Hong Kong Stock Concept Tracking| AI Infrastructure Expansion Drives Copper Demand Growth Institutions Bullish on Market Continues to Rise (with Concept Stocks)

The large AI data centers being actively built by Microsoft, Google, Amazon, and Meta, the parent company of Facebook, rely heavily on copper for high-speed interconnection systems, cooling systems, high-performance network devices, data center storage equipment, and AI computing clusters. This structural increase in demand is gradually becoming a new growth engine for the copper market. After copper prices rallied from less than $11,000/ton at the end of November 2025 to a historical high of $13,387.50/ton on January 6, 2026, Goldman Sachs, the Wall Street financial giant, had to recalibrate its short-term path: Goldman Sachs significantly raised its first half of 2026 copper price forecast from $11,525/ton to $12,750/ton, citing the revaluation of "scarcity premiums" and hoarding dynamics in the market - especially the tightness in the commodity market due to insufficient inventory coverage outside the United States. However, Goldman Sachs also emphasized that it is difficult to sustain prices above $13,000/ton in the long term, and maintained its cautious bearish forecast for the LME copper price at $11,200/ton in the fourth quarter of 2026. On January 11, Zhou Junzhi and Tian Yunong of China Securities Co., Ltd. published a research report, stating that the recent performance of non-ferrous metals represented by copper and aluminum has been very strong at the end of the year, driven by key pricing strategies for strategic resource security and unexpectedly loose monetary policy in the United States. China Securities Co., Ltd. believes that the essence of the non-ferrous market is to price the new and old global order, so copper will relay gold and silver, and the copper market is far from over, with $13,000 not being the end point of this round of copper prices, and is optimistic about the copper price odds in 2026. Looking to the future, China Securities Co., Ltd. analyzes that after reaching historical highs, copper prices have entered a phase of technical correction, with short-term profit-taking and weak reality suppressing prices, but structural demand continues to provide strong support for copper prices. Hong Kong-listed copper mining companies: CMOC Group Limited (03993), Zijin Mining Group (02899), JIANGXI COPPER (00358), MMG (01208) JINXUN RESOURCE (03636): JINXUN RESOURCE is a leading manufacturer of high-quality cathode copper with strong influence in the Democratic Republic of the Congo and Zambia. According to Frost & Sullivan data, as of December 31, 2024, the company ranks fifth among Chinese cathode copper producers based on production in the Democratic Republic of the Congo and Zambia, and is the only Chinese company in the top five in both jurisdictions. CHINFMINING (01258): The company announced that the main and auxiliary shafts of the Southeast Mine in Gabon were completed in December 2025 and the repair work was completed as expected. The mine officially resumed production on January 1, 2026. The company expects a comprehensive copper production of about 484,000 tons in 2026, including approximately 134,000 tons of cathode copper and approximately 350,000 tons of blister copper/anode copper. Due to the planned shutdowns for maintenance at the Gabon Copper Smelter and the Luaraba Copper Smelter, the production of blister copper/anode copper will decrease. It is expected to produce approximately 155,000 tons of copper from own mines throughout the year; produce 900,000 tons of sulfuric acid; produce approximately 100,000 tons of liquid sulfur dioxide; and produce approximately 600 tons of cobalt hydroxide containing cobalt.