Market Overview - The Hang Seng Index opened up by 1.59%, reaching 26,982.49, with an increase of 422.54 points [2][6] - The Hang Seng Tech Index rose by 1.9%, closing at 5,447.63 [2][6] - The Hang Seng Biotech Index also increased by 1.9%, reaching 15,508.47 [2][6] - The Hang Seng China Enterprises Index rose by 1.54%, closing at 9,170.57 [2][6] - The Hang Seng Composite Index increased by 1.63%, reaching 4,126.92 [2][6] Sector Performance Technology Sector - Tech stocks experienced a collective rebound, with notable gains from: - Hua Hong Semiconductor up over 4% [2][6] - Baidu Group, Xpeng Motors, and Bilibili each rising over 3% [2][6] - SMIC, Alibaba, JD Group, and SenseTime all increasing by over 2% [2][6] Semiconductor Sector - The semiconductor sector saw a rebound, highlighted by: - Lattice Semiconductor's first-day opening surge of 57% [3][8] - Other companies like Zhaoyi Innovation and Naxin Micro rising over 4% [3][8] Precious Metals Sector - The precious metals sector showed signs of recovery, with: - China Silver Group, CGN Mining, Zijin Mining International, and WanGuo Gold Group all increasing by over 4% [4][9] - Other companies like Lijun Resources and Jiajin International Resources also reported gains [9] Notable Stock Movements - Key stock movements included: - Hua Hong Semiconductor at 103.80, up 4.58% [3][7] - Tencent Music at 65.35, up 3.81% [3][7] - Baidu Group at 142.60, up 3.48% [3][7] - Lattice Semiconductor at 168.00, up 57.17% [4][8] - China Silver Group at 0.640, up 4.92% [9]

Investment Rating - The report maintains a "Recommended" rating for several companies in the coal industry, including 晋控煤业, 山煤国际, 潞安环能, 华阳股份, 兖矿能源, 中国神华, 陕西煤业, 中煤能源, and 中广核矿业 [2][14] Core Insights - The reduction in coal production in Indonesia has heightened expectations for supply contraction, which is anticipated to positively impact coal prices post-holiday [6][9] - The report forecasts that coal prices may return to a seasonal fluctuation range of 750-1000 RMB/ton, driven by domestic capacity reductions and Indonesian production cuts [9][10] - The report highlights the importance of companies with high spot market exposure and improved balance sheets, particularly those in Shanxi province, which are expected to be less affected by production limits [9][14] Summary by Sections Company Earnings Forecasts, Valuation, and Ratings - 晋控煤业: EPS forecast for 2024A is 1.68 RMB, PE for 2024A is 9, rated as "Recommended" [2] - 山煤国际: EPS forecast for 2024A is 1.14 RMB, PE for 2024A is 10, rated as "Recommended" [2] - 潞安环能: EPS forecast for 2024A is 0.82 RMB, PE for 2024A is 16, rated as "Recommended" [2] - 华阳股份: EPS forecast for 2024A is 0.62 RMB, PE for 2024A is 15, rated as "Recommended" [2] - 兖矿能源: EPS forecast for 2024A is 1.44 RMB, PE for 2024A is 11, rated as "Recommended" [2] - 中国神华: EPS forecast for 2024A is 2.95 RMB, PE for 2024A is 14, rated as "Recommended" [2] - 陕西煤业: EPS forecast for 2024A is 2.31 RMB, PE for 2024A is 10, rated as "Recommended" [2] - 中煤能源: EPS forecast for 2024A is 1.46 RMB, PE for 2024A is 10, rated as "Recommended" [2] - 中广核矿业: EPS forecast for 2024A is 0.04 HKD, PE for 2024A is 93, rated as "Recommended" [2] - 新集能源: EPS forecast for 2024A is 0.92 RMB, PE for 2024A is 8, rated as "Recommended" [2] - 淮北矿业: EPS forecast for 2024A is 1.80 RMB, PE for 2024A is 7, rated as "Recommended" [2] - 兰花科创: EPS forecast for 2024A is 0.49 RMB, PE for 2024A is 13, rated as "Cautiously Recommended" [2] Market Dynamics - The coal market has seen a slight increase in prices due to ongoing supply constraints and decreasing port inventories, with expectations for a price surge post-holiday as downstream operations resume [9][10] - The report notes that the coal consumption by power plants remains high, despite a week-on-week decrease, indicating strong demand [12] - The report emphasizes the importance of monitoring coal price trends and the performance of coal companies in light of changing market conditions [10][19]

Market Overview - The Hang Seng Index closed at 26,885 points, up 0.1%, while the Hang Seng China Enterprises Index rose 0.5% to 9,093 points[1] - Total turnover in Hong Kong stocks was HKD 315.1 billion, a 10.4% increase from HKD 285.4 billion the previous day, indicating a rotation trading phenomenon[1] - Consumer staples, telecommunications, and discretionary consumer indices rose by 1.6%, 1.1%, and 1.0% respectively, while materials, energy, and financials fell by 4.6%, 1.1%, and 0.4%[1] Stock Performance - Haidilao (6862 HK) and Lenovo Group (992 HK) led the blue-chip gainers, rising by 4.0% and 3.7% respectively[1] - Zijin Mining (2899 HK) and New Oriental (9901 HK) were the biggest losers, falling by 4.8% and 3.1% respectively[1] U.S. Market Impact - The Dow Jones Industrial Average closed at 48,909 points, down 1.2%, indicating potential pressure on Hong Kong stocks today[2] - The Hang Seng Index futures closed at 26,510 points, reflecting a discount of 375 points[2] Sector Dynamics - The gaming sector in Hong Kong showed upward movement, with MGM (2282 HK) reporting a 21.4% year-on-year increase in net profit for the last three months of the previous year, exceeding market expectations[4] - Average daily hotel rates during the upcoming Lunar New Year are expected to be approximately 30% higher than last year, supporting revenue and sentiment in the gaming industry[4] Healthcare Sector - The Hang Seng Healthcare Index rose by 0.6%, with Innovent Biologics (1801 HK) projecting product sales revenue of approximately RMB 11.9 billion for 2025, reflecting a strong year-on-year growth of 45%[5] - The company reported a more than 60% year-on-year increase in Q4 sales revenue, aligning with expectations[5] Energy Sector - The energy and utilities sectors showed mixed performance, with gas and Hong Kong utilities slightly rising by 0.7% to 1.1%[5] - Recent declines in overseas natural gas wholesale prices have contributed to the defensive strength of these sectors[5]

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: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中廣核礦業有限公司 呈交日期: 2026年2月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01164 | 說明 | 不適用 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 50,000,000,000 | HKD | | 0.01 | HKD | | 500,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 50,000,000,000 | HKD | | 0.01 | HKD | | 500,000,000 | 本月底 ...

去年以来，罗琦已经有很长时间没有出现在公众场合。 罗琦长期工作在核动力装置研究设计的第一线，深耕核科研技术近30年。他曾率领的团队研发出具有自 主知识产权的三代核电技术"华龙一号"（ACP1000）。他曾获得国防科技工业杰出人才等荣誉称号。 2月4日发布的全国人民代表大会常务委员会公告（〔十四届〕第十五号）显示，3人被罢免第十四届全 国人民代表大会代表职务。 其中，山东省人大常委会决定罢免罗琦的第十四届全国人民代表大会代表职务。 多名与罗琦有过接触核电业内人士向第一财经记者表示，去年以来，罗琦已经有很长时间没有出现在公 众场合。去年下旬，记者曾多次拨打罗琦的电话，但电话一直无人接听。 罗琦出生于1967年10月，长期在中核集团系统工作。公开资料显示，2000年12月至2004年5月，罗琦任 中核集团旗下中国核动力研究设计院设计所型号副总设计师、所长。2009年1月，任中国核动力研究设 计院院长。2022年3月，任中核集团总工程师。 2019年，罗琦当选为中国工程院院士。不过，记者查阅中国工程院官网上的"全体院士名单"时，不再看 到罗琦的名字。 和罗琦一样，被罢免全国人大代表的国防科工领域人员还有另外两人。根据 ...

Market Overview - The Hang Seng Index closed at 26,835 points, up 0.2%, while the Hang Seng China Enterprises Index closed at 9,053 points, down 0.3%[1] - Total turnover in the Hong Kong stock market was HKD 335.2 billion, a decrease of 3.7% from the previous day's HKD 347.9 billion[1] - Sector performance varied, with materials, conglomerates, and industrial indices rising by 4.4%, 2.9%, and 2.8% respectively, while information technology, consumer discretionary, and telecommunications fell by 1.7%, 0.6%, and 0.1% respectively[1] Stock Performance - Leading blue-chip stocks included CSPC Pharmaceutical (1093 HK) and New Oriental (9901 HK), which rose by 8.1% and 6.4% respectively[1] - Kuaishou (1024 HK) and Baidu Group (9888 HK) were among the biggest losers, falling by 4.6% and 3.6% respectively[1] Industry Dynamics - The automotive sector is projected to see China National Heavy Duty Truck Group's total sales reach 450,000 units in 2025, a year-on-year increase of 25%[4] - The company expects to maintain a 39% market share, with heavy truck sales exceeding 300,000 units, leading global sales rankings[4] - The new energy heavy truck segment is anticipated to grow explosively, with a year-on-year increase of 230% expected in 2025[4] Pharmaceutical Sector - The pharmaceutical sector saw significant gains, with Insilico Medicine (3696 HK) surging 14.5% after announcing a milestone payment of HKD 39 million for a clinical trial[5] - The total collaboration agreement for the project is valued at USD 550 million, indicating potential for further milestone revenues as trials progress[5] Macro Economic Indicators - Hong Kong's retail sales in December 2025 increased by 6.6% year-on-year, slightly higher than the 6.5% increase in November[3] - South Korea's January CPI rose by 2.0%, lower than the 2.3% in December and below market expectations of 2.1%[3]

科网股多数走低，美团、快手、腾讯控股、携程集团、华虹半导体、哔哩哔哩、百度集团均跌超1%。 | 名称 | 现价 | 涨跌 | 涨跌幅 - | | --- | --- | --- | --- | | 美团-W | 91.500 | -1.700 | -1.82% | | 快手-W | 72.150 | -1.300 | -1.77% | | 携程集团-S | 476.600 | -8.200 | -1.69% | | 金蝶国际 | 12.450 | -0.210 | -1.66% | | 腾讯控股 | 572.000 | -9.000 | -1.55% | | 零跑汽车 | 39.000 | -0.600 | -1.52% | | 华虹米音体 | 106.300 | -1.400 | -1.30% | | 比亚迪股份 | 88.900 | -1.100 | -1.22% | | 哔哩哔哩-W | 250.000 | -3.000 | -1.19% | | 百度集团-SW | 139.900 | -1.500 | -1.06% | | 阿里巴巴-W | 159.400 | -1.600 | -0.99% | | ...

2月4日，港股低开，恒生指数跌0.14%，恒生科技指数跌0.87%。 科网股多数走低，美团、快手、腾讯控股、携程集团、华虹半导体、哔哩哔哩、百度集团均跌超1%。 | 名称 | 现价 | 涨跌 | 涨跌幅 ^ | | --- | --- | --- | --- | | 美团-W | 91.500 | -1.700 | -1.82% | | 快手-W | 72.150 | -1.300 | -1.77% | | 携程集团-S | 476.600 | -8.200 | -1.69% | | 金蝶国际 | 12.450 | -0.210 | -1.66% | | 腾讯控股 | 572.000 | -9.000 | -1.55% | | 零跑汽车 | 39.000 | -0.600 | -1.52% | | 交汇录备体 | 106.300 | -1.400 | -1.30% | | 比 亚迪股份 | 88.900 | -1.100 | -1.22% | | 昨週昨週-W | 250.000 | -3.000 | -1.19% | | 百度集团-SW | 139.900 | -1.500 | -1.06% | | 阿里巴 ...

Core Viewpoint - The report from Everbright Securities indicates that uranium futures prices are expected to rise to $98 per pound by January 28, 2026, representing a 29% increase compared to December 24, 2025, driven by tight supply and increasing demand for nuclear energy [1] Supply Side Analysis - Limited capital expenditure and unsustainable mining operations in Kazakhstan are impacting supply, with Kazatomprom announcing a plan to reduce uranium production by approximately 10% in 2026 [1][4] - Kazakhstan, which holds 13% of global uranium resources, supplies 43% of the world's uranium production, indicating a potential supply crunch [4] Demand Side Analysis - The global focus on energy security is expected to drive continued growth in nuclear power demand, with China projected to be a major contributor to this growth [1][6] - The U.S. and China are the top two uranium demand countries, with their combined demand expected to increase. In 2024, U.S. demand is projected at 18,100 tons, accounting for 26.86% of global demand, while China's demand is expected to reach 13,100 tons, making up 19.45% of the total [5] Future Projections - According to the IEA, global nuclear power capacity is predicted to reach 2.6 times the level of 2024 by 2050, with China leading this growth [6] - The U.S. is considering expanding its strategic uranium reserves to reduce reliance on Russian supplies, which may further elevate uranium prices [7] Market Developments - The recent submission of a preliminary prospectus by the physical natural uranium trust SPUT to issue up to $2 billion in transferable, non-redeemable trust shares over 25 months indicates a positive outlook for uranium demand [2] - The restart of the Kashiwazaki-Kariwa Nuclear Power Plant Unit 6 by Tokyo Electric Power Company marks a significant development in Japan's nuclear energy landscape [2] Concentration of Uranium Resources - As of January 2021, Australia, Kazakhstan, Canada, Russia, and Namibia hold the majority of the world's uranium resources, with the top three countries accounting for over 50% of total reserves [3] - In 2022, Kazakhstan, Canada, and Namibia were the top three uranium-producing countries, collectively accounting for nearly 70% of global production [3]

Investment Rating - The industry rating is "Recommended" [3] Core Views - The report expresses optimism for key metals in the future despite recent price declines due to market panic [1] - Supply tightening expectations remain for nickel, cobalt, antimony, lithium, rare earths, tin, tungsten, and uranium, which may support prices in the coming months [1][2][8][11][13][14][22] Nickel and Cobalt Industry Summary - As of January 30, LME nickel settled at $17,540 per ton, down 5.85% from January 23, with total LME nickel inventory increasing by 0.90% to 286,284 tons [1] - Supply constraints are expected due to increased rainfall in Indonesia affecting mining and shipping operations, alongside regulatory pressures leading to conservative sales strategies [1] - The Indonesian government plans to reduce nickel mining quotas to 250-260 million tons, which is anticipated to support nickel prices [1][16] - Cobalt prices are expected to rise due to supply tightness, with electrolytic cobalt priced at 446,000 yuan per ton as of January 30, up 1.83% [2][17] Antimony Industry Summary - Antimony prices have increased, with antimony ingot averaging 162,500 yuan per ton as of January 29, up 1.25% [6] - Supply constraints are expected to persist due to production halts at Hunan Zhenqiang Antimony Industry, which may reduce output by over 2,000 tons [6][19] Lithium Industry Summary - Lithium carbonate prices fell to 160,400 yuan per ton as of January 30, down 6.22% [8] - Supply disruptions are anticipated due to environmental assessments delaying mining operations in Jiangxi, impacting future supply [8] - Demand is expected to remain strong, potentially stabilizing prices despite recent declines [8][19] Rare Earth Industry Summary - The report highlights tightening supply expectations for rare earths, particularly due to new regulations in Vietnam and ongoing geopolitical tensions [20] - The global rare earth supply chain remains heavily reliant on China, which continues to dominate production capabilities [20] Tin Industry Summary - Tin prices are supported by uncertainties in overseas supply, with LME tin settling at $54,000 per ton as of January 30, down 0.37% [11] - Supply concerns persist due to slow recovery in Myanmar and ongoing regulatory actions in Indonesia [11][12] Tungsten Industry Summary - Tungsten prices have seen significant increases, with white tungsten concentrate priced at 597,500 yuan per ton as of January 30, up 11.58% [13] - Supply constraints are expected to continue due to strict mining quotas and environmental regulations [13][21] Uranium Industry Summary - Uranium prices remain high, with global market prices at $63.51 per pound, supported by ongoing supply tightness and geopolitical factors [14][22] - The report indicates a persistent supply-demand gap in the uranium market, with expectations for continued price support [14][22]