Core Viewpoint - Gold and silver prices reached historical highs, leading to a surge in related A-share market stocks [1] Group 1: Market Performance - Sichuan Gold saw a 10% increase, reaching a market capitalization of 14.5 billion [2] - Hunan Silver and Xiaocheng Technology rose by over 8%, with market capitalizations of 30.5 billion and 11.3 billion respectively [2] - Jiangxi Copper increased by over 7%, with a total market value of 222.1 billion [2] - Zhongjin Lingnan and Zhuhai Group both experienced gains of over 6% [2] - Other companies such as Luoyang Molybdenum, Shengtu Mining, and Zhaojin Gold saw increases of over 4% [1][2] Group 2: Price Movements - Spot gold prices reached 4,643 USD per ounce, marking a new historical high [1] - Spot silver prices surpassed 93 USD per ounce, also setting a new record [1]

Core Viewpoint - Precious metal prices continue to reach new highs, driving the strength of non-ferrous metal stocks in the A-share market, particularly Luoyang Molybdenum (603993.SH), which has seen significant price increases and is included in the "Betting on China" top ten core assets list for 2026 [1] Group 1: Stock Performance - Luoyang Molybdenum's stock price increased over 5% to reach 24.55 yuan, setting a new historical high [1] - The stock has cumulatively risen 210% in 2025 and has gained nearly 22% in the first nine trading days of this year [1] Group 2: Company Strengths - Luoyang Molybdenum holds approximately 23% of the global cobalt reserves and possesses world-class copper-cobalt mining clusters, with core mines having copper and cobalt grades significantly above industry averages [1] - The KFM Phase II production will add an additional 100,000 tons of copper capacity, supported by the Congo (Kinshasa) cobalt export quota benefits, which will enhance performance growth [1] Group 3: Cost Management and Business Model - The company leverages resource endowment advantages and digital reforms to reduce costs, maintaining relatively low copper production costs [1] - The "mining + trading" model helps to smooth out cyclical fluctuations, giving the company a leading risk resistance capability in the industry [1] Group 4: Market Opportunities - The demand for copper and cobalt is benefiting from the expansion of the new energy sector [1] - The completion of the Brazilian gold mine acquisition and the layout of the Ecuadorian gold mine are establishing a "copper-gold dual pole" strategy [1] - H-share equity incentives are tied to the core team, indicating strong long-term growth certainty [1]

Group 1 - Gold and silver prices reached historical highs, with spot gold hitting $4,643 per ounce and spot silver surpassing $93 per ounce [1] - A-share market related concept stocks saw significant gains, with Sichuan Gold hitting the daily limit, and Hunan Silver, Xiaocheng Technology, Jiangxi Copper, and others also experiencing substantial increases [1] - The stock performance of various companies included Sichuan Gold up 10%, Hunan Silver up 8.87%, and Jiangxi Copper up 7.27%, among others [2] Group 2 - Total market capitalization for Sichuan Gold is 14.5 billion, while Hunan Silver stands at 30.5 billion [2] - Year-to-date performance shows Hunan Silver with a 56.07% increase, Xiaocheng Technology at 36.20%, and Jiangxi Copper at 16.81% [2] - Other notable companies include Zhongjin Lingnan with a market cap of 31.1 billion and a year-to-date increase of 19.83% [2]

Core Viewpoint - The non-ferrous metal sector is experiencing significant growth, with the popular ETF, Huabao Non-ferrous ETF (159876), hitting a new historical high and attracting substantial capital inflow [1][9]. Group 1: Market Performance - The Huabao Non-ferrous ETF (159876) saw an increase of 3.23% and 2.69%, marking five consecutive days of gains and setting a new historical high [1][9]. - As of the report, the ETF received a net subscription of 38.4 million units, accumulating a total of 440 million yuan in the past ten days [1][9]. Group 2: Sector Analysis - In the gold sector, Xian Financial Securities suggests that the U.S. faces recession pressures, high sovereign debt, and trade deficits, which weaken the dollar's credibility, leading to increased focus on gold as a global asset [2][10]. - For copper, China Galaxy Securities indicates that there is still significant upward potential for copper prices, as historical data shows that current prices, adjusted for inflation, have not reached previous supercycle highs [3][11]. - Strategic metals like tungsten, molybdenum, titanium, and rare earths are expected to see increased demand due to technological revolutions and supply chain security concerns, as noted by CITIC Securities [3][11]. Group 3: Stock Performance - Key stocks in the non-ferrous metal sector include Huaxi Non-ferrous, Hunan Silver, and Huayou Cobalt, all of which have surged over 7% [4][12]. - Other notable performers include Ganfeng Lithium, which rose over 6%, and several other stocks that experienced significant gains [4][12]. Group 4: Future Outlook - The industry is expected to enter a supercycle driven by the convergence of AI advancements and global order restructuring, with historical parallels drawn to significant macroeconomic events [5][13]. - Institutions predict a bullish market for non-ferrous metals, with expectations of a synchronized upward trend in currency, demand, and supply by 2026 [5][13].

Group 1 - The core viewpoint of the news highlights the strong performance of the non-ferrous metal ETF (512400), which has seen a 2.51% increase, marking five consecutive days of gains, with a trading volume of 6.65 billion yuan [1] - The non-ferrous metal ETF has experienced continuous net inflows over the past eight days, indicating strong investor interest [2] - The recent surge in prices for precious metals, including silver and gold, as well as base metals like tin and copper, reflects a bullish market sentiment, with silver breaking through $91/ounce and gold approaching $4640/ounce [2] Group 2 - The lithium industry is expected to see a supply growth slowdown, with 2026 potentially marking a turning point, while energy storage demand is anticipated to become a second growth driver [3] - The Congolese government's implementation of cobalt export quotas and stricter approvals for Indonesian nickel mines are expected to tighten supply, supporting higher cobalt prices and stabilizing nickel prices [3] - The non-ferrous metal index closely tracks the performance of 50 listed companies in the non-ferrous metal and non-metal materials sectors, with the top ten weighted stocks including Zijin Mining, Luoyang Molybdenum, and Ganfeng Lithium [3]

Group 1 - The core viewpoint of the news highlights a general increase in non-ferrous metals, with significant price movements observed in various metals such as tin, nickel, and silver [1] - The LME copper price rose by $24, reaching $13,188 per ton, while LME aluminum fell by $12 to $3,186 per ton [1] - The international geopolitical tensions are driving safe-haven investments and central bank allocations towards gold, reinforcing a bullish trend in precious metals [1] Group 2 - The China Securities Non-Ferrous Metals Industry Index (399395) saw a strong increase of 1.55%, with notable gains in stocks such as Huayou Cobalt, which rose by 7.20%, and Yunnan Tin, which increased by 5.32% [1] - The Penghua Non-Ferrous ETF closely tracks the China Securities Non-Ferrous Metals Industry Index, which includes 50 prominent securities in the non-ferrous metals sector, reflecting the overall performance of listed companies in this industry [2] - As of December 31, 2025, the top ten weighted stocks in the index account for 51.65% of the total, including companies like Zijin Mining and China Northern Rare Earth [2]

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 ...

Fixed Income Research - The issuance rates for credit bonds have generally increased, with changes ranging from 0 BP to 8 BP, leading to a significant increase in credit bond issuance volume due to a low base effect [2] - The net financing amount for credit bonds has increased, while the net financing for targeted tools has decreased; corporate bonds have a negative net financing amount, while other types have positive net financing [2] - The secondary market saw an increase in transaction amounts for credit bonds, with most types experiencing growth [2] - Credit spreads have narrowed for most mid-term notes, corporate bonds, and urban investment bonds, as credit bonds continue to perform better than interest rate bonds [2] - The overall conditions for a bear market in credit bonds are insufficient, with a long-term downward trend in yields expected [2] Company Research: WuXi AppTec (药明康德) - WuXi AppTec expects to achieve a revenue of approximately 45.456 billion yuan in 2025, representing a year-on-year growth of about 15.84%, with continuous operating business revenue expected to grow by approximately 21.40% [6][7] - The adjusted non-IFRS net profit is projected to be around 14.957 billion yuan, a year-on-year increase of about 41.33%, while the net profit attributable to shareholders is expected to reach approximately 19.151 billion yuan, reflecting a growth of about 102.65% [6][7] - The strong growth is attributed to the advantages of the CRDMO model, with a focus on integrated services and continuous optimization of production processes [7] - The company plans to focus on its CRDMO business model and has sold parts of its equity in joint ventures, contributing to its profit growth [7] Industry Research: Metal Industry - The steel industry is expected to maintain production levels due to acceptable profit margins, although demand is in a seasonal decline [13] - Copper prices are influenced by market sentiment and resource competition, with potential for high volatility [13] - Aluminum prices are supported by high copper prices and strategic resource concerns, while supply remains ample [13] - Gold prices are expected to remain strong due to geopolitical risks and mixed U.S. employment data [13] - The rare earth market is anticipated to strengthen due to export control measures and strategic importance [14]

Group 1 - Domestic copper and aluminum futures prices have risen significantly as of January 14, 2026, indicating a positive trend in the industrial metals market [1] - The Industrial Nonferrous ETF (560860) closely tracks the CSI Industrial Nonferrous Metals Theme Index, which includes leading companies in copper, aluminum, and rare earths, attracting substantial capital inflows [1][3] - The fund experienced a net inflow of 250 million on January 13, with a total of 1.825 billion in net inflows over the past five trading days, and nearly 2.7 billion in the last ten days [1] Group 2 - The CSI Industrial Nonferrous Metals Theme Index comprises 30 leading companies in the industrial nonferrous metals sector, with copper (34.4%), aluminum (21.8%), and rare earths (13.6%) making up nearly 70% of the index as of January 9 [5] - The top ten constituent stocks of the index include major players such as Luoyang Molybdenum, Northern Rare Earth, and China Aluminum, collectively accounting for 56.18% of the index [7] - The Industrial Nonferrous ETF (560860) is the only ETF product tracking the CSI Industrial Nonferrous Metals Theme Index, providing investors with an efficient solution to invest in this sector [7]