机构认为，短期春季行情继续进行中，A股维持震荡偏强趋势。 【财经日历】 ►►证监会近日同意上海国际能源交易中心20号胶期权、低硫燃料油期权、国际铜期权注册。证监会将督促上海国际能源交易中心做好各项准备工作，确保 上述品种的平稳推出和稳健运行。 ►►中国证监会发布《公开募集证券投资基金业绩比较基准指引》，自2026年3月1日起施行。《指引》共六章二十一条，主要内容包括：一是突出业绩比较 基准的表征作用，强调业绩比较基准运用的严肃性和稳定性。明确业绩比较基准应当与基金合同约定的核心要素和产品投资风格相匹配，一经选定不得随意 变更。二是强化基金管理人的内部控制和管理。明确业绩比较基准应当由公司管理层决策确定，基金管理人应当建立健全内控机制和管理体系，加强对基金 经理、基金产品投资风格稳定性的持续管理。三是加强对业绩比较基准的外部约束。明确基金托管人的监督职责，规范基金销售机构、基金评价机构对业绩 比较基准的展示、运用等行为，要求基金管理人、基金销售机构做好投资者教育等工作。四是严格监管。中国证监会及其派出机构依法对基金管理人、基金 托管人、基金销售机构、基金评价机构及从业人员的违法违规行为进行处理。 ►►上期所发布 ...

Core Insights - Fairfax Financial's latest 13F indicates a strong commitment to real assets, energy, and restructuring platforms with minimal portfolio turnover, reflecting satisfaction with current holdings rather than tactical changes [1] Company Summaries - **Orla Mining (ORLA)**: Maintained a position of 56.8 million shares valued at $610.5 million, representing approximately 29.6% of the portfolio, indicating confidence in asset durability and inflation hedging [2] - **Occidental Petroleum (OXY)**: Held 6.05 million shares worth $285.9 million, about 13.9% of the portfolio, with no changes made, suggesting satisfaction with risk/reward dynamics as the company focuses on deleveraging [3] - **BlackBerry (BB)**: Reduced position by 5,389,380 shares to 35.4 million shares valued at $172.3 million, approximately 8.4% of the portfolio, reflecting a pragmatic de-risking approach amid ongoing restructuring [4] - **Kraft Heinz (KHC)**: Increased position by 235,000 shares to 5.12 million shares valued at $133.2 million, around 6.5% of the portfolio, consistent with a strategy of accumulating cash flow at discounted valuations [5] - **Molson Coors (TAP)**: Added 71,571 shares for a total of 1.29 million shares valued at $58.4 million, approximately 2.8% of the portfolio, indicating a preference for staples with pricing power [6] - **Vanguard S&P 500 ETF (VOO)**: Trimmed position by 14,652 shares to 58,248 shares valued at $35.7 million, about 1.7% of the portfolio, reflecting a strategy to reduce passive index exposure [7] - **Helmrich & Payne (HP)**: Increased position by 200,000 shares to 1.17 million shares valued at $25.9 million, approximately 1.3% of the portfolio, indicating a thematic bet on energy services and capital discipline [8] - **Full Exits**: Autohome (ATHM) and Lifeway Foods (LWAY) were fully exited, reflecting a cleanup of non-core positions [9] Portfolio Themes - **Low Turnover = High Conviction**: The stability of the portfolio suggests that Fairfax is already positioned for the macro environment anticipated last year [11] - **Hard Asset & Energy Bias**: The focus on ORLA, OXY, and HP highlights a preference for inflation hedging and real asset valuations [12] - **Restructuring Optionality**: BlackBerry is viewed as a multi-year operational value unlock rather than a growth investment [13] - **Cash Flow Defensives**: KHC and TAP are seen as providing income stability and potential for margin recovery [14] Takeaway - Fairfax remains committed to a strategy focused on value and optionality rather than momentum or AI trends, emphasizing hard assets and cash-flow consumers to realize intrinsic value [15]

The incident doesn’t involve a dam, Vale said, adding that the community in the region wasn’t affected https://t.co/rpSIwjgg00 ...

Core Viewpoint - The iShares MSCI Global Metals & Mining Producers ETF (PICK) has experienced a significant increase of 66% over the past year, driven by optimism in industrial metals due to infrastructure spending and energy transition projects [2] Group 1: ETF Performance - PICK's share price rose from approximately $35 to $58, reflecting strong demand for metals like copper and iron ore [2] - The ETF currently manages over $1.2 billion in assets and has an expense ratio of 0.39% [2] Group 2: Macro Factors - China's economic health is the primary factor influencing PICK, as the country consumes about half of the world's copper, iron ore, and steel [3] - Weakness in China's property sector or manufacturing can lead to lower commodity prices, negatively impacting mining stocks [3] - Conversely, stimulus measures or infrastructure investments in China can boost demand and drive price rallies [3] Group 3: Monitoring Indicators - Investors should keep an eye on China's monthly Purchasing Managers' Index (PMI) data, with a PMI above 50 indicating expansion and below 50 indicating contraction [4] - Announcements from China's National Development and Reform Commission regarding infrastructure spending and property sector support are also critical indicators of demand shifts [4] Group 4: Historical Context - Historically, PICK has closely followed Chinese industrial cycles, more than doubling during the 2020-2021 infrastructure boom, but losing much of those gains when property development stalled in 2022 [5] Group 5: Micro Factors - PICK's portfolio is heavily concentrated in copper, with significant holdings in companies like Freeport-McMoran, which has seen a 53% increase over the past year [6] - Price fluctuations in copper have a substantial impact on the earnings and stock performance of these companies, leading to pronounced effects on the ETF's overall performance [6]

Core Viewpoint - The American Beacon GLG Natural Resources ETF (MGNR) has shown a strong performance, gaining 15.7% in the first 15 trading days of January 2026, primarily due to its significant allocation to mining [1]. Group 1: Fund Performance - MGNR has achieved a 15.7% increase in value during the initial 15 trading days of January 2026 [1]. Group 2: Investment Philosophy - The financial market operates efficiently, with most stocks reflecting their true current value, suggesting that the best investment opportunities arise from less-followed stocks or those that do not accurately represent market opportunities [1].

Core Insights - The U.S. is prioritizing the establishment of a domestic supply chain for critical minerals, particularly rare-earth magnets, to reduce reliance on China [1][2] - USA Rare Earth is a key player in this initiative, developing a vertically integrated supply chain from mining to production [2][3] Company Overview - USA Rare Earth has a market capitalization of $3.7 billion and its stock price has recently increased by 9.07% to $2.06 [3] - The company is constructing a 310,000-square-foot facility in Stillwater, Oklahoma, aimed at producing sintered neodymium-iron-boron magnets for various applications [4] Strategic Developments - USA Rare Earth has acquired Less Common Metals for $100 million in cash and shares, enhancing its capabilities in rare-earth metal production [5] - The Round Top Project in Texas, noted for its rich deposits of heavy rare-earth elements, is entering a pre-feasibility study phase, with potential production starting as early as late 2028 [6] Government Relations - The CEO of USA Rare Earth has indicated close communication with the White House regarding potential reallocation of $2 billion in CHIPS Act funds to support critical minerals [8]

Company Overview - Gold Runner Exploration Inc. is focused on the exploration of gold and silver properties in geopolitically stable mining districts in North Western British Columbia and Nevada [4] - The company has recently entered into an option agreement to acquire a 100% interest in the Golden Girl Property, which spans approximately 8,471 hectares in the Golden Triangle of North Western British Columbia [5] - Gold Runner's flagship asset is the Rock Creek gold project in Nevada, which includes 74 unpatented lode mining claims [6] Recent Developments - Gold Runner will attend the Vancouver Resource Investment Conference (VRIC) on January 25-26, 2026, where CEO Chris Wensley will present [1][2] - The VRIC is a significant event in the mining investment sector, featuring 120 keynote speakers and over 300 mining companies, attracting more than 12,000 investors [3] Property Details - The Golden Girl Property is located near significant discoveries such as Goliath Resources Limited's Surebet discovery and Juggernaut Exploration Ltd.'s Big One discovery [5] - The Rock Creek project is strategically expanded with the acquisition of the Dry Creek prospect and the Falcon silver-gold prospect, totaling 239 claims in close proximity [6] - Gold Runner also holds a 10% carried interest in the Cimarron project, which includes 31 unpatented lode mining claims in the Walker-Lane trend of Nevada [7]

Core Insights - Hecla Mining's stock surged 20% this week, reaching an all-time high, driven by rising silver prices which recently crossed the $100 per ounce threshold [1][8] - The company is the largest primary silver producer in the U.S. and Canada, benefiting from both silver and gold price increases [3] - Hecla was recently added to the S&P MidCap 400 index, further boosting investor interest [6] Silver and Gold Market Dynamics - The spike in silver prices is attributed to a persistent supply deficit over the past five years, with industrial demand outpacing supply [5] - Central banks have been increasing their gold purchases at historically high levels, contributing to the rise in gold prices [4] - China's recent export restrictions on silver have also played a role in igniting the price rally [5] Company Events and Future Outlook - Hecla Mining will host its 2026 Investor Day in New York City on January 26, providing further insights into supply and demand dynamics [6] - The company's stock performance is closely tied to the fluctuations in precious metal prices, particularly silver and gold [1][8]

Group 1 - Amazon.com, Inc. is experiencing tariff-related price spikes on its e-commerce platform, with sellers passing costs to consumers after an inventory pull-forward ended in fall 2025 [3] - The company's shares declined in early trading due to investor concerns about consumer resilience amid higher costs and a broader market pullback [3] - Active, bargain-focused shoppers are hesitant towards higher-priced discretionary items, adding uncertainty to 2026 demand elasticity [3] Group 2 - Amazon is advancing its plans to secure strategic inputs for growth, finalizing Rio Tinto as the copper supplier for its data centers [4] - The partnership with Rio Tinto involves innovative copper bioleaching technologies, reflecting AWS's role in increasing copper demand associated with AI infrastructure [4] - Despite short-term retail margin softness, the move indicates a long-term growth strategy for the company [4] Group 3 - Amazon operates online retail platforms and provides cloud computing, storage, and digital infrastructure through Amazon Web Services [5]

Core Insights - Skeena Resources Limited (NYSE:SKE) is recognized as one of the 15 best-performing silver stocks to buy [1] - Canaccord has raised the price target for Skeena Resources from C$30 to C$40 while maintaining a Speculative Buy rating [2] - The company has secured an impact-benefit agreement with the Tahltan Nation for the Eskay Creek gold and silver project, which includes financial involvement, training, and employment opportunities for the local community [3] - As of January 19, 2026, Skeena Resources' stock has increased by 18.51% year-to-date [4] Company Developments - The impact-benefit agreement with the Tahltan Nation aims to create a long-term relationship and address economic, cultural, and environmental concerns related to the Eskay Creek project [3] - The stock's performance indicates positive market sentiment, with a notable year-to-date increase [4] Market Position - While Skeena Resources shows potential as an investment, there are suggestions that certain AI stocks may offer greater upside potential with less downside risk [4]