Group 1 - The core viewpoint of the articles highlights the strong performance of precious metals, particularly gold and silver, driven by geopolitical risks and central bank purchases [1][2] - As of January 28, the spot gold price surpassed $5200 per ounce, with major gold jewelry brands in China quoting prices above 1600 yuan per gram [1] - The global official gold reserves have surpassed U.S. Treasury securities for the first time in 30 years, indicating a shift in reserve asset preferences [1] Group 2 - In the copper market, Zambia's copper production is expected to grow by 8% to 890,346 tons by 2025, although it falls short of the 1 million tons target [2] - The London Metal Exchange copper price fell below $13,000, but long-term demand is supported by investments in AI data centers and China's State Grid [2] - The silver market has seen a year-to-date increase of over 55%, with a single-day jump of 8% on January 27 [2] Group 3 - The Precious Metals ETF (516650) closely tracks a series of sub-indices, selecting 50 large, liquid listed companies from related sectors, with top holdings including Shandong Gold and Zhongjin Gold [2]

每经AI快讯，1月28日，中金岭南（000060）在互动平台表示，截至最新一期公司年报，公司生产白银 153吨，黄金267千克。 ...

中金岭南28日在互动平台表示，截止最新一期公司年报(2025-051)，公司生产白银153吨，黄金267千 克。 ...

Group 1 - The small metal sector saw a rise on January 28, 2026, with the China Rare Metals Theme Index increasing by 0.23%, and notable stock performances included Dongfang Tantalum Industry up by 8.41%, Zhuhai Group up by 5.25%, and others [1] - Tungsten concentrate prices approached 550,000 RMB per ton, ammonium paratungstate prices exceeded 800,000 RMB, and tungsten powder prices surpassed 1,300,000 RMB [1] - Industrial-grade lithium carbonate prices reached 168,000 RMB per ton with a weekly increase of 9.80%, while lithium iron phosphate prices rose by 4.43% compared to January 4 [1] Group 2 - Longcheng Securities estimated that the static cost share of lithium carbonate, rare earths, and antimony in downstream applications is nearing historical highs, with a demand growth rate of over 10% expected in sensitive sectors like wind power in 2026 [1] - The auction price for lithium spodumene concentrate from Wodgina reached 16,852 RMB per dry ton, indicating a significant premium for overseas lithium resources [1] - The Congolese government submitted a shortlist of state-owned mineral assets to the U.S., highlighting ongoing geopolitical supply disruptions that reinforce the scarcity of strategic metals [1] Group 3 - As of December 31, 2025, the top ten weighted stocks in the China Rare Metals Theme Index included Luoyang Molybdenum, Northern Rare Earth, and others, accounting for 59.54% of the total index [2] - The Rare Metals ETF (562800) tracks the China Rare Metals Theme Index, providing a convenient tool for investing in the rare metals sector [3] - Investors can also explore investment opportunities in the rare metals sector through the Rare Metals ETF linked fund (014111) [4]

Group 1 - The industrial metal sector saw a slight increase of 0.01% on January 27, with silver leading the gains [1] - The Shanghai Composite Index closed at 4139.9, up by 0.18%, while the Shenzhen Component Index closed at 14329.91, up by 0.09% [1] - Notable gainers in the industrial metal sector included Silver Holdings, which rose by 9.99% to a closing price of 12.55, and Yuguang Gold & Lead, which increased by 9.98% to 20.49 [1] Group 2 - The industrial metal sector experienced a net outflow of 6.521 billion yuan from major funds, while retail investors contributed a net inflow of 6.339 billion yuan [2] - The top losers included Guocheng Mining, which fell by 8.20% to 29.68, and Zhongse Co., which decreased by 6.51% to 8.18 [2] - The trading volume for Guocheng Mining was 464,500 shares, with a transaction value of 1.382 billion yuan [2] Group 3 - Major net inflows were observed in Huafeng Aluminum with 70.51 million yuan, while retail investors showed a significant outflow of 65.41 million yuan [3] - The net inflow for Yongjie New Materials was 46.07 million yuan from major funds, but retail investors had a net outflow of 66.60 million yuan [3] - The overall trend indicates a mixed sentiment among different investor types within the industrial metal sector [3]

黄金股盘初多数调整，湖南白银跌停，曼卡龙、山金国际跌超5%，西部黄金、赤峰黄金、中金岭南纷 纷跟跌。 ...

（文章来源：证券日报） 证券日报网讯 1月26日，中金岭南在互动平台回答投资者提问时表示，根据公司定期报告中的公开信息 和数据，中金岭南对金洲精工的持股比例为25%，且为联营企业。其余相关信息还请以信息披露公告为 准。 ...

锌矿供给端持续收紧，国内冶炼企业节前补库动作带动原料需求上行，亚非拉地区再工业化进程对镀锌 产品刚需增长，相关产业基本面呈现向好态势。上期所对锌期货相关合约调整交易规则，完善市场交易 环境，助力产业平稳运行。 镀锌制品行业：作为锌下游应用核心领域，受益于亚非拉地区制造业与基建复苏，海外镀锌板订单需求 逐步增长，国内镀锌企业出口业务规模有望扩大，带动行业产能利用率提升，同时国内基建项目开工预 期也将支撑国内镀锌产品需求。 有色金属矿采选业：锌矿采选是产业链上游环节，矿端供给紧张态势下，拥有优质锌矿储备的企业原料 自给率优势凸显，能够抵御原料价格波动风险，保障生产稳定性，部分企业通过扩产与技改提升锌精矿 产能，进一步巩固行业地位。 产业链公司 驰宏锌锗：公司主营锌、铅、锗系列产品的采选、冶炼、深加工与销售，拥有丰富的锌矿资源储备，原 料自给率处于行业较高水平，同时布局锌深加工业务，延伸产业链条，产品覆盖多个下游应用领域。 市场对锌的炒作集中在三方面。一是逆全球化背景下，亚非拉国家基建与制造业复苏拉动锌的工业需 求，市场此前对这一需求增量关注度不足；二是锌矿供给端持续偏紧，冶炼费下行印证原料紧张格局， 供需错配预期 ...

Investment Rating - The report maintains a "Positive" outlook on the non-ferrous metals industry [5] Core Viewpoints - The gold-silver ratio has broken through 50, indicating that precious metals are likely to lead industrial metals in accelerating price increases. Recent significant price increases in silver reflect a broader trend of rising physical metal prices as a response to the weakening trust in fiat currency systems [7][12] - The long-term debt cycle is entering its late stage, with rising physical metal prices signaling a loss of confidence in existing fiat currency systems. This trend is expected to continue, with precious metals likely to set new historical price records in 2026 [12] - Zinc is viewed as an overlooked foundational material in the context of de-globalization, with favorable supply-demand dynamics suggesting continued price increases. The report highlights the potential for increased demand from re-industrialization efforts in Asia, Africa, and Latin America [13] - The aluminum sector is expected to benefit from geopolitical concerns, with China's electrolytic aluminum industry poised to enjoy valuation premiums due to its supply chain security and competitive advantages [13] Summary by Sections Precious Metals - The report emphasizes the potential for precious metals to lead industrial metals in price increases, driven by a breakdown in the gold-silver ratio and a late-stage long-term debt cycle [7][12] - Specific investment opportunities include companies like Chifeng Jilong Gold Mining (600988) and others in the precious metals sector [7] Zinc Sector - The report identifies zinc as a critical material in the context of re-industrialization, with supply constraints and increasing demand expected to drive prices higher [13] Aluminum Sector - The report highlights the competitive advantages of China's electrolytic aluminum industry, which is expected to benefit from geopolitical tensions and supply chain security [13] Steel Sector - The steel industry is currently facing weak fundamentals as it approaches the seasonal low period before the Spring Festival, with expectations for policy measures to support the industry [14] - Steel production and consumption metrics indicate a slight increase in iron output but a decrease in rebar demand, reflecting a mixed outlook for the sector [19][26] New Energy Metals - The report notes significant increases in lithium and cobalt prices, with production metrics showing substantial year-on-year growth in lithium carbonate output [37][46] - The demand for new energy vehicles remains strong, with production and sales figures indicating continued growth in the sector [41] Industrial Metals - The report discusses the overall upward trend in industrial metal prices, driven by political policy risks and supply reduction expectations [56] - Specific metrics indicate rising copper production and declining refining fees, suggesting a tightening supply environment [57]

Investment Rating - The report maintains a "Positive" outlook on the non-ferrous metals industry [5] Core Insights - The gold-silver ratio has broken through 50, indicating that precious metals are likely to lead industrial metals in accelerating price increases. Recent significant price increases in silver reflect a broader trend of rising physical metal prices as a response to the weakening trust in fiat currency systems [7][12] - The long-term debt cycle is entering its late stage, with rising physical metal prices signaling a loss of confidence in existing fiat currency systems. This trend is expected to continue into 2026, with precious metals likely to set new historical price records [12] - Zinc is identified as an overlooked material in the context of de-globalization, with favorable supply-demand dynamics suggesting continued price increases. The report highlights the potential for increased demand from re-industrialization efforts in Asia, Africa, and Latin America [13] - The aluminum sector is expected to benefit from geopolitical concerns, with China's electrolytic aluminum industry poised to enjoy valuation premiums due to its supply chain security and competitive advantages [13] Summary by Sections Precious Metals - The report emphasizes the importance of precious metals in preserving wealth amid a declining trust in fiat currencies, recommending active investment in this sector [12] Zinc Sector - The report suggests that zinc, as a fundamental material for de-globalization, will see increased demand driven by infrastructure needs in emerging markets, despite current market skepticism [13] Aluminum Sector - The electrolytic aluminum industry in China is expected to benefit from enhanced supply chain security and competitive advantages, with a positive outlook for profitability and valuation [13] Steel Industry - The steel sector is currently facing weak fundamentals as it approaches the seasonal low around the Spring Festival, with expectations for policy measures to support the industry [14] - Steel production has seen a slight increase, but demand for rebar is weakening, indicating a mixed outlook for the sector [19] New Energy Metals - Lithium and carbonate prices have shown significant increases, with production levels rising sharply, indicating strong demand in the new energy vehicle sector [37][41] - The report notes a substantial increase in the production of lithium carbonate and hydroxide, reflecting the growing demand for electric vehicles [37] Industrial Metals - The report indicates that political risks and supply constraints are contributing to an overall increase in industrial metal prices, with copper production expected to rise despite declining refining fees [56][57]