Core Viewpoint - The recent fluctuations in the U.S. labor market and the Federal Reserve's interest rate expectations have led to a renewed interest in gold as a safe-haven asset, with significant implications for gold prices and related ETFs [1][2][4]. Group 1: Market Performance - On August 5, COMEX gold futures rose by 0.25% to $3435 per ounce, with gold-related ETFs also experiencing gains [1]. - As of August 5, the year-to-date increase in gold prices reached 39.33%, with notable rises in stocks such as Tongling Nonferrous Metals and Shandong Gold [1]. - The gold stock ETF (159562) increased by 1.66%, while the non-ferrous metal ETF (516650) rose by 1.24% [1][2]. Group 2: Economic Indicators - The U.S. Labor Department reported that 73,000 jobs were added in July, with an unemployment rate of 4.2%, which is a 0.1 percentage point increase from the previous month [1][4]. - The July non-farm payroll data was significantly below market expectations, leading to volatility in U.S. financial markets [1][4]. Group 3: Institutional Sentiment - Citigroup, known for its bearish stance on gold, has revised its three-month gold price forecast from $3300 to $3500 per ounce, reflecting a shift in institutional sentiment towards gold [2]. - The gold stock ETF tracks a diverse range of companies in the gold mining and sales sectors, with the top ten constituents accounting for 66.02% of the index weight [2]. Group 4: Future Outlook - Analysts suggest that the weak employment data provides the Federal Reserve with a rationale for potential interest rate cuts, which could further support gold prices [3][4]. - The anticipated dovish shift in Federal Reserve officials' statements and the potential for a rate cut could lead to a new upward trend in gold prices amid concerns over inflation [4].

Core Viewpoint - Zijin Mining's stock price is currently at 19.87 yuan, reflecting a slight decline of 0.05% from the previous trading day, with significant trading volume and value reported [1] Group 1: Company Performance - Zijin Mining is primarily engaged in the exploration, mining, smelting, and sales of mineral resources such as gold, copper, and zinc, and operates globally, establishing itself as a leading comprehensive mining enterprise in China [1] - The company's mid-year performance forecast for 2025 indicates an expected net profit attributable to shareholders of approximately 232 billion yuan for the first half of the year, representing a year-on-year growth of around 54% [1] - Zijin Mining has been included in the "2025 Mid-Year Performance Increase" concept sector and has received recognition from multiple brokerage firms for exceeding performance expectations [1] Group 2: Market Activity - On August 5, 2025, Zijin Mining experienced a net inflow of main funds amounting to 29.41 million yuan, although there has been a cumulative net outflow of 243 million yuan over the past five days [1]

铜市：关税风波后的格局演变 (1)特朗普关税政策的影响 7 月 30 日，特朗普政府宣布对美国进口的半制成铜产品及铜密集型衍生产品征收 50% 关税，该政策源 于 232 条款调查，8 月 1 日起生效。不过，精炼铜和铜精矿被排除在关税之外，且不会面临对等关税。 这一豁免意义重大，因为美国 50% 的国内精炼铜需求依赖进口，而半制成品(盘条、管材、板材等)的净 进口仅占需求的 7%。 高盛指出，此前曾提示 "矿产外交" 相关交易可能给 COMEX - LME 价差套利带来下行风险，并关闭了 做多 COMEX - LME 的交易建议。尽管对铜关税提议近乎完全撤销感到意外，但这表明特朗普政府仍 关注铜的供应安全。美国接下来可能会把重点放在与海外达成矿产协议上，并逐步引入关税。 (2)铜价走势与价差变化 智通财经APP获悉，近期，铜市波动引发市场广泛关注，美国银行(美银)和高盛两大机构纷纷发布报 告，对铜价走势、关税影响及相关企业动态进行了深入分析。同时，美银还针对紫金矿业(H/A)给出了 最新研究观点。 关税宣布后，COMEX 铜合约价格下跌 20% 至约 4.46 美元 / 磅(9830 美元 / 吨)，COM ...

近期，铜市波动引发市场广泛关注，美国银行（美银）和高盛两大机构纷纷发布报告，对铜价走势、关 税影响及相关企业动态进行了深入分析。同时，美银还针对紫金矿业（601899）（H/A）给出了最新研 究观点。 （2）铜价走势与价差变化 关税宣布后，COMEX 铜合约价格下跌 20% 至约 4.46 美元 / 磅（9830 美元 / 吨），COMEX - LME 套 利价差降至约 150 美元，隐含关税约 2%，较本周初的 30% 以上大幅下降。 美银则提到，7 月 8 日特朗普政府表示将对铜征收 50% 关税后，美国 CME 铜期货飙升，价格跳涨逾 13%，达到每磅 5.70 美元的历史新高。CME 与 LME 铜合约之间的套利价差扩大，达到伦敦金属交易 所价格的 30% 的新纪录高点。而在 7 月 30 日政府宣布铜阴极将被排除在关税之外后，这一价差崩溃， 当日 22% 的价格跌幅达到了 13 个标准差。 （3）未来展望 高盛维持其 LME 铜价预测，预计 8 月低点为 9550 美元 / 吨，到 12 月将稳步升至 9700 美元 / 吨，认为 这一公告并未改变市场基本面。同时，高盛认为市场应至少有 25% 的概 ...

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The platinum and palladium markets are characterized by high supply concentration and low elasticity, with significant influence from factors such as mine production, recycling, and demand in various sectors. The Chinese market has a high dependence on imports for platinum - palladium resources, and the recycling sector is becoming increasingly important. The development of platinum - palladium futures and options provides new investment opportunities [15][22][86] - The demand for platinum and palladium in the automotive catalyst sector is affected by factors such as the development of new - energy vehicles and emission standards. The potential for growth in the hydrogen energy sector offers new prospects for the consumption of platinum and palladium [37][47][77] 3. Summary by Directory 3.1 Platinum and Palladium Variety Overview - Platinum and palladium, along with rhodium, ruthenium, osmium, and iridium, form the platinum - group metals (PGMs), which are precious metals. Platinum and palladium have higher demand than other PGMs. Platinum has a crustal content of 0.005 ppm, and palladium has 0.0006 ppm [6] - Platinum (Pt) has a high melting point, good ductility, and excellent electrical and thermal conductivity. It is mainly used in industrial catalysts, jewelry, electronics, etc. Palladium (Pd) can adsorb gases, is corrosion - resistant, and is mainly used in the catalyst field [7][8] - Platinum - group metal deposits can be divided into primary and secondary sand deposits. The main formation causes include magmatic action, hydrothermal processes, and exogenous deposition [10] 3.2 Platinum - Group Metal Industry Chain - The supply chain of platinum - group metals has an "oligopoly" structure. Most raw material supply and smelting are in the hands of a few integrated mining and smelting producers. The separation and purification processes of platinum - group metals vary according to the raw material composition. The current mainstream purity of platinum and palladium in the spot market is not less than 99.95%, and the Guangzhou Futures Exchange requires the delivery purity to be no less than 99.95% [15][19] - The extraction of platinum - group metals involves steps such as exploration, mining development, ore extraction, processing, and refining. Recycling of platinum - group metals is highly valued due to their low crustal content [16][20] 3.3 Global Platinum Supply - Demand Pattern - The main platinum - supplying countries are South Africa, Zimbabwe, and Russia. In 2024, South Africa's platinum output accounted for 71% of the global total. The global platinum output declined in 2024, and it is expected to decline further in 2025 [55][57] - The main platinum - consuming regions are China, Europe, North America, and Japan. In 2024, the global platinum demand decreased by 1.6% to 198 tons, with a supply gap of 1.98 tons. The demand in the automotive industry, jewelry, and other sectors showed different trends [59][65] 3.4 Global Palladium Supply - Demand Pattern - The main palladium - supplying countries are Russia, South Africa, Canada, and the United States. In 2024, Russia and South Africa accounted for 43% and 41% of the global total respectively. The global palladium output increased by 0.7 tons to 25.6 tons in 2024, with a supply surplus of 2.4 tons [69][71][77] - The main palladium - consuming regions are China, the United States, Europe, and Japan. The demand for palladium in the automotive catalyst sector decreased due to factors such as the substitution of new - energy vehicles [73][77] 3.5 Chinese Platinum - Group Resource Pattern - China's platinum - group metal resources are extremely scarce, with most of the reserves in Gansu. In 2024, China produced 4.9 tons of platinum - palladium metals. The import dependence on platinum - palladium resources is high, and the recycling industry is facing challenges such as waste shortages [82][86] - In 2024, China imported 104.1 tons of platinum and 28.1 tons of palladium. The consumption of platinum and palladium in China showed different trends, with the consumption of palladium in the automotive catalyst sector declining significantly [88][92][100] 3.6 Platinum and Palladium Price Review - The historical price trends of platinum and palladium are influenced by factors such as supply - demand relationships, economic conditions, and geopolitical situations. The price difference between platinum and palladium and the ratio of gold to platinum also show certain patterns [116] 3.7 Draft of Platinum and Palladium Futures of Guangzhou Futures Exchange - The contract text, risk control system, and delivery business of platinum and palladium futures on the Guangzhou Futures Exchange are under development. The current global active platinum and palladium futures markets are mainly in COMEX [52] 3.8 Platinum and Palladium Options - The draft of platinum and palladium options includes the option contract solicitation draft and the risk control system [42]

Investment Rating - The report maintains an "Outperform" rating for the non-ferrous metals industry [2] Core Viewpoints - The report expresses a long-term positive outlook on precious metals, driven by fluctuations in U.S. employment data and the weakening global position of the U.S. dollar, which is expected to support gold prices [5] - Industrial metal prices are currently declining, but significant infrastructure projects in China are anticipated to boost overall demand and metal prices in the medium term [5] - The report highlights the mixed performance of minor metals, with tungsten prices increasing due to rising demand in manufacturing [5] - Energy metals, particularly lithium, are seeing price increases, indicating potential growth in demand for these materials [5] Summary by Sections 1. Industry Data Review 1.1 Precious Metals - The report notes a 0.85% decline in Shanghai gold prices, with U.S. non-farm payrolls adding only 73,000 jobs in July, which is significantly below market expectations [5][42] 1.2 Industrial Metals - Prices for copper, aluminum, lead, zinc, tin, and nickel have decreased by 1.9%, 1.2%, 0.9%, 3.0%, 3.3%, and 3.7% respectively [5][28] 1.3 Minor Metals - Prices for praseodymium-neodymium oxides showed mixed results, while tungsten prices have increased due to a recovery in manufacturing demand [5][32] 1.4 Energy Metals - Lithium concentrate prices have risen, with cobalt products also showing upward trends, indicating a growing demand for energy metals [5][35] 2. Market Data - The report indicates a 0.94% decline in the Shanghai Composite Index, with the non-ferrous metals sector down 4.62% [36] 3. Key Events Review - The report highlights the significant downward revision of U.S. employment data for May and June, which has contributed to market volatility [42]

2025年7月30日至31日，由上海证券交易所联合华安基金及国泰海通证券共同主办的"走进ETF成分股公 司·紫金矿业站"活动在厦门及上杭两地成功举办。本次活动以"实地调研+专题研讨"双环节深度展开， 呼应了上交所"以投资者为本，重回报促发展"的主题，旨在让投资者近距离感受现代矿业的科技魅力， 更加了解ETF背后的投资标的，从而对指数化投资有更深的感知。 01紫金矿业：致力于打造"绿色高技术超一流国际矿业集团" 活动伊始，与会者观看了公司宣传片，系统了解了公司发展历程、核心竞争力、业务布局及未来战略规 划。公司在全球范围内从事铜、金、锌、锂、银、钼等金属矿产资源勘查、开发及工程设计、技术应用 研究的大型跨国矿业集团。目前，公司在全球17个国家和中国17个省（区）拥有重要矿业投资项目，截 至2024年底，按控股企业100%口径及联营合营企业权益口径计算，公司保有探明、控制及推断的总资 源量为铜11，037万吨、金3，973吨、锌（铅）1，298万吨、银31，836吨，锂（LCE）1，788万吨。公 司坚持以科技创新为核心竞争力，在地质勘查评价、开采技术、低品位难选冶资源综合回收利用、大规 模工程化开发及环保等方面 ...

Core Viewpoint - The A-share market is experiencing a phase of intensive disclosure of semi-annual reports, with companies that exceed expectations receiving significant attention from the market, indicating a positive influx of capital despite a complex economic environment [1] Group 1: Performance Highlights - A total of 59 stocks have been recognized by brokerage institutions for exceeding performance expectations, including major companies such as CATL, Industrial Fulian, Zijin Mining, Muyuan Foods, and WuXi AppTec [3] - The electric equipment industry stands out with 8 stocks making the list of exceeding expectations, reflecting a high overall industry prosperity [4] - 18 stocks reported a net profit growth of over 100% in the first half of the year, with Zhimin Da achieving a remarkable net profit growth of 21.48 times, driven by significant order growth in embedded modules and strong performance in missile and AI products [4] Group 2: Market Trends - The 59 stocks that exceeded expectations have seen an average increase of 37.45% year-to-date, significantly outperforming the Shanghai Composite Index [5] - Six stocks have doubled in value, including Shijia Photon, Jieput, Xinyi Sheng, Zhenyu Technology, Zhimin Da, and Craft Home [5] - Financing funds have shown strong interest in stocks with exceeding performance, with 18 such stocks seeing a net buy-in of over 100 million yuan since July, led by Xinyi Sheng with a net buy-in of 3.406 billion yuan [5] Group 3: Industry Leaders - Industry leaders such as WuXi AppTec, CATL, Zijin Mining, and Zhongji Xuchuang have also seen significant increases in financing, reinforcing their investment value due to their technological advantages and market positions [5] - Suotong Development is expected to report a net profit of 450 million to 540 million yuan in the first half of 2025, representing a year-on-year growth of 13.35 to 16.22 times, benefiting from rising pre-baked anode prices and strong market demand [5]

Group 1 - The core viewpoint of the article highlights that 59 stocks have reported "better than expected" performance according to brokerage institutions, including major companies with market capitalizations exceeding 100 billion [1] - Notable companies that reported exceeding expectations include CATL, Industrial Fulian, Zijin Mining, Muyuan Foods, Zhongji Xuchuang, and WuXi AppTec [1] - Following the announcement of these better-than-expected performance data, several stocks have seen significant increases in net purchases from financing clients, with 18 stocks having net purchases exceeding 100 million since July [1]

Group 1 - The copper industry stocks have mostly risen, with notable increases in companies such as Minmetals Resources (+2.61%), Luoyang Molybdenum (+1.53%), Jiangxi Copper (+0.82%), and Zijin Mining (+0.74%) [1] - A mining accident in Chile's O'Higgins region resulted in the death of 6 individuals, including 5 trapped miners, prompting Codelco to initiate an investigation and halt underground operations [1] - The affected mine accounts for over 25% of Codelco's total production, which was 356,000 tons of copper last year, raising concerns about potential impacts on production targets [1] Group 2 - On July 30, the U.S. President signed an announcement addressing the national security implications of copper imports, imposing tariffs on certain copper products [2] - The tariffs do not affect copper raw materials, leading to the disappearance of the COMEX copper premium, while U.S. copper imports have already exceeded last year's total, with 74.3% being unaffected by tariffs [2] - It is anticipated that traders will redirect copper shipments away from the U.S. to other markets such as Europe and Asia, with LME and SHFE copper prices expected to be driven by supply and demand dynamics [2]