Market Performance - The Hong Kong stock market experienced a significant rise, with the Hang Seng Index closing up 1.89% at 26,622.88 points and a total trading volume of HKD 309.1 billion [1] - The Hang Seng Tech Index increased by 2.08%, closing at 6,324.25 points, while the Hang Seng China Enterprises Index rose by 1.62% to 9,454.12 points [1] Blue-Chip Stocks - Alibaba (09988) saw a notable increase of 4.14%, closing at HKD 173.4, contributing 104.49 points to the Hang Seng Index [2] - Morgan Stanley raised its forecast for Alibaba's capital expenditure for FY2026-2028 from RMB 100-108 billion to RMB 130-135 billion, citing growth in Alibaba Cloud [2] - Other blue-chip stocks like New Oriental (09901) and Zijin Mining (02899) also performed well, with increases of 7.86% and 5.86% respectively [2] Sector Performance - Large technology stocks generally rose, with Kuaishou and Alibaba both up over 4%, while Xiaomi saw a decline of 2.01% [3] - The financial sector showed strong performance, with Huatai Securities (06886) up 12.55% and other major brokerages also experiencing significant gains [3] - The metals sector performed well, with stocks like Zhaojin Mining (01818) and Ganfeng Lithium (01772) rising by 6.68% and 6.55% respectively [4][5] Policy and Economic Outlook - The central bank emphasized the need for a moderately loose monetary policy to boost credit and investment in the financial sector [4] - The A-share margin trading balance reached a historical high, indicating increased trading activity and potential for growth in brokerage earnings [4] Emerging Trends - The demand for energy storage is strong, with leading battery companies operating at full capacity and orders extending into next year [7] - The new energy storage installation target for 2027 is set at 180 million kilowatts, which is expected to drive an investment of approximately RMB 250 billion [7] - The gaming and tourism sectors are anticipated to benefit from the upcoming National Day holiday, with hotel occupancy rates nearing 90% [8] Notable Stock Movements - Ubiquitous Robotics (09880) reported a significant contract worth RMB 30 million for its humanoid robots, indicating strong demand in the robotics sector [6] - Lai Kai Pharmaceutical (02105) saw an increase of 11.16% after positive results from its obesity treatment trials [10] - Xiaomi (01810) faced a decline of 2.01% due to a downward revision in expected shipments for its 17 series smartphones [11]

Core Viewpoint - Luoyang Molybdenum Co., Ltd. has shown a significant increase in stock price, reflecting positive market sentiment and investor interest in the company’s operations in rare metals [1] Company Overview - Luoyang Molybdenum Co., Ltd. was established on December 22, 1999, and listed on October 9, 2012. The company is primarily engaged in the mining, selection, deep processing, trading, and research of rare metals such as molybdenum, tungsten, and gold [1] - The company’s main business revenue composition includes: refined metal product trading (48.56%), concentrate product trading (38.31%), copper (27.14%), cobalt (6.04%), molybdenum (3.12%), phosphorus (2.23%), niobium (1.88%), tungsten (1.17%), and others (0.11%) [1] Fund Holdings - According to data, one fund under Jianxin Fund has a significant holding in Luoyang Molybdenum. Jianxin Health and Livelihood Mixed A (000547) held 1,084,100 shares in the second quarter, accounting for 2.2% of the fund's net value, making it the eighth largest holding [2] - The fund has achieved a year-to-date return of 28.9% and a one-year return of 37.76%, ranking 3,524 out of 8,080 in its category [2] Fund Manager Performance - The fund manager of Jianxin Health and Livelihood Mixed A is Ma Muqing, who has been in the position for 3 years and 277 days. The total asset size of the fund is 1.342 billion yuan, with the best return during the tenure being 57.31% and the worst being -1.24% [3]

Core Viewpoint - The recent surge in the non-ferrous metal sector is driven by a significant policy announcement aimed at stabilizing growth in the industry, leading to a notable increase in stock prices for related companies in both Hong Kong and A-shares markets [3][4]. Group 1: Market Performance - In the Hong Kong stock market, several non-ferrous metal companies saw substantial gains, including Zijin Mining (+5.60%), Ganfeng Lithium (+5.37%), and China Aluminum International (+5.29%) [1]. - A-shares also experienced a positive trend, with companies like Yicheng New Energy and Boqian New Materials hitting the daily limit up, and Hengdian East Magnetic rising by 6.16% [2]. Group 2: Policy Impact - The Ministry of Industry and Information Technology, along with eight other departments, released the "Non-Ferrous Metal Industry Stabilization Growth Work Plan (2025-2026)", projecting an average annual growth of around 5% in the industry's added value and a 1.5% increase in the production of ten major non-ferrous metals [3]. - The plan addresses current challenges in the industry, proposing ten initiatives focused on resource security, supply optimization, transformation promotion, consumption expansion, and strengthening cooperation [3]. Group 3: Industry Outlook - The non-ferrous metal industry is showing strong performance, with a reported 7.8% year-on-year increase in the added value of large-scale non-ferrous metal industries from January to August 2025, outpacing the overall industrial growth [3]. - Analysts from various institutions express optimism about the sector's future, citing factors such as potential interest rate cuts by the Federal Reserve and seasonal demand increases in the aluminum and lithium markets [5].

每经AI快讯，9月29日，港股铜业股延续近期涨势，截至发稿，中国有色矿业(01258.HK)涨4.78%，报 14.02港元；洛阳钼业(03993.HK)涨3.94%，报14.52港元；紫金矿业(02899.HK)涨3.82%，报31.54港元； 江西铜业股份(00358.HK)涨2.82%，报27.7港元。 ...

Group 1 - Copper stocks continue to rise, with China Nonferrous Mining (01258) up 4.78% to HKD 14.02, Luoyang Molybdenum (03993) up 3.94% to HKD 14.52, Zijin Mining (02899) up 3.82% to HKD 31.54, and Jiangxi Copper (00358) up 2.82% to HKD 27.7 [1] - Bank of America reports that operational issues at the world's three major copper mines are expected to lead to lower actual production in the next two years, with a potential supply gap of 270,000 tons next year due to the closure of the Grasberg mine [1] - The bank has raised its copper price forecasts for next year and 2027 to USD 11,313 per ton and USD 13,500 per ton, respectively, due to steady demand in Europe and stabilization in China [1] Group 2 - The target price for Zijin Mining has been raised from HKD 31 to HKD 37, and for Luoyang Molybdenum from HKD 14 to HKD 16.5, both maintaining a "buy" rating [1] - Jiangxi Copper's rating has been upgraded from "underperform" to "buy," with the target price increased from HKD 17 to HKD 31, benefiting from rising prices of copper concentrate, gold, and silver [1] - Recent government policies regulating copper, aluminum smelting, and lithium production capacity may provide Jiangxi Copper with increased profit potential [1]

Core Viewpoint - Copper stocks continue to rise, driven by supply constraints and recovering demand, leading to upward revisions in price forecasts for copper [1] Group 1: Market Performance - As of the report, China Nonferrous Mining (01258) increased by 4.78% to HKD 14.02, Luoyang Molybdenum (603993) rose by 3.94% to HKD 14.52, Zijin Mining (601899) gained 3.82% to HKD 31.54, and Jiangxi Copper (600362) saw a 2.82% increase to HKD 27.7 [1] Group 2: Supply and Demand Dynamics - Bank of America reports operational issues at the world's three major copper mines, predicting actual production will fall short of previous expectations over the next two years [1] - The shutdown of the Grasberg mine alone could lead to a supply gap of 270,000 tons next year, while European demand is stabilizing and Chinese demand is steady [1] Group 3: Price Forecasts - The bank has raised its copper price forecasts for next year and 2027 to USD 11,313 per ton and USD 13,500 per ton, respectively, due to supply pressures [1] Group 4: Company Ratings and Target Prices - Zijin Mining's target price has been increased from HKD 31 to HKD 37, and Luoyang Molybdenum's target price has been raised from HKD 14 to HKD 16.5, both maintaining a "Buy" rating [1] - Jiangxi Copper's rating has been upgraded from "Underperform" to "Buy," with the target price soaring from HKD 17 to HKD 31, benefiting from rising prices of copper concentrate, gold, and silver [1]

Core Viewpoint - Bank of America Securities reports that operational issues at the world's three major copper mines will lead to lower actual production in the next two years, prompting an upward revision of copper price forecasts for 2024 and 2027 to $11,313 and $13,500 per ton respectively [1] Group 1: Copper Supply and Demand - The closure of the Grasberg mine is expected to create a supply gap of 270,000 tons next year [1] - European demand is showing signs of recovery, while Chinese demand is stabilizing, putting pressure on copper supply [1] Group 2: Company Target Price Adjustments - Zijin Mining's target price has been raised from HKD 31 to HKD 37, maintaining a "Buy" rating [1] - Luoyang Molybdenum's target price has been increased from HKD 14 to HKD 16.5, also with a "Buy" rating [1] - Jiangxi Copper's rating has been upgraded from "Underperform" to "Buy," with the target price soaring from HKD 17 to HKD 31, benefiting from rising prices of copper concentrate, gold, and silver [1]

Core Viewpoint - The Hong Kong stock market saw significant activity in the non-ferrous metal sector on September 29, with several companies experiencing notable stock price increases [1] Company Summaries - Ganfeng Lithium (01772.HK) rose by 6.01%, reaching HKD 39.5 [1] - Chalco International (02068.HK) increased by 4.41%, trading at HKD 2.37 [1] - Zhaojin Mining (01818.HK) saw a rise of 4.02%, with shares priced at HKD 30.52 [1] - Luoyang Molybdenum (03993.HK) gained 3.44%, with a stock price of HKD 14.45 [1] - China Aluminum (02600.HK) experienced a 3.97% increase, reaching HKD 7.85 [1] - Jiangxi Copper (00358.HK) rose by 2.45%, trading at HKD 27.6 [1]

Core Viewpoint - The non-ferrous metal sector is experiencing significant activity, with various companies showing notable stock price increases following the release of a growth plan by the Ministry of Industry and Information Technology for 2025-2026 [1] Group 1: Stock Performance - Ganfeng Lithium (01772) increased by 6.01%, reaching 39.5 HKD [1] - Chalco International (02068) rose by 4.41%, priced at 2.37 HKD [1] - Zhaojin Mining (01818) saw a 4.02% increase, now at 30.52 HKD [1] - Luoyang Molybdenum (03993) grew by 3.44%, trading at 14.45 HKD [1] - China Aluminum (02600) increased by 3.97%, priced at 7.85 HKD [1] - Jiangxi Copper (00358) rose by 2.45%, now at 27.6 HKD [1] Group 2: Industry Growth Plan - The growth plan indicates an average annual growth of approximately 5% in the added value of the non-ferrous metal industry from 2025 to 2026 [1] - The production of ten major non-ferrous metals is expected to grow at an average annual rate of about 1.5% during the same period [1] - Positive progress is anticipated in the domestic resource development of copper, aluminum, and lithium [1] Group 3: Market Sentiment and Forecast - Guohai Securities suggests that the recent interest rate cuts by the Federal Reserve and the introduction of the growth plan have boosted industry sentiment [1] - The operating rate in the downstream aluminum processing sector is on the rise, with a significant inventory turning point observed [1] - Minsheng Securities notes that with the Federal Reserve's rate cuts and ongoing demand during the "Golden September and Silver October" peak season, industrial metal prices are likely to continue rising [1]

消息面上，9月28日，工业和信息化部等八部门印发《有色金属行业稳增长工作方案（2025—2026 年）》，其中提到，2025—2026年，有色金属行业增加值年均增长5%左右，十种有色金属产量年均增 长1.5%左右，铜、铝、锂等国内资源开发取得积极进展。国海证券认为，短期来看，美联储如期降 息，且仍有进一步降息预期；有色金属行业稳增长工作方案出台，提振行业情绪。下游铝加工环节开工 率仍在持续回升中，库存拐点基本出现，关注"金九银十"旺季机会。民生证券指出，美联储降息落地， 商品供给干扰频发，伴随美国财政货币双宽松，叠加国内"金九银十"旺季需求，工业金属价格有望继续 上行。 有色股早盘活跃，截至发稿，赣锋锂业（002460）(01772)涨6.01%，报39.5港元；中铝国际（601068） (02068)涨4.41%，报2.37港元；招金矿业(01818)涨4.02%，报30.52港元；洛阳钼业（603993）(03993)涨 3.44%，报14.45港元；中国铝业（601600）(02600)涨3.97%，报7.85港元；江西铜业（600362）股份 (00358)涨2.45%，报27.6港元。 ...