Core Viewpoint - The report from Zhonghang Securities indicates a strong recovery in the sales of new energy vehicles (NEVs) in nine European countries, projecting sales of 2.885 million units in 2025, a year-on-year increase of 32.6%, with a penetration rate of 29.0%, up by 6.7 percentage points [1][2]. Summary by Sections Overall Market Outlook - In 2025, NEV sales in nine European countries are expected to reach 2.885 million units, representing a 32.6% increase year-on-year, with a penetration rate of 29.0%, up 6.7 percentage points [2]. - The sales of Battery Electric Vehicles (BEVs) are projected at 1.892 million units, a year-on-year increase of 30.6%, while Plug-in Hybrid Electric Vehicles (PHEVs) are expected to reach 992,000 units, up 36.6% year-on-year [2]. Country-Specific Insights - **Germany**: The BEV sales are projected at 545,000 units, a 43.2% increase year-on-year, and PHEV sales at 311,000 units, up 62.3%. Germany will restart EV subsidies in January 2026, including Chinese brands [2][3]. - **United Kingdom**: BEV sales are expected to be 473,000 units, a 23.9% increase, and PHEV sales at 225,000 units, up 34.7%. EV subsidies will resume from July 2025 [2][3]. - **France**: BEV sales are projected at 326,000 units, a 12.1% increase, with December sales reaching 42,000 units, up 37.7%. Subsidies will continue into 2026 with increased standards [3]. - **Italy**: BEV sales are expected to be 95,000 units, a 44.2% increase, and PHEV sales at 99,000 units, up 89.4%. EV subsidies will be effective from October 22, 2025 [3]. - **Spain**: BEV sales are projected at 102,000 units, a 77.2% increase, and PHEV sales at 124,000 units, up 111.7%. The MOVES III subsidy plan will drive sales [3]. Investment Recommendations - The report suggests that the EU's proposal to adjust the 2035 emission reduction targets will not hinder the long-term trend of electrification in Europe. Instead, it will promote sales of small electric vehicles [4]. - Investment recommendations include: - **Lithium Batteries**: Recommended companies include CATL, Yiwei Lithium Energy, and Xinwangda [4]. - **Lithium Materials**: Recommended companies include Hunan Youneng and Tianci Materials [4]. - **Lithium Battery Structural Components**: Recommended companies include Minglida and Minth Group [4]. - **Power/Drive Systems**: Recommended companies include Weimaisi and Fute Technology [4]. - **Automotive Safety Components**: Beneficiary companies include Zhongrong Electric and Zhejiang Rongtai [4]. - **Charging Stations and Modules**: Recommended companies include Youyou Green Energy and Tonghe Technology [4].

Core Viewpoint - The company has approved the issuance of various types of debt financing instruments for 2025, including corporate bonds, short-term financing bonds, and perpetual bonds, among others [1] Group 1: Debt Financing Approval - The company's board approved the issuance of non-financial corporate debt financing tools at meetings held on April 17, 2025, and May 9, 2025 [1] - The types of debt financing instruments include corporate bonds, enterprise bonds, short-term financing bonds, and others, with issuance methods including public and private placements [1] Group 2: Recent Bond Issuance - The company has completed the issuance of its 2026 second phase of technology innovation bonds, amounting to 500 million RMB, with a term of 2 years and an interest rate of 2.63% [1] - The bonds were underwritten by CITIC Bank and Zheshang Bank, and were publicly issued in the national interbank bond market [1] - The funds raised from this bond issuance will be used to repay the company's interest-bearing liabilities [1]

2026 年度第二期科技创新债券发行结果公告 本期债券由中信银行股份有限公司、浙商银行股份有限公司为主承销商组织承 销团，通过簿记建档、集中配售的方式在全国银行间债券市场公开发行。本期债券 募集资金将用于偿还公司有息负债。 股票代码：603799 股票简称：华友钴业 公告编号：2026-005 浙江华友钴业股份有限公司 2026年度第二期科技创新债券发行结果公告 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法律责任。 浙江华友钴业股份有限公司（以下简称"公司"）分别于 2025 年 4 月 17 日召开 的第六届董事会第二十九次会议和 2025 年 5 月 9 日召开的 2024 年年度股东大会审 议通过了《关于公司及子公司 2025 年度发行非金融企业债务融资工具的议案》，同 意公司及子公司可以发行的债务融资工具类型包括但不限于公司债、企业债、短期 融资券、超短期融资券、中期票据、永续债、定向工具（PPN）、境外债券、北金所 债权融资计划等在内的本外币债务融资工具，发行方式包括公开发行和非公开定向 发行。 公司已于近日完成了浙江华友 ...

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 Insights - The energy metals sector experienced a significant increase of 2.31% on January 21, with Shengxin Lithium Energy leading the gains [1] - The Shanghai Composite Index closed at 4116.94, up 0.08%, while the Shenzhen Component Index closed at 14255.12, up 0.7% [1] Energy Metals Sector Performance - Shengxin Lithium Energy (002240) closed at 37.33, with a rise of 9.99% and a trading volume of 731,900 shares, amounting to a transaction value of 2.661 billion yuan [1] - Rongjie Co., Ltd. (002192) saw a closing price of 58.30, up 6.74%, with a trading volume of 246,500 shares and a transaction value of 1.413 billion yuan [1] - Yongxing Materials (002756) closed at 53.78, increasing by 6.52%, with a trading volume of 262,800 shares and a transaction value of 1.406 billion yuan [1] - Other notable performers included Tibet Mining (000762) with a 3.83% increase, Ganfeng Lithium (002460) up 3.50%, and Tianqi Lithium (002466) up 3.26% [1] Capital Flow Analysis - The energy metals sector saw a net inflow of 2.055 billion yuan from main funds, while retail investors experienced a net outflow of 1.226 billion yuan [1] - Main funds showed significant net inflows in Shengxin Lithium Energy (6.70 billion yuan) and Ganfeng Lithium (6.03 billion yuan), while retail investors had notable outflows in these stocks [2] - The overall trend indicates a preference for institutional investment in the energy metals sector, contrasting with retail investor behavior [2]

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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 - The A-share market is experiencing a strong upward trend, particularly in the non-ferrous metal sector, with significant gains in related ETFs and stocks [1][5]. Market Performance - As of January 21, the non-ferrous metal sector is showing robust performance, with the Non-Ferrous 50 ETF (159652) rising over 2% [1]. - Key stocks in the sector include: - Shandong Gold up 4.54% - Ganfeng Lithium up 3.10% - Northern Rare Earth up 1.63% [2][5]. Commodity Prices - On January 21, COMEX gold and spot gold both surpassed the $4800 mark, each increasing by over 1%, reaching historical highs [3]. - LME copper is also on the rise, currently up by 0.6% [3]. Geopolitical and Economic Factors - Geopolitical tensions are heightening, leading to increased risk aversion in the market [3]. - The U.S. Federal Reserve's political independence is under scrutiny, particularly with Jerome Powell's upcoming testimony [3]. Policy Developments - On January 20, multiple departments introduced an action plan to enhance the linkage between futures and spot markets for non-ferrous metals, aiming to improve the international competitiveness of the "Shanghai price" [3]. Investment Opportunities - Oriental Securities emphasizes the importance of focusing on industrial metals, predicting a strategic opportunity in the copper sector due to supply constraints and improving smelting fees [4]. - The report suggests that the copper market is expected to benefit from a recovery in production from major mines, which could enhance profit margins for smelting companies [4]. Strategic Insights - The current economic climate is characterized by a "spiral down" phase, highlighting copper's strategic importance as a key metal amid global economic shifts [6]. - The demand for copper is expected to surge due to the AI revolution, with projections indicating an additional demand of approximately 79-170 thousand tons by 2030 from data center expansions alone [6]. ETF Performance - The Non-Ferrous 50 ETF (159652) is noted for its high copper content (34%) and gold content (12%), making it a leading choice in the sector [8]. - The ETF has shown superior performance with a cumulative return of 99.61% since 2022, driven by earnings rather than valuation increases [10].

Core Viewpoint - Huayou Cobalt experienced a decline of 1.46% on January 20, with a trading volume of 4.058 billion yuan, indicating a significant market activity and investor interest in the stock [1]. Financing Summary - On January 20, Huayou Cobalt had a financing buy amount of 478 million yuan and a repayment of 386 million yuan, resulting in a net financing purchase of approximately 91.85 million yuan [1]. - The total financing and securities lending balance for Huayou Cobalt reached 4.219 billion yuan as of January 20, with the financing balance accounting for 2.98% of the circulating market value, which is above the 70th percentile of the past year [1]. - In terms of securities lending, 5,400 shares were repaid and 8,600 shares were sold on January 20, with a selling amount of approximately 645,300 yuan, indicating a high level of activity in this area as well [1]. Company Performance - As of September 30, Huayou Cobalt had 257,100 shareholders, an increase of 31.78% from the previous period, while the average circulating shares per person decreased by 15.22% to 7,328 shares [2]. - For the period from January to September 2025, Huayou Cobalt reported a revenue of 58.941 billion yuan, representing a year-on-year growth of 29.57%, and a net profit attributable to shareholders of 4.216 billion yuan, which is a 39.59% increase year-on-year [2]. Dividend Information - Since its A-share listing, Huayou Cobalt has distributed a total of 3.876 billion yuan in dividends, with 2.835 billion yuan distributed over the past three years [3]. Institutional Holdings - As of September 30, 2025, among the top ten circulating shareholders of Huayou Cobalt, Hong Kong Central Clearing Limited is the second-largest shareholder with 148 million shares, a decrease of 1.6723 million shares from the previous period [3]. - Huatai-PineBridge CSI 300 ETF is the fourth-largest shareholder with 23.4121 million shares, down by 843,100 shares, while E Fund CSI 300 ETF increased its holdings by 840,100 shares to 18.1417 million shares [3]. - New institutional shareholders include GF National Index New Energy Vehicle Battery ETF with 16.4181 million shares and Southern CSI Shenwan Nonferrous Metals ETF with 11.9549 million shares [3].

Precious Metals Industry - Central banks worldwide are increasing their gold reserves to diversify risk, with China's central bank having increased its gold holdings for 14 consecutive months [1] - The global monetary easing expectations are rising, leading to a weaker dollar, which enhances the attractiveness of precious and non-ferrous metals priced in dollars [1] - The market for precious metals is expected to experience a broad rally starting in early 2026, characterized by a resonance between financial and industrial attributes [1] - Key players in the precious metals sector include Shandong Gold, Zijin Mining, Chifeng Jilong Gold Mining, and Guoyuan Platinum, all of which are focusing on optimizing production and expanding operations [3] Non-Ferrous Metals Industry - The demand for non-ferrous metals such as silver, copper, and aluminum is growing due to the rigid requirements from emerging industries like photovoltaics, electric vehicles, and AI servers [1] - The market dynamics for non-ferrous metals are changing, driven by both traditional infrastructure demand and new energy sectors [1] - Major companies in the non-ferrous metals sector include Luoyang Molybdenum, Northern Rare Earth, Huayou Cobalt, and Tin Industry Co., which are involved in mining, refining, and processing of various metals [4]