Core Viewpoint - The resource sector has seen significant growth, with many resource-related funds doubling their net value over the past year, driven by strong performance in the non-ferrous metals sector and rising prices of gold and silver [2][4]. Group 1: Performance of Resource Funds - The non-ferrous metals sector rose by 89.38% in 2025, leading the A-share market, and continued to attract attention in 2026 as gold and silver prices reached new highs [2]. - As of January 19, 2026, 176 public funds had a net value growth rate exceeding 100% over the past year, with 124 of these being actively managed equity funds [4]. - Among the funds that doubled their net value, many focused on resource sectors, particularly in passive index products, where over 40 funds were related to non-ferrous metals and gold industries [4]. Group 2: Fund Manager Strategies - Fund managers adjusted their holdings in the fourth quarter based on fundamental changes and valuation considerations, with many reallocating towards new energy resources like cobalt and lithium, while reducing exposure to traditional non-ferrous metals [10]. - The top holdings of funds like the China Europe Cycle Preferred Mixed Fund included major global mining companies and focused on sectors benefiting from supply-side reforms [10]. Group 3: Future Outlook - Fund managers remain optimistic about resource-related investments, citing factors such as global monetary easing, increased demand from AI data centers, and supply uncertainties as drivers for the resource sector [12]. - The China Europe Resource Selected Mixed Fund manager highlighted five key commodities for 2026: copper, aluminum, lithium carbonate, gold, and minor metals, while also considering opportunities in sectors like chemicals and steel [13].

Core Insights - The report indicates a significant trend of capital flowing into high-performing public funds, with many actively managed equity funds experiencing substantial growth in scale during Q4 2025 [1][2] - Fund managers are maintaining high equity positions, with an average stock allocation of 86.78%, reflecting optimistic expectations for the A-share market in 2026 [3] Fund Performance - In Q4 2025, nearly 40 actively managed equity funds reported a quarter-on-quarter increase in scale, with two funds growing over tenfold [2] - The "China Europe Cycle Preferred Mixed Fund" saw its scale increase from 0.36 billion to 15.75 billion, a growth of 4217.93%, correlating with a performance return exceeding 45% in Q4 2025 and over 98% for the year [2] - The "Orient Alpha Technology Selected Mixed Fund," established in September 2025, grew from 0.11 billion to 3.94 billion, a 3478.29% increase, with returns exceeding 34% since inception [2] - The "Huafu New Energy Stock Fund" reported the largest scale increase of 26.49 billion, with returns exceeding 68% for the year [2] Fund Manager Strategies - Fund managers are maintaining high equity positions, with 44% of funds having allocations exceeding 90%, indicating a bullish outlook for the market [3] - Notable funds such as "Changcheng Jiuxiang Mixed A" and "Huafu New Energy Stock Fund" have allocations above 92%, reflecting an increase from Q3 2025 [3] - Four funds reported doubling their net value, with stock allocations ranging from 87.34% to 94.5%, focusing on technology sectors like AI infrastructure [3] Investment Focus - The prevailing strategy among high-performing funds includes increasing investments in AI infrastructure and resource sectors, with significant adjustments in top holdings [3] - The "China Europe Cycle Preferred Mixed Fund" added resource stocks such as "Shengtun Mining" and "Yun Aluminum," with the latter seeing a price increase of over 50% in Q4 [3] - Fund managers are preparing for the 2026 A-share spring market, with consensus on focusing on AI industry chains, resource security, and humanoid robotics [3] Sector Outlook - The manager of the "Orient Alpha Technology Selected Mixed Fund" is optimistic about the storage industry in Q1 2026, citing a continuing upward trend in storage chip prices [4] - The manager of the "China Europe Digital Economy Fund" views the AI sector as entering a phase of emerging bubbles, cautioning against high valuations that reflect overly optimistic growth expectations [4] - The "China Europe Cycle Preferred Mixed Fund" manager is focusing on opportunities in new energy metals, electrolytic aluminum investments, and resource security policies [4] - The "Huafu Technology Momentum Fund" is heavily invested in humanoid robotics, covering various production stages, while also acknowledging the uncertainties in technology development and production scaling [4]

Group 1 - The United States seized a ship carrying 2 million barrels of crude oil destined for China, claiming it may violate sanctions, which China condemned as a violation of international law [1] - China's crude oil imports from January to October 2025 reached 471 million tons, a 3.1% increase compared to 2024, averaging about 11.54 million barrels per day [2][1] - The scale of China's oil imports is significant, surpassing Saudi Arabia's daily production capacity of approximately 10 million barrels [4][1] Group 2 - Saudi Arabia is increasing its production capacity to 10.1 million barrels per day by December 2025 and is investing in Chinese oil companies to strengthen ties [7][1] - China is expanding its overseas refining capabilities, with a $3.7 billion project in Sri Lanka that can process 2 million barrels of oil daily, enhancing its energy logistics and storage capabilities [9][1] - China is accelerating the construction of land oil pipelines from Russia, Kazakhstan, and Myanmar, significantly increasing its low-cost crude oil supply [11][1] Group 3 - China's push for energy reserves is driven by lessons from past experiences and the need to prevent resource blockades from other major powers [12][1] - Historical context shows that China relied heavily on oil imports in the early years, leading to vulnerabilities that prompted the development of domestic oil fields [14][1] - Recent incidents, such as an attack on a Chinese vessel in the Red Sea, highlight the risks associated with energy transportation and the need for diversified supply routes [18][1] Group 4 - China is also focusing on coal imports, with 38.76 million tons imported from January to October 2025, despite having significant domestic reserves due to high transportation costs [21][1][23] - Natural gas imports are projected to meet 65% of demand by 2030, with plans to expand domestic production and imports to 300 billion cubic meters each [26][29] - China has increased its gold reserves significantly, with estimates suggesting an increase of 250 tons, accounting for one-third of global purchases [31][1] Group 5 - China's grain storage capacity is substantial, with a total capacity of 730 million tons, sufficient to feed its population for over two years [32][1] - The country holds significant shares of global reserves for key crops like corn, rice, and wheat, emphasizing its strategy for resource accumulation [33][1] - Overall, China's accumulation of strategic resources is part of a long-term plan to secure its resource independence and stability [34][1]

此外，数据显示，截至2025年四季度末，还有华富新能源股票、中欧资源精选混合、华富科技动能混 合、前海开源沪港深乐享生活灵活配置混合、融通产业趋势臻选股票合计5只基金的最新规模环比增长 超10亿元。 公募基金2025年四季报陆续披露中，从当前已披露的情况来看，部分主动权益类基金的最新规模环比大 涨。公开数据显示，截至1月18日，共有106只基金的2025年四季报披露，其中有11只主动权益类基金的 最新规模环比翻倍，更有产品规模环比增长超10倍。除规模外，季报也同步披露了相关基金的最新资产 配置情况以及基金经理的后市投资思路。也有业内人士提醒投资者，在市场上涨的背景下切勿追高，要 保持理性不要加杠杆，尤其是在市场出现短期加速上涨时更应谨慎对待风险敞口。 规模环比增幅最高超42倍 公募四季报密集披露中，截至1月18日，已有106只基金披露2025年四季报，其中包含69只主动权益类基 金。就规模变化情况来看，多达36只主动权益类基金环比增长，有11只基金实现翻倍，更有2只产品增 长超10倍。 季报数据显示，中欧周期优选混合的最新规模环比涨超10倍，由2025年三季度末的0.36亿元涨至同年四 季度末的15.75亿元 ...

公募四季报密集披露中，截至1月18日，已有106只基金披露2025年四季报，其中包含69只主动权益类基金。就规模变化情况来看，多达36只主动权益类基金 环比增长，有11只基金实现翻倍，更有2只产品增长超10倍。 季报数据显示，中欧周期优选混合的最新规模环比涨超10倍，由2025年三季度末的0.36亿元涨至同年四季度末的15.75亿元，增幅达4217.93%。同花顺iFinD 数据显示，该基金A/C份额在2025年的收益率为98.41%、97.21%，其中，仅四季度的收益率就达到45.4%、45.12%。 从资产配置情况来看，中欧周期优选混合的权益投资占基金总资产的比例由2025年三季度末的88.86%降至四季度末的84.16%。该基金的前十大重仓股环比 也大幅调整，四季度末新增盛屯矿业、云铝股份、焦作万方、神火股份、山金国际、天山铝业。其中，云铝股份在2025年四季度的涨幅超50%，同期，盛屯 矿业、天山铝业的涨幅也超40%。 规模迅速增长的还有成立不久的新基金。例如，成立于2025年9月12日的东方阿尔法科技智选混合，截至同年四季度末的规模已达3.94亿元，较1100.69万元 的成立规模增幅也达3478. ...

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - The prices of gold and silver have risen again with significant trading volume. The resonance of macro and geopolitical risks, along with expectations of liquidity and resource security, has become the main driving force. The trading logic of the impaired independence of the Federal Reserve has been repriced, leading to a continued upward trend in gold prices. Silver prices have accelerated their rise due to tight spot supply and high price elasticity, with significantly amplified short - term fluctuations [1]. - Gold and silver are expected to maintain an overall oscillatory and bullish pattern under the resonance of long - term expectations of loose liquidity, pro - cyclical trading, and concerns about resource security. The central price of gold is expected to continue to rise, with London gold focusing on the range of $4900 - 5000 per ounce. Silver may continue to experience high volatility, with London silver focusing on the range of $90 - 100 per ounce [3]. 3. Summary by Relevant Catalogs 3.1 Key Information - The Trump administration in the United States has threatened to sue Federal Reserve Chairman Powell for his testimony in Congress last summer. Powell believes this is an excuse to expand the government's influence on the Federal Reserve and monetary policy [2]. - In December, U.S. employment growth slowed more than expected, with job losses in the construction, retail, and manufacturing sectors. However, the unemployment rate dropped to 4.4%, indicating that the labor market has not deteriorated rapidly [2]. - U.S. Treasury Secretary Bessent will host a meeting of more than a dozen senior financial officials on Monday, urging the Group of Seven (G7) and other countries to increase efforts to reduce their dependence on China in the critical minerals sector [2]. 3.2 Price Logic - **Gold**: As the change of the Federal Reserve Chairman approaches, the threat of a subpoena from the Department of Justice to the current chairman has significantly increased the expectation of impaired independence. The market has further strengthened the pricing of long - term policy easing and constraints on the U.S. dollar's credit. Despite the FedWatch indicating a delay in the timing of interest rate cuts this year, the long - term "independence - credit - liquidity" logic dominates the price direction. Coupled with rising geopolitical risks and central bank allocation demand, gold is insensitive to marginal changes in interest rates, and continuous trend - following buying has pushed the price of London gold above $4600 per ounce [3]. - **Silver**: The Section 232 investigation on critical minerals has not been finalized, and expectations of tariffs and resource security have repeatedly disrupted the market. Hoarding demand has continuously squeezed the deliverable and liquid inventories in the United States. Although the London silver lease rate has recently fallen slightly to the 3% - 5% range, the structurally tight pattern remains unchanged. The tight spot supply and financial attributes have jointly amplified the price elasticity. Coupled with the rapid compression of the gold - silver ratio, silver has become the focus of risk - preference and resource - security trading, with its price breaking through $84 per ounce during the day and showing significant trading volume [3]. 3.3 Index Performance - **Characteristic Index**: The commodity index was 2432.53, up 1.57%; the commodity 20 index was 2786.88, up 1.85%; the industrial products index was 2360.48, up 1.27%; the PPI commodity index was 1468.38, up 1.31% [47]. - **Precious Metals Index**: On January 12, 2026, the precious metals index was 4216.32, with a daily increase of 4.96%, a 5 - day increase of 3.89%, a 1 - month increase of 17.76%, and a year - to - date increase of 10.25% [48].

Core Viewpoint - The A-share market has entered a new phase with the Shanghai Composite Index surpassing 4100 points for the first time in 10 years, marking a 16-day consecutive rise, indicating a strong market sentiment and potential investment opportunities in "hard technology" and resource sectors [1][13]. Market Drivers - The rapid iteration and upgrade of industries such as AI, robotics, autonomous driving, innovative pharmaceuticals, commercial aerospace, nuclear fusion, and brain-computer interfaces are fundamental supports for the market's sustained rise [4]. - The expectation of a Federal Reserve interest rate cut and foreign capital's positive outlook on Chinese assets are likely to boost overall A-share valuations [7]. - The current market sentiment reflects a shift from a "long-term bear market mindset" to a "trend upward mindset," which can create significant upward momentum [11][15]. Structural Market Dynamics - The current market is characterized by a structural optimistic phase driven by the resonance of policy, liquidity, and industrial cycles, rather than being merely a seasonal rally or driven by capital [14]. - The dual logic behind this market rally includes breakthroughs in high-end manufacturing fields like semiconductors and AI, alongside resource sectors benefiting from global inflation expectations and energy security strategies [14][18]. Investment Strategies - A balanced investment strategy is recommended, focusing on both "hard technology" and resource sectors, as these areas are expected to yield significant returns [31][33]. - The focus on AI hardware is emphasized over applications due to the current technological landscape, while the resource sector is seen as a defensive asset with high dividend yields [32][24]. Market Outlook - Following the breakthrough of 4100 points, the market is expected to enter a consolidation phase rather than a rapid ascent, with key observations including the stability of capital structure and the breadth of sector rotation [35][36]. - The market's future trajectory will depend on several factors, including the trend of the RMB, the pace of foreign capital inflow, and the verification of industry fundamentals [36].

Core Insights - In 2025, Zhongjin Lingnan reported a total operating revenue of 48.505 billion yuan, a year-on-year increase of 11.81%, and a net profit attributable to shareholders of 841 million yuan, up 5.18% year-on-year, while also aiming to reduce costs and increase efficiency by approximately 200 million yuan for the year [1] - The company is undergoing a strategic transformation, focusing on enhancing quality and efficiency, and aims to lead in the comprehensive recycling of rare metals and the industrialization of new materials [1][4] Resource Security - The company emphasizes the importance of securing strategic mineral resources as a political responsibility and a foundation for survival and development, especially given the increasing global competition for resources [1] - Zhongjin Lingnan is actively working on domestic resource expansion and overseas diversification, with projects like the Fan口 lead-zinc mine resource integration and the expansion of the Guangxi mining project [3] New Materials Industry - The new materials industry is identified as a core engine for value enhancement, with a focus on transitioning from raw material sales to material production and solution provision [9] - Zhongjin Lingnan's subsidiary, Zhongjin Technology, has developed zinc-based battery storage materials that have entered the European and American supply chains, and is a leading supplier of mercury-free zinc alloy batteries in China [9][10] Innovation and R&D - The company has established a robust innovation system with 15 provincial-level R&D platforms and has signed 24 research projects with universities, resulting in 78 authorized patents in 2025 [10] - Zhongjin Lingnan aims to grow its new materials sector significantly by 2030, targeting over 10 billion yuan in revenue and focusing on high-end market breakthroughs [10] Green and Intelligent Development - The company has integrated carbon neutrality goals into its development strategy, aiming to peak carbon emissions by 2030 and implementing various low-carbon technologies [12] - Zhongjin Lingnan is advancing smart mining technologies, including autonomous systems for underground transport and intelligent production management [12] Reform and Talent Development - The company is implementing deep reforms, including competitive job placements and salary reforms, to enhance internal vitality [13] - Zhongjin Lingnan has introduced a talent development plan, recruiting industry experts and focusing on skill training, with several employees recognized for their excellence [13][14]

Group 1 - The capital market is increasingly adapting to frontier fields, driving the rapid development of new technology sectors, with the Shanghai Stock Exchange set to expand its listing standards for commercial aerospace by the end of 2025 [1] - The resource sector is strengthening, reflecting a global demand for resource security amid significant geopolitical tensions, with the non-ferrous metals industry showing the best performance during a recent 13-day rally, with an overall increase of nearly 20% [1] - The current global geopolitical landscape and resource protectionism are creating challenges for the already fragile resource supply chain, accelerating the restructuring of commodity trade orders, a trend rarely seen in the past 20 years [1] Group 2 - Recent reforms in the capital market regarding medium- to long-term capital inflow, investor return optimization, and support systems for innovative enterprises have significantly altered the funding structure and trading logic of the A-share market [2] - The current market is characterized by greater stability, balanced styles, and a more mature ecosystem compared to previous years [2] Group 3 - The A-share market is expected to unfold new narratives following record-breaking performances [3]

Group 1 - The futures market had a stable start on the first trading day of 2026, with energy and non-ferrous metal futures leading the gains, particularly asphalt and Shanghai aluminum contracts, which rose nearly 4% [2] - The geopolitical tensions, particularly the U.S. military actions in Venezuela, have significantly impacted energy futures, causing volatility in prices due to potential supply disruptions [2][3] - Venezuela holds the world's largest oil reserves at 303.2 billion barrels, and the disruption of its core export crude, Merey, which has a high asphalt yield, is expected to lead to a shortage of asphalt raw materials and increase prices [3] Group 2 - The overall strength in non-ferrous metal futures was noted, with industrial metals leading the gains, including a 4.14% rise in casting aluminum alloys and a 3.98% increase in Shanghai aluminum contracts [3] - The geopolitical conflicts have not directly impacted non-ferrous metals but have raised concerns about resource security, which is likely to sustain positive sentiment in the sector [3] - Institutions predict that global resource security demands will become a new main theme in 2026, with challenges to supply due to geopolitical risks and resource protectionism [4] Group 3 - The demand for strategic resources is expected to increase due to energy transitions and resource reserve requirements, particularly in non-OECD countries and emerging markets [5] - AI investments and industrialization in emerging economies are anticipated to drive new demand, contributing to the next commodity supercycle [5] - The restructuring of global trade and industrial division is likely to support the industrialization of emerging economies, further enhancing demand for commodities [5]