Group 1 - The core viewpoint of the article highlights a significant inflow of over 440 million yuan into the mining ETF (561330) in the past 10 days, alongside a general increase in non-ferrous metal prices [1] - The improvement in manufacturing and non-manufacturing PMI in December 2025 is attributed to pre-holiday stocking demand, which has led to a recovery in production, increased procurement and inventory, and a restoration of business activity expectations [1] - The mining ETF (561330) tracks the non-ferrous mining index (931892), which includes securities from 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] Group 2 - The mining ETF (561330) recorded the third-highest annual increase among all market ETFs in 2025, with the non-ferrous category ETF ranking first, indicating a concentrated leadership with a higher proportion of gold, copper, and rare earths [1] - Strong demand for computing power has driven up core hardware prices, while the demand in high-tech manufacturing and emerging sectors remains positive, contributing to a significant rise in non-ferrous metal prices and a sustained recovery in basic raw materials [1] - The construction industry's outlook is improving due to the impact of physical workload completion by year-end, while the service sector shows improvement but remains below the prosperity line [1]

Group 1 - The global liquidity environment remains loose, with the Federal Reserve in a rate-cutting cycle, which is expected to boost non-ferrous metal prices [1] - The rapid development of technology sectors such as artificial intelligence and high-end equipment manufacturing is anticipated to accelerate the demand for non-ferrous metals [1] - Geopolitical disturbances have led major countries to elevate the security of critical minerals to a strategic level, potentially driving a revaluation of commodity prices due to safety premiums [1] Group 2 - The Mining ETF (561330) tracks the non-ferrous mining index (931892), which includes securities from companies involved in the development of copper, aluminum, lead, zinc, and rare metals [1] - According to Wind data, the Mining ETF (561330) is projected to have a year-to-date increase of 106.11% in 2025, ranking first among 10 ETFs in the non-ferrous sector [2] - The Mining ETF features a higher concentration of assets in gold, copper, and rare earths, indicating a leading position in the market [1]

证券日报网讯 1月7日，大中矿业在互动平台回答投资者提问时表示，《固体废物综合治理行动计划》 明确"推动重有色金属矿采选一体化建设，促进尾矿就近充填回填，原则上不再批准建设无自建矿山、 无配套尾矿利用处置设施的选矿项目"。四川大中赫公司选厂项目以加达锂矿资源为支撑，严格按照采 选尾一体化标准规划项目开发建设，符合《固体废物综合治理行动计划》文件规定。该项目《矿产资源 开采方案》已通过自然资源部审查，相关证照工作稳步推进中。 （文章来源：证券日报） ...

Core Viewpoint - The capital market in Tibet has made significant contributions to the high-quality development of the local economy during the "14th Five-Year Plan" period, with a focus on the dual growth of quantity and quality of listed companies, continuous innovation investment, improved investor return mechanisms, and robust risk prevention measures [1][2]. Group 1: Listed Companies' Performance - During the "14th Five-Year Plan," the number of listed companies in Tibet increased to 22, with a total market value rising from over 200 billion to 320 billion yuan, and 14 companies entering the "100 billion club," accounting for nearly 60% [7]. - The total operating revenue of these companies reached 40.98 billion yuan in the first three quarters of 2025, a year-on-year increase of 4.96%, while net profit attributable to shareholders was 6.63 billion yuan, up 37.2%, significantly outpacing national averages [7]. - The pharmaceutical and non-ferrous metal industries have emerged as the main drivers of regional economic development, with 8 pharmaceutical companies and 3 non-ferrous metal companies leading the way [7]. Group 2: Innovation and R&D - Innovation has been a core strategy for listed companies in Tibet, with R&D expenditures reaching 2.206 billion yuan in 2024, a 53.09% increase from 1.441 billion yuan in 2020, and R&D intensity rising to 4.06%, exceeding the national average by about 2 percentage points [12]. - In the first three quarters of 2025, R&D expenses totaled 1.74 billion yuan, a year-on-year increase of 18.8%, with R&D intensity reaching 4.24, nearly double the national average [12]. Group 3: Investor Returns - Listed companies in Tibet have focused on enhancing investor returns, with cumulative cash dividends during the "14th Five-Year Plan" period amounting to 17.012 billion yuan, a 28.79% increase compared to the "13th Five-Year Plan" [14]. - The stability and predictability of dividends have improved significantly, with companies like Meihua Biological achieving the highest cumulative dividends of 6.218 billion yuan during this period [14][15]. Group 4: Financing and Capital Tools - The capital market in Tibet has diversified financing tools, with direct financing amounts growing from 13.92 billion yuan in 2021 to 25.528 billion yuan in 2024, reflecting a compound annual growth rate of 22.40% [16]. - The issuance of asset-backed securities (ABS) marked a significant milestone, with a local state-owned enterprise issuing 7 ABS products in 2024, achieving a "zero breakthrough" in ABS issuance in Tibet [16]. Group 5: Risk Prevention and Regulation - Regulatory authorities in Tibet have adopted a "zero tolerance" approach to risk prevention, handling 13 cases of capital market violations during the "14th Five-Year Plan," with penalties exceeding 30 million yuan [19]. - The region has maintained a "zero default" status for corporate bonds, with no companies facing delisting risks during this period [19]. Group 6: Future Outlook - Looking ahead to the "15th Five-Year Plan," the capital market in Tibet aims to empower regional economic development through innovation, industrial upgrades, and risk prevention, with a focus on nurturing quality enterprises in sectors like pharmaceuticals and new materials [22].

Group 1 - The mining ETF (561330) rose over 1.8% on January 7, with a net inflow of over 370 million yuan in the past 20 days, indicating ongoing supply-demand dynamics in industrial metals [1] - The industrial metals sector is characterized by a supply-demand tug-of-war, with copper prices influenced by macroeconomic factors and supply disruptions, potentially leading to strong fluctuations [1] - Aluminum prices reached new highs due to macro policy support, but the fundamentals are under pressure, with domestic electrolytic aluminum production capacity increasing, resulting in a 1.9% year-on-year rise in output, while downstream processing enterprises' operating rates fell to 59.9%, limiting price increases [1] Group 2 - The supply tightness in tin continues, while in the energy metals sector, lithium carbonate demand is weakening marginally, but inventory depletion is slowing; cobalt and nickel are affected by raw material tightness and policy adjustments [1] - In the rare earth sector, light rare earth prices continue to rise, with pre-Spring Festival replenishment demand potentially supporting short-term prices [1] - Overall, the price trends of industrial metals are driven by multiple factors, including expectations of Federal Reserve interest rate cuts, geopolitical issues, and regional supply disruptions [1] Group 3 - The mining ETF (561330) tracks the non-ferrous mining index (931892), which selects securities from companies involved in the development of copper, aluminum, lead-zinc, and rare metals to reflect the overall performance of the non-ferrous metal mining industry [1] - According to Wind data, the mining ETF (561330) had a year-to-date increase of 106.11% in 2025, ranking first among 10 ETFs in the non-ferrous sector, with a higher concentration of "gold + copper + rare earth" [2]

Report Industry Investment Rating - Not provided Core Viewpoints - The current price is mainly influenced by supply - side interference news, with over - speculation. The inventory depletion speed continues to slow, and there is a divergence between the futures and spot markets. The short - term increase is too large, and there is a need to be vigilant against the risk of a pullback [3] Summary by Related Catalogs Market Analysis - On January 6, 2026, the main lithium carbonate contract 2605 opened at 132,600 yuan/ton and closed at 137,940 yuan/ton. The closing price increased by 8.99% compared to the previous day's settlement price. The trading volume was 304,237 lots, and the open interest was 534,999 lots (the previous day's open interest was 515,292 lots). The current basis was - 9,600 yuan/ton. The number of lithium carbonate warehouse receipts was 23,141 lots, a change of 2,860 lots from the previous trading day [1] Spot Market - According to SMM data, the price of battery - grade lithium carbonate was 120,000 - 135,000 yuan/ton, an increase of 8,000 yuan/ton from the previous trading day. The price of industrial - grade lithium carbonate was 118,500 - 130,000 yuan/ton, an increase of 7,250 yuan/ton. The price of 6% lithium concentrate was 1,680 US dollars/ton, an increase of 113 US dollars/ton [2] Policy Impact - On December 30, the National Development and Reform Commission and the Ministry of Finance jointly issued a document clarifying the subsidy policy for automobile trade - ins in 2026, which significantly improved the expectation of the decline in new - energy vehicle demand in the first quarter. On January 4, the State Council issued the "Solid Waste Comprehensive Management Action Plan", which affected small and medium - sized mines in lithium mica production areas such as Yichun, Jiangxi, and strengthened the market's expectation of supply tightening [2] Inventory and Production - The total spot inventory was 109,605 tons, a decrease of 168 tons month - on - month. Among them, the smelter inventory was 17,667 tons, a decrease of 184 tons; the downstream inventory was 38,998 tons, a decrease of 894 tons; other inventories were 52,940 tons, an increase of 910 tons. The inventory depletion speed continued to slow, and the weekly output reached 22,000 tons, a month - on - month increase of 1.2% [2] Strategy Suggestion - Unilateral: Short - term range trading. Pay attention to the inflection points of consumption and inventory, and sell on rallies for hedging when the opportunity arises. Options, inter - delivery spread, cross - variety, and spot - futures strategies are not provided [3][4]

Market Overview - The Shanghai Composite Index opened high and rose over 1%, breaking the previous high from November 14, 2025, reaching a ten-year peak [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.78 trillion yuan, an increase of 145.5 billion yuan compared to the previous trading day [2] Sector Performance - Multiple sectors showed strong performance, with nearly 3,700 stocks rising across the market [3] - The brain-computer interface concept continued to be strong, with over ten constituent stocks hitting the daily limit, including Sanbo Brain Science and Meihao Medical [3] - The financial sector also performed well, with Huayin Securities hitting the daily limit and both Xinhua Insurance and China Pacific Insurance rising over 6% [3] - The non-ferrous metals sector was active, with companies like Luoyang Molybdenum and Zijin Mining reaching historical highs [3] - The commercial aerospace concept remained active, with Luxin Investment achieving six limit-ups in eight days [3] Decline in Specific Sectors - The computing hardware concept saw a decline, with Hui Lv Ecology experiencing a significant drop [4] Closing Statistics - At the close, the Shanghai Composite Index rose by 1.14%, the Shenzhen Component Index increased by 0.81%, while the ChiNext Index fell by 0.04% [5] - Specific index values were: Shanghai Composite Index at 4069.38, Shenzhen Component Index at 3293.18, and ChiNext Index at 13940.24 [6] Market Sentiment - 84.02% of users are bullish on the market [7] - A total of 3,695 stocks rose, while 1,590 stocks declined, with 107 stocks hitting the daily limit [8] Trading Metrics - The trading volume for the day was 1.78 trillion yuan, with a predicted volume of 2.77 trillion yuan for the next trading day, an increase of 226 billion yuan [10] - The limit-up performance rate was 85%, with a high opening rate of 81% and a profit rate of 85% [10]

Group 1 - Hunan Silver shares increased by 5.12%, reaching 8.00 CNY per share, with a trading volume of 1.665 billion CNY and a turnover rate of 9.11%, resulting in a total market capitalization of 22.585 billion CNY [1] - Hunan Silver Co., Ltd. is located in Chenzhou, Hunan Province, established on November 8, 2004, and listed on January 28, 2014. The company primarily engages in the mining, smelting, and deep processing of non-ferrous metals such as silver, lead, and zinc, forming an integrated production system and full industry chain layout [1] - The main business revenue composition is 99.87% from non-ferrous metals and their products, with other sources contributing 0.13% [1] Group 2 - The top ten circulating shareholders of Hunan Silver include a fund under Yongying Fund, with the Gold Stock ETF (517520) newly entering the top ten shareholders in the third quarter, holding 22.7312 million shares, accounting for 1.04% of circulating shares, with an estimated floating profit of approximately 8.8652 million CNY [2] - The Gold Stock ETF (517520) was established on October 24, 2023, with a latest scale of 11.669 billion CNY. Year-to-date return is 2.7%, ranking 1609 out of 5488 in its category; the one-year return is 91.69%, ranking 125 out of 4193; and since inception, the return is 110.65% [2]

Group 1 - Captone, a Canadian mining company, announced a strike at its Manto Verde copper-gold mine in Chile starting January 2, which is expected to produce only 29,000 to 32,000 tons of cathode copper in 2025 [1] - The global copper market is projected to face a shortfall of over 100,000 tons in 2026, exacerbated by ongoing expectations of U.S. copper tariffs and a persistent premium of COMEX copper over LME copper, currently at $100 per ton [1] - The tight supply in non-U.S. regions is driven by traders moving refined copper to the U.S., contributing to rising copper prices that continue to set historical highs [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) is expected to outperform the Zhongzheng Non-Ferrous Index by over 13% in 2025, with a higher concentration in leading companies and a greater proportion of gold, copper, and rare earths [1]

Group 1 - Venezuela remains a focal point in the news, with oil being a central topic. Despite having the largest global reserves, Venezuela's heavy crude oil exports are limited, suggesting minimal short-term impact on international oil prices. It is anticipated that crude oil futures may see only a brief spike without sustained increases [1] - The recent release of the "Solid Waste Comprehensive Management Action Plan" aims to enhance the reduction of industrial solid waste at the source and eliminate outdated production capacity. This plan emphasizes the integrated construction of non-ferrous metal mining and processing, which is expected to positively influence the non-ferrous metal market in the medium to long term due to anticipated supply shortages amid strong demand [2] Group 2 - The performance of the A-share market is influenced by external factors, with the recent mixed performance of major US tech stocks having a limited impact on A-share tech stocks. In contrast, the Hong Kong market showed strong performance, with the Hang Seng Tech Index experiencing a significant increase of 4%, marking the largest gain on the first trading day of the year in five years [3] - The rise in Hong Kong tech stocks, particularly driven by chips, is expected to positively affect A-share chip stocks. The performance of leading chip companies on the STAR Market is likely to boost the STAR Index and the Shanghai Composite Index. However, there is caution regarding the potential for a high opening, which could lead to a high open-low close scenario [5]