Core Viewpoint - Tibet Mining confirmed that Donghua Technology Company is the general contractor and operator for the Zabuye Phase II project, with an operational period of three years [1] Group 1 - The operational costs will be settled according to the "Operation Contract" [1] - Details regarding the contract were disclosed in the announcement on October 8, 2021 [1]

（文章来源：证券日报） 证券日报网讯 1月13日，金岭矿业在互动平台回答投资者提问时表示，截至2026年1月9日，公司在册股 东人数为33725户（含信用账户合并名册）。 ...

Group 1 - Rio Tinto (RIO.US) is seeking a deal with Glencore and has hired several banks, including Evercore and JPMorgan, to assist in the negotiations [1] - The potential merger between Rio Tinto and Glencore could create the world's largest mining company with a market value exceeding $200 billion, marking the largest deal in the industry's history [3] - The discussions come amid soaring copper prices, which have recently surpassed $13,000 per ton due to supply constraints and increased demand from sectors like artificial intelligence and defense [3] Group 2 - A successful merger would significantly boost Rio Tinto's copper production and provide access to the coveted Collahuasi copper mine in Chile [4] - Rio Tinto's new CEO, Simon Trott, is focused on cost-cutting and simplifying operations, indicating a willingness to pursue acquisitions more openly [4] - Glencore, while primarily attractive for its copper assets, is also the world's largest coal trader and has significant operations in nickel and zinc, raising questions about Rio Tinto's interest in acquiring all of Glencore's assets [4]

Core Insights - The S&P 500 index saw a cumulative increase of 16.5% in 2025, which is considered satisfactory by U.S. stock investors, but it underperformed compared to other major global indices like the UK's FTSE 100, which rose by 21% [2]. - The S&P 500's performance was also weaker than Germany's DAX index (up 23%) and Spain's IBEX 35 index (up 48%) [3]. - In contrast, the South Korean KOSPI index surged by 75.6%, while the Chinese CSI 300 and Japan's Nikkei 225 rose by 21% and 28%, respectively [5]. - Precious metals outperformed equities, with gold increasing by 65% and silver by 147%, while Bitcoin fell by 7% during the same period [7]. - The Athens Composite Index in Greece achieved a remarkable 45% increase, surpassing any S&P 500 index fund returns [9]. - A combination of U.S. stocks and Bitcoin yielded lower returns compared to investments in overseas markets and precious metals, highlighting the S&P 500's mediocre performance relative to other asset classes [10]. Structural Issues - The S&P 500 index faces a structural issue due to the over-concentration of AI-related stocks, with the "Magnificent Seven" tech stocks contributing over 50% of the index's gains in the past three years. This concentration leads investors to seek diversification through overseas markets [11]. - The FTSE 100 index, for example, has a high proportion of banking and mining companies, with minimal exposure to the tech sector, making it an attractive option for investors looking to hedge against risks associated with U.S. stocks [11]. Future Outlook - Ed Yardeni from Yardeni Research believes that the upward trend in U.S. stocks is not over, predicting the S&P 500 will reach 7,700 points by the end of the year, an 11% increase from current levels [12]. - Adam Turnquist, Chief Technical Strategist at LPL Financial, notes that the S&P 500 has recorded annual gains of over 15% for three consecutive years, suggesting an average return of about 8% for the following year, with a potential maximum drawdown of around 14% [12].

（文章来源：证券日报） 证券日报网讯 1月13日，宏达股份在互动平台回答投资者提问时表示，目前多龙铜矿采矿权申请已报送 西藏自治区自然资源厅审批，多龙公司正在全力推进采矿权办理，多龙公司及其股东方与自治区及属地 各级主管部门持续保持高效沟通，正常推进各项证照办理工作，力争尽快取得采矿权证。关于40个工作 日审批时限，因矿业权审批涉及多个专业核查环节，实际进度以审批部门办理情况为准。采矿证最终取 得时间，将以有关部门审批办结并出具正式证照的时间为准。 ...

Core Viewpoint - Emerita Resources is making significant progress on its exploration and development plans in Spain, with 2026 expected to be a pivotal year for the company's growth and evolution [1] Financial Position - The company has a strong balance sheet and is well-capitalized, having completed a $26 million equity capital financing and secured an additional US$50 million [1] Project Development - The main focus is on advancing the wholly owned Iberian Belt West (IBW) project towards development decisions and obtaining a mining license [1] - An updated NI 43-101 Mineral Resource Estimate is anticipated in the coming months to support the ongoing Prefeasibility Study (PFS) being conducted by SLR [1] - Metallurgical testing has shown gold recoveries exceeding 80% and favorable processing characteristics for producing copper, zinc, and lead concentrates [1] - The PFS is scheduled for completion by the end of Q2 2026 [1] Permitting and Regulatory Progress - Permitting for the IBW project is progressing, with the government’s Declaration of Strategic Interest panel collaborating effectively with the company [1] - The public comment period is expected to begin in Q1 2026, leading to the acquisition of the Unified Environmental Authorization [1] - The AAU will analyze potential environmental effects and outline solutions for anticipated impacts, which is crucial for securing mining permits [1] Exploration Initiatives - An airborne survey over the IBW regional area was completed in December, with results under review and expected to guide 2026 exploration of the San Antonio project area [1] - The company plans to drill the Nuevo Tintillo project in 2026, which has shown excellent gold and silver grades in surface sampling [1] Legal Matters - A legal dispute regarding the Aznalcllar Project Public Tender is anticipated to be resolved in the Andalusia Administrative Court in the coming months [1] - Evidence of potential administrative improprieties surfaced during a police investigation related to the tender [1]

Core Viewpoint - Goldman Sachs reports that Rio Tinto (RIO.US) and Glencore are in early discussions regarding a potential merger through "agreement arrangements" [1] Group 1: Rio Tinto's Position - Rio Tinto is in a strong position with attractive growth projects in copper, iron ore, and lithium, with 15-20 projects under development [1] - The company is expected to achieve a 3%-4% annual copper equivalent production growth over the next decade, primarily between 2025-2030 [1] - The potential merger with Glencore is surprising to the market, especially as Rio Tinto plans to divest $5-10 billion in non-core assets and reduce capital expenditure guidance by $1 billion to $10 billion annually [2] - Rio Tinto's copper growth options are limited and technically complex, while Glencore has lower capital intensity brownfield projects [4] Group 2: Glencore's Perspective - Glencore emphasizes the importance of industry consolidation and prudent acquisitions to enhance global influence and negotiation power [5] - The merger would provide Glencore with synergies from its coal business, copper growth options, and marketing department, supporting incremental production [5] - The opportunity to merge with Rio Tinto would allow Glencore to gain world-class iron ore and aluminum businesses, which have high entry barriers [5] Group 3: Valuation and Market Sentiment - Goldman Sachs does not provide a valuation for any potential transaction but notes that Glencore is regaining market trust after years of underperformance [7] - The ongoing dialogue between Glencore and Rio Tinto has been intermittent for over a decade, with renewed discussions starting more than a year ago [7] - As of January 9, Rio Tinto's London-listed stock has an enterprise value/EBITDA of 5.1 times, while Glencore's is 6.4 times [7] - Goldman Sachs maintains a "buy" rating for Rio Tinto with a 12-month target price of £71 per share, based on a weighted calculation of net asset value and enterprise value/EBITDA [8]

1. Report's Industry Investment Rating - No relevant content provided. 2. Core Viewpoints of the Report - As of the close on January 13, domestic futures main contracts showed mixed performance. Carbonate lithium rose over 7%, silver futures over 5%, tin futures over 4%, and SC crude oil over 2%. On the other hand, container shipping to Europe and palladium dropped over 5%, polysilicon over 4%, glass and platinum over 3%, and caustic soda and coking coal over 2%. Stock index futures mostly declined, while treasury bond futures generally rose. In terms of capital flow, some contracts had capital inflows, while others had outflows [4][5]. 3. Summary by Related Catalogs 3.1 Futures Market Overview - As of the close on January 13, domestic futures main contracts had different trends. Carbonate lithium, silver, tin, and SC crude oil had significant increases, while container shipping to Europe, palladium, and other commodities declined. Stock index futures mostly fell, and treasury bond futures generally rose. As of 15:17 on January 13, some contracts had capital inflows, and some had outflows [4][5]. 3.2 Market Analysis 3.2.1 Copper - Shanghai copper opened high and then declined during the session. In terms of supply, copper smelters are having difficulty making profits from long - term contracts, and the spot market is weakly stable. The production of refined copper is expected to decline in January. The merger negotiation between Rio Tinto and Glencore may lead to them controlling 15% of the global copper resources. In terms of demand, terminal demand is growing strongly, but the copper products sector is cautious. Copper inventory has increased significantly. The market is worried about US copper tariffs, and the high - price copper has suppressed downstream demand. However, the weakening of the US dollar supports copper prices, and the copper market is expected to have limited decline [7]. 3.2.2 Carbonate Lithium - Carbonate lithium continued to rise significantly today with a narrowing increase and opened the daily limit at noon. The adjustment of the export tax - rebate policy for battery products may lead to a rush - to - export situation. Although the fundamentals are weakening with inventory accumulation, the demand for energy storage batteries is still booming. The market is expected to be strong in the medium and long - term under the stimulation of the rush - to - export, but the potential negative impact of CATL's resumption of production should be noted [9]. 3.2.3 Crude Oil - OPEC+ decided to maintain the production plan and suspend production increase in February and March 2026. The US crude oil inventory decreased unexpectedly, but the refined oil inventory increased more than expected. The US oil production is still near the historical high. The market is worried about oil demand, and the global oil supply is in an oversupply situation. The situation in Venezuela and Iran may affect the oil market, and the oil price is expected to fluctuate [10][12]. 3.2.4 Asphalt - The asphalt production rate decreased last week, and the expected production in January 2026 decreased. The downstream construction rates mostly declined, and the national shipment volume decreased. The refinery inventory rate increased but remained at a low level. The situation in Venezuela may affect the supply and cost of domestic asphalt. The asphalt production rate will remain low, and the demand in the north will slow down, while the winter - storage demand is being released. It is recommended to use the reverse - spread strategy before March [13]. 3.2.5 PP - After the New Year's Day, the downstream PP operating rate decreased slightly. On January 13, the PP enterprise operating rate increased but remained at a low level. The petrochemical inventory is at a neutral level. The cost is affected by geopolitical factors, and the new production capacity has been put into operation. The downstream is at the end of the peak season, and the order volume is decreasing. The macro - economic environment is improving, but the improvement of the PP supply - demand pattern is limited, and the upward space is expected to be limited. The L - PP spread is expected to narrow [15]. 3.2.6 Plastic - On January 13, the plastic operating rate decreased to a neutral level. After the New Year's Day, the PE downstream operating rate increased slightly, but the agricultural film is out of the peak season, and the order volume is decreasing. The petrochemical inventory is at a neutral level. The cost is affected by geopolitical factors, and new production capacity has been put into operation. The downstream demand is expected to decline. The macro - economic environment is improving, but the improvement of the plastic supply - demand pattern is limited, and the upward space is expected to be limited. The L - PP spread is expected to narrow [16][17]. 3.2.7 PVC - The calcium carbide price in the northwest region is stable. The PVC operating rate increased, and the downstream operating rate increased slightly but is still at a low level. The export signing decreased, and the social inventory is still high. The real estate market is still in the adjustment stage. New production capacity has been put into operation. The macro - economic environment is improving, but the supply - demand pattern improvement is limited. The 03 - 05 contract is expected to fluctuate strongly under the stimulation of the cancellation of the export tax - rebate [18]. 3.2.8 Coking Coal - Coking coal opened high and then declined during the session. The spot price increased. The supply increased as mines resumed production, and the inventory of mines and coking enterprises increased. The coking enterprise's profit decreased, and the steel mill has a production - resuming expectation but is expected to operate at a low load. The coking coal price is expected to have limited decline [20]. 3.2.9 Urea - Urea opened high and then declined during the session. The upstream factory price is stable, and the order volume is sufficient. The daily production of urea has increased. The agricultural dealers' fertilizer - preparation enthusiasm has increased, but the industrial demand is weak due to the approaching Spring Festival. The inventory is at a low level compared to last year. The urea price is expected to be stable in the short - term and strong in the long - term [21].

Core Viewpoint - Jinwei Mining Co., Ltd. has been awarded the title of "National Advanced Private Enterprise in Employment and Social Security" for its significant contributions to stabilizing employment, ensuring livelihoods, and promoting harmony in the workplace [1][4]. Group 1: Recognition and Awards - The award ceremony was co-hosted by the All-China Federation of Industry and Commerce, the Ministry of Human Resources and Social Security, and the All-China Federation of Trade Unions, aimed at recognizing exemplary private enterprises that lead in expanding employment and improving social security [3]. - Jinwei Mining's recognition reflects its solid practices and significant achievements in employee care, employment promotion, and social responsibility, positioning it as an excellent representative of harmonious development and responsible practices among private enterprises [3][4]. Group 2: Employee Care Initiatives - Jinwei Mining views employees as the most valuable asset and adheres to the philosophy of "development relying on employees, development for employees, and sharing development results with employees," establishing a comprehensive employee service system covering recruitment, vocational training, rights protection, and support [3]. - The company has built high-standard employee apartments, providing fully furnished accommodations with numerous free benefits, including childcare services [3]. - Jinwei Mining has implemented paid leave, expert health retreats, and assistance for employees facing major illnesses or disasters, alongside providing four-star standard accommodations and free services such as meals, haircuts, medical care, and laundry in mining areas [3]. Group 3: Social Security and Employee Welfare - The company fully implements labor contracts, social insurance, and welfare policies to ensure that every employee's legal rights are adequately protected [3]. - Jinwei Mining has established a multi-tiered employee care mechanism, conducted vocational skills enhancement training, and built a harmonious corporate culture to continuously enhance employees' sense of belonging, gain, and happiness, fostering a mutually beneficial growth environment [3]. Group 4: Future Commitment - The recognition serves as a high acknowledgment of Jinwei Mining's long-term commitment to social responsibility and employee rights, illustrating the company's people-oriented and harmonious development philosophy [4]. - Moving forward, Jinwei Mining aims to continue advancing its employment-first strategy, deepening employee care, and actively building harmonious labor relations to contribute more to high-quality employment and promote common prosperity [4].

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 进一步统计，近3个月内该股累计发生9笔大宗交易，合计成交金额为5909.74万元。该股近5个交易日累 计上涨1.97%，主力资金合计净流出4.31亿元。 1月13日，中矿资源收涨5.09%，收盘价为89.33元，发生2笔大宗交易，合计成交量13.28万股，成交金 额1186.3万元。 责任编辑：小浪快报 第1笔成交价格为89.33元，成交5.53万股，成交金额493.99万元，溢价率为0.00%，买方营业部为机构专 用，卖方营业部为机构专用。 第2笔成交价格为89.33元，成交7.75万股，成交金额692.31万元，溢价率为0.00%，买方营业部为机构专 用，卖方营业部为机构专用。 ...