Major Events - Dongpeng Beverage (09980) will conduct its IPO from January 26 to January 29, with an expected listing date of February 3 [1] - Zijin Mining (02899) plans to acquire 100% of Allied Gold Corporation for approximately CAD 5.5 billion [2] - AsiaInfo Technologies (01675) collaborates with ABB Robotics to establish an "Embodied Intelligence Laboratory" [3] - Dongyang Sunshine Pharmaceutical (06887) signs a strategic cooperation agreement with Shenzhen Jingtai to form a joint venture for an AI-driven drug research platform [4] - Howie Group (00501) intends to invest up to USD 50 million to subscribe for shares in Aixin Yuanzhi's initial public offering [5] - Singularity Guofeng (01280) enters a GPU distribution cooperation agreement with Muxi Co., aiming to penetrate the domestic AI computing power market [6] - Guorui Life (00108) signs a strategic cooperation memorandum with Mingzhi Medical to promote deep integration and industrial upgrading of "medical + technology + scenarios" [7] Financial Reports - Harbin Electric (01133) anticipates a net profit attributable to shareholders of approximately CNY 2.65 billion for 2025 [8] - Joyson Electronics (00699) expects an annual net profit of about CNY 1.35 billion, representing a year-on-year growth of approximately 40.56% [9] - Guotai Junan International (01788) projects an annual net profit between HKD 1.28 billion and HKD 1.38 billion, a significant increase of 265% to 293% year-on-year [10] - Tianyue Advanced (02631) forecasts annual revenue of CNY 1.45 billion to CNY 1.5 billion [11] - China Power (02380) estimates a consolidated total electricity sales volume of approximately 126 million megawatt-hours for 2025 [12] - Chalco International (02068) expects a total new contract amount of CNY 46.836 billion for 2025, a year-on-year increase of 51.94% [13]

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]

Group 1 - Southbound funds recorded a net sell of HKD 826 million in Hong Kong stocks for the second consecutive day, with notable net purchases in Tencent Holdings (HKD 1.015 billion), Xiaomi Group (HKD 822 million), and Pop Mart (HKD 613 million) [1] - Continuous net buying trends were observed for Xiaomi over the past 7 days, totaling HKD 3.89621 billion, and for CNOOC over 4 days, totaling HKD 1.09627 billion [1] - Significant net selling was noted for China Mobile over 16 days, amounting to HKD 12.89303 billion [1] Group 2 - Haitong International maintained a "Outperform" rating for Tencent Holdings with a target price of HKD 700, expecting total revenue of HKD 195 billion for Q4, a 13% year-on-year increase [5] - Xiaomi Group repurchased 4 million B shares for HKD 14.04 million on January 26 [5] - Citigroup reiterated a "Buy" rating for Pop Mart, forecasting growth driven by IP diversification and product innovation, with a target price of HKD 415 [6]

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 ...

Group 1 - Capstone Copper's Mantoverde copper-gold mine workers have been on strike since January 2 due to a breakdown in labor contract negotiations, with the union representing 645 workers denying the company's claims about the occupation of the seawater desalination plant [2] - The union stated that government officials convened a mediation meeting, but the company refused to participate unless union members ceased their so-called strong actions [2] - Capstone Copper maintains its position that "there are no minimum conditions for negotiations," amidst a market sensitive to any signs of tightening copper supply, with copper prices reaching historical highs due to strong future demand expectations [2] Group 2 - The Mantoverde mine accounts for approximately 0.4% of global copper production [3] - China's copper industry faces three major challenges: increasing reliance on foreign resources, overcapacity in the midstream processing sector, and downstream demand being suppressed by high copper prices [3] - A bilingual version of the "2026 China Copper Industry Chain Distribution Map" has been compiled to assist the industry in navigating these changes [3]