Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - After the technical adjustment of non - ferrous related varieties last week, there are signs of a rebound, and silver has reached a new high. The underlying logic is the demand logic of related commodities driven by the new economy, new energy, and AI economy, and there may be a risk of short - squeeze as the market progresses. The anti - involution logic of low - valued varieties is gradually advancing. Recently, chemical varieties have shown signs of a rebound and increased trading activity, which is worthy of attention. The national policy is determined to rectify involution - style competition and adjust the dynamic adjustment ability of the supply side. It is believed that anti - involution will be an inevitable theme in 2026 [2][5]. 3. Summary by Relevant Catalog 3.1 Week - long Market Viewpoint Summary - The strength - weakness structure of the commodity market in the past week remains unchanged, with non - ferrous metals and precious metals remaining strong. Chemical varieties have also shown strong performance recently. After a recent technical adjustment, non - ferrous commodities are strengthening again, and the upward trend continues [4]. - Gold and silver have broken through new highs after a short - term technical adjustment, and there are no signs of a trend reversal from the technical form [4]. - In the context of the easing of China - Canada trade relations, rapeseed oil has weakened, but soybean oil and palm oil are unaffected. The overall downside space for oils and fats is very limited, and they can be used as long - position allocations [4]. - The chemical sector will generally operate within the anti - involution framework in 2026. The national policy emphasizes the supply - demand adjustment of the petrochemical sector. The production capacity of glass has declined significantly recently, and the valuation of chemical products has reached an extreme level [4]. - Steel in the black sector is one of the key anti - involution varieties, and the downside space for coal is also limited. The coal supply - guarantee market is nearing its end. Recently, chemical varieties are showing signs of an upward trend [4]. 3.2 Data Tables - **Plate Capital Flow**: The total capital flow is 34.115 billion yuan. Among them, precious metals have a capital inflow of 5.764 billion yuan, non - ferrous metals 3.479 billion yuan, black metals - 0.594 billion yuan, energy 0.274 billion yuan, chemicals 4.047 billion yuan, feed and breeding 0.478 billion yuan, oils and fats 2.118 billion yuan, and soft commodities 0.259 billion yuan [9]. - **Black and Non - ferrous Weekly Data**: It shows price percentile, inventory percentile, valuation percentile, position percentile, open - interest change percentile, and annualized basis for various black and non - ferrous varieties such as iron ore, rebar, gold, silver, etc. For example, the price percentile of iron ore is 21.8%, and the inventory percentile is 100% [9]. - **Energy and Chemical Weekly Data**: It details price percentile, inventory percentile, valuation percentile, position percentile, open - interest change percentile, and annualized basis for energy and chemical products such as fuel oil, low - sulfur oil, asphalt, etc. For example, the price percentile of fuel oil is 7.5%, and the inventory percentile is 44.1% [11]. - **Agricultural Product Weekly Data**: It provides price percentile, inventory percentile, valuation percentile, position percentile, open - interest change percentile, and annualized basis for agricultural products such as soybean meal, rapeseed meal, soybean oil, etc. For example, the price percentile of soybean meal is 9.9%, and the inventory percentile is 91.9% [12].

Group 1 - The stock price of Ordos fell by 5.02% to 14.37 CNY per share, with a trading volume of 155 million CNY and a turnover rate of 0.54%, resulting in a total market capitalization of 40.218 billion CNY [1] - Ordos Resources Co., Ltd. is located in the Dongsheng District of Ordos City, Inner Mongolia, and was established on October 15, 1995, with its listing date on April 26, 2001. The company's main business includes cashmere clothing, power metallurgy, and chemicals [1] - The revenue composition of Ordos includes: silicon iron 37.05%, PVC resin 18.59%, clothing 13.60%, caustic soda 7.78%, others 7.65%, coal 5.87%, silicon manganese alloy 3.76%, fertilizer 2.81%, calcium carbide 2.55%, and polysilicon 0.34% [1] Group 2 - The Zhongyou Core Preferred Mixed A Fund (590001) holds 1.55 million shares of Ordos, accounting for 1.97% of the fund's net value, ranking as the ninth largest holding. The estimated floating loss today is approximately 1.178 million CNY [2] - The Zhongyou Core Preferred Mixed A Fund was established on September 28, 2006, with a current scale of 799 million CNY. Year-to-date return is 2.2%, ranking 6418 out of 8848 in its category; the one-year return is 6.38%, ranking 6975 out of 8093; and since inception, the return is 100.03% [2] Group 3 - The fund managers of Zhongyou Core Preferred Mixed A are Chen Liang and Wang Gao. Chen Liang has a tenure of 11 years and 184 days, with a total fund asset size of 3.46 billion CNY, achieving a best return of 61.38% and a worst return of -51.16% during his tenure [3] - Wang Gao has a tenure of 5 years and 198 days, managing a total fund asset size of 1.915 billion CNY, with a best return of 76.18% and a worst return of -29.36% during his tenure [3]

Group 1 - The stock price of Ordos has declined by 0.84% on January 14, reaching 14.23 CNY per share, with a trading volume of 316 million CNY and a turnover rate of 1.12%, resulting in a total market capitalization of 39.827 billion CNY. The stock has experienced a cumulative decline of 9.94% over the past three days [1] - Ordos Resources Co., Ltd. is located in the Dongsheng District of Ordos City, Inner Mongolia, and was established on October 15, 1995. The company was listed on April 26, 2001, and its main business includes cashmere clothing, power metallurgy, and chemicals. The revenue composition is as follows: silicon iron 37.05%, PVC resin 18.59%, clothing 13.60%, caustic soda 7.78%, others 7.65%, coal 5.87%, silicon manganese alloy 3.76%, fertilizer 2.81%, calcium carbide 2.55%, and polysilicon 0.34% [1] Group 2 - According to data from the top ten holdings of funds, one fund under Puyin Ansheng holds a significant position in Ordos. The Puyin Ansheng Dividend Quantitative Mixed A Fund (022488) held 306,000 shares in the third quarter, accounting for 1.84% of the fund's net value, making it the fourth-largest holding. The estimated floating loss today is approximately 36,700 CNY, with a total floating loss of 480,400 CNY during the three-day decline [2] - The Puyin Ansheng Dividend Quantitative Mixed A Fund (022488) has a total asset size of 759.078 million CNY and has achieved a return of 1.48% this year, ranking 6521 out of 8838 in its category. Over the past year, the fund has returned 12.29%, ranking 6285 out of 8089, and since its inception, it has returned 9.16% [2]

Group 1 - The stock price of Ordos increased by 5.38% to 15.07 CNY per share, with a trading volume of 275 million CNY and a turnover rate of 0.94%, resulting in a total market capitalization of 42.178 billion CNY [1] - Ordos Resources Co., Ltd. is located in the Dongsheng District of Ordos City, Inner Mongolia, established on October 15, 1995, and listed on April 26, 2001. The company's main business includes cashmere clothing, power metallurgy, and chemicals [1] - The revenue composition of Ordos includes: silicon iron (37.05%), PVC resin (18.59%), clothing (13.60%), caustic soda (7.78%), others (7.65%), coal (5.87%), silicon manganese alloy (3.76%), fertilizer (2.81%), calcium carbide (2.55%), and polysilicon (0.34%) [1] Group 2 - According to data from the top ten heavy stocks of funds, one fund under GF Fund holds a significant position in Ordos. The GF High Dividend Enjoyment Mixed A Fund (008704) held 684,600 shares in the third quarter, accounting for 2.01% of the fund's net value, ranking as the fourth-largest heavy stock [2] - The GF High Dividend Enjoyment Mixed A Fund (008704) was established on January 20, 2020, with a current scale of 237 million CNY. Year-to-date return is 2.13%, ranking 5620 out of 8823 in its category; the one-year return is 24.25%, ranking 4880 out of 8083; and the return since inception is 32.39% [2] Group 3 - The fund managers of GF High Dividend Enjoyment Mixed A Fund are Sun Di and Hu Jun. Sun Di has a cumulative tenure of 8 years and 27 days, with a total fund asset size of 3.438 billion CNY, achieving a best fund return of 234.15% and a worst return of -46.52% during his tenure [3] - Hu Jun has a cumulative tenure of 4 years and 11 days, managing a total fund asset size of 709 million CNY, with a best fund return of 42.76% and a worst return of -20.11% during his tenure [3]

Core Viewpoint - Jiangxi Ge'en Recycling Resources Co., Ltd. has been established with a registered capital of 5 million RMB, focusing on various resource recycling and processing activities [1] Company Overview - The legal representative of Jiangxi Ge'en Recycling Resources Co., Ltd. is Zou Qiang [1] - The company has a registered capital of 5 million RMB [1] Business Scope - The company is involved in licensed projects such as timber harvesting and construction engineering [1] - General business activities include mineral selection, sales of metal ores, non-metallic minerals and products, manufacturing of metal chains and other metal products, recycling and sales of renewable resources, and research and development of resource recycling technology [1] - Additional activities encompass processing of production waste metals, non-metal waste and scrap processing, bamboo products manufacturing and sales, wood processing, wood acquisition and sales, coal washing and sales, and domestic trade agency [1]

Core Viewpoint - Ordos Resources Co., Ltd. experienced a stock price increase of 5.02%, reaching 11.09 CNY per share, with a trading volume of 138 million CNY and a turnover rate of 0.65%, resulting in a total market capitalization of 31.038 billion CNY [1] Group 1: Company Overview - Ordos Resources Co., Ltd. is located in the Dongsheng District of Ordos City, Inner Mongolia, and was established on October 15, 1995, with its stock listed on April 26, 2001 [1] - The company's main business activities include cashmere clothing, power metallurgy, and chemical production [1] - The revenue composition of the company is as follows: silicon iron 37.05%, PVC resin 18.59%, clothing 13.60%, caustic soda 7.78%, others 7.65%, coal 5.87%, silicon manganese alloy 3.76%, fertilizer 2.81%, calcium carbide 2.55%, and polysilicon 0.34% [1] Group 2: Shareholder Information - Among the top ten circulating shareholders of Ordos, a fund under Southern Fund, the Southern CSI 500 ETF (510500), entered the top ten in the second quarter, holding 8.8732 million shares, which accounts for 0.32% of the circulating shares [2] - The estimated floating profit from this investment is approximately 4.7028 million CNY [2] Group 3: Fund Performance - The Southern CSI 500 ETF (510500) was established on February 6, 2013, and currently has a total asset size of 113.438 billion CNY [2] - Year-to-date, the fund has achieved a return of 30.65%, ranking 1692 out of 4220 in its category; over the past year, it has returned 36.69%, ranking 1536 out of 3857; and since inception, it has returned 147.89% [2]