Core Viewpoint - Luoyang Molybdenum Co., Ltd. is expected to achieve a record net profit of 20 billion to 20.8 billion yuan in 2025, marking a year-on-year growth of 47.80% to 53.71% [1] Group 1: Financial Performance - The company reported a revenue of 145.485 billion yuan and a net profit of 14.28 billion yuan for the first three quarters, reflecting a year-on-year increase of 72.61% [1] - The copper production target for 2026 is set at 760,000 to 820,000 tons, while cobalt production is projected at 100,000 to 120,000 tons [1] Group 2: Recent Events - On February 13, 2026, the company announced the completion of the acquisition of four gold mines in Brazil, which are now fully operational [2] - The gold production from these mines is expected to contribute 6 to 8 tons in 2026, with a long-term goal of reaching 20 tons by 2030 [2] Group 3: Stock Performance - On February 13, 2026, the A-share price of Luoyang Molybdenum fell by 5.09% to 21.98 yuan, with a trading volume of 6.235 billion yuan [3] - The stock experienced a net outflow of 1.41 billion yuan from institutional investors, while retail investors saw a net inflow of 1.248 billion yuan [3] Group 4: Institutional Opinions - Citigroup raised the target price for Luoyang Molybdenum from 20.6 HKD to 28.3 HKD, maintaining a "Buy" rating, with expectations of a 2.4 billion yuan net profit contribution from the Brazilian gold mines in 2026 [4] - The consensus target price from various institutions is 35.22 yuan, indicating a potential upside of 60.24% from the latest price [4]

Company Performance - On February 13, 2026, the stock price of Zhongse Co., Ltd. (000758) fell by 3.29% to 7.36 yuan, while the Shanghai Composite Index decreased by 1.26% and the non-ferrous metal sector index dropped by 3.36% [1] - The company's Q3 2025 report indicated a year-on-year net profit growth of 42.84% to 481 million yuan, but revenue decreased by 17.84% year-on-year [4] - The decline in zinc smelting processing fees (TC) continues to squeeze profits, and the engineering business has a gross margin of about 10%, making it sensitive to cost control and collection efficiency [4] Industry Overview - On February 13, the non-ferrous metal sector faced significant capital outflows, with the sector index down 3.36% and the industrial metal sector down 3.82% [1] - The prices of basic metals such as zinc and lead on the London Metal Exchange generally fell, with a 0.93% drop in three-month zinc prices [1] - The overall A-share market saw a decrease in risk appetite, with trading volume shrinking to approximately 160 billion yuan and over 3,800 stocks declining [5] - The strong US dollar and macroeconomic uncertainties have heightened risk-averse sentiment among investors in the non-ferrous metal sector [5] Market Dynamics - On February 13, the main funds experienced a net outflow of 50.89 million yuan, with large orders seeing a net outflow of 48.83 million yuan, while retail investors had a net inflow of 44.53 million yuan [3] - The stock price has entered an adjustment phase after reaching a peak of 9.53 yuan on January 29, with the closing price on February 13 falling below the 20-day moving average of 7.72 yuan [2] - The MACD histogram has been negative for several days, indicating weak short-term momentum, while the KDJ indicator shows a J value of 57.0 in the neutral zone [2]

Group 1 - The stock price of Nanshan Aluminum (600219.SH) closed at 6.70 yuan on February 13, 2026, down 3.04%, with a trading volume of 1.43 billion yuan and a turnover rate of 1.84% [1] - On the same day, the main funds experienced a net outflow of 124 million yuan, accounting for 8.68% of the total trading volume, while retail investors saw a net inflow of 161 million yuan [1][2] - The overall performance of the non-ferrous metal sector declined by 3.36%, with the Shanghai Composite Index down 1.26% and the Shenzhen Component Index down 1.28% [1][3] Group 2 - Nanshan Aluminum's stock had previously surged by 36.43% from the beginning of the year until January 29, 2026, leading to a significant profit-taking adjustment [2] - The company's Q3 2025 report indicated a net profit attributable to shareholders of 3.772 billion yuan, an 8.09% year-on-year increase, but a notable slowdown compared to the 62.94% growth in the same period of 2024 [2] - The industry outlook suggests that while there will be significant new capacity for alumina, the increase in electrolytic aluminum capacity will be limited, potentially leading to a supply surplus for alumina [3]

Core Viewpoint - The A-share market is expected to continue its upward trend post-Spring Festival, driven by a combination of trend inertia, seasonal effects, and policy environment support [3] Market Characteristics - The A-share market is influenced by multiple factors, exhibiting a complex overall pattern characterized by clear trends, numerous short-term disturbances, and significant structural differentiation [1] - The core driving force for the market's upward trend is the self-propelling nature of the market, supported by regulatory measures to mitigate risks and prevent overheating [1][3] - Key support for the market's upward movement includes improving corporate profit outlooks, increased willingness of residents to invest savings, and ongoing policies to optimize industry competition [1][2] Short-term Market Dynamics - Short-term market fluctuations are influenced by holiday effects, with some funds opting to secure profits before the Lunar New Year, leading to a temporary decrease in trading activity [2] - The performance of U.S. tech giants, Federal Reserve policy, and geopolitical events indirectly affect the rotation of A-share industries [2] Investment Strategy - Post-Spring Festival, the investment logic will focus on "value supporting growth," with a shift from low-risk to high-risk preferences, emphasizing technology and cyclical price increases [5] - Five main investment lines are suggested: 1. AI industry chain focusing on application breakthroughs [5] 2. High dividend assets in stable cash flow sectors [5] 3. Anti-involution sectors benefiting from improved competition [5] 4. Core areas of domestic demand recovery, particularly in health and travel sectors [6] 5. Investment opportunities in strategic and industrial metals [6] Market Outlook - The market is expected to experience a "red envelope market" post-Spring Festival, with potential for further expansion due to the current market's performance being below historical averages [3] - The growth of the A-share market is anticipated to be independent of the overall yearly trend, with a focus on technology growth while balancing risks across multiple sectors [6]

Core Viewpoint - The A-share market is expected to continue its upward trend post-Spring Festival, driven by a combination of trend inertia, seasonal effects, and policy environment support [3] Market Characteristics - The A-share market is influenced by multiple factors, exhibiting a complex overall pattern characterized by clear trends, numerous short-term disturbances, and significant structural differentiation [1] - The core support for the market's upward trend includes improving corporate profit prospects, increased willingness of residents to invest, and ongoing policies to reduce competition [1][2] Short-term Market Dynamics - The pre-Spring Festival period has led to a temporary decline in market activity as some funds opted to secure profits amid uncertainty, but this has not altered the core market trend [2] - Historical data shows that since 2009, the average spring market rally has lasted 57 days with an average increase of over 20% [2] Investment Strategy - Post-Spring Festival, the investment logic will focus on "value supporting growth," with a shift from low-risk to high-risk preferences, emphasizing technology and cyclical sectors [4] - Five key investment themes are recommended: 1. Artificial intelligence industry chain, shifting focus from hardware to application [5] 2. High dividend yield assets, particularly in stable cash flow sectors like white goods and banking [5] 3. Anti-involution sectors benefiting from improved competition dynamics, such as coal and steel [5] 4. Core areas of domestic demand recovery, focusing on sectors with strong growth potential like health and tourism [6] 5. Investment opportunities in strategic and industrial metals, anticipating a rebound in prices [6] Market Outlook - The market is expected to experience a "red envelope market" post-Spring Festival, with potential for further expansion if consumer data exceeds expectations [3] - The overall market is projected to maintain a "stable and upward" characteristic, with limited downside potential for indices [3]

Group 1 - The electrolytic aluminum industry is experiencing significant profit growth, which may positively impact the industrial metals sector to which Asia Pacific Technology (002540) belongs [1] - By January 2026, the average profit in China's electrolytic aluminum industry is expected to exceed 7500 yuan per ton, showing a notable increase due to rising aluminum prices and a slight decrease in costs [1] - On February 13, 2026, the A-share market was supported by policy measures, including a trillion yuan reverse repurchase operation by the central bank to stabilize liquidity, despite pressure from a decline in US stocks [1] Group 2 - Over the past week (February 7 to February 13, 2026), Asia Pacific Technology's stock price has shown a downward trend, with a cumulative decline of 2.68% and a fluctuation of 4.42% [2] - The latest closing price on February 13 was 7.26 yuan, down 1.36% for the day, with a trading volume of approximately 59.4 million yuan [2] - Institutional investors have a neutral long-term profit outlook for Asia Pacific Technology, with predictions of a 17.96% year-on-year net profit growth in 2025 and a 14.84% growth in 2026, driven by the growth potential in consumer electronics and automotive sectors [3]

股价与资金表现 2025年公司股价累计上涨212%，市值一度突破5000亿元，高位积累了较多获利盘。尽管业绩超预期， 部分资金选择兑现收益。2月13日主力资金净流出14.10亿元，而散户资金净流入12.48亿元，显示资金态 度分化。融资余额处于高位（截至2月12日为49.01亿元），杠杆资金波动加剧了股价震荡。 行业板块情况 当日有色金属板块整体下跌3.36%，工业金属板块下跌3.82%，行业情绪偏弱对个股形成拖累。尽管钨 价近期大幅上涨（如仲钨酸铵价格突破100万元/吨），但市场对金属价格持续性的担忧可能影响短期情 绪。 近期事件 公司近期公告为子公司提供总额不超过93亿元的担保，截至公告日对外担保占净资产比例达41.64%， 部分投资者可能关注其潜在风险。 经济观察网 洛阳钼业（603993）在2025年业绩创纪录、净利润首次突破200亿元的利好背景下，于2026 年2月13日出现股价下跌，主要受以下因素综合影响： 股票近期走势 2月13日股价下跌5.09%，换手率1.60%，成交额62.35亿元，显示短期抛压集中释放。 未来发展 公司"铜+黄金"双轮驱动战略明确，2026年铜产量指引76万–82万吨，新 ...

机场航运（核心股）、饮料、旅游酒店（核心股）、白酒（核心股）、零售、多元金融等涨幅靠前。 市场焦点股雅博股份（4板）高开2.29%，AI应用端的掌阅科技（4板）高开5.94%、德才股份（4板）低开2.76%，算力 （核心股）租赁板块大位科技（4板）竞价涨停、豫能控股（2板）竞价涨停，光纤概念（核心股）股特发信息（7天4板）低开 2.56%、金时科技（2板）高开5.31%，有色金属（核心股）板块翔鹭钨业（5天3板）低开2.39%、章源钨业（2板）高开 3.52%，电子布概念股宏和科技（2板）高开0.08%、中材科技（2板）平开。 沪指开盘跌0.44%，报4115.92点，深成指跌0.66%，报14188.35点，创业板指跌0.56%，报3309.43点，科创50指数跌 0.72%，报1470.26点。沪深两市合计成交额199.77亿元，全市场近3000只个股下跌。 盘面上，能源金属、贵金属（核心股）、油气、小金属、工业金属、影视（核心股）院线、通信设备等行业跌幅居前。 ...

Core Insights - The report highlights that the non-ferrous metal industry is expected to experience a revaluation opportunity in 2026, driven by the resonance of financial attributes and industrial trends, with industrial metals and strategic minor metals as the focus and precious metals as a hedge [1][2] - The overall performance of the non-ferrous metal sector in 2025 showed a structural upward trend due to supply-demand mismatches and macroeconomic easing, with a significant annual increase of 94.73%, outperforming the broader market by 67% [2][8] - The investment theme for 2026 centers on the dual drivers of financial attributes and industrial trends within the non-ferrous sector, with minor metals showing the most growth potential, precious metals in a performance realization phase, and industrial metals as a balanced foundational choice [2][40] Industry Performance Review - In 2025, the non-ferrous metal sector was a market focus due to its significant excess returns, with industrial and energy metals leading the gains, followed by minor and precious metals [8] - The rotation pattern observed in 2025 featured precious metals leading, followed by minor metals, and industrial metals making a strong finish [8] 2026 Macroeconomic and Market Outlook - The macroeconomic environment for 2026 is characterized by a transition into a bull market's second phase, driven by profit growth, with a focus on domestic demand stabilization and price recovery [15][20] - A weak dollar cycle is anticipated to support commodity prices, with historical patterns indicating that a weaker dollar correlates with higher commodity prices [16][18] - Geopolitical risks are expected to reinforce the rigidity of resource supply, leading to structural constraints in key resource commodities [17] Investment Themes for 2026 - Industrial metals are expected to benefit from a tightening supply due to long-term investment cycles and geopolitical factors, with copper prices likely to find solid support amid a balanced supply-demand landscape [41][42] - Strategic minor metals, such as rare earths, are entering a phase of systematic revaluation driven by supply constraints and policy support, with significant growth potential linked to emerging industries [44][52] - Precious metals maintain a strong long-term investment logic, with performance realization expected to aid in valuation recovery [40][61] Specific Insights on Industrial Metals - Copper, as a representative of industrial metals, is expected to see a tightening supply due to long-term investment cycles, with demand growth driven by emerging green industries [41][42] - The financial attributes of copper are enhanced in a weak dollar environment, which is expected to support its price in the long term [42] Specific Insights on Strategic Minor Metals - The rare earth sector is highlighted for its strategic importance, with China's dominance in supply and recent export control measures reinforcing its pricing power [52][53] - Demand for rare earths is expected to grow steadily due to their critical role in emerging industries such as electric vehicles and renewable energy [57][59] Conclusion - The non-ferrous metal industry is poised for a revaluation in 2026, driven by a combination of financial and industrial factors, with specific focus areas including industrial metals, strategic minor metals, and precious metals [1][2][40]

Core Viewpoint - The appreciation of the RMB has become a market consensus, with expectations for the USD/RMB exchange rate to reach 6.7 by the end of the year, benefiting Chinese assets from international capital inflows [1][3]. Group 1: RMB Exchange Rate Trends - Since breaking the 7.0 mark at the end of last year, the RMB has continued to appreciate, nearing 6.90 in January [1][3]. - Factors driving the RMB appreciation include a shift towards a "weak dollar" and stronger-than-expected export growth, supported by robust demand for foreign exchange settlements at year-end [3]. - Analysts predict that the RMB will experience a gradual appreciation throughout the year, with offshore RMB showing stronger trends compared to onshore rates [3]. Group 2: Impact on Chinese Assets - The appreciation of the RMB is expected to attract international capital, particularly benefiting the stock market, with Hong Kong stocks likely to see the first positive effects, followed by A-shares [5]. - The anticipated net inflow of foreign capital into Hong Kong and A-shares this year is expected to exceed that of 2025, with technology, high-end manufacturing, and core consumer assets being the main focus areas [5]. Group 3: Divergence in Commodity Market Impact - There is a divergence in views regarding the impact of RMB appreciation on domestic commodity prices, with some expecting a trend while others remain skeptical [4][5]. - Goldman Sachs suggests that industrial metals may benefit, while the energy sector may perform poorly; however, there is uncertainty regarding a trend in commodity prices overall [5]. Group 4: Rational Perspective on RMB Appreciation - Despite the RMB's appreciation, it is crucial to analyze the transmission mechanism of capital inflows and stock market performance, as past examples, such as Japan, show that appreciation does not always equate to foreign capital inflows [6][7]. - The current RMB appreciation is driven by trade surpluses and export settlements, and future capital inflows will depend on the recovery of domestic demand and economic fundamentals [6][7].