Core Viewpoint - The report highlights the growth in China's non-ferrous metal production, indicating a positive trend in the industry with a year-on-year increase in output and a favorable investment outlook for the sector [1]. Group 1: Industry Overview - In November 2025, China's production of ten non-ferrous metals reached 6.99 million tons, reflecting a year-on-year growth of 4.7% [1]. - From January to November 2025, the cumulative production of these metals totaled 74.474 million tons, showing an overall increase of 3.8% compared to the previous year [1]. Group 2: Companies Involved - The report mentions several key companies in the non-ferrous metal sector, including Zijin Mining (601899), Luoyang Molybdenum (603993), China Aluminum (601600), Northern Rare Earth (600111), Jiangxi Copper (600362), Yunnan Copper (000878), Chihong Zn & Ge (600497), Zhongjin Gold (600489), Western Mining (601168), and Shenghe Resources (600392) [1]. Group 3: Research and Consulting - The report is published by Zhiyan Consulting, a leading industry consulting firm in China, which specializes in providing in-depth industry research reports, business plans, feasibility studies, and customized services [1].

公司发布的三季报数据显示，前三季度公司共实现营业收入16.52亿元，同比增长18.29%，实现净利润 3.23亿元，同比增长61.97%，基本每股收益为0.4676元，加权平均净资产收益率10.09%。（数据宝） （文章来源：证券时报网） 证券时报·数据宝统计显示，盛达资源所属的有色金属行业，目前整体涨幅为2.51%，行业内，目前股价 上涨的有123只，涨幅居前的有翔鹭钨业、湖南白银、锡业股份等，涨幅分别为10.03%、9.98%、 7.90%。股价下跌的有15只，跌幅居前的有国城矿业、西部材料、中矿资源等，跌幅分别为6.34%、 3.34%、1.40%。 两融数据显示，该股最新（1月13日）两融余额为6.07亿元，其中，融资余额为6.04亿元，近10日增加 1.04亿元，环比增长20.78%。 盛达资源股价创出历史新高，截至10:17，该股上涨6.33%，股价报40.96元，成交量2170.88万股，成交 金额8.65亿元，换手率3.26%，该股最新A股总市值达282.61亿元，该股A股流通市值273.09亿元。 ...

两融数据显示，该股最新（1月13日）两融余额为90.20亿元，其中，融资余额为89.39亿元，近10日增加 14.12亿元，环比增长18.77%。 公司发布的三季报数据显示，前三季度公司共实现营业收入2542.00亿元，同比增长10.33%，实现净利 润378.64亿元，同比增长55.45%，基本每股收益为1.4250元，加权平均净资产收益率25.45%。 紫金矿业股价再创历史新高，该股近期呈不断突破新高之势，近一个月累计有10个交易日股价刷新历史 纪录。截至09:36，该股目前上涨1.88%，股价报38.96元，成交3387.28万股，成交金额13.13亿元，换手 率0.16%，该股最新A股总市值达8026.11亿元，该股A股流通市值8026.11亿元。 证券时报·数据宝统计显示，紫金矿业所属的有色金属行业，目前整体涨幅为1.94%，行业内，目前股价 上涨的有128只，涨幅居前的有翔鹭钨业、湖南白银、西部矿业等，涨幅分别为8.40%、7.10%、 6.83%。股价下跌的有10只，跌幅居前的有西部材料、国城矿业、博迁新材等，跌幅分别为5.30%、 3.27%、1.21%。 12月31日公司发布2025年业绩预 ...

Group 1 - Baowu Magnesium Industry's stock increased by 5.11%, reaching 17.70 CNY per share, with a trading volume of 366 million CNY and a turnover rate of 2.46%, resulting in a total market capitalization of 17.55 billion CNY [1] - The company, established on November 30, 1993, and listed on November 13, 2007, is located in Nanjing, Jiangsu Province, and specializes in the production and deep processing of magnesium and aluminum alloy materials [1] - The revenue composition of Baowu Magnesium Industry includes: aluminum alloy extrusion products (35.90%), magnesium alloy products (26.03%), intermediate alloys (13.14%), magnesium-aluminum alloy die-casting products (11.10%), aluminum alloy products (6.67%), and others [1] Group 2 - The top circulating shareholder of Baowu Magnesium Industry includes a fund from Jiao Yin Schroder, specifically the Jiao Yin State-owned Enterprise Reform Flexible Allocation Mixed A (519756), which entered the top ten circulating shareholders in the third quarter with 4.36 million shares, accounting for 0.5% of circulating shares [2] - The fund has a current scale of 1.833 billion CNY and has achieved a return of 5.53% this year, ranking 2451 out of 8838 in its category, with a one-year return of 27.03%, ranking 4853 out of 8089 [2] Group 3 - The fund manager of Jiao Yin State-owned Enterprise Reform Flexible Allocation Mixed A (519756) is Shen Nan, who has a tenure of 10 years and 258 days, managing a total asset scale of 3.934 billion CNY, with the best fund return during his tenure being 214.4% and the worst being 3.76% [3] - The fund holds 4.36 million shares of Baowu Magnesium Industry, representing 3.7% of the fund's net value, making it the seventh-largest holding [4]

Domestic Market Overview - The domestic market experienced fluctuations with a slight decline, as the Shanghai Composite Index closed at 4138.76 points, down 0.64%, and the Shenzhen Component Index closed at 14169.4 points, down 1.37% [1][9] - Among the 30 sectors, five sectors saw gains, with notable increases in oil and petrochemicals, pharmaceuticals, and non-ferrous metals, while defense, comprehensive finance, and telecommunications faced significant declines [1][9] - The total trading volume of the A-share market reached 36,988 billion, showing a slight increase compared to the previous day [1][9] Overseas Market Overview - The three major U.S. stock indices all closed lower, with the Dow Jones down 0.8%, the S&P 500 down 0.19%, and the Nasdaq down 0.1% [2] - Notably, the S&P futures dropped over 7%, and major tech stocks like VISA fell more than 4% [2] Industry News Highlights - The Ministry of Industry and Information Technology issued an action plan for the high-quality development of industrial internet platforms from 2026 to 2028, aiming for over 450 influential platforms and a significant increase in industrial equipment connectivity [3][11] - The Shanghai government released measures to enhance service quality and stimulate consumption, focusing on various economic scenarios such as holiday and nighttime economies [3][12][13] - China successfully launched 18 low-orbit satellites for satellite internet, marking a significant achievement in its space endeavors [3][14]

Group 1: Silver Price Surge - The spot silver price has surpassed $90 per ounce for the first time, with a current increase of 3.25% to $89.745 per ounce [1] - In 2025, the spot silver price experienced a maximum increase of over 170% within the year, achieving an annual growth of approximately 150% despite a significant drop at year-end [3] - As of the beginning of 2026, both spot and futures silver prices have already increased by over 25% [3] Group 2: Market Influences - The U.S. Labor Department reported a 2.7% year-on-year increase in the Consumer Price Index (CPI) for December 2025, leading traders to increase bets on an earlier interest rate cut by the Federal Reserve [4] - Following the CPI data release, the probability of a Fed rate cut in April rose to about 42%, up from 38% prior to the data [4] - Citigroup forecasts that silver will reach $100 per ounce within the next three months, assuming geopolitical risks will ease [5] Group 3: Supply and Demand Dynamics - Global inventory tightness and increased long positions by institutions through ETFs and physical delivery are driving strong silver prices, with expectations of a rising price center [6] - However, rising raw material costs may suppress demand in the industrial sector [6] - The London Metal Exchange (LME) has also seen strong performance in other metals, with tin prices breaking $51,000, setting a new historical high [6]

Core Viewpoint - The A-share market is experiencing a strong upward trend, particularly in the non-ferrous metals sector, with significant price increases in various metals and ETFs [1][3]. Non-Ferrous Metals Sector Performance - The non-ferrous metals sector is benefiting from multiple catalysts, including macroeconomic disturbances, rigid supply, and new demand dynamics [3]. - The non-ferrous 50 ETF (159652) has seen a price increase of over 2%, reaching new highs [1][5]. - Key stocks in the sector include Zijin Mining, which rose by 2.69%, and Yunnan Tin, which surged by 6.29% [2][5]. Precious Metals Insights - Gold prices are supported by geopolitical tensions and weak employment data, with forecasts suggesting potential for gold to exceed $4,500 per ounce [3]. - The World Gold Council reported a net purchase of 45 tons of gold by central banks in November, indicating strong demand [3]. Industrial Metals Dynamics - Copper prices are expected to continue rising due to supply constraints and regional mismatches, with a projected total market shortfall of over 100,000 tons by 2026 [6]. - The ongoing geopolitical risks and supply security concerns are driving copper prices to new historical highs [6]. Lithium Market Outlook - Policy changes are anticipated to lead to a short-term surge in lithium exports, positively impacting lithium carbonate prices [4][6]. - The demand for lithium remains robust, with expectations of continued strong performance in the battery sector [4]. Investment Strategy - The non-ferrous 50 ETF (159652) is highlighted as a comprehensive investment vehicle covering various metal sectors, with a high concentration of strategic assets [7][9]. - The ETF's copper content is 34%, and gold content is 12%, making it a leading option in its category [9]. Performance Metrics - The non-ferrous 50 ETF has shown a cumulative return of 99.61% since 2022, driven by earnings rather than valuation increases, with a current PE ratio of 26.27, down 52% from five years ago [11].

Core Viewpoint - The non-ferrous metal sector is experiencing significant growth, with the popular ETF, Huabao Non-Ferrous ETF (159876), reaching a historical high and attracting substantial capital inflow, indicating strong investor interest in this asset class [1][2]. Group 1: Market Performance - On January 14, the non-ferrous metal sector continued to rise, with Huabao Non-Ferrous ETF (159876) increasing by over 2.5% [1]. - The ETF has seen a real-time net subscription of over 44 million units, with a total capital inflow of 387 million yuan in the past 10 days [1]. - As of January 13, the latest scale of Huabao Non-Ferrous ETF (159876) is 1.294 billion yuan, making it the largest ETF tracking the same index in the market [2]. Group 2: Economic Outlook - According to Dongfang Securities, during the Federal Reserve's interest rate cut cycle, physical assets with tight supply and demand can exhibit significant price elasticity, suggesting a potential super cycle for industrial metals like copper and aluminum [1]. - The duration of the non-ferrous metal super cycle is expected to depend on three conditions: the recovery of U.S. dollar credit, the progress of strategic reserves, and the effectiveness of "anti-involution" policies [1]. - Based on these conditions, the non-ferrous metal super cycle is likely to continue until 2026, supported by a weak dollar cycle, policy backing, and industrial upgrades [1].

Group 1 - Domestic copper and aluminum futures prices have risen significantly as of January 14, 2026, indicating a positive trend in the industrial metals market [1] - The Industrial Nonferrous ETF (560860) closely tracks the CSI Industrial Nonferrous Metals Theme Index, which includes leading companies in copper, aluminum, and rare earths, attracting substantial capital inflows [1][3] - The fund experienced a net inflow of 250 million on January 13, with a total of 1.825 billion in net inflows over the past five trading days, and nearly 2.7 billion in the last ten days [1] Group 2 - The CSI Industrial Nonferrous Metals Theme Index comprises 30 leading companies in the industrial nonferrous metals sector, with copper (34.4%), aluminum (21.8%), and rare earths (13.6%) making up nearly 70% of the index as of January 9 [5] - The top ten constituent stocks of the index include major players such as Luoyang Molybdenum, Northern Rare Earth, and China Aluminum, collectively accounting for 56.18% of the index [7] - The Industrial Nonferrous ETF (560860) is the only ETF product tracking the CSI Industrial Nonferrous Metals Theme Index, providing investors with an efficient solution to invest in this sector [7]

2026 年 1 月 14 日星期三 重庆市江北区金沙门路 32 号 23 层； 023-67071029 上海市浦东新区世纪大道 210 号 10 楼 1001； 021-61101854 地址： 电话： 1 市场有风险 投资需谨慎 | 目录 | | --- | | 纸浆： 15 | | 碳酸锂： 16 | | --- | | 铜： 16 | | 铝： 17 | | 锌： 18 | | 铅： 18 | | 锡： 18 | | 镍： 19 | | 豆油、豆粕： 19 | | 棕榈油： 20 | | 菜粕、菜油： 21 | | 棉花： 21 | | 白糖： 22 | | 苹果： 23 | | 生猪： 24 | | 鸡蛋： 24 | | 玉米&淀粉： 25 | | 原木： 26 | | 免责声明 27 | 国债： 上一交易日，国债期货收盘多数上涨，30 年期主力合约涨 0.28%报 111.350 元， 10 年期主力合约涨 0.06%报 107.850 元，5 年期主力合约涨 0.04%报 105.625 元，2 年 期主力合约持平于 102.330 元。 公开市场方面，央行公告称，1 月 13 日以固定利率、 ...