[Mining and Metallurgical Enterprise Dynamics] Yesterday, China Nonferrous Metal Mining (Group) Co., Ltd. and China Gold Group Co., Ltd. signed a comprehensive framework agreement to deepen strategic cooperation. In the fields of geological exploration and mineral resource development, the two parties will collaborate on prospecting, exploration, resource investment, and development, focusing on key metallogenic belts both domestic and overseas, as well as regions along the Belt and Road, jointly expanding the overseas mineral resource market.

(Washington, D.C. – February 10, 2026) After posting its strongest annual performance since 1979 last year, silver prices continued to set new highs in 2026, fueled by rising investor interest.

Feb 6 (Reuters) - Gold premiums in India more than halved from decadal highs this week as price volatility deterred buyers, while a pullback from record prices lifted demand in China ahead of the Lunar New Year.

Recently, Kinger Lau, Chief China Equity Strategist at Goldman Sachs, released a research report titled "The Return of China's Private Enterprises: The Tide Has Turned". Lau pointed out that driven by various macro, policy, and micro factors, the medium-term investment prospects for China's private enterprises are improving.

The three major Hong Kong stock indices weakened collectively. By the close, the Hang Seng Index fell 0.08% to 24,162.87, the Tech Index dropped 0.76% to 5,392.19, and the HSCEI declined 0.15% to 8,767.36. Note: Hang Seng Index performance From the above, the Hang Seng Index once dipped to 24,013.95 in the afternoon, then continued its fluctuating trend. The Tech Index and HSCEI showed similar movements during the same period. Today's market Market-wise, pharmaceutical, gold, and banking stocks strengthened, while new consumer and semiconductor-related stocks weakened. Innovative Drugs Lead Gains, Blue Chips Hit New Highs By the close, 3SBio (01530.HK), China Medical Group (08225.HK), and Luye Pharma (02186.HK) rose 9.84%, 8.33%, and 4.39% respectively. Note: Pharmaceutical stocks performance 3SBio led the sector's gains and briefly hit a record high during the session. This followed its overseas licensing deal - the company granted Pfizer global rights (excluding mainland China) for its self-developed PD-1/VEGF bispecific antibody SSGJ-707. The agreement includes a non-refundable $1.25 billion upfront payment, up to $4.8 billion in potential milestone payments, and double-digit percentage sales royalties. The market generally views Hong Kong as the "springboard for Chinese innovative drugmakers going global", potentially entering a historic investment opportunity window. Gold Rally Extends, Silver Poised for Catch-Up By the close, China Silver Group (00815.HK), Tongguan Gold (00340.HK), and China Gold International (02099.HK) advanced 17.65%, 7.09%, and 4.50% respectively. Note: Gold stocks performance China Securities noted silver twice broke through the key $35.5/oz resistance level weekly. Against a five-year supply-demand gap, tariff policy easing triggered gold-silver ratio correction, with silver's catch-up momentum expected to continue. COMEX silver futures open interest rose 12% weekly, indicating accelerated institutional positioning in precious metals. Banking Stocks Show Steady Gains By the close, Qingdao Bank (03866.HK), Chongqing Bank (01963.HK), and Minsheng Bank (01988.HK) climbed 6.80%, 2.95%, and 2.55% respectively. Note: Performance of banking stocks GF Securities pointed out that under the condition where the central bank safeguards the stability of the interbank market, the liquidity pressure in the bond market has decreased, and concerns about rising interbank interest rates have been eliminated. It is expected that the intensity of monetary policy and credit efforts to stabilize growth will increase in June and the second half of the year (H2). Deep correction in new consumption stocks, valuation pressure amidst upcoming lock-up expiry At the close, Guming (01364.HK), BLK (00325.HK), and Cha Baidao (02555.HK) fell by 6.69%, 6.21%, and 5.60%, respectively. Note: Performance of new consumption concept stocks In terms of news, the adjustment pressure mainly comes from two aspects: firstly, the previous valuations have overextended growth prospects; secondly, the lock-up expiry is approaching, with Guming set to have 2.23 billion locked-up shares released on August 12, accounting for over 40% of the float. The consumer sector exhibits a clear rotation from high to low valuations, with capital shifting towards the pharmaceutical and financial sectors, which offer greater safety margins. Semiconductor stocks under pressure and volatile, with short-term fluctuations likely to persist At the close, Shanghai Fudan (01385.HK), Hua Hong Semiconductor (01347.HK), and SMIC (00981.HK) fell by 4.36%, 3.08%, and 1.89%, respectively. Note: Performance of semiconductor stocks In terms of news, the impact of SMIC's Q1 yield fluctuations may persist for 4-5 months, primarily due to insufficient process stability during the equipment verification period; Hua Hong Semiconductor's Q2 revenue guidance is 3-5% below market expectations. Donghai Securities believes that despite tariff disruptions in the industry in May, the trend of improving supply and demand remains unchanged. It suggests focusing on leading companies in niche sectors experiencing accelerated localization substitution. Individual stock movements METALIGHT falls over 30% on its debut, with international placement only 2.49 times subscribed METALIGHT (02605.HK) fell by 30.26% to close at HK$6.80. Notably, on the trading day before its listing, the stock already showed a trend of moving downwards after a higher opening in the grey market. In terms of subscription, METALIGHT was 274.44 times subscribed in the public offering phase, but only 2.49 times subscribed in the international placement phase. China Rare Earth surges over 13% as rare earth exports are somewhat relaxed China Rare Earth (00769.HK) rose by 13.24% to close at HK$0.77. In terms of news, on June 7, a spokesperson for the Ministry of Commerce answered questions from reporters regarding export control measures on medium-heavy rare earth, stating that implementing export controls on rare earths is in line with international practices, and China has approved a certain number of compliant applications in accordance with the law. Guotai Haitong Securities previously pointed out that after China implemented export controls on medium-heavy rare earth, overseas prices for medium-heavy rare earth have surged, rapidly widening the price spread between domestic and overseas markets. Domestic export licenses have been gradually issued, and the bank believes that the overseas price increases are expected to gradually transmit to the domestic market.

This week, the global precious metals market has witnessed a historic moment. Following gold's breakthrough above $3,400 per ounce, silver has taken the lead in the gains. Currently, silver prices have surged past the $36 per ounce mark. Note: Performance of COMEX silver Driven by the soaring silver prices, the precious metals sector in the Hong Kong stock market has strengthened once again. As of press time, China Silver Group (00815.HK) has risen by 20.55%, China Gold International Resources (02099.HK) by 3.30%, Zijin Mining (02899.HK) by 2.23%, and Zhaojin Mining (01818.HK) by 2.22%. Note: Performance of precious metals stocks in the Hong Kong stock market In terms of news, the Trump administration raised steel and aluminum tariffs from 25% to 50% in early June, sparking market concerns that key metals could become the next target for tariff increases. As a core industrial metal in the new energy sector, silver's strategic value is being re-evaluated. Analysts point out that if the US imposes tariffs on silver-related industry chains, it could further exacerbate supply chain tensions. Additionally, the US ISM Non-Manufacturing PMI for May fell below the 50 mark to 49.9, and the ADP employment data significantly missed expectations. Coupled with Minneapolis Fed President Neel Kashkari's dovish stance, market expectations for a September interest rate cut by the US Fed have surged to 97.5%. Historical data shows that silver's price elasticity during interest rate cut cycles is significantly higher than that of gold. During the interest rate cut cycles from 2001-2003 and 2020-2021, silver prices rose by more than 50% in both periods. Among the biggest beneficiaries of this silver rally is undoubtedly China Silver Group, a professional silver producer and comprehensive operator in China, with a business scope covering the entire industry chain of silver manufacturing, new jewelry retail, and silver trading. Institutions say silver may enter a "super cycle" Ole Hansen, head of commodity strategy at Saxo Bank, pointed out that with the US dollar index falling to a two-year low and geopolitical risks reigniting, precious metals are experiencing a breakthrough rally. Given that silver's market size is only one-tenth that of gold, the same amount of capital inflows will trigger greater price volatility. Guosen Futures believes that silver, with its dual attributes of being a safe-haven asset and an industrial metal, has greater room for valuation repair amid escalating trade frictions. If the US Fed initiates an interest rate cut cycle, silver's target price could potentially reach $40-50 per ounce.