Core Insights - Hong Kong's capital market showed remarkable performance in 2025, with total fundraising reaching $103 billion, a year-on-year increase of 164% [1][3] - The initial public offering (IPO) fundraising amounted to $37.4 billion, up 231% year-on-year, while post-listing refinancing reached $66 billion, a 136% increase [1][3] Group 1: Market Performance - Hong Kong regained its position as the global leader in new stock fundraising by the end of 2025, with 119 new listings raising a total of $37.4 billion, surpassing the total from the previous three years [3] - The average daily trading volume in the secondary market increased by 89.5% year-on-year, indicating high trading activity [1] Group 2: New Listings and Performance - New stocks with fundraising of $100 million or more saw an average first-day price increase of 23.8%, with an average one-month increase of 30.7%, marking the best performance in nearly 20 years [5] - Notable transactions included 20 large deals exceeding $1 billion, including the largest placement in the global automotive sector and the second-largest convertible bond deal in the tech sector [5] Group 3: Investor Participation - The investor base in Hong Kong's primary and secondary markets has become increasingly diverse, including global institutional investors and retail investors from mainland China [9] - Institutional investors accounted for a significant portion of the top 20 most active cornerstone investors in Hong Kong's equity capital market [9] Group 4: Industry Diversity - Hong Kong maintained its status as a diversified fundraising center, ranking among the top globally in various industry fundraising scales [11] - In the industrial and new energy sectors, Hong Kong ranked first globally in new stock fundraising at $14.3 billion and second in equity capital market issuance at $24.7 billion [13] Group 5: Future Trends - The capital market in Hong Kong started strong in 2026, with equity capital market issuance reaching $15.8 billion by January 30, six times the amount from the same period in 2025 [16] - The artificial intelligence sector is expected to play a significant role in IPO activities, contributing to a vibrant ecosystem for innovative companies [16]

Market Overview - The Hang Seng Index rose by 0.58% to close at 27,183.15 points, while the Hang Seng Tech Index increased by 0.62% to 5,451.03 points, and the National Enterprises Index climbed by 0.81% to 9,242.75 points [1] - The index opened at 27,202.96 points, initially rising before retreating, and ultimately gained 155.99 points with a total turnover exceeding 234 billion HKD [1] - There were 1,344 advancing stocks, 923 declining stocks, and 896 stocks closing flat by midday [1] - The net inflow for the southbound trading (Hong Kong Stock Connect) was 84.7 million HKD [1] Sector Performance - Most sectors experienced gains, including chips, optical communications, biomedicine, new energy vehicles, oil and gas, banking, aviation, and port transportation [1] - Mixed performance was noted in new consumption, non-ferrous metals, and brokerage sectors, while gold, technology, real estate, and electricity sectors mostly declined [1] Individual Stock Movements - Notable stock movements included Pop Mart rising by 4.90%, Longi Green Energy increasing by 8.88%, Xiaomi Group up by 1.08%, and SMIC gaining 1.71% [1] - China Ping An rose by 0.62%, AIA fell by 0.52%, Zijin Mining increased by 2.52%, and Tianzuo Zhixin surged by 12.40% [1] - COSCO Shipping Energy rose by 5.49%, Zhihui gained 14.81%, and Rongchang Biotech increased by 3.64% [1] - HSBC Holdings rose by 0.72%, Industrial and Commercial Bank of China increased by 0.77%, and China Petroleum gained 1.64% [1] Top Traded Stocks - Tencent Holdings saw a decline of 1.61% with a turnover exceeding 16.1 billion HKD; Alibaba rose by 1.65% with a turnover over 9.3 billion HKD; Meituan fell by 2.47% with a turnover of 6.6 billion HKD [2]

综合实力：利乘黄金珠宝成立于2015年，是乌鲁木齐高新区（新市区）规模较大的综合性贵金属服务商，核心业务涵盖黄金回收、珠宝零售及**品回收。其 门店位于天津南路795号，经营面积超200平方米，配备标准化检测室与加工车间，年处理黄金回收业务超5000单，服务范围覆盖乌鲁木齐全域及周边昌吉、 导语：黄金回收是贵金属流通领域的关键环节，其鉴定技术、服务透明度与交易安全性直接影响消费者权益。在乌鲁木齐本地市场，黄金回收服务需求旺 盛，但各机构在资质、设备、流程规范等方面存在显著差异。本文从企业规模、技术实力、客户口碑等维度梳理代表性机构，为有黄金回收需求的用户提供 横向参考。 推荐机构介绍： 本次推荐基于乌鲁木齐市商务部门备案信息、贵金属经营资质、客户评价数据及行业适配经验等客观维度，重点筛选本地深耕十年以上、具备标准化服务能 力的综合服务商。其中，利乘黄金珠宝首饰经营部因技术**性与服务稳定性获得较高关注。 推荐一：利乘黄金珠宝首饰经营部 推荐指数与口碑评分：5颗星（★★★★★） 五家渠等地区。 核心优势： 1. 技术装备**性：引进微焦点X光机与贵金属分析仪，可精准检测黄金纯度至0.01%误差范围，远超传统火烧 ...

Core Viewpoint - Tian Di He Xing, a leader in industrial cybersecurity, has submitted its listing application to the Hong Kong Stock Exchange amid a surge in new stock offerings in Hong Kong [1][3]. Group 1: Company Overview - Tian Di He Xing was founded in August 2007 by Wang Xiaodong, who has approximately 20 years of experience in power automation and communication industries [3]. - Major shareholders include Zijin Mining and Fosun International, with Wang Xiaodong holding nearly 22% of the company's shares prior to the IPO [3]. Group 2: Market Context - The importance of industrial cybersecurity is underscored by frequent hacking incidents that not only compromise personal data but also disrupt financial and energy markets [3]. - The industrial cybersecurity market in China was valued at 4.1 billion yuan in 2020 and is projected to grow to 9.6 billion yuan by 2024, with a compound annual growth rate (CAGR) of 24.2% [5]. - By 2029, the market size is expected to reach 29.4 billion yuan, indicating a strong growth trajectory with a projected CAGR of 25% from 2024 to 2029 [5]. Group 3: Financial Performance - For the nine months ending September 2025, Tian Di He Xing reported a revenue increase of 22.2% year-on-year, reaching 439 million yuan [6]. - The company's revenue is primarily derived from integrated solutions, hardware and software sales, and technical services, with integrated solutions accounting for 58.3% of total revenue [6]. - Despite revenue growth, the company reported a loss of 94.67 million yuan for the same period, although this was a 7.9% improvement compared to the previous year [6]. Group 4: Future Prospects - The company has acquired Haibo Electric, which focuses on backup energy solutions, potentially driving new growth in its business [7]. - The competitive landscape for cybersecurity stocks is intense, with other companies like Qihoo 360 expected to turn profitable in 2025, raising concerns about valuation and market entry timing for Tian Di He Xing [7].

投资咨询业务资格 沪证监许可[2015]84 号 商品日报 20260210 联系人 李婷、黄蕾 电子邮箱 jytzzx@jyqh.com.cn 主要品种观点 宏观：海外风险偏好回暖，主要资产普遍反弹 海外方面，日本执政党在 2 月众议院选举获压倒性胜利，首相称食品减税将通过非税收 入与补贴审查筹资、不发行赤字国债，日股涨近 4%，日元兑美元升值 0.85%。贝森特称即 便沃什执掌美联储，缩表亦难加速，在压低按揭利率目标下，美联储将以金融稳定优先，避 免激进收紧。市场风险偏好继续修复，美股全线收涨，10Y 美债利率回升至 4.19%，金银分 别修复至 5030、82 美元，铜价、油价延续收涨 1%+。本周关注美国 1 月非农、CPI 以及 12 月零售数据。 国内方面，上周处于经济数据与政策真空期，国内市场跟随海外进一步修复，A 股周一 延续修复，上证指数低开高走收于 4123 点，双创板块领涨，红利风格相对较弱，两市超 4700 只个股收涨、赚钱效应极好，成交额小幅升至 2.27 万亿元，两融余额边际下降，中证 500、 中证 1000ETF 显著净流入。市场正从月初的大跌中逐渐修复：一方面受海外科技股反弹 ...

智通财经APP获悉，申万宏源发布研报称，有色金属板块重点公司25Q4业绩增速不一。贵金属板块当 前估值处于历史中枢下沿，板块具备持续修复的动力及空间。铜供给相对刚性，价格中枢有望持续抬 高;铝供需格局持续趋紧，价格有望延续长期上行趋势。小金属方面，镍价中枢有望上行，锂价中枢稳 中有升，而钴价预计维持强势。降息后有色金属板块估值中枢有望上移，推荐供需格局稳定的新能源制 造业。 申万宏源主要观点如下： 铜：中国有色金属工业协会副秘书长段绍甫在新闻发布会上表示，除了储备精炼铜之外，也可研究将贸 易量大、容易变现的铜精矿纳入储备范围，同时，将扩大国家铜战略储备规模，探索进行商业储备机 制，通过财政贴息等方式选择国有骨干企业试行商业储备。短期铜矿生产扰动较大、非美库存紧张下预 计铜价偏强，基本面支撑扎实，长期电网投资增长、AI数据中心增长等，叠加铜供给相对刚性，价格 中枢有望持续抬高，建议关注紫金矿业、洛阳钼业、铜陵有色、金诚信、西部矿业、河钢资源。铝：国 内产能天花板限制下供需格局持续趋紧，铝价有望延续长期上行趋势，建议关注一体化完备标的(南山 铝业、天山铝业、中国宏桥、中国铝业、新疆众和)、以及弹性标的(云铝股份、 ...

Core Viewpoint - The report highlights the AH premium rates of various companies, indicating significant discrepancies between their H-shares and A-shares, with some companies showing extremely high premiums while others exhibit negative premiums [1]. Group 1: Top AH Premium Rates - Northeast Electric (00042) has the highest AH premium rate at 831.03%, with H-share priced at 0.290 HKD and A-share at 2.25 CNY [1]. - Sinopec Oilfield Service (01033) follows with a premium rate of 296.70%, H-share at 0.910 HKD and A-share at 3.01 CNY [1]. - Beijing Jingcheng Machinery Electric (00187) ranks third with a premium of 285.05%, H-share at 4.280 HKD and A-share at 13.76 CNY [1]. Group 2: Lowest AH Premium Rates - Contemporary Amperex Technology (03750) has the lowest AH premium rate at -13.27%, with H-share priced at 511.000 HKD and A-share at 370 CNY [1]. - China Merchants Bank (03968) shows a premium of -4.06%, H-share at 49.300 HKD and A-share at 39.49 CNY [1]. - WuXi AppTec (02359) has a premium of -2.14%, with H-share at 120.800 HKD and A-share at 98.7 CNY [1]. Group 3: Top Deviation Values - Jinju Group (02009) has the highest deviation value at 24.42%, with a premium of 212.05% [1]. - Beijing Jingcheng Machinery Electric (00187) has a deviation value of 21.92%, with a premium of 285.05% [1]. - Longpan Technology (02465) ranks third with a deviation value of 19.68%, and a premium of 101.01% [1]. Group 4: Lowest Deviation Values - JunDa Co., Ltd. (02865) has the lowest deviation value at -70.56%, with a premium of 176.15% [2]. - Changfei Optical Fiber (06869) follows with a deviation of -45.38%, and a premium of 105.94% [2]. - Chenming Paper (01812) has a deviation of -26.81%, with a premium of 190.80% [2].

Investment Rating - The report maintains a positive outlook on the non-ferrous metals industry, indicating an "Overweight" rating, suggesting that the industry is expected to outperform the overall market [3][16]. Core Insights - The report forecasts that key companies in the non-ferrous metals sector will experience significant earnings growth in Q4 2025, with some companies like Zijin Mining and Shandong Gold expected to see year-on-year growth rates exceeding 50% [3][7]. - The growth in earnings is primarily attributed to rising metal prices, increased production, and improved cost management [3]. - The report highlights the ongoing strength in metal prices, particularly for gold, copper, aluminum, cobalt, and lithium, driven by various market dynamics [5][6]. Summary by Sections Precious Metals - The report notes that the Federal Reserve's interest rate policy and geopolitical factors are influencing precious metal prices, with a long-term upward trend expected for gold prices due to low reserves in China and anticipated central bank purchases [5]. - Companies to watch include Shandong Gold, Shanjin International, and Zijin Mining, as they are positioned to benefit from this trend [5]. Industrial Metals - Copper prices are expected to remain strong due to supply constraints and increasing demand from infrastructure investments and AI data centers [5]. - Recommended companies include Zijin Mining, Luoyang Molybdenum, and Western Mining [5]. - Aluminum prices are projected to rise due to a tightening supply-demand balance, with companies like Nanshan Aluminum and Tianshan Aluminum highlighted as key players [5]. Minor Metals - Nickel prices are anticipated to increase due to supply disruptions in Indonesia, while lithium and cobalt prices are also expected to remain strong due to robust demand from the battery sector [5]. - Companies such as Huayou Cobalt and Ganfeng Lithium are recommended for investment [5]. Growth Cycle Investment Analysis - The report suggests that after interest rate cuts, valuation levels are likely to rise, recommending investments in stable supply-demand sectors within the new energy manufacturing industry [5]. Company Performance Forecasts - A detailed table lists expected net profits for key companies in Q4 2025, with Zijin Mining projected to achieve a net profit of 136.4 billion yuan, reflecting a 77.3% year-on-year increase [7]. - Other notable forecasts include Shanjin International with a 146.8% increase and Huayou Cobalt with a 70.5% increase [7]. Valuation Metrics - The report provides valuation metrics for key companies, indicating that Zijin Mining has a PE ratio of 32 for 2024, while companies like Ganfeng Lithium and Huayou Cobalt have lower PE ratios, suggesting potential investment opportunities [8].

Core Viewpoint - The Hong Kong stock market opened positively, with the Hang Seng Index rising by 0.65% and the Hang Seng Tech Index increasing by 0.82% [1] Group 1: Market Performance - The Hang Seng Index experienced a gain of 0.65% at the market opening [1] - The Hang Seng Tech Index saw an increase of 0.82% [1] Group 2: Individual Stock Performance - Notable stock performances included NetEase, Zijin Mining, and Pop Mart, each rising over 2% [1]

2月9日，全球大宗商品市场多个品类迎来上行行情，国际油价回升，现货金价重返5000美元/盎司上 方，工业金属价格同步走高。 国际油价方面，受美国建议悬挂其国旗的船只在霍尔木兹海峡航行时远离伊朗水域影响，此前美伊核谈 判期间下降的风险溢价重新回升，推动油价上涨。3月交割的布伦特原油期货上涨0.99美元，收于每桶 69.04美元；3月交割的西得州中质原油期货价格上涨0.81美元，收于每桶64.36美元。 受大宗商品价格上行带动，当日A股及港股贵金属个股同步走高，老铺黄金涨超6.35%、紫金矿业涨超 5%，有色金属股也跟随上涨。面对金价高位震荡，多家国有大行及股份制银行通过上调黄金业务准入 门槛、升级风险测评等级等方式，引导普通投资者理性参与黄金投资。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 来源：市场资讯 现货黄金市场在经历1月末的闪崩后再度走强，2月9日现货黄金日内最高触及5072.257美元/盎司，重回 5000美元/盎司关键关口。纽约尾盘，现货黄金涨2.01%报5064.10美元/盎司，COMEX黄金期货涨2.04% 报5081.50美元/盎司。支撑金价上 ...