Group 1 - The "gold" concept sector in the A-share market is performing exceptionally well, with several key stocks leading the gains [1] - Silver (core stock) Youse (601212.SH) has a latest price of 15.19 CNY, with a daily increase of +9.99%, being a major player in the non-ferrous metals industry with rich overseas gold resource reserves [1] - Yuguang Gold Lead (600531.SH) has a latest price of 24.79 CNY, with a daily increase of +9.98% (5 consecutive trading days), focusing on lead and copper smelting while also recovering gold and other associated metals [1] - Hunan Gold (002155.SZ) has a latest price of 33.64 CNY, with a daily increase of +10.01% (4 consecutive trading days), possessing a complete gold mining and smelting industrial chain [1] - Zhaojin Gold (000506.SZ) has a latest price of 28.52 CNY, with a daily increase of +9.99% (4 consecutive trading days), controlling the Fiji Vatukoula gold mine with abundant mining resources [1] - Western Gold (601069.SH) has a latest price of 48.69 CNY, with a daily increase of +10.01% (2 consecutive trading days), being a leading gold company in Xinjiang with a complete industrial chain and rich gold resources from owned and acquired mines [1] - Tongling Nonferrous Metals (000630.SZ) has a latest price of 9.19 CNY, with a daily increase of +10.06% (2 consecutive trading days), being a large-scale copper producer benefiting from rising gold prices as a by-product [1] - Xiaocheng Technology (300139.SZ) has a latest price of 84.38 CNY, with a daily increase of +19.52% [1] Group 2 - Sichuan Gold (001337.SZ) has a latest price of 73.53 CNY, with a daily increase of +9.98%, owning the largest operating gold mine in Sichuan Province (Suoluo River Gold Mine) with considerable gold metal resources [3] - Jiangxi Copper (600362.SS) has a latest price of 70.47 CNY, with a daily increase of +9.56%, being a comprehensive production base for copper and gold, currently advancing the acquisition of a large copper-gold mine project in Ecuador with significant resource potential [4] - Zhongjin Gold (600489.SH) has a latest price of 41.00 CNY, with a daily increase of +8.72%, serving as the main listed platform for China Gold Group, a pioneer in the domestic gold industry with abundant gold resource reserves and a solid leading position [5]

| 序号 | 交易营业部名称 | | | 买入金额(万) | 占总成交比例 | | --- | --- | --- | --- | --- | --- | | 1 | 西南证券股份有限公司山西分公司 | 1次 0.00% | 2 | 35941.47 | 3.19% | | 2 | 瑞银证券有限责任公司上海花园石桥路证券营业部 | 440次 46.82% | | 30767.98 | 2.73% | | 3 | 护股通专用 | 699次 48.64% | | 26133.56 | 2.32% | | 4 | 高盛(中国)证券有限责任公司上海浦东新区世纪大道证券营业部 | 629次 42.93% | | 11213.66 | 0.99% | | 5 | 东方财富证券股份有限公司昌都两江大道证券营业部 | 233次 35.62% | | 8347.60 | 0.74% | 江西铜业(600362.SH)今日涨9.56%，换手率8.15%，成交额112.74亿元。龙虎榜数据显示，一家机构位列卖一席位，卖出5.05亿元；游资"量化基金"位列买 二、买四、卖四及卖五席位，净买入2.49亿元。(格隆汇) | 买入金额最大 ...

Group 1 - The industrial metal sector increased by 2.62% on January 29, with Yiqiu Resources leading the gains [1] - The Shanghai Composite Index closed at 4157.98, up 0.16%, while the Shenzhen Component Index closed at 14300.08, down 0.3% [1] - Notable gainers in the industrial metal sector included Yiqiu Resources, which rose by 10.08% to a closing price of 4.37, and Tongling Nonferrous Metals, which increased by 10.06% to 9.19 [1] Group 2 - The industrial metal sector experienced a net outflow of 7.772 billion yuan from institutional investors, while retail investors saw a net inflow of 6.846 billion yuan [2] - The top losers in the industrial metal sector included Yian Technology, which fell by 6.03% to a closing price of 16.82, and Guocheng Mining, which decreased by 5.63% to 29.14 [2] Group 3 - Major stocks with significant net inflows included Ding Sheng New Materials, which had a net inflow of 138 million yuan, and Yiqiu Resources with a net inflow of 128 million yuan [3] - Conversely, stocks like Yunnan Copper experienced a net outflow of 226 million yuan from speculative funds [3]

Group 1 - The A-share non-ferrous metal sector experienced a significant rebound after an initial drop, with the non-ferrous ETF Huatai-PineBridge (159652) rising over 3% in the afternoon session, completing an adjustment with a net subscription of 1 million shares, amounting to over 200 million CNY [1] - The trading volume exceeded 800 million CNY, with a turnover rate surpassing 10%, indicating active market participation [1] - Key stocks in the sector saw substantial gains, with companies like Tongling Nonferrous Metals, Northern Copper, and Shenghe Resources hitting the daily limit, while Jiangxi Copper and Yunnan Copper rose over 7% and 9% respectively [1] Group 2 - The non-ferrous ETF Huatai-PineBridge (159652) attracted significant capital inflow, with over 480 million CNY in the last 5 days and over 1.5 billion CNY in the last 20 days, bringing its total scale to 7.348 billion CNY [2] - The precious metals market remains strong, with COMEX gold prices surpassing 5600 USD, reaching a record high, and the Shanghai gold futures contract breaking through the 1200 CNY per gram mark, with a monthly increase of over 25% [2] - The metal industry is entering a weak supply cycle, with global mining supply expected to remain rigid until 2028, while demand is anticipated to rise due to green energy transitions and new production capabilities [2]

Group 1 - The core viewpoint of the article highlights a significant increase in copper prices, with the Shanghai copper futures rising by 6% to 108,740 yuan per ton and LME copper exceeding 6% to reach 13,936 USD per ton, marking a new high [1] - Chinese copper stocks have shown strong performance, with notable increases: China Nonferrous Mining (01258) up 7.56% to 18.36 HKD, Jiangxi Copper (00358) up 4.92% to 52.25 HKD, and Minmetals Resources (01208) up 4.39% to 11.65 HKD [1] - Analysts from Huayuan Securities suggest that due to insufficient capital expenditure in copper mining and frequent supply disruptions, the copper supply-demand balance may shift from "tight balance" to "shortage," with potential for copper prices to rise further as the Federal Reserve enters a rate-cutting cycle [1] Group 2 - Galaxy Securities indicates that with macroeconomic positioning becoming more accommodative in both China and the U.S., and the copper-to-gold ratio at an absolute low, the financial attributes of copper are strengthening [1] - The market is transitioning from a loose to a tight balance due to supply mismatches, and a long-term upward trend in copper prices is expected to continue, with price levels anticipated to rise [1]

金属铜板块午后持续拉升，铜陵有色、云南铜业涨停，北方铜业此前封板，江西铜业、西部矿业跟涨。 消息面上，LME铜价延续涨势，首次突破14000美元大关。 ...

Group 1 - The core viewpoint of the article highlights a significant increase in copper stocks, driven by rising copper prices and favorable market conditions [1] - As of January 29, the main copper futures contract in Shanghai surged by 6%, reaching 108,740 yuan per ton, while LME copper rose over 6% to 13,936 USD per ton, marking a new high [1] - Companies such as China Nonferrous Mining (up 7.56% to 18.36 HKD), Jiangxi Copper (up 4.92% to 52.25 HKD), and Minmetals Resources (up 4.39% to 11.65 HKD) experienced notable stock price increases [1] Group 2 - Huayuan Securities indicates that in the medium to long term, insufficient capital expenditure in copper mining and frequent supply disruptions may shift the copper supply-demand balance from "tight equilibrium" to "shortage" [1] - The profit cycle for copper smelting is expected to bottom out against the backdrop of "anti-involution," coupled with the Federal Reserve entering a rate-cutting cycle, suggesting potential upward movement in copper prices [1] - Galaxy Securities believes that with macroeconomic positioning in China and the U.S. becoming more accommodative, and the copper-to-gold ratio at an absolute low, the financial attributes of copper are strengthening, leading to a transition from a loose to a tight balance in the market, with expectations of a sustained long-term upward trend in copper prices [1]

28 January 2026 | 7:31PM HKT Equity Research CHINA METALS & MINING: BASE METALS Raising earnings on higher copper and gold prices; Maintain Buy on Zijin and CMOC We revise up earnings by 9-33% for 2026-27E for Chinese copper and gold stocks under our coverage by incorporating the latest commodity price forecast from the global team and the latest company updates. We remain positive on copper and gold names under our coverage. Our preferred names are Zijin and CMOC as both companies will not only benefit fro ...

Group 1 - The total margin balance of A-shares reached 27,426.43 billion yuan on January 28, an increase of 192.52 billion yuan from the previous trading day, accounting for 2.63% of the A-share circulating market value [1] - The trading volume of margin financing on the same day was 2,963.24 billion yuan, which is an increase of 168.28 billion yuan from the previous trading day, representing 9.90% of the total A-share trading volume [1] Group 2 - Among the 31 primary industries in Shenwan, 27 industries experienced net financing inflows, with the non-ferrous metals industry leading with a net inflow of 5.968 billion yuan [3] - Other industries with significant net financing inflows include telecommunications, computers, construction decoration, non-bank financials, and pharmaceuticals [3] Group 3 - A total of 64 stocks had net financing inflows exceeding 100 million yuan, with Zijin Mining leading at 1.471 billion yuan [3] - Other notable stocks with high net financing inflows include Tianfu Communication, China Ping An, Wangsu Science and Technology, Hengyun Chang, Changjiang Electric Power, Kweichow Moutai, Jiangxi Copper, Cambricon, and Northern Rare Earth [3] Group 4 - The top stocks by net financing inflow on January 28 are as follows: 1. Zijin Mining: 1,470.57 million yuan 2. Tianfu Communication: 825.18 million yuan 3. China Ping An: 792.95 million yuan 4. Wangsu Science and Technology: 747.54 million yuan 5. Hengyun Chang: 656.63 million yuan 6. Changjiang Electric Power: 429.54 million yuan 7. Kweichow Moutai: 397.22 million yuan 8. Jiangxi Copper: 375.39 million yuan 9. Cambricon: 363.92 million yuan 10. Northern Rare Earth: 340.54 million yuan [4]

宏观与产业形成共振，铜的战略价值持续提升。全球地缘政治冲突加剧，铜作为关键矿产的战略属性凸 显，各国对资源的掌控力度持续加强。美元信用削弱趋势下，铜与贵金属的联动性增强，在避险情绪与 通胀预期的双重作用下，资金对铜的配置需求提升。中长期来看，AI数据中心、新能源汽车、储能等 新兴领域快速发展，将持续打开铜的需求天花板，而供给端的刚性约束难以短期缓解，供需紧平衡格局 将长期维持，铜价中枢有望逐步上移。 据新华社报道，国际黄金期货价格和现货价格29日再创新高，盘中突破每盎司5500美元。 近期工业金属板块表现亮眼，资金关注度持续提升。作为工业金属的核心品种，铜正从传统工业金属升 级为战略资产，这会如何定义其未来的价值？请看机构最新研判。 近期，有色板块中铜品种表现亮眼，资金关注度显著提升。这轮行情的核心支撑，主要来自供需两端的 共振。供给端，全球铜矿资本开支不足，矿端扰动频发，铜精矿供需格局由紧平衡转向短缺；需求端， 国内经济复苏带动下游补库，海外降息周期打开流动性宽松空间，铜的金融属性与商品属性形成正向循 环。 具体来看，供给端约束持续强化，成为铜价的核心支撑。全球铜矿长期资本开支不足，叠加矿山品位下 降、地缘 ...