Core Viewpoint - The data indicates significant outflows of capital from various stocks, with notable amounts withdrawn from companies across different industries, suggesting a potential shift in investor sentiment and market dynamics [1][2][3] Group 1: Major Stocks with Capital Outflows - Sanhua Intelligent Control experienced a capital outflow of 1.402 billion, with a decline of 2.73% in stock price [2] - Tongfu Microelectronics saw a capital outflow of 1.309 billion, with a decrease of 1.55% [2] - Contemporary Amperex Technology reported a capital outflow of 1.143 billion, with a drop of 2.8% [2] - Zhaoyi Innovation also faced a capital outflow of 1.143 billion, with a decline of 1.93% [2] - Changdian Technology had a significant outflow of 861 million, with a sharp decrease of 6.25% [2] Group 2: Other Notable Stocks - Hunan Silver experienced a capital outflow of 836 million, but its stock price increased by 6.67% [2] - Huada Technology saw an outflow of 825 million, with a decline of 3.1% [2] - Yango Technology faced a capital outflow of 723 million, with a significant drop of 6.37% [2] - Sungrow Power Supply had an outflow of 720 million, with a decrease of 1.16% [2] - TBEA reported a capital outflow of 653 million, with a decline of 2.5% [2] Group 3: Additional Stocks with Capital Outflows - Baiwei Storage experienced a capital outflow of 588 million, with a slight decrease of 0.79% [2] - Nanda Optoelectronics saw an outflow of 577 million, with a decline of 4.25% [3] - Lens Technology faced a capital outflow of 565 million, with a decrease of 2.09% [3] - Zijin Mining reported an outflow of 556 million, with a decline of 2.31% [3] - EVE Energy experienced a capital outflow of 555 million, with a drop of 2.99% [3]

Core Viewpoint - The A500 index and related ETF are showing positive performance, with significant growth in specific sectors such as semiconductors, new energy vehicles, and artificial intelligence, driven by technological innovation and favorable commodity prices [1][2]. Group 1: A500 Index and ETF Performance - As of January 22, 2026, the A500 index rose by 0.04%, with notable increases in individual stocks such as Gotion High-tech (12.39%) and Deepin Technology (10.54%) [1]. - The A500 ETF (512050) increased by 0.08%, with a latest price of 1.24 yuan, and a trading volume of 82.86 billion yuan, indicating active market participation [1]. - Over the past month, the A500 ETF's scale grew by 90.21 billion yuan, reflecting significant growth [1]. Group 2: Market Trends and Company Performance - As of January 21, 2026, 578 A-share listed companies released earnings forecasts, with 29 companies providing earnings reports, indicating a solid growth trend and structural optimization in the industry [1]. - Emerging sectors such as semiconductors, new energy vehicles, and AI are performing well, with companies attributing their growth to the acceleration of AI implementation and the improved outlook of the new energy vehicle supply chain [1]. - The performance of companies in the non-ferrous metals sector has improved due to rising prices of commodities like gold and copper, while breakthroughs in overseas business have also contributed to earnings growth [1]. Group 3: Regulatory Environment and Market Outlook - Short-term market consolidation is expected after reaching new highs, with recent regulatory policies likely to stabilize market sentiment [2]. - In the medium term, the market is anticipated to maintain an upward trajectory, supported by the active guidance of long-term capital into the market and macroeconomic factors [2]. - As the annual earnings forecast disclosure period intensifies, market sentiment is expected to heat up, shifting focus from macro liquidity to micro performance verification [2].

Investment Rating - The investment rating for the company is "Buy" and is maintained [1][7]. Core Views - The report highlights three main reasons for optimism regarding the company: 1) Anticipation of rising copper and gold prices, 2) The company is a leading player in copper and gold, with strong growth potential, expecting a high net profit growth rate of +57% in 2026 and +23% in 2027, 3) The overall valuation of the company is comparable to copper stocks, with potential for a revaluation of its gold assets [1][5]. Financial Performance - The company forecasts a net profit for Q4 2025 between 131-141 billion RMB, with a non-recurring net profit between 134-144 billion RMB, reflecting growth aligned with rising metal prices [2]. - The company achieved a copper production of 1.09 million tons in 2025, slightly below the initial guidance of 1.15 million tons, while gold production reached 90 tons, exceeding the guidance of 85 tons [2]. - For 2026, the company plans to produce 1.2 million tons of copper and 105 tons of gold, with a compound annual growth rate (CAGR) of 8-10% for copper and gold production from 2024 to 2028 [2]. Price Forecasts - The report anticipates that gold prices could rise to $4800 per ounce in 2026, driven by a diversification of foreign exchange reserves and a potential decline in U.S. real interest rates [3]. - For copper, prices are expected to exceed $15,000 per ton from 2025 to 2028, supported by limited supply growth and increasing demand driven by U.S. inventory and infrastructure development [3]. Valuation Insights - The company's gross profit distribution is estimated at 53% from copper and other metals and 47% from gold, suggesting it can be viewed as a "half gold, half copper" company [4]. - The average price-to-earnings (PE) ratio for comparable A-share copper stocks is 22X, while for gold stocks it is 29X. The company's A-share valuation is only 21X, indicating potential for a revaluation of its gold assets [4]. Target Prices - The target price for the company is set at 62.40 RMB for A-shares and 66.03 HKD for H-shares, based on a PE ratio of 18/23X for 2026 [5][7].

| 代码 | 简称 | 1月21日涨跌幅 | 融资净买入额 | 最新融资余额 | 占流通市值比例 | 所属行 | | --- | --- | --- | --- | --- | --- | --- | | | | （%） | （万元） | （万元） | （%） | 业 | | 600879 | 航天电 | 2.36 | 83020.85 | 403444.77 | 4.54 | 国防军 | | | 子 | | | | | 工 | | 300502 | 新易盛 | 3.20 | 55533.83 | 2016279.47 | 5.77 | 通信 | | 300750 | 宁德时 | 0.06 | 49559.04 | 2385295.63 | 1.60 | 电力设 | | | 代 | | | | | 备 | | 601899 | 紫金矿 | 2.20 | 46325.37 | 1035691.61 | 1.32 | 有色金 | | | 业 | | | | | 属 | | 600519 | 贵州茅 | -1.64 | 42446.00 | 1923375.54 | 1.14 | 食品饮 | | | 台 | | | ...

| 特变电工 | -3.01 | -5.54亿元 | 电网设备 | | --- | --- | --- | --- | | 晶瑞电材 | -9.11 | -4.87亿元 | 电子化学 | | 南大光电 | -3.56 | -4.86亿元 | 电子化学 | | 德明利 | 2.4 | -4.49亿元 | 未营体 | | 洛阳钼业 | -2.58 | -3.97亿元 | 小金属 | | 蓝思科技 | -2.54 | -3.95亿元 | 消费电- | | 中科曙光 | -1.11 | -3.95亿元 | 计算机设 | | 江西铜业 | -3.51 | -3.86亿元 | 有色金属 | | 亿纬锂能 | -2.2 | -3.47亿元 | 电池 | *数据仅供参考，不构成投资建议 | 股票名称 | 涨跌幅 (%) | 主力资金流向 | 所属行) | | --- | --- | --- | --- | | 三花智控 | -2.8 | -12.28亿元 | 家电行业 | | 兆易创新 | -1.67 | -9.61亿元 | 未营体 | | 通富微电 | -0.25 | -7.88亿元 | 未营体 | | 湖南白银 | 1. ...

Group 1 - International precious metals futures closed mixed, with COMEX gold futures rising by 1.48% and COMEX silver futures falling by 1.78% [1] - The non-ferrous sector benefits from the combination of "global monetary easing, rigid supply, and new demand," leading to increased interest in the "higher gold and copper content" Non-ferrous 50 ETF (159652), which has attracted over 1.4 billion yuan in the last 20 trading days, bringing its total scale to over 6 billion yuan [1][4] Group 2 - A Danish pension fund plans to liquidate its U.S. Treasury holdings by the end of the month due to concerns over credit risk associated with U.S. policies, which has led to increased interest in gold as a safe-haven asset [3] - The non-ferrous metal sector is expected to see strong performance in 2025, with companies in the Non-ferrous 50 ETF (159652) projecting collective earnings growth, including a 120%-142% increase for Northern Rare Earth [4] Group 3 - The non-ferrous industry is expected to maintain high prosperity in 2026-2027 due to a combination of recovery cycles and supply constraints, with copper and aluminum prices anticipated to improve [5] - Global electrolytic copper supply is expected to remain limited in 2026, with demand driven by U.S. stockpiling and grid construction, potentially leading to a shift from surplus to shortage [6] Group 4 - Aluminum prices have been gradually increasing since the second half of 2025, with expectations of a supply growth rate of only 1.7% in 2026, resulting in a projected shortfall of over 800,000 tons [9] - Energy metals like lithium are expected to see improved supply-demand dynamics in 2026-2027, with prices likely to rise due to increased demand from energy storage batteries [12] Group 5 - The Non-ferrous 50 ETF (159652) is positioned to benefit from a comprehensive layout across various metal sectors, including gold, copper, aluminum, lithium, and rare earths, capitalizing on the super cycle of non-ferrous metals [13] - The ETF has a leading copper content of 34% and gold content of 12%, with a high concentration of top holdings at 38% [15] Group 6 - The Non-ferrous 50 ETF (159652) has shown superior performance since 2022, with a cumulative return leading its peers and a lower maximum drawdown, indicating a better investment experience [17] - The index's growth has been driven by earnings rather than valuation expansion, with a current P/E ratio of 26.27, down 52% from five years ago, suggesting a favorable valuation [18]

Market Overview - The Shanghai Composite Index rose by 0.08% to close at 4116.94 points, with a daily high of 4135.96 points [1] - The Shenzhen Component Index increased by 0.7% to close at 14255.12 points, reaching a peak of 14320.94 points [1] - The ChiNext Index gained 0.54%, closing at 3295.52 points, with a maximum of 3329.5 points [1] Margin Trading and Securities Lending - The total margin trading and securities lending balance in the Shanghai and Shenzhen markets reached 27119.75 billion yuan, with a financing balance of 26945.23 billion yuan and a securities lending balance of 174.52 billion yuan [2] - This represents an increase of 115.92 billion yuan compared to the previous trading day [2] - The Shanghai market's margin trading balance was 13746.08 billion yuan, up by 101.13 billion yuan, while the Shenzhen market's balance was 13373.67 billion yuan, increasing by 14.8 billion yuan [2] Fund Issuance - Seven new funds were launched yesterday, including: - E Fund Hong Kong Stock Connect Consumer Mixed A - E Fund Hong Kong Stock Connect Consumer Mixed C - Huitianfu Gain Return Bond A - Huaxia CSI 500 Free Cash Flow ETF Link C - Huitianfu Gain Return Bond C - Huaxia CSI 500 Free Cash Flow ETF Link A - E Fund Shanghai Composite ETF [4] Top Net Purchases on the Dragon and Tiger List - The top 10 net purchases on the Dragon and Tiger list included: - Zhongtung High-tech with a net purchase of 57664.7 million yuan - Longxin Technology with 26946.73 million yuan - Dazhu CNC with 25319.57 million yuan - Zhongrong Electric with 21762.39 million yuan - Tongfu Microelectronics with 20382.62 million yuan [6]

Core Viewpoint - The international gold price has surged dramatically, reaching a record high of $4,640 per ounce in early 2026, driven by various geopolitical and economic factors, benefiting upstream gold mining companies significantly [1][3]. Group 1: Gold Price Performance - In 2025, the international gold price increased by nearly 70%, marking the largest annual increase since the 1979 oil crisis, starting from around $2,600 per ounce and nearing $4,600 by year-end [3]. - The domestic gold jewelry price rose from approximately 800 yuan per gram to around 1,360 yuan per gram due to the soaring gold prices [3]. - The global central banks purchased a net total of 297 tons of gold from early 2025 to the end of November, providing long-term support for gold prices [3]. Group 2: Mining Companies' Performance - Zijin Mining Group expects a net profit of 51 to 52 billion yuan for 2025, a nearly 60% increase, with gold production reaching about 90 tons [1]. - Chifeng Jilong Gold Mining anticipates a net profit of 3 to 3.2 billion yuan for 2025, reflecting a year-on-year growth of 70% to 81% [3]. - Shandong Gold reported a revenue of 83.78 billion yuan and a net profit of 3.96 billion yuan for the first three quarters of 2025, a year-on-year increase of 91.5% [4]. - Zhongjin Gold's net profit for the first three quarters reached 4.214 billion yuan, up 60.92% year-on-year, slightly surpassing Shandong Gold [4]. - Zijin Mining's revenue for the first three quarters of 2025 was 254.2 billion yuan, with a net profit of 37.864 billion yuan, a 55.45% increase year-on-year [4]. Group 3: Cost and Market Dynamics - The unit sales cost for gold mining companies has increased due to rising gold prices and other factors, although some companies like Chaojin Gold have managed to reduce costs through product structure adjustments [5]. - Retail companies in the gold jewelry sector are facing challenges, with brands like Lao Feng Xiang and Zhou Dazheng reporting revenue declines of 8.71% and 37.35%, respectively [7]. - The increase in gold prices has also positively impacted other precious metals, with silver and platinum prices rising over 140% in 2025 [7]. Group 4: Future Outlook - Institutions remain optimistic about future gold prices, with Goldman Sachs predicting a rise to approximately $4,900 per ounce by the end of 2026, and JPMorgan forecasting a potential peak of $6,000 per ounce [7]. - The global gold ETF assets reached a record high of $472 billion by the end of Q3 2025, indicating strong investment demand [8]. - The ongoing geopolitical uncertainties and the U.S. debt situation are expected to continue supporting gold prices in the long term [11].

Group 1: Chemical and Metal Industries - Several chemical companies, including Xinong Co. and Dayang Bio, are showing continuous improvement in their operations [1] - The non-ferrous metal sector benefits from high prices and capacity release, with Zijin Mining expected to achieve a net profit of 51 billion to 52 billion yuan in 2025, a year-on-year increase of 59% to 62% [1] - Zijin Mining's growth is driven by increased production and higher sales prices of gold, copper, and silver [1] - The high-end manufacturing sector shows resilience, with Okoyi's net profit projected to grow by 67.53% to 91.96% in 2025, despite rising raw material costs [1] - The new materials industry is also performing well, with China National Materials Technology expected to achieve a net profit of 1.55 billion to 1.95 billion yuan in 2025, a year-on-year increase of 73.79% to 118.64% [1] Group 2: International Market Growth - The overseas market is becoming a new growth engine for many listed companies [2] - Siyuan Electric is expected to achieve total revenue of 21.205 billion yuan in 2025, a year-on-year increase of 37.18%, and a net profit of 3.163 billion yuan, up 54.35% [2] - Absen, a leading global LED display provider, anticipates a net profit of 240 million to 290 million yuan in 2025, representing a year-on-year growth of 105.32% to 148.09% [2] - Absen's overseas revenue reached approximately 3.193 billion yuan, a year-on-year increase of about 8.94% [2] Group 3: Company-Specific Developments - Chutian Technology expects a net profit of 235 million to 300 million yuan in 2025, marking a turnaround to profitability driven by strong international market breakthroughs [3] - The company has made significant progress in Southeast Asia, the Middle East, and the Americas, with overseas sales revenue steadily increasing [3] - Hangcha Group is also expanding into emerging markets while consolidating its traditional markets, indicating the effectiveness of its globalization strategy [3]

Core Viewpoint - The overall performance of A-share listed companies is showing a solid growth trend, with emerging industries such as semiconductors, new energy vehicles, and artificial intelligence driving significant earnings growth [1][2]. Group 1: Emerging Industries Performance - Semiconductor, new energy vehicles, and communication equipment sectors are performing exceptionally well, with AI and robotics becoming key growth engines for companies [2]. - Over 20 companies in the new energy vehicle supply chain have reported significant earnings growth, with companies like Sanhua Intelligent Control and Asia-Pacific Shares attributing their success to the booming market [2]. - AI is penetrating various industries, with companies like DingTong Technology expecting a 119.59% increase in net profit due to AI-driven demand [2]. Group 2: High-Performance Sectors - The basic chemical sector is notably strong, with companies like Sanmei Co. projecting a net profit increase of 155.66% to 176.11% due to structural reforms and demand recovery [4]. - The non-ferrous metal sector is benefiting from high commodity prices, with Zijin Mining expecting a net profit of 510 billion to 520 billion yuan, a growth of 59% to 62% [5]. - High-end manufacturing is also resilient, with companies like Oke Yi projecting a net profit increase of 67.53% to 91.96% despite rising raw material costs [6]. Group 3: International Market Growth - The overseas market is becoming a new growth engine for many companies, with Siyuan Electric reporting a 37.18% increase in revenue due to international market expansion [7]. - Absen, a leading LED display provider, expects a net profit increase of 105.32% to 148.09% as it strengthens its global presence [7]. - Chutian Technology anticipates a turnaround in profitability driven by breakthroughs in international markets, with significant growth in overseas sales [8].