Zhitong Hong Kong Stock Exchange Unravels | The logic behind the rise in global stock markets, the stock market standard-bearer's collective explosion cannot be held back

[Anatomy Dashboard]

I didn't expect the global stock market to be activated. Needless to say, the US stocks themselves are definitely beneficial. Because of access to oil, it is amazing that the Asian stock market hit a record high on Tuesday, and South Korea's Seoul Composite Index broke through the 4,500 mark. The Nikkei 225 Index rose more than 1%, approaching the record high set last year. A-shares are also quite strong. More than 4,100 stocks have risen in the entire market, and more than 100 stocks have risen and stopped. Hong Kong stocks directly went short and closed up 1.38%.

According to the latest CCTV news report, on January 5 local time, Venezuelan President Nicolas Maduro and his wife Cilia Flores (Cilia Flores), who are forcibly controlled by the US, appeared for the first time in court for the Southern District Court of New York. During the trial, Maduro rejected all charges from the US side and stated “I am not guilty.” Don't you know how this farce will end in America?

Everyone is speculating who the next target will be; in fact, it is very clear, that is Greenland. Trump bluntly stated: we will consider Greenland in about two months. Let's talk about Greenland in 20 days.” The Danish Prime Minister said that if the US “takes” Greenland, it means the end of NATO. Targeting Greenland, Canada, the Panama Canal, etc., it shows that the Trump administration's strategic plan is already gradually taking shape. At the same time, the relationship between Europe and the US has become more delicate.

The UN Security Council held an emergency meeting on the US military attack against Venezuela. The Chinese representative's statement emphasized that China firmly supports the Venezuelan government and people in safeguarding their sovereignty, security, and legitimate rights and interests, and firmly supports countries in the region in maintaining the status of Latin America and the Caribbean as a zone of peace. Chinese Foreign Ministry spokesman Mao Ning said that no country can act as an international police officer, and no country can claim to be an international judge. China advocates a common, comprehensive, cooperative and sustainable security concept, respects the sovereignty and territorial integrity of all countries, attaches importance to the legitimate security concerns of all countries, and insists on resolving differences and disputes among countries through peaceful means through dialogue and consultation. This is the “China Plan” to address global security challenges and achieve universal and common security.

It is essential to speak out for justice and establish checks and balances. Various voices on the internet think this is another reenactment of a script from the past. To be honest, it's really different now. The stock market's performance already explains the problem very well and is very calm. Essentially speaking, the stability of our stock market is the “other pole” of global stock market stability. On January 5, Goldman Sachs released a report entitled “China's 2026 Outlook: Exploring New Momentum”. According to the report, high-profile Chinese stocks are recommended in 2026.

Gold and silver soared, and spot gold rose 2.64% to $4446.50 per ounce on Monday. COMEX gold futures rose 2.96% and COMEX silver futures rose 7.63%. What do you think of the rise in gold? Generally speaking, gold is used as a safe-haven asset. Naturally, this factor also exists this time, but it is not the main one, because the stock market is also rising, and gold is generally the opposite of the stock market. Therefore, one of the bigger reasons is de-dollarization. America's international reputation has already suffered a major setback, and no one dares to blatantly support it. Even if it's a hardcore Britain, Prime Minister Stammer broke off the relationship right away: it had nothing to do with Britain. As a result, the process of de-dollarization in various countries will accelerate. Zijin Mining (02899) reached a record high of nearly 6%. Wanguo Gold Group (03939) and Zhaojin Mining (01818) both rose more than 7%, and Zhitong Gold Shares Zijin Gold International (02259) rose more than 4% in January.

Insurance stocks mentioned yesterday continue to strengthen. Prudential (02378) announced that it will launch a common share repurchase program with a maximum total amount of 1.2 billion US dollars, which is expected to be completed by December 18. Today's increase was more than 5%; others such as Xinhua Insurance (01336), China Ping An (02318), and China Life Insurance (02628) have once again risen by more than 4%. Domestic housing stocks mentioned in yesterday's sector focus were also strong. Seashell-W (02423), Longhu Group (00960), and China's Jinmao (00817) all rose more than 4%.

The major sector driving the market today is securities stocks, which are the standard-bearer of the stock market. The direct catalyst is that the recent 5 consecutive transactions have broken through 2 trillion dollars, and the balance of the two loans has exceeded 2.56 trillion yuan. The brokerage sector's current PB is about 1.35-1.5 times, which is at an all-time low. Shorting capital will naturally attack the securities sector. The strongest trend is Jiufang Smart Investment (09636), which has an investment concept, because the business is purer and the performance improvement is more direct. Today, it surged nearly 19%; others such as Guotai Junan International (01788), China Merchants Securities (06099), CICC (03908), and Cathay Pacific Haitong (02611) all rose more than 8%.

According to media reports, Galaxy Power Space will take the opportunity to launch the “Ceres 1 Sea-launch (Remote 7)” commercial launch vehicle mission in the near future. The mission code name is “Watch the Tide.” Overseas, Musk proposed plans to deploy 100GW of solar AI satellites every year, low-orbit satellites, and space computing power to drive space photovoltaic demand. January Zhitong Gold Stock Junda Co., Ltd. (02865): The conversion efficiency of small-area perovskite-TopCon laminated batteries has exceeded 33.53%, and the technical indicators are at the leading level in the industry. The partner Shangyi Optoelectronics is a scarce domestic satellite battery manufacturer. Its core team has been deeply involved in perovskite aerospace applications for many years, and the company is working closely with Shangyi Optoelectronics to promote in-orbit verification and subsequent industrialization. Today's increase is over 8%. Other varieties include Goldwind Technology (02208), which participated in Blue Rocket Aerospace, which rose more than 5%, and Zhitong Gold CIMC Enrique (03899) and China Technology Group (01725) all rose more than 3% in January.

At the 2026 CES exhibition, Donut Lab announced that it will launch what it calls the world's first all-solid-state battery. The battery is ready to be mass-produced by OEM and will be first used on Verge Motorcycles' TS Pro and Ultra two-wheeled motorcycle models. If finally delivered to customers, it will be an important milestone in the global electrification process, marking the transition of solid-state technology from laboratories to mass-produced models. On January 5, Ganfeng Lithium (01772) replied on the interactive platform that Inner Mongolia Velasto Mining Co., Ltd.'s 2.4 million tons/year mining construction project for the lithium tin polymetallic mine has been officially approved and approved, and mining equipment is entering the market in batches. Today's increase is over 6%.

Non-ferrous metals are also quite strong, especially aluminum. The news that Mozal aluminum plant in Mozambique will be shut down indefinitely on March 15, 2026 has once again made the market worried about the stability of the supply of electrolytic aluminum. Lunlu broke through the $3,000 mark, setting the highest record since 2022; the main contract with Shanghai Aluminum also broke through the 24,000 yuan/ton mark. Nanshan Aluminum International (02610) and China Alcoa International (02068) both rose more than 8%; China's Hongqiao (01378) and China Aluminum (02600) in January hit record highs today. According to a report by Battery Network, on December 31, 2025, Zhongwei Xingyang Mining, a subsidiary of Zhongwei Co., Ltd. (02579), held a launch ceremony for the new phosphate project in Longshui Township, Kaiyang County, Guiyang City, Guizhou Province. The mine has a total resource volume of 984.40,500 tons, which is a large-scale phosphate resource. The proposed construction scale is 2.8 million tons/year, and the mining period is 10 years. Today's increase is over 6%.

Youjiao Innovation (02431) announced that the company recently received promises from the company's major shareholders and executive directors Liu Guoqing, Yang Guang, Zhou Xiang, Wang Qicheng, and individual shareholders Yan Shengye and Wu Jianxin not to reduce their holdings in the company. In view of the expiration of the original sales limit for the company's H shares and unlisted shares held by these shareholders, these shareholders issued a letter of commitment to the company to voluntarily extend the sales restriction period. According to the announcement, the extension period is as short as 6 months and as long as 1 year. Note the two key nodes June 27, 2026 and December 27, 2026. Today's increase is over 11%.

[Section Focus]

On Monday, January 5, EST, Nvidia CEO Wong In-hoon unveiled the Alpamayo platform at the CES exhibition in Las Vegas, enabling cars to “reason” in the real world. Nvidia has taken a critical step in the field of driverless driving by announcing the open source of its first inference VLA (vision-language-motion) model, Alpamayo1. Hwang In-hoon said that the first car equipped with Nvidia technology will be launched in the US in the first quarter. This move marks that Nvidia is positioning itself as an “Android system in the field of autonomous driving”, building an open ecosystem and forming a differentiated competitive path with Tesla's completely closed FSD system.

Main varieties: Zhejiang Shibao (01057), Nexteer (01316), Black Sesame Smart (02533), Sagiteng Juchuang (02498), Horizon Robot-W (09660), Youchao Innovation (02431), Sidi Smart Driving (03881).

[Individual Stock Mining]

Zijin Gold International (02259): The second phase of the Julong Copper Mine renovation and expansion project successfully linked to test the high growth rate of gold production

The main project construction and core equipment installation of the Julong Copper Mine Phase II renovation and expansion project were all completed and successfully linked for testing. After the second phase of Zijin Mining's Julong copper project is fully completed, it will increase production capacity to process 200,000 tons of ore per day. At that time, the total daily processing capacity of the first and second phases of the Julong Copper Mine will reach 350,000 tons, which is equivalent to rebuilding 1.3 “Dragons”.

Comment: The company has a total of 8 gold mines, distributed in South America, Africa, Central Asia, Oceania, etc., accounting for more than 95% of the gold business, which is a pure gold standard. The company currently has equity gold resources of 1812.7 tons and equity gold reserves of 851.9 tons (including the RG gold mine in Kazakhstan). Lower acquisition costs. The average acquisition cost of the company's gold mines in 2019-2024 is 61.3 US dollars/ounce, which is lower than the industry average of 92.9 US dollars/ounce, and the acquired mines can continue to increase storage. For example, by the end of 2024, the resources of Rosebel Gold Mine and Akim Gold Mine both increased 70% + compared to the time of acquisition. The company's production growth rate of 21% in the past three years was the fastest among large gold stocks, and in hindsight, the degree of implementation of production guidelines at the beginning of the year was high (99%/101%/103% for the 6 mines in production in 2024). In the future, with endogenous growth+epitaxial mergers and acquisitions, the company's gold production CAGR is expected to continue to maintain a high growth rate of 15% +. Gold prices are expected to remain strong, and global central banks will maintain 1,000 tons+ of gold purchases per year. The plan for the third phase of the Julong Copper Mine project is progressing simultaneously. After the third phase of the project, Julong Copper will rank among the largest copper mines in the world.