Group 1: Copper - The LME copper price increased by 1.94% to $12,702.0 per ton, while Shanghai copper rose by 3.23% to 101,400 yuan per ton [1] - Domestic copper inventory increased by 6.29% week-on-week, marking six consecutive weeks of accumulation, with total inventory up by 168,100 tons year-on-year [1][12] - The operating rate of the yellow copper rod industry decreased by 0.61% to 46.98%, while the enameled wire industry saw a decline of 0.66% in operating rate to 74.87% [1][12] Group 2: Aluminum - The LME aluminum price rose by 2.22% to $3,088.00 per ton, and Shanghai aluminum increased by 6.13% to 24,300 yuan per ton [2][13] - The operating rate of domestic aluminum processing leading enterprises increased by 0.2% to 60.1%, indicating a mixed performance across different aluminum processing sectors [2][13] - The total production capacity of metallurgical-grade alumina reached 110.32 million tons per year, with an operating rate of 80.51% [2][13] Group 3: Gold - COMEX gold price increased by 3.36% to $4,487.9 per ounce, with SPDR gold holdings rising by 2 tons to 1,067.13 tons [3][14] - Geopolitical risks, including U.S. military actions in Venezuela and unrest in Iran, have contributed to a strong and volatile market for gold [3][14] Group 4: Rare Earths - The price of praseodymium and neodymium oxide increased by 2.90%, with November exports of rare earth permanent magnets rising by 12% month-on-month and 28% year-on-year, reaching a historical high for the month [4][36] - The expectation of more relaxed export policies and ongoing supply constraints are likely to support future demand and price increases in the rare earth sector [4][36] Group 5: Lithium - The average price of lithium carbonate increased by 11.5% to 131,800 yuan per ton, while lithium hydroxide rose by 10.9% to 126,900 yuan per ton [4][60] - Total lithium carbonate production reached 22,500 tons, with a slight increase of 0.01 million tons week-on-week [4][60] Group 6: Cobalt - The price of cobalt in the Jiangxi market rose by 1.1% to 460,000 yuan per ton, with cobalt intermediate prices also showing slight increases [5][63] - The overall cobalt market remains strong, with supply tightness expected to continue, supporting price stability [5][63] Group 7: Nickel - LME nickel price increased by 1.8% to $17,100 per ton, while Shanghai nickel rose by 4.3% to 138,000 yuan per ton [5][64] - Nickel market sentiment turned optimistic due to potential tightening of nickel ore quotas in Indonesia, leading to price increases [5][64]

Core Viewpoint - The non-ferrous metal sector continues to surge, with a net inflow of 17.5 billion yuan on January 9, ranking third among 31 first-level industries in the Shenwan classification [1][8] - The popular ETF, Huabao Non-Ferrous ETF (159876), saw its price rise over 3.5% during the day, closing up 3.24%, reaching a new historical high [1][8] - The ETF's trading volume exceeded its listing high, indicating a potential buying signal for investors [1][8] Fund Inflows and Performance - Huabao Non-Ferrous ETF experienced a net subscription of 57.6 million units, with a total net inflow of 194 million yuan over the past five days, and 279 million yuan over the last ten days [1][8] - The trading volume for the ETF reached 88.1 million yuan, showing a slight increase compared to previous periods [1][8] Market Trends and Analysis - The U.S. non-farm payroll report released on January 9 indicates potential for further interest rate cuts by the Federal Reserve, which could lead to a super cycle for industrial metals like copper and aluminum [2][8] - Recent price increases in various minor metals, particularly tungsten, are attributed to supply constraints and rising global demand for strategic resources [2][8] - Analysts predict that under conditions of loose liquidity and frequent supply disruptions, prices for copper, aluminum, gold, and battery metals are likely to continue rising through 2026 [2][8] Sector Highlights - Leading stocks in the non-ferrous metal sector, such as Yunnan Zinc Industry and Xiamen Tungsten Industry, have shown significant gains, with some stocks reaching their daily limit [3][10] - The Huabao Non-Ferrous ETF covers a wide range of industries, including precious metals, strategic metals, and industrial metals, allowing for better exposure to the sector's performance [4][8]

Market Overview - A-shares experienced a significant rally, with the Shanghai Composite Index breaking through 4100 points, achieving a 16-day winning streak [1] - The total trading volume in the Shanghai and Shenzhen markets reached 3.12 trillion yuan, marking a substantial increase of 322.4 billion yuan from the previous trading day [1] - Over 3900 stocks rose, with more than 100 stocks hitting the daily limit for two consecutive days [1] Key Sectors Military Industry - The military sector saw a strong performance, with the military ETF Huabao (512810) surging over 5.5% at one point, closing up 3.91% and achieving a weekly gain of 13.57% [3][5] - 73 out of 80 constituent stocks in the military ETF rose, with 8 stocks increasing over 10% [3] - The military ETF is heavily weighted towards commercial aerospace stocks, which account for over 32% of its index [7][8] AI Applications - AI applications experienced explosive growth, with the entrepreneurial board AI ETF (159363) rising 2.75% to a new high, and several stocks hitting the daily limit [15] - The AI sector is expected to see significant revenue growth as applications become more integrated into various industries [19] Non-Ferrous Metals - The non-ferrous metals sector continued to soar, with the non-ferrous ETF Huabao (159876) rising 3.24% to a new historical high, supported by a net inflow of 576 million yuan [10][13] - Key stocks in this sector, such as tungsten and other strategic metals, have seen significant price increases due to supply constraints and strong demand from industries like military and renewable energy [12][13] Trading Activity - The military ETF Huabao (512810) recorded a trading volume of 1.32 billion yuan, the highest in nearly a month [5] - The non-ferrous ETF Huabao (159876) saw a trading volume of 881 million yuan, indicating strong investor interest [10] Future Outlook - Analysts predict that the global military trade market will grow, with China's military trade expected to accelerate due to increased international defense spending [9] - The non-ferrous metals market is anticipated to maintain upward momentum, driven by structural demand and supply disruptions [13]

Group 1 - The non-ferrous metal sector experienced significant inflows, with a net capital inflow of 17.5 billion yuan on January 9, ranking third among 31 Shenwan first-level industries [1] - The popular ETF, Huabao Non-ferrous ETF (159876), saw its price rise over 3.5% during the day, closing up 3.24%, reaching a new historical high [1] - The ETF recorded a net subscription of 57.6 million units, with a total net inflow of 279 million yuan over the past 10 days [1] Group 2 - Several small metal varieties have seen significant price increases, particularly tungsten, driven by supply constraints and growing demand for strategic resources [2] - Analysts predict a "super cycle" for industrial metals like copper and aluminum, supported by loose liquidity and strong structural demand [2][3] - The Huabao Non-ferrous ETF covers a wide range of sectors including copper, aluminum, gold, rare earths, and lithium, allowing for better exposure to the entire sector's performance [4]

Core Viewpoint - The A-share market experienced a collective rise today, with significant gains across major indices and various sectors showing strong performance, particularly in AI applications, commercial aerospace, and small metals [1] Market Performance - The Shanghai Composite Index rose by 0.92%, the Shenzhen Component Index increased by 1.15%, the ChiNext Index gained 0.77%, and the North Star 50 Index was up by 1.05% [1] - The total trading volume in the three markets reached 31,523 billion yuan, an increase of 3,261 billion yuan compared to the previous day, with over 3,900 stocks in the three markets showing gains [1] Sector Highlights - Leading sectors included AI applications, commercial aerospace, military equipment, controllable nuclear fusion, small metals, medical services, oil and gas exploration and services, computing power leasing, and retail, all showing significant gains [1] - The AI application sector saw a surge, with stocks like Tianlong Group, Yidian Tianxia, and Guangdong Media hitting the daily limit [1] - The small metals sector continued to rise, with companies such as Zhongtung High-tech and Yunnan Zhenye reaching new highs, and Jintong Co. hitting the daily limit [1] - The commercial aerospace sector maintained its strong performance, with stocks like Galaxy Electronics and China First Heavy Industries achieving consecutive gains [1] Underperforming Sectors - The photovoltaic sector showed weakness, with Hongyuan Green Energy hitting the daily limit down, followed by declines in Daqo New Energy and Tongwei Co. [1] - The brain-computer interface sector experienced fluctuations, with companies like Meihao Medical and Aipeng Medical seeing significant declines [1]

Group 1 - The A-share small metal sector showed strength, with the sector index rising by 3.59% as of the morning close on January 9, 2023, driven by significant price increases in tungsten and other rare metals [1] - Notable stocks in the sector included Yunnan Zhenye, Dongfang Tantalum, and Xiamen Tungsten, which reached their daily limit up, while other companies like Jinchuan Group and Huaxi Nonferrous also saw gains [1] - Tungsten prices have reached historical highs, with black tungsten concentrate priced at 485,000 yuan/ton, ammonium paratungstate (APT) at 710,000 yuan/ton, and tungsten powder at 1,130 yuan/kg, reflecting week-on-week increases of 5.4%, 6.0%, and 6.5% respectively [1] Group 2 - Analysts indicate that the tungsten market is supported by supply constraints due to lower ore grades, controlled mining volumes, and sellers' reluctance to sell, alongside a growing global demand for strategic resources [2] - The cobalt market is experiencing price increases due to export quota controls in the Democratic Republic of Congo and delays in domestic arrivals, with cobalt powder prices rising to 570 yuan/kg, a week-on-week increase of 10.7% [2] - The rare earth industry is witnessing price increases, with the rare earth industry index rising by 2.96% on January 9, driven by supply constraints, favorable macroeconomic conditions, and increasing downstream demand [2] Group 3 - The global rare earth industry is undergoing a transformation, with domestic supply consolidation and increased industry concentration, while overseas mines are actively developing, indicating a trend towards diversified global supply [3] - Demand for rare earths is stable in traditional sectors like electric vehicles and wind power, while emerging fields such as robotics and low-altitude economy are expected to provide long-term support for demand [3] - The supply-demand imbalance for strategic minor metals is tightening due to limited reserves, high extraction difficulty, and rapid growth in downstream demand from sectors like new energy and semiconductors [3]

Core Viewpoint - Jinmoly Co., Ltd. has shown a significant stock price increase of 52.17% year-to-date, indicating strong market performance and investor interest [2]. Group 1: Stock Performance - On December 19, Jinmoly's stock price rose by 2.01%, reaching 14.70 CNY per share, with a trading volume of 1.42 billion CNY and a turnover rate of 0.30% [1]. - The stock has increased by 3.74% over the last five trading days and 8.25% over the last twenty days, while experiencing a slight decline of 0.54% over the past sixty days [2]. Group 2: Company Overview - Jinmoly Co., Ltd. was established on May 16, 2007, and listed on April 17, 2008. The company primarily engages in molybdenum mining, production, and sales of molybdenum-related products [2]. - The revenue composition of Jinmoly includes 90.14% from molybdenum mining and processing, 8.73% from commodity trading, and 1.14% from other sources [2]. - The company is classified under the non-ferrous metals sector, specifically in the small metals category focusing on molybdenum [2]. Group 3: Financial Performance - For the period from January to September 2025, Jinmoly reported a revenue of 10.885 billion CNY, reflecting a year-on-year growth of 7.80%, and a net profit attributable to shareholders of 2.286 billion CNY, which is a 4.17% increase compared to the previous year [2]. - Since its A-share listing, Jinmoly has distributed a total of 10.336 billion CNY in dividends, with 3.549 billion CNY distributed over the last three years [3]. Group 4: Shareholder Information - As of September 30, 2025, the number of shareholders in Jinmoly increased by 10.65% to 82,400, while the average number of circulating shares per shareholder decreased by 9.63% to 39,134 shares [2]. - The second-largest shareholder, Hong Kong Central Clearing Limited, holds 76.3054 million shares, a decrease of 12.6515 million shares from the previous period [3].

Core Insights - The report maintains a "Buy" rating for the non-ferrous metals sector, with copper prices stabilizing at $11,000 per ton, indicating a positive outlook for the industry [2][3] - The report highlights the expected slight decline in industrial metal prices due to the Federal Reserve's interest rate cut, while maintaining a medium-term upward trend for copper prices [6] Industrial Metals and Steel - The Federal Reserve's interest rate cut is anticipated to lead to a slight decline in industrial metal prices. Copper prices reached a historical high of $11,800 per ton on December 11, 2025, with COMEX copper inventories hitting a record 410,000 tons [6] - The report notes a balanced supply-demand situation in the steel market, with a 1% decrease in rebar procurement in Shanghai and a 1.5 percentage point drop in blast furnace operating rates [6] - Key companies to watch include Jiangxi Copper, Tongling Nonferrous Metals, and China Molybdenum [6] Gold - The Federal Reserve's interest rate cut is expected to solidify the long-term upward trend in gold prices. Initial jobless claims in the U.S. rose to 236,000, exceeding expectations [6] - Companies of interest in the gold sector include Zhaojin Mining and Zhongjin Gold [6] Minor Metals - The report expresses optimism regarding cobalt prices, with a slight decrease in electrolytic cobalt prices to 410,000 yuan per ton. The supply-demand gap is expected to widen following the implementation of new export quotas from the Democratic Republic of Congo [6] - Companies to monitor include Huayou Cobalt and Tianqi Lithium [6] Company Valuation and Financial Analysis - The report provides a detailed valuation and financial analysis of key companies in the sector, with several companies rated as "Buy" based on their expected performance over the next 12 months. For instance, Luoyang Molybdenum is rated with a target price of 19.74 yuan per share, while China Aluminum is rated with a target price of 13.02 yuan per share [7]

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担个别及连带责任。 金堆城钼业股份有限公司（以下简称公司）第五届董事会第二十八次会议审议通过了《关于公司符合面 向专业投资者公开发行可续期公司债券条件的议案》《关于公司面向专业投资者公开发行可续期公司债 券方案的议案》《关于提请股东会授权董事会或其授权人士全权办理本次公开发行可续期公司债券相关 事宜的议案》《关于适时召开公司股东会的议案》。 本次公开发行可续期公司债券事项尚需提交公司股东会审议，并需经监管机构审核或注册后方可实施。 现将本次公开发行可续期公司债券的具体方案和相关事宜公告如下： 一、关于公司符合发行可续期公司债券条件的说明 登录新浪财经APP 搜索【信披】查看更多考评等级 股票代码：601958 股票简称：金钼股份 公告编号： 2025-031 金堆城钼业股份有限公司 关于拟公开发行可续期公司债券的公告 根据《中华人民共和国公司法》《中华人民共和国证券法》《公司债券发行与交易管理办法》等有关法 律、法规和规范性文件的有关规定，经认真自查，公司符合现行可续期公司债券政策和可续期公司 ...

股票代码：601958 股票简称：金钼股份 公告编号： 2025-031 金堆城钼业股份有限公司 关于拟公开发行可续期公司债券的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 金堆城钼业股份有限公司（以下简称公司）第五届董事会第二十八 次会议审议通过了《关于公司符合面向专业投资者公开发行可续期公司 债券条件的议案》《关于公司面向专业投资者公开发行可续期公司债券 方案的议案》《关于提请股东会授权董事会或其授权人士全权办理本次 公开发行可续期公司债券相关事宜的议案》《关于适时召开公司股东会 的议案》。 本次公开发行可续期公司债券事项尚需提交公司股东会审议，并需 经监管机构审核或注册后方可实施。现将本次公开发行可续期公司债券 的具体方案和相关事宜公告如下： 一、关于公司符合发行可续期公司债券条件的说明 根据《中华人民共和国公司法》《中华人民共和国证券法》《公司 债券发行与交易管理办法》等有关法律、法规和规范性文件的有关规定， 经认真自查，公司符合现行可续期公司债券政策和可续期公司债券发行 条件的各项规定，具备面向专业投资 ...