Zijin Mining(SH:601899) Western Securities·2026-01-26 07:21Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The industrial added value of large-scale industries in China grew by 5.9% in 2025, with a year-on-year increase of 5.2% in December 2025 [1] - The U.S. PCE inflation data for November 2025 showed a year-on-year increase of 2.8%, aligning with market expectations, indicating stable inflation [2][18] - The Federal Reserve's Beige Book indicated moderate economic expansion in the U.S., with persistent inflationary pressures, supporting the decision to maintain interest rates [3][20] - Zijin Mining announced the completion of the second phase of the Julong Copper Mine, which will significantly increase copper production capacity, enhancing its position as a leading copper producer [4][23] Summary by Sections Market Review - The non-ferrous metals sector outperformed the Shanghai Composite Index by 6.03%, with a weekly increase of 6.03% [9] - Precious metals saw significant price increases, with gold prices rising by 8.30% and silver by 14.94% [38] Key Focus Areas & Metal Prices - Industrial metals are experiencing supply disruptions, leading to a sustained increase in copper prices, which reached $13,128.50 per ton, up 2.54% week-on-week [26][30] - Precious metals are gaining value due to rising risk aversion, with gold and silver prices showing substantial increases [38] - Lithium product prices continue to rise, with carbonate lithium reaching 177,300 yuan per ton, up 15.80% week-on-week [45] Strategic Metals - Tungsten prices are on the rise, with the average price for tungsten bars increasing to 1,380 yuan per kg, up 4.55% week-on-week [51] - The market for antimony has stabilized after a prolonged decline, with prices beginning to recover [53]