Market Overview - On January 9, the A-share market experienced a rebound, with the Shanghai Composite Index rising by 0.55%, marking a return to the 4100-point level after ten years [1] - The Nonferrous 50 ETF (159652) saw a significant increase of over 2%, recovering from previous losses, with continuous capital inflow totaling over 370 million yuan on the day [1] - The Nonferrous 50 ETF has attracted over 500 million yuan in total over six consecutive days, bringing its latest scale to over 4.8 billion yuan, with financing balance reaching a new high since its inclusion in margin trading [1] Performance of Component Stocks - Most component stocks of the Nonferrous 50 ETF saw gains, with Luoyang Molybdenum rising over 4% and Shandong Gold nearly 4% [3] - Other notable performers included Zijin Mining, China Gold, and Yun Aluminum, which all increased by over 2% [3] Earnings Forecasts - As of January 9, three listed companies in the nonferrous sector have released earnings forecasts, all indicating over 10% growth in net profits [5] - Zijin Mining is expected to report a net profit between 5.1 billion to 5.2 billion yuan, reflecting a year-on-year increase of 59% to 62% [6] Macro and Fundamental Analysis - The nonferrous sector is benefiting from a combination of macroeconomic factors and supply-demand dynamics, with gold, silver, and copper prices trending upward [7] - Global geopolitical tensions are driving demand for strategic metals, with countries increasing their reserves of key materials to ensure military supply [8] - Supply disruptions in copper production, particularly in Chile and Ecuador, are expected to maintain upward pressure on copper prices [8] Investment Opportunities - The Nonferrous 50 ETF (159652) is positioned to benefit from a super cycle in nonferrous metals, covering a wide range of metals including gold, copper, aluminum, lithium, and rare earths [8] - The ETF has a high concentration of strategic metals, with the top five component stocks accounting for 38% of its total weight, indicating a strong focus on key commodities [10] Performance Metrics - The Nonferrous 50 ETF has shown superior cumulative returns since 2022, with a maximum drawdown lower than its peers, indicating a better investment experience [12] - The index's price-to-earnings (PE) ratio stands at 26.27, a 52% decrease compared to five years ago, suggesting a favorable valuation relative to its earnings growth [14]

值得一提的是，近期多家上市黄金矿企发布业绩预喜。灵宝黄金预计2025年度取得净利润人民币介于约 15.03亿元至约15.73亿元，同比增加约115%至125%；紫金矿业预计全年实现归母净利润510亿至520亿 元，同比增幅约为59%至62%；赤峰黄金则预计全年净利润同比增加约70%到81%。 消息面上，近期地缘风险与降息预期支撑金价，美国财政部长斯科特·贝森特周四再度向美联储施压， 并称该行需要尽其所能促进经济投资，利率应该大幅降低。当前市场关注将于今晚公布的2025年12月非 农就业报告。摩根士丹利在报告中预测，黄金价格将在2026年第四季度升至每盎司4800美元，突破去年 创下的历史纪录。该投行认为，利率下行、美联储领导层更迭，以及各国央行和基金持续买入，将共同 推动金价进一步上涨。 黄金股多数走高，截至发稿，山东黄金（600547）(01787)涨5.8%，报39.78港元；招金矿业(01818)涨 4.8%，报35.82港元；紫金矿业（601899）(02899)涨3.12%，报38.86港元；赤峰黄金（600988）(06693) 涨3.11%，报29.85港元。 ...

Group 1 - The core viewpoint of the news is that the precious and industrial metals sector is experiencing a significant bullish trend, driven by increased investment and favorable market conditions [1][3][4] - The Huabao ETF (159876) saw a price increase of 3.33%, reaching a historical high, with a net subscription of 52.8 million units and a total inflow of 279 million yuan over the past 10 days [1][8] - Key stocks in the sector, particularly those related to commercial aerospace, have shown strong performance, with Yunnan Zhenye hitting the daily limit, and other companies like Xiamen Tungsten and Chihong Zn & Ge also experiencing significant gains [1][8] Group 2 - The People's Bank of China has increased its gold reserves for the 14th consecutive month, indicating a stable foundation for a gold bull market that is expected to extend to related non-ferrous and strategic metals [3][10] - Analysts predict that the U.S. Federal Reserve's dovish monetary policy will likely lead to gradual interest rate cuts, creating a favorable environment for the non-ferrous metals market [3][10] - The ongoing U.S. rate-cutting cycle and liquidity easing are expected to benefit non-ferrous metal prices, with supply constraints and increased demand from traditional and emerging sectors, such as AI and energy storage, contributing to a potential price surge [3][10] Group 3 - The Huabao ETF and its linked funds cover a wide range of metals, including copper, aluminum, gold, rare earths, and lithium, allowing investors to capture the overall sector's beta performance across different economic cycles [4][11] - The current market conditions suggest that the industrial metal supercycle may have already begun, particularly for metals like copper and aluminum [3][10] - The demand for non-ferrous metals is expected to rise significantly due to the resilience of traditional industries and the emergence of new sectors, indicating a potential upward shift in price levels [3][10]

Core Viewpoint - The global gold ETF market is experiencing significant growth, with record inflows and trading volumes, driven by factors such as continued central bank purchases and geopolitical risks [1][2] Group 1: Market Performance - As of January 9, 2026, the CSI Hong Kong-Shenzhen Gold Industry Stock Index (931238) rose by 1.21%, with notable increases in constituent stocks such as Laopu Gold (06181) up 3.28%, Western Gold (601069) up 3.13%, and Shandong Gold (01787) up 2.45% [1] - The Gold Stock ETF (159322) also saw a rise of 1.22%, with the latest price at 1.74 yuan [1] Group 2: ETF and Index Insights - The CSI Hong Kong-Shenzhen Gold Industry Stock Index comprises 50 large-cap companies involved in gold mining, refining, and sales, reflecting the overall performance of the gold industry in the mainland and Hong Kong markets [2] - As of December 31, 2025, the top ten weighted stocks in the index accounted for 63.58% of the total index weight, including companies like Zijin Mining (601899) and Shandong Gold (600547) [2] Group 3: Future Outlook - According to Guoxin Securities, the ongoing Federal Reserve rate cut cycle, continuous gold purchases by global central banks for 13 months, and persistent geopolitical risks are expected to support gold prices, which are likely to maintain an upward trend in 2026, albeit with a slower growth rate compared to 2025 [1] - Gold is highlighted as a core asset for risk diversification in investment portfolios, emphasizing its importance in asset allocation strategies [1]

Core Viewpoint - Zijin Mining has shown a significant increase in stock price and financial performance, indicating strong market interest and operational growth [1][2]. Group 1: Stock Performance - On January 9, Zijin Mining's stock price rose by 2.01%, reaching 37.03 CNY per share, with a trading volume of 2.173 billion CNY and a turnover rate of 0.29%, resulting in a total market capitalization of 984.618 billion CNY [1]. - Year-to-date, Zijin Mining's stock has increased by 7.43%, with a 7.43% rise over the last five trading days, a 20.42% increase over the last 20 days, and a 19.53% increase over the last 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Zijin Mining reported a revenue of 254.2 billion CNY, reflecting a year-on-year growth of 10.33%, and a net profit attributable to shareholders of 37.864 billion CNY, which is a 55.45% increase compared to the previous year [2]. Group 3: Shareholder Information - As of September 30, 2025, Zijin Mining had 529,800 shareholders, an increase of 57.83% from the previous period, with an average of 0 circulating shares per shareholder [2]. - The company has distributed a total of 59.277 billion CNY in dividends since its A-share listing, with 27.772 billion CNY distributed over the last three years [3]. - Major shareholders include Hong Kong Central Clearing Limited, holding 1.354 billion shares (a decrease of 235 million shares), and China Securities Finance Corporation, holding 691 million shares (unchanged) [3].

Summary of Conference Call for Cangge Mining Company and Industry Overview - **Company**: Cangge Mining - **Industry**: Lithium and Potash Mining Key Points and Arguments Project Progress and Production Guidance - The Marito Salt Lake Phase I project is progressing as expected, with civil and steel structure works completed at 70%-80% [2][3] - The expected equity output for 2026 is between 4,500 to 6,000 tons, corresponding to a salt lake output of 20,000 to 25,000 tons [2][3] - The total investment for the project has been reduced to 2.8 to 3 billion yuan, with lithium carbonate investment costs around 600 million yuan per ton and production costs controlled under 30,000 yuan per ton, which is nearly 10,000 yuan lower than peers [2][4] Strategic Partnerships and Resource Development - The company is actively communicating with industrial funds and Sansteel Group to integrate the Mami Cuo Fund into the listed company system for consolidated reporting, although no clear timeline is set [2][5] - Cangge Mining indirectly holds a 21% stake in Guoneng Mining and plans to participate in the development of the Jide Chaka (planned 70,000 tons) and Longmucuo (planned 60,000 tons) salt lakes [2][6] Resource Expansion and Environmental Considerations - The company plans to inject resources from the Lagocuo and Mami Cuo salt lakes into the listed company to expand resource reserves and production capacity, with no specific timeline yet [2][7] - The company employs an adsorption-membrane coupling process for lithium extraction, minimizing ecological damage and achieving zero water consumption through self-produced fresh water [4] Production Recovery and Future Capacity - The production at the Chaka Salt Lake has returned to normal, with production guidance for potassium and lithium products in 2026 similar to previous years [2][7] - The company aims to explore further capacity enhancement and has initiated a new 1.5 million tons industrial salt project to recover sodium chloride, which meets environmental standards [2][8] Market Dynamics and Pricing Outlook - The lithium carbonate market is experiencing volatility, with prices driven by supply-demand dynamics and policy changes [11][12] - The expected price range for lithium carbonate is between 100,000 to 120,000 yuan, with the company maintaining a cautious inventory strategy [12] - The company plans to sell 70% of its products through long-term contracts and 30% through spot pricing, using industry-standard pricing for settlements [12] Geopolitical Risks and Strategic Development - The company has conducted extensive market research in South America but has not made investments due to high prices and geopolitical risks [13] - The development of the Laos potash mine is a core focus, with plans to construct a 2 million tons potassium chloride facility in two phases [15][16] Financial Health and Future Plans - The company maintains a healthy financial structure with low debt and good cash flow, supporting a stable dividend policy [27][28] - Future capital expenditures will focus on the Mami Cuo 50,000 tons project and the 200,000 tons potash project, with a cautious approach to new resource acquisitions [22][23] Operational Efficiency Improvements - Post-acquisition by Zijin Group, operational efficiency has improved through refined management practices and cost control measures [24][28] Conclusion - Cangge Mining is strategically positioned in the lithium and potash markets, with ongoing projects and a focus on sustainable practices. The company is navigating market volatility while planning for future growth and resource development.

两融数据显示，该股最新融资余额为89.23亿元，近5日增加7.39亿元，增幅为9.03%。（数据宝） 进一步统计，近3个月内该股累计发生20笔大宗交易，合计成交金额为14.70亿元。 证券时报·数据宝统计显示，紫金矿业今日收盘价为36.30元，下跌1.14%，日换手率为1.17%，成交额为 87.80亿元，全天主力资金净流出9.50亿元，近5日该股累计上涨8.62%，近5日资金合计净流入5414.24万 元。 紫金矿业1月8日大宗交易平台共发生2笔成交，合计成交量36.00万股，成交金额1306.80万元。成交价格 均为36.30元。 （文章来源：证券时报网） 1月8日紫金矿业大宗交易一览 | 成交量 | 成交金额 | 成交价格 | 相对当日收盘折 溢价（%） | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | （万股） | （万元） | （元） | | | | | 30.00 | 1089.00 | 36.30 | 0.00 | 广发证券股份有 | 招商证券股份有限公司北京 | | | | | | 限公司总部 | 景辉街证券营业部 | | 6. ...

证券日报网讯1月8日，梅安森（300275）在互动平台回答投资者提问时表示，公司主要从事矿山智能化 建设业务，客户覆盖全国市场。同时，公司依托紫金矿业（601899）的国际化战略服务于部分海外客 户。 ...

茲提述紫金礦業集團股份有限公司（「本公司」）日期為 2025 年 12 月 31 日關於（其中包括） 本公司董事會（「董事會」）換屆及陳景河先生辭任本公司執行董事、董事長職務的公告。本 公司董事會謹此公告，陳景河先生辭任上述職務後，停止擔任香港聯合交易所有限公司證券 上市規則第 3.05 條項下本公司授權代表（「授權代表」）。本公司已委任本公司執行董事、董 事長鄒來昌先生為授權代表，自 2026 年 1 月 8 日起生效。 關於變更授權代表的公告 2026 年 1 月 8 日 中國福建 * 本公司之英文名稱僅供識別 1 ...

1月8日，紫金矿业大宗交易成交36万股，成交额1306.8万元，占当日总成交额的0.15%，成交价36.3 元，较市场收盘价36.3元持平。 | 交易日期 | 证券調称 | 证券代码 | 成交价(元) 成交金额(万元) 成交量( *) 买入营业部 | | | | 类出营业部 | 是否为专场 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2026-01-08 | 繁杂乱,不 | 668 TO9 | 36.3 30 | 1089 | 公司经营 | ​​​ | | | 格 | | 2026-01-08 | 家会改革 | 601899 | 36.3 | 217.8 | 公嵩透露般份有限 | ​​​ | | | Ka | ...