Group 1 - Copper stocks have shown significant gains, with Jiangxi Copper rising by 3.26% to HKD 32.92, Luoyang Molybdenum up 3.19% to HKD 17.17, China Nonferrous Mining increasing by 3.03% to HKD 15.3, and Zijin Mining up 2.58% to HKD 33.46 [1] - The recent commentary from Nick Timiraos indicates a notable division within the Federal Reserve regarding the threats posed by ongoing inflation versus a sluggish labor market, complicating the outlook for potential interest rate cuts [1] - Despite investor expectations for a possible rate cut in the upcoming Federal Reserve meeting, the internal disagreements have made previously feasible plans more complex [1] Group 2 - The U.S. House of Representatives has passed a temporary funding bill, marking a decisive step towards ending the longest government shutdown in U.S. history, which may reduce macroeconomic risks [2] - The copper market is experiencing a shift due to supply shortages from mining accidents, leading to tighter raw material availability that is now affecting the smelting sector [2] - Current copper prices are supported at the bottom, but breaking through previous highs will require additional positive drivers and significant capital inflow, suggesting a tendency for range-bound trading [2]

Group 1: Copper Industry Performance - Copper stocks are experiencing significant gains, with Jiangxi Copper Co. rising by 3.26% to HKD 32.92, Luoyang Molybdenum Co. increasing by 3.19% to HKD 17.17, China Nonferrous Mining Corp. up by 3.03% to HKD 15.3, and Zijin Mining Group rising by 2.58% to HKD 33.46 [1] Group 2: Economic and Market Context - The U.S. Congress has passed a temporary funding bill, marking a decisive step towards ending the longest government shutdown in U.S. history, which reduces macroeconomic risks [2] - Despite the government shutdown nearing an end, uncertainty in economic data continues to create speculation regarding potential interest rate cuts in December [2] - A recent copper mine accident has led to expectations of raw material shortages, which have been reflected in prior trading, with current prices showing bottom support but requiring additional positive drivers and significant capital inflow for upward movement beyond previous highs [2]

江西铜业股份有限公司是一家主要从事铜和黄金的采选、冶炼与加工的中国公司。该公司主要通过两个 分部开展业务。铜相关产业分部主要从事铜及铜相关产品的生产和销售。金相关产业分部主要从事金及 金相关产品的生产和销售。该公司的产品主要包括阴极铜、黄金、白银、 硫酸、铜杆、铜管、铜箔、 硒、碲、铼和铋。该公司的产品主要应用于电气、电子、轻工、机械制造、建筑、交通、军工工业等行 业。该公司主要在国内市场开展业务。 | 交易日 | 持股总数 (股) | 持股变动(股) | 变动幅度 | | --- | --- | --- | --- | | 2025-11-11 | 3.30亿 | 251.00万 | 0.77% | | 2025-11-10 | 3.27亿 | 157.00万 | 0.48% | | 2025-11-07 | 3.26亿 | -239.24万 | -0.73% | | 2025-11-06 | 3.28亿 | -733.71万 | -2.19% | | 2025-11-05 | 3.35亿 | -713.50万 | -2.08% | 证券之星消息，11月11日南向资金增持251.0万股江西铜业股份（0035 ...

Core Viewpoint - The Penghua Hong Kong Stock Connect Low Volatility Dividend ETF (159117) has shown a slight increase in its closing price and has a total trading volume of approximately 9.8 million yuan as of November 11, 2023 [1]. Group 1: Fund Overview - The Penghua Hong Kong Stock Connect Low Volatility Dividend ETF was established on September 30, 2025, with an annual management fee of 0.30% and a custody fee of 0.10% [1]. - The fund's performance benchmark is the S&P Hong Kong Stock Connect Low Volatility Dividend Index, adjusted for exchange rates [1]. - As of November 10, 2023, the fund has a total of 175 million shares and a total size of 185 million yuan [1]. Group 2: Fund Management - The current fund managers are Yan Dong and Yu Zhanchang, both of whom have managed the fund since its inception, achieving a return of 5.37% during their tenure [1]. Group 3: Top Holdings - The ETF's top holdings include: - Hang Lung Properties: 1.08% holding, valued at approximately 4.07 million yuan [2]. - Jiangxi Copper: 1.08% holding, valued at approximately 4.06 million yuan [2]. - China Shenhua: 1.05% holding, valued at approximately 3.97 million yuan [2]. - Far East Horizon: 0.99% holding, valued at approximately 3.72 million yuan [2]. - CNOOC: 0.96% holding, valued at approximately 3.62 million yuan [2]. - Sino Land: 0.94% holding, valued at approximately 3.54 million yuan [2]. - China Petroleum: 0.87% holding, valued at approximately 3.29 million yuan [2]. - Hengan International: 0.87% holding, valued at approximately 3.26 million yuan [2]. - Henderson Land: 0.81% holding, valued at approximately 3.05 million yuan [2]. - Bank of China Hong Kong: 0.81% holding, valued at approximately 3.06 million yuan [2].

Core Viewpoint - The Penghua Hong Kong Stock Connect Low Volatility Dividend ETF (159117) has shown a modest increase of 0.38% in its closing price on November 7, with a trading volume of 6.93 million yuan [1]. Group 1: Fund Overview - The fund was established on September 30, 2025, and is officially named Penghua S&P Hong Kong Stock Connect Low Volatility Dividend Index Securities Investment Fund [1]. - The management fee for the fund is set at 0.30% per annum, while the custody fee is 0.10% per annum [1]. - The performance benchmark for the fund is the S&P Hong Kong Stock Connect Low Volatility Dividend Index return (adjusted for exchange rates) [1]. Group 2: Fund Size and Management - As of November 6, the fund has a total of 175 million shares outstanding, with a total size of 182 million yuan [2]. - The current fund managers are Yan Dong and Yu Zhanchang, both of whom have managed the fund since its inception, achieving a return of 3.82% during their tenure [2]. Group 3: Top Holdings - The fund's major holdings include: - Hang Lung Properties: 1.08% holding, valued at 4.0664 million yuan [3] - Jiangxi Copper Co.: 1.08% holding, valued at 4.0565 million yuan [3] - China Shenhua Energy: 1.05% holding, valued at 3.9728 million yuan [3] - Far East Horizon: 0.99% holding, valued at 3.7202 million yuan [3] - CNOOC: 0.96% holding, valued at 3.6159 million yuan [3] - Sino Land: 0.94% holding, valued at 3.5443 million yuan [3] - China Petroleum: 0.87% holding, valued at 3.2921 million yuan [3] - Hengan International: 0.87% holding, valued at 3.2589 million yuan [3] - Henderson Land: 0.81% holding, valued at 3.0452 million yuan [3] - Bank of China (Hong Kong): 0.81% holding, valued at 3.0623 million yuan [3]

Core Viewpoint - The Penghua Hong Kong Stock Connect Low Volatility Dividend ETF (159117) has shown a positive performance with a closing increase of 1.17% and a trading volume of 18.4374 million yuan on November 6, 2023 [1]. Fund Overview - The fund was established on September 30, 2025, and is officially named Penghua S&P Hong Kong Stock Connect Low Volatility Dividend Index Securities Investment Fund [1]. - The management fee is set at 0.30% per annum, while the custody fee is 0.10% per annum [1]. - The performance benchmark for the fund is the S&P Hong Kong Stock Connect Low Volatility Dividend Index return (adjusted for exchange rates) [1]. Fund Size and Management - As of November 5, 2023, the fund has a total of 175 million shares and a total size of 180 million yuan [2]. - The current fund managers are Yan Dong and Yu Zhanchang, both managing the fund since its inception, with a return of 2.53% during their tenure [2]. Top Holdings - The latest report indicates that the top holdings of the fund include: - Hang Lung Properties: 1.08% holding, valued at 4.0664 million yuan [3] - Jiangxi Copper: 1.08% holding, valued at 4.0565 million yuan [3] - China Shenhua Energy: 1.05% holding, valued at 3.9728 million yuan [3] - Far East Horizon: 0.99% holding, valued at 3.7202 million yuan [3] - CNOOC: 0.96% holding, valued at 3.6159 million yuan [3] - Sino Land: 0.94% holding, valued at 3.5443 million yuan [3] - PetroChina: 0.87% holding, valued at 3.2921 million yuan [3] - Hengan International: 0.87% holding, valued at 3.2589 million yuan [3] - Henderson Land: 0.81% holding, valued at 3.0452 million yuan [3] - Bank of China Hong Kong: 0.81% holding, valued at 3.0623 million yuan [3].

Group 1 - Goldman Sachs has raised GDP growth expectations for China and India due to manufacturing and export growth [1] - The report expresses a more favorable outlook for the technology, materials, insurance, and industrial sectors this month [1] - Ratings for the energy sector and other industries have been downgraded [1] Group 2 - Goldman Sachs has released a new list of buy-rated stocks in the Hong Kong market, including AIA (01299.HK), Techtronic Industries (00669.HK), China Pacific Insurance (02328.HK), and Lenovo Group (00992.HK) among others [2] - The list features a total of 25 companies, indicating a diverse range of sectors and investment opportunities [2][3]

Group 1 - Goldman Sachs has raised GDP growth expectations for China and India due to manufacturing and export growth [1] - The report expresses a positive outlook for the technology, materials, insurance, and industrial sectors this month [1] - Ratings for the real estate and energy sectors have been downgraded [1] Group 2 - A list of recommended stocks for investment in the Hong Kong market includes: AIA (01299.HK), Xiaomi-W (01810.HK), Hong Kong Exchanges (00388.HK), Ping An (02318.HK), Zijin Mining (02899.HK), Techtronic Industries (00669.HK), China Pacific Insurance (02328.HK), China Life Insurance (02601.HK), Lenovo Group (00992.HK), Luoyang Molybdenum (03993.HK), Hua Hong Semiconductor (01347.HK), Zhaojin Mining (01818.HK), Chalco (02600.HK), Weichai Power (02338.HK), CICC (03908.HK), Jiangxi Copper (00358.HK), AAC Technologies (02018.HK), Conch Cement (00914.HK), BYD Electronics (00285.HK), Minmetals Resources (01208.HK), CRRC (01766.HK), JD Logistics (02618.HK), Swire Properties A (00019.HK), China National Building Material (03323.HK), and Times Electric (03898.HK) [1]

Core Viewpoint - Jiangxi Copper's stock price has shown significant volatility, with a year-to-date increase of 100.36%, but a recent decline of 7.82% over the past five trading days [1] Group 1: Stock Performance - As of November 6, Jiangxi Copper's stock price reached 39.96 CNY per share, with a trading volume of 10.97 billion CNY and a turnover rate of 1.34%, resulting in a total market capitalization of 138.37 billion CNY [1] - The company has appeared on the "Dragon and Tiger List" once this year, with the most recent occurrence on October 9 [1] Group 2: Financial Performance - For the period from January to September 2025, Jiangxi Copper reported a revenue of 396.05 billion CNY, a slight decrease of 0.08% year-on-year, while the net profit attributable to shareholders increased by 20.85% to 6.02 billion CNY [2] Group 3: Shareholder Information - As of September 30, 2025, Jiangxi Copper had 125,600 shareholders, an increase of 6.64% from the previous period [2] - The company has distributed a total of 22.18 billion CNY in dividends since its A-share listing, with 6.22 billion CNY distributed over the last three years [3] Group 4: Major Shareholders - Among the top ten circulating shareholders, China Securities Finance Corporation holds 104 million shares, remaining unchanged from the previous period, while Hong Kong Central Clearing Limited reduced its holdings by 24.08 million shares to 44.51 million shares [3]

Core Viewpoint - Copper stocks have risen, driven by news of Glencore's plans to close its smelter and copper refining plant in Quebec, Canada, due to environmental issues and high renovation costs. This is expected to widen the supply-demand gap, leading to higher copper prices in the future [1] Group 1: Market Reaction - Jiangxi Copper (600362) shares increased by 3.42%, reaching HKD 30.88 [1] - China Nonferrous Mining (01258) shares rose by 2.27%, reaching HKD 13.57 [1] - Luoyang Molybdenum (603993) shares gained 1.75%, reaching HKD 15.72 [1] Group 2: Supply and Demand Dynamics - Citic Securities reports that the supply-demand gap for copper is expected to widen, with copper prices potentially reaching new peaks by 2026 [1] - Major copper mining companies experienced a nearly 5% year-on-year decline in production in Q3 2025, with Q4 expected to continue this contraction [1] - Domestic refined copper supply is anticipated to shrink due to raw material shortages and stable demand, leading to a moderate reduction in domestic inventory [1] Group 3: Future Price Projections - The global refined copper supply gap is projected to widen by 50% next year due to low supply and steady demand [1] - LME copper prices are expected to demonstrate upward elasticity, potentially exceeding USD 10,000 per ton [1] - The copper sector is recommended for investment opportunities based on these dynamics [1]