Group 1 - Copper stocks saw significant gains, with China Daye Nonferrous Metals up 10.91% to HKD 0.183, Jiangxi Copper up 3.29% to HKD 47.06, Zijin Mining up 1.74% to HKD 40.9, and China Nonferrous Mining up 1.59% to HKD 15.95 [1] - On January 14, copper prices reached an all-time high, driven by concerns over the potential expansion of copper import tariffs by the Trump administration, prompting traders to accelerate shipments to the U.S. before new tariffs take effect [1] - Bohai Securities indicated that market sentiment related to resource competition significantly impacts current copper prices, suggesting that if short-term sentiment remains high, copper prices may continue to fluctuate at elevated levels [1] Group 2 - Huayuan Securities reported that in the medium to long term, insufficient capital expenditure in copper mining and frequent supply-side disruptions may shift the copper supply-demand balance from tight equilibrium to shortage [1] - The profit cycle for copper smelting is expected to bottom out amid a "de-involution" backdrop, and with the Federal Reserve entering a rate-cutting cycle, copper prices are likely to break upward [1]