Core Viewpoint - In 2025, Jinhui Mining Co., Ltd. aims to become a benchmark for green development in the mining industry, driven by its achievements in green development, significant breakthroughs in resource exploration, and notable results in technological innovation and talent cultivation [1]. Group 1: Green Development - Jinhui Mining prioritizes "ecology first, green development" as its core philosophy, actively exploring new models of ecological mining and achieving remarkable results [3]. - The company was awarded the title of "Outstanding Contribution Enterprise for Stable Growth in Gansu Province" by the Gansu Provincial Party Committee and Government in March 2025, and recognized as a national-level "Green Water and Green Mountain is Gold Mountain and Silver Mountain" practice innovation base in December 2025 [3]. - Jinhui Mining has made significant progress in green mining and ecological restoration, enhancing production efficiency and resource utilization through intelligent construction, achieving a win-win situation for economic and ecological benefits [3]. Group 2: Resource Exploration - In resource exploration, Jinhui Mining has achieved significant breakthroughs, particularly in the Dongpo and Yangjiashan areas, laying a solid resource foundation for future capacity enhancement [4]. - The Yangjiashan-Yuanjiaping lead-zinc-gold polymetallic mine has been identified as a medium to large-scale deposit, with the relevant report approved by the Gansu Provincial Natural Resources Department [4]. - The Dongpo lead-zinc mine has discovered stable high-grade ore bodies, with lead-zinc average grades reaching 6%-8% and a drilling success rate exceeding 80%, with a detailed investigation report expected to be completed this year [4]. - The company is investing 5 billion yuan in the Jianglu mining area, with projects progressing efficiently, including the successful trial operation of the Xiejia Gou flotation plant (1.5 million tons/year) on December 29, 2025 [4]. Group 3: Technological Innovation and Talent Cultivation - Jinhui Mining established a Mineral Research Institute and the Xiao Yun Skills Master Studio in December 2025, marking a new phase in systematic technological innovation and high-skilled talent cultivation [5]. - The Mineral Research Institute focuses on green mineral processing and resource comprehensive utilization, promoting the transformation and application of technological achievements [5]. - The Xiao Yun Skills Master Studio gathers top industry talents to conduct training and exchange activities, providing strong support for the company's technological innovation [5]. - The company has deepened partnerships with several higher education institutions to create a full-cycle talent pathway from internships to recruitment and in-service training, fostering a new generation of talent for management and technical teams [5].

Group 1 - CITIC Securities maintains a "Buy" rating for Huahong Semiconductor (01347.HK) with a target price of HKD 100, highlighting its leading position in specialty process wafer foundry and strong growth potential from capacity expansion and acquisitions [1] - CITIC Securities also maintains a "Buy" rating for SiHuan Pharmaceutical (00460.HK) with a target price of HKD 1.6, noting rapid growth in its medical aesthetic products and strong sales performance of new regenerative products [1] - GF Securities maintains a "Buy" rating for Yum China (09987.HK) with a target price of HKD 453.62, citing improved same-store sales and growth driven by new product iterations and marketing strategies [1] Group 2 - GF Securities initiates coverage on Laoputang Gold (06181.HK) with a "Buy" rating and a target price of HKD 775.64, emphasizing its leading position in handcrafted gold jewelry and strong growth potential from store expansion [2] - GF Securities initiates coverage on Yue Yuen Industrial (00551.HK) with a "Buy" rating and a target price of HKD 19.99, highlighting its status as the largest athletic shoe manufacturer and expected performance recovery [3] Group 3 - Cinda International maintains a "Buy" rating for Hesai Technology (02525.HK), noting its leadership in the global LiDAR market and significant growth in production and market share [4] - Zhongtai Securities initiates coverage on China Resources Land (01109.HK) with an "Accumulate" rating, reporting strong revenue and profit growth along with a healthy financial structure [5] Group 4 - First Shanghai initiates coverage on Jaxin International Resources (03858.HK) with a "Buy" rating and a target price of HKD 82.4, highlighting its world-class tungsten resources and strong profit growth potential [6] - Kaiyuan Securities initiates coverage on Beautiful Pastoral Medical Health (02373.HK) with a "Buy" rating, emphasizing its differentiated business model and effective customer acquisition strategies [7] Group 5 - CICC maintains an "Outperform" rating for Standard Chartered Group (02888.HK), noting better-than-expected Q2 2025 performance driven by significant growth in non-interest income [8]

1. Report Industry Investment Rating - Not provided 2. Core Viewpoints - The macro - narrative is positive, the fundamentals of the industrial chain have improved, there is restocking demand for iron ore, and supply is entering the off - season, but the price increase is limited by industrial chain profits. It is expected to fluctuate in the short term [2] - The price will operate within a range. The main contract of Dalian iron ore will be in the range of 770 - 800 yuan/ton, corresponding to the external market (FE01) price of about 102.5 - 105.5 US dollars/ton [3] - The strategy is range operation and covered call options [3] 3. Summary by Related Contents Macro - aspect - China's monetary and fiscal policies are in an active reserve period. The start of the Fed's interest - rate cut cycle boosts commodities, and the short - term domestic macro - narrative is positive. The industrial chain is in a weak - balance stage, and industrial chain prices maintain a narrow - fluctuation trend. There is a "seesaw" effect between the precious metals, non - ferrous metals, and black - series sectors, and short - term market risk - preference changes need attention [1] Price Recovery Reasons for Black - series - The inventory pressure at the finished - product end has been continuously relieved, the industrial chain valuation has rebounded, the spot price of iron ore strongly supports the futures market. Steel mills have officially entered the restocking cycle, and restocking demand may support prices to remain relatively strong [1] Supply - Mainstream mines have a phased end - of - year shipping rush. The weekly shipping volume has increased month - on - month. After the shipping rush, foreign - ore shipping will enter the seasonal off - season, and domestic - ore supply is also in the off - season. Overall, supply - side support is entering a relatively strong stage [1] Demand - Domestic demand has stabilized and slightly increased. The profitability rate of steel mills has rebounded after the decline in carbon - element prices. There are both blast - furnace overhauls and restarts. Some blast furnaces in Hebei and Shanxi will restart at the end of the month. Overall, domestic steel - mill demand is expected to rise in the short term, and the pre - holiday restocking cycle is about to start, with restocking demand expected to continue to be released [1] Inventory - The imported inventory of steel mills has increased month - on - month, but it is still at the lowest level in the same period in recent years. Attention should be paid to when the full - scale restocking of US - dollar goods by steel mills will start. Port inventory has continued to accumulate due to the relatively high arrival volume, and it is expected to continue to accumulate in December [2]

Group 1 - The Hillhead Mining Exhibition will take place from June 23 to 25, 2026, at the Hillhead Quarry in Buxton, UK, and is organized by QMJ Publishing Ltd, focusing on live demonstrations as its main attraction [1] - The exhibition provides a unique opportunity for attendees to witness and evaluate the performance of the latest crushing machines, screening equipment, loading machinery, and mining trucks in a real operational environment, which is invaluable for decision-makers in the quarrying, mining, and construction aggregate industries [2] Group 2 - Beijing Shengruida International Exhibition Co., Ltd., represented by Pan Ming, is responsible for organizing the exhibition in the Chinese market [2] - Other upcoming exhibitions in 2026 include the MBAM ONEBUILD in Malaysia focusing on zero tariffs and smart drilling equipment, Philconstruct in the Philippines featuring small and medium-sized equipment and post-disaster reconstruction materials, and CONSTRUCTO in Mexico highlighting USMCA tax exemptions and green electric equipment exports [6]

智通财经APP获悉，铜价在新年供应趋紧的担忧以及整体市场风险偏好情绪的推动下大幅上涨，逼近历 史最高水平。 伦敦基准铜期货价格大涨约3%，接近上周创下的每吨略低于13,000美元的峰值。对美国潜在关税的担 忧促使交易商加速向该国发货，导致其他地区供应状况趋紧。此外，智利曼托韦德(Mantoverde)矿场罢 工的开始，提醒了在全球需求扩张时期供应所面临的风险。 周一所有基本金属均走强，亚洲股市在科技股上涨的推动下创下历史新高。更广泛来看，投资者正在评 估美国周末拘捕委内瑞拉领导人尼古拉斯·马杜罗事件的更广泛影响，包括美国对事关安全和经济增长 的核心资源所持的演变立场。 对能源转型和传统用途都至关重要的铜在2025年飙升42%，创下自2009年以来的最佳年度表现。对美国 潜在进口关税的担忧，已导致美国交易所追踪的库存增加。与此同时，伦敦金属交易所的现货对三个月 期铜价差(cash-to-three-month spread)稳固处于现货溢价(backwardation)状态，这种形态表明近期供应紧 张。 分析师在一份报告中写道，"整体供应短缺，叠加美国关税造成的区域性错配，正在推动铜价上 涨，""全球铜市场在2 ...

Core Viewpoint - Huangmailing Holdings Group is focusing on high-quality development by enhancing the workforce through systematic training, precise empowerment, and diversified incentives, thereby providing strong talent support for the company's transformation and upgrading [1] Group 1: Training and Development - The company is advancing a "Quality Improvement Special Action" to establish a comprehensive training system that covers all employees throughout their careers [2] - By 2025, the company plans to send technical backbones to benchmark learning at advanced enterprises, promoting the transformation of experiences [2] - The company collaborates with Wuhan University of Engineering to enhance employee education, aiming for 133 employees to achieve continued education by 2025, covering all levels from operational to management [2] Group 2: Skills Evaluation Mechanism - Huangmailing Holdings emphasizes vocational skill level recognition and title evaluation, creating a dual-channel development path for "management + skills" [3] - By 2025, the company expects to complete the registration of skill level improvements for 194 employees, a 40% year-on-year increase, with over 80 employees passing title evaluations [3] - The company organizes various vocational skill competitions annually, including new digital and AI application competitions in 2025, to enhance employees' professional capabilities [3] Group 3: Employee Welfare and Cultural Development - The company strengthens rights protection and humanistic care, enhancing employees' sense of gain and belonging [4] - It implements democratic management with a 100% proposal implementation rate from employee representative meetings and improves employee benefits through mutual aid funds and optimized salary structures [4] - The company actively promotes cultural and sports activities, forming various interest associations to enrich employees' leisure lives and foster a positive corporate culture [4]

Group 1 - The geopolitical risks have intensified following the capture of Venezuelan President Maduro, leading investors to seek the safe-haven properties of precious metals [1] - On January 5, spot silver and gold prices surged, with silver rising over 4% and gold increasing by 2% during trading [1] - As of the report, spot silver was up 3.6% at $75.44 per ounce, while spot gold rose 1.52% to $4397.23 per ounce [1] Group 2 - U.S. President Trump threatened significant consequences for Venezuelan Vice President Delcy Rodriguez if she does not cooperate with U.S. intervention efforts [4] - Trump indicated that U.S. officials would "take control" of the situation in Venezuela until a democratic transition of power is achieved, although he did not provide a timeline for this process [4] - MKS Pamp SA's research head, Nicky Shiels, noted that the market must reassess not only the risks from Venezuela but also uncertainties related to the U.S. and its military influence [4] Group 3 - CITIC Construction pointed out that the U.S. launched a large-scale military operation against Venezuela on January 3, which faced strong international condemnation, further escalating global tensions and driving safe-haven investments into gold [4] - In the base metals sector, the beginning of the new year saw copper supply issues due to worker strikes, exacerbating existing supply tensions [4] - There are concerns about potential production cuts in the aluminum sector, and Indonesian nickel miners proposed reducing nickel ore quotas, supporting a rebound in nickel prices [4]

截至2026年1月5日 09:56，有色ETF(159980)上涨2.66%，盘中换手8.42%，成交4.04亿元。 中信建投证券指出，新年供应出干扰，再度提振铜价。1月2日加拿大矿产商Captone宣布其位于智利的 曼托韦德铜金矿将于1月2日开始罢工。尽管该矿场2025年生产阴极铜仅2.9~3.2万吨，但是，已然紧张 的市场增添的任何新供应风险，都有可能被资金计入铜价之中。2026年，全球铜市场总量角度看存在10 余万吨缺口，但是，美国铜关税预期未落，COMEX铜较LME铜持续升水，最新价差仍旧维持100美金/ 吨，驱动贸易商继续往美国搬运精炼铜，虹吸造成非美地区铜供应持续紧张。总量缺口叠加区域性错配 推动铜价不断刷新历史高点。 【全球流动性宽松预期强化】 大成有色ETF（159980.SZ）底层资产配置的是上海期货交易所的铜、铝、铅、锡、锌、镍等有色金属 期货。场外联接(A类：007910；C类：007911)。 全球主要经济体货币政策宽松信号持续释放，美联储降息预期成为推动大宗商品价格的关键宏观动力。 业内机构指出，2025年支撑资产价格的货币宽松叙事，2026年将持续接力赋能铜价，叠加海外主要经济 体 ...

黑色建材组 陈张滢 从业资格号：F03098415 交易咨询号：Z0020771 0755-23375161 chenzy@wkqh.cn 郎志杰 黑色建材日报 2026-01-05 钢材 从业资格号：F3030112 交易咨询号：Z0023202 0755-23375125 langzj@wkqh.cn 万林新 从业资格号：F03133967 0755-23375162 wanlx@wkqh.cn 赵 航 从业资格号：F03133652 0755-23375155 zhao3@wkqh.cn 螺纹钢主力合约下午收盘价为 3122 元/吨, 较上一交易日跌 12 元/吨（-0.38%）。当日注册仓单 56844 吨, 环比减少 1212 吨。主力合约持仓量为 150.5284 万手，环比减少 55522 手。现货市场方面, 螺纹钢天 津汇总价格为 3170 元/吨, 环比减少 0/吨; 上海汇总价格为 3300 元/吨, 环比减少 0 元/吨。 热轧板卷 主力合约收盘价为 3270 元/吨, 较上一交易日跌 12 元/吨（-0.36%）。 当日注册仓单 104588 吨, 环比减 少 0 吨。主力合约持仓量为 ...

Report Industry Investment Ratings No relevant content provided. Core Views of the Report - The domestic economic outlook is expected to improve in Q1 2026, but short - term geopolitical risks may suppress risk assets [1][18]. - The short - term strengthening of the US dollar index is due to rising geopolitical risks after the US's actions in Venezuela [3][12][13]. - The stock index long - position strategy should be continued, while the bond market may still face downward pressure after a rapid rise [19][22]. - Different commodities have different trends. For example, palm oil may face supply pressure, and copper prices are mainly affected by macro factors [24][52]. Summary by Directory 1. Financial News and Comments 1.1 Macro Strategy (Gold) - The arrest of the Venezuelan president by the US has increased geopolitical tensions, but the impact on the financial market is expected to be limited. Short - term precious metals may face correction risks [10]. 1.2 Macro Strategy (Foreign Exchange Futures - US Dollar Index) - The US's actions in Venezuela have raised geopolitical risks, causing the US dollar index to strengthen in the short term. The US dollar is expected to rise in the short term [3][12][13]. 1.3 Macro Strategy (US Stock Index Futures) - The US air strike on Venezuela may cause short - term market risk aversion, but the market risk appetite is expected to improve. US stocks are expected to operate in a volatile and slightly stronger manner [15][16]. 1.4 Macro Strategy (Stock Index Futures) - The domestic economic outlook is expected to improve, but short - term geopolitical risks may suppress risk assets. The long - position strategy for stock indices should be continued [18][19]. 1.5 Macro Strategy (Treasury Bond Futures) - The new fee rate regulations are short - term positive for the bond market, but cannot reverse the bearish sentiment. It is recommended to consider short - selling at high prices [2][22]. 2. Commodity News and Comments 2.1 Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil) - In December 2025, Malaysian palm oil production and exports decreased, and the inventory may exceed 3 million tons. It is advisable to wait for India's increased purchases and consider going long at low levels [23][24][25]. 2.2 Agricultural Products (Soybean Meal) - CBOT soybeans declined due to poor export prospects. Domestic soybean crushing is expected to decrease in January. Soybean meal is expected to decline with CBOT soybean futures prices [28][29]. 2.3 Agricultural Products (Sugar) - The global sugar market is expected to have a small surplus in 2025/26. The sugar price may be sensitive to weather and production changes. Pay attention to the actual stocking and sales progress [30][32][33]. 2.4 Agricultural Products (Cotton) - The US cotton export demand is weak, and the Indian import tariff exemption has expired. The external market is expected to remain in a low - level shock. Be wary of the risk of a decline in Zhengzhou cotton [38][39]. 2.5 Black Metals (Rebar/Hot - Rolled Coil) - Before the New Year's Day holiday, the inventory of five major steel products continued to decline, but the speed slowed down. The steel price is expected to fluctuate in the short term, waiting for the accumulation of market contradictions [44][45]. 2.6 Black Metals (Steam Coal) - The price of steam coal in the northern port market was stable on December 31, 2025. The demand is weak, and attention should be paid to the coal mine's production in January [45][46]. 2.7 Black Metals (Iron Ore) - The Samarco mine expansion project was suspended. The iron ore price is expected to continue to fluctuate. Pay attention to the steel mills' raw material replenishment after January [47][48]. 2.8 Non - ferrous Metals (Copper) - Macro factors have a great impact on copper prices. Fundamentally, short - term price increases are restricted. It is recommended to buy at low prices [52]. 2.9 Non - ferrous Metals (Nickel) - Indonesia's supply contraction expectation is being realized. Unilaterally, it is advisable to consider going long at low levels. For arbitrage, pay attention to the 03 - 05 reverse spread opportunity [55][56]. 2.10 Non - ferrous Metals (Lithium Carbonate) - There may be short - term callback pressure, and it is recommended to consider going long at low levels in the medium term [58][59][60]. 2.11 Non - ferrous Metals (Polysilicon) - Polysilicon enterprises have raised spot quotes. It is advisable to consider going long at low levels, but investors should hold positions carefully [60][61]. 2.12 Non - ferrous Metals (Industrial Silicon) - The current production reduction scale of industrial silicon is insufficient to reverse the inventory accumulation pattern in 2026. It is recommended to short at high prices after a rebound [63][64]. 2.13 Non - ferrous Metals (Tin) - The supply and demand contradictions of tin are alleviated, and attention should be paid to the risk of price decline caused by the withdrawal of funds [68]. 2.14 Non - ferrous Metals (Lead) - The fundamental contradictions of lead are marginally alleviated. It is recommended to take a wait - and - see approach both unilaterally and in terms of arbitrage [69][70]. 2.15 Non - ferrous Metals (Zinc) - The short - term fundamentals of zinc have no obvious contradictions. Unilaterally, wait for the opportunity to take profits at high prices; for arbitrage, take a wait - and - see approach [71][72][73]. 2.16 Energy Chemicals (Carbon Emissions) - The EU carbon price is expected to be volatile and slightly stronger in the short term [74]. 2.17 Energy Chemicals (Crude Oil) - The short - term risk premium of crude oil prices may rise moderately, and the long - term supply growth depends on US investment [75][76].