Core Viewpoint - The non-ferrous metal sector in the Shanghai and Shenzhen markets is experiencing active performance, with several companies showing significant stock price increases today. Group 1: Company Highlights - Antai Technology: Latest stock price is 25.19 yuan with a daily increase of +10.00%. It is a leader in refractory metals and semiconductor equipment materials, holding a leading global market share in tungsten alloy multi-leaf gratings [1]. - Xiamen Tungsten: Latest stock price is 48.19 yuan with a daily increase of +10.00%. It possesses a complete tungsten industry chain and is the first in China to develop and produce tungsten components for nuclear fusion devices [2]. - Zhangyuan Tungsten: Latest stock price is 16.96 yuan with a daily increase of +8.44%. It is a domestic producer with a complete tungsten industry chain and has its own tungsten mine resources with nearly 95,000 tons of tungsten reserves [3]. - Tin Industry Co.: Latest stock price is 33.82 yuan with a daily increase of +7.81%. It operates as a full industry chain enterprise in non-ferrous metals [4]. - Zhong Rare Earth: Latest stock price is 64.22 yuan with a daily increase of +6.41%. It is a core platform of China Rare Earth Group, spanning industries including rare earth, copper, and tungsten [5]. - Zhong Tung High-tech: Latest stock price is 32.89 yuan with a daily increase of +6.03%. It is a tungsten industry platform under China Minmetals, operating the entire industry chain, with significantly increased tungsten metal reserves after acquisitions [6]. - Luoyang Molybdenum: Latest stock price is 22.78 yuan with a daily increase of +5.07%. It is a global diversified mineral giant, operating molybdenum-tungsten mines that are associated with tungsten resources [7]. - Zhongjin Lingnan: Latest stock price is 6.51 yuan with a daily increase of +4.83%. It is a comprehensive non-ferrous metal enterprise [9].

Core Viewpoint - The A-share market experienced a collective rise today, with significant gains across major indices and various sectors showing strong performance, particularly in AI applications, commercial aerospace, and small metals [1] Market Performance - The Shanghai Composite Index rose by 0.92%, the Shenzhen Component Index increased by 1.15%, the ChiNext Index gained 0.77%, and the North Star 50 Index was up by 1.05% [1] - The total trading volume in the three markets reached 31,523 billion yuan, an increase of 3,261 billion yuan compared to the previous day, with over 3,900 stocks in the three markets showing gains [1] Sector Highlights - Leading sectors included AI applications, commercial aerospace, military equipment, controllable nuclear fusion, small metals, medical services, oil and gas exploration and services, computing power leasing, and retail, all showing significant gains [1] - The AI application sector saw a surge, with stocks like Tianlong Group, Yidian Tianxia, and Guangdong Media hitting the daily limit [1] - The small metals sector continued to rise, with companies such as Zhongtung High-tech and Yunnan Zhenye reaching new highs, and Jintong Co. hitting the daily limit [1] - The commercial aerospace sector maintained its strong performance, with stocks like Galaxy Electronics and China First Heavy Industries achieving consecutive gains [1] Underperforming Sectors - The photovoltaic sector showed weakness, with Hongyuan Green Energy hitting the daily limit down, followed by declines in Daqo New Energy and Tongwei Co. [1] - The brain-computer interface sector experienced fluctuations, with companies like Meihao Medical and Aipeng Medical seeing significant declines [1]

Group 1 - The A-share small metal sector showed strength, with the sector index rising by 3.59% as of the morning close on January 9, 2023, driven by significant price increases in tungsten and other rare metals [1] - Notable stocks in the sector included Yunnan Zhenye, Dongfang Tantalum, and Xiamen Tungsten, which reached their daily limit up, while other companies like Jinchuan Group and Huaxi Nonferrous also saw gains [1] - Tungsten prices have reached historical highs, with black tungsten concentrate priced at 485,000 yuan/ton, ammonium paratungstate (APT) at 710,000 yuan/ton, and tungsten powder at 1,130 yuan/kg, reflecting week-on-week increases of 5.4%, 6.0%, and 6.5% respectively [1] Group 2 - Analysts indicate that the tungsten market is supported by supply constraints due to lower ore grades, controlled mining volumes, and sellers' reluctance to sell, alongside a growing global demand for strategic resources [2] - The cobalt market is experiencing price increases due to export quota controls in the Democratic Republic of Congo and delays in domestic arrivals, with cobalt powder prices rising to 570 yuan/kg, a week-on-week increase of 10.7% [2] - The rare earth industry is witnessing price increases, with the rare earth industry index rising by 2.96% on January 9, driven by supply constraints, favorable macroeconomic conditions, and increasing downstream demand [2] Group 3 - The global rare earth industry is undergoing a transformation, with domestic supply consolidation and increased industry concentration, while overseas mines are actively developing, indicating a trend towards diversified global supply [3] - Demand for rare earths is stable in traditional sectors like electric vehicles and wind power, while emerging fields such as robotics and low-altitude economy are expected to provide long-term support for demand [3] - The supply-demand imbalance for strategic minor metals is tightening due to limited reserves, high extraction difficulty, and rapid growth in downstream demand from sectors like new energy and semiconductors [3]

Summary of Conference Call on AI PCB Drill Market Industry Overview - The conference call discusses the AI PCB drill market, focusing on the increasing demand for high-performance drill bits due to advancements in server architecture and materials used in PCB manufacturing [1][3][4]. Key Points and Arguments - **Increased Thickness of PCBs**: The thickness of PCBs has increased from 3 mm in the GB200 period to 4.5-5 mm in the GB300 period, with future designs (Rubin architecture) expected to exceed 6 mm, and orthogonal backplanes potentially reaching 8 mm [1][3]. - **Drill Bit Consumption**: The increase in PCB thickness necessitates the use of multiple drill bits for single-hole processing, significantly raising the consumption and cost of drill bits. For example, a single server cabinet may consume approximately 7,000 high-performance drill bits [1][3][4]. - **Material Impact on Drill Bit Lifespan**: The transition to harder materials (e.g., from 马 6 to 马 9) drastically reduces drill bit lifespan, with a single bit capable of drilling 2,000 holes in 马 6 material but only 100-200 holes in 马 9 material [3][4]. - **Market Growth Projections**: By 2027, the AI drill bit market is projected to reach between 13 billion to 15 billion RMB, representing a more than threefold increase from the previous global market size of 5-6 billion RMB [1][9]. Additional Important Insights - **Key Suppliers**: Major suppliers in the AI drill bit market include 鼎泰高科, 金洲精工, 台湾金典, and 日本佑能, with a focus on high-quality products due to stringent requirements from companies like NVIDIA [10]. - **Profitability Expectations**: 鼎泰高科 and 金洲精工 are expected to capture over 40% of the market share by 2027, translating to revenues of approximately 6 billion RMB and a net profit of around 2 billion RMB, with potential market valuations reaching 800 billion RMB [11][12]. - **Expansion Plans**: Companies are actively expanding production capabilities, with 金洲精工 aiming for a monthly capacity of at least 1.3 million drill bits by the end of 2026 [13]. - **Technological Advancements**: The use of ultrafast laser drilling technology is highlighted as crucial for processing advanced materials and achieving high-quality results in small aperture applications [14][15]. - **Market Beneficiaries**: 鼎泰, 中钨, and 大族数控 are identified as key beneficiaries of the AI PCB market, expected to thrive as demand for AI-related PCBs grows [16]. This summary encapsulates the critical insights from the conference call, emphasizing the evolving landscape of the AI PCB drill market and the implications for key players within the industry.

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Report Core View - On the night of January 7th, the JM05 contract of coking coal futures jumped up by 6.95% to 1,215 yuan/ton, mainly due to the rising market risk - preference, the rotation of futures and stocks, and the fundamentals and futures market conditions [1] Group 3: Summary by Related Catalog Reasons for the sharp rise in coking coal futures - The Shanghai Composite Index (000001) breaking through a ten - year high indicates that the overall market risk preference is rising [1] - After the bulls in the futures market have snapped up various metals, they noticed that coking coal futures hadn't risen [1] - The sharp rise of stocks in the non - ferrous sector and the rise of the CSI Coal Index (399998) by 3.73% show the rotation of stock sectors and the linkage between futures and stocks [1] Fundamentals and futures market conditions - The inventory of Qinhuangdao thermal coal has decreased from 7.37 million tons on December 22nd, 25 to 5.25 million tons on January 7th, and the CCTD Bohai Rim 5500 - calorie thermal coal index has found support at 680 yuan/ton [2] - The first - quarter long - term contract price of imported Mongolian coal is about 66 - 69 US dollars, equivalent to 800 - 830 yuan/ton in the spot market and 920 - 950 yuan/ton in the futures market [2] - On January 3rd, the JM futures increased positions by 53,000 contracts, and the small decline of 34.5 yuan at the close indicates that the resistance to long - position trading is the smallest, and the potential upward price movement (300 yuan) is greater than the downward movement (100 yuan) [2] Policy analysis - Policies such as the over - production inspection in July 25 and the capacity verification of coal - supply guarantee mines in Shaanxi in 26 do not conflict with the increase in coal production [2]

个股方面，87只个股获融资净买入额超1亿元。北方稀土获融资净买入额居首，净买入8.38亿元；融资净买入金额居前的还有航天发展、紫金矿业、香农芯 创、中国铝业、招商银行、澜起科技、信维通信、珂玛科技、中钨高新等。 | 序号 | | | | | | --- | --- | --- | --- | --- | | | 证券代码 ◆ | 证券简称 = | 交易日期÷ | 融资净买入额(万元) ◆ | | 1 | 600111.SH | 北方稀土 | 2026-01-07 | 83,805.36 | | 2 | 000547.SZ | 航天发展 | 2026-01-07 | 77.192.41 | | 3 | 601899.SH | 蒙美矿业 | 2026-01-07 | 54,104.59 | | ব | 300475.SZ | 香农芯创 | 2026-01-07 | 53,010.37 | | 5 | 601600.SH | 中国铝业 | 2026-01-07 | 50,680.43 | | 6 | 600036.SH | 招商银行 | 2026-01-07 | 43,869.23 | | 7 | 688008.S ...

Group 1 - As of January 7, the margin trading balance in A-shares reached 26,047.42 billion yuan, an increase of 248.42 billion yuan from the previous trading day, accounting for 2.55% of the A-share circulating market value [1] - The margin trading transaction volume on the same day was 3,312.32 billion yuan, which is an increase of 23.26 billion yuan from the previous trading day, representing 11.49% of the total A-share transaction volume [1] Group 2 - Among the 31 primary industries in Shenwan, 27 industries experienced net financing inflows, with the electronics industry leading at a net inflow of 6.393 billion yuan [3] - Other industries with significant net financing inflows include non-ferrous metals, defense and military industry, pharmaceutical and biological, machinery equipment, and communication [3] Group 3 - A total of 87 individual stocks had net financing inflows exceeding 100 million yuan, with Northern Rare Earth leading at a net inflow of 838.54 million yuan [3][4] - Other notable stocks with high net financing inflows include Aerospace Development, Zijin Mining, Shannon Chip Creation, China Aluminum, China Merchants Bank, Lanke Technology, XW Communication, Kema Technology, and Zhongtung High-Tech [3][4]

Group 1 - The metal cobalt concept increased by 2.25%, ranking 9th among concept sectors, with 24 stocks rising, led by Zhongwei Co., Greeenme, and China Tungsten High-tech, which rose by 11.97%, 7.99%, and 7.67% respectively [1] - The main funds in the metal cobalt sector experienced a net outflow of 387 million yuan, with 16 stocks seeing net inflows, and 6 stocks receiving over 50 million yuan in net inflows, led by Greeenme with a net inflow of 1.39 billion yuan [2] - Greeenme, Dadi Bear, and Huahong Technology had the highest net inflow ratios, with net inflow rates of 19.46%, 8.60%, and 7.17% respectively [3] Group 2 - The top stocks in the metal cobalt concept based on net inflow include Greeenme, which rose by 7.99% with a turnover rate of 14.93%, and a net inflow of 1.39 billion yuan [3][4] - Other notable stocks include China Tungsten High-tech, which rose by 7.67% with a net inflow of 228.13 million yuan, and Tianqi Co., which rose by 3.92% with a net inflow of 71.67 million yuan [4] - Stocks with significant declines include Rongbai Technology, which fell by 3.31%, and Zijin Mining, which decreased by 2.34% [1][6]

Group 1 - The small metals sector increased by 3.14% on January 7, with Xianglu Tungsten leading the gains [1] - The Shanghai Composite Index closed at 4085.77, up 0.05%, while the Shenzhen Component Index closed at 14030.56, up 0.06% [1] - Key stocks in the small metals sector showed significant price increases, with Xianglu Tungsten rising by 9.98% to a closing price of 16.53 [1] Group 2 - The small metals sector experienced a net inflow of 1.543 billion yuan from main funds, while retail investors saw a net outflow of 703 million yuan [2][3] - Notable stocks with significant main fund inflows include Northern Rare Earth with 647 million yuan and China Rare Earth with 468 million yuan [3] - Conversely, stocks like Western Materials and Tian Gong Co. faced declines, with Western Materials down by 3.86% [2]

Group 1 - The small metals sector increased by 4.31% on January 6, with Haotong Technology leading the gains [1] - The Shanghai Composite Index closed at 4083.67, up 1.5%, while the Shenzhen Component Index closed at 14022.55, up 1.4% [1] - Key stocks in the small metals sector showed significant price increases, with Haotong Technology rising by 12.03% to a closing price of 32.50 [1] Group 2 - The main capital inflow in the small metals sector was 2.499 billion yuan, while retail investors experienced a net outflow of 1.745 billion yuan [1] - The trading volume for Haotong Technology was 208,800 shares, with a transaction value of 6.66 billion yuan [1] - Other notable stocks included Xiyang Co., which rose by 10.01% with a trading volume of 672,400 shares and a transaction value of 2.043 billion yuan [1]