Investment Rating - The report assigns an "Outperform" rating to the company for the first time [5]. Core Insights - The company is a leading player in the aluminum industry, benefiting from a high industry boom cycle, with over 70% of its revenue coming from electrolytic aluminum [1][3]. - The company has a stable supply of bauxite, with over 80% sourced from a joint venture, which helps mitigate resource risks [1]. - The geographical advantage of the company's production facilities leads to lower transportation costs compared to inland competitors [1][29]. - The company has a high dividend payout ratio, committing to a minimum of 80% cash dividends over the next three years [2][43]. Financial Projections - Revenue projections for 2025-2027 are estimated at 1662 billion, 1773 billion, and 1773 billion yuan, respectively, with net profits of 193.1 billion, 292.1 billion, and 303.9 billion yuan [3][66]. - The earnings per share (EPS) are projected to be 1.48, 2.24, and 2.33 yuan for the years 2025, 2026, and 2027, respectively [3][66]. - The company's reasonable valuation range is estimated to be between 31.4 and 35.8 yuan, indicating a premium of 7% to 22% over the current market value [3][72]. Business Analysis - The company has a robust supply chain for bauxite, with stable pricing and a significant cost advantage in alumina production due to its coastal location [1][29]. - The electrolytic aluminum production capacity is strategically located, allowing for lower transportation costs and better access to markets [1][39]. - The company plans to transfer production capacity to Yunnan, which will reduce costs and carbon emissions due to lower electricity prices and a higher proportion of hydropower [42]. Market Position - The company is positioned as the second-largest aluminum producer globally, with a total capacity of 646 million tons of electrolytic aluminum and 19 million tons of alumina [1][13]. - The company benefits from a favorable regulatory environment that restricts new capacity in coastal regions, solidifying its competitive advantage [31][35].

Investment Rating - The report maintains an "Overweight" rating for the non-ferrous metals sector [1] Core Views - The non-ferrous metals sector experienced a decline of 8.51% in the week from February 2 to February 6, ranking last among all primary industries. Precious metals saw a significant drop of 17.38%, while industrial metals fell by 9.49% [1][14] - The market is currently in a low-risk environment characterized by "Wash Trading," leading to continued high volatility in precious metals. The report remains optimistic about gold's upward momentum in the context of expansive monetary policies, while silver's performance will depend on changes in physical asset holdings [1][4] Summary by Sections Market Review - The Shanghai Composite Index fell by 1.27%, with the non-ferrous metals sector declining by 8.51%, underperforming the index by 7.24 percentage points [14] - All sub-sectors within non-ferrous metals experienced declines, with precious metals down 17.38%, industrial metals down 9.49%, and energy metals down 3.59% [14] Industrial Metals - **Copper**: Prices for copper decreased, with LME copper at $13,060 per ton (down 0.08%) and SHFE copper at ¥100,100 per ton (down 3.45%). Increased inventories in Shanghai, New York, and London are pressuring prices [2][31][32] - **Aluminum**: LME aluminum prices fell to $3,110 per ton (down 0.81%), and SHFE aluminum prices dropped to ¥23,315 per ton (down 5.07%). The upcoming Chinese New Year is expected to further increase inventory levels [3][36][39] - **Zinc**: LME zinc prices rose slightly to $3,383 per ton (up 0.39%), while SHFE zinc prices fell to ¥24,450 per ton (down 5.36%). Inventory levels showed mixed trends [40] - **Tin**: LME tin prices fell to $47,155 per ton (down 6.81%), and SHFE tin prices dropped to ¥357,000 per ton (down 12.71%). Increased supply from traders has led to a more relaxed market [46] Precious Metals - **Gold**: COMEX gold closed at $4,988.60 per ounce (up 1.65%), while SHFE gold closed at ¥1,090.12 per gram (down 6.14%). Despite weak labor market data in the U.S., the market remains in a low-risk environment, supporting gold's potential for further gains [4][50][51] - **Silver**: The report emphasizes the need to monitor changes in silver holdings to assess the impact of physical asset shortages on the futures market [4][51]

Investment Rating - The report maintains an "Overweight" rating for the non-ferrous metals sector [1] Core Views - The non-ferrous metals sector experienced a decline of 8.51% in the week from February 2 to February 6, ranking last among all primary industries. Precious metals saw a significant drop of 17.38%, while industrial metals fell by 9.49% [1][14] - The market is currently in a low-risk environment characterized by "Wash Trading," with cross-asset sell-offs affecting precious metals, which continue to exhibit high volatility. The report remains optimistic about gold's upward momentum in the context of expansive monetary policies [1][4] Summary by Sections Market Review - The Shanghai Composite Index fell by 1.27%, with the non-ferrous metals sector underperforming by 7.24 percentage points [14] - All sub-sectors within non-ferrous metals declined, with precious metals leading the drop [14] Industrial Metals - **Copper**: Prices for copper decreased, with LME copper at $13,060 per ton (down 0.08%) and SHFE copper at ¥100,100 per ton (down 3.45%). Increased inventories across major markets are pressuring prices [2][31][32] - **Aluminum**: LME aluminum prices fell to $3,110 per ton (down 0.81%) and SHFE aluminum to ¥23,315 per ton (down 5.07%). The upcoming Chinese New Year is expected to further suppress demand [3][36][39] - **Zinc**: LME zinc prices increased slightly to $3,383 per ton (up 0.39%), while SHFE zinc prices fell to ¥24,450 per ton (down 5.36%) [40] - **Tin**: LME tin prices dropped significantly to $47,155 per ton (down 6.81%), with SHFE tin at ¥357,000 per ton (down 12.71%) due to increased market supply [46] Precious Metals - **Gold**: COMEX gold closed at $4,988.60 per ounce (up 1.65%), while SHFE gold was at ¥1,090.12 per gram (down 6.14%). Despite weak labor market data in the U.S., the market remains in a low-risk environment, supporting gold's potential for further gains [4][50][51] - **Silver**: The report emphasizes the need to monitor changes in silver positions to assess the impact of physical asset shortages on the futures market [4][51]

Group 1 - Precious metals have regained upward momentum, with COMEX gold futures rising by 2.1% to $5084.2 per ounce and COMEX silver futures increasing by 8% to $83.05 per ounce [1] - CITIC Securities indicates that uncertainties driven by the Trump administration's policies and the midterm elections may remain high, but an optimistic outlook for the gold market is still possible, which could positively influence other precious metals [1] - The bullish trend in non-ferrous metals is anticipated to continue into 2026, especially if leading indicators for infrastructure and manufacturing in China and the U.S. show improvement [1] Group 2 - As of January 30, 2026, the National Securities Non-Ferrous Metals Industry Index (399395) has its top ten weighted stocks including Zijin Mining, Luoyang Molybdenum, Northern Rare Earth, and others, collectively accounting for 49.87% of the index [2] - The Non-Ferrous ETF Penghua closely tracks the National Securities Non-Ferrous Metals Industry Index, which reflects the overall performance of listed companies in the non-ferrous metals sector [2]

Group 1 - Industrial metal prices continue to rise, with LME copper up by $182, reaching $13,176 per ton, LME aluminum up by $40 to $3,126 per ton, LME zinc up by $30 to $3,376 per ton, LME lead up by $10 to $1,970 per ton, LME nickel up by $259 to $17,349 per ton, and LME tin up by $2,380 to $49,098 per ton [1] - Zhongyou Securities indicates that copper prices are expected to rebound due to better downstream feedback and lower-than-expected production from overseas copper companies, alongside strong downstream stocking ahead of the holiday [1] - The aluminum market may face demand suppression due to high prices, with some aluminum processing companies planning extended holiday breaks, although there has been some improvement in downstream orders following price declines [1] Group 2 - The Zhongzhong Industrial Nonferrous Metals Theme Index (H11059) rose by 0.78%, with notable increases in constituent stocks such as Dongyangguang up by 3.93%, Xiyeshu up by 2.40%, Shenghe Resources up by 1.88%, Luoyang Molybdenum up by 1.74%, and Jiangxi Copper up by 1.53% [1] - The Penghua Industrial Nonferrous ETF closely tracks the Zhongzhong Industrial Nonferrous Metals Theme Index, which includes 30 large-cap companies involved in copper, aluminum, lead, zinc, and rare earth metals [2] - As of January 30, 2026, the top ten weighted stocks in the Zhongzhong Industrial Nonferrous Metals Theme Index account for 55.71% of the index, including companies like Luoyang Molybdenum, Northern Rare Earth, and China Aluminum [2]

投资要点 贵金属：金银进一步下跌，但是年内美联储仍将降息支撑贵金属价格 价格方面，周内伦敦黄金价格为4948.00美元/盎司，环比1月30日-33.85美元/盎司，跌幅为-0.68%。周内 伦敦白银价格为74.94美元/盎司，环比1月30日-28.25美元/盎司，跌幅为-27.38%。 来源：中国能源网 华鑫证券近日发布有色金属行业周报：价格方面，周内伦敦黄金价格为4948.00美元/盎司，环比1月30 日-33.85美元/盎司，跌幅为-0.68%。周内伦敦白银价格为74.94美元/盎司，环比1月30日-28.25美元/盎 司，跌幅为-27.38%。 以下为研究报告摘要： 数据方面，美国1月ISM制造业指数52.6，前值47.9，预期48.5。美国1月ADP就业人数变动2.2万人，前 值4.1万人，预期4.5万人。美国1月标普全球服务业PMI终值52.7，前值52.5，预期52.5。美国1月ISM非 制造业指数53.8，前值54.4，预期53.5。美国1月31日当周首次申请失业救济人数为23.1万人，前值20.9 万人，预期21.2万人。 本周多数美联储官员表达了对年内降息的看法。美联储理事米兰表示，美联储今 ...

事件：据外媒消息，越南陈红军冶金携手黄城基础设施投资与发展股份公司组成联营体，计划斥资50亿美元，在 越南林同省打造一座大型煤电-铝冶炼综合体项目，规划120万吨电解铝，2030至2031年投产。 点评： 【国金金属|铝】从越南扩产项目再论海外供给释放难度大，再call旺季将近的电解铝板块 电力问题亟待解决：该项目规划建设一座2000兆瓦煤电厂，在全球AI建设浪潮里要和数据中心抢电力设备，价格 和交付周期都在节节攀升。 若难以自备电，印尼、印度、越南的公网电力供给不足，缺电&电价贵。 和印尼诸多外资项目都面临中国合作方难觅的难题：此次合作的黄城基础设施投资与发展股份公司，虽拥有18年 运营历史，但其核心业务集中在房地产投资与开发领域，工业领域运营经验十分有限，近期仍主要聚焦于河内东 英的集中社会住房项目开发。 板块高景气+高股息：低供应+低库存+需求有望超预期的逻辑没有发生变化，还有潜在减产带来的价格端巨大期 权。 铝的金融属性也比较小，还有股息率的保护，继续看好旺季景气度和价格表现，主升浪的Beta行情随时可能前 移！ #再次印证海外扩产周期长，且项目延期是常态：即使兑现，越南新项目从提出到落地也需5-6年 ...

Group 1: Precision Medicine and Robotics - The report highlights Jingfeng Medical-B as a leader in surgical robotics in China, driving advancements in surgical procedures through continuous technological innovation, with rapid growth in global clinical surgeries and domestic sales [2][3] - The company is projected to achieve revenues of 432 million, 811 million, and 1.236 billion yuan from 2025 to 2027, with a target price of 73.20 yuan for 2026 based on a 35X PS valuation [3] - Jingfeng Medical has established a comprehensive surgical solution with its innovative multi-port and single-port robotic systems, becoming the first in China and the second globally to obtain regulatory approval for multiple robotic systems [3][4] Group 2: Market Performance and Sales Growth - In 2024, Jingfeng Medical sold 20 multi-port surgical robots, ranking first among domestic manufacturers, with clinical applications covering over 220 hospitals across 30 provinces in China [4] - The company's total revenue is expected to increase from 48 million yuan in 2023 to 160 million yuan in 2024, with a significant rise from 30 million yuan in the first half of 2024 to 149 million yuan in the first half of 2025 [4] - The report indicates that Jingfeng Medical's international expansion has led to explosive growth in overseas orders, with 72 out of 118 signed global sales agreements for core products being from overseas markets [5] Group 3: Precision Manufacturing and Emerging Industries - The report covers Xingrui Technology as a leading precision manufacturing enterprise in China, focusing on automotive electronics and actively expanding into emerging industries, with a target price of 32.11 yuan [6][8] - Revenue projections for Xingrui Technology are 1.626 billion, 1.980 billion, and 2.482 billion yuan from 2025 to 2027, with an expected EPS of 0.48, 0.69, and 0.95 yuan respectively [6] - The company has established a robust product matrix, including electronic connectors and structural components, with applications in new energy vehicle systems and consumer electronics, enhancing its competitive advantage in the automotive electronics sector [7] Group 4: Strategic Partnerships and Market Expansion - Xingrui Technology has formed strategic partnerships to expand into the liquid cooling industry, collaborating with Green Cloud to develop advanced technologies and products for data centers [8] - The company has a strong customer base, collaborating with renowned brands in consumer electronics and new energy sectors, and has established a global business layout with factories in multiple locations [7][8] - The report emphasizes the potential for Xingrui Technology to benefit from the growing demand for liquid cooling solutions driven by energy efficiency upgrades in data centers [8]

Investment Rating - The report maintains a "Recommended" investment rating for the gold, copper, aluminum, tin, and antimony industries [10][12]. Core Views - The demand for copper and aluminum has weakened as the Spring Festival approaches, leading to stable prices in these metals [6][9]. - The gold market is supported by the Federal Reserve's ongoing interest rate cuts, which are expected to continue throughout the year [10]. - The report highlights a tightening supply for copper, which is expected to support prices [10]. Summary by Sections 1. Industry Performance - The non-ferrous metals sector (Shenwan) has shown a performance of +3.3% over 1 month, +24.2% over 3 months, and +102.0% over 12 months, outperforming the CSI 300 index [3]. 2. Price and Inventory Data - Copper prices: LME copper closed at $12,900 per ton, down 4.02% from January 30, while SHFE copper closed at ¥99,810 per ton, down 3.26% [6]. - Aluminum prices: Domestic electrolytic aluminum prices are at ¥23,110 per ton, down ¥1,530 from January 30 [8]. - Inventory levels: LME copper inventory is at 183,275 tons, with a week-on-week increase of 8,300 tons, while SHFE copper inventory is at 248,911 tons, up 15,907 tons [6]. 3. Downstream Demand - The operating rate for domestic refined copper rod production is 69.07%, down 0.47 percentage points, while the operating rate for aluminum profiles is 36.0%, down 8.3 percentage points [8][9]. - The report notes that as the Spring Festival approaches, downstream processing enterprises are beginning to shut down, leading to a decline in demand [9]. 4. Recommendations for Individual Stocks - Recommended stocks in the gold sector include Zhongjin Gold, Shandong Gold, and China National Gold International [12]. - In the copper sector, recommended stocks include Zijin Mining, Western Mining, and Jincheng Mining [12]. - For aluminum, recommended stocks include Shenhuo Co., Yunnan Aluminum, and Tianshan Aluminum [12]. - In the tin sector, recommended stocks include Tin Industry Co. and Huaxi Nonferrous [12].

Group 1 - The core viewpoint of the article highlights the performance of the Non-ferrous Metals ETF Fund (516650), which opened with a gain of 1.90% at 2.145 yuan [1] - Major holdings in the Non-ferrous Metals ETF include Zijin Mining, which rose by 3.50%, and other companies such as Luoyang Molybdenum, Northern Rare Earth, and Huayou Cobalt, which also experienced gains [1] - The fund's performance benchmark is the CSI Sub-Industry Non-ferrous Metals Theme Index return, managed by Huaxia Fund Management Co., with a return of 110.83% since its inception on June 9, 2021, and a 4.15% return over the past month [1]