Daily Investment Strategy
Daily focus：Zijin Mining (2899)
Zijin Mining is considered a leader in the basic materials sector in 2026, with its core investment value primarily driven by the rapid growth of its copper business. As of the first three quarters of 2025, copper mining contributed as much as 46% of the company's total gross profit, becoming the absolute engine of profit growth. Looking ahead to 2026, the company plans to further increase its copper production to 1.2 million tons, continuing its expansion from 2025. Against the backdrop of industry-wide supply tightening driving a revaluation of copper prices, Zijin's strong production growth momentum makes it the best target for capturing the benefits of rising international copper prices.
Trump Imposes Tariffs on Europe
Trump has wielded the tariff weapon against European allies, with tariffs set to continue until the US completes its acquisition of Greenland. This signifies that the "Trump risk" has escalated from traditional trade deficit negotiations to indiscriminate attacks using economic sanctions to achieve geopolitical goals. The announcement of punitive tariffs ranging from 10% to a maximum of 25% on eight countries, including the UK, France, and Germany, has not only severely strained transatlantic relations but also sent an extremely dangerous signal to the world: tariffs have become a tool of political coercion used at will. For the Chinese and Hong Kong markets, although the target is not currently directly China, the macroeconomic uncertainty brought about by this "weaponization of tariffs" will significantly increase global risk premiums. Investors need to be wary of funds being withdrawn from emerging markets due to heightened risk aversion, potentially leading to further market volatility.
Hong Kong Stock Connect recorded a net inflow of HK$0.9 billion on Friday, with SMIC (981) recording the largest net inflow at HK$1.08 billion, followed by Xiaomi Group (1810); China Mobile (0941) recorded the largest net outflow at HK$1.07 billion, followed by Alibaba Health (241).
Leung Kai Tong is a SFC licensed person accredited to KGI Group to carry on regulated activities (for details, please refer to https://apps.sfc.hk/publicregWeb/indi/ADU276/details). He and/or his associate do not have any financial interest in the recommended issuer or new listing applicant.
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