Group 1 - The prices of major industrial metals tracked by LME, including copper, nickel, and aluminum, have seen significant increases, with LME nickel reaching a 19-month high due to supply concerns [1][3] - LME copper rose by 1.9% to $13,238 per ton, hitting a record high of $13,387.50, with a year-to-date increase of approximately 6.5% [3][4] - Supply concerns are exacerbated by strikes at Capstone Copper's Mantoverde mine in Chile and delays in production at a mine in Ecuador, leading to heightened worries about copper availability [4][5] Group 2 - Analysts from ING noted that Indonesia's plan to cut nickel ore production is effective in boosting prices in the short term, but long-term price sustainability is uncertain due to expected oversupply [3] - UBS analysts highlighted that the uncertainty surrounding tariffs and ongoing supply disruptions are driving speculative trading in copper, with increased demand for copper in energy transition and infrastructure investments [4][5] - Other industrial metals also experienced significant price increases, with LME tin up 4.8%, aluminum up 1.4%, zinc up 1.8%, and lead up 2.6% [4]

Group 1: Market Overview - The futures market is experiencing a surge driven by domestic policies, green initiatives, and demand for computing power, with overnight London tin prices rising by 4.56% to $44,500 [1] - The London Metal Exchange (LME) reported a tin inventory of 5,420 tons, an increase of 5 tons from the previous trading day [1] - The global base metals market is witnessing a significant rally, with copper surpassing $13,000 and tin and nickel prices increasing by over 4% in a single day, indicating a "metal storm" driven by macro liquidity shifts, technological revolutions, and geopolitical risks [1] Group 2: Geopolitical Risks - The ongoing unrest in the Democratic Republic of Congo (DRC) is escalating supply uncertainties, directly threatening mining operations and personnel safety, which has led to a security alert from the Chinese embassy [2] - As a key producer of cobalt and tin, the DRC's instability adds an extra geopolitical risk premium to tin prices, further complicating the global supply chain [2] Group 3: Supply and Demand Dynamics - The global tin market is characterized by "rigid supply tension" and "demand momentum switching," with supply constraints from Myanmar's slow recovery, Indonesia's export controls, and new geopolitical risks from the DRC, alongside historically low visible inventories supporting prices [3] - Demand is showing structural differentiation, with traditional electronics entering a seasonal lull and weak solder demand, while AI computing infrastructure and solar capacity are driving rapid growth in high-grade tin demand, supported by long-term policies for green and smart consumption [3] - Current market conditions indicate a high price environment that is suppressing short-term transactions, with a focus on rigid demand, and the price range for primary tin is expected to be between 350,000 and 359,000 yuan per ton [3]

Group 1 - The A-share market showed a strong upward trend on Tuesday, with sectors such as insurance, securities, non-ferrous metals, and automotive parts performing well, while beauty care, light industry, electric machinery, and banking sectors lagged behind [1] - Key factors supporting the market's positive performance include the increasing attractiveness of RMB assets, expectations for early-year credit issuance, and subsequent policies, along with a positive shift in corporate profit structures driven by advanced manufacturing and overseas enterprises [1] - The domestic monetary policy is expected to maintain a stance of "moderate easing," while the market anticipates that the Federal Reserve will continue its rate-cutting cycle into 2026, contributing to a more accommodative global liquidity environment [1] Group 2 - The A-share market continued to rise on Tuesday, with the Shanghai Composite Index breaking through previous highs, led by sectors such as non-ferrous metals, large financials, chemicals, commercial aerospace, and intelligent driving, while computing hardware lagged [2] - The market is experiencing a trend of volume and price increase, establishing a bullish sentiment, and investors are encouraged to increase their risk appetite to seize thematic investment opportunities during the "spring rally" [2] - The ongoing resilience of the overseas economy, likely continued dollar liquidity easing, and the domestic policy of "dual easing" are expected to sustain the bullish trend in the A-share market [2]

Group 1 - The core viewpoint indicates a strong performance in the non-ferrous metals sector, with the index rising by 1.08% and notable increases in individual stocks such as Rare Earth (up 7.25%) and Huayou Cobalt (up 6.25%) [1] - The non-ferrous ETF fund has also shown positive momentum, increasing by 1.01% and achieving five consecutive days of gains, with the latest price at 2.11 yuan [1] - The Federal Reserve's internal disagreements regarding future interest rate cuts are highlighted, with differing opinions on the appropriate path forward, particularly in light of upcoming employment data [1] Group 2 - Guojin Securities notes that the gold market is driven by both cyclical and structural bull market factors, with expectations of continued demand for gold ETFs due to overseas interest rate cuts and concerns over the U.S. dollar's credit [2] - The silver market is expected to see a mid-term upward trend, supported by stable supply and growing industrial demand, particularly in photovoltaic and electrical electronics sectors [2] - The lithium industry is experiencing a downward trend in capacity growth following a peak in capital expenditure, but ongoing investment in global energy storage may improve supply-demand dynamics [2] Group 3 - As of December 31, 2025, the top ten weighted stocks in the non-ferrous metals industry index account for 51.65% of the index, with significant players including Zijin Mining and Ganfeng Lithium [3]

Report Investment Rating - No investment rating for the industry is provided in the report [1][2][4] Core Viewpoints - Gold is influenced by rising risk - aversion sentiment [2] - Silver is expected to break new highs [2] - Copper prices are strong due to the boost in computing power demand [2] - Zinc is running on the stronger side [2] - The decrease in LME lead inventory supports its price [2] - Tin is in a range - bound oscillation [2] - Aluminum is oscillating on the stronger side, alumina has rebounded significantly, and cast aluminum alloy follows electrolytic aluminum [2] - Nickel is in a wide - range oscillation due to the game between real - world pressure and cycle - change narratives, and stainless steel is dragged by the real - world fundamentals with the market mainly gambling on Indonesian policies [2] Summary by Commodity Gold and Silver - **Gold**: The prices of domestic gold futures contracts like Shanghai Gold 2602 and Gold T + D declined, while Comex Gold 2602 rose slightly. Trading volume and positions changed, with ETF positions remaining stable. There are geopolitical news such as the Trump administration discussing plans to acquire Greenland. The trend strength is 1 [2][4][6] - **Silver**: Domestic silver futures prices like Shanghai Silver 2602 and Silver T + D decreased, while Comex Silver 2602 increased significantly. Trading volume and positions changed, and inventory decreased. The trend strength is 1 [2][4][6] Copper - **Price and Trading**: The Shanghai copper main contract and LME copper 3M electronic disk prices rose. Trading volume and positions increased. Futures inventory rose, and the cancellation warrant ratio decreased [8] - **News**: The Trump administration is discussing plans for Greenland, and NVIDIA's CFO expects higher data - center chip revenue. The 2025 copper - ore imports in China increased, and there are developments in copper mines and smelters in Chile and other places. The trend strength is 2 [8][10] Zinc - **Price and Market Data**: Shanghai and LME zinc prices rose. Trading volume, positions, and some spot prices increased, while inventory decreased. There are news about China's trade and monetary policies. The trend strength is 1 [11][12][13] Lead - **Price and Inventory**: Shanghai and LME lead prices rose. Trading volume increased, positions changed, spot premiums increased, and LME inventory decreased. There are geopolitical news and expectations of high data - center chip revenue. The trend strength is 1 [14] Tin - **Price and Market**: Shanghai and LME tin prices increased significantly. Trading volume and positions changed, and inventory decreased. There are macro and industry news such as the Fed's stance and new stock listings. The trend strength is 1 [16][17][18] Aluminum, Alumina, and Cast Aluminum Alloy - **Price and Market Data**: Aluminum, alumina, and cast aluminum alloy prices showed various trends. Trading volume, positions, inventory, and other data changed. There are news about the Fed's internal differences and Venezuelan political issues. The trend strength for all three is 1 [20][21] Nickel and Stainless Steel - **Price and Industry News**: Nickel and stainless - steel prices changed. There are multiple industry news in Indonesia, including restrictions on new smelting licenses, changes in nickel - ore production targets, and potential fines for illegal land use. The trend strength for both is 0 [22][23][25]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The overall view of the report is that the short - term trend of SHFE zinc ZN2602 is expected to fluctuate strongly. The fundamentals show a supply shortage, the basis is positive, inventory is decreasing, the trading volume is increasing, and the long - position is dominant, all of which support the upward movement of zinc prices [2][17] Summary by Related Catalogs Zinc Fundamentals - In September 2025, global refined zinc production was 1.1935 million tons, consumption was 1.2292 million tons, with a supply shortage of 35,700 tons. From January to September, global zinc plate production was 10.3632 million tons, consumption was 10.7369 million tons, with a supply shortage of 373,700 tons. In September, global zinc ore production was 1.1633 million tons, and from January to September, it was 9.9647 million tons [2] Zinc Futures Market on January 6 - The trading volume of zinc futures on January 6 was 326,282 lots, and the total trading value was 3.94248076 billion yuan. The open interest was 230,243 lots, an increase of 22,571 lots [3] Domestic Spot Market on January 6 - The domestic spot price of 0 zinc in Shanghai was 24,440 - 24,540 yuan/ton, with an average price of 24,490 yuan/ton, up 340 yuan/ton; in Guangdong, it was 24,140 - 24,240 yuan/ton, with an average price of 24,190 yuan/ton, up 370 yuan/ton; in Tianjin, it was 24,280 - 24,380 yuan/ton, with an average price of 24,330 yuan/ton, up 365 yuan/ton; in Zhejiang, it was 24,460 - 24,560 yuan/ton, with an average price of 24,510 yuan/ton, up 365 yuan/ton [4] Zinc Ingot Inventory Statistics - From December 25, 2025, to January 5, 2026, the total social inventory of zinc ingots in major Chinese markets increased from 111,600 tons to 114,000 tons. Compared with December 29, it increased by 8,400 tons, and compared with December 31, it increased by 5,300 tons [5] Zinc Warehouse Receipt Report on January 6 - The total zinc warehouse receipts on January 6 were 40,845 tons, a decrease of 529 tons compared with the previous day. Among them, the warehouse receipts in Guangdong decreased by 302 tons, and in Tianjin decreased by 227 tons [6] LME Zinc Inventory on January 6 - The LME zinc inventory on January 6 was 105,775 tons, a decrease of 75 tons compared with the previous day. The cancellation ratio was 7.42% [7] Zinc Concentrate Price on January 6 - The prices of 50% - grade zinc concentrate in most regions were around 21,030 yuan/ton, with an increase of 270 yuan/ton. Only in Chifeng, it was 20,530 yuan/ton [8] Zinc Ingot Smelter Price on January 6 - The prices of 0 zinc ingots from various smelters increased by 370 yuan/ton. For example, the price of Hunan Xiuzhou Smelter was 24,620 yuan/ton, and that of "Xuewen World" was 25,050 yuan/ton [11] Zinc Concentrate Processing Fee on January 6 - The domestic processing fee for 50% - grade zinc concentrate was between 1,300 - 2,100 yuan/metal ton, and the import processing fee for 48% - grade zinc concentrate was 40 - 60 US dollars/kiloton [15] SHFE Member Zinc Trading and Position Ranking on January 6 - The total trading volume of SHFE members was 283,114 lots, an increase of 58,886 lots. The total long - position was 66,575 lots, an increase of 6,743 lots, and the total short - position was 67,932 lots, an increase of 3,560 lots [16]

Core Viewpoint - The spring market trend in A-shares is expected to continue, with a focus on growth sectors and cyclical industries benefiting from policy support and market dynamics [1][2]. Industry Configuration Insights 1) Energy and Basic Materials - Demand expectations for thermal coal have weakened, leading to a price drop of 17% in December, while coking coal and coke prices increased by 4% and 8% respectively [11]. - The supply-demand mismatch, combined with monetary easing, has resulted in significant price increases for precious metals and industrial metals, with copper, aluminum, and lithium carbonate prices rising by 12%, 5%, and 26% respectively [13]. 2) Industrial Products - Domestic demand is structurally differentiated, with strong performance in emerging markets for manufacturing exports. Excavator sales increased by 19% year-on-year in November, while electric grid investment rose by 6% [4]. 3) Consumer Products - Traditional consumer sectors are facing challenges, with home appliance sales declining significantly in November, including a 25% drop in air conditioner sales [5]. - The central economic work conference emphasized expanding domestic demand as a priority, with specific policies aimed at increasing income and optimizing supply [5]. 4) Technology - Innovations in AI applications are emerging, with the semiconductor industry showing strong performance, as global semiconductor sales grew by 25% year-on-year in October [6]. - The demand for consumer electronics remains mixed, with smartphone sales up by 5% but declines in laptop and computer hardware sales [6]. 5) Financial Sector - Banks are attracting long-term capital due to their high dividend yields and stable earnings, with insurance premiums increasing by 7.6% year-on-year in November [7]. - The stock market's sentiment is stabilizing, with an average daily trading volume of 1.88 trillion yuan in December [7]. 6) Real Estate - The real estate sector is under pressure, with a 27% year-on-year decline in sales area for commercial housing in December, despite a 45% month-on-month increase [7]. - The central economic work conference highlighted the need to stabilize the real estate market and manage local government debt risks [7].

格隆汇1月7日｜A股市场有色金属股继续走强，其中，入选了格隆汇2026年"下注中国"十大核心资产名 单的洛阳钼业(603993.SH)在昨日创出历史新高后，今日继续走强，盘中一度涨超2%至22.19元，再创历 史新高价。 ...

Market Overview - The Shanghai Composite Index has achieved a 13-day consecutive rise, reaching a new 10-year high at 4083.67, with a gain of 1.50% [2][4] - The total trading volume in the Shanghai and Shenzhen markets exceeded 2.8 trillion, marking a significant increase in market activity [4][6] Sector Performance - The top-performing sectors include Non-ferrous Metals (4.26%), Non-bank Financials (3.73%), and Basic Chemicals (3.12%), indicating strong investor interest in these areas [3][4] - Conversely, sectors such as Communication (-0.77%) and Beauty Care (0.20%) lagged behind, reflecting weaker market sentiment [3][4] Conceptual Indices - Conceptual indices such as Hyperbaric Oxygen Chamber (6.13%) and Brain-Machine Interface (5.74%) showed robust performance, while F5G Concept (-0.21%) and Family Doctor (0.04%) underperformed [3][4] Future Outlook - The report suggests that the market sentiment is optimistic, with expectations for continued upward momentum in the indices, particularly in sectors like Big Finance, Non-ferrous Metals, Robotics, AI applications, and Storage Chips [6] - The macroeconomic environment is improving, with indicators such as the manufacturing PMI returning to expansion territory, which may further support market growth [6] Policy and Regulatory Environment - The Chinese government is focusing on enhancing coordination among departments to improve service efficiency and optimize the business environment, which could positively impact market dynamics [5] - The China Securities Regulatory Commission is intensifying efforts to combat financial fraud, which may enhance market integrity and investor confidence [5] Investment Recommendations - Analysts recommend a focus on sectors that are expected to outperform, including Big Finance and Non-ferrous Metals, as well as emerging technologies like AI and Robotics, given the current market conditions and policy support [6]

Group 1 - The small metals sector opened slightly higher on January 7, 2026, with the China Securities Industrial Nonferrous Metals Theme Index (H11059) rising by 0.72% [1] - Key stocks such as Jinli Permanent Magnet, Huayou Cobalt, and Northern Rare Earth saw significant increases, with gains of 3.80%, 3.55%, and 2.39% respectively [1] - The Industrial Nonferrous ETF (560860) increased by 1.06%, marking its fifth consecutive rise, and has accumulated a 12.65% increase over the past two weeks [1] Group 2 - As of January 6, 2026, the Industrial Nonferrous ETF reached a new high of 10.007 billion yuan, with continuous net inflows totaling 1.184 billion yuan over four days [1] - Institutional views suggest that the nonferrous metals sector, particularly copper, has strong investment logic due to supply constraints and recovering demand from major economies [1] - The top ten weighted stocks in the Industrial Nonferrous Metals Theme Index as of December 31, 2025, include major players like Luoyang Molybdenum, Northern Rare Earth, and China Aluminum, accounting for 56.18% of the index [2]