截至发稿，标普500指数走高0.4%，原材料和公用事业股票领涨。纳斯达克100指数上涨0.2%。道指上 涨0.4%。超大盘股票即将发布关键业绩，美联储料将暂停降息。随着贵金属价格的飙升，Freeport- McMoRan Inc．和Newmont Corp．等矿企表现亮眼。 来源：环球市场播报 美股在小幅上涨中为忙碌的一周开局，市场猜测，扎实的企业盈利将持续推动涨势。美元走软，因市场 揣测美国可能与日本协调干预以支撑日元。黄金突破5000美元大关。 摩根士丹利旗下E*Trade的Chris Larkin表示："本周科技巨头财报将会塑造市场对于人工智能交易以及表 现依然挣扎的科技板块的信心，但周三美联储决议可能使政治议题继续占据头条。" 财报季将于本周积聚势头，占标普500指数市值三分之一的企业将陆续公布业绩。在人工智能概念股经 历疯狂上涨后，这些企业面临压力，亟需证明其巨额的资本支出正在取得更为明显的回报。 与此同时，在经历数月的分歧后，稳定的就业市场使美联储内部重现共识，预计官员们将在2025年底连 续三次降息后维持利率不变。鲍威尔或将暗示当前政策立场恰当，同时不对利率前景给出太多的信号。 ...

1. Report Summary - Report focuses on the institutional research of Shengda Resources in the non - ferrous metals industry on January 26, 2026 [1][2][16] 2. Core Information 2.1 Research Basic Situation - Research object: Shengda Resources [16] - Industry: Non - ferrous metals [16] - Reception time: 2026 - 01 - 26 [16] - Company reception staff: Board Secretary Wang Wei, Securities Affairs Representative Sun Mengying, Investor Relations Manager Cong Peng [16] 2.2 Detailed Research Institutions | Reception Object | Reception Object Type | Institution - related Personnel | | --- | --- | --- | | GF Securities | Securities company | Chen Kaili | | CITIC Securities | Securities company | Gao Mingyang | | Sino - British Life Insurance | Life insurance company | Li Yuanfeng | | Northeast Securities Proprietary | Securities company | Wang Jiahui | | Fuyan Capital | Others | Liu Xianglong, Zhuang Qiyuan | [17] 2.3 Main Content 2.3.1 Company Introduction - Investor Relations Manager Cong Peng introduced the company's basic situation [21] 2.3.2 Q&A - **Copper production of Yichun Jinshi Mining's 460 Highland copper - molybdenum mine**: Currently handling the exploration - to - mining rights transfer. Specific production will be based on post - commissioning data [21] - **Impact of cold weather on Yichun Jinshi Mining**: Located in a cold climate area, expected to have short - term shutdowns due to Spring Festival and extreme climate. Annual effective working days are expected to be over 330 [21] - **Company's future capital expenditure**: For the development and construction of Deyun Mining's Bayan Baolege silver - polymetallic ore project, Yichun Jinshi Mining's 460 Highland copper - molybdenum mine project, and Guangxi Jinshi Mining's Miaohuang copper - lead - zinc - silver ore project; fine - production and management of existing mines, exploration for reserve increase; mergers and acquisitions of high - quality primary metal mineral resources projects [21] - **Completion time and silver production of Dongsheng Mining**: Striving to complete construction in 2026. The production scale of the Bayanwula silver - polymetallic ore is 250,000 tons/year, with an average silver grade of 284.90 g/t. Specific production will be based on post - commissioning data [23] - **Cost of Honglin Mining**: In the trial - production stage, costs are affected by multiple factors. Although safety investment is high, the ore is easy to process, so costs can be well - controlled [23] - **Commissioning time of two newly acquired mines**: Yichun Jinshi Mining focuses on the exploration - to - mining rights transfer of the 460 Highland copper - molybdenum mine in 2026, aiming for construction to start in 2027. Guangxi Jinshi Mining is in the NDRC approval stage for the Miaohuang copper - lead - zinc - silver ore mine construction [23][24] - **Production of Guangxi Jinshi Mining**: The Miaohuang copper - lead - zinc - silver ore has a production scale of 660,000 tons/year, with an average copper grade of 1.68% in sulfide copper industrial ore, an average lead grade of 2.66%, an average zinc grade of 2.40%, and an average silver grade of 83.75 g/t in sulfide lead - zinc - silver industrial ore. Specific production will be based on post - commissioning data [24][25]

Market Performance - The Dow Jones increased by 0.18%, the Nasdaq rose by 0.10%, and the S&P 500 also gained 0.18% [1] Precious Metals Sector - The precious metals sector saw a broad increase, with Newmont Mining rising over 2% and Endeavour Silver increasing by more than 6% [1] Technology Investment - CoreWeave experienced a surge of over 9%, following Nvidia's investment of $2 billion in the company's Class A common stock [1] Rare Earths Sector - The U.S. rare earths sector saw an increase of over 23%, as a company announced a memorandum of understanding with the U.S. government to secure $1.6 billion in funding [1]

1月26日，南下资金净卖出港股8.26亿港元，为连续第二日净卖出。 其中：净买入腾讯控股10.15亿、小米集团-W 8.22亿、泡泡玛特6.13亿、钧达股份1.47亿、中国海洋石油1.07亿；净卖出中国移动11.77亿、紫金矿业10.77 亿、盈富基金10.36亿、阿里巴巴-W 2.35亿、中国人寿1.06亿。 据统计，南下资金已连续7日净买入小米，共计38.9621亿港元；连续4日净买入中海油，共计10.9627亿港元；连续3日净买入泡泡玛特，共计17.3397亿港 元；连续16日净卖出中国移动，共计128.9303亿港元。 北水动向 腾讯控股：海通国际发表研究报告，维持对腾讯控股"跑赢大市"评级，目标价为700港元。该行大致维持对腾讯第四季的业绩预测，预计总收入达1950亿 元，同比增长13%，非国际财务报告准则营业利润预计为680亿元，同比增长15%。该行认为，高质量增长将在2026财年延续。虽然资本支出可能在2026年 加速并对利润率构成压力，但受高利润新业务线驱动，预计仍可实现小幅利润率扩张。 小米集团：港交所文件显示，小米集团于1月26日以1.404亿港元回购400万股B类股份。 泡泡玛特：花旗发 ...

赫克拉矿业(HL.N)：2026年综合黄金产量指引为13.4万至14.6万盎司。 本文源自：金融界AI电报 ...

本文源自：金融界AI电报 赫克拉矿业(HL.N)：2025年白银产量预计为1700万盎司，同比增长逾5%。2026年综合白银产量指引为 1510万至1650万盎司。 ...

期货研究报告 投资咨询业务资格：证监许可【2011】1778 号 铁矿石到货、发运周度数据（2026 年第 4 周） 一、简评 1、国内 47 港到货量为 2625.50 万吨，环比减 272.20 万吨，延续回落态势且降至相对低位；其中澳 矿、巴西矿分别降 143.70、142.10 万吨，非澳巴矿环比增 13.60 万吨，维持相对高位。 2、海外矿石发运小幅回升，全球矿石发运总量为 2978.30 万吨，环比增 48.50 万吨，主要得益于澳洲 主流矿商发运回升所致，合计发运环比增 216.12 万吨；细分地区看澳矿环比增 149.39 万吨，巴西矿则是 微降 1.80 万吨，维持相对低位，非澳巴矿发运高位回落，环比降 99.09 万吨。 3、按船期推算国内港口澳巴矿到货量低位运行，海外供应有所收缩，持续性待跟踪。 二、矿石到货与发运数据 | | | | | | 铁矿石周度到货和发运数据 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 指标 | 本期值 | 上期值 | 周 ...

机械设备承包商Finning周六晚些时候发表声明称，已经和罢工工人达成一项劳工协议，结束了对通往智利Escondida和Zaldiver矿的道路封锁。 Finning公司第二工会成员自本月初开始罢工，并在La Negra工业区和通往必和必拓（BHP）旗下Escondida和安托法加斯塔（Antofagasta）旗下的Zaldivar矿 的道路上断断续续实施封锁行动。 （文华综合） 作为全球最大的铜消费国，中国产业链面临三大挑战：上游资源对外依存度攀升、中游加工环节产能过剩、下游需求受高铜价抑制。为助力行业应对变局， 上海有色网携手铜产业链企业联合编制《2026中国铜产业链分布图》中英双语版，点击此链接即可免费领取铜产业链分布图： https://s.wcd.im/v/470opZ19l/。 刘明康 156 5309 0867 liumingkang@smm.cn SMM联合制作联系人 ...

工会补充表示，所有在该厂工作的人员都可以进入矿区。 其并称："驳斥了公司有关'暴徒'闯入工厂，并造成严重破坏导致工厂无法运转的虚假说法。" Capstone Copper公司周六在一份声明中表示，公司坚持其立场，即"谈判的最低条件不存在。" 此次劳资纠纷正值市场对铜供应趋紧的任何迹象都高度敏感之际，由于市场预期未来需求强劲，铜价已经创下历史新高。 1月25日（周日），Capstone Copper公司位于智利北部的Mantoverde铜金矿工会周六否认了公司关于其仍在占领矿区海水淡化厂的说法，称这一指控是公司 逃避谈判的借口。 自从1月2日关于新的劳工合同的谈判破裂后，该矿工人一直在罢工。 代表645名工人的工会在一份声明中表示，政府官员已于周五召集调解会议，但公司方面拒绝参加，除非工会成员受限停止其所谓的强力行动。 工会称，一小部分成员曾阻碍公司人员进入，并于周四占领了为矿区供水的海水淡化厂，但他们此后已停止这些行动。 该矿的铜产量约占到全球铜产量的0.4%。 （文华综合） 作为全球最大的铜消费国，中国产业链面临三大挑战：上游资源对外依存度攀升、中游加工环节产能过剩、下游需求受高铜价抑制。为助力行业应对变局 ...

Group 1 - Multiple heavyweight stocks experienced significant sell orders at the close, with Zijin Mining's sell order amount exceeding 4 billion yuan [1] - The head of broad-based ETFs has seen a continuous reduction in shares, with the average share reduction of 27.24% for six large-scale ETFs over the past seven trading days [1] - The CSI 1000 ETFs have seen a dramatic decline, with an average share reduction of 47.9% over the same period, and two products experiencing a drop of over 50% [1] Group 2 - The Dalian Commodity Exchange announced the listing parameters for soybean meal and corn options, set to begin trading on February 2 [2] - The international gold price has reached a new high, with spot gold surpassing 5,100 USD per ounce, leading to a rise in gold jewelry prices in Shenzhen [3] - The global laptop shipment is expected to decrease by 14.8% in Q1 2026 due to rising prices of CPUs and memory [4] Group 3 - The global production of lithium iron phosphate is projected to reach 70,000 tons by 2026, up from 28,500 tons in 2025, driven by demand in electric vehicles and consumer electronics [4] - SoftBank has terminated negotiations to acquire data center operator Switch, impacting its AI infrastructure ambitions [5] - Porsche plans to reduce its dealer network by 30% this year, with no current plans for local production in China [5] Group 4 - Hunan Gold plans to integrate gold mines, expecting to add approximately 4 tons of gold reserves upon reaching production capacity [7] - The stock of *ST Tianshan may face delisting due to projected losses of 16 million to 23 million yuan for 2025 [9] - Jiangzhong Pharmaceutical will change its stock name to "China Resources Jiangzhong" to enhance brand recognition [10] Group 5 - Changyuan Donggu received a notice of being selected as a supplier for a well-known domestic passenger car project, with an estimated sales amount of 2.2 billion to 3 billion yuan [11] - Shankai Intelligent won a project for developing a smart water service platform, with a bid amount of 12.11 million yuan [12] - Several companies, including Koli Yuan and Shenling Environment, forecast significant profit increases for 2025, with expected growth rates ranging from 49.69% to 420% [13][14][15][17][19]