Group 1 - The core viewpoint is that the recent pullback in the non-ferrous mining sector may present a buying opportunity, with significant capital inflow into mining ETFs, which have seen over 2.3 billion yuan in net inflows for 20 consecutive days [1] - Short-term gold prices may experience a rebound due to extreme implied volatility levels, reminiscent of historical patterns following significant price corrections [1] - The market's pricing of "rate cuts + balance sheet reduction" may be overly anticipatory, as evidenced by the muted response in the U.S. Treasury market to recent news [1] Group 2 - The mining ETF (561330) tracks the non-ferrous mining index (931892), which includes companies involved in the development of copper, aluminum, lead, zinc, and rare metals, reflecting the overall performance of the non-ferrous metal mining industry [1] - According to Wind data, the mining ETF (561330) has achieved a year-to-date increase of 106.11% in 2025, ranking first among ten ETFs in the non-ferrous sector [2]

Group 1: Major Announcements - Fenglong Co. and Jiamei Packaging will resume trading on February 2 [21][21] - The three major telecom operators in China, including China Mobile, China Unicom, and China Telecom, announced an adjustment in the applicable scope of value-added tax for telecom services, increasing the tax rate from 6% to 9%, which will impact their revenue and profits [6][7][8] Group 2: Project Wins and Contracts - Chengdi Xiangjiang won a bid for a project worth 1.22 billion yuan, with its subsidiary holding a 52.6% stake in the consortium [2] - Fulongma is expected to win sanitation service projects with a total first-year service fee of 83.54 million yuan, which will positively impact its operating performance in 2026 and beyond [2] Group 3: Corporate Transactions - BGI Genomics plans to acquire assets for 366 million yuan, including 100% equity of two companies, with additional capital increases planned for both [3] - Penghui Energy submitted an application for the issuance and listing of H-shares on the Hong Kong Stock Exchange [4] Group 4: Financial Performance - North Benz Blue Valley reported a January production of 11,169 new energy vehicles, a year-on-year increase of 20.84% [14] - Sailyus achieved January sales of 45,900 vehicles, a year-on-year growth of 104.85% [15] - GAC Group's January sales reached 116,622 vehicles, reflecting an 18.47% year-on-year increase [16] - Leshan Electric reported a net profit of 23.4 million yuan for 2025, a year-on-year increase of 3.68% [17] Group 5: Share Buybacks - Quzhou Dongfeng proposed a share buyback plan with a total amount between 50 million and 100 million yuan [18] - GoerTek increased its share buyback fund to a minimum of 1 billion yuan and a maximum of 1.5 billion yuan [20] Group 6: Stock Trading and Performance - Tiandi Online confirmed that its operations are normal and there are no undisclosed significant matters, despite recent stock price fluctuations [10] - Hongbaoli's epoxy propylene project has entered the pre-production preparation stage, with significant uncertainties remaining [11] - Hunan Gold's stock trading showed abnormal fluctuations, with ongoing asset purchase plans pending approval [12][13]

矿业ETF（561330）跟踪的是有色矿业指数（931892），该指数从市场中选取涉及铜、铝、铅锌、稀有 金属等矿产资源开发业务的相关企业证券作为指数样本，以反映有色金属矿采选行业的整体表现。根据 Wind数据，2025年全年，矿业ETF（561330）年内涨幅全市场ETF第三，有色类ETF第一，具备龙头更 集中，"黄金+铜+稀土"占比更高的特点。 风险提示：数据来源：Wind，矿业ETF2025年涨幅106.11%，在有色板块10只ETF中排名第一。提及个 股仅用于行业事件分析，不构成任何个股推荐或投资建议。指数等短期涨跌仅供参考，不代表其未来表 现，亦不构成对基金业绩的承诺或保证。观点可能随市场环境变化而调整，不构成投资建议或承诺。提 及基金风险收益特征各不相同，敬请投资者仔细阅读基金法律文件，充分了解产品要素、风险等级及收 益分配原则，选择与自身风险承受能力匹配的产品，谨慎投资。 1月30日，矿业ETF（561330）10cm跌停，资金面看，矿业ETF（561330）近20日资金净流入超22亿 元，资金积极布局，铜铝比带来铝补涨潜力。 华创证券指出，降息预期和美联储独立性危机强化、地缘冲突下避险升温以及 ...

初始转换价为每股H股63.30港元，较于1月29日(即签署认购协议的交易日)香港联交所所报每股H股最后 收市价46.14港元溢价约37.19%。假设按初始转换价每股H股63.30港元悉数转换债券，债券将可转换为 约1.85亿股H股，相当于本公告日期的现有已发行H股数目约3.09%及现有已发行股份数目约0.70%。转 换股份将根据一般性授权由公司配发及发行。债券认购事项及公司发行转换股份毋须经股东进一步批 准。 待完成债券发行后，债券认购事项的所得款项净额将约为15.27亿美元。公司拟将该等所得款项用于秘 鲁阿瑞那项目建设资本开支，剩余将用于补充流动资金和一般公司用途。 格隆汇1月30日丨紫金矿业(02899.HK)发布公告，2026年1月29日，公司、发行人(即金凯投资控股有限 公司，为公司的全资附属公司)及经办人(即瑞银集团与中信证券)订立认购协议。经办人同意在认购协议 所载的条款及条件规限下，个别且并非共同地认购及支付或促使认购人认购及支付发行人将予发行本金 总额达15亿美元的债券(即于2031年到期的15亿美元零息有担保可换股债券)，且公司已无条件及不可撤 销地担保根据担保契据的条款妥善准时支付信托契据 ...

作者 | 第一财 经 李秀中 在房地产市场形势持续下行和推动产业投资不断增长的背景之下，云南的投资结构在过去5年发生了变化， 房地产投资骤降一半多，产业投资增长了近一倍。 1月28日，云南省统计局发布《"十四五"时期云南经济社会发展取得重大成就》（下称《"十四五"成 就》）。文章称，"十四五"时期，云南推动投资增长由房地产和交通水利等基础设施投资拉动向产业投资拉 动转变，由主要依靠政府投资带动向政府投资、民间投资协同驱动转变，由主要依靠高负债投入、粗放式增 长向扩大有效益的投资转变。 2026.01. 28 本文字数：1008，阅读时长大约2分钟 第 一 财 经 持 续 追 踪 财 经 热 点 。 若 您 掌 握 公 司 动 态 、 行 业 趋 势 、 金 融 事 件 等 有 价 值 的 线 索 ， 欢 迎 提 供 。 专 用 邮 箱 ： bianjibu@yicai.com （注：我们会对线索进行核实。您的隐私将严格保密。） 推荐阅读 《"十四五"成就》显示，2025年，云南水利投资占全部投资比重达4.8%，较2020年提高1.5个百分点，房 地产投资占比由2020年的27.2%下降至2025年的12.0% ...

其中，2021～2023年，产业投资和工业投资均保持两位数快速增长，特别是在2024年全部投资负增长的 情况下，产业投资增长2.2%，高于全部投资9.9个百分点。产业民间投资占全部民间投资比重由2021年 的42.6%提升至2025年的65.1%，有力支撑了全省经济高质量发展。 房地产开发投资曾经是云南经济快速增长的重要支撑。根据统计公报，2019年，云南房地产开发投资 4151.41亿元，比上年增长27.8%，带动全年固定资产投资（不含农户）同比增长8.5%，当年云南GDP比 上年增长8.1%，高于全国2.0个百分点，位居全国第二位。 但是，最近几年，云南房地产开发投资呈快速下跌的趋势。根据统计公报，2020-2024年，云南房地产 开发投资分别增长8.5%、-4.3%、-26.9%、-34.4%和-28.5%，尤其是2022年以来，三年年均下降三成左 右，其累计下降幅度为全国之最。 近日，云南省统计局发布的数据显示，2025年，全省固定资产投资同比下降7.0%。其中，房地产开发 投资仍下降2.9%。绿色能源投资成为稳投资的重要支撑，风电投资同比增长54.3%，电力供应投资增长 45.0%，水电投资增长18 ...

Core Viewpoint - The A-share non-ferrous metal market has shown a comprehensive strengthening trend since 2026, with the non-ferrous metal index rising by 24.31%, significantly outperforming the broader market. Precious metals (silver, gold) and minor metals (tungsten, tin) have performed particularly well, with price increases notably higher than industrial metals (lead, aluminum) [2][6]. Market Overview - The report titled "Comprehensive Analysis of the Non-Ferrous Metal Industry" systematically reviews the current non-ferrous metal market from multiple dimensions, including macro strategic environment, industry chain dynamics, competitive landscape, and industry trends, providing a reference for market decision-makers [2]. Price and Production Changes - Certain metals have entered an upward price channel, indicating a structural increase rather than a comprehensive recovery. The industry is transitioning from a low point to recovery, with a clear differentiation between strong and weak products [6][10]. - Global major metal varieties face significant supply constraints due to declining resource grades, insufficient capital expenditure, and geopolitical disturbances. Export restrictions from resource-rich countries are tightening, impacting the industry's international trade dynamics [10]. Demand Resilience - Emerging sectors such as new energy vehicles, energy storage, and AI computing centers are becoming core drivers of demand. For instance, China's new energy vehicle sales are projected to reach 16.49 million units in 2025, a year-on-year increase of 28.17%, boosting demand for copper, aluminum, and rare earths [11][22]. Market Price Support - The Producer Price Index (PPI) for China's non-ferrous metal manufacturing is expected to rise to 117.200 in 2025, up from 113.200 in 2024, indicating robust industry demand [12]. Policy Environment - The policy environment is shifting from "cyclical adjustment" to "strategic resource management," accelerating industry upgrades. The Ministry of Industry and Information Technology has outlined plans for the non-ferrous metal industry to achieve an average annual growth of around 5% in value added from 2025 to 2026 [13][16]. Industry Integration and Technological Support - Policies encourage mergers and acquisitions among large smelting enterprises and support the technological research and industrial application of high-end new materials like magnesium alloys and tungsten [14]. Resource Recycling - The EU's Carbon Border Adjustment Mechanism (CBAM) is pushing for greener production of high-energy-consuming metals. By the end of 2025, 30% of the electrolytic aluminum industry's capacity is expected to meet benchmark energy efficiency levels [15]. Competitive Landscape - The competitive landscape in the industrial metals sector is stable, with leading companies like Zijin Mining and Luoyang Molybdenum Company maintaining strong positions through global resource layouts and price elasticity [43][44]. - In the energy metals sector, companies like Ganfeng Lithium and Tianqi Lithium are leading with a dual drive of resources and technology, while Huayou Cobalt leads in the nickel sector with a collaborative model [47][48]. Long-term Trends - The non-ferrous metal industry is expected to maintain a structurally tight balance in supply and demand, with resource-constrained metals remaining tight in the long term. However, the supply-demand gap will exhibit differentiation across varieties and phases, indicating significant structural opportunities rather than systemic trends [54][55].

相关机构表示，格陵兰岛局势混乱，加之特朗普抨击美联储威胁央行独立性、美欧关系恶化以及地缘局 势动荡，投资者资金流出美元资产，致使美元指数大幅走弱；对此，特朗普表示如果欧洲抛售美国资 产，将招致美国的重大报复。除短期因素外，全球各国央行（尤其是新兴市场央行）正积极减少对美国 资产的敞口、转为增持黄金，特朗普在达沃斯关于格陵兰岛的言论进一步加速了该趋势，波兰央行批准 购买150吨黄金的计划，其黄金持有量上限从550吨提高到700吨。全球地缘风险、逆全球化趋势延续， 贵金属的行情或仍有支撑。 每日经济新闻 风险提示：数据来源：wind，矿业ETF2025年涨幅106.11%，在有色板块10只ETF中排名第一。提及个 股仅用于行业事件分析，不构成任何个股推荐或投资建议。指数等短期涨跌仅供参考，不代表其未来表 现，亦不构成对基金业绩的承诺或保证。观点可能随市场环境变化而调整，不构成投资建议或承诺。提 及基金风险收益特征各不相同，敬请投资者仔细阅读基金法律文件，充分了解产品要素、风险等级及收 益分配原则，选择与自身风险承受能力匹配的产品，谨慎投资。 矿业ETF（561330）跟踪的是有色矿业指数（931892），该指数从 ...

Core Viewpoint - Hunan Gold (002155.SZ) is set to acquire 100% equity of Hunan Golden Tianyue Mining Co., Ltd. and Hunan Zhongnan Gold Smelting Co., Ltd. through a share issuance, which is part of a resource integration led by Hunan state-owned assets [2][3][4] Group 1: Acquisition Details - The acquisition aims to eliminate competition between Hunan Gold and its controlling shareholder, Hunan Gold Group, while reducing related party transactions [2][5] - The transaction will enhance Hunan Gold's control over quality assets and the industry chain, thereby increasing profitability [2][6] - The financial projections for 2025 indicate that Golden Tianyue and Zhongnan Smelting will achieve revenues of 221 million yuan and 2.796 billion yuan, respectively, with net profits of approximately 64.55 million yuan and 124 million yuan [2][6] Group 2: Financial Performance - Hunan Gold forecasts a net profit of 1.27 billion to 1.608 billion yuan for 2025, representing a year-on-year growth of 50% to 90% [7][8] - The company reported a revenue of 41.194 billion yuan for the first three quarters of 2025, a 96.26% increase year-on-year, with net profits growing by 54.28% [9] - This marks the first time since its listing in 2004 that Hunan Gold's annual net profit is expected to exceed 1 billion yuan [8]

从资金面来看，矿业ETF（561330）连续20日资金净流入超15亿元，规模突破30亿元，截至1月26日， 年初以来涨超28%。 （文章来源：每日经济新闻） 相关机构表示，金属牛市有望延续。铜方面，美国库存短期虹吸或有所减弱，但供给扰动持续，供需紧 张格局不改；锂方面，去库持续，供给侧扰动频发，部分矿停产确定性较高，2026年或由紧平衡转为去 库，支撑锂价上行。镍、锡等小金属在宽松宏观环境、供给端扰动、有色板块情绪支撑下也有望保持强 势。看好逆全球化与新需求共振下的有色板块投资价值。 矿业ETF（561330）跟踪的是有色矿业指数（931892），该指数从市场中选取涉及铜、铝、铅锌、稀有 金属等矿产资源开发业务的相关企业证券作为指数样本，以反映有色金属矿采选行业的整体表现。根据 wind数据，2025年全年，矿业ETF（561330）年内涨幅全市场ETF第三，有色类ETF第一，具备龙头更 集中，"黄金+铜+稀土"占比更高的特点。 ...