Core Viewpoint - Yunnan Copper (000878) emphasizes the importance of resource reserves for sustainable development while maintaining operations at existing mines and smelting plants [1] Group 1: Company Strategy - The company is actively monitoring high-quality mineral resource projects, including those overseas [1] - Resource project assessments and evaluations will be conducted cautiously based on the company's strategic layout and market demand [1]

Core Viewpoint - The A-share market is experiencing an increase in performance announcements as the deadline for annual report forecasts approaches, with over 280 companies having disclosed their 2025 annual report forecasts by January 16, 2023, accounting for nearly 5.2% of the total market [1][10]. Group 1: Performance Forecasts - Nearly 140 companies have reported positive forecasts for 2025 net profit attributable to shareholders, representing about 47.6% of all companies that have disclosed forecasts. The breakdown includes 26.9% expecting profit increases, 14.7% slight increases, 5.6% turning profitable, and 0.3% continuing profitability [3][12]. - Approximately half of the companies are expected to incur losses in 2025, with categories including continued losses (19.6%), first-time losses (10.5%), reduced losses (8.7%), increased losses (4.9%), and profit reductions (4.5%) [3][12]. Group 2: Industry Distribution - The sectors with the highest number of companies reporting positive forecasts include basic chemicals, electronics, automotive, biomedicine, and machinery, which together account for nearly 56.6% of the positive forecasted companies [3][12]. - In terms of loss forecasts, the sectors with the highest concentration of expected losses include electronics, electrical equipment, construction decoration, machinery, and biomedicine, with coal, steel, construction materials, and real estate also showing significant loss ratios [4][13]. Group 3: Notable Companies - Eleven companies are expected to report net profits exceeding 5 billion yuan for 2025, with Zijin Mining leading at 51 billion yuan, followed by Luoyang Molybdenum, Luxshare Precision, WuXi AppTec, Muyuan Foods, and Baofeng Energy, all exceeding 10 billion yuan [7][16]. - Among the companies with the highest expected profit growth, 48 are projected to see their profits double, with Huisheng Biological, Zhongtai Shares, SAIC Motor, Baive Storage, and Huazheng New Materials leading the list [7][16].

Group 1: ETF Market Overview - On January 16, the overall ETF market experienced a decline, with semiconductor-themed ETFs showing strong performance, as several products rose against the trend and entered the top ten gainers of the day [1][4] - The total trading volume of ETFs exceeded 750 billion yuan, setting a historical record, with 23 ETFs having a single-day trading volume exceeding 10 billion yuan [2][12] - The ETF market saw a significant net outflow of over 68 billion yuan, marking the highest single-day outflow of the year, with a clear divergence in fund flows [3][8] Group 2: Sector Performance - Semiconductor-themed ETFs surged, with seven out of the top ten gainers focusing on the semiconductor sector, particularly tracking the Shanghai Stock Exchange's semiconductor materials and equipment index [4][5] - The leading semiconductor ETF, Penghua (589020), rose by 8.74% on the day and has accumulated a year-to-date increase of 29.93%, making it the highest-performing ETF in the same period [4] - Conversely, media and entertainment-themed ETFs experienced a notable decline, with the top six losers all dropping over 4%, and some trading at a discount [6][7] Group 3: Fund Flow Dynamics - The net outflow from the ETF market was primarily driven by stock-type ETFs, which saw a net outflow of over 67 billion yuan, while industry ETFs continued to attract capital [8][9] - Among the top ten net inflows, several industry ETFs focused on non-ferrous metals, semiconductor equipment, software, gold, and securities [8] - The non-ferrous metals ETF (512400) led with a net inflow of 9.84 billion yuan, with a year-to-date net inflow exceeding 8 billion yuan, ranking second in the market [9] Group 4: Future Industry Insights - The investment outlook for the AI industry chain is high, with expectations of significant growth driven by AI, supply chain restructuring, and structural inflation [10] - The storage industry is anticipated to perform well in 2026, driven by AI-induced supply-demand imbalances, with increasing demand for advanced storage solutions [10]

Report Summary 1) Report Industry Investment Rating - No investment rating information is provided in the report. 2) Core View of the Report - As of January 16, 2026, the Nanhua Composite Index fell by -0.73%. Among the sector indices, only the Nanhua Agricultural Products Index rose by 0.17%, while the rest declined. The Nanhua Non - ferrous Metals Index had the largest decline of -2.98%, and the Nanhua Black Index had the smallest decline of -0.44%. Among the theme indices, the Oilseeds and Oils Index had the largest increase of 0.65%, the Building Materials Index had the smallest increase of 0.09%, the Energy Index had the largest decline of -1.85%, and the Mini Composite Index had the smallest decline of -0.38%. Among the single - variety indices of commodity futures, the Rapeseed Oil Index had the largest increase of 2.66%, and the Lithium Carbonate Index had the largest decline of -10.43% [1][3]. 3) Summary by Relevant Catalogs Market Data of Nanhua Commodity Index - **Composite Index**: The Nanhua Composite Index (NHCI) closed at 2728.81, down 20.05 points or -0.73% from the previous trading day, with an annualized return rate (ARR) of 10.16%, an annualized volatility of 12.00%, and a Sharpe ratio of 0.85 [3]. - **Sector Indices**: The Precious Metals Index (NHPMI) fell 0.46%, the Industrial Products Index (NHII) fell 3.14%, the Metal Index (NHMI) fell 1.78%, the Energy and Chemical Index (NHECI) fell 1.25%, the Non - ferrous Metals Index (NHNF) fell 2.98%, the Black Index (NHFI) fell 0.44%, and the Agricultural Products Index (NHAI) rose 0.17% [3]. - **Theme Indices**: The Mini Composite Index (NHCIMi) fell 0.38%, the Energy Index (NHEI) fell 1.85%, the Oilseeds and Oils Index (NHOOl) rose 0.65%, the Building Materials Index (NHBMI) rose 0.09%, etc. [3]. Contribution of Each Variety's Daily Rise and Fall to the Index's Rise and Fall - **Nanhua Composite Index**: Positive contributors included Rapeseed Oil (13.35%), while negative contributors included Palm Oil, etc. [3]. - **Nanhua Mini Composite Index**: Positive contributors included Glass (7.88%), and negative contributors included Rebar, etc. [3]. - **Nanhua Industrial Products Index**: Positive contributors included Rebar (2.09%), and negative contributors included Iron Ore, etc. [3]. - **Nanhua Metal Index**: Positive contributors included Zinc (0.62%), and negative contributors included Stainless Steel, etc. [3]. Single - Variety Index Daily Rise and Fall - **Energy and Chemical Sector**: Some varieties like Glass rose 1.57%, while others like Methanol fell 21.86% [3]. - **Agricultural Products Sector**: Rapeseed Oil rose 2.66%, while Rapeseed Sugar fell 1.23% [6]. - **Black Sector**: Some varieties' information is presented, such as Rebar's relevant data in the contribution part [3].

证券日报网讯1月16日，永杰新材（603271）在互动平台回答投资者提问时表示，截至2025年底，公司 形成产能48.5万吨，其中部分为募投项目陆续投产形成，具体产能利用率数据以定期报告披露为准。 ...

- The report tracks the market trend by monitoring stocks, industries, and sectors that have reached new highs, using a 250-day high distance metric[11] - The 250-day high distance is calculated as follows: $ 250 \text{ day high distance} = 1 - \frac{Closet}{ts\_max(Close, 250)} $ where Closet is the latest closing price and $ ts\_max(Close, 250) $ is the maximum closing price over the past 250 trading days[11] - As of January 16, 2026, the 250-day high distances for major indices are: Shanghai Composite Index 1.52%, Shenzhen Component Index 0.60%, CSI 300 1.23%, CSI 500 0.20%, CSI 1000 1.49%, CSI 2000 1.77%, ChiNext Index 0.81%, and STAR 50 Index 1.63%[12][13] - The report identifies 1204 stocks that reached a 250-day high in the past 20 trading days, with the highest numbers in the machinery, electronics, and basic chemicals industries[19] - The highest proportions of new high stocks are in the defense, non-ferrous metals, and petrochemical industries[19] - The report also tracks "stable new high stocks" based on analyst attention, relative strength, trend continuity, price path stability, and new high sustainability[23][26] - The screening criteria for stable new high stocks include: at least 5 buy or hold ratings in the past 3 months, top 20% in 250-day price change, and top 50% in price path smoothness and new high continuity metrics[26] - The report lists 50 stable new high stocks, with the highest numbers in the cyclical and technology sectors, particularly in non-ferrous metals and electronics industries[27]

标:安安期货客户中的专业投资者，请勿同读、订阅或接收任何相关信息。本内容不拘成具体业务的排价，亦不应被视为任何投资、法律、会计或税务建议，且本公司不会因装放人以到 体内容而规具为客户。本内容的信息来源于公开资料，本公司对这些信息的准朝性、完整性及未来变更的可能往不作任何保证。请您根据自身的风险承受微力作出投资决定并自主承担 投资风险、不应凭借本内容进行具体操作、本公司不对目使用本内容而造成的损失承担任何责任、除非劳有说职。本公司拥有本内容的组织和/流英地相关知识产权。 法坚本公司事先 书面许可。任何单位或个人不得以任何方式复制、转载、引用、刊登、发表、发行、修改、翻译此报告的全部或部分内容。 | 2026/1/16 | 有色及贵金属日度数据简报 | 王蒙 | 李先飞 | 刘雨萱 | Z0012691 | Z0020476 | Z0002529 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 国泰君安期货研究所有 | jixi ...

证券日报网讯1月16日，盛达资源（000603）在互动平台回答投资者提问时表示，截至2026年1月9日， 公司股东人数为44938户。 ...

Group 1: Investment Rating - No information provided Group 2: Core Views - The sentiment in the copper market remains low. The Shanghai copper futures opened lower and continued to decline during the day. Although the supply is tight, the copper futures are still prone to rising and difficult to fall. The terminal demand maintains strong growth, but the copper products sector is cautious overall. After the copper price correction, the downstream purchasing willingness has increased [1] Group 3: Summary by Directory Market Analysis - The copper smelters cannot obtain profits through long - term contracts, and in the spot market, it remains weak and stable. By - products such as sulfuric acid and gold are the main profit points. The refined - scrap copper price difference has weakened but is still abnormal. The substitution advantage of scrap copper is significant, but the downstream demand is weak, and scrap copper transactions are also blocked. In January 2026, the refined copper production is expected to decline, and the merger negotiation between Rio Tinto and Glencore may increase their control of the global copper resource supply to 15%, highlighting the tight supply expectation [1] Futures and Spot Market - Futures: Shanghai copper opened lower and declined during the day - Spot: The spot premium in East China is - 100 yuan/ton, and in South China is - 115 yuan/ton. On January 15, 2026, the LME official price is 13145 US dollars/ton, and the spot premium is + 60 US dollars/ton [4] Supply Side - As of January 15, the latest data shows that the spot rough smelting fee (TC) is - 46.2 US dollars/dry ton, and the spot refining fee (RC) is - 4.80 US cents/pound [6] Fundamental Tracking - Inventory - SHFE copper inventory is 160400 tons, a decrease of 2300 tons from the previous period. As of January 15, the copper inventory in Shanghai Free Trade Zone is 105600 tons, a decrease of 5400 tons from the previous period. LME copper inventory is 141100 tons, a decrease of 500 tons from the previous period. COMEX copper inventory is 538700 short tons, an increase of 5130 short tons from the previous period [9]

Market Overview - In 2025, global stock markets experienced a broad rally, with emerging markets significantly outperforming developed markets. The MSCI Emerging Markets Index rose by 31%, while the MSCI Developed Markets Index increased by 19%. US stocks lagged behind globally [4][10] - The technology sector led the market, driven by the AI wave, followed by cyclical stocks, while energy and consumer sectors underperformed due to weak global demand [4][10] Core Themes - The three key investment themes for 2026 that will impact global and A-share markets are: 1. Continued liquidity easing globally, providing funding support for market investments 2. Sustained AI investment as a core driver for the technology sector 3. A potential recovery in global manufacturing, boosting high-end manufacturing sectors [15][16] A-share Market Analysis - The bull market is expected to continue, with the Shanghai Composite Index surpassing 4000 points. Valuations are not in bubble territory, and as long as earnings materialize and liquidity narratives remain unchanged, the market trend is likely to persist [28] - Focus on three main directions for industry selection: "AI + manufacturing overseas + related raw materials." Traditional industry allocations are shifting from high dividend yields to high free cash flow assets [28][39] Industry Insights - The AI investment trend is expected to continue, supported by industry, funding, and policy factors. Despite a shift from infrastructure competition to application value realization, demand for computational power will persist [21][22] - Global manufacturing is anticipated to maintain a recovery trend, aided by liquidity support from interest rate cuts and a restructuring of supply chains in response to security concerns [23][24] Investment Strategy - The focus is shifting from high dividend assets to high free cash flow assets, as the market environment changes. High free cash flow companies can provide both safety through dividends and growth through capital expenditures in key sectors like AI and manufacturing [48][49] - Growth-oriented stocks, particularly in the ChiNext board, are expected to outperform value stocks like the CSI 300, driven by strong earnings growth and favorable liquidity conditions [56][66] International Market Outlook - The Hong Kong stock market is projected to experience a slow bull run, with the Hang Seng Index potentially rising to 29,000 points, driven by earnings recovery and liquidity easing [71] - The US stock market is expected to see slower growth, with high valuations and strong earnings providing key support, but entering a phase of fragile balance with increased volatility [76]