1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - Copper prices are expected to recover after a sharp decline, and the copper price may show a mainly volatile and upward - trending market. Arbitrage opportunities are limited, and it is recommended to mainly wait and see for option contracts [1][4][32] 3. Summary by Relevant Catalogs 3.1 Market Review - In January, the price of the main contract of Shanghai copper futures showed an upward trend, with the price range between approximately 97,730 yuan/ton and 114,160 yuan/ton [7] 3.2 Macroeconomic Environment - In 2025, the total profit of industrial enterprises above designated size in China was 7398.2 billion yuan, a year - on - year increase of 0.6%. Among them, state - owned holding enterprises' profits decreased by 3.9%, joint - stock enterprises' profits decreased by 0.1%, foreign and Hong Kong, Macao and Taiwan - invested enterprises' profits increased by 4.2%, and private enterprises' profits remained the same as the previous year [9] - In 2025, the profits of the ferrous metal smelting and rolling processing industry increased 3.0 times year - on - year, the non - ferrous metal smelting and rolling processing industry increased by 22.6%, the computer, communication and other electronic equipment manufacturing industry increased by 19.5%, and the power and heat production and supply industry increased by 13.9% [10] - On January 30, US President Trump announced the nomination of Kevin Warsh as the next Fed Chairman. The Fed decided to maintain the federal funds rate target range between 3.5% and 3.75% [12] 3.3 Supply Side - As of December 2025, the monthly refined copper output was 1.326 million tons, an increase of 90,000 tons from the previous month and a year - on - year increase of 9.1%. As of January 27, 2026, the refining fee of Chinese copper smelters was - 5.18 cents/pound, and the rough - smelting fee was - 50 dollars/kiloton [13] - As of January 28, 2026, the refined copper price in Shanghai Wumao was 101,525 yuan/ton, the scrap copper price in Foshan, Guangdong was 89,450 yuan/ton, and the refined - scrap price difference was 3,130 yuan/ton, maintaining a relatively high level in the past five years [18] 3.4 Demand Side - As of December 31, 2025, the monthly copper product output was 2.2291 million tons, a year - on - year decrease of 3.4% [21] 3.5 Inventory Side - As of January 30, 2026, the cathode copper inventory on the Shanghai Futures Exchange was 233,004 tons, an increase of 7,067 tons from the previous week. As of January 29, 2026, the LME copper inventory was 176,075 tons, an increase of 2,150 tons from the previous trading day, and the cancelled warrant ratio was 23.74%. As of January 30, 2026, the COMEX copper inventory was 577,724 tons, an increase of 2,591 tons from the previous trading day. As of January 29, 2026, the inventory in Shanghai Bonded Area was 98,900 tons, a decrease of 1,400 tons from the previous week [24] 3.6 Outlook - The influencing factors of copper price trends include Chinese policies, supply, demand, and inventory. Chinese policies and supply have a relatively high impact on copper prices [30] - Considering various factors, the copper price may show a mainly volatile and upward - trending market. Arbitrage opportunities are limited, and it is recommended to mainly wait and see for option contracts [32]

□本报记者 王鹤静 在2025年四季度的结构性行情下，广发碳中和主题、中欧周期优选、泰信发展主题等一批主动权益基 金，凭借对储能、资源品等热门板块机遇的把握，顺利实现从业绩到规模的转化，成功盘活"小微"产 品。此外，鹏华稳健增利、富国盛利增强等二级债基抓住了"固收+"发展风口，通过进一步明确特色化 资产配置策略，资金关注度明显提高，同样顺利走出"小微"困境。 "小微"产品历来是让各家基金公司颇为头疼的"包袱"。此类产品如何把握市场机遇，盘活产品资源，从 而保护持有人利益？业内分析人士认为，基金管理人可以实施差异化战略，找准市场空白或细分领域， 打造特色产品；同时，加强投资者教育，让投资者了解产品的投资理念与优势、增强信任。而盲目跟风 市场热点、过度依赖短期营销手段等方式则不可取。 成功摆脱"小微"困境 2025年四季度的结构性行情，给公募机构提供了抓热点、做业绩的窗口期。其中，广发碳中和主题、中 欧周期优选、泰信发展主题等一批主动权益基金抓住机会，顺利摆脱生存困境。 "固收+"重整获资金认可 过去一年，在利率下行及权益市场走强的背景下，"固收+"基金颇受资金欢迎。2025年四季度，多只"固 收+"产品抓住发展 ...

Core Viewpoint - The demand for electrolytic copper foil is rapidly increasing due to the rising penetration of electric vehicles, the expansion of the energy storage industry, and the rapid iteration of 5G/6G communication technologies. The technology barriers and supply stability of high-performance electrolytic copper foil have become the focal points of the industry chain [1][15]. Company Overview - Tongbo Technology, established in 2016, is a leading provider of electrolytic copper foil solutions in China, focusing on the design, research and development, production, and sales of high-performance electrolytic copper foil. By 2024, it is projected to be the second-largest producer of high-performance lithium battery copper foil in China, with a market share of 13% [2][19]. Product Portfolio - The company's product range includes standard and high-performance lithium battery copper foil, essential for lithium-ion batteries in electric vehicles, energy storage systems, and consumer electronics. It also produces electronic circuit copper foil used in printed circuit boards (PCBs) and copper-clad laminates (CCLs), with applications in 5G/6G communication, AI servers, and automotive electronics [4][8]. Production Capacity and Supply Chain - Tongbo Technology has established a large-scale production layout with an integrated production base in Fuzhou, Jiangxi, featuring a factory with an annual capacity of 20,000 tons and another with 50,000 tons, achieving a total designed capacity of 70,000 tons. The capacity utilization rate reached 91.3% in the first nine months of 2025 [6][8]. - To meet market demand, the company is constructing an automated manufacturing plant in Sichuan with an initial design capacity of 20,000 tons, expected to commence large-scale production in Q4 2026 [8]. Financial Performance - The company has shown stable revenue growth, with revenues of 3.163 billion yuan in 2023, projected to increase to 3.212 billion yuan in 2024, and further grow by 24.4% to 2.849 billion yuan in the first nine months of 2025 [9][10]. - However, the company faces cash flow management pressures, with net cash outflows from operating activities of 715 million yuan in 2024 and 349 million yuan in the first nine months of 2025 [13][14]. Profitability and Market Trends - The company's gross margin has fluctuated due to industry cycles and product structure, with a gross margin of 6.7% in 2023, dropping to 3.1% in 2024, and recovering to 4.8% in the first nine months of 2025 as market demand improves [11][12]. - The global electrolytic copper foil market is expected to grow significantly, with a compound annual growth rate (CAGR) of 26.1% from 2020 to 2024, and China's market is projected to grow at a CAGR of 30.4% during the same period [15][18]. Industry Environment and Competitive Landscape - The national support for the new energy industry and the promotion of carbon neutrality goals provide a favorable development environment for the electrolytic copper foil industry. The company has obtained high-tech enterprise status, enjoying a 15% corporate income tax rate [18]. - The industry has a low concentration, with the top ten manufacturers holding only 48.1% of the market share, indicating significant room for consolidation. Tongbo Technology's technological research and development, customer resources, and production capacity position it well for market share expansion [18][19].

Group 1 - The core point of the article is that Ximei Resources (Guangdong) Co., Ltd. has obtained a patent for an "extraction system optimization process," with the authorization announcement number CN116970819B, and the application date is August 2023 [1] - Ximei Resources (Guangdong) Co., Ltd. was established in 2006 and is located in Qingyuan City, primarily engaged in non-ferrous metal smelting and rolling processing [1] - The company has a registered capital of 239.36 million RMB and has made investments in 6 enterprises, participated in 286 bidding projects, and holds 10 trademark registrations and 166 patents, along with 220 administrative licenses [1]

Core Viewpoint - Ming Tai Aluminum (601677) has obtained AS9100D certification, qualifying the company to supply products in the aerospace sector [1] Group 1: Company Developments - The company has received certification that allows it to participate in the aerospace industry [1] - Ming Tai Aluminum plans to continuously optimize its product structure based on market demand [1] - The company aims to expand its application areas in response to market needs [1]

Company Overview - Zhejiang Hailiang Co., Ltd. is a leading global supplier of copper-based material solutions, providing advanced thermal management and conductor materials to enhance energy efficiency for global clients [3][4] - The company has established 23 production bases across Asia, Europe, North America, and Africa by September 30, 2025, serving a diverse global customer base [3] - Hailiang's product offerings include HVAC and industrial copper processing products, lithium battery and PCB copper foil products, AI application copper-based material solutions, and aluminum-based products [3][4] Market Position - Hailiang has ranked first in China's copper pipe exports for 17 consecutive years and has been the world's largest exporter for six years [4] - The company is the first Chinese supplier to successfully build and operate a large copper foil production base overseas, ranking first among Chinese copper foil suppliers based on overseas production capacity as of 2024 [4] Financial Performance - For the fiscal year 2023, the company reported revenues of approximately 75.73 billion RMB, with projected revenues of 87.54 billion RMB for 2024 [6] - The gross profit for 2023 was approximately 3.09 billion RMB, with a gross margin of 4.1% [7] - The net profit for 2023 was approximately 1.17 billion RMB, with earnings per share of 0.57 RMB [9][10] Industry Overview - The global copper-based materials market is projected to grow from approximately 28.27 million tons in 2020 to about 31.84 million tons by 2024, with a compound annual growth rate (CAGR) of 3.0% [11] - The market for lithium battery and PCB copper foils is expected to expand significantly, with a projected growth from 73.5 thousand tons in 2020 to 152.3 thousand tons by 2024, reflecting a CAGR of 20.0% [16] - The demand for high-end copper-based materials is driven by emerging fields such as 5G communications and AI technology, with the market expected to reach 36.93 million tons by 2030 [11]

Group 1 - Zhejiang Hailiang Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with CICC and GF Securities as joint sponsors [1] - Hailiang is a leading global supplier of copper-based material solutions, providing advanced thermal management and conductor materials to enhance energy efficiency for global clients [1] - The company has maintained the highest export volume of copper tubes in China for 17 consecutive years and has been the world's largest exporter for six consecutive years, according to Frost & Sullivan [1]

Investment Rating - The report maintains a positive investment rating for the non-ferrous metals and new materials industry, indicating a high cost-performance investment stage with potential for sustained growth [1][5]. Core Insights - The non-ferrous metals sector has shown a significant increase, with the Shenwan Non-Ferrous Metals Index rising by 94.73% in 2025, outperforming the CSI 300 Index by 77.07 percentage points [1][13]. - Geopolitical tensions, particularly between major powers like the US and China, are expected to continue impacting the stability of the metal supply chain, leading to increased raw material costs and upward price pressures on strategic metals [2][30]. - The demand outlook for non-ferrous metals remains strong, driven by emerging industries such as electric vehicles, renewable energy, and artificial intelligence, which require high-performance materials [4][34]. Summary by Sections Industry Overview - The non-ferrous metals industry is experiencing a transformation due to supply constraints and changing demand dynamics, with certain metals reaching new price highs [1][2]. - The industry is positioned for growth, supported by favorable policies and a robust demand from new technologies [24][25]. Investment Opportunities - Investment opportunities are particularly favorable in precious metals, copper, and strategic metals, with recommendations to focus on leading companies in high-growth sectors [3][5]. - Key companies to watch include Zijin Mining, Luoyang Molybdenum, Jiangxi Copper, and Northern Rare Earth [5]. Emerging Trends - The rapid expansion of new industries is creating a strategic demand for upstream materials, which are now subject to stricter performance and purity standards [4][34]. - The shift towards electric vehicles and renewable energy is expected to sustain high demand for metals like lithium, copper, and rare earth elements [36][42]. Market Dynamics - The report highlights the tightening supply of strategic metals due to increased global regulatory controls, which is expected to lead to a supply-demand imbalance [31][32]. - The copper market is particularly noted for its supply constraints and increasing demand, with a significant reliance on imports to meet domestic needs [46][47]. Future Outlook - The profitability outlook for the non-ferrous metals sector is expected to improve, with potential for continued price increases in copper, aluminum, and gold, driven by strong industrial demand and macroeconomic conditions [15][30].

Core Insights - The report indicates that the non-ferrous metals and new materials industry is currently in a high cost-performance investment phase, with expectations for continued growth [1] - As of December 31, 2025, the Shenwan Non-Ferrous Metals Index has seen a cumulative increase of 94.73% for the year, ranking first among 31 Shenwan primary industries, significantly outperforming the CSI 300 Index by 77.07 percentage points [1][13] - The industry is influenced by international dynamics and changes in supply patterns, with some metal prices reaching new highs [1] Supply and Demand Dynamics - The ongoing strategic competition between major powers like the US and China has made upstream metal resources a critical area of contention, leading to significant impacts on the stability of the metal supply chain [2] - Supply disruptions are expected to increase raw material costs, while tighter controls on strategic metals by various countries will further exacerbate price pressures [2] - The demand outlook for non-ferrous metals is clear, supported by long-term fundamentals [2] Investment Opportunities - The report highlights investment opportunities in precious metals, copper, and strategic metals, noting that gold has evolved into a strategic asset for managing systemic risks, with central banks likely to increase gold reserves [3] - The mining of copper is becoming increasingly challenging, with supply constraints supporting a long-term upward price trend [3] - The geopolitical competition is expected to lead to enhanced resource controls, creating structural investment opportunities in related sectors [3] Emerging Industries and Material Demand - Rapidly expanding sectors such as artificial intelligence, electric vehicles, renewable energy, and high-end semiconductors are driving unprecedented demand for upstream materials, which are now classified as "key strategic materials" or "high-tech value-added new materials" [4] - The performance, purity, form, and functionality of materials are subject to increasingly stringent standards, indicating a fundamental shift in investment logic [4] Recommendations - The report recommends focusing on sectors such as copper, gold, and strategic metals, particularly in 2026, with an emphasis on leading companies that operate in high-growth areas with strong technological monopolies [5] - Specific companies to watch include Zijin Mining, Luoyang Molybdenum, Jiangxi Copper, Tongling Nonferrous Metals, China Rare Earth, Northern Rare Earth, Shenghe Resources, Xiamen Tungsten, Zhongtung High-tech, and Zhangyuan Tungsten [5]

Core Viewpoint - The company ST炼石 is projecting a significant increase in net loss for 2025, with expected losses widening compared to the previous year [1] Financial Performance - The company anticipates a net profit attributable to shareholders of -523 million yuan for 2025, compared to -261.92 million yuan in the same period last year, indicating a deterioration in financial performance [1] - The net profit after excluding non-recurring gains and losses is expected to be -534 million yuan, up from -280.32 million yuan year-on-year [1] - Basic earnings per share are projected to be -0.5153 yuan per share [1] Revenue and Costs - Despite a year-on-year increase in revenue, the company is facing rising operating costs, which have led to a decline in gross margin [1] - The company plans to recognize goodwill impairment and reduce deferred tax assets, further impacting financial results [1]