Core Viewpoint - The energy metals sector experienced a 0.63% increase on January 26, with Shengtu Mining leading the gains, while the Shanghai Composite Index fell by 0.09% and the Shenzhen Component Index decreased by 0.85% [1]. Group 1: Market Performance - The energy metals sector's individual stock performance showed significant variations, with Jidian Mining closing at 18.18, up by 5.09%, and Ganfeng Lithium down by 0.31% at 73.64 [1]. - The trading volume for Jidian Mining reached 2.0884 million shares, with a transaction value of 3.744 billion [1]. - The overall market saw the Shanghai Composite Index close at 4132.61 and the Shenzhen Component Index at 14316.64 [1]. Group 2: Capital Flow - The energy metals sector saw a net inflow of 98.6035 million in main funds, while retail funds experienced a net outflow of 34.3477 million [2]. - The main funds' net inflow for Huayou Cobalt was 26.8 million, while it faced a net outflow of 78.5894 million from speculative funds [3]. - The capital flow data indicates that the sector is attracting institutional investment despite some outflows from retail investors [2][3].

Group 1 - The chemical sector continues to strengthen, with the chemical ETF (516020) experiencing a maximum intraday increase of 1.32% and closing up 0.91% [1][7] - Key stocks in the sector include Yuntianhua and Salt Lake Co., both rising over 4%, while Wanhuacheng, Dongfang Shenghong, and Cangge Mining saw increases of over 3% [1][7] - Recent data indicates that the chemical ETF has attracted over 1.1 billion yuan in net subscriptions over the past five trading days and more than 2.4 billion yuan over the last twenty days [9] Group 2 - The chemical industry is currently at the bottom of a four-year down cycle, with indicators suggesting it has nearly bottomed out, and 2026 is expected to be a turning point for the cycle [3][9] - The China Chemical Product Price Index (CCPI) reported 3930 points on December 31, 2025, a 39% decline from the 2021 peak, indicating the industry is in a historical low range [3][9] - The basic chemical sector achieved a net profit of 112.7 billion yuan in the first three quarters of 2025, reflecting a year-on-year increase of 7.5%, indicating initial stabilization [3][9] Group 3 - In the context of improving fundamentals, the allocation ratio for the chemical sector has shown signs of recovery in Q4, with the expansion cycle nearing its end and profitability still at the bottom of the cycle [3][9] - The chemical ETF (516020) tracks the CSI sub-sector chemical industry theme index, covering popular themes such as AI computing power, anti-involution, robotics, and new energy [3][10] - Investors can also consider the chemical ETF linked funds (Class A 012537/Class C 012538) for exposure to the chemical sector [10]

Core Viewpoint - The colored metal ETF (512400) is experiencing significant growth, driven by rising prices in precious and industrial metals, with expectations for continued upward momentum in the sector due to various macroeconomic factors [1][2][3]. Group 1: Market Performance - As of January 26, 2026, the colored metal ETF (512400) increased by 4.62%, with a trading volume of 1.108 billion yuan and a turnover rate of 2.8% [1]. - The index tracking the colored metal sector, the Zhongzheng Shenwan Colored Metal Index, saw notable gains in individual stocks, including silver rising by 10.03%, Hunan Gold by 10.01%, and Xingye Silver Tin by 9.99% [1]. - The colored metal sector has attracted significant investment, with over 36 billion yuan net inflow into colored metal-themed ETFs (excluding gold) this year, bringing the total scale to over 100 billion yuan [2]. Group 2: Price Trends and Predictions - On January 26, spot gold prices surpassed $5,080 per ounce, marking a new high with an intraday increase of over 2%, while spot silver rose over 3% to reach $106.83 per ounce [2]. - Historical patterns suggest that gold prices may increase between 10% and 35% in 2026, influenced by expectations of Federal Reserve interest rate cuts, instability in the US dollar, midterm elections, and geopolitical uncertainties [2]. - The recent surge in metals such as gold, silver, tin, and lithium indicates a potential bull market for colored metals, with ongoing valuation adjustments lagging behind commodity price increases [2]. Group 3: Investment Sentiment and Strategies - Fund companies and investors are increasingly focusing on the colored metal sector, with public funds significantly increasing their positions in this industry by the fourth quarter of 2025 [2]. - Current market narratives driving global asset performance include the weakening of the US dollar credit cycle, the formation of a new monetary system anchored by gold pricing, and the reconfiguration of global supply chains [3]. - The colored metal ETF (512400) closely tracks the Zhongzheng Shenwan Colored Metal Index, which comprises 50 listed companies in the colored metal and non-metal materials sectors, reflecting the overall performance of this industry [3].

Core Viewpoint - The lithium battery industry is expected to see significant growth in 2025, driven by strong demand from downstream markets such as electric vehicles, energy storage, and consumer electronics [1] Group 1: Company Performance Forecasts - XianDao Intelligent anticipates a net profit of 1.5 billion to 1.8 billion yuan in 2025, representing a year-on-year increase of 424.29% to 529.15% due to a recovering global power battery market and strong demand in the energy storage sector [2] - PuTaiLai expects a net profit of 2.3 billion to 2.4 billion yuan in 2025, reflecting a year-on-year increase of 93.18% to 101.58%, driven by the ongoing trend of electrification in the automotive market and recovery in the consumer electronics sector [4] - TianCi Materials forecasts a net profit of 1.1 billion to 1.6 billion yuan in 2025, with a year-on-year growth of 127.31% to 230.63%, attributed to increased sales of lithium-ion battery materials and effective cost control [5] - Hunan YuNeng projects a net profit of 1.15 billion to 1.4 billion yuan in 2025, marking a year-on-year increase of 93.75% to 135.87%, driven by rapid growth in the demand for lithium battery cathode materials [6] Group 2: Industry Trends and Developments - The overall market for lithium battery materials is expected to improve, with many companies in the lithium battery supply chain predicting significant performance growth in 2025 [5] - The global household energy storage system shipment is projected to reach approximately 35 GWh in 2025, a nearly 50% year-on-year increase, indicating a new demand release cycle following inventory adjustments [9] - The effective production capacity for lithium hexafluorophosphate is expected to reach 40,000 tons in 2026, with an annual operating rate exceeding 90%, suggesting sustained high prices for lithium hexafluorophosphate [9]

Investment Rating - The report maintains a strong rating for the chemical industry, indicating a positive outlook for the sector [5]. Core Insights - The chemical sector has shown resilience with the CITIC Basic Chemical Index rising by 5.73% and the Shenwan Chemical Index increasing by 7.29% this week [13][16]. - Key sub-industries such as soda ash, chlor-alkali, and dyeing chemicals have experienced significant price increases, with soda ash rising by 13.3% [16]. - The report highlights the competitive strength of domestic tire manufacturers and suggests focusing on companies like Sailun Tire and Linglong Tire as potential growth opportunities [4]. - The polyurethane project by Huide Technology, with an annual production capacity of 600,000 tons, has commenced, indicating strategic growth in the new materials sector [3]. - The report emphasizes the tightening supply-demand dynamics in the phosphate chemical sector due to environmental regulations and increasing demand from the new energy sector [4]. Summary by Sections Market Overview - The Shanghai Composite Index increased by 0.84%, while the ChiNext Index decreased by 0.34% [13]. - The overall performance of the chemical sector is positive, with notable gains in various sub-industries [16]. Key Sub-Industry Developments - **Polyurethane**: The price of pure MDI in East China is reported at 17,600 RMB/ton, showing a week-on-week decline of 1.12% [28]. - **Tires**: The operating load for all-steel tires in Shandong is at 62.70%, reflecting a year-on-year increase of 20.70% [49]. - **Fertilizers**: Urea prices are at 1,757.45 RMB/ton, with a week-on-week decrease of 0.4% [63]. - **Vitamins**: The price of Vitamin A is reported at 61.5 RMB/kg, down 1.6% week-on-week [79]. Investment Themes - **Tire Sector**: Domestic tire companies are positioned strongly, with a focus on growth stocks [4]. - **Consumer Electronics**: Recovery in demand is anticipated, benefiting upstream material companies [4]. - **Phosphate Chemicals**: Supply constraints due to environmental policies are expected to tighten the market [4]. - **Vitamin Supply**: Supply disruptions in Vitamin A and E are noted, creating potential investment opportunities [4].

根据巨龙铜矿于2024年在自然资源主管部门备案的资源储量情况，巨龙铜矿累计查明资源量铜2,588万 吨，系中国目前备案资源量最大铜矿山；巨龙铜矿另有伴生资源钼金属量达167.2万吨，平均品位 0.019%，银金属量达15,145吨，平均品位1.68克/吨。公司持有巨龙铜业30.78%的股份。2025年前三季 度，公司对巨龙铜业的投资收益为19.50亿元。巨龙铜矿二期工程达产后，将显著增加公司的投资收 益，为公司盈利能力的持续提升奠定坚实基础。 格隆汇1月23日丨藏格矿业(000408.SZ)公布，参股公司西藏巨龙铜业有限公司（简称"巨龙铜业"）巨龙 铜矿二期工程正式建成投产。在现有15万吨/日采选工程基础上，巨龙铜矿将新增生产规模20万吨/日， 形成35万吨/日的总生产规模。 巨龙铜矿二期工程达产后，年矿石采选规模将从4,500万吨提升至1.05亿吨，矿产铜年产量将从2025年的 19万吨提高至约30-35万吨（预计2026年矿产铜产量将达30万吨，按照权益比例计算，公司享有权益铜 产量约9.23万吨），矿产钼年产量将从2025年的0.8万吨提高至约1.3万吨，矿产银年产量将从2025年的 109吨提高至约2 ...

证券代码：000408 证券简称：藏格矿业 公告编号：2026-006 藏格矿业股份有限公司 关于江苏藏青基金扩募资金募集完成的公告 1 一、江苏藏青基金扩募事项概述 2025 年 10 月 16 日，藏格矿业股份有限公司（以下简称"公司"）召开第 十届董事会第五次（临时）会议，审议通过了《关于全资子公司追加认购基金份 额暨关联交易的议案》。江苏藏青新能源产业发展基金合伙企业（有限合伙）（以 下简称"江苏藏青基金"）在原总规模 53.10 亿元基础上拟扩募 14 亿元，为维 持公司在江苏藏青基金中的战略影响力，公司全资子公司藏格矿业投资（成都） 有限公司作为有限合伙人，按原出资比例 47.08%追加认购江苏藏青基金扩募份 额 65,913.37 万元，并与无锡拓海股权投资基金管理有限公司等合伙人共同签署 了《江苏藏青新能源产业发展基金合伙企业（有限合伙）合伙协议》。具体内容 详见公司在巨潮资讯网（http://www.cninfo.com.cn）披露的相关公告。 二、最新进展情况 近日，公司收到江苏藏青基金管理人通知，本次扩募资金 14 亿元已募集完 成，相关资金均己实缴到位，具体如下： | 合伙人名称 | ...

证券代码：000408 证券简称：藏格矿业 公告编号：2026-005 藏格矿业股份有限公司 关于参股公司西藏巨龙铜业有限公司 巨龙铜矿二期工程建成投产的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 2026 年 1 月 23 日，藏格矿业股份有限公司（以下简称"公司"）参股公司西 藏巨龙铜业有限公司（以下简称"巨龙铜业"）巨龙铜矿二期工程正式建成投产。 在现有 15 万吨/日采选工程基础上，巨龙铜矿将新增生产规模 20 万吨/日，形成 35 万吨/日的总生产规模。 巨龙铜矿二期工程达产后，年矿石采选规模将从4,500万吨提升至1.05亿吨， 矿产铜年产量将从 2025 年的 19 万吨提高至约 30-35 万吨（预计 2026 年矿产铜 产量将达 30 万吨，按照权益比例计算，公司享有权益铜产量约 9.23 万吨），矿 产钼年产量将从 2025 年的 0.8 万吨提高至约 1.3 万吨，矿产银年产量将从 2025 年的 109 吨提高至约 230 吨。巨龙铜矿将成为中国最大的铜矿，同时也是全球海 拔最高、入选品位最低的世界级超大型铜矿。 目前，巨龙铜 ...

藏格矿业公告称，江苏藏青基金在原规模53.10亿元基础上拟扩募14亿元。公司全资子公司藏格矿业投 资（成都）有限公司按原出资比例47.08%追加认购65,913.37万元。近日，本次扩募资金14亿元已募集 完成且资金实缴到位。扩募后，藏格矿业投资（成都）有限公司总认缴金额达315,913.37万元，出资比 例47.0810%，基金总规模达67.10亿元。 ...

Core Insights - The report highlights a bullish outlook for the metals sector, driven by macroeconomic factors such as the Federal Reserve's interest rate cuts and a recovering global economy, particularly in China [3][44] - Key investment themes for 2026 include expanding demand for precious metals like gold and silver, improving fundamentals for aluminum and copper, strategic opportunities in rare earths, and supply-side disruptions due to overcapacity in certain sectors [3][4] Group 1: Precious Metals - The report suggests a long-term bullish view on gold, with expectations of price increases driven by anticipated interest rate cuts and geopolitical tensions, which enhance gold's appeal as a safe-haven asset [3][44] - Silver is also highlighted as a key investment opportunity due to its high price ratio to gold, indicating potential for significant price appreciation [3] - Specific companies to watch include Shandong Gold (600547.SH) and Zijin Mining (601899.SH), which are expected to benefit from increased production and operational efficiencies [4] Group 2: Industrial Metals - The report notes that aluminum and copper are set to see improved profitability due to lower production costs and increased demand, particularly in the context of infrastructure investments [3][4] - Companies such as Zhongfu Industrial (600595.SH) and Zijin Mining (601899.SH) are identified as having strong positions in the copper market, with expected profit growth [4] - The report emphasizes the importance of monitoring supply chain dynamics, particularly in copper, where inventory levels are shifting significantly [18][58] Group 3: Rare Earths and Strategic Metals - The report identifies rare earth elements as a critical area for investment, particularly in light of geopolitical tensions between the US and China, which may create opportunities for companies involved in rare earth mining and processing [3][4] - Companies like Northern Rare Earth (600111.SH) and China Rare Earth (000831.SZ) are highlighted for their potential to benefit from price increases in rare earth materials [4] Group 4: Energy Metals - The report discusses the rebound in lithium and nickel prices, driven by strong demand from the battery sector, with specific mention of companies like Tianqi Lithium (002466.SZ) and Ganfeng Lithium (002460.SZ) [4][27] - The expected growth in energy storage solutions is also noted as a significant driver for demand in these metals [4] Group 5: Overall Market Performance - The overall performance of the non-ferrous metals sector is noted to have outperformed the broader market, with a cumulative increase of 96.46% in 2025 compared to a 21.65% increase in the Shanghai Composite Index [33][35] - The report indicates that while the sector has seen significant gains, valuations are currently at historical averages, suggesting potential for further growth [35]