Core Insights - The top three companies by Hong Kong Stock Connect holding ratios are Green Power Environmental (70.12%), China Telecom (69.73%), and COSCO Shipping Energy (69.52%) [1][2] - Alibaba-W, Tracker Fund of Hong Kong, and Tencent Holdings saw the largest increases in holding amounts over the last five trading days, with increases of +36.52 billion, +14.31 billion, and +11.54 billion respectively [1][2] - The largest decreases in holding amounts were observed in China Mobile (-6.21 billion), China Telecom (-3.50 billion), and China Construction Bank (-3.35 billion) [1][3] Group 1: Hong Kong Stock Connect Holding Ratios - Green Power Environmental (01330) has a holding ratio of 70.12% with 284 million shares [2] - China Telecom (00728) has a holding ratio of 69.73% with 9.678 billion shares [2] - COSCO Shipping Energy (01138) has a holding ratio of 69.52% with 901 million shares [2] Group 2: Recent Increases in Holdings - Alibaba-W (09988) increased by +36.52 billion with a change of +20.56 million shares [2] - Tracker Fund of Hong Kong (02800) increased by +14.31 billion with a change of +52.11 million shares [2] - Tencent Holdings (00700) increased by +11.54 billion with a change of +1.71 million shares [2] Group 3: Recent Decreases in Holdings - China Mobile (00941) decreased by -6.21 billion with a change of -7.46 million shares [3] - China Telecom (00728) decreased by -3.50 billion with a change of -66.46 million shares [3] - China Construction Bank (00939) decreased by -3.35 billion with a change of -45.96 million shares [3]

Group 1 - During the National Day and Mid-Autumn Festival holiday, various mining assets, non-ferrous metals, and precious metals sectors experienced significant gains [1] - The U.S. government announced a partnership with Trilogy Metals, acquiring a 10% stake, leading to a surge of over 230% in Trilogy Metals' stock price [1] - The Trump administration is considering investing in Critical Metals, which may grant the U.S. rights to Greenland's largest rare earth project, causing Critical Metals' stock to rise nearly 109% [1] Group 2 - In the futures market, gold, copper, and silver saw the highest inflow of funds, while the non-ferrous metals sector received over 14.3 billion yuan in net inflow from major funds [2] - The non-ferrous metals and precious metals sectors were identified as the strongest in terms of fundamentals in September, with copper prices exceeding $10,000 per ton [2] Group 3 - The continuous inflow of funds on the last trading day of September indicates optimism regarding the performance of these commodities during the holiday [3] - The ongoing "anti-involution" policies in the domestic non-ferrous industry are expected to optimize the supply-side capacity structure [4] - With the Federal Reserve's interest rate cuts and frequent supply disruptions, along with the seasonal demand in "Golden September and Silver October," industrial metal prices are likely to continue rising [4] Group 4 - Related Hong Kong stocks in the non-ferrous metals sector include: - Copper: Luoyang Molybdenum (03993), Zijin Mining (02899), China Nonferrous Mining (01258), Minmetals Resources (01208), Jiangxi Copper (00358), China Railway (00390) [5] - Other metals include: - Aluminum: China Aluminum (02600), China Hongqiao (01378), Rusal (00486) - Tungsten: Jaxin International Resources (03858) - Cobalt: Liqin Resources (02245), Luoyang Molybdenum (03993) - Antimony: Minmetals Resources (01208), Jiangxi Copper (00358) - Rare Earth: Jieneng Permanent Magnet (06680) [6]

Group 1 - On September 26, the top three stocks with net inflows from southbound funds were Alibaba-W (09988) with 34.60 billion, Yingfu Fund (02800) with 14.02 billion, and Tencent Holdings (00700) with 11.06 billion [1][2] - The top three stocks with net outflows were China Mobile (00941) with -6.35 billion, China Telecom (00728) with -3.59 billion, and China Construction Bank (00939) with -3.38 billion [1][2] - In terms of net inflow ratio, GX Hengsheng Technology (02837) led with 462.02%, followed by Green Power Environmental (01330) with 156.44%, and Anjii Food (02648) with 127.61% [1][2] Group 2 - The top ten stocks with the highest net inflows included Xiaomi Group-W (01810) with 11.00 billion and Huahong Semiconductor (01347) with 8.23 billion [2] - The top ten stocks with the highest net outflows included China Petroleum & Chemical Corporation (00386) with -2.16 billion and Changfei Optical Fiber Cable (06869) with -1.53 billion [2] - The net outflow ratios for the top ten stocks included Tianjin Chuangye Environmental Protection (01065) at -123.57% and China Telecom (00728) at -113.73% [3][4]

Core Viewpoint - The A-share market continued to rise in September, with the Shanghai Composite Index increasing by 0.64%, the Shenzhen Component Index rising by 6.54%, and the ChiNext Index climbing by 12.04%. Analysts are looking for investment opportunities in October, with over ten brokerages releasing their monthly investment portfolios across various sectors [1]. Group 1: Recommended Stocks - Multiple brokerages have recommended stocks including Aolide, China Merchants Shekou, Hikvision, China Merchants Bank, Cambrian Biologics, and Shanghai Lingang [2]. - Notable stocks receiving multiple recommendations include Hikvision, Zhaoyi Innovation, Huayou Cobalt, and Luoyang Molybdenum, each recommended by three brokerages [3]. - Huayou Cobalt saw the highest increase in September, with a rise of over 37%, closing at 65.9 yuan [3]. Group 2: Market Trends and Focus Areas - Brokerages suggest that the A-share market is expected to enter a "red October," with a focus on technology and "anti-involution" sectors. The third-quarter report window is highlighted as a key focus for October [5]. - The market is anticipated to maintain a trend of gradual upward movement, with the third-quarter reports being crucial for policy expectations and performance [5]. - Key investment themes include AI computing power, semiconductor autonomy, solid-state batteries, commercial aerospace, and controllable nuclear fusion, which are considered priority sectors [5].

Core Viewpoint - The A-share market continued to rise in September, with the Shanghai Composite Index increasing by 0.64%, the Shenzhen Component Index rising by 6.54%, and the ChiNext Index climbing by 12.04%. Analysts are looking for investment opportunities in October, with over ten brokerages releasing their monthly investment portfolios across various sectors [1]. Group 1: Recommended Stocks - Multiple brokerages have recommended stocks across different sectors, including technology and materials, with notable mentions such as Hikvision, Zhaoyi Innovation, Huayou Cobalt, and Luoyang Molybdenum, each receiving recommendations from three brokerages [2][3][4]. - Huayou Cobalt saw the highest increase in September, with a rise of over 37%, closing at 65.9 yuan [3]. Group 2: Industry Preferences - Brokerages suggest that the A-share market may experience a "red October," focusing on technology and "anti-involution" themes. The upcoming Q3 reports are highlighted as a key focus for October [5]. - Key investment themes include AI computing power, semiconductor self-sufficiency, solid-state batteries, commercial aerospace, and controllable nuclear fusion, as emphasized by various brokerages [5]. - East China Securities identifies four main lines of focus for October: acceleration in global AI capital expenditure, themes related to the 14th Five-Year Plan, sectors with potential earnings surprises during the Q3 reporting period, and midstream raw material manufacturing industries benefiting from anti-involution policies [5].

Core Viewpoint - Morgan Stanley increased its stake in Luoyang Molybdenum Co., Ltd. by acquiring 11,067,433 shares at an average price of HKD 13.9622 per share, totaling approximately HKD 155 million, raising its total holdings to about 239 million shares, representing a 6.06% ownership [1] Summary by Category - **Investment Activity** - Morgan Stanley's recent purchase of shares indicates a strategic investment in Luoyang Molybdenum, reflecting confidence in the company's future performance [1] - The total amount invested in this transaction is approximately HKD 155 million [1] - **Shareholding Structure** - Following the acquisition, Morgan Stanley's total shareholding in Luoyang Molybdenum has increased to approximately 239 million shares [1] - The new ownership percentage stands at 6.06%, indicating a significant stake in the company [1]

Core Viewpoint - Morgan Stanley has increased its stake in Luoyang Molybdenum Co., Ltd. by acquiring approximately 11.07 million shares at an average price of HKD 13.9622 per share, totaling around HKD 155 million, resulting in a new holding of approximately 239 million shares, representing a 6.06% ownership stake [1] Summary by Category - **Investment Activity** - Morgan Stanley purchased 11,067,433 shares of Luoyang Molybdenum on September 25 [1] - The average purchase price was HKD 13.9622 per share, leading to a total investment of approximately HKD 155 million [1] - **Ownership Structure** - Following the acquisition, Morgan Stanley's total shareholding in Luoyang Molybdenum increased to approximately 239 million shares [1] - The new ownership percentage stands at 6.06% [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 公司名稱: 洛陽欒川鉬業集團股份有限公司 呈交日期: 2025年10月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03993 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 3,933,468,000 | RMB | | 0.2 | RMB | | 786,693,600 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 3,933,468,000 | RMB | ...

Group 1 - The core viewpoint is that the non-ferrous metal sector is experiencing a sustained increase due to rising gold prices, expectations of interest rate cuts, and heightened demand for safe-haven assets [1] - The Non-Ferrous Metal ETF (512400) has risen by 3.51% today, over 11% in the past five days, and more than 71% year-to-date, making it the only ETF tracking the China Securities Index for non-ferrous metals [1] - The ETF has seen a net inflow of 2.94 billion yuan in the last 20 days, with a current scale of 13.315 billion yuan, making it the only non-ferrous industry ETF exceeding 10 billion yuan in size [1] Group 2 - Eight departments have issued the "Non-Ferrous Metal Industry Stabilization and Growth Work Plan (2025-2026)", targeting an average annual growth of around 5% in the industry's added value and a 1.5% annual growth in the production of ten non-ferrous metals [2] - Zijin Mining International has officially listed on the Hong Kong Stock Exchange with an issue price of 71.59 HKD, raising 3.49 billion shares, and saw its stock price surge by 64% on the first trading day [2] Group 3 - Spot gold has surpassed 3,850 USD, and with the Federal Reserve's interest rate cuts, frequent supply disruptions in commodities, and the seasonal demand in China, industrial metal prices are expected to continue rising [3]

Core Viewpoint - The article discusses the rising cobalt prices driven by government intervention in the Democratic Republic of Congo (DRC), which is expected to benefit the DRC government and impact the global electric vehicle (EV) market significantly. Group 1: Cobalt Market Dynamics - Cobalt prices have experienced two significant cycles of volatility since 2016 due to supply-demand mismatches [2] - From May 2022 to early 2025, cobalt prices entered a downward phase due to slowing demand for EVs and increased competition from lithium iron phosphate (LFP) batteries [4] - The DRC government has intervened in the cobalt market since 2025, controlling supply to create an upward price cycle [5][6] Group 2: Government Intervention - The DRC, as the largest cobalt supplier, accounted for over 75% of global cobalt supply in 2024, with reserves of 6 million tons [6] - The DRC government imposed temporary export bans on cobalt in 2025, leading to a price rebound of over 100% from its lowest point [7] - The DRC has extended the export ban and introduced a quota system, limiting exports to 9.66 million tons in 2026 and 2027, significantly below its production capacity [8] Group 3: Price Projections - Analysts predict that cobalt prices could reach between 400,000 to 500,000 yuan per ton due to the supply constraints imposed by the DRC government [8] - The global demand for cobalt is expected to grow, with projected requirements of 248,000 tons in 2025 and 329,000 tons in 2027, indicating a widening supply-demand gap [8] Group 4: Impact on Battery Technology - The rising cobalt prices are likely to negatively impact the nickel-cobalt-manganese (NCM) battery route while benefiting LFP battery manufacturers [18] - The cost increase in cobalt could lead to a rise of over 10,000 yuan in battery costs for each EV, affecting automaker profit margins and consumer choices [18] - Companies are exploring alternative battery technologies to reduce cobalt dependency, such as high-nickel low-cobalt batteries [19][20] Group 5: Recycling and Market Opportunities - Cobalt recycling companies are expected to benefit from rising prices, with companies like Greeenme's cobalt recycling business showing improved profitability [21] - The current cobalt price crisis serves as a catalyst for industry upgrades and a lesson for the Chinese EV sector [22] Group 6: Investment Opportunities - The DRC government's intervention in the cobalt market suggests a sustained upward price trend, making cobalt price tracking crucial for investors [23] - Historical performance of cobalt producers like Huayou Cobalt during previous price cycles may provide insights for current investment strategies [23]