Group 1: Precious Metals - Gold price reached $4493.85 per ounce, up $140.90 from January 2, with a growth rate of 3.24% [2][3] - Silver price was $78.14 per ounce, increasing by $3.93 from January 2, reflecting a growth rate of 5.29% [2][3] - The U.S. non-farm payrolls for December showed an increase of 50,000 jobs, below the expected 65,000, indicating a potential upward trend for precious metals [3] Group 2: Copper and Aluminum - LME copper closed at $12,990 per ton, up $480 from January 2, with a growth rate of 3.84% [4] - Domestic aluminum price was 24,060 yuan per ton, an increase of 1,540 yuan from December 31 [6] - High prices are suppressing short-term demand for copper and aluminum, with copper production facing supply disruptions [5][6] Group 3: Tin and Antimony - Domestic refined tin price was 350,700 yuan per ton, up 24,610 yuan from December 31, with a growth rate of 7.55% [7] - Antimony price was 158,000 yuan per ton, down 3,000 yuan from December 31, indicating weak demand [8] Group 4: Industry Ratings and Investment Strategy - The gold industry is rated "recommended" due to the Fed's easing cycle [9] - The copper industry is also rated "recommended" as copper supply remains tight [10] - The aluminum industry maintains a "recommended" rating due to rigid supply [11]

Summary of Key Points from the Conference Call Industry Overview - **Industry**: Copper Market - **Current Price Levels**: LME copper price exceeds $13,000 per ton, while domestic copper futures reach ¥105,000 per ton [1][3] Core Insights and Arguments - **Price Drivers**: The recent surge in copper prices is driven by macroeconomic recovery expectations, supply-demand tightness, and low overseas inventories leading to short-covering behavior [1][3] - **Supply Constraints**: The copper mining supply is limited due to a defensive capital expenditure cycle, low willingness to develop new mines, and high production disruption rates [1][7] - **Demand from AI Investments**: Significant increases in copper demand are anticipated due to data center construction, with IEA predicting that the share of copper used in data centers will rise to about 2% by 2026 [1][8] - **2026 Market Outlook**: The copper market is expected to perform strongly in 2026, with a projected supply-demand gap of approximately 630,000 tons, driven by a 3% growth in global demand [2][4][9] Additional Important Content - **Impact of Social Inventory**: The influence of social inventory on copper prices has diminished, as it now reflects price changes rather than being a leading factor [1][5] - **US Tariffs on Copper**: The US has imposed tariffs on electrolytic copper as part of a strategy to enhance domestic resource production capabilities, which is expected to tighten non-US inventories and increase price elasticity [4][11] - **Trade Flow Effects**: The US's absorption of electrolytic copper is leading to low inventories and tight spot markets in non-US regions, making price spikes more likely [12] - **Recommended Companies**: Companies such as Minmetals Resources, Zijin Mining, and Luoyang Molybdenum are highlighted for their potential strong performance in the equity market due to cost advantages and growth prospects [13][14] - **Focus on Smelting Enterprises**: Smelting companies are also worth monitoring due to their high recovery rates and potential profits from by-products, despite low processing fees [15]

Core Viewpoint - The announcement highlights a strategic cooperation agreement between Beijite Group Co., Ltd. and Jinchengxin Mining Management Co., Ltd., focusing on resource development and collaboration in the mining sector [1] Group 1: Strategic Cooperation - Beijite and Jinchengxin signed a strategic cooperation agreement on January 10, 2026 [1] - Both companies are recognized as well-governed, efficient decision-making, and innovative private listed enterprises with strong brand images [1] - The cooperation aims to deepen collaboration in the resource development industry chain, leveraging each other's strengths for mutual growth [1] Group 2: Principles of Cooperation - The agreement is based on principles of equality, mutual benefit, and collaborative development [1] - The focus is on strategic binding through resource development or extended business operations [1] - The cooperation aims to protect the legal rights and interests of both parties and all shareholders involved [1]

证券研究报告 晨会 hyzqdatemark 2026 年 01 月 12 日 投资要点： 科创 50 1,511.84 2.43% 7.73% 北证 50 1,605.77 5.35% 9.50% 资料来源：聚源，华源证券研究所，截至2026年01月12日 华源晨会精粹 20260112 固定收益 关注边际修复行业的配置机会——信用分析周报：本周信用热点事件：（1） 交易商协会发布《关于进一步规范债务融资工具发行工作的业务提示》；（2）贵州 省人民政府印发《支持推动兴业强县富民一体发展若干政策措施》。本周不同行业 不同评级的信用利差大多有 10BP 以内的压缩幅度，非银金融 AA+信用利差大幅走 扩 20BP。城投债方面，本周不同期限的城投信用利差较上周有 1-4BP 的压缩幅度。 产业债方面，本周产业债信用利差 1Y 短端大幅走扩，1Y 以上大多有不同程度压缩。 银行资本债方面，本周银行二永债 1Y 以内短端利差小幅走扩，3Y 显著压缩，5-10Y 中长端小幅压缩。2025 年下半年以来，"反内卷"政策催化商品价格企稳回升，部 分行业基本面现修复迹象。截至 2026/1/7，有色金属行业存量债券共 290 ...

倍杰特（300774）(300774.SZ)发布公告，公司与金诚信（603979）矿业管理股份有限公司(以下简称"金 诚信")于2026年1月10日签订了《战略合作协议》。双方均为治理规范、决策高效、创新能力突出的上 市民营企业，拥有良好的品牌形象，在战略合作方面具有较强的互补性和兼容性。本着平等互利、协同 发展的原则，双方将依托在矿山资源开发领域的布局，深化资源开发产业链协同合作;通过资源开发或 延伸业务实现战略绑定，充分发挥双方资源与专业优势，促进共同发展，切实维护双方及全体股东的合 法权益。 ...

Core Viewpoint - The announcement highlights a strategic cooperation agreement between Beijite (300774.SZ) and Jinchengxin Mining Management Co., Ltd., focusing on resource development and collaboration in the mining sector [1] Group 1: Strategic Cooperation - Beijite and Jinchengxin signed a strategic cooperation agreement on January 10, 2026 [1] - Both companies are recognized as well-governed, efficient decision-making, and innovative private enterprises with strong brand images [1] - The cooperation aims to deepen collaboration in the resource development industry chain, leveraging each other's strengths for mutual benefit [1] Group 2: Objectives and Principles - The partnership is based on principles of equality, mutual benefit, and collaborative development [1] - The agreement seeks to achieve strategic binding through resource development or business extension [1] - The goal is to promote joint development while safeguarding the legal rights and interests of both parties and all shareholders [1]

格隆汇1月12日丨倍杰特(300774.SZ)公布，公司与金诚信矿业管理股份有限公司（简称"金诚信"）于 2026年1月10日签订了《战略合作协议》。双方均为治理规范、决策高效、创新能力突出的上市民营企 业，拥有良好的品牌形象，在战略合作方面具有较强的互补性和兼容性。本着平等互利、协同发展的原 则，双方将依托在矿山资源开发领域的布局，深化资源开发产业链协同合作；通过资源开发或延伸业务 实现战略绑定，充分发挥双方资源与专业优势，促进共同发展，切实维护双方及全体股东的合法权益。 ...

Investment Rating - The report maintains a "Buy" rating for the industry, indicating a positive outlook for investment opportunities in the sector [7]. Core Insights - The report highlights that weak employment data in the U.S. has raised expectations for interest rate cuts, benefiting precious metals which have shown a rebound after initial pressure [1]. - The copper market is facing supply disruptions and tight inventory in non-U.S. regions, which may lead to price volatility [2]. - The aluminum market is expected to experience strong fluctuations due to geopolitical tensions and improving macroeconomic sentiment [3]. - Nickel prices are anticipated to remain volatile due to policy uncertainties in Indonesia affecting supply [4]. - Tin prices are projected to experience strong fluctuations driven by macroeconomic factors and funding sentiment [5]. - Lithium prices are expected to remain high due to seasonal demand despite a slight decrease in production [6]. - Cobalt prices are likely to continue rising due to tight supply conditions and delayed export quotas from the Democratic Republic of Congo [10]. Summary by Sections Precious Metals - Precious metals are benefiting from liquidity easing, with a focus on companies such as Xinyi Silver, Shengda Resources, and Zijin Mining [1]. Copper - The copper market is experiencing an increase in global inventory, with concerns about supply tightness in non-U.S. regions due to disruptions in mining operations [2]. Aluminum - The aluminum sector is seeing a slight increase in production capacity, with geopolitical tensions contributing to a positive market sentiment [3]. Nickel - Nickel prices have shown significant fluctuations due to supply disruptions and policy changes in Indonesia, with a focus on companies like Huayou Cobalt and Lygend Resources [4]. Tin - Tin prices are influenced by macroeconomic expectations and demand from emerging sectors, with companies like Hunan Tin and Yunnan Tin being highlighted [5]. Lithium - Lithium prices are supported by strong demand despite seasonal production declines, with companies such as Ganfeng Lithium and Tianqi Lithium being recommended [6]. Cobalt - Cobalt prices are expected to rise due to supply constraints and regulatory changes in the Democratic Republic of Congo, with companies like Huayou Cobalt and Tianqi Lithium being of interest [10].

Investment Rating - The investment rating for the non-ferrous metals industry is "Positive" (maintained) [4] Core Views - Aluminum prices have reached new highs, and the profitability of electrolytic aluminum continues to expand [3] - Copper prices are expected to experience high-level fluctuations due to inventory accumulation and supply disruptions [5] - Lithium demand remains strong, with a reversal in supply and demand dynamics leading to an upward trend in lithium prices [76] - Cobalt prices are expected to continue rising due to tight raw material supply [88] Summary by Sections 1. Industry Overview - The U.S. December ISM Manufacturing PMI was reported at 47.9, below expectations [9] - The U.S. December non-farm employment figure was 50,000, also below expectations [9] 2. Market Performance - The non-ferrous metals sector outperformed the Shanghai Composite Index, with an 8.56% increase compared to a 3.82% increase in the index [11] - The sector ranked fourth among all sectors in terms of performance [11] 3. Valuation Changes - The TTM PE for the non-ferrous metals sector is 30.92, with a change of 1.69 [21] - The PB for the sector is 3.81, with a change of 0.20 [21] 4. Industrial Metals - Copper prices increased by 3.84% for London copper and 3.23% for Shanghai copper [26] - Aluminum prices rose by 5.02% for London aluminum and 5.47% for Shanghai aluminum, with aluminum enterprise profits increasing by 23.33% to 8,463 CNY/ton [36] - Lead and zinc prices also saw increases, with lead prices up by 1.57% and zinc prices up by 0.38% [47] 5. Energy Metals - Lithium prices saw significant increases, with lithium carbonate rising by 18.14% to 140,000 CNY/ton [76] - Cobalt prices increased by 2.61% to 25.53 USD/pound, while domestic cobalt prices fell by 6.53% to 458,000 CNY/ton [88]

Investment Rating - The report maintains an "Overweight" rating for the copper industry [6] Core Views - The copper market is expected to remain tight in 2026, supporting upward price movement. As of January 9, 2026, the SHFE copper closing price was 101,410 CNY/ton, up 3.23% from January 2, and the LME copper closing price was 12,998 USD/ton, up 4.31% from January 2 [1] - The report highlights that the TC spot price has reached a historical low, indicating ongoing tightness in copper concentrate procurement [3] - Despite a rise in domestic social inventory, the overall supply-demand dynamics are still expected to favor higher copper prices in the future [1][2] Supply and Demand Summary - **Supply**: - The TC spot price is at -45.1 USD/ton, a historical low [3] - Domestic copper concentrate production in October 2025 was 130,000 tons, down 8.1% month-on-month and down 12.1% year-on-year [2] - The domestic port copper concentrate inventory as of January 9, 2026, was 640,000 tons, down 0.8% from the previous week [2] - **Demand**: - The cable industry, which accounts for approximately 31% of domestic copper demand, saw a weekly operating rate of 56.58%, down 2.37 percentage points [3] - The air conditioning sector, which represents about 13% of domestic copper demand, is projected to have production changes of +11%, -11.4%, and -2.4% for January to March 2026 [3] Inventory Summary - Domestic copper social inventory increased by 14.6% week-on-week, while LME copper inventory decreased by 2.5% [2] - As of January 9, 2026, global copper inventory across the three major exchanges totaled 838,000 tons, up 6.2% from December 31, 2025 [2] Futures Market Summary - The SHFE copper active contract position decreased by 12.8% week-on-week, with a total position of 189,000 lots as of January 9, 2026 [4] - The COMEX non-commercial net long position was 58,000 lots, down 3.3% week-on-week [4] Investment Recommendations - The report recommends stocks such as Zijin Mining, Western Mining, Luoyang Molybdenum, and Jincheng Mining, while also suggesting to pay attention to Tongling Nonferrous Metals [4]