Core Viewpoint - The A-share market experienced slight fluctuations, with the non-ferrous metal sector showing its first decline after reaching a yearly high, indicating a potential correction phase in the market [1] Group 1: Market Performance - The non-ferrous 50 ETF (159652) fell by 0.52% as of 14:17, with a net subscription of 67 million units, translating to over 89 million CNY in net subscription amount [1] - Over the past 20 days, the non-ferrous 50 ETF has seen a net subscription of 720 million CNY, with the latest scale exceeding 1.4 billion CNY, leading among index ETFs [1] - Major stocks in the non-ferrous sector, such as Northern Rare Earth and Jiangxi Copper, saw declines of over 2%, while Ganfeng Lithium rose by over 4% [1][2] Group 2: Economic Indicators - The U.S. initial jobless claims unexpectedly surged to 263,000, the highest in nearly two years, which may influence the Federal Reserve's decision on interest rates [3] - The market anticipates a new round of interest rate cuts from the Federal Reserve, with President Trump suggesting significant cuts during the upcoming meeting [2][3] Group 3: Industry Outlook - Minsheng Securities expresses optimism for the non-ferrous metal sector, citing structural improvements in demand and the potential for industrial metal prices to rise due to anticipated interest rate cuts [4] - The prices of key metals like copper, tungsten, and molybdenum have shown an upward trend, with copper prices increasing by 10% since the beginning of the year [4] - The non-ferrous sector's performance is expected to benefit from a favorable supply-demand balance, with 129 out of 141 listed companies in the sector reporting profits in the first half of 2025 [4][6] Group 4: Investment Opportunities - The non-ferrous 50 ETF (159652) is highlighted as a leading investment option, covering a wide range of metals including gold and copper, with a copper content of 31% [8] - The ETF has shown a cumulative return of 140% from 2019 to August 2025, driven primarily by profit growth rather than valuation expansion [6][8]

Core Viewpoint - The main focus of the article is on the significant net outflow of funds from the electronic sector, with a notable net selling of over 1.8 billion in Northern Rare Earth stocks, while other sectors like transportation equipment and automotive saw net inflows [1] Group 1: Fund Flow Analysis - The transportation equipment, automotive, and agriculture sectors experienced net inflows of funds [1] - The electronic sector faced a substantial net outflow exceeding 7.2 billion [1] - Northern Rare Earth recorded the highest net selling, surpassing 1.8 billion [1] Group 2: Individual Stock Performance - BYD saw a rise in stock price with a net buying of 0.895 billion, leading the inflow rankings [1] - Top companies with significant net inflows included Top Group, Shanghai Beiling, and Zhongke Shuguang [1] - Companies like Wolong Electric Drive, Zhongji Xuchuang, and Chip Origin faced notable net outflows [1]

Investment Rating - The report maintains an "Accumulate" rating for the non-ferrous metals sector [5]. Core Insights - The report highlights a continuous increase in the prices of various metals, particularly electrolytic cobalt and polysilicon, while lithium concentrate prices have seen a decline. This indicates a mixed outlook for different segments within the new materials industry [1][2][4]. Summary by Relevant Sections Non-Ferrous Metals - Electrolytic cobalt price is at 271,000 CNY/ton, up 3.0% week-on-week, with a price ratio of electrolytic cobalt to cobalt powder at 0.87, up 1.4% [1][10]. - Lithium concentrate (Li2O 5%) price is at 700 USD/ton, down 3.58% week-on-week [1]. - The price of lithium iron phosphate and 523-type cathode materials is stable at 343,000 CNY/ton and 1,147,000 CNY/ton, respectively [1]. Photovoltaic New Materials - Polysilicon price is at 6.45 USD/kg, up 4.0% week-on-week, indicating a recovery in the solar materials market [2]. - EVA price remains stable at 10,800 CNY/ton, reflecting a low position since 2013 [2]. Nuclear Power New Materials - Uranium price is at 59.58 USD/lb, up 4.0% week-on-week, indicating a positive trend in nuclear materials [2]. Consumer Electronics New Materials - The price of cobalt tetroxide is at 214,200 CNY/ton, up 0.56% week-on-week, while lithium cobalt oxide price remains stable at 175.0 CNY/kg [3]. - Silicon carbide price is stable at 5,300 CNY/ton, reflecting steady demand in the electronics sector [3]. Investment Recommendations - The report suggests focusing on the metal new materials sector, particularly lithium and cobalt, due to price increases and supply disruptions. Companies like Salt Lake Co., Zangge Mining, and Huayou Cobalt are highlighted as potential investment opportunities [4].

Group 1 - On September 12, among the 31 first-level industries tracked by Shenwan, 21 industries experienced net financing inflows, with the electronics industry leading at a net inflow of 4.645 billion yuan [1] - Other industries with significant net financing inflows included non-ferrous metals, banking, machinery and equipment, telecommunications, electric power equipment, and pharmaceuticals, each exceeding 600 million yuan in net inflows [1] Group 2 - A total of 1,794 individual stocks received net financing inflows on September 12, with 53 stocks having net inflows exceeding 100 million yuan [1] - Among these, 20 stocks had net inflows over 200 million yuan, with Chipone Technology leading at a net inflow of 964 million yuan [1] - Other notable stocks with high net inflows included Cambricon Technologies, Luxshare Precision, Northern Rare Earth, Sieng, and Newyeason, each with net inflows exceeding 500 million yuan [1]

Investment Rating - The report maintains a "Positive" investment rating for the industry [9] Core Insights - The report emphasizes the recovery of the silver-gold ratio and the simultaneous rise in copper and aluminum prices due to both domestic and international factors [5][6] - Weak employment data in the U.S. has led to increased expectations for a 50 basis point rate cut in September, which is expected to boost precious metals [5][6] - The report suggests that while gold remains a focus for investment, the recovery of the silver-gold ratio indicates potential for silver as well [5][6] Summary by Sections Precious Metals - The report highlights the weak performance of the U.S. labor market and its implications for precious metals, particularly gold and silver [5][6] - It suggests that gold stocks may experience a quarterly-level resonance in terms of price, valuation, and style due to anticipated rate cuts [5][6] - For silver, the report advises attention to its potential to converge with gold as inflation expectations rise [5][6] Industrial Metals - Industrial metals have seen a broad increase, with LME copper rising by 1.7% and aluminum by 3.8% [6][27] - The report notes that domestic policies aimed at stabilizing growth are expected to enhance demand outlook [6] - It indicates that while demand for copper and aluminum may decline in the second half of the year, supply constraints will limit the extent of this decline [6] Strategic and Minor Metals - The report discusses the strategic reassessment of rare earths and tungsten, with a focus on their long-term value due to government policies and market dynamics [7] - It highlights the upward price trend for cobalt and nickel, driven by supply constraints and increasing demand in the battery sector [7] - The report also mentions the bottoming out of lithium prices, with a cautious outlook on future price movements [7]

Group 1 - The small metal concept index rose by 1.69%, ranking 8th among concept sectors, with 106 stocks increasing in value, including companies like Yuguang Gold Lead, Shengda Resources, and Zhuhai Group hitting the daily limit [1] - Notable gainers included Ashi Chuang, Yunnan Copper, and Xingye Silver Tin, which rose by 9.37%, 8.73%, and 7.43% respectively [1] - The largest declines were seen in companies such as Nandu Power, Yuanhang Precision, and Baowu Magnesium, which fell by 5.19%, 4.72%, and 4.48% respectively [1] Group 2 - The small metal concept sector saw a net inflow of 1.703 billion yuan, with 83 stocks receiving net inflows, and 15 stocks exceeding 100 million yuan in net inflows [2] - Leading the net inflow was Shanshan Co., with a net inflow of 653 million yuan, followed by North Copper, Hunan Silver, and Northern Rare Earth with net inflows of 590 million yuan, 559 million yuan, and 434 million yuan respectively [2] - The net inflow ratios were highest for North Copper, Hunan Silver, and Shengda Resources, with rates of 39.77%, 27.76%, and 19.65% respectively [3] Group 3 - The top performers in the small metal concept included Shanshan Co. with a 9.97% increase and a turnover rate of 13.63%, North Copper with a 10.01% increase and a turnover rate of 5.77%, and Hunan Silver with a 9.98% increase and a turnover rate of 14.11% [3][4] - Other notable stocks included Yunnan Zinc Industry and Yunnan Copper, which saw increases of 5.95% and 8.73% respectively [4] - The overall market performance indicated a strong interest in small metal stocks, reflecting positive sentiment in the sector [2][3]

Market Overview - The Shanghai Composite Index fell by 0.12% on September 12, with 9 out of the 28 sectors rising, led by the non-ferrous metals and real estate sectors, which increased by 1.96% and 1.51% respectively [2] - The non-ferrous metals sector topped the gainers list for the day [2] - A total of 536.40 billion yuan in net outflow of funds was observed across the two markets, with 6 sectors experiencing net inflows [2] Fund Flow Analysis - The non-ferrous metals sector saw a net inflow of 21.68 billion yuan, contributing to its 1.96% increase [3] - The construction and decoration sector followed with a 0.96% increase and a net inflow of 7.21 billion yuan [2] - In contrast, 25 sectors experienced net outflows, with the non-bank financial sector leading at 81.38 billion yuan, followed by the electronics sector with 75.17 billion yuan [2] Non-Ferrous Metals Sector Performance - Within the non-ferrous metals sector, 137 stocks were tracked, with 104 stocks rising and 33 stocks declining [3] - The top three stocks with the highest net inflow were Northern Copper Industry (5.90 billion yuan), Hunan Silver (5.59 billion yuan), and Northern Rare Earth (4.34 billion yuan) [3] - Conversely, the stocks with the highest net outflow included Zijin Mining (11.76 billion yuan), China Aluminum (3.00 billion yuan), and Huayou Cobalt (2.02 billion yuan) [3][5] Top Gainers in Non-Ferrous Metals - Northern Copper Industry: 10.01, 5.77% increase, 58980.51 million yuan net inflow [4] - Hunan Silver: 9.98, 14.11% increase, 55922.64 million yuan net inflow [4] - Northern Rare Earth: 5.99, 9.40% increase, 43377.69 million yuan net inflow [4] Top Losers in Non-Ferrous Metals - Zijin Mining: -0.23% change, -117614.21 million yuan net outflow [5] - China Aluminum: 2.68% increase, -29952.36 million yuan net outflow [5] - Huayou Cobalt: 1.26% increase, -20224.97 million yuan net outflow [5]

Group 1 - The core viewpoint of the news is the significant increase in the stock price of Northern Rare Earth, which rose by 5.06% to 53.12 CNY per share, with a trading volume of 7.359 billion CNY and a turnover rate of 3.94%, leading to a total market capitalization of 192.032 billion CNY [1] - Northern Rare Earth (Group) High-Tech Co., Ltd. is located in Baotou City, Inner Mongolia, and was established on September 12, 1997. The company primarily engages in rare earth raw materials, functional materials, and some terminal application products [1] - The revenue composition of Northern Rare Earth includes 72.25% from rare earth products, 21.39% from trading business, 4.51% from environmental products and services, 1.07% from other sources, and 0.49% from supplementary sources, with 0.29% from rare earth application products [1] Group 2 - From the perspective of fund holdings, Huafu Fund has a significant position in Northern Rare Earth, with its Huafu CSI Rare Metals Theme ETF (561800) reducing its holdings by 35,100 shares in the second quarter, now holding 299,700 shares, which accounts for 8.49% of the fund's net value, making it the second-largest holding [2] - The Huafu CSI Rare Metals Theme ETF (561800) was established on August 11, 2021, with a latest scale of 87.8854 million CNY. Year-to-date, it has achieved a return of 54.63%, ranking 247 out of 4222 in its category, and a one-year return of 85.48%, ranking 726 out of 3800 [2] - The fund manager of Huafu CSI Rare Metals Theme ETF (561800) is Li Xiaohua, who has been in the position for 4 years and 130 days, with a total fund asset size of 5.509 billion CNY. The best return during his tenure is 76.54%, while the worst return is -22.7% [3]

Group 1 - The stock price of Northern Rare Earth increased by 2.06% on September 12, reaching 51.60 CNY per share, with a trading volume of 3.339 billion CNY and a turnover rate of 1.82%, resulting in a total market capitalization of 186.537 billion CNY [1] - Year-to-date, Northern Rare Earth's stock price has risen by 143.57%, with a 1.96% increase over the last five trading days, a 32.31% increase over the last 20 days, and a 115.27% increase over the last 60 days [1] - The company has appeared on the "Dragon and Tiger List" twice this year, with the most recent occurrence on July 11 [1] Group 2 - Northern Rare Earth's main business segments include rare earth raw materials (72.25%), trading business (21.39%), environmental products and services (4.51%), and other categories [1] - As of August 31, the number of shareholders for Northern Rare Earth reached 720,000, an increase of 26.32% from the previous period, while the average circulating shares per person decreased by 20.83% to 5,020 shares [2] - For the first half of 2025, Northern Rare Earth reported operating revenue of 18.866 billion CNY, a year-on-year increase of 45.24%, and a net profit attributable to shareholders of 931 million CNY, a year-on-year increase of 1,951.52% [2] Group 3 - Since its A-share listing, Northern Rare Earth has distributed a total of 5.358 billion CNY in dividends, with 994 million CNY distributed over the past three years [3] - As of June 30, 2025, the top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 139 million shares, an increase of 40.4142 million shares from the previous period [3] - Other significant shareholders include various ETFs, such as Huatai-PB CSI 300 ETF and E Fund CSI 300 ETF, which have also increased their holdings [3]

Market Overview - The small metals sector increased by 2.94% on September 12, with Yunnan Zhenye leading the gains [1] - The Shanghai Composite Index closed at 3883.69, up 0.22%, while the Shenzhen Component Index closed at 12996.38, up 0.13% [1] Key Stocks Performance - Yunnan Zhenye (002428) closed at 29.91, up 6.48% with a trading volume of 630,500 shares and a turnover of 1.829 billion yuan [1] - Dongfang Cuye (002167) closed at 15.46, up 4.39% with a trading volume of 907,700 shares and a turnover of 1.371 billion yuan [1] - Dongfang Yinye (000962) closed at 24.55, up 4.29% with a trading volume of 240,400 shares and a turnover of 580 million yuan [1] - Jinyao Co., Ltd. (601958) closed at 16.40, up 4.06% with a trading volume of 464,900 shares and a turnover of 745 million yuan [1] - Guizhou Platinum (600459) closed at 17.89, up 3.53% with a trading volume of 304,600 shares and a turnover of 539 million yuan [1] Fund Flow Analysis - The small metals sector saw a net inflow of 994 million yuan from institutional investors, while retail investors experienced a net outflow of 918 million yuan [2] - The main stocks with significant net inflows include North Rare Earth (600111) with 439 million yuan and Yunnan Zhenye (002428) with 316 million yuan [3] - Retail investors showed notable outflows in stocks like Yunnan Zhenye (002428) with 186 million yuan and Dongfang Cuye (002167) with 1.03 billion yuan [3]