继1月25日股价录得涨停板后，1月26日，豫光金铅(600531)再度涨停，报收18.63元/股。进入2026年以 来，该公司股价累计涨幅已近60%。 26日晚间豫光金铅发布股票交易异常波动公告显示，股票于2026年1月22日、2026年1 月23日、2026年1 月26日连续三个交易日内收盘价格涨幅偏离值累计达到20%，根据《上海证券交易所交易规则》的相关 规定，属于股票交易异常波动的情形。经公司自查并向控股股东河南豫光集团有限公司（下称"豫光集 团"）核实，截至本公告披露日，公司不存在应披露而未披露的重大信息。 豫光金铅主要业务为铅锭、阴极铜、黄金、白银等有色金属及贵金属产品的冶炼和销售，主要产品为铅 锭、阴极铜、白银、黄金等，公司是国内铅锭和白银生产领域的龙头企业。 该公司年报显示，近些年来，公司围绕延链补链强链造链，大力推进现代化产业体系建设，加快发展新 质生产力，积极拓展战略新兴产业空间，推动主导产业和服务型制造业深度融合，做大做强冶金机械、 工程总包、有色金属贸易等产业链，加快布局以高纯金属、铅合金、新能源材料、稀贵稀散金属为核心 的"四大"新材料产业链，不断塑造发展新动能、新优势。 26日晚间公 ...

Core Viewpoint - Zhongyi Technology is expected to achieve a net profit attributable to shareholders of 60 million to 80 million yuan in 2025, indicating a turnaround from losses, with a significant increase in net profit excluding non-recurring gains and losses projected at 25 million to 35 million yuan, representing a year-on-year growth of 119.15% to 126.81% [1] Group 1: Financial Performance - The company anticipates a net profit of 60 million to 80 million yuan for the year 2025, marking a return to profitability [1] - The expected net profit excluding non-recurring items is projected to be between 25 million and 35 million yuan, reflecting a year-on-year increase of 119.15% to 126.81% [1] Group 2: Factors Influencing Performance - The improvement in performance is attributed to the recovery in industry conditions, leading to an increase in average processing fees for copper foil products [1] - The company has actively developed new customers and optimized its customer structure, resulting in steady growth in product sales [1] - Continuous optimization of product structure and an increase in the sales proportion of high value-added products have significantly enhanced the company's profitability [1] - The commitment to technological innovation and ongoing improvements in production processes have positively impacted net profit [1]

Economic Growth - In 2025, Guangxi's GDP is projected to reach 29,727.45 billion RMB, reflecting a year-on-year growth of 5.1% at constant prices [1] - The primary industry is expected to contribute an added value of 4,631.71 billion RMB, growing by 4.2% [1] - The secondary industry is projected to have an added value of 9,577.24 billion RMB, with a growth rate of 5.0% [1] - The tertiary industry is anticipated to reach an added value of 15,518.50 billion RMB, growing by 5.4% [1] Industrial Performance - The added value of industrial enterprises above designated size in Guangxi is expected to grow by 7.7% in 2025 [1] - Key industries such as the paper and paper products industry, electrical machinery and equipment manufacturing, automotive manufacturing, and non-ferrous metal smelting and rolling processing are projected to see significant growth rates of 39.1%, 22.1%, 16.6%, and 12.8% respectively [1] - High-tech manufacturing and equipment manufacturing are expected to grow by 23.7% and 16.5% respectively, driven by the continuous release of artificial intelligence empowerment effects [1] Consumer Market - The social retail sales of consumer goods in Guangxi are projected to grow by 3.0% in 2025 [2] - The sales of household appliances and audio-visual equipment, as well as new energy vehicles, are expected to increase by 17.6% and 9.0% respectively, supported by the old-for-new policy [2] - Online retail sales are anticipated to grow by 19.0% [2] Foreign Trade - Guangxi's total foreign trade import and export volume is expected to reach 8,192.62 billion RMB, marking an 8.4% increase compared to the previous year [2] - Exports are projected to be 4,897.38 billion RMB, growing by 10.6%, while imports are expected to reach 3,295.24 billion RMB, with a growth of 5.3% [2] - General trade imports and exports are expected to grow by 10.7%, bonded logistics by 13.2%, and processing trade by 38.6% [2] - Trade with the EU, Latin America, Africa, and ASEAN is projected to grow by 46.3%, 27.4%, 15.8%, and 8.0% respectively [2]

Core Insights - Yantai's economic and social operation for 2025 is focused on stabilizing operations, expanding capacity, enhancing innovation, and promoting transformation in the industrial sector, with a strong emphasis on manufacturing as a key driver of growth [1] Group 1: Industrial Performance - The city's industrial indicators are showing high growth, with the industrial added value, industrial technological transformation investment, and industrial electricity consumption expected to grow by 13.5%, 20.7%, and 14.6% respectively in 2025, leading to a total industrial output value exceeding 1.3 trillion yuan [1] - Among 37 major industrial categories, 9 out of the top 10 by added value are expected to see growth, particularly in petroleum, chemical manufacturing, and non-ferrous metal processing [1] Group 2: Technological Transformation - Yantai has implemented 135 provincial-level key technological transformation projects with an investment of 27.8 billion yuan, exceeding annual targets, and has been selected as a pilot city for new technological transformation in manufacturing [2] - The city has established 25,000 5G base stations and has a digital transformation coverage rate of 96% among industrial enterprises, with the addition of various levels of smart factories [2] Group 3: Innovation and Quality - The establishment of 18 new provincial-level R&D centers has brought the total to 262, with 182 provincial-level technology innovation projects leading to the development of 295 new technologies and 224 new products [2] - Yantai has recognized 48 enterprises for their quality management practices, with 3 achieving national-level recognition, marking the highest number in the province [2] Group 4: Industrial Ecosystem - The city has invested 111.9 billion yuan in 517 projects aimed at strengthening the industrial chain, while also attracting 10,600 talents and establishing 6 new industrial funds totaling 40 billion yuan [3] - Yantai's aerospace industry cluster has been recognized as an advanced manufacturing cluster in the province, with other sectors like deep-sea energy equipment and automotive parts also receiving accolades [3]

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The industrial added value of large-scale industries in China grew by 5.9% in 2025, with a year-on-year increase of 5.2% in December 2025 [1] - The U.S. PCE inflation data for November 2025 showed a year-on-year increase of 2.8%, aligning with market expectations, indicating stable inflation [2][18] - The Federal Reserve's Beige Book indicated moderate economic expansion in the U.S., with persistent inflationary pressures, supporting the decision to maintain interest rates [3][20] - Zijin Mining announced the completion of the second phase of the Julong Copper Mine, which will significantly increase copper production capacity, enhancing its position as a leading copper producer [4][23] Summary by Sections Market Review - The non-ferrous metals sector outperformed the Shanghai Composite Index by 6.03%, with a weekly increase of 6.03% [9] - Precious metals saw significant price increases, with gold prices rising by 8.30% and silver by 14.94% [38] Key Focus Areas & Metal Prices - Industrial metals are experiencing supply disruptions, leading to a sustained increase in copper prices, which reached $13,128.50 per ton, up 2.54% week-on-week [26][30] - Precious metals are gaining value due to rising risk aversion, with gold and silver prices showing substantial increases [38] - Lithium product prices continue to rise, with carbonate lithium reaching 177,300 yuan per ton, up 15.80% week-on-week [45] Strategic Metals - Tungsten prices are on the rise, with the average price for tungsten bars increasing to 1,380 yuan per kg, up 4.55% week-on-week [51] - The market for antimony has stabilized after a prolonged decline, with prices beginning to recover [53]

Core Viewpoint - Yongjie New Materials announced plans to acquire 100% equity of Aokening (Qinhuangdao) Aluminum Co., Ltd. and 95% equity of Aokening (Kunshan) Aluminum Co., Ltd. through cash payment, which is expected to constitute a major asset restructuring without being classified as a related party transaction or restructuring for listing purposes [1] Group 1 - The transaction is preliminarily valued at approximately USD 9.09 million for the Qinhuangdao entity and USD 8.89 million for the Kunshan entity, with amounts converted based on the exchange rate applicable on the agreed delivery date [1]

Industry Overview - The zinc supply side is tightening, with domestic smelting enterprises increasing raw material demand ahead of the holiday, driven by the re-industrialization process in Asia, Africa, and Latin America, leading to a positive fundamental outlook for related industries [1] - The market's focus on zinc is driven by three main factors: the recovery of industrial demand from infrastructure and manufacturing in Asia, Africa, and Latin America; the ongoing tightness in zinc supply evidenced by declining smelting fees; and expectations of limited domestic zinc demand decline supported by fiscal policy [1][2] Related Industries - Non-ferrous metal smelting and rolling processing industry: This midstream sector is closely linked to the zinc industry, with tight zinc concentrate supply pushing up raw material costs for smelting enterprises, creating negotiation space for processing fees [3] - Galvanized products industry: Benefiting from the recovery of manufacturing and infrastructure in Asia, Africa, and Latin America, the demand for overseas galvanized sheet orders is gradually increasing, which is expected to boost domestic galvanized enterprises' export business and production capacity utilization [3] - Non-ferrous metal mining and selection industry: The tight supply situation in zinc mining highlights the advantages of companies with quality zinc reserves, allowing them to withstand raw material price fluctuations and ensure production stability [3] Industry Chain Companies - Chihong Zn & Ge Co., Ltd.: The company specializes in the mining, smelting, deep processing, and sales of zinc, lead, and germanium products, possessing rich zinc resource reserves and a high raw material self-sufficiency rate, while also extending its business into zinc deep processing [4] - Zhongjin Lingnan Nonfemet Company: Engaged in the mining, smelting, deep processing, and financial investment of non-ferrous metals, the company has multiple operational zinc mining projects and stable zinc concentrate production capacity, ensuring raw material supply for smelting [4] - Zhuhai Huajin Zinc Industry Group: Focused on zinc smelting and deep processing, the company boasts advanced zinc smelting technology and a diverse range of zinc products, serving various downstream industries with high product quality and market reputation [4]

Core Viewpoint - The report highlights significant growth in China's non-ferrous metal smelting and rolling industry, with a notable increase in export value projected for 2025 [1] Industry Summary - By December 2025, the export value of China's non-ferrous metal smelting and rolling industry is expected to reach 29.16 billion yuan, representing a year-on-year growth of 75.4% [1] - Cumulatively, the export value for the entire year of 2025 is projected to be 279.29 billion yuan, with a year-on-year increase of 26.9% [1] Company Summary - Listed companies in the non-ferrous metal sector include Jiaozuo Wanfang (000612), Tongling Nonferrous Metals (000630), Alloy Investment (000633), among others [1]

1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - Lead prices are likely to show a fluctuating trend, with limited arbitrage opportunities. It is recommended to mainly adopt a wait - and - see approach for options contracts [7][35] 3. Summary by Relevant Catalogs 3.1. Market Review - Last week, the price of the main contract PB2603 of Shanghai lead futures showed a fluctuating and weakening trend, ranging from around 17,035 CNY/ton to about 17,415 CNY/ton [9] 3.2. Macroeconomic Aspect - In December 2025, the added value of large - scale industries increased by 5.2% year - on - year in real terms, and 0.49% month - on - month. In 2025, the added value increased by 5.9% compared with the previous year. Among 41 major industries, 33 had year - on - year growth in added value in December, with different growth rates for each industry [13] 3.3. Spot Analysis - As of January 23, 2026, the average price of 1 lead in the Yangtze River non - ferrous metal market was 17,150 CNY/ton, an increase of 10 CNY/ton from the previous trading day. The spot prices in Shanghai, Guangdong, and Tianjin were 16,960 CNY/ton, 17,040 CNY/ton, and 16,970 CNY/ton respectively. The premium/discount of 1 lead remained around a discount of - 140 CNY/ton compared with the previous trading day [16] 3.4. Supply and Demand Situation - As of January 16, 2026, the average processing fees (factory prices) in Jiyuan, Chenzhou, and Gejiu were 500 CNY/metal ton, 200 CNY/metal ton, and 300 CNY/metal ton respectively, and the average processing fee (truck - board price) in Kunming was 190 CNY/metal ton. As of December 31, 2025, the monthly refined lead output was 719,000 tons, an increase of 14,000 tons from the previous month and a year - on - year increase of 5.3%, remaining at a relatively high level compared with the past five years [23] 3.5. Inventory Situation - As of January 23, 2026, the refined lead inventory on the Shanghai Futures Exchange was 29,351 tons, a decrease of 7,693 tons from the previous week. As of January 22, 2026, the LME lead inventory was 218,425 tons, a decrease of 4,225 tons from the previous trading day, and the proportion of cancelled warrants was 14.08% [29] 3.6. Fundamental Analysis - In December 2025, the added value of large - scale industries increased by 5.2% year - on - year in real terms, and 0.49% month - on - month. In 2025, it increased by 5.9% compared with the previous year. Lead processing fees changed little, and the price level was at the bottom. Lead production increased in December 2025 and remained at a relatively high level in recent years. Shanghai lead inventory decreased to an extremely low level in recent years, while LME lead inventory decreased slightly but remained at a high level in recent years [34]

Group 1 - The company plans to acquire 100% equity of Aconic (Qinhuangdao) Aluminum Co., Ltd. and 95% equity of Aconic (Kunshan) Aluminum Co., Ltd. through cash payment, which is expected to constitute a major asset restructuring [3][6][9] - The total transaction price includes approximately USD 90.9 million for the 95% equity of Aconic Kunshan and USD 88.9 million for the 100% equity of Aconic Qinhuangdao, along with loan repayment amounts and seller's profit share [14] - The board of directors has approved the transaction, which will be submitted to the shareholders' meeting for further review [5][19] Group 2 - The company will conduct aluminum product hedging business in 2026 to mitigate raw material price volatility risks, with a maximum position size of 20,000 tons and a margin amount not exceeding RMB 50 million [45][80] - The company will also engage in forward foreign exchange settlement and sales business, with a maximum foreign currency amount of USD 6 million for the year 2026 [48][84] - Both hedging and foreign exchange activities will utilize the company's own funds and are not intended for speculative purposes [91][99] Group 3 - The board of directors has determined that the transaction does not constitute a related party transaction and will not change the company's control [26][30] - The company has established risk control measures for both the aluminum hedging and foreign exchange activities to ensure compliance with relevant regulations and internal controls [91][96] - The strategic cooperation agreement with Arconic Corporation aims to explore collaboration in supply chain, technology development, and market expansion [55][60]