Core Viewpoint - The capital markets in 2025 experienced significant activity, with the metals sector, particularly precious metals, leading the gains, showcasing a remarkable annual increase of 94.73% by year-end [1][4]. Group 1: Market Performance - The precious metals sector, including silver and gold, saw year-to-date price increases of over 130% and 40%, respectively, despite regulatory interventions causing a pullback in silver prices [4][5]. - In the Hong Kong stock market, the copper sector surged over 261%, significantly outperforming other sectors, while gold and precious metals also saw increases exceeding 170% [4][5]. - The top five performing sectors in the Hong Kong market were all dominated by non-ferrous metals, marking a historical first [7]. Group 2: Company Performance - Zijin Mining (02899.HK) saw its stock price increase by over 163%, with a market capitalization exceeding 940 billion HKD, outperforming its A-share counterpart [7][9]. - China Molybdenum (03993.HK) experienced a stock price increase of over 287%, with a market cap reaching 410 billion HKD [9]. - China Hongqiao (01378.HK), the largest integrated electrolytic aluminum producer, recorded a stock price increase of 203.7%, with a market cap surpassing 320 billion HKD [9][11]. Group 3: Financial Performance - Zijin Mining reported a revenue of 254.2 billion RMB for the first three quarters of 2025, a year-on-year increase of 10.33%, with a net profit of 37.86 billion RMB, up 55.45% [18][20]. - China Hongqiao's revenue for the first half of the year reached 81.04 billion RMB, a 10.12% increase, with a net profit of 12.36 billion RMB, up 35.02% [20][23]. - China Molybdenum's net profit for the first three quarters reached 14.28 billion RMB, a 72.61% increase, despite a revenue decline of 5.99% [24][26]. Group 4: Future Outlook - The non-ferrous metals sector is expected to continue its upward trajectory in 2026, driven by favorable monetary conditions and a tight supply-demand balance [4][28]. - Global structural supply constraints in copper and aluminum are anticipated to maintain high prices, with projections indicating a significant copper concentrate deficit in 2025 [29]. - Major institutions, including Goldman Sachs and Morgan Stanley, have expressed positive outlooks on the non-ferrous metals sector, highlighting the growth potential of leading companies like Zijin Mining and China Hongqiao [28][30].

每日经济新闻 每经AI快讯，12月30日，港股有色金属概念普跌，赣锋锂业跌近6%，江西铜业股份跌超4%，紫金矿 业、洛阳钼业跌超2% ...

Market Overview - The A-share market experienced fluctuations with the Shanghai Composite Index closing up 0.1% at 3963.68 points, the Shenzhen Component Index up 0.54% at 13603.89 points, and the ChiNext Index up 0.14% at 3243.88 points, while the STAR Market 50 Index fell 0.24% to 1345.83 points [1] - The total market turnover reached 2.18 trillion yuan, with over 3400 stocks declining [1] Sector Performance - The commercial aerospace sector saw a significant surge, with companies like Shenjian Co. achieving a seven-day consecutive rise, and China Satellite and others hitting the daily limit [1][7] - The lithium mining sector also performed well, with Tianji Co. achieving three gains in four days, and several stocks including Fulu Technology and Yongxing Materials hitting the daily limit [1][6] - The Hainan Free Trade Zone concept showed strong activity, with Hainan Development achieving five gains in six days [1][4] - The precious metals and non-ferrous metals sectors rose due to increasing international prices, with companies like Xiaocheng Technology and Jiangxi Copper hitting the daily limit [1][2][3] Institutional Insights - Debon Securities predicts a "slow bull" market for A-shares in 2026, supported by stable indices and ongoing capital market development [8] - Dongwu Securities suggests that while the commercial aerospace sector has shown strong performance, future participation may become challenging, recommending focus on AI applications and key industries related to the 14th Five-Year Plan [9][10] - Huafu Securities anticipates a wave-like market progression, emphasizing technology and transformation as key themes in the ongoing bull market [11] - UBS Wealth Management expects continued upward momentum in the Chinese stock market, driven by advanced manufacturing and technology, with a focus on AI and digital infrastructure [12]

站在年末回望2025年，资本市场的表现可谓是可圈可点。 数据显示，截至12月24日，A股三大指数全线飘红，沪指累计上涨17.58%，深成指涨幅29.50%，创业板指更是强势飙升50.80%；港股市场同样表现火爆，恒 生指数放量大涨逾28.71%，恒生科技指数也收获了23.08%的涨幅。 从板块及概念股表现来看，尽管年内AI、机器人、创新药等赛道热度居高不下，持续占据市场话题C位，但港A两市的年度"涨幅冠军"却意外花落有色金属 板块，不仅黄金、白银等贵金属显著上涨，铜、铝等工业金属和钴、锂等能源金属也涨幅良好，共同走出了一轮超级强势行情。 相较而言，同样是市场的领涨概念，但港股市场的有色金属涨势明显更强劲，这或许是因为港股有色概念更具估值优势，以及对全球资金更具吸引力等因素 导致。 | | 日才 亚洲 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 序号 | 代码 | 名称 | 涨跌幅 | 年初至今涨跌幅 √ | 市净率 | 市容 | | 1 | LIST1077 | 원 | -1.93% | 243.36% | 2.238 | 30.2 | ...

12月24日午间，港股因假期提前收市，本周交易收官。截至收盘，恒生指数涨0.17%，恒生科 技指数涨0.19%。 核电股涨幅居前 ，中广核矿业涨超5%； 芯片股走强 ，中芯国际、晶门半导体均涨超3%，华 虹半导体、上海复旦涨超1%； 光通讯概念股回升 ，剑桥科技涨超5%；除此以外，奶制品、 电力设备、食品、有色金属、建材水泥、黄金等概念股走强。影视、锂电池、家电、内银、港 口运输、创新药等概念股日内低迷。 | W | Wind香港半导体〔887132〕 | | | | --- | --- | --- | --- | | | 14267.68 311.74 2.23% | | | | and and and a line a life a long to be link a secula has been an del a mind a mind a mind a mind a ministed | | | | | 資料 | 成分 资讯 相关基金 | | 月度收益 | | 名称 | | 现价 | 涨跌前 -- | | 纳芯微 | | 117.000 | 4.56% | | 2676.HK | | | | | 晶 ...

Core Viewpoint - The article discusses the recent price increases of Moutai liquor and the company's new volume control policy aimed at stabilizing the market and enhancing profitability [1][2]. Price Changes - On December 24, the wholesale reference price for 25-year Flying Moutai in original boxes rose to 1600 yuan per bottle, an increase of 40 yuan from the previous day; the price for scattered bottles also increased by 40 yuan to 1590 yuan [1][2]. - The 24-year Flying Moutai in original boxes is now priced at 1630 yuan, up 30 yuan, while scattered bottles are at 1615 yuan, up 35 yuan [1][2]. - The price for 23-year Flying Moutai remains stable at 1800 yuan for original bottles and 1700 yuan for scattered bottles [2]. Volume Control Policy - Guizhou Moutai has implemented a volume control policy that includes short-term and long-term measures. In December 2025, the company will stop supplying all Moutai products to distributors until January 1, 2026 [2]. - The long-term structural reform will involve a significant reduction in non-standard product quotas starting in 2026, aimed at decreasing the supply of products that reduce distributor profits [2]. Market Response - A representative from Guizhou Moutai stated that the company emphasizes demand-driven strategies and protects channel resilience, with product distribution based on terminal sales performance [3]. - The recent decline in Flying Moutai prices was attributed to platform subsidies and promotional pricing strategies, but prices have since rebounded [3].

金银铜价格持续创新高。 国际金价又创新高，还能追吗 | 名称 | 现价 | 涨跌 | 涨跌幅 | 年初至今 | | --- | --- | --- | --- | --- | | 伦敦金现 | 4521.860 | 37.880 | 0.84% | 72.32% | | 伦敦银现 | 72.257 | 0.805 | 1.13% | 150.14% | | COMEX黄金 | 4544.0d | 38.3 | 0.85% | 72.17% | | COMEX白银 | 71.880d | 0.743 | 1.04% | 145.41% | | 伦敦金(人民币/克) | 1021.7381 | 8.5592 | 0.84% | 65.91% | | 伦敦银(人民币/千克) | 16326.8505 | 181.8940 | 1.13% | 140.84% | | 现货铂金(美元/盎司) | 2337.58 | 59.88 | 2.63% | 158.58% | | 现货把金(美元/盎司) | 1891.50 | 33.25 | 1.79% | 108.21% | 铂金价格也飙升至历史新高，首次突破2300美元/盎 ...

中国银河证券认为，2025年有色金属行业确立新一轮上行周期，2026年宏观预期修复、供应链扰动、流 动性宽松等逻辑将持续推动商品价格上涨与企业盈利能力提升，延续景气上行行情。 2025年12月19日，有色金属概念走强。截至13:44，中证工业有色金属主题指数强势上涨2.53%，成分股 云铝股份领涨，金诚信、天山铝业、锡业股份等个股跟涨。 消息面上，美国CPI数据超预期放缓。受此影响，美国联邦基金利率期货显示，美联储1月份降息的可 能性从26.6%上升至28.8%。交易员押注明年美联储将降息62个基点。 国内政策层面，节能降碳行动持续深化，国务院《2024-2025年节能降碳行动方案》明确优化有色金属 产能布局，从严控制铜、氧化铝等冶炼新增产能，大力发展再生金属产业，要求2025年底再生金属供应 占比达24%以上、铝水直接合金化比例提高到90%以上；同时推进行业节能改造，明确电解铝、铜铅锌 冶炼等领域能效标杆水平目标。 华创证券指出，美联储"鹰派"降息落地后铝价短暂走弱，但全球铝库存总体小幅下行，LME+国内铝库 存总计维持120-125万吨，安全库存维持低位。海外项目因电力问题减产叠加印尼增量释放缓慢，未来 ...

Group 1 - The core viewpoint of the news highlights a strong performance in the non-ferrous metal sector, with significant gains in stocks such as Tianqi Lithium, Ganfeng Lithium, and Chifeng Jilong Gold [1] - Non-ferrous and mining-related ETFs have seen an approximate increase of 3% due to market influences [1] Group 2 - Specific ETF performance includes: - Non-ferrous Metal ETF (512400) at 1.769, up 3.15% - Non-ferrous 50 ETF (159652) at 1.534, up 3.02% - Non-ferrous Leader ETF (159876) at 0.913, up 3.05% - Mining ETF (561330) at 1.760, up 3.04% - Non-ferrous 60 ETF (159881) at 1.701, up 2.90% - Non-ferrous Metal ETF (159871) at 1.780, up 2.95% [2] - Brokerages forecast that copper and cobalt prices will continue to rise due to supply tightness, while lithium prices are expected to benefit from unexpected increases in energy storage demand [2] - Despite fluctuations in precious metal prices, the overall bullish outlook remains unchanged, supported by loose liquidity and increased efforts by countries to secure key resources [2]

12月17日，三大指数开盘涨跌不一，沪指跌0.06%，深证成指涨0.1%，创业板指涨0.03%。盘面上，零 售概念、养殖业、有色金属等板块涨幅居前；商业航天概念、可控核聚变概念、房地产、传媒娱乐、石 油等板块跌幅居前。 ...