The A-share market has demonstrated considerable strength over the past two days, successfully weathering substantial ETF sell-offs. This resilience underscores a robust underlying bullish sentiment. The Hong Kong market opened higher today, partially filled the gap, and ultimately closed up by 0.45%. As mentioned yesterday, "The Greenland incident has subsided, leading to a natural correction in gold, but the market sentiment doesn't feel weak, primarily due to renewed tensions surrounding Iran." Indeed, new developments have emerged, with Donald Trump telling media: "Many ships are heading there, just in case. We are closely monitoring the situation. It is a significant force. We are mobilizing substantial forces towards Iran. I don't want anything to happen, but we are watching them (Iran) very closely." The principle remains: as long as such geopolitical instability persists, gold retains a strong impetus to rise. Smart Money's January top pick, Zhaojin Gold International (02259), has been exceptionally strong, rising nearly 8% again today. Chifeng Gold (06693), highlighted just as it started its uptrend from the bottom, also gapped up nearly 8%. China Gold International (02099) rose over 6%. Laopu Gold (06181) currently offers relatively high value. Another underlying logic for gold's strength is that the Greenland incident has severely shaken the EU's confidence in transatlantic relations, prompting EU leaders to reassess Europe-US ties. This reassessment will inevitably lead to a continuous erosion of US dollar credibility. A weaker dollar directly enhances the intrinsic value of gold. Other resource sectors are also expected to benefit; see the sector focus for details. Trump's actions are leading to greater isolation, crucially characterized by overt and unvarnished expropriation, which is highly detrimental to his allies. After Greenland, will Iceland, or even Canada, be next? It's uncertain, especially considering that during a previous meeting with EU leaders, the map on the backdrop was reportedly altered to a map of the United States. Following the Canadian Prime Minister's visit to China, there are reports that UK Prime Minister Keir Starmer may visit next week. Foreign capital attitudes are also shifting; a recent Morgan Stanley closed-door meeting introduced an interesting concept: the "East Stable, West Turbulent" geopolitical landscape. This concept is key, as capital fears turbulence and uncertainty, which currently represents the Chinese stock market's greatest advantage.
The commercial aerospace sector, mentioned yesterday, continues to see positive catalysts. The "Jiujuan Commercial Aerospace Industry Development Plan (2026-2035)" has been finalized, aiming to establish the "China Jiujuan Commercial Aerospace Port." The plan proposes building four major bases, including a national commercial aerospace launch site, and outlines an industrial layout of "One Port, Two Zones, Multiple Linkages," covering seven key industries. Goldwind Science & Technology (02208) surged over 10%, and China Aerospace International Holdings (01725) rose over 5%. Even more impressive is the concept of space-based photovoltaics. On January 22nd, Tesla CEO Elon Musk, during a conversation with BlackRock CEO Larry Fink at the World Economic Forum in Davos, explicitly endorsed space-based solar power and disclosed key capacity plans. He stated that SpaceX and Tesla are simultaneously advancing solar capacity expansion, targeting an annual solar manufacturing capability of 100GW within the next three years. If the concept of space data centers materializes, referencing Musk's target of 100GW of space-based computing power and assuming a 30% photovoltaic system conversion efficiency, this could ultimately drive demand for over 800GW of space-based PV installations. Smart Money's January top pick, DRINDA (02865), mentioned yesterday, has again caught the trend, shining brilliantly once more. The company just raised funds through a placement specifically for CPI film and CPI film-crystalline silicon battery combination products, entering the low-orbit and space-based PV sector. Its stock exploded today, soaring over 51%. Related PV stocks were also lifted:凯盛新能 (01108) surged over 14%;信义光能 (00968), 协鑫新能源 (00451), and 福莱特玻璃 (06865) all gained over 10%. The strength in PV is also linked to anti-internal competition dynamics.
Musk also indicated that Tesla's Robotaxi autonomous taxi service is expected to see large-scale deployment in the US this year, becoming "very, very common" across the country by year-end, with services already starting in Austin, Texas, without in-car safety supervisors. Separately, it was reported that Musk anticipates Tesla's Full Self-Driving (FSD) system, which requires driver supervision, could gain approval in China as soon as next month, potentially around the same time as in Europe. Zhejiang Shibao (01057) rose nearly 10%. Other Robotaxi concept stocks like Pony.ai-W (02026) and WeRide-W (00800) both gained over 5%. Furthermore, during his dialogue with BlackRock CEO and WEF interim co-chair Larry Fink, Musk stated that AI chip production is growing exponentially, but power supply is insufficient, constraining the efficiency of AI data centers in training and deploying models. Solving the power issue in the US is difficult in the short term, with gas turbines being the fastest emergency solution. This theme, highlighted in yesterday's sector focus, gained further traction, though Yingpu Precision (01286) was overlooked: a global Top 10 manufacturer of high-precision castings and machined parts, supplying core components (blades, cylinders, etc.) for gas turbines to international giants like GE and Mitsubishi; its Mexican plant is ramping up production with growing orders from US clients, directly benefiting from global gas turbine expansion and supply chain relocation driven by import substitution. Its stock jumped nearly 13% today. Investors should proactively research such themes.
Pop Mart (09992), mentioned yesterday for its gains due to share buybacks, received a new catalyst today. The company released its 2026 Valentine's Day limited edition blind box series, "Starman: Heart-Throbbing Stars," on January 22nd, marking the first Valentine's series for the Starman character. According to data from the Dewu App, the resale price for the hidden editions "Growing Old Together" and "Going Gray Together" surged from 89 yuan to 699 yuan, an 6.8-fold premium, making them Pop Mart's highest-premium products for 2026. The regular edition "Heartbeat Signal" also saw its resale price rise to 289 yuan, a 2.2-fold premium. On January 22nd, the Dongfanghong QIheng Three-Year Holding Mixed Fund, managed by Hu Xiao and Li Jing under Oriental Red Asset Management, published its annual report, showing a net value growth rate of 23.38% over the past year. The fund increased its holding in Pop Mart by 161,800 shares, making it the fund's largest holding. There are reports that Alibaba (09988) is preparing to advance the independent listing of its AI chip subsidiary, T-Head. Its stock rose over 2% today, although Norway's Skagen Fund reduced its stake in Alibaba (BABA.US) and initiated a position in JD.com (JD.US).
According to a report by The Information, the Trump administration substantially streamlined the deep-sea mining permitting process on Wednesday, aiming to accelerate the extraction of critical metals like copper and cobalt from the Pacific seabed and reduce reliance on non-US supplies. Data from the US Geological Survey indicates that nodules in the Clarion-Clipperton Zone, located three miles below the Pacific surface about 500 miles southeast of Hawaii, contain nearly twice the nickel, 20% more manganese, over three times the cobalt of known land-based reserves, along with significant copper content. The US interest in Greenland extends beyond its geopolitical significance to its abundant mineral resources, which are the true hard assets whose value is set to continually appreciate. Key Hong Kong-listed players include CNGR (02579), Lygend Resources (02245), and MMG (01208).
CNGR (02579): Maintains Leading Share in Ultra-High Nickel, Poised for Rapid Shipment Growth. Recently, the company has secured 5-6 billion wet metric tons of nickel ore resources through investments, equity stakes, and long-term agreements, establishing a presence across four major nickel raw material industrial bases in Indonesia. It has built a nickel smelting capacity of 195,000 metal tons, with an equity capacity of approximately 120,000 tons. Notably, its 60,000 metal ton per year high-grade nickel matte capacity commenced full operation in January 2026 and is expected to reach full capacity within the year. Analysis: The ramp-up of its Indonesian nickel capacity significantly reduces costs and improves efficiency. Ultra-High Nickel & Solid-State Volume Growth: The company maintains a leading market share in ultra-high nickel, and its solid-state materials are scaling up with customer expansion, positioning it for rapid shipment growth. In 2024, CNGR held an 89.5% global market share in ultra-high nickel ternary precursor and a 31.7% share in high-nickel products. It pioneered ultra-high nickel materials achieving an energy density of 230mAh/g, a 12.7%-27.8% improvement over traditional materials. Products like "9-Series Single Crystal" and "Ultra-Small Particle Size Lithium-Rich Manganese-Based" have passed certification and entered mass supply. Shipments of solid-state battery materials have reached nearly 50 tons. Cumulative R&D investment exceeds 4.4 billion yuan, with an R&D expense ratio of 4%-5%, keeping it 1-2 years ahead of the industry. The company has deep partnerships with global leaders like Tesla, CATL, LG Energy Solution, and Samsung SDI. Overseas revenue exceeds 50%, indicating strong customer stickiness and high switching costs. CNGR has obtained a mining license, controlling 98.44 million tons of high-quality phosphate rock (average grade 25%) across a 6.7 sq km mining area, with plans for annual extraction of 2.8 million tons, and construction has commenced. New System Materials Deployment: Sodium-ion battery materials are shipping at the thousand-ton level, with a 1.5GWh production line established. Integration enhances profitability. Supporting capacities include 200,000 tons of lithium iron phosphate and 50,000 tons of lithium iron phosphate cathode material in Guizhou Kaiyang, alongside developing phosphate rock channels in Morocco to support overseas phosphate-based material production. Resource Synergy Deepening: The Argentinian salt lake lithium project (over 10 million tons LCE) is scheduled to begin production in 2028, and with nearly 100 million tons of phosphate rock, the company secures cost advantages for both lithium and phosphate-based materials. Dual A+H Financing Platform: The Hong Kong listing provides fundraising support for capacity expansion and R&D, accelerating its global layout.
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