Group 1 - The core viewpoint of the news highlights a general increase in non-ferrous metals, with significant price movements observed in various metals such as tin, nickel, and silver [1] - The LME copper price rose by $24, reaching $13,188 per ton, while LME aluminum fell by $12 to $3,186 per ton [1] - The international geopolitical tensions are driving safe-haven investments and central bank allocations towards gold, reinforcing a bullish trend in precious metals [1] Group 2 - The China Securities Non-Ferrous Metals Industry Index (399395) saw a strong increase of 1.55%, with notable gains in stocks such as Huayou Cobalt, which rose by 7.20%, and Yunnan Tin, which increased by 5.32% [1] - The Penghua Non-Ferrous ETF closely tracks the China Securities Non-Ferrous Metals Industry Index, which includes 50 prominent securities in the non-ferrous metals sector, reflecting the overall performance of listed companies in this industry [2] - As of December 31, 2025, the top ten weighted stocks in the index account for 51.65% of the total, including companies like Zijin Mining and China Northern Rare Earth [2]

Core Viewpoint - The non-ferrous metal ETF fund has shown strong performance, with significant inflows and a notable increase in net asset value, driven by rising prices of gold and copper [1][2]. Group 1: ETF Performance - As of January 12, the non-ferrous metal ETF fund has achieved a net inflow of 71.63 billion yuan over the past 13 days, reaching a total size of 105.80 billion yuan, a record high since its inception [1]. - The fund's net value has increased by 135.12% over the past two years, ranking 79th out of 2510 index stock funds, placing it in the top 3.15% [1]. - The fund has recorded a maximum monthly return of 27.00% since its inception, with the longest consecutive monthly gains being 6 months and a maximum cumulative increase of 69.57% [1]. Group 2: Index Composition - The non-ferrous metal ETF closely tracks the CSI Non-Ferrous Metal Industry Theme Index, focusing on metals such as gold, copper, aluminum, rare earths, tungsten, molybdenum, lithium, and cobalt [2]. - The weightings of key metals in the ETF are as follows: copper 33.8%, aluminum 15.7%, gold 11.9%, rare earths 8.9%, and lithium 6.8%, with a total of 61.29% in copper, aluminum, and gold, the highest among all ETFs [2]. - As of December 31, 2025, the top ten weighted stocks in the index include Zijin Mining, Luoyang Molybdenum, Northern Rare Earth, and others, collectively accounting for 52.98% of the index [2]. Group 3: Stock Performance - Key stocks within the ETF include Zijin Mining with a 2.60% increase and a weight of 16.32%, Northern Rare Earth with a 2.80% decrease and a weight of 6.60%, and Ganfeng Lithium with a 4.99% increase and a weight of 3.72% [3]. - Other notable stocks include Shandong Gold with a 3.18% increase and a weight of 3.85%, and Tianqi Lithium with a 3.02% increase and a weight of 2.66% [3].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - Last week, the main contract price of Shanghai zinc futures rose first and then fell. The macro - economic data in the US was mixed, dampening the market's expectation of an interest rate cut in January. The US Supreme Court did not rule on the tariff issue on January 9, and the ruling may be postponed to January 14. In China, inflation data improved from a low level, and the stock market index reached a ten - year high, keeping the market's bullish sentiment high [3][10]. - The fundamentals deviated from the strong market. Since mid - December, the Shanghai - London price ratio has recovered, the loss of zinc ore imports has narrowed significantly, the decline of processing fees has slowed down. After the zinc price rebounded, smelters' profits improved, and production willingness increased slightly. Refineries that had maintenance in early January resumed production one after another, and the refined zinc output is expected to increase month - on - month. The expected export of zinc ingots has declined, increasing the pressure on the supply side [4][10]. - On the demand side, due to the resumption of work after the New Year's Day holiday and the lifting of environmental protection warnings in the north, the operating rate of galvanizing enterprises rebounded. Terminal orders were differentiated, with weak orders for guardrails and lamp posts and resilient orders for iron towers. Due to weak terminal consumption and rising raw material prices, die - casting zinc alloy enterprises reduced their operating rates. Some zinc oxide enterprises reduced their operating rates due to poor sales caused by high - priced raw materials. Overall, primary enterprises mainly consumed inventory, reduced purchases, and social inventory increased slightly [4][10]. - In the short term, the zinc price is mainly affected by the macro - economic situation and capital. The expectation of loose domestic and foreign monetary policies and strong capital bullish sentiment support the zinc price. However, the fundamentals cannot effectively match, with increasing supply and weakening consumption highlighted by high raw material prices, and social inventory accumulating. It is expected that the influence of capital will increase the volatility of the zinc price, and the futures price will fluctuate widely at a high level [4][10]. 3. Summary by Relevant Catalogs 3.1 Transaction Data - From January 2 to January 9, the SHFE zinc price rose from 23,275 yuan/ton to 23,970 yuan/ton, an increase of 695 yuan/ton; the LME zinc price rose from 3,127 US dollars/ton to 3,149 US dollars/ton, an increase of 22 US dollars/ton. The Shanghai - London ratio rose from 7.44 to 7.61, an increase of 0.17. The SHFE inventory increased by 4,059 tons to 73,852 tons, the LME inventory increased by 1,125 tons to 107,450 tons, and the social inventory increased by 0.37 million tons to 11.85 million tons. The spot premium decreased from 110 yuan/ton to 100 yuan/ton [5]. 3.2 Market Review - After the New Year's Day holiday, the main contract of Shanghai zinc futures, ZN2603, reached a high of 24,560 yuan/ton, then some funds took profits and left the market. The zinc price adjusted at a high level along with the non - ferrous metals sector and finally closed at 24,015 yuan/ton, with a weekly increase of 3.02%. It fluctuated narrowly at night on Friday. LME zinc rose first and then fell, reaching a high of 3,268 US dollars/ton, then falling back and finding support near the 20 - day moving average below, and finally closing at 3,149 US dollars/ton, with a weekly increase of 0.7% [6]. - In the spot market, as of January 9, the mainstream transaction price of 0 zinc in Shanghai was concentrated between 23,940 - 24,200 yuan/ton, with a premium of 180 - 200 yuan/ton over the 2602 contract. In the Ningbo market, the mainstream brand of 0 zinc was traded at around 23,940 - 24,160 yuan/ton, with a premium of 180 yuan/ton over the 2602 contract and a premium of 90 yuan/ton over the Shanghai spot price. In the Guangdong market, the mainstream transaction price of 0 zinc was between 23,770 - 24,050 yuan/ton, with a premium of 20 yuan/ton over the 2602 contract, and the price difference between Shanghai and Guangdong narrowed. In the Tianjin market, the mainstream transaction price of 0 zinc ingots was between 23,780 - 24,070 yuan/ton, with a premium of 20 - 70 yuan/ton over the 2602 contract, and Tianjin's price was at a discount of 70 yuan/ton compared to Shanghai. Overall, the market supply increased, traders' willingness to sell improved, the spot premium decreased, but downstream buyers were still reluctant to buy at high prices, and actual spot transactions were mainly among traders [7]. - In terms of inventory, as of January 9, the LME zinc ingot inventory was 107,450 tons, an increase of 1,125 tons from the previous week. The SHFE inventory was 73,852 tons, an increase of 4,059 tons. As of January 8, the social inventory was 11.85 million tons, an increase of 0.87 million tons from December 31 and an increase of 0.37 million tons from January 5. During the week, the price difference between Shanghai and Guangdong was large, so Guangdong's spot zinc flowed into the East China region. At the same time, the arrival of goods in Guangdong was less during the week, resulting in a decline in inventory. Affected by the high zinc price during the week, the delivery rhythm in Shanghai and Tianjin slowed down. Coupled with the arrival of imported goods in Zhejiang during the week, the inventory increased [8]. - In the macro - economic aspect, the US ISM manufacturing index in December 2025 decreased slightly from 48.2 to 47.9, remaining below 50 for 10 consecutive months and reaching a new low since October 2024. New orders have contracted for four consecutive months, and export orders are still weak. The ISM services PMI index in December rose 1.8 points to 54.4, the highest level since October 2024. The increase in new orders reached the highest level since September 2024. The US employment market did not show obvious pressure. The non - farm payrolls in December increased by 50,000, lower than the market expectation of 60,000. The November data was revised down by 8,000 to an increase of 56,000, and the October data was further revised down from a decrease of 105,000 to a decrease of 173,000. The unemployment rate in December dropped to 4.4%, lower than the expected 4.5%. In China, the CPI in December increased by 0.8% year - on - year, the highest increase since March 2023. The core CPI increased by 1.2% year - on - year, with the increase remaining above 1% for four consecutive months. The CPI increased by 0.2% month - on - month, turning from a 0.1% decrease in the previous month. The PPI decreased by 1.9% year - on - year, with the decline narrowing by 0.3 percentage points compared to the previous month; it increased by 0.2% month - on - month, rising for three consecutive months [8][9]. 3.3 Industry News - SMM data showed that on January 9, 2026, the average processing fees for domestic and foreign zinc concentrates were 1,500 yuan/metal ton and 37.5 US dollars/dry ton respectively, with the domestic average remaining flat and the foreign average decreasing by 6.25 US dollars/dry ton compared to the previous period [11]. - Slave Lake Zinc discovered high - grade lead - zinc mineralization in O'Connor Lake, with a maximum of 7.75% Pb and 6.62% Zn [11]. - On January 4, Indian mining group Vedanta Ltd released its production data for the third quarter (Q3 FY26) of the fiscal year ending in December 2025. The production of zinc metal from Indian mines increased by 4% year - on - year, and the production of zinc metal from overseas mines increased significantly by 28% year - on - year. The company said it was mainly due to improved operational efficiency [11]. - Kaz Mineral released its production situation for the third quarter. The report showed that the zinc concentrate metal volume in the third quarter of 2025 was 13,900 tons, and the total zinc concentrate metal volume in the first three quarters of 2025 was 34,000 tons, a cumulative year - on - year increase of 10% [11]. 3.4 Relevant Charts - The report provides 14 charts, including the price trend charts of Shanghai zinc and LME zinc, the ratio of domestic and foreign markets, spot premiums and discounts, LME premiums and discounts, inventory data of LME, SHFE, social and bonded areas, domestic and foreign zinc ore processing fees, zinc ore import profit and loss, smelter profit, domestic refined zinc production, refined zinc net import, and the operating rate of downstream primary enterprises [12][13][14][15][16][17][19][20][21][22][24][26][29][30].

Group 1 - Recent significant price increases in various minor metals, with tungsten showing the most notable rise. As of January 9, black tungsten concentrate (≥65%) is priced at 485,000 yuan/ton, a week-on-week increase of 5.4%. Ammonium paratungstate (APT) is priced at 710,000 yuan/ton, up 6.0% week-on-week; tungsten powder is priced at 1,130 yuan/kg, up 6.5% week-on-week, all reaching historical highs [1] - According to Shenwan Hongyuan Research, the minor metals sector is expected to see positive changes by 2026, driven by high growth in energy storage demand, which will accelerate the reversal cycle in the lithium carbonate industry. In the context of de-globalization, the value of strategic minor metals such as rare earths, tungsten, and antimony will continue to be reassessed [1] - The reshaping of the global credit landscape and the continuation of the Federal Reserve's interest rate cut cycle will jointly support the favorable trend of precious and minor metals [1] Group 2 - On January 9, the A-share market experienced a strong rally, with the Shanghai Composite Index breaking through 4,100 points. The total trading volume reached 3.12 trillion yuan, marking the sixth historical instance of surpassing 3 trillion yuan in trading volume [3] - The minor metals concept continues to strengthen, with several stocks such as Hailiang Co., Yunnan Tin Company, Antai Technology, Xiamen Tungsten, and Zhenhua Co. hitting the daily limit. Other stocks like Zhangyuan Tungsten, Tin Industry Co., Huaxi Nonferrous, Chihong Zinc & Germanium, and China Uranium Industry also saw price increases [3]

资金面上来看，2025年12月以来，有色金属行业获融资净买入达到109.7亿元，净流入金额在全行业中 排名第四，紫金矿业、赣锋锂业、西部材料、中国铀业、天齐锂业、兴业银锡融资净买入金额均超过5 亿元。 据数据宝，元旦假期结束以来，有色金属板块持续走高，行业指数2个交易日大涨6.98%，天力复合、 湖南白银、中国铝业等16股累计涨幅均在10%以上。 目前，已有4只有色金属板块个股公布了2025年业绩预告，业绩均为预增，包括赤峰黄金、紫金矿业、 华友钴业、中国铀业。 ...

Group 1 - The core viewpoint of the articles highlights a significant bullish trend in the non-ferrous metals sector, driven by various factors including rising demand and favorable market conditions [1][4][5] - The non-ferrous metals sector is experiencing a "super cycle," with major metals like copper, aluminum, lithium, and cobalt witnessing substantial price increases and investment interest [4][5] - The recent performance of the non-ferrous ETF, Huabao (159876), indicates strong market activity, with a net subscription of 39 million units and a total inflow of 56.48 million yuan over the past four days [1][5] Group 2 - The global replenishment cycle is starting, with manufacturing PMI showing a continuous recovery, leading to increased demand from sectors like new energy vehicles and infrastructure [4] - The Federal Reserve's shift to a rate-cutting cycle is expected to weaken the dollar, enhancing the pricing power of commodities [4] - The demand for "green metals" is surging due to the energy transition, with electric vehicles requiring significantly more copper compared to traditional vehicles [4] Group 3 - The non-ferrous ETF Huabao (159876) and its linked funds cover a wide range of metals, including copper, aluminum, gold, rare earths, and lithium, allowing investors to capture the overall sector's performance [5] - Analysts predict that the non-ferrous metals sector will continue to exhibit strong performance into 2026, driven by structural and cyclical factors [4]

Core Viewpoint - The dual catalysts of policy and funding have driven the non-ferrous metal market, with copper prices reaching historical highs and lithium stocks experiencing significant gains, highlighting green consumption policies as the core engine for industry growth [1][2]. Policy Impact - The Ministry of Commerce and nine other departments have launched a green consumption promotion initiative, focusing on seven dimensions including green product supply and recycling, which opens growth opportunities for metals like copper, rare earths, and lithium [1]. - The initiative aligns with previous targets set by eight departments aiming for a recycled metal output exceeding 20 million tons by 2025-2026, indicating a strong policy support for the recycling industry [1]. Market Dynamics - Copper prices have surged due to strong demand from the new energy vehicle and photovoltaic sectors, with the copper usage in electric vehicles being 3-4 times that of traditional fuel vehicles, and a projected global copper shortage of 800,000 tons in 2026 [2]. - Lithium market performance remains robust, with carbonate lithium futures rising over 7% in a single day, driven by a reduction in overseas lithium production and easing pessimism regarding terminal demand [2]. Investment Opportunities - The ongoing implementation of green consumption policies is expected to enhance structural opportunities in the non-ferrous metal sector, with a focus on three main investment themes: 1. Copper and rare earths with explosive demand and rigid supply, presenting valuation recovery opportunities for leading companies [3]. 2. The recycled metal sector, where companies with production advantages will stand out due to policy support [3]. 3. Long-term investment opportunities in the lithium sector, as sustained growth in new energy demand is anticipated to boost market conditions post short-term inventory pressures [3]. Industry Outlook - The non-ferrous metal industry is transitioning away from a broad-based increase towards structural opportunities, emphasizing the importance of aligning with green consumption policies and focusing on clearly defined supply-demand gaps in niche markets as key strategies for navigating the 2026 market landscape [3].

Group 1 - The core viewpoint of the news is that the rise in non-ferrous metals is driven by multiple factors including macroeconomic environment, industry fundamentals, capital allocation, and geopolitical issues, rather than a single cause [1] - As of January 5, 2026, the non-ferrous metal industry index (399395) increased by 0.90%, with notable gains in stocks such as China Aluminum (up 5.40%) and Platinum New Materials (up 5.19%) [1] - Precious metals like silver and gold saw significant price increases, with silver rising nearly 5% to $76.358 per ounce and gold surpassing $4400, reflecting a broader trend in the precious metals market [1] Group 2 - The non-ferrous ETF fund (159880) closely tracks the non-ferrous metal industry index, which includes 50 prominent securities in the non-ferrous metal sector, reflecting the overall performance of listed companies in this industry [2] - As of December 31, 2025, the top ten weighted stocks in the non-ferrous metal industry index accounted for 51.65% of the index, with companies like Zijin Mining and China Aluminum among the leaders [2]

作为重要的基础原材料，铜及铜合金板带广泛应用于电力、电子、新能源等领域，是发展战略性新兴产 业的关键支撑。近年来，金川集团瞄准"专、精、特、新"方向，加快培育和发展新质生产力，提升产业 创新能力，加快构建自主可控的铜（铜基）高端产业链。 自2019年启动高精铜带项目以来，企业分三期推进产能建设。目前，前两期已全面达产达标。 【四中全会精神在基层】 【科技新跃升】 0.05毫米锻出产业新"厚度" ——金川集团以精密制造驱动铜产业链延伸 新甘肃·甘肃日报记者 张富贵 谢晓玲 李永萍 走进金川集团三厂区金川镍都实业有限公司高精铜带事业部，机器轰鸣，一派繁忙的生产景象。 大型辊轧机稳定运转，泛着金属光泽的超薄纯铜带材如金色绸缎般缓缓下线。 "这款仅为0.05毫米的带材，厚度不到A4纸的一半。"高精铜带事业部副总经理王军年拿起一块带材介 绍，"超薄化不仅是对生产工艺的极大挑战，更意味着其产业价值的倍增，目前我们的生产工艺已达到 国内领先水平。"该带材的稳定量产，标志着金川集团正式跨入高端电子铜带领域，企业在铜产业结构 调整和产业链延伸方面取得了重大突破。 "这一快速增长，离不开持续的技术积累、人机磨合与工艺固化。与此同 ...

Core Viewpoint - The non-ferrous metals sector has shown remarkable performance in 2025, with significant gains in leading companies and ETFs, indicating strong market confidence and potential for continued growth [1][3][5]. Group 1: Market Performance - On December 31, 2025, the non-ferrous metals sector continued its strong performance, with Jiangxi Copper hitting the daily limit, Yunnan Copper rising over 5%, and Zijin Mining increasing by more than 3% [1][9]. - The non-ferrous ETF Huabao (159876) saw a price increase of over 2.5% during the day and closed up 1.01%, reaching a new high since its listing [1][9]. - The Huabao ETF received a net subscription of 3 million units on the same day, reflecting strong investor interest in the non-ferrous metals sector [1][9]. Group 2: Annual Performance Review - The non-ferrous metals sector topped the industry performance rankings in 2025, with the Huabao ETF's index rising 91.67%, significantly outperforming the Shanghai Composite Index (18.41%) and the CSI 300 (17.66%) [3][10]. - Several key stocks doubled in price over the year, with Zijin Mining up 133.09%, Luoyang Molybdenum up 210.27%, and Jiangxi Copper up 176.92% [3][10]. Group 3: Macroeconomic Factors - The Federal Reserve's decision to lower interest rates is expected to benefit non-ferrous metals, as a weaker dollar typically boosts metal prices and reduces holding costs [5][12]. - Zijin Mining announced an expected net profit of 51 to 52 billion yuan for 2025, representing a year-on-year increase of 59% to 62%, driven by rising prices and volumes of core mineral products [5][12]. - The strong performance of the non-ferrous metals sector is attributed to multiple factors, including global capital expenditure cycles, manufacturing recovery, enhanced monetary attributes, and improved domestic macroeconomic expectations [5][12]. Group 4: Investment Strategy - Different non-ferrous metals exhibit varying degrees of market conditions and drivers, suggesting a diversified investment approach through the Huabao ETF and its associated funds could be beneficial [6][12].