Core Viewpoint - The resource sector has seen significant growth, with many resource-related funds doubling their net value over the past year, driven by strong performance in the non-ferrous metals sector and rising prices of gold and silver [1][2]. Group 1: Market Performance - The Shenyin Wanguo non-ferrous metals sector index surged by 89.38% in 2025, leading the A-share market [1]. - As of January 19, 2026, the number of public funds with a unit net value growth rate exceeding 100% reached 176, with 124 being actively managed equity funds [3]. - Among the doubling funds, a significant number are focused on resource sectors, particularly in non-ferrous metals and gold [2][3]. Group 2: Fund Strategies and Adjustments - Many fund managers adjusted their holdings in the fourth quarter based on fundamental changes and valuation considerations, with a focus on resource-related stocks [1][4]. - The Longcheng Value Selection fund achieved a net value growth rate of 105.16% over the past year, with a majority of its top holdings in non-ferrous metals [4]. - The China Europe Cycle Preferred fund reduced its holdings in traditional non-ferrous metals while increasing exposure to lithium and cobalt, reflecting a shift towards new energy resources [8]. Group 3: Future Outlook - Fund managers remain optimistic about the resource sector, citing factors such as global monetary easing, increased demand from AI data centers, and supply-side uncertainties as drivers for growth [9][10]. - The China Europe Resource Selection fund manager highlighted copper, aluminum, lithium carbonate, gold, and tungsten as the top five investment targets for 2026, while also considering opportunities in chemical and steel sectors [10].

Core Viewpoint - The international gold market has experienced an unexpected strong rally since the beginning of 2026, with gold prices reaching historical highs due to various stimulating factors, including geopolitical tensions and monetary policy shifts [2][6]. Group 1: Gold Price Movements - International gold prices surged from $4,340 per ounce at the beginning of January to a peak of $4,891.1 per ounce by January 21, marking a cumulative increase of 12.7% in less than 20 days [2]. - Domestic gold futures also saw significant gains, with the main contract price rising by 4.61% to surpass 1,100 yuan per gram [3]. Group 2: Stock Market Reactions - Gold stocks experienced a surge, with over ten gold-related stocks hitting the daily limit up, including Zhaojin Mining and Chifeng Jilong Gold Mining [4]. - The gold ETF (159562) rose by 5.73% on the day, accumulating a 25.82% increase over the first 13 trading days of the year, reaching a new historical net value high [4]. Group 3: Geopolitical Factors - The recent escalation of geopolitical conflicts has driven significant inflows into gold as a safe-haven asset, with the U.S. imposing tariffs on several countries, further straining transatlantic trade relations [7][8]. - Denmark's decision to sell approximately $1 billion in U.S. Treasury bonds amid the Greenland dispute marked a significant move, reflecting growing concerns over U.S. debt and geopolitical tensions [9]. Group 4: Central Bank Actions - Global central banks have been on a gold-buying spree, with net purchases reaching 1,136 tons in 2024, the second-highest on record, and major buyers including China, Poland, and Turkey [11]. - China's central bank has increased its gold reserves significantly, with a total of 2,306.32 tons by the end of 2025, marking a historical high in the proportion of gold in its foreign exchange reserves [11]. Group 5: Market Sentiment and Predictions - Analysts have raised their gold price targets, with Goldman Sachs predicting a price of $4,900 per ounce by the end of 2026, driven by central bank purchases and anticipated interest rate cuts [21]. - Other institutions, such as UBS and Citigroup, have set even higher targets, with Citigroup suggesting a potential short-term price of $5,000 per ounce [21][22]. Group 6: Investment Trends - The demand for gold bars and coins increased by 18% in 2025, reaching 1,250 tons, with significant contributions from China [16]. - The global gold ETF market saw a record net inflow of $89 billion in 2025, with total holdings reaching 4,025 tons, marking a historical peak [16]. Group 7: Strategic Value of Gold - The strategic value of gold is being redefined, transitioning from an optional asset to a necessary component in high-uncertainty markets, as recognized by various market participants [22]. - The gold ETF (159562) has become a popular investment tool, with significant inflows and a focus on gold mining companies, reflecting the growing interest in gold as a strategic asset [23].

Group 1: Gold - Financial Attributes and Support from Rate Cuts - Since 2025, international gold prices have shown a fluctuating upward trend, driven by weakened dollar credit, expectations of interest rate cuts by the Federal Reserve, continued net purchases of gold by global central banks, and increased demand for safe-haven assets [14][33] - As of January 20, 2026, COMEX gold futures reached $4,764 per ounce, while London spot gold closed at $4,747.80 per ounce, and Shanghai gold prices hit 1,055.99 yuan per gram [15][75] - The financial attributes of gold are regaining strength, with its monetary, investment, and safe-haven properties being influenced by real interest rates, the dollar index, and geopolitical situations [17][75] Group 2: Silver - Industrial Demand and Financial Attributes - Silver's industrial demand is being driven by its unique physical properties, making it essential in solar photovoltaic, automotive, and data center sectors [65][76] - The global silver supply is expected to remain tight due to declining ore grades and increasing production costs, with a projected supply of approximately 32,100 tons and demand of about 35,700 tons in 2025, indicating a supply-demand imbalance [51][52] - As of January 20, 2026, COMEX silver prices reached $94.06 per ounce, reflecting a 216.5% increase since the beginning of 2025, while the gold-silver ratio stood at 50.49 [66][77] Group 3: Investment Recommendations - The report suggests focusing on companies such as Zijin Mining (601899), Chifeng Jilong Gold Mining (600988), Xinyi Silver (000426), Jiangxi Copper (600362), and Shengda Resources (000603) for potential investment opportunities [75][77]

Group 1 - The metal lead concept increased by 5.01%, leading the sector in gains, with 33 stocks rising, including major players like Dazhong Mining and Guocheng Mining hitting the daily limit [1][2] - Notable stock performances include Chifeng Gold, Shengda Resources, and Zhuhai Group, which rose by 9.81%, 9.58%, and 7.91% respectively [1][2] - The metal lead sector saw a net inflow of 2.988 billion yuan, with 28 stocks receiving net inflows, and 10 stocks exceeding 100 million yuan in net inflows, led by Zijin Mining with 822 million yuan [2][3] Group 2 - The top stocks by net inflow ratio include Wolong New Energy, Dazhong Mining, and Guocheng Mining, with net inflow ratios of 50.17%, 26.51%, and 24.91% respectively [3][4] - The leading stocks in the metal lead concept based on net inflow include Zijin Mining, Chifeng Gold, and Yuguang Gold, with respective net inflows of 822 million yuan, 296 million yuan, and 276 million yuan [3][4] - The trading performance of stocks in the metal lead sector shows significant activity, with high turnover rates and notable price increases for several companies [4][5]

| 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 601899 | 紫金矿业 | 2.20 | 1.89 | 82244.29 | | 002240 | 盛新锂能 | 9.99 | 8.02 | 67428.20 | | 000657 | 中钨高新 | 10.00 | 7.32 | 54251.25 | | 002460 | 赣锋锂业 | 3.50 | 5.58 | 45654.84 | | 002466 | 天齐锂业 | 3.26 | 4.30 | 39373.46 | | 600988 | 赤峰黄金 | 9.81 | 8.64 | 29614.09 | | 600547 | 山东黄金 | 8.20 | 2.36 | 28793.23 | | 601600 | 中国铝业 | 0.83 | 2.03 | 28752.27 | | 600531 | 豫光金铅 | 6.86 | 14.71 | 27614.38 | | 000688 | 国城矿业 | 10.01 | 3.42 | 27462.26 | ...

Group 1 - The gold concept sector increased by 3.82%, ranking third among concept sectors, with 65 stocks rising, including notable gains from companies like Zhaojin Mining and South Mining Group, which hit the daily limit [1][2] - Major inflows into the gold concept sector amounted to 2.381 billion yuan, with 53 stocks receiving net inflows, and 14 stocks exceeding 100 million yuan in net inflows, led by Zijin Mining with 822 million yuan [2][4] - The top gainers in the gold concept sector included companies like Aokang Technology and Chifeng Jilong Gold, which rose by 13.24% and 9.81% respectively [1][8] Group 2 - The leading stocks by net inflow ratio included Wolong New Energy, Guocheng Mining, and China Ruilin, with net inflow ratios of 50.17%, 24.91%, and 24.03% respectively [3][5] - The gold concept sector's inflow rankings highlighted Zijin Mining, Chifeng Gold, and Shandong Gold as the top three in terms of net inflow amounts [4][5] - The overall market performance showed a mixed trend, with sectors like metal lead and zinc performing well, while sectors like duty-free shops and dairy experienced declines [2]

Group 1 - The metal zinc concept increased by 4.83%, ranking second among concept sectors, with 38 stocks rising, including major mining companies like Dazhong Mining and Guocheng Mining hitting the daily limit [1] - The main inflow of funds into the metal zinc sector was 2.882 billion yuan, with 28 stocks receiving net inflows, and 10 stocks seeing inflows exceeding 100 million yuan, led by Zijin Mining with a net inflow of 822 million yuan [2][3] - The top three stocks by net inflow ratio were Wolong New Energy at 50.17%, Dazhong Mining at 26.51%, and Guocheng Mining at 24.91% [3][4] Group 2 - The top performing stocks in the metal zinc sector included Dazhong Mining and Guocheng Mining, both achieving a daily increase of 10.01%, while Zijin Mining rose by 2.20% [3][4] - Other notable performers included Shengda Resources and Zhuhai Group, which increased by 9.58% and 7.91% respectively [1][2] - The overall market performance showed a positive trend in the metal zinc sector, contrasting with declines in other sectors such as duty-free shops and trust concepts [2]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 28.11 RMB [6][7]. Core Insights - The company, Longjing Environmental Protection, is a leader in China's air pollution control industry, benefiting from its partnership with Zijin Mining to become a comprehensive green energy service provider for mining [1][14]. - The "source-network-load-storage" and "mining-electricity linkage" strategies are expected to drive long-term growth, with significant contributions from clean energy projects and electric mining vehicles [1][2][15]. - The company has maintained over 9 billion RMB in new environmental orders annually since 2017, supported by the ongoing demand for ultra-low emissions in industries such as steel and cement [2][17]. Summary by Relevant Sections Business Growth and Strategy - Longjing Environmental Protection has a robust growth trajectory, with a clean energy project capacity exceeding 3 GW by 2025, and significant project values from various hydroelectric stations [3][15]. - The company is positioned to benefit from Zijin Mining's dual-carbon strategy, aiming for peak carbon emissions by 2029 and carbon neutrality by 2050, enhancing its role as a green energy service provider [14][31]. Financial Performance - The company is projected to achieve net profits of 1.21 billion RMB, 1.58 billion RMB, and 1.97 billion RMB for the years 2025 to 2027, respectively, with corresponding EPS of 0.96, 1.24, and 1.55 RMB [6][10]. - The revenue for 2025 is expected to reach 11.66 billion RMB, reflecting a growth rate of 16.36% compared to the previous year [10][12]. Market Position and Competitive Advantage - The company has established a unique business model integrating "green electricity-storage-electric mining vehicles," which is expected to create a closed-loop business ecosystem [4][15]. - The electric mining vehicles provided by Longjing have significantly lower operational costs compared to traditional fossil fuel vehicles, enhancing their competitive edge in the market [4][15]. Future Outlook - The report highlights the potential for clean energy and electric mining vehicles to open up substantial growth opportunities for Longjing Environmental Protection, supported by favorable market conditions and strategic partnerships [1][15][16]. - The company is actively expanding its overseas projects and enhancing its technological capabilities in areas such as carbon capture and mining machinery [5][16].

Group 1 - The rise in risk aversion has driven precious metals higher, with spot gold surpassing $4870 per ounce, showing a daily increase of over 2.3%. UBS strategist Joni Teves expects gold prices to have upward momentum in the first half of the year, potentially reaching $5000 per ounce if concerns about the Federal Reserve's independence persist [1] - Silver is benefiting from the rise in gold prices and a narrowing supply-demand gap, with expectations to challenge $100 per ounce this year [1] - The copper market is tightening due to demand from energy transition, leading to an expected increase in price levels [1] Group 2 - As of November, the U.S. unemployment rate has dropped to 4.4%, indicating a temporarily stable labor market, with market expectations that the Federal Reserve will halt interest rate cuts from January to April [1] - In the medium to long term, risks related to U.S. federal government debt remain, and the dollar's status is facing challenges, suggesting continued opportunities for gold in the context of a global monetary system restructuring [1] Group 3 - The CSI Nonferrous Metals Industry Index (399395) has risen by 1.76%, with component stocks such as silver and tungsten companies showing significant gains, including a 10.01% increase for silver companies and 9.92% for tungsten companies [1] - The CSI Nonferrous Metals Industry Index tracks 50 prominent securities in the nonferrous metals sector, reflecting the overall performance of listed companies in this industry on the Shanghai and Shenzhen stock exchanges [2] - The top ten weighted stocks in the CSI Nonferrous Metals Industry Index account for 51.65% of the index, including companies like Zijin Mining and China Molybdenum [2]

Core Viewpoint - Morgan Stanley forecasts China's GDP growth to reach 5% year-on-year by 2025, driven primarily by consumption stimulation from the trade-in policy [1] Group 1: Economic Outlook - The growth trend in the commodity market is expected to continue into 2026, with global demand-driven metals (such as gold, copper, and lithium) outperforming domestic demand-driven sectors (like coal and steel) [1] - Supply disruptions and accelerated industry consolidation are anticipated to persist throughout the year [1] Group 2: Policy Impact - The trade-in subsidy policy is projected to extend into 2026, with incentives becoming more targeted and efficiency-focused, still providing substantial support for overall commodity demand [1] Group 3: Industry Preferences - The preferred order for the basic materials sector in 2026 is gold and copper, followed by aluminum, lithium, coal, and steel [1] - The materials sector is expected to continue outperforming the MSCI China Index in 2026 [1] Group 4: Investment Recommendations - Investors are advised to buy Zijin Mining (02899, 601899.SH) and to accumulate China Aluminum (02600, 601600.SH) and China Hongqiao (01378) on dips [1] - Luoyang Molybdenum (03993) may experience a temporary pause due to the issuance of convertible bonds [1]