金诚信公告，公司及子公司近日取得部分经双方签字盖章的日常经营合同文件。其中，与四川鑫源矿业 有限责任公司签署的矿山采矿生产承包合同，工程名称为四川鑫源矿业有限责任公司第四期矿山生产承 包，合同工期自2026年1月1日至2028年12月31日，合同价格约4.57亿元。此外，还与云南驰宏锌锗股份 有限公司会泽矿业分公司签署矿山生产剥离(开拓)、采矿外委工程合同(第一年)，项目名称为云南驰宏 锌锗股份有限公司会泽矿业分公司麒麟厂矿山西区标段2026-2027年度采矿业务工程，合同工期自2026 年1月1日至2026年12月31日，合同价格约1.07亿元。 ...

金诚信公告称，公司及子公司近日取得部分日常经营合同。一是与四川鑫源矿业签第四期矿山生产承包 合同，2026 年 1 月 1 日至 2028 年 12 月 31 日执行，预估总价约 4.57 亿元；二是云南金诚信与云南驰宏 锌锗会泽矿业分公司签麒麟厂矿山生产相关外委工程（第一年），2026 年 1 月 1 日至 2027 年 12 月 31 日执行，预估第一年合同价款约 1.07 亿元。合同履行或提升业绩，但存在履约、工程进度等风险。 ...

Investment Rating - The report maintains a positive outlook on the non-ferrous metals industry [6] Core Viewpoints - The report indicates that negative feedback is intensifying, leading to potential price fluctuations. As industrial product prices rise, domestic downstream negative feedback is increasing, resulting in accelerated inventory accumulation. Recent margin increases by CME and SHFE for certain products may lead to significant short-term price volatility in industrial metals. However, the overall bullish trend for industrial products remains unchanged under the expectation of supportive policies [3][9] Summary by Sections 1. Cycle Assessment - Liquidity expectations are reverting, which does not hinder the long-term bullish logic. Recent statements from Trump favoring Hassett for the National Economic Council position have increased market expectations for the new Fed chair. The probability of a Fed rate cut in April has dropped to 30%. This has led to potential price fluctuations in precious metals due to a weakened narrative around short-term rate cuts [9][13] 2. Industry and Stock Performance - The non-ferrous metals sector rose by 3.03% in the week ending January 16, ranking third among all industries [18] 3. Precious Metals - Short-term narratives around rate cuts are faltering, leading to potential price volatility in precious metals. As of January 16, SHFE gold rose by 2.57% to 1,032.32 CNY per gram, while COMEX gold increased by 2.62% to 4,590.00 USD per ounce. The report notes that the People's Bank of China increased its gold reserves to 7,415 million ounces, marking a continuous increase for 14 months [14][29] 4. Copper - The report highlights that negative feedback is intensifying, leading to increased price volatility for copper. As of January 16, SHFE copper fell by 0.63% to 100,770 CNY per ton, while LME copper decreased by 1.50% to 12,803 USD per ton. The report also notes a significant increase in global visible copper inventory [17][28] 5. Aluminum - The aluminum processing sector shows resilience, with profitability per ton of aluminum expected to remain high. As of January 16, SHFE aluminum fell by 1.66% to 23,925 CNY per ton. The report indicates that the average profit for the aluminum industry is around 7,868 CNY per ton [16][89]

Investment Rating - The report maintains a positive outlook on the non-ferrous metals industry [6] Core Viewpoints - The report indicates that negative feedback is intensifying, leading to potential price fluctuations. As industrial product prices rise, domestic downstream negative feedback is increasing, resulting in accelerated inventory accumulation. Recent margin increases by CME and SHFE for certain products may lead to significant short-term price volatility in industrial metals. However, the overall bullish trend for industrial products remains unchanged under the support of domestic and international policies [3][9] Summary by Sections 1. Cycle Assessment - Liquidity expectations are rebounding, which does not hinder the long-term bullish logic. Recent statements from Trump favoring Hassett for the National Economic Council chair have increased market expectations for the next Federal Reserve chair. The probability of a rate cut in April has dropped to 30%. This may lead to price fluctuations in precious metals due to the weakened short-term rate cut narrative. In the industrial sector, as prices rise, negative feedback from domestic downstream is intensifying, and inventory is accumulating rapidly [9][13] 2. Industry and Stock Performance - The non-ferrous metals sector rose by 3.03% in the week ending January 16, ranking third among all industries [18] 3. Precious Metals - Short-term rate cut narratives are challenged, leading to potential price fluctuations in precious metals. For the week ending January 16, SHFE gold rose by 2.57% to 1,032.32 CNY per gram, while COMEX gold increased by 2.62% to 4,590.00 USD per ounce. SHFE silver surged by 20.03% to 22,483.00 CNY per kilogram, and COMEX silver rose by 12.30% to 89.19 USD per ounce [14][15][29] 4. Copper - Negative feedback is intensifying, leading to increased price volatility for copper. For the week ending January 16, SHFE copper fell by 0.63% to 100,770 CNY per ton, while LME copper decreased by 1.50% to 12,803 USD per ton. The supply side remains tight, and the transmission to the smelting end is approaching [17][28] 5. Aluminum - The processing operation remains resilient, and the profit per ton of aluminum is expected to stay high. For the week ending January 16, SHFE aluminum fell by 1.66% to 23,925 CNY per ton, while LME aluminum decreased by 0.06% to 3,134 USD per ton. The processing operation rate slightly increased to 60.2%, with overall inventory accumulating [16][89]

Investment Rating - The report maintains an "Accumulate" rating for the copper industry [6] Core Viewpoints - The copper market is expected to remain tight in 2026, supporting upward price movement. As of January 16, 2026, SHFE copper closed at 100,770 CNY/ton, down 0.63% from January 9, while LME copper closed at 12,803 USD/ton, down 1.50% [1] - The report highlights that the market has largely priced in the Federal Reserve's decision not to cut interest rates in January 2026 [1] - The report anticipates that supply constraints and improving demand will lead to further increases in copper prices [4] Summary by Sections Inventory - Domestic copper social inventory increased by 17.2% week-on-week, while LME copper inventory rose by 4.6% [2] - As of January 16, 2026, global inventory across the three major exchanges reached 900,000 tons, up 7.7% from January 9 [2] Supply - The TC spot price reached a historical low of -46.6 USD/ton [3] - Domestic copper concentrate production in October 2025 was 130,000 tons, down 8.1% month-on-month and 12.1% year-on-year [2] - The price difference between refined copper and scrap copper decreased by 1,010 CNY/ton, indicating tighter scrap supply [2][55] Demand - The cable manufacturing industry's operating rate decreased by 0.6 percentage points to 55.99% [3] - The report notes that cable production accounts for approximately 31% of domestic copper demand [3] - Air conditioning production is projected to see a year-on-year increase of 11% in January 2026, followed by declines of 11.4% and 2.4% in February and March, respectively [3][95] Futures - SHFE copper active contract positions increased by 24% week-on-week, with a total of 226,000 contracts as of January 16, 2026 [4] - COMEX non-commercial net long positions decreased by 7.6% week-on-week [4] Investment Recommendations - The report recommends investing in Zijin Mining, Western Mining, Luoyang Molybdenum, and Jincheng Mining, while keeping an eye on Tongling Nonferrous Metals [4]

Investment Rating - The report maintains a "Buy" rating for several companies in the non-ferrous metals sector, including 山金国际, 赤峰黄金, 洛阳钼业, 中国宏桥, and 中钨高新 [10]. Core Insights - The non-ferrous metals sector is experiencing a general upward trend, with significant price increases across various metals, driven by macroeconomic factors and supply chain dynamics [11][19]. - The report highlights the impact of U.S. tariffs and trade policies on the supply and demand dynamics of key metals, particularly copper and aluminum [2][3]. - The report emphasizes the importance of monitoring inventory levels and production capacities, as these factors are critical in determining future price movements [26][35]. Summary by Sections Precious Metals - Concerns over tariffs have led to a temporary pullback in silver prices, but the long-term outlook remains positive [1]. - The report suggests monitoring companies such as 兴业银锡 and 盛达资源 for potential investment opportunities [1]. Industrial Metals - Copper inventories are rising, particularly in the U.S., raising concerns about supply tightness in non-U.S. regions [2]. - The report notes that while high copper prices are suppressing end-user demand, the long-term consumption outlook remains strong due to infrastructure investments [2]. Aluminum - The aluminum market is expected to experience price fluctuations due to geopolitical tensions and macroeconomic policies [3]. - The report indicates that production cuts in aluminum processing are occurring, particularly in regions like Guizhou and Henan [3]. Nickel - Nickel prices are on an upward trend, supported by supply tightening expectations from Indonesia [4]. - The report highlights the importance of monitoring companies like 华友钴业 and 力勤资源 for investment opportunities [4]. Tin - Supply chain bottlenecks and macroeconomic factors are providing short-term support for tin prices [5]. - The report suggests that companies like 华锡有色 and 兴业银锡 may benefit from these market conditions [5]. Lithium - Lithium prices are experiencing wide fluctuations due to export policy expectations and demand uncertainties [6]. - The report recommends关注 companies such as 赣锋锂业 and 天齐锂业 for potential investment [6]. Cobalt - Progress in cobalt shipments from the Democratic Republic of Congo is expected to support high cobalt prices in the short term [9]. - The report suggests monitoring companies like 华友钴业 and 腾远钴业 for investment opportunities [9].

Investment Rating - The report maintains a "Buy" rating for all key companies listed, including Zijin Mining, Luoyang Molybdenum, and Huayou Cobalt, among others [3]. Core Insights - The report highlights that geopolitical tensions are driving up precious metal prices, with gold and silver showing significant increases due to heightened risk aversion [1][9]. - Industrial metal prices are experiencing mixed trends, with aluminum and copper facing downward pressure while zinc and nickel show some resilience [9][15]. - The report emphasizes the importance of domestic policies aimed at boosting demand, which are expected to support industrial metal prices in the near term [9][26]. Industry Performance - The SW Nonferrous Index increased by 3.94% during the week, while the Shanghai Composite Index and CSI 300 Index saw declines of 0.45% and 0.57%, respectively [9]. - Precious metals such as gold and silver have seen price increases of 1.83% and 12.73%, respectively, reflecting strong market demand [9][15]. Industrial Metals - Aluminum prices decreased by 0.65% to $3,129 per ton, while copper prices fell by 1.21% to $12,808.5 per ton [15]. - Zinc prices increased by 1.86% to $3,207.5 per ton, and nickel prices rose by 0.52% to $17,792 per ton [15]. - The report notes that domestic aluminum production is increasing, but demand remains weak, leading to a slight rise in inventory levels [26][28]. Precious Metals - Gold prices are projected to continue rising due to central bank purchases and a weakening dollar, with current prices around 1,034.77 CNY per gram [9][72]. - Silver prices have surged, with a notable increase in demand driven by geopolitical uncertainties [9][72]. Energy Metals - Cobalt prices are expected to rise as supply chain issues persist, with current market dynamics favoring a bullish outlook [9][88]. - Lithium prices have also seen significant increases, reflecting strong demand in the energy sector [9][88].

Core Viewpoint - The announcement highlights a strategic cooperation agreement between Beijite Group Co., Ltd. and Jinchengxin Mining Management Co., Ltd., focusing on resource development and collaboration in the mining sector [1] Group 1: Strategic Cooperation - Beijite and Jinchengxin signed a strategic cooperation agreement on January 10, 2026 [1] - Both companies are recognized as well-governed, efficient decision-making, and innovative private listed enterprises with strong brand images [1] - The cooperation aims to deepen collaboration in the resource development industry chain, leveraging each other's strengths for mutual growth [1] Group 2: Principles of Cooperation - The agreement is based on principles of equality, mutual benefit, and collaborative development [1] - The focus is on strategic binding through resource development or extended business operations [1] - The cooperation aims to protect the legal rights and interests of both parties and all shareholders involved [1]

倍杰特（300774）(300774.SZ)发布公告，公司与金诚信（603979）矿业管理股份有限公司(以下简称"金 诚信")于2026年1月10日签订了《战略合作协议》。双方均为治理规范、决策高效、创新能力突出的上 市民营企业，拥有良好的品牌形象，在战略合作方面具有较强的互补性和兼容性。本着平等互利、协同 发展的原则，双方将依托在矿山资源开发领域的布局，深化资源开发产业链协同合作;通过资源开发或 延伸业务实现战略绑定，充分发挥双方资源与专业优势，促进共同发展，切实维护双方及全体股东的合 法权益。 ...

Core Viewpoint - The announcement highlights a strategic cooperation agreement between Beijite (300774.SZ) and Jinchengxin Mining Management Co., Ltd., focusing on resource development and collaboration in the mining sector [1] Group 1: Strategic Cooperation - Beijite and Jinchengxin signed a strategic cooperation agreement on January 10, 2026 [1] - Both companies are recognized as well-governed, efficient decision-making, and innovative private enterprises with strong brand images [1] - The cooperation aims to deepen collaboration in the resource development industry chain, leveraging each other's strengths for mutual benefit [1] Group 2: Objectives and Principles - The partnership is based on principles of equality, mutual benefit, and collaborative development [1] - The agreement seeks to achieve strategic binding through resource development or business extension [1] - The goal is to promote joint development while safeguarding the legal rights and interests of both parties and all shareholders [1]