Core Viewpoint - Zijin Mining has achieved significant returns from its investments in various mining stocks, particularly benefiting from the surge in gold prices and the performance of Sichuan Gold [1][2][11] Group 1: Sichuan Gold Performance - Sichuan Gold's stock price reached a historical high of 43.76 CNY per share, with a monthly increase of 57.07% [1][4] - The international gold price hit a milestone of 4800 USD per ounce, contributing to the rise in Sichuan Gold's stock [1][4] - Sichuan Gold's net profit for 2022 to 2024 showed a steady increase, with growth rates of 29.53%, 6.16%, and 17.67% respectively [5] Group 2: Zijin Mining's Investment Gains - Zijin Mining's subsidiary, Zijin Southern, invested approximately 74.95 million CNY in Sichuan Gold, acquiring 8.95% of its shares at a cost of about 1.99 CNY per share [1][7] - Currently, Zijin Southern holds shares valued at approximately 1.468 billion CNY, with total gains from Sichuan Gold reaching around 1.5 billion CNY, resulting in a return on investment of 20 times [1][8] - Zijin Mining's investments in other mining companies, including Cangge Mining and Zhaojin Mining, have also yielded substantial returns, with floating profits of approximately 22.123 billion CNY and 21.765 billion HKD respectively [2][12] Group 3: Market Trends and Future Prospects - The overall mining sector has seen a significant rise, with stock prices of various mining companies increasing dramatically, such as Cangge Mining's 210.15% rise [11][12] - Zijin Mining is expanding its investment portfolio, including a stake in Maken Mining, which is preparing for an IPO [12][13] - The investment strategy of buying mining stocks during a super cycle has proven to be effective, as evidenced by Zijin Mining's impressive returns [13]

电子行业主力资金净流入金额居首。 A股主要指数今日（1月21日 ）集体收涨，行业板块涨多跌少，贵金属、能源金属、采掘行业、电机、 半导体、小金属、电子元件等板块涨幅居前，煤炭、酿酒、商业百货、电网设备等板块跌幅居前。 从今日主力资金情况来看，沪深两市全天主力资金净流入56.08亿元。17个行业主力资金净流入，电 子、有色金属、银行、机械设备行业主力资金净流入金额分别为52.2亿元、43.76亿元、21.59亿元、 11.36亿元；非银金融、通信、计算机、交通运输等行业主力资金净流入金额均超5亿元。 14个主力资金净流出行业中，电力设备、国防军工、传媒行业主力资金净流出金额居前，分别为44.51 亿元、28.47亿元、11.42亿元； 农林牧渔、食品饮料、家用电器、商贸零售行业主力资金净流出金额均 超6亿元。 10股获主力资金净流入均超5亿元 从个股看，56股主力资金净流入均超2亿元，10股获主力资金净流入均超5亿元。 中国长城主力资金净流入14.27亿元，居首。公司近日发布业绩预告，2025年度归母净利润亏损收窄至 3500万元至7000万元，同比减亏95.27%至97.63%，显著改善；扣非净利润亏损6.3 ...

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 Environmental Business Growth - Longjing Environmental Protection has consistently added over 9 billion RMB in new environmental orders each year since 2017, benefiting from the domestic coal power market and the push for ultra-low emissions in various industries [2][17]. - The company achieved revenue of 78.58 billion RMB in the first nine months of 2025, reflecting an 18.09% year-on-year increase, with a net profit of 7.80 billion RMB, up 20.53% year-on-year [17]. Clean Energy Projects - By 2025, the company is expected to have over 3 GW of installed capacity in clean energy projects, with significant value in projects like Lagocuo and the Congo Kinshasa hydropower station, estimated at 9.3 billion RMB [3][15]. - The clean energy projects are positioned to replace fossil fuels, with Zijin Mining's energy consumption in 2024 projected at 19.6 billion kWh, where fossil fuels account for nearly 50% [3][15]. Electric Mining Vehicles - The company has developed a closed-loop business model integrating "green electricity-storage-electric mining vehicles," with the first electric mining vehicle delivered, reducing transportation costs significantly compared to fossil fuel vehicles [4][15]. - The cost per ton-kilometer for electric mining vehicles is approximately 0.177 RMB, only 26% of the cost for fossil fuel vehicles [15]. Strategic Partnerships and Future Growth - Zijin Mining's increasing stake in Longjing Environmental Protection, potentially reaching 33.76% after a planned capital increase of up to 2 billion RMB, reflects confidence in the company's growth trajectory [29][30]. - The dual empowerment strategy between Longjing and Zijin is expected to leverage synergies in the green energy sector, aligning with Zijin's carbon neutrality goals for 2029 and 2050 [14][31].

Group 1 - The international gold market has experienced an unexpected strong rally since the beginning of 2026, with gold prices rising from $4,340 per ounce to a historical peak of $4,891.1 per ounce, marking a cumulative increase of 12.7% in less than 20 days [1] - Domestic gold futures also surged, with the main contract price rising by 4.61% to surpass 1,100 yuan per gram [1] - Gold stocks have seen a significant increase, with over ten gold stocks, including Zhaojin Mining and Chifeng Jilong Gold Mining, hitting the daily limit [2] Group 2 - The gold ETF (159562) rose by 5.73% today, with a cumulative increase of 25.82% over the past 13 trading days, reaching a new historical high [3] - The market is increasingly optimistic about gold prices reaching the previously considered unattainable $5,000 per ounce mark, as institutions frequently adjust their target prices upward [5] Group 3 - The surge in gold prices is driven by multiple factors, including geopolitical risks, monetary policy, central bank allocations, and the reconstruction of dollar credit [7] - Recent geopolitical tensions, particularly the U.S. trade actions against Denmark and other countries, have led to a significant influx of safe-haven investments into gold [8] - Denmark's announcement to sell approximately $1 billion in U.S. Treasury bonds marks a significant move in the context of escalating geopolitical tensions [9] Group 4 - Historical data shows a significant upward trend in gold prices during Trump's presidency, with prices rising from approximately $1,204 per ounce at his inauguration in January 2017 to about $4,880 per ounce by January 2026, reflecting a cumulative increase of 78.75% [10] - The acceleration of U.S. debt has raised concerns about the potential risks associated with dollar reserves, prompting central banks globally to increase their gold holdings [12] Group 5 - The global demand for gold bars and coins increased by 18% year-on-year in 2025, reaching 1,250 tons, the highest since 2011 [17] - China's gold market ETF saw a net inflow of approximately 118 billion yuan (about 190 tons) in 2025, accounting for 26.6% of global gold ETF inflows [18] Group 6 - Institutions are increasingly optimistic about the future performance of gold, with several major financial institutions raising their target prices for gold significantly [21] - Goldman Sachs has raised its end-of-2026 gold price forecast from $4,300 to $4,900 per ounce, citing structural central bank purchases and expected interest rate cuts as key support factors [21] - Domestic institutions also share a positive outlook, with predictions for gold prices to reach around $4,950 to $5,000 per ounce [22]

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]