Group 1 - FTSE Russell announced the quarterly review results for the FTSE China Index Series, effective from December 22, 2025 [1] - The FTSE China A50 Index added two constituents: Luoyang Molybdenum and Sunshine Energy, while removing SF Express and Jiangsu Bank [1] - The FTSE China 50 Index added three constituents: China Hongqiao, CATL, and Heng Rui Medicine, while removing CITIC Securities, Great Wall Motors, and Li Auto [1] - The next quarterly review for the FTSE China Index will be announced in March [1]

Core Viewpoint - The A-share market for non-ferrous metals continues to rise, driven by factors such as a weakening dollar, supply concerns, and tight supply in LME registered warehouses, leading to record high copper prices [1] Group 1: Market Performance - Non-ferrous metal stocks in the A-share market saw significant gains, with Xiyang Co. rising by 6% and Western Mining increasing by over 5% [1] - The non-ferrous metal ETF (512400) rose by 1.3%, expanding its year-to-date increase to 82% [1] - The ETF has experienced a net inflow of 325 million yuan over the past five days [1] Group 2: Commodity Prices - LME copper prices reached $11,540 per ton, the highest level since 2013, while Shanghai copper futures surpassed 90,000 yuan per ton, marking a historical peak [1] - The ongoing tight supply of refined copper globally, particularly in non-American regions, is contributing to upward price pressure [1] Group 3: Industry Insights - The non-ferrous metal ETF is the only one tracking the Zhongzheng Shenwan Non-ferrous Metal Index, with a current scale of 16.2 billion yuan, covering key sectors such as copper, aluminum, lithium, rare earths, and gold [1] - Key holdings in the ETF include leading companies in the non-ferrous sector such as Zijin Mining, Northern Rare Earth, Luoyang Molybdenum, Huayou Cobalt, and China Aluminum [1] Group 4: Future Outlook - With rising premiums for American copper and ongoing supply tightness in non-American regions, there is a bullish sentiment in the market [1] - The anticipated demand from the artificial intelligence sector is expected to provide a broad demand outlook for copper, suggesting potential upward price movement in the short term [1]

Core Viewpoint - The copper sector in Hong Kong stocks has shown strong performance, driven by record-high copper prices and positive outlooks from major financial institutions like JPMorgan [1] Group 1: Market Performance - On December 4, Hong Kong copper stocks collectively surged, with Minmetals Resources and Luoyang Molybdenum rising by 6%, while Zijin Mining, Jiangxi Copper, and China Nonferrous Mining increased by over 4% [1] - The London Metal Exchange (LME) copper price reached a historical high of $11,540 per ton, influenced by a weaker dollar, supply concerns, and tight supply in LME registered warehouses [1] Group 2: Industry Outlook - JPMorgan remains optimistic about copper prices and copper stocks due to a structural supply-demand gap that is expected to support upward momentum [1] - The report forecasts zero growth in global mine supply by 2025, with only a modest recovery of 1.4% in 2026 [1] - The China Smelters Purchase Team (CSPT) has decided to reduce copper mine capacity utilization by over 10% by 2026, increasing the downside risk for global electrolytic copper supply and tightening market conditions [1] Group 3: Company Projections - JPMorgan identifies Zijin Mining and Luoyang Molybdenum as top picks due to strong profit growth and diversified asset portfolios [1] - The expected refined copper market deficit is approximately 330,000 tons by 2026, with Zijin and Luoyang Molybdenum's profits projected to grow by 30% and 17% respectively, primarily driven by increased copper production [1] - Jiangxi Copper's profit growth is anticipated at 10%, maintaining a relatively low allocation [1]

Group 1 - Hong Kong copper concept stocks collectively strengthened, with Minmetals Resources and Luoyang Molybdenum rising by 6% at one point [1] - Zijin Mining, Jiangxi Copper, and China Nonferrous Mining also saw increases of over 4% [1]

Core Viewpoint - The copper sector in Hong Kong stocks is experiencing a strong rally, driven by record-high copper prices and positive outlooks from major financial institutions [1] Group 1: Market Performance - Hong Kong copper stocks, including Minmetals Resources and Luoyang Molybdenum, saw gains of up to 6%, while Zijin Mining and Jiangxi Copper rose over 4% [1] - The London Metal Exchange (LME) copper price reached a historical high of $11,540 per ton, influenced by a weaker dollar, supply concerns, and tight supply in LME registered warehouses [1] Group 2: Industry Outlook - JPMorgan remains optimistic about copper prices and copper stocks due to a structural supply-demand gap that is expected to support upward momentum [1] - The report anticipates zero growth in global mine supply by 2025, with a modest recovery of only 1.4% in 2026 [1] Group 3: Supply and Demand Dynamics - The China Smelters Purchase Team (CSPT) has decided to reduce copper mine capacity utilization by over 10% in 2026, increasing the downside risk for global electrolytic copper supply and tightening market conditions [1] - Although copper demand in China has softened due to high prices, downstream buyers have not ceased purchases but shifted to on-demand procurement [1] Group 4: Profit Forecasts - The global refined copper market is expected to face a shortfall of approximately 330,000 tons by 2026 [1] - Profit growth forecasts for Zijin Mining and Luoyang Molybdenum are 30% and 17% respectively, primarily driven by increased copper production [1] - Jiangxi Copper's profit growth is projected at 10%, maintaining a relatively low allocation [1]

Core Viewpoint - The expectation of interest rate cuts by the Federal Reserve has boosted overall commodity prices, leading to significant gains in the secondary market for non-ferrous metals and mining sectors [1][3]. Group 1: Commodity Price Movements - On December 3, the main contract for copper futures on the Shanghai exchange surpassed 90,000 yuan/ton, reaching a historical high [3]. - The average price of tin reached 309,700 yuan/ton, remaining above 300,000 yuan for five consecutive days [3]. Group 2: Market Dynamics and Supply Constraints - Analysts indicate that the expectation of a 25 basis point rate cut by the Federal Reserve in December has increased to 89%, which, combined with low domestic inventories and ongoing supply shortages in copper, may support high copper prices [4]. - Supply constraints are exacerbated by incidents at Freeport's Grasberg mine in Indonesia and the Kamoa-Kakula copper mine in the Democratic Republic of Congo, tightening global copper supply forecasts for 2026 [4]. Group 3: Demand Drivers - Copper is a crucial raw material for sectors such as electric power grids, electric vehicles, and AI servers, with demand expected to rise as major economies enter a rate-cutting cycle [4]. - The rise in tin prices is attributed to tight supply from mining and positive macroeconomic expectations, with slow recovery in Myanmar's tin mines and low export volumes contributing to the situation [4]. Group 4: Industry Performance - The non-ferrous metals sector has shown strong performance, with a year-to-date increase of 74.90%, leading among the Shenwan primary industry sectors [5]. - The mining ETF (159690) tracking the non-ferrous metals index has seen a year-to-date increase of 85.34%, indicating better relative elasticity [5]. Group 5: Profitability and Future Outlook - The overall profitability of the non-ferrous metals industry has improved, with a year-on-year net profit growth of 41.43% for the first three quarters of 2025, and a further increase to 50.81% in the third quarter [5]. - The index covers various sub-sectors, including industrial metals, precious metals, energy metals, and minor metals, providing a diversified approach to mitigate price volatility risks [5].

Group 1 - The core viewpoint of the news is that the non-ferrous metal sector is experiencing a strong upward trend, particularly in copper, with several companies reaching historical highs [1] - Luoyang Molybdenum and Cangge Mining both saw their stock prices increase by over 4%, achieving new historical highs [1] - Shengtun Mining's stock price surged by over 8%, indicating significant investor interest and market momentum [1] Group 2 - Other companies in the sector, such as Xiyexing Co., Jincheng Mining, Western Mining, and Jiangxi Copper, also reported notable gains, contributing to the overall positive performance of the non-ferrous metal industry [1]

Core Viewpoint - The non-ferrous metal sector is experiencing significant upward momentum, driven by expectations of interest rate cuts by the Federal Reserve, supply disruptions in key metals, and increased demand from the AI and clean energy sectors [2][3][4]. Group 1: Market Performance - The non-ferrous metal sector opened actively, with notable gains: Tin Industry Co. rose over 8%, Jincheng Mining and Western Mining increased over 6%, and several others including Luoyang Molybdenum and Jiangxi Copper rose over 5% [1]. - Specific stock performances include: - Jincheng Mining at 70.19, up 6.95% with a year-to-date increase of 95.34% [2] - Western Mining at 25.76, up 6.89% with a year-to-date increase of 70.64% [2] - Luoyang Jiya at 18.64, up 5.79% with a year-to-date increase of 189.17% [2]. Group 2: Supply and Demand Dynamics - The London Metal Exchange (LME) reported a significant increase in copper delivery applications, reaching 56,875 tons, the largest increase since 2013 [3]. - LME metal futures closed higher, with copper rising by $342 to $11,488 per ton, marking a historical high, and tin increasing by 4.21% to $40,685 per ton [3]. - The semiconductor and consumer electronics sectors are the primary applications for tin, accounting for over 65% of consumption, which is driving demand due to a recovery in the semiconductor industry [3]. Group 3: Future Outlook - Morgan Stanley forecasts that supply disruptions and global inventory mismatches will push copper prices to $12,500 per ton by mid-2026 [3]. - The copper market is experiencing "strategic locking" of COMEX inventories, which reduces market liquidity and exacerbates regional shortages, acting as a catalyst for price increases [4]. - The industrial metals sector is facing ongoing supply-demand imbalances, with global copper mine supply disruptions and increased demand from the clean energy transition [4]. Group 4: Precious and Minor Metals - The precious metals sector is benefiting from rising expectations of interest rate cuts, with silver prices reaching historical highs and ongoing supply shortages [5]. - The small metals sector, particularly tin, is gaining attention due to its critical role in the electronics supply chain, with recent price increases reflecting a recovery in demand from semiconductor and AI device sectors [5].

洛阳钼业盘中股价创历史新高，现涨4.37%，报18.39元，总市值为3723.03亿元。 ...

Group 1 - Morgan Stanley remains optimistic about copper prices and copper stocks due to a structural supply-demand gap that will continue to support upward momentum [1] - Zijin Mining and Luoyang Molybdenum are preferred stocks as they benefit from strong profit growth and diversified asset portfolios [1]