Investment Rating - The industry investment rating is optimistic [1] Core Views - The metal bull market is expected to continue, with significant price increases across various metal categories in 2025 [3] - The report emphasizes the importance of geopolitical factors and the ongoing "de-dollarization" process, which may extend the current commodity supercycle [6][10] Price Performance by Metal - Precious Metals: Gold is projected to rise 57% to 971 CNY/gram, and silver is expected to increase by 129% to 17.1 CNY/gram [6] - Industrial Metals: Copper is forecasted to increase by 34% to 99,000 CNY/ton, aluminum by 14% to 23,000 CNY/ton, lead by 3% to 17,000 CNY/ton, and zinc is expected to decrease by 10% to 23,000 CNY/ton [6] - Energy Metals: Lithium carbonate is expected to rise by 58% to 119,000 CNY/ton, and electrolytic nickel by 10% to 138,000 CNY/ton [6] - Strategic Metals: Neodymium oxide is projected to increase by 52% to 610,000 CNY/ton, and tungsten concentrate by 218% to 455,000 CNY/ton [6] Investment Focus - Key investment opportunities include lithium companies such as Ganfeng Lithium, Zhongjin Lingnan, and Salt Lake Industry; cobalt companies like Huayou Cobalt and Liqin Resources; and various gold, copper, aluminum, and rare earth companies [6] Metal Price Changes in Q4 2025 - Lithium carbonate averaged 80,000 CNY/ton, with a year-on-year increase of 95% [7] - Gold averaged 951 CNY/gram, with a year-on-year increase of 54% [7] - Copper averaged 89,000 CNY/ton, with a year-on-year increase of 18% [7] Copper Market Insights - The average LME copper price for 2025 is projected to be around 10,000 USD/ton, reflecting a year-on-year increase of 9% [10] - The report highlights the impact of the declining US dollar index and geopolitical tensions on copper prices [10] Aluminum Market Insights - The average price of A00 aluminum is expected to reach 20,700 CNY/ton in 2025, with a year-on-year increase of 4% [22] - The report notes that aluminum prices are driven by strong downstream demand and supportive policies [22] Energy Metals Insights - The average price of battery-grade lithium carbonate is projected to be 75,921 CNY/ton for 2025, with a significant increase in Q4 [33] - Nickel and cobalt prices are also expected to remain strong, with electrolytic nickel averaging 124,100 CNY/ton [33] Strategic Metals Insights - The report indicates that prices for rare earths and tungsten are on the rise, with neodymium oxide expected to average 55.6 million CNY/ton in Q4 2025 [39] - The strategic importance of these metals is emphasized in the context of global geopolitical dynamics [40]

Market Overview - The AI applications and commercial aerospace sectors experienced significant declines, with stocks like Tianlong Group, Zhidema, and Guangyun Technology hitting the 20% daily limit down [2] - The non-ferrous metals and chemical sectors saw gains, with multiple stocks reaching historical highs [4] Index Performance - As of the morning close, the Shanghai Composite Index fell by 0.6%, the Shenzhen Component Index decreased by 0.44%, and the ChiNext Index dropped by 1.02% [3] Non-Ferrous Metals Sector - The non-ferrous metals sector rose, with precious metals, energy metals, and industrial metals leading the gains. Companies like Luoyang Molybdenum, Huaxi Nonferrous, and Xiamen Tungsten reached historical price highs [4] - Specific stocks such as Zinc Industry Co. and Luoping Zinc Electric both hit their daily limit up, with increases of 10.02% and 9.97% respectively [5] Lithium Carbonate Price Surge - As of January 15, the benchmark price for industrial-grade lithium carbonate rose to 160,000 yuan per ton, a 36.71% increase from the beginning of the month [6] - Major companies in the lithium battery supply chain are undergoing maintenance, which is expected to reduce production capacity temporarily but not significantly impact overall operations [6] Silver Market Dynamics - The silver market showed strong performance, with spot silver prices reaching over $93 per ounce before experiencing a drop of more than 7% [7] - Analysts suggest that the long-term upward trend in silver prices is supported by supply constraints and increasing demand, particularly from the AI and re-industrialization sectors [7] High Dividend Assets - High dividend assets, including sectors like electricity, oil and gas extraction, and transportation, showed active performance in the market [9] - Longjiang Electric reported a profit of 41.32 billion yuan for 2025, marking a 6.34% year-on-year increase [9]

A股市场今天上午出现调整，主要指数不同程度下跌。 值得注意的是，包括海格通信、岩山科技、金风科技在内的多只近期热门股卖一位置出现市值超过10亿元的巨额卖单。 此外，上午有色金属等板块领涨，一度程度上稳定市场人气。 多只翻倍股卖一位置现10亿元以上卖单 A股有色金属板块领涨 A股市场今天（1月15日）上午整体走低，但跌势相对温和，上证指数盘中一度跌破4100点整数关口。截至中午收盘，上证指数跌0.6%，深证成指跌 0.44%，创业板指跌1.02%，科创综指跌2.02%。 主要行业板块和赛道方面，若按照申万一级行业划分，有色金属板块领涨，板块盘中涨幅超过3%。锌业股份、四川黄金、罗平锌电等多股盘中涨停，另 有多股跟涨。 消息面上，多个金属品种期货价格继续上涨，今天上午盘中沪锡期货主力合约涨幅超过9%，沪镍期货主力合约涨幅超过7%。 基础化工、石油石化、交通运输等板块涨幅居前，国防军工、传媒、综合、计算机等板块上午盘中领跌。 概念板块方面，商业航天概念再度调整，万得商业航天概念指数盘中跌幅超过5%，该指数多只成份股上午盘中跌幅超过10%。 新股至信股份上午盘中最大涨幅达265.63% 今天A股市场有一只新股上市，为 ...

Group 1: ETF Market Performance - On January 15, multiple broad-based ETFs saw a significant increase in trading volume, with the Huatai-PB CSI 300 ETF achieving a half-day trading volume of 12.5 billion yuan, surpassing the highest daily trading volume since April 9, 2025 [1][11] - The Huatai-PB CSI 300 ETF experienced a slight decline of 0.21%, but its trading volume exceeded the previous day's total of 10.5 billion yuan [1][11] - Other ETFs, such as the Huatai-PB CSI A500 ETF and the Huaxia CSI A500 ETF, also reported substantial trading volumes of 12.6 billion yuan and 12.3 billion yuan, respectively, indicating a strong market interest [3][11] Group 2: Sector Performance - The performance of ETFs related to non-ferrous metals and batteries led the market on January 15, with the Southern Non-Ferrous Metals ETF rising by 2.75%, the GF Rare Metals ETF increasing by 2.45%, and the ICBC Credit Suisse Lithium Battery ETF up by 2.42% [6][13] - Analysts from Huatai Securities noted that the recent rise in resource prices is driven by multiple factors, including global monetary easing and increased demand for copper, silver, and rare metals due to AI data centers [13][14] Group 3: Investment Insights - The managers of the Ping An Resource Selected Mixed Fund highlighted a significant structural market for resource products in 2025, with precious metals and industrial metals like copper leading the gains [15] - They emphasized the importance of focusing on key sub-industry investment opportunities in 2026, particularly in industrial metals such as copper and aluminum, as well as in new energy metals like lithium and rare earths [15][16] - The long-term investment value of precious metals, particularly gold and silver, was also underscored, with gold being a core asset for risk diversification [16][17]

A股市场今天上午出现调整，主要指数不同程度下跌。 值得注意的是，包括海格通信、岩山科技、金风科技在内的多只近期热门股卖一位置出现市值超过10亿元的巨额卖单。 此外，上午有色金属等板块领涨，一度程度上稳定市场人气。 A股有色金属板块领涨 A股市场今天（1月15日）上午整体走低，但跌势相对温和，上证指数盘中一度跌破4100点整数关口。截至中午收盘，上证指数跌0.6%，深证成指跌 0.44%，创业板指跌1.02%，科创综指跌2.02%。 主要行业板块和赛道方面，若按照申万一级行业划分，有色金属板块领涨，板块盘中涨幅超过3%。锌业股份、四川黄金、罗平锌电等多股盘中涨停，另 有多股跟涨。 消息面上，多个金属品种期货价格继续上涨，今天上午盘中沪锡期货主力合约涨幅超过9%，沪镍期货主力合约涨幅超过7%。 基础化工、石油石化、交通运输等板块涨幅居前，国防军工、传媒、综合、计算机等板块上午盘中领跌。 概念板块方面，商业航天概念再度调整，万得商业航天概念指数盘中跌幅超过5%，该指数多只成份股上午盘中跌幅超过10%。 多只翻倍股卖一位置现10亿元以上卖单 值得注意的是，今天上午多只近期热门股跌停，这里面多只股票卖一位置出现巨量卖单 ...

今天上午，AI应用、商业航天两大人气板块双双大跌，在个股跌幅榜前列，几乎都是相关概念股，其中，天龙集团（300063）、值得买（300785）、光 云科技等个股"20CM"跌停。有色金属、化工板块上涨。 多只宽基ETF上午显著放量，其中，沪深300ETF华泰柏瑞（510300）、上证50ETF（510050）、科创50ETF易方达（588080）、沪深300ETF易方达 （510310）上午成交额均超过昨日全天的成交额。沪深300ETF华泰柏瑞（510300）上午成交额为125.2亿元。 截至上午收盘，上证指数下跌0.6%，深证成指下跌0.44%，创业板指下跌1.02%。 有色金属板块上涨 今天上午，有色金属板块上涨，贵金属、能源金属、工业金属等板块涨幅居前。洛阳钼业（603993）、华锡有色（600301）、中钨高新（000657）、厦门 钨业（600549）等个股盘中股价创历史新高。 | | V | 工业等属 4772.77 1.89% | | | | --- | --- | --- | --- | --- | | 成分股 | 基金 | 简况(F10) | 资金 | 板块分析 | | 名称代码 | | 最 ...

Group 1 - The Industrial Nonferrous ETF (560860) has seen a price increase of 0.94%, reaching 1.831 yuan, with a turnover rate of 1.15% [1] - The top ten weighted stocks in the ETF include Northern Rare Earth (up 1.83%), Luoyang Molybdenum (up 1.59%), and Huayou Cobalt (up 7.33%), among others [1] - The fund has attracted significant capital inflow, with a net inflow of 430 million yuan on January 13 and a total of 2.227 billion yuan over the past five trading days, exceeding 3.4 billion yuan in the last ten days [1] Group 2 - The fund's scale has rapidly increased, surpassing 10 billion yuan on January 6 and approaching 13 billion yuan by January 14 [3] - The Industrial Nonferrous ETF closely tracks the CSI Industrial Nonferrous Metals Theme Index, which includes 30 leading stocks in the industrial nonferrous metal sector, with copper (34.4%), aluminum (21.8%), and rare earths (13.6%) being the top three metals [5] - The top ten constituent stocks account for 56.18% of the index, indicating a concentrated weight in leading companies within the industrial metal sectors [9] Group 3 - The Industrial Nonferrous ETF (560860) is the only ETF product tracking the CSI Industrial Nonferrous Metals Theme Index, providing investors with an efficient one-stop solution for exposure in this sector [7] - Investors can also access the fund through connection classes (A class: 018489; C class: 018490) to capitalize on cyclical and policy-driven opportunities [7]

Market Overview - The Shanghai Composite Index fell by 0.6% and the ChiNext Index dropped by 1.02% during the midday session [1] - The total market turnover was 1.8952 trillion yuan, a decrease of 350.6 billion yuan compared to the previous day [1] Sector Performance - AI applications, commercial aerospace, stablecoins, CRO, medical services, and intelligent driving concept stocks all experienced declines, with retail and brokerage sectors leading the losses [1] - In contrast, the energy metals and chemical sectors showed resilience and performed well [1] ETF Performance - The non-ferrous metals sector continued its strong performance, with Southern Fund's non-ferrous metals ETF, GF Fund's rare metals ETF, and non-ferrous mining ETF rising by 2.75%, 2.45%, and 2.4% respectively [1] - The lithium battery sector also saw gains, with ICBC Credit Suisse Fund's lithium battery ETF and GF Fund's battery ETF increasing by 2.42% and 2.3% respectively [1] Declines in Specific Sectors - The commercial aerospace sector experienced a widespread pullback, with satellite industry ETFs and satellite ETFs from GF falling by 9% [1] - The military industry sector declined, with high-end equipment ETFs and military leader ETFs dropping by 5% [1] - The AI applications sector also faced a downturn, with media ETFs decreasing by 5% [1]

Core Viewpoint - The A-share market is experiencing changes, with signs indicating structural opportunities despite a weak overall performance. The market is adjusting, and regulatory actions aim to maintain a stable "slow bull" market [1][6]. Group 1: Market Signals - The A-share market shows three significant signals: 1. High-position thematic stocks are retreating while the non-ferrous metal sector is performing strongly, indicating structural opportunities [3]. 2. The bond market is not overly excited, suggesting that risk appetite has not completely diminished, with significant trading volumes in ETFs [3][4]. 3. Early trading volumes indicate a reduction in market enthusiasm, with a drop from over 2 trillion yuan to less than 1.7 trillion yuan in a short period [4]. Group 2: Regulatory Actions - Morgan Stanley reports that the adjustment of the financing margin ratio from 80% to 100% aims to maintain a "slow bull" market, with the increase applying only to new transactions [6]. - The current leverage level in the market is relatively low, with financing balances accounting for about 2.3% of the total market capitalization, lower than the peak of 3.8% in 2015 [6]. Group 3: Long-term Market Outlook - Analysts believe that the long-term trend of a slow bull market remains unchanged, driven by structural recovery in profits, loose liquidity, and limited external risks [7].

Group 1 - The main market experienced a net outflow of 65.742 billion yuan in principal funds as of January 15 [1] - The top ten sectors with inflows of principal funds include: Battery (2.19% increase, 2.915 billion yuan), Energy Metals (2.96% increase, 1.946 billion yuan), and Minor Metals (0.9% increase, 1.541 billion yuan) [2][3] - The sectors with the highest net inflows are led by Battery, followed by Energy Metals and Minor Metals, indicating a positive sentiment in these areas [2][3] Group 2 - The Chemical Products sector saw a slight increase of 0.36% with a net inflow of 1.233 billion yuan, while Non-Metallic Materials experienced a decrease of 0.49% with a net inflow of 1.515 billion yuan [2] - Precious Metals had a notable increase of 3.81% with a net inflow of 0.482 billion yuan, indicating strong investor interest [3] - The Tourism and Hotel sector also showed a positive trend with a 1.69% increase and a net inflow of 0.330 billion yuan [3]