港股恒生指数开盘涨0.73%，报27325.89点，恒生科技指数涨0.56%，报5786.66点，国企指数涨0.63%， 报9302.93点，红筹指数涨0.26%，报4299.98点。 大型科技股中，阿里巴巴-W涨0.35%，腾讯控股涨0.99%，京东集团-SW涨1.5%，小米集团-W平收，网 易-S涨0.97%，美团-W涨0.47%，快手-W涨0.63%，哔哩哔哩-W涨0.52%。 电力设备股高开，哈尔滨电气涨超2%；创新药概念活跃，先声药业涨超5%；黄金股普涨，赤峰黄金涨 超4%。零食巨头鸣鸣很忙首日上市涨逾88%；紫金矿业涨逾2%，新东方跌逾3%。 【隔夜外盘】 美股三大指数涨跌不一，道指跌0.83%，纳指涨0.91%，标普500指数涨0.41%并创收盘新高。热门中概 股涨跌互现，纳斯达克中国金龙指数收涨0.48%。 "七巨头"中六家上涨，英伟达、苹果涨超1%，微软、亚马逊涨逾2%，仅特斯拉一家下跌。费城半导体 指数涨2.4%，也收于历史新高。30只成分股中27家收涨。 金价再度刷新历史新高。现货黄金收涨3.3%，报5180.2美元/盎司；现货白银收涨7.92%，报112.16美元/ 盎司。 【隔夜资讯 ...

紫金矿业（601899.SH）开年首单并购，选择了加拿大的金矿企业。 后者核心资产，为位于非洲马里、科特迪瓦与埃塞俄比亚的多个金矿，相关项目预计2025年产金11.7～ 12.4吨，后续经过改扩建及新建产能释放，到2029年产金将提升至25吨。 12个国家，12座大型金矿 1月26日，紫金矿业公告，计划通过其控股子公司紫金黄金国际，以44加元/股的现金价格，收购联合黄 金全部已发行的普通股，收购对价共计约55亿加元（约合人民币280亿元）。 紫金矿业2024年调整后的五年产量规划为，2028年矿产金目标为100-110吨，而在2025年公司矿产金已 经达到90吨。 后续，一旦对联合黄金的收购完成并实现并表，紫金矿业将提前两年达成百吨产金目标。 此外，近两年随着金、铜价格的上涨，该公司外部并购也呈现出了明显的"项目大型化"特点，新购金矿 项目预期产量普遍在5吨/年以上，并且百亿级收购案明显增加。 根据21世纪经济报道记者此前不完全统计，截至2025年12月下旬，包括紫金矿业、洛阳钼业、江西铜业 等在内的多家企业，全年海外金矿资产收购总额达到297亿元。 而紫金矿业上述单笔并购金额，便已经与去年中资矿企海外"购金 ...

Company News - Shenwan Hongyuan (06806.HK) expects a net profit of approximately 9.1 to 10.1 billion yuan for 2025, representing a year-on-year increase of 74.64% to 93.83% [8] - China Overseas Property (02669.HK) anticipates a revenue increase of about 5% to 7% for the fiscal year 2025, while gross profit and net profit are expected to decline by approximately 3% to 4% and 9% to 10%, respectively, due to a slowdown in contract conversion speed in the real estate sector [8] - Minmetals Resources (01208.HK) expects its unaudited profits for the 2025 fiscal year to be negatively impacted by impairment expenses [8] - China Traditional Chinese Medicine (00570.HK) issued a profit warning, forecasting a net loss of approximately 350 to 500 million yuan for the 2025 fiscal year [8] - Emperor Watch and Jewellery (00887.HK) announced a profit increase, expecting a net profit of no less than 420 million HKD for the 2025 fiscal year, representing a year-on-year growth of over 60% [9] - Vanke Enterprises (02202.HK) plans to obtain a loan of up to 2.36 billion yuan from its major shareholder, Shenzhen Metro Group [10] Market Performance - The Nasdaq China Golden Dragon Index rose by 0.48%, with notable gains in popular Chinese concept stocks such as Kingsoft Cloud, which increased by 8.77%, and Bilibili, which rose by 3.43% [6] - The Hang Seng Index increased by 1.35%, closing at 27,126.95 points, while the Technology Index rose by 0.50% [6] - Market performance showed active interest in sectors such as insurance, semiconductors, and AI applications, while coal, internet healthcare, and pharmaceutical stocks faced downward pressure [7]

Group 1 - The industrial metals sector is expected to enter a golden window in 2026, driven by macroeconomic factors and fundamental demand, with the Federal Reserve's interest rate cuts and domestic policies boosting liquidity and demand [1] - Supply constraints are evident due to insufficient long-term capital expenditure, declining ore grades, and frequent mine production cuts, leading to sustained pressure on copper and aluminum supplies [1][5] - Demand remains resilient in traditional sectors while emerging fields like AI data centers and energy storage are experiencing explosive growth, becoming key drivers of marginal demand [1][2] Group 2 - The copper market is characterized by a structural shortage, with refined copper expected to face a shortfall of 380,000 tons in 2026, leading to an upward price trend [1][5] - The aluminum sector is in a tight balance phase, with domestic production capacity nearing its limit and new capacity additions constrained by high costs and power supply issues in regions like Indonesia [2][5] - Demand for aluminum is significantly improving, particularly in transportation and power electronics, with a projected domestic aluminum shortfall increasing from 150,000 tons in 2025 to 1,070,000 tons by 2027 [2][5] Group 3 - The financial attributes of copper are strengthened by the ongoing interest rate cuts, while its commodity attributes are constrained by supply-side tensions [5] - The demand for copper in data centers is projected to reach 268,000 tons by 2026, driven by the growth of AI and energy storage applications [1][24] - The aluminum demand in data centers is estimated at 78,000 tons globally and 20,000 tons domestically by 2026, with aluminum primarily used in structural and electrical applications [39][40] Group 4 - Investment recommendations focus on companies in the copper sector with sustainable growth, including Zijin Mining, Minmetals Resources, and China Nonferrous Mining, while also highlighting aluminum companies with strong dividend yields and profit elasticity [5][52] - The report emphasizes the importance of monitoring supply chain risks related to bauxite, as the industry remains highly dependent on external sources [5][55]

Group 1 - The core point of the article is the appointment of Mr. Qian Song as an executive director and Mr. Yue Wenjun as a non-executive director of Minmetals Resources (01208), effective from January 27, 2026 [1]

Core Viewpoint - Minmetals Resources (01208) announced the appointment of Mr. Qian Song as an executive director and Mr. Yue Wenjun as a non-executive director, effective from January 27, 2026 [1] Group 1 - Mr. Qian Song will serve as an executive director [1] - Mr. Yue Wenjun will be appointed as a non-executive director and will also be a member of the corporate governance, remuneration, nomination, and sustainability committee [1]

MMG LIMITED 五礦資源有限公司 （於香港註冊成立之有限公司） （股份代號 : 1208） 董事名單與其角色和職能 自二零二六年一月二十七日起五礦資源有限公司董事會（董事會），成員載列如下： | 董事委員會 | 審核及風險管理 | 管治、薪酬、提名及 | | --- | --- | --- | | 董事 | 委員會 | 可持續發展委員會 | | 趙晶先生 | – | – | | 錢松先生 | – | – | | 張樹強先生 | M | – | | 曹亮先生 | M | M | | 岳文軍先生 | – | M | | Peter William Cassidy博士 | M | C | | 梁卓恩先生 | M | M | | 陳嘉強先生 | C | M | | 陳纓女士 | M | M | 附註： C - 有關委員會之主席。 M - 有關委員會之成員。 非執行董事： 張樹強先生 曹亮先生 （董事長） 岳文軍先生 獨立非執行董事： Peter William Cassidy 博士 梁卓恩先生 （首席獨立非執行董事） 陳嘉強先生 陳纓女士 董事會設立兩個委員會。下表提供各董事會成員在這些委員會中所擔任的職位。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性 亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容而產生或因倚賴該等內容而引致 的任何損失承擔任何責任。 MMG LIMITED 五礦資源有限公司 （於香港註冊成立之有限公司） （股份代號：1208） 委任執行董事 及非執行董事 本公司董事會宣佈，自二零二六年一月二十七日起： (i) 錢先生獲委任為執行董事；及 (ii) 岳先生獲委任為非執行董事。 錢先生將繼續擔任本公司首席財務官及執行委員會成員。岳先生已獲委任為本公司管治、薪 酬、提名及可持續發展委員會成員。上述有關委員會的變動將於二零二六年一月二十七日起 生效。 委任執行董事 五礦資源有限公司（本公司）董事會（董事會）宣佈，錢松先生（錢先生）已獲委任為本公司 執行董事（執行董事），自二零二六年一月二十七日起生效。 錢先生，五十四歲，現任本公司首席財務官（首席財務官），並自二零二四年起擔任該職位。 彼於一九九三年加入中國五礦集團有限公司（中國五礦），於中國五礦累積豐富管理經驗，最 近曾擔任五礦創新投資有限公司首席財務官。於此之前，彼於二零一九年至二零二二 ...

Core Viewpoint - The company is undergoing a review of its projects and operations for the fiscal year ending 2025, revealing impairment indicators primarily related to the Kinsevere operation, which may negatively impact its unaudited profit for that year [1] Group 1: Impairment Indicators - The review indicates several impairment signs for the Kinsevere operation, including sales restrictions on cobalt in the Democratic Republic of Congo, leading to the cobalt processing plant being in maintenance mode [1] - Challenges related to electricity supply are affecting the daily operations and capacity enhancement of expansion projects [1] - Financial uncertainties, including additional tax rates and the deductibility of value-added tax, are also contributing to the impairment indicators [1] Group 2: Financial Impact - The board anticipates that the unaudited profit for the fiscal year 2025 may be negatively impacted by an impairment charge estimated between $280 million and $300 million before tax [1] - After accounting for the impairment, the company expects to achieve an unaudited net profit attributable to equity holders of approximately $500 million to $520 million for the year ending December 31, 2025 [1] - The impairment is characterized as an accounting adjustment and a non-cash item, thus not affecting the company's cash flow [1] Group 3: Operational Performance - The significant unaudited profit is attributed to the strong operational performance of the Las Bambas and Dugald River mines, along with the positive impact of rising copper and precious metal prices [2] - However, operational challenges and financial transactions, including power supply issues at the Kinsevere mine and ongoing cobalt export restrictions, have negatively impacted the company's performance [2] - The fiscal year 2025 is also expected to experience hedging losses, further complicating the financial outlook [2]

Core Viewpoint - The company, Minmetals Resources (01208.HK), is conducting a review of the recoverable amounts of its projects and operations as part of the preparation of its financial statements for the fiscal year ending 2025, indicating potential impairment issues related to its Kinsevere operations [1] Group 1: Impairment Indicators - The review has identified several impairment indicators for the Kinsevere operations, including sales restrictions on cobalt in the Democratic Republic of Congo, which have led to the cobalt processing plant being in a maintenance state [1] - Challenges related to electricity production are affecting the daily operations and capacity enhancement processes of expansion projects [1] - There are operational challenges related to capacity enhancement, as well as uncertainties in the fiscal regime, including additional tax rates and the deductibility of value-added tax [1] Group 2: Financial Impact - The board anticipates that the unaudited profit for the fiscal year 2025 may be negatively impacted by an impairment charge estimated to be between $280 million and $300 million before tax [1] - This impairment is specifically related to the operations of the Kinsevere mine and is sensitive to reasonable potential changes in underlying assumptions [1] - After accounting for the impairment, the company expects to record an unaudited net profit attributable to equity holders of approximately $500 million to $520 million for the year ending December 31, 2025 [1]