Market Overview - On January 7, the A-share market experienced a volatile upward trend, with the Shanghai Composite Index closing in the green, marking a 14-day winning streak [1] - The Nonferrous 50 ETF (159652) saw a slight increase of 0.45% after a morning surge, achieving five consecutive days of gains and attracting over 1.38 billion yuan in net inflow, totaling 3.5 billion yuan over four days [1] Industry Performance - The performance of constituent stocks in the Nonferrous 50 ETF was mixed, with Huayou Cobalt rising over 5%, Northern Rare Earth up over 4%, and Luoyang Molybdenum increasing by 1%. Conversely, Yun Aluminum fell over 3%, and Zijin Mining dropped over 2% [6] Copper Price Forecast - Citigroup updated its copper price forecast, suggesting that the London Metal Exchange (LME) copper price could rise to $14,000 per ton within the next three months due to strong market momentum and bullish factors [3] - Factors contributing to this bullish outlook include cross-exchange arbitrage related to the U.S. market, global demand and growth expectations, and constrained copper supply [3] Supply and Demand Dynamics - The supply side remains frequently disrupted, with Canadian miner Captone announcing a strike at its Manto Verde copper-gold mine in Chile [4] - From a financial perspective, the ongoing interest rate cuts by the Federal Reserve and a weak dollar are expected to support higher copper prices. The supply-demand dynamics indicate a robust demand side, driven by AI and emerging market developments [4][5] Long-term Price Projections - According to CITIC Securities, the LME copper price is projected to gradually rise to $9,800 per ton, $10,600 per ton, $11,200 per ton, and $12,000 per ton from 2025 to 2028, driven by the scarcity of copper resources and increasing demand [5] - The global refined copper demand is expected to grow at an average rate of around 2.5%, with supply gaps widening in the coming years [7] Investment Opportunities - The Nonferrous 50 ETF (159652) is highlighted as a strategic investment vehicle, covering various metal sectors and benefiting from the super cycle in nonferrous metals [9] - The ETF has a high concentration of copper and gold, with copper content at 34% and gold content at 12%, making it a leading option in its category [9] - The ETF's performance has been driven by earnings rather than valuation, with a PE ratio of 26.27, down 52% from five years ago, indicating a favorable valuation environment [14]

Core Viewpoint - Luoyang Molybdenum Co., Ltd. is a leading player in the non-ferrous metal mining industry, with significant production capabilities in cobalt, copper, tungsten, and gold, and is actively expanding its gold business to enhance revenue and profit contributions. Group 1: Company Overview - Luoyang Molybdenum is the second-largest cobalt producer globally, primarily selling cobalt products like cobalt hydroxide in international markets [2] - The company operates in the non-ferrous metal mining sector, focusing on the extraction, smelting, and deep processing of metals such as copper, molybdenum, tungsten, cobalt, niobium, and phosphorus, and is among the top five molybdenum producers and the largest tungsten producer [2] - The company has a comprehensive integrated industrial chain and is also the second-largest producer of niobium and a leading copper producer globally [2] Group 2: Financial Performance - For the first nine months of 2025, Luoyang Molybdenum achieved a revenue of 145.485 billion yuan, a year-on-year decrease of 5.99%, while net profit attributable to shareholders increased by 72.61% to 14.280 billion yuan [8] - The company has distributed a total of 21.562 billion yuan in dividends since its A-share listing, with 10.576 billion yuan distributed over the past three years [9] Group 3: Production and Growth Prospects - The company holds an 80% stake in the NPM copper-gold mine in Australia, with gold equity production of 16,000 ounces in 2022 and a guidance of 25,000 to 27,000 ounces for 2023, representing a year-on-year increase of 56% to 69% [3] - In 2025, the company successfully completed the acquisition of Ecuador's Odin Mining (Kaigehaos Gold Mine) and is advancing development work, with plans to commence production before 2029 [3] Group 4: Market Activity - On January 7, Luoyang Molybdenum's stock rose by 1.34%, with a trading volume of 5.92 billion yuan and a turnover rate of 1.54%, bringing the total market capitalization to 470.033 billion yuan [1] - The stock is ranked 38th in terms of popularity in the A-share market on Sina Finance [1]

Core Viewpoint - The rare earth and precious metals sectors are experiencing significant price increases, driven by supply constraints and strong demand, particularly in the context of China's regulatory measures and global economic conditions [1][2]. Group 1: Market Performance - The National Securities Nonferrous Metals Industry Index (399395) rose by 1.88%, with notable gains in individual stocks such as Rare Earth (600259) up 10.00%, Shengtun Mining (600711) up 9.01%, and Xingye Silver Tin (000426) up 7.57% [1]. - The Nonferrous ETF Fund (159880) increased by 2.01%, marking its fifth consecutive rise, with the latest price reported at 2.13 yuan [1]. Group 2: Supply and Demand Dynamics - On the supply side, domestic rare earth supply regulation is expected to smooth out the issuance of quotas, while overseas supply is projected to continue growing as new projects come online [2]. - Demand for rare earths is anticipated to remain strong, particularly from the electric vehicle sector and robotics, further emphasizing the scarcity of resources and potentially driving prices higher [2]. Group 3: Gold and Silver Market Insights - Global central banks continue to increase their gold holdings, which supports the ongoing bullish trend in gold prices, especially during periods of interest rate cuts [2]. - Silver ETF holdings are expected to rise significantly by 2025, driven by its financial attributes, which will likely contribute to an increase in silver prices [2]. Group 4: Index Composition - As of December 31, 2025, the top ten weighted stocks in the National Securities Nonferrous Metals Industry Index (399395) include Zijin Mining (601899), Luoyang Molybdenum (603993), and Northern Rare Earth (600111), collectively accounting for 51.65% of the index [3].

Group 1 - The core viewpoint indicates a strong performance in the non-ferrous metals sector, with the index rising by 1.08% and notable increases in individual stocks such as Rare Earth (up 7.25%) and Huayou Cobalt (up 6.25%) [1] - The non-ferrous ETF fund has also shown positive momentum, increasing by 1.01% and achieving five consecutive days of gains, with the latest price at 2.11 yuan [1] - The Federal Reserve's internal disagreements regarding future interest rate cuts are highlighted, with differing opinions on the appropriate path forward, particularly in light of upcoming employment data [1] Group 2 - Guojin Securities notes that the gold market is driven by both cyclical and structural bull market factors, with expectations of continued demand for gold ETFs due to overseas interest rate cuts and concerns over the U.S. dollar's credit [2] - The silver market is expected to see a mid-term upward trend, supported by stable supply and growing industrial demand, particularly in photovoltaic and electrical electronics sectors [2] - The lithium industry is experiencing a downward trend in capacity growth following a peak in capital expenditure, but ongoing investment in global energy storage may improve supply-demand dynamics [2] Group 3 - As of December 31, 2025, the top ten weighted stocks in the non-ferrous metals industry index account for 51.65% of the index, with significant players including Zijin Mining and Ganfeng Lithium [3]

格隆汇1月7日｜A股市场有色金属股继续走强，其中，入选了格隆汇2026年"下注中国"十大核心资产名 单的洛阳钼业(603993.SH)在昨日创出历史新高后，今日继续走强，盘中一度涨超2%至22.19元，再创历 史新高价。 ...

Core Viewpoint - Luoyang Molybdenum Co., Ltd. has shown significant stock price growth and strong financial performance, indicating potential investment opportunities in the company and the industry. Group 1: Stock Performance - As of January 7, Luoyang Molybdenum's stock price increased by 2.03%, reaching 22.12 CNY per share, with a trading volume of 1.43 billion CNY and a turnover rate of 0.37% [1] - The stock has risen by 10.60% year-to-date, 17.16% over the last five trading days, 18.35% over the last 20 days, and 28.31% over the last 60 days [2] Group 2: Company Overview - Luoyang Molybdenum, established on December 22, 1999, and listed on October 9, 2012, is primarily engaged in the mining, selection, deep processing, trading, and research of precious metals such as molybdenum, tungsten, and gold [2] - The company's revenue composition includes 48.56% from refined metal product trading, 38.31% from concentrate product trading, and smaller contributions from copper (27.14%), cobalt (6.04%), molybdenum (3.12%), and others [2] Group 3: Financial Performance - For the period from January to September 2025, Luoyang Molybdenum reported a revenue of 145.49 billion CNY, a year-on-year decrease of 5.99%, while the net profit attributable to shareholders increased by 72.61% to 14.28 billion CNY [2] - The company has distributed a total of 21.56 billion CNY in dividends since its A-share listing, with 10.58 billion CNY distributed over the last three years [3] Group 4: Shareholder Information - As of September 30, 2025, the number of shareholders increased by 28.08% to 304,200, with an average of 0 shares per shareholder [2] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 695 million shares, an increase of 47.47 million shares, while other ETFs have seen varying changes in their holdings [3]

昨日（1月6日）有色金属板块领涨两市，紫金矿业盘中总市值首次站上1万亿元大关，洛阳钼业创历史 新高，中国铝业再创15年新高，有色金属板块热门ETF——有色ETF华宝（159876）场内价格猛拉 4.21%续创历史新高！ ETF放量突破上市高点，或为资金买点信号！深交所数据显示，有色ETF华宝（159876）近5日连续获 资金净流入，合计金额9749万元，拉长时间来看，近20日狂揽1.26亿元，伴随火热的行情，资金火速进 场布局！ 值得关注的是，截至1月6日，有色ETF华宝（159876）最新规模9.56亿元，再创历史新高！ 消息面上，周二，美联储理事米兰在最新的讲话中表示，预计后续经济数据趋势可能支持美联储进一步 降息，美联储今年应降息超过100个基点。 中信建投证券认为，只要美联储还处于降息通道，有色金属价格仍有上涨动力。东方证券指出，美联储 降息周期里，供需偏紧的实物资产，即使是较小的供需缺口也有望产生较大的价格弹性。本轮降息周期 下，以铜、铝为代表的工业金属超级周期或已来临。 细分方向来看，亦有密集利好分化： 1、铝方面，中信建投证券指出，莫桑比克Mozal铝厂将于2026年3月15日转入无限期停产的消 ...

>>>>> ETF早知道 >>>>> ETF早知道 ETFEFR道 WP bao <<<< >>>>> HIFT 2026 41 目早知道 Jan ETF早知演 <<<< 市场温度计 >>>>> ETFOF CE 中长期信号 · 投资看温度 --- 75% --- 75% 75% -- + 25% -- + 25% -- > 25% ETF 早知道 <<<< 0.75% 1.5% → → 1.4% ↑ 上证指数 深证成指 创业板指 注:温度计水银条由对应指数的近十年市盈率分位数表示,总值为100%。数据来源:iFind,截至 2026.1.6,上证指数、深证成指、创业板指的近十年市盈率分位数分别为99.34%、90.41%、46.48% ETFEFAX e 0 2 6 板块热力图 ETFEFRi <<<< 短期轮动走向·观九宫热力值 +4.26% +3.12% +3.73% 基础化工 有色金庫 非银金融 +3.08% +2.89% +0.50% 综合 食品饮料 国防军工 -0.77% +0.48% +0.20% 通信 银行 EZ 相关 (4) 数据来源:iFind,截至2026.1.6,以申万一级行业区分,分 ...

Core Viewpoint - The non-ferrous metal sector is experiencing significant growth, with major companies like Zijin Mining and Luoyang Molybdenum reaching historical highs, and the popular ETF, Huabao Non-ferrous ETF, hitting record levels as well [1][10] Group 1: Market Performance - On January 6, the non-ferrous metal sector led the market, with Zijin Mining's market capitalization surpassing 1 trillion yuan for the first time [1][10] - Huabao Non-ferrous ETF (159876) saw a price increase of 4.21%, reaching a new historical high [1][10] - The ETF has experienced a net inflow of 97.49 million yuan over the past five days, totaling 126 million yuan over the last 20 days, indicating strong market interest [1][10] Group 2: Economic Indicators - Federal Reserve Governor Milan indicated that upcoming economic data may support further interest rate cuts, with expectations of a reduction exceeding 100 basis points this year [3][12] - Analysts from CITIC Securities believe that as long as the Fed remains in a rate-cutting cycle, non-ferrous metal prices will continue to have upward momentum [3][12] Group 3: Sector-Specific Insights - In the aluminum sector, concerns over the stability of electrolytic aluminum supply have arisen due to the indefinite shutdown of the Mozal aluminum plant in Mozambique, with global demand expected to increase by 150,000 to 187,000 tons by 2026 [4][13] - The copper market is projected to face a supply gap exceeding 100,000 tons by 2026, driven by regional supply mismatches and optimistic demand forecasts from the U.S. and China [4][13] - In the gold market, geopolitical tensions, particularly regarding Venezuela, are expected to drive safe-haven investments into precious metals, maintaining a strong outlook for gold prices [4][13] Group 4: Future Outlook - Various institutions are bullish on non-ferrous metal prices, with UBS raising its 2026 gold price target to $5,000 and Citigroup predicting copper prices to reach $15,000 per ton by mid-year [5][14] - The non-ferrous sector is anticipated to enter a bull market driven by a convergence of monetary policy, demand, and supply dynamics [5][14][6] Group 5: ETF Coverage - Huabao Non-ferrous ETF and its associated funds cover a wide range of sectors including copper, aluminum, gold, rare earths, and lithium, allowing investors to capture the overall sector's performance across different economic cycles [7][15]

Group 1 - Gold and silver prices have surged at the beginning of 2026, with COMEX silver futures rising over 10% and gold futures increasing over 3% within just four trading days [1][2] - Predictions suggest that gold prices could reach $5000 per ounce and silver could hit $100 per ounce due to factors such as geopolitical tensions, central bank purchases, and potential interest rate cuts by the Federal Reserve [1][6][7] - The precious metals sector has become a leading performer in the A-share market at the start of 2026, with significant inflows into gold and silver ETFs, including a single-day inflow of over 10 billion yuan into gold ETFs [3][4] Group 2 - The current gold bull market has lasted for three years, driven by geopolitical factors, central bank gold purchases, and weakening dollar credibility [4] - International institutions maintain an optimistic outlook for gold prices, with forecasts suggesting a potential decline to $4200 per ounce in Q1 2026, followed by a recovery to $4900 by the end of the year [5] - Silver's price performance is expected to be strong in 2026, supported by industrial demand in sectors such as photovoltaics and new energy, alongside financial attributes [6][7]