Zhi Tong Cai Jing·2026-01-02 06:23Group 1 - The core viewpoint of the article highlights the significant rise in non-ferrous metal stocks, driven by new policies from the National Development and Reform Commission aimed at optimizing traditional industries, particularly in alumina and copper smelting [1] - Ganfeng Lithium saw a rise of 4.04% to HKD 54.05, China Hongqiao increased by 4.17% to HKD 33.98, Shandong Gold rose by 4.1% to HKD 36.02, Luoyang Molybdenum increased by 3.9% to HKD 19.99, and Zijin Mining rose by 3.76% to HKD 37 [1] - Morgan Stanley suggests that the new policies may limit the planning of new alumina production capacity and that capacity consolidation will benefit industry leaders, while lower annual copper concentrate processing and refining fees may lead to a reduction in refined copper output by 2026 [1] Group 2 - CITIC Construction pointed out that insufficient capital expenditure, limited resource supply, strong AI demand prospects, expanding fiscal deficits, and declining interest rates are creating a new resource pricing paradigm globally, leading to a surge in non-ferrous metal investments [1] - The article indicates that the distribution of physical resources between the US and non-US regions is uneven due to threats from US tariffs on key minerals, resulting in liquidity issues in certain markets [1] - The combination of these factors is expected to support copper prices at high levels, with stable demand contributing to this trend [1]