Core Viewpoint - The article highlights the performance of the Nonferrous ETF Fund (159880), which opened with a gain of 2.40% and reports significant increases in its major holdings, indicating a positive trend in the nonferrous metals sector [1] Group 1: Fund Performance - The Nonferrous ETF Fund (159880) opened at 1.875 yuan, reflecting a 2.40% increase [1] - Since its establishment on March 8, 2021, the fund has achieved a return of 82.49% [1] - The fund's one-month return stands at 16.15% [1] Group 2: Major Holdings Performance - Major holdings in the fund include: - Zijin Mining: up 3.51% [1] - Luoyang Molybdenum: up 3.25% [1] - Northern Rare Earth: up 0.47% [1] - China Aluminum: up 2.92% [1] - Shandong Gold: up 3.90% [1] - Huayou Cobalt: up 3.29% [1] - Zhongjin Gold: up 5.06% [1] - Ganfeng Lithium: unchanged [1] - Chifeng Jilong Gold: up 4.36% [1] - Yun Aluminum: up 2.55% [1] Group 3: Fund Management - The fund is managed by Penghua Fund Management Co., Ltd. [1] - The fund manager is Yan Dong [1] - The performance benchmark for the fund is the National Securities Nonferrous Metals Industry Index return [1]

金价短线回调，拖累A股黄金股集体下跌，其中，洛阳钼业、盛达资源跌超5%，紫金矿业、浙富控股 跌超4%，铜陵有色、盛屯矿业、江西铜业、招金黄金跌超3%。 ...

Core Viewpoint - Zijin Mining's recent acquisition of a gold mine in Kazakhstan for 8.6 billion is a strategic move to capitalize on the rising gold prices, rather than a speculative action [1][4]. Valuation Screening - Zijin Mining's market capitalization exceeded 310 billion HKD after its recent IPO, raising nearly 25 billion HKD, indicating strong institutional confidence in its valuation [3]. - Current gold prices have surpassed 4,070 USD, with domestic gold jewelry prices reaching 1,190 CNY per gram, suggesting a robust gold market [3]. - The company's valuation is not overstretched compared to peers, allowing for potential upward adjustments in line with rising gold prices [3]. Fundamental Screening - The acquired RG gold mine is expected to produce 6 tons of gold annually from 2023 to 2024, increasing Zijin's operational gold mines to nine [4]. - The acquisition is seen as a way to secure stable cash flow and profit, as gold is a core profit driver for Zijin Mining [4]. - Zijin Mining has a history of acquiring mines with stable production and controllable costs, reinforcing the strategic nature of this investment [4]. Trend Screening - Gold prices have reached new highs 37 times this year, driven by global risk aversion, monetary easing expectations, and gold's inflation-hedging properties [4]. - Zijin Mining is positioned to benefit from the rising gold prices, effectively converting price increases into performance gains [4]. - The acquisition is viewed as a strategic enhancement of core assets rather than a reactionary move to market trends [4]. Short-term Strategy - Short-term investors may see a potential price increase due to the acquisition and rising gold prices, but caution is advised against chasing high prices [5]. - Investors holding positions may consider taking profits if prices approach previous resistance levels, while new investors should wait for a pullback [5]. Long-term Strategy - Long-term investors should monitor the production progress of the RG mine and the trend of international gold prices [5]. - As long as gold prices do not experience a significant decline, Zijin's fundamentals and market position remain strong [5]. - Investors with lighter positions may consider gradual accumulation, while those heavily invested should focus on production capacity and gold price trends [5].

Market Overview - The market opened higher but showed divergence, with the ChiNext Index experiencing a drop of over 2% after initially rising more than 1% [1] - As of the morning close, the Shanghai Composite Index increased by 0.21%, while the Shenzhen Component Index fell by 1.02%, and the ChiNext Index declined by 2.24% [1] Sector Performance - The financial sector was notably active, with bank stocks collectively rising [2] - The photovoltaic sector saw a surge, with leading company LONGi Green Energy hitting the daily limit [2] - The liquor sector also performed well, with Kweichow Moutai reaching the daily limit [2] - The coal sector showed strong performance, with Dayou Energy achieving two consecutive daily limits in three days [2] - In contrast, the semiconductor sector faced weakness, with companies like Wingtech Technology hitting the daily limit down, and others like Opal Photonics and Wavelength Optoelectronics experiencing collective adjustments [2] Trading Volume - The total trading volume for the Shanghai and Shenzhen markets reached 1.67 trillion yuan, an increase of 90.5 billion yuan compared to the previous trading day [3] - Notable individual stock trading volumes included Northern Rare Earth with over 19 billion yuan, followed by New Yisheng, ZTE Corporation, and Baosteel with significant trading volumes [3]

Group 1 - The gold and non-ferrous metal sectors opened collectively higher, with notable stocks such as China Ruilin and Huayu Mining hitting the daily limit up [1] - The A-share market saw all three major indices open higher, with the Shanghai Composite Index up 0.55%, the Shenzhen Component Index up 1.04%, and the ChiNext Index up 1.37%, led by gains in non-ferrous metals, rare earth permanent magnets, and controllable nuclear fusion sectors [2] - Hong Kong gold stocks continued their upward trend, with Chifeng Jilong Gold Mining rising nearly 5%, and other companies like Shandong Gold and Zhaojin Mining also showing significant gains [3] Group 2 - The Hong Kong market opened with the Hang Seng Index up 0.31% and the Hang Seng Tech Index up 0.56%, with the non-ferrous metal sector maintaining its strong performance, highlighted by increases in stocks like Zijin Mining and Jiangxi Copper [4]

Group 1 - The core viewpoint of the article highlights a significant rally in Hong Kong gold stocks, with notable increases in share prices for several companies [1] Group 2 - China Silver Group experienced a rise of over 10% in its stock price [1] - Lingbao Gold saw an increase of more than 6% [1] - Shandong Gold's stock price rose nearly 5% [1] - Other companies such as Zhaojin Mining and Zijin Mining International also followed the upward trend [1]

| 代码 | 名称 | 涨跌幅 √ | 最新价 | 总市值 | 年初至今涨跌 | | --- | --- | --- | --- | --- | --- | | 00815 | 中国白银集团 | 8.97% | 0.850 | 23.06亿 | 260.17% | | 06693 | 赤峰黄金 | 4.94% | 37.360 | 709.99亿 | 175.82% | | 01787 | 山东黄金 | 4.11% | 43.600 | 2009.93亿 | 257.17% | | 01818 | 招等处,不 | 4.03% | 34.600 | 1225.67亿 | 217.27% | | 02099 | 中国黄金国际 | 3.82% | 149.500 | 592.64 Z | 270.24% | | 02259 | 紫金黄金国际 | 3.58% | 147.500 | 3947.6 Z | 106.03% | | 00340 | 潼关黄金 | 3.44% | 3.010 | 132.37亿 | 529.71% | | 02899 | 紫金矿业 | 3.33% | 35.380 | 9403.15亿 | ...

国信证券近日发布金属行业Q4投资策略：出口管制再升级，北稀25Q4精矿采购价环比 +37%。商务部对含有中国成分的部分境外稀土相关物项和稀土相关技术实施出口管制。供 给方面，由于关税原因，MP资源于今年4月宣布不再向中国出口稀土精矿；价格方面， 25Q3氧化镨钕均价为54.01万元/吨，环比+25%；北方稀土上调四季度稀土精矿交易均价为 不含税2.62万元/吨，环比+37.13%。 以下为研究报告摘要： 工业金属：布局有色金属行业格局改善、价格上涨的机会 钴：刚果(金)配额制落地，钴价有望迎来长牛。刚果(金)出口配额低于市场预期，或造 成全球钴原料市场在未来2年内出现明显缺口，长期价格中枢抬升。 小金属：战略属性增强，小金属多头逻辑强化 稀土：出口管制再升级，北稀25Q4精矿采购价环比+37%。商务部对含有中国成分的部 分境外稀土相关物项和稀土相关技术实施出口管制。供给方面，由于关税原因，MP资源于 今年4月宣布不再向中国出口稀土精矿；价格方面，25Q3氧化镨钕均价为54.01万元/吨，环 比+25%；北方稀土上调四季度稀土精矿交易均价为不含税2.62万元/吨，环比+37.13%。 铜：大型铜矿减产，铜价重心 ...

Core Insights - The article highlights the short-selling ratios and amounts for various companies, indicating significant market sentiment towards these stocks [1][2] Short-Selling Ratios - AIA Group Limited (友邦保险-R) and Anta Sports Products Limited (安踏体育-R) both have a short-selling ratio of 100.00%, indicating extreme bearish sentiment [1] - China Mobile Limited (中国移动-R) has a short-selling ratio of 84.48%, suggesting a notable level of short interest [1] Short-Selling Amounts - Alibaba Group Holding Limited (阿里巴巴-SW) leads in short-selling amount with 6.289 billion, followed by Xiaomi Corporation (小米集团-W) at 4.095 billion and Tencent Holdings Limited (腾讯控股) at 3.779 billion [2] - Other notable companies in the top short-selling amounts include Meituan (美团-W) at 1.692 billion and Semiconductor Manufacturing International Corporation (中芯国际) at 1.525 billion [2] Deviation Values - The highest deviation value is for Xinyuan Renewable Energy (协合新能源) at 40.24%, indicating a significant difference from its historical short-selling average [1][2] - Other companies with high deviation values include Jiangsu Nanjing Highway (江苏宁沪高速公路) at 26.40% and AIA Group Limited (友邦保险-R) at 26.17% [1][2]

Core Insights - The top three companies by Hong Kong Stock Connect holding ratios are Green Power Environmental (70.05%), China Telecom (69.96%), and COSCO Shipping Energy (68.73%) [1][2] - The companies with the largest increase in holding amounts over the last five trading days are Zijin Mining (+1 billion), Kuaishou (+0.981 billion), and Pop Mart (+0.624 billion) [1][2] - The companies with the largest decrease in holding amounts over the last five trading days are SMIC (-2.258 billion), Hua Hong Semiconductor (-1.222 billion), and Alibaba (-0.714 billion) [1][4] Hong Kong Stock Connect Holding Ratios - Green Power Environmental (01330) has a holding of 283 million shares, representing 70.05% [2] - China Telecom (00728) has a holding of 9.711 billion shares, representing 69.96% [2] - COSCO Shipping Energy (01138) has a holding of 891 million shares, representing 68.73% [2] - Other notable companies include Changfei Optical Fiber (06869) at 68.48% and China Shenhua (01088) at 67.25% [2] Recent Increases in Holdings - Zijin Mining (02899) saw an increase of 1 billion in holding amount, with a change of 29.19 million shares [2][4] - Kuaishou (01024) experienced an increase of 0.981 billion, with a change of 12.19 million shares [2][4] - Pop Mart (09992) had an increase of 0.624 billion, with a change of 2.39 million shares [2][4] Recent Decreases in Holdings - SMIC (00981) had a decrease of 2.258 billion in holding amount, with a change of 28.18 million shares [4] - Hua Hong Semiconductor (01347) saw a decrease of 1.222 billion, with a change of 13.86 million shares [4] - Alibaba (09988) experienced a decrease of 0.714 billion, with a change of 4.39 million shares [4]