Group 1 - Lithium mining stocks are performing actively, with Ganfeng Lithium (002460)(01772) rising by 4.13% to HKD 55.5 and Tianqi Lithium (002466)(09696) increasing by 3.04% to HKD 54.3 [1] - Lithium carbonate futures have surged, with the main LC2506 contract increasing by over 8%, reaching a peak of CNY 137,760 per ton after breaking the CNY 130,000 per ton mark [1] - The State Council's notification on January 5, 2026, regarding the comprehensive management of solid waste emphasizes the integration of heavy non-ferrous metal mining and selection, which may impact certain mining operations in Jiangxi [1]

Summary of Key Points from the Conference Call Industry Overview - **Industry Focus**: Chinese Basic Materials - **2026 Outlook**: Expected stable year for Chinese commodity demand with growth rates ranging from -1.3% to +2.0% year-over-year, improving sequentially from 2H25A [1][24] Core Insights and Arguments - **Demand Growth**: - Chinese copper and aluminum demand projected to grow by 2.0% and 0.8% respectively in 2026E, a deceleration from 1H25A but approximately 3% better than 2H25A [21][27] - Demand for lithium is expected to remain strong due to energy storage systems (ESS) [21] - Cement and steel demand under pressure due to weakened infrastructure activities, though government financing may improve conditions [22] - **Supply Dynamics**: - Solid supply/demand balance for most commodities, but strong pricing in 2025 may lead to changes in supply outlook [2] - Supply discipline is challenged in aluminum, while lithium shows signs of accelerated supply response; copper supply is expected to remain tight [2][17] - Anti-involution policies in oversupplied segments may improve industry capacity utilization by 10% [3] - **Acquisitions and Strategic Shifts**: - Increased acquisitions and asset injections by large state-owned enterprises (SOEs) in coal, steel, and other sectors, reflecting strategic repositioning [4] Commodity-Specific Insights - **Cement**: Positive outlook with expected recovery in capacity utilization from 49% to 60% by end of 2026E due to capacity closures [17] - **Coal**: Stable pricing anticipated due to balanced demand and supply [18] - **Copper**: Continued strong pricing expected due to limited supply growth [17] - **Lithium**: Market expected to tighten in 1H26E before easing in 2H26E, with potential for a balanced market depending on supply responses [17] - **Steel**: Margins expected to remain depressed with slower capacity work [17] - **Gold**: Forecasted price to reach US$4,900/oz by Dec-2026, supported by central bank purchases [20] Important but Overlooked Content - **Investment Ratings**: - Positive ratings maintained for Zijin-H/A, CMOC-H/A, and Anhui Conch-H/A; cautious stance on Ganfeng-H/A and Tianqi-H/A [16] - Upgrades for most coal names to NEUTRAL from Sell, indicating a more constructive view on coal [16] - **Market Dynamics**: - The contribution from the property sector to steel and cement demand is now limited, accounting for only 7-8% [22] - Expectations of flat coal demand driven by stable coal-fired power generation [23] - **Key Assumptions for Demand Estimates**: - Infrastructure investment growth projected at 4% for 2026E, with traditional infrastructure expected to grow by 1% [26] This summary encapsulates the critical insights and projections regarding the Chinese basic materials industry, highlighting both opportunities and risks for investors.

Group 1 - The core viewpoint of the news highlights a strong performance in the non-ferrous metals sector, with the industry index rising by 1.94% and individual stocks like Huayou Cobalt and Zhongkuang Resources showing significant gains [1] - Huayou Cobalt is expected to achieve a net profit of 5.85 billion to 6.45 billion yuan for the fiscal year 2025, representing a year-on-year growth of 40.8% to 55.24% [1] - The overall upward trend in non-ferrous metals is attributed to rising geopolitical tensions and loose liquidity, with copper futures reaching a historic high of $13,000 per ton and aluminum prices surpassing $3,000 per ton for the first time in over three years [1] Group 2 - According to Fangzheng Securities, the short-term global copper inventory is expected to continue adjusting, with supply shortages in copper mines reinforcing the upward price trend [2] - The aluminum sector is anticipated to benefit from low alumina prices, leading to an expansion in profit margins, while the Federal Reserve's interest rate cuts may further support aluminum prices [2] - The report emphasizes the importance of supply-driven factors in cobalt pricing, particularly in relation to the Democratic Republic of Congo's efforts to secure pricing power [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 major companies including Zijin Mining, Luoyang Molybdenum, and Huayou Cobalt [3]

（文章来源：每日经济新闻） 每经AI快讯，赣锋锂业(01772.HK)高开近3%，截至发稿，涨2.72%，报54.75港元，成交额1400.51万港 元。 ...

消息面上，1月5日，赣锋锂业在互动者交流平台上回复称，内蒙古维拉斯托矿业有限公司锂锡多金属矿 240万吨/年采矿建设项目(简称"维拉斯托项目")已正式获得核准批复，采矿设备正在分批进场。 公开资料显示，内蒙古维拉斯托锂多金属矿整体开发计划为"先期露天开采+接续转地下开采"。露天开 采部分计划按"两期"建设开发。一期投资20亿元，建设8000吨/日(240万吨/年)的锂矿露天采选工程，项 目建成达产后预计年产值突破23亿元，每年税收9亿元，年净利润达11亿元。二期规划投资30亿元打造 1000万吨/年锂锡矿露天采选工程，达产后预计年产值超80亿元，创造税收约14亿元，净利润16亿元。 赣锋锂业（002460）(01772)高开近3%，截至发稿，涨2.72%，报54.75港元，成交额1400.51万港元。 ...

智通财经APP获悉，赣锋锂业(01772)高开近3%，截至发稿，涨2.72%，报54.75港元，成交额1400.51万 港元。 公开资料显示，内蒙古维拉斯托锂多金属矿整体开发计划为"先期露天开采+接续转地下开采"。露天开 采部分计划按"两期"建设开发。一期投资20亿元，建设8000吨/日(240万吨/年)的锂矿露天采选工程，项 目建成达产后预计年产值突破23亿元，每年税收9亿元，年净利润达11亿元。二期规划投资30亿元打造 1000万吨/年锂锡矿露天采选工程，达产后预计年产值超80亿元，创造税收约14亿元，净利润16亿元。 消息面上，1月5日，赣锋锂业在互动者交流平台上回复称，内蒙古维拉斯托矿业有限公司锂锡多金属矿 240万吨/年采矿建设项目(简称"维拉斯托项目")已正式获得核准批复，采矿设备正在分批进场。 ...

Group 1 - The core viewpoint of the article is that Ganfeng Lithium (002460) remains optimistic about the future demand for lithium driven by the electrification trend and growth in the energy storage market [1] - The price trend of lithium carbonate will depend on the interplay between actual demand growth and supply increase [1] - Stable demand growth is expected to provide long-term support for lithium prices [1]

每经AI快讯，有投资者在投资者互动平台提问：请问维拉斯托项目进展如何？请问采矿设备进场时 间？ 赣锋锂业（002460.SZ）1月5日在投资者互动平台表示，投资者您好，内蒙古维拉斯托矿业有限公司锂 锡多金属矿240万吨/年采矿建设项目已正式获得核准批复，采矿设备正在分批进场。 （文章来源：每日经济新闻） ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 | 1. 股份分類 | 普通股 | 股份類別 | A | | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 002460 | 說明 | | A股 (深圳證券交易所) | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,613,593,699 | RMB | | 1 | RMB | | 1,613,593,699 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 1,613,593,699 | RMB | | | 1 RMB | | 1,613,593,699 | | 2. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | ...

Core Viewpoint - The energy metals sector experienced a significant increase of 2.74% on January 5, with Cangge Mining leading the gains, reflecting a positive trend in the market for energy-related materials [1]. Market Performance - The Shanghai Composite Index closed at 4023.42, up by 1.38% - The Shenzhen Component Index closed at 13828.63, up by 2.24% [1]. Individual Stock Performance - Cangge Mining (000408) closed at 89.99, with a rise of 6.62% and a trading volume of 203,600 shares, amounting to a transaction value of 1.802 billion yuan - Shengxin Lithium Energy (002240) closed at 36.60, up by 6.30%, with a trading volume of 791,700 shares and a transaction value of 2.813 billion yuan - Rongjie Co., Ltd. (002192) closed at 54.46, increasing by 5.24%, with a trading volume of 220,000 shares and a transaction value of 1.178 billion yuan - Xizang Mining (000762) closed at 27.38, up by 4.23%, with a trading volume of 130,970 shares and a transaction value of 838 million yuan [1]. Capital Flow Analysis - The energy metals sector saw a net inflow of 896 million yuan from main funds, while retail funds experienced a net outflow of 799 million yuan [2]. - The main funds' net inflow and outflow for key stocks include: - Tianqi Lithium (002466) with a net inflow of 396 million yuan, accounting for 11.31% - Shengxin Lithium Energy (002240) with a net inflow of 324 million yuan, accounting for 11.53% - Ganfeng Lithium (002460) with a net inflow of 293 million yuan, accounting for 7.65% [3].