【导读】 A股多只权重股尾盘竞价再现巨额压单 中国基金报记者 泰勒 ▶长期影响：降低市场杠杆风险，利于股市平稳运行 该调整是逆周期调节的重要举措，核心目的是防范融资交易过度杠杆化引发的市场波动风险，从根源上减少因融资爆仓带来的连锁下跌效应。 长期来看，市场杠杆率的合理管控能提升 A 股的抗风险能力，为市场长期健康发展筑牢基础，属于中性偏利好的调整。 兄弟姐妹们啊，收盘了！今天的市场，无需多言，依旧火热， 全市场今日成交近4万亿元，再创历史新高。 一起看看发生了什么事情。 1月14日，市场全天冲高回落，三大指数涨跌互现。截至收盘， 沪指跌0.31%，深成指涨0.56%，创业板指涨0.82%。 市场共 2747只个股上涨，110只个股涨停，2592只个股下跌。 | 880005 张跌家数 | | | | --- | --- | --- | | 日中 | 涨停 | 110 | | 涨幅 | > 7% | 253 | | 涨幅 | 5-7% | 154 | | 涨幅 | 3-5% | 370 | | 涨幅 | 0-3% | 1970 | | 跌幅 | 0-3% | 6967 | | 跌幅 | 3-5% | 149 | ...

Market Overview - On January 14, the market experienced a pullback after an initial rise, with the Shanghai Composite Index dropping by 0.31% while the Shenzhen Component and ChiNext Index rose by 0.56% and 0.82% respectively [1] - The A-share trading volume reached a record high of 3.99 trillion yuan, an increase of 288 billion yuan compared to the previous trading day, maintaining above 3 trillion yuan for four consecutive days [1] Financing and Margin Trading - The China Securities Regulatory Commission approved an adjustment to the financing margin ratio, increasing the minimum margin for investors from 80% to 100% [3] - In 2025, the number of new margin trading accounts reached 1.5421 million, the highest in nearly a decade, representing an increase of 53.36% from 2024 [3] - By the end of 2025, the total number of margin trading accounts surpassed 15.64 million, with the financing balance rising from 1.85 trillion yuan at the end of 2024 to 2.52 trillion yuan, a growth of over 36% [3] Sector Performance - The AI application sector saw significant gains, with over twenty constituent stocks hitting the daily limit, including Liou Co. and Shengguang Group [5] - The semiconductor sector also performed well, with stocks like Yaxiang Integration reaching historical highs [5] - Conversely, sectors such as energy metals, insurance, and banking faced declines, with lithium mining stocks experiencing significant drops [5] AI Applications and Market Trends - Analysts noted that the recent strength in AI applications is driven by two main factors: the shift from traditional SEO to generative AI in marketing strategies and the government's focus on AI in scientific research [7] - Looking ahead to 2026, there is optimism that AI applications will evolve from usable to highly effective, becoming a core theme in the AI industry [8] - The market's performance showed volatility influenced by news, but the overall trend remains positive, particularly for the Shenzhen Component and ChiNext Index [8]

数据宝统计，截至14:42，紫金矿业成交额151.19亿元，超150亿元。最新股价上涨0.97%，换手率 1.88%。上一交易日该股全天成交额为118.81亿元。（数据宝） （文章来源：证券时报网） ...

Group 1 - Copper stocks saw significant gains in the afternoon, with China Daye Nonferrous Metals rising by 10.91% to HKD 0.183, Jiangxi Copper up by 3.29% to HKD 47.06, Zijin Mining increasing by 1.74% to HKD 40.9, and China Nonferrous Mining rising by 1.59% to HKD 15.95 [1] - On January 14, copper prices reached an all-time high, driven by concerns over the potential expansion of copper import tariffs by the Trump administration, prompting traders to accelerate copper shipments to the U.S. before new tariffs are implemented, which may lead to supply shortages in other regions [1] - Bohai Securities indicated that market sentiment related to resource competition significantly impacts current copper prices, suggesting that if short-term sentiment remains high, copper prices may continue to fluctuate at elevated levels [1] Group 2 - Huayuan Securities released a report stating that in the medium to long term, insufficient capital expenditure in copper mining and frequent supply-side disruptions may shift the copper supply-demand balance from tight equilibrium to shortage [1] - The report also noted that copper smelting profits are expected to bottom out amid a "de-involution" trend, and with the Federal Reserve entering a rate-cutting cycle, copper prices are likely to break upward [1]

Core Viewpoint - 2026 is identified as the "Year of the Red Horse," which is favorable for the Chinese base metals market due to factors such as a weak dollar, a U.S. interest rate cut cycle, and ongoing supply tightness in copper and aluminum [1] Group 1: Market Drivers - Demand drivers for this year include a 10% year-on-year increase in grid investment, a 27% growth in electric vehicle battery production, a 41% increase in energy storage systems, and rising AI power demand [1] - The real estate and consumer sectors are experiencing weakness, while the implementation of anti-involution policies is becoming more balanced but currently lacks strong enforcement [1] Group 2: Investment Recommendations - The company favors aluminum stocks as alternative investments for AI power supply, maintaining a "buy" outlook on gold, copper, lithium (including battery materials), and cobalt stocks [1] - The company holds a neutral view on coal and is bearish on solar energy and construction materials (such as steel) due to weak demand, short-term weak enforcement of anti-involution policies, and declining steel profit margins [1] Group 3: Preferred Stocks - Preferred stocks include China Aluminum, Zijin Mining, China Hongqiao, Shandong Gold, and Ganfeng Lithium [1]

Core Viewpoint - 2026 is identified as the "Year of the Red Horse," which is favorable for the Chinese base metals market due to factors such as a weak dollar, a U.S. interest rate cut cycle, and strong demand driven by electrification and AI power infrastructure [1] Group 1: Market Conditions - A weak dollar and the U.S. interest rate cut cycle are beneficial for metals [1] - Continuous supply tightness for copper and aluminum is noted [1] Group 2: Demand Drivers - Key demand drivers include a 10% year-on-year increase in grid investment, a 27% growth in electric vehicle battery demand, a 41% increase in energy storage systems, and rising AI power demand [1] Group 3: Sector Outlook - The real estate and consumer sectors are experiencing weakness [1] - Policies aimed at reducing internal competition are becoming more balanced, although recent execution has been weak [1] Group 4: Investment Recommendations - The firm prefers aluminum stocks as alternative investments for AI power supply [1] - A "buy" outlook is maintained for gold, copper, lithium (including battery materials), and cobalt stocks [1] - Coal is viewed neutrally, while solar and construction materials (like steel) are seen negatively due to weak demand and declining steel profit margins [1] Group 5: Preferred Stocks - Preferred stocks include China Aluminum, Zijin Mining, China Hongqiao, Shandong Gold, and Ganfeng Lithium [1]

Core Viewpoint - The report highlights the growth in China's non-ferrous metal production, indicating a positive trend in the industry with a year-on-year increase in output and a favorable investment outlook for the sector [1]. Group 1: Industry Overview - In November 2025, China's production of ten non-ferrous metals reached 6.99 million tons, reflecting a year-on-year growth of 4.7% [1]. - From January to November 2025, the cumulative production of these metals totaled 74.474 million tons, showing an overall increase of 3.8% compared to the previous year [1]. Group 2: Companies Involved - The report mentions several key companies in the non-ferrous metal sector, including Zijin Mining (601899), Luoyang Molybdenum (603993), China Aluminum (601600), Northern Rare Earth (600111), Jiangxi Copper (600362), Yunnan Copper (000878), Chihong Zn & Ge (600497), Zhongjin Gold (600489), Western Mining (601168), and Shenghe Resources (600392) [1]. Group 3: Research and Consulting - The report is published by Zhiyan Consulting, a leading industry consulting firm in China, which specializes in providing in-depth industry research reports, business plans, feasibility studies, and customized services [1].

矿业价值链包括勘探、采选、冶炼加工、精加工、运输与分销、回收与终端处置等环节，链条深长、工 艺复杂，任何节点的干扰都可能波及上下游，形成供应链风险。特别是，与能源转型相关的锂、镍、钴 等金属矿呈现种类多、品位低、资源分布分散等特征，造成其供应在资源禀赋和技术能力等方面更受限 制，安全保障难度显着提高。在多重不确定性叠加下，能源转型金属矿的产业链比较脆弱，投资风险偏 高。 我国虽在能源转型金属矿的加工精炼环节具有优势，但矿种来源主要依赖进口。以锂、钴为例，我国 2022年消费量在全球占比分别为65.9%和42.8%，但国内矿山产量在全球占比仅约为14%和1%，绝大部 分由外部供应。为强化供应链韧性，近年国内矿产公司积极涉足能源转型金属矿的海外投资，紫金矿 业、赣锋锂业、洛阳钼业、华友钴业等都在此列。 值得注意的是，随着全球矿产投资的增加，各方对矿产资源的争夺更为加剧，资源国地区的地缘政治冲 突与资源民族主义也同步兴起。尤其，全球矿产资源禀赋分布不均，矿业投资多发生于资源国，而资本 约束与终端消费主要来自国际市场与下游工业国，故单一国家的法律对跨国矿业投资的约束存在天然边 界。在资源国监管能力不足与跨境执法不易的 ...

两融数据显示，该股最新（1月13日）两融余额为90.20亿元，其中，融资余额为89.39亿元，近10日增加 14.12亿元，环比增长18.77%。 公司发布的三季报数据显示，前三季度公司共实现营业收入2542.00亿元，同比增长10.33%，实现净利 润378.64亿元，同比增长55.45%，基本每股收益为1.4250元，加权平均净资产收益率25.45%。 紫金矿业股价再创历史新高，该股近期呈不断突破新高之势，近一个月累计有10个交易日股价刷新历史 纪录。截至09:36，该股目前上涨1.88%，股价报38.96元，成交3387.28万股，成交金额13.13亿元，换手 率0.16%，该股最新A股总市值达8026.11亿元，该股A股流通市值8026.11亿元。 证券时报·数据宝统计显示，紫金矿业所属的有色金属行业，目前整体涨幅为1.94%，行业内，目前股价 上涨的有128只，涨幅居前的有翔鹭钨业、湖南白银、西部矿业等，涨幅分别为8.40%、7.10%、 6.83%。股价下跌的有10只，跌幅居前的有西部材料、国城矿业、博迁新材等，跌幅分别为5.30%、 3.27%、1.21%。 12月31日公司发布2025年业绩预 ...

Core Viewpoint - The A-share market is experiencing a strong upward trend, particularly in the non-ferrous metals sector, with significant price increases in various metals and ETFs [1][3]. Non-Ferrous Metals Sector Performance - The non-ferrous metals sector is benefiting from multiple catalysts, including macroeconomic disturbances, rigid supply, and new demand dynamics [3]. - The non-ferrous 50 ETF (159652) has seen a price increase of over 2%, reaching new highs [1][5]. - Key stocks in the sector include Zijin Mining, which rose by 2.69%, and Yunnan Tin, which surged by 6.29% [2][5]. Precious Metals Insights - Gold prices are supported by geopolitical tensions and weak employment data, with forecasts suggesting potential for gold to exceed $4,500 per ounce [3]. - The World Gold Council reported a net purchase of 45 tons of gold by central banks in November, indicating strong demand [3]. Industrial Metals Dynamics - Copper prices are expected to continue rising due to supply constraints and regional mismatches, with a projected total market shortfall of over 100,000 tons by 2026 [6]. - The ongoing geopolitical risks and supply security concerns are driving copper prices to new historical highs [6]. Lithium Market Outlook - Policy changes are anticipated to lead to a short-term surge in lithium exports, positively impacting lithium carbonate prices [4][6]. - The demand for lithium remains robust, with expectations of continued strong performance in the battery sector [4]. Investment Strategy - The non-ferrous 50 ETF (159652) is highlighted as a comprehensive investment vehicle covering various metal sectors, with a high concentration of strategic assets [7][9]. - The ETF's copper content is 34%, and gold content is 12%, making it a leading option in its category [9]. Performance Metrics - The non-ferrous 50 ETF has shown a cumulative return of 99.61% since 2022, driven by earnings rather than valuation increases, with a current PE ratio of 26.27, down 52% from five years ago [11].