HK Stock Market Move | The increase in the share price of colored stocks further expanded. CHINAHONGQIAO (01378) rose over 4%, Zijin Mining Group (02899) rose over 3%.

The gains in non-ferrous stocks further expanded. As of the time of writing, Ganfeng Lithium Group (01772) rose by 4.04% to 54.05 Hong Kong dollars; CHINAHONGQIAO (01378) rose by 4.17% to 33.98 Hong Kong dollars; Shandong Gold Mining (01787) rose by 4.1% to 36.02 Hong Kong dollars; CMOC Group Limited (03993) rose by 3.9% to 19.99 Hong Kong dollars; Zijin Mining Group (02899) rose by 3.76% to 37 Hong Kong dollars. On the news front, on December 26th, the National Development and Reform Commission issued a document entitled "Vigorously Promoting the Optimization and Upgrading of Traditional Industries", mentioning the strengthening of management and optimization layout of the alumina and copper smelting industries, and encouraging mergers and reorganizations by large-scale backbone enterprises in the alumina and copper smelting industries. Morgan Stanley believes that the new policy may restrict the addition of planned alumina capacity, and expects capacity integration to benefit industry leaders. Meanwhile, lower annual copper concentrate processing fees/smelter fees and long-term contract concentrate volumes may mean a reduction in refined copper production by 2026. These factors, combined with still relatively stable demand, should support copper prices fluctuating at high levels. China Securities Co., Ltd. recently pointed out that factors such as insufficient capital spending, restricted resource supply, strong prospects for AI demand, expanding fiscal deficits, a downward interest rate cycle, and the threat of U.S. tariffs on key minerals have led to an uneven distribution of physical assets between the U.S. and non-U.S. regions, causing a shortage of liquidity in certain goods and inflows of funds to go long. A new expression of using limited resources to counteract weakened U.S. dollar credit is creating a new resource pricing paradigm globally, with the colorful feast in full swing.