HKD [1]

Group 1 - The total trading volume of the Shanghai and Shenzhen Stock Connect today reached 390.83 billion, with Zijin Mining and CATL leading in trading volume for Shanghai and Shenzhen stocks respectively [1][2] - The communication sector saw the highest net inflow of funds, while the non-ferrous metals sector experienced significant outflows [4][5] - The cash flow ETF (159399) reported a remarkable 268% increase in trading volume compared to the previous trading day [1][9] Group 2 - The top ten stocks by trading volume in the Shanghai Stock Connect included Zijin Mining, Kweichow Moutai, and China Ping An, while CATL, Zhongji Xuchuang, and Tianfu Communication topped the Shenzhen Stock Connect [3] - The non-ferrous metals sector faced a sharp decline, with Xinyi Silver Tin hitting the daily limit down, despite four institutions buying 653 million [12][13] - Hunan Gold achieved a five-day limit up, attracting significant purchases from two major funds, totaling 619 million and 286 million respectively, while facing 704 million in sales from four institutions [12][14] Group 3 - The top ten ETFs by trading volume included the Gold ETF (518880) and A500 ETF Huatai Baichuan, with the Gold ETF leading in trading volume [8] - The top ten ETFs by percentage increase in trading volume were led by the cash flow ETF (159399) with a 268% increase, followed by the Shanghai Index ETF (510210) with a 195% increase [9] Group 4 - In the futures market, the main contracts for IH, IC, and IM saw both long and short positions decrease, with a notable reduction in short positions for the IC contract [10]