Core Viewpoint - The A-share non-ferrous metal sector is experiencing significant growth, driven by supply-demand dynamics and strong fundamentals in the industry, particularly in copper and precious metals [1][2]. Group 1: Non-Ferrous Metal Sector Performance - On November 25, the non-ferrous metal sector in A-shares strengthened, with Huaxi Nonferrous hitting a new high and several companies like Zhongjin Gold and Zijin Mining seeing gains of over 4% [1]. - The mining ETF (159690) rose by 2.74% as of the report [1]. Group 2: Copper Market Dynamics - According to Zhongyuan Securities, the copper price is expected to rise due to supply constraints from declining global copper ore grades, insufficient capital expenditure, and increased mining disruptions [1]. - Demand for copper is supported by global monetary easing and trends in green transformation, particularly in electricity investment, electric vehicles, and data center construction [1]. Group 3: Precious Metals Outlook - Dongguan Securities noted a significant negative correlation between gold and the US dollar index, with the current challenges to the US dollar credit system prompting a reassessment of gold's monetary attributes [1]. - The uncertainty in monetary policy as the Federal Reserve seeks to balance inflation control and economic stability is expected to increase gold's safe-haven premium [1]. - Despite short-term fluctuations due to reduced risk aversion and profit-taking by speculative funds, the long-term outlook for gold remains positive due to declining dollar credit, sustained safe-haven demand, and regular central bank gold purchases [1]. Group 4: Industry Profitability - The overall profitability of the non-ferrous metal industry has improved, with a 41.43% year-on-year increase in net profit attributable to shareholders in the first three quarters of 2025, and a further increase to 50.81% in the third quarter [2]. - The mining ETF (159690) tracked a net profit growth of 49.48% for the first three quarters and 55.62% for the third quarter [2][3]. Group 5: Index Performance - The non-ferrous mining index showed a net profit growth rate of 55.62% for the third quarter and 49.48% for the first three quarters, with an average ROE of 12.14% [3]. - The non-ferrous metal sector (Shenwan) recorded a net profit growth of 50.81% in the third quarter and 41.43% for the first three quarters, with an average ROE of 10.61% [3].

Core Viewpoint - The non-ferrous metals sector is experiencing significant gains, with the leading non-ferrous metals ETF (159876) seeing a peak increase of 2.7% and currently up by 1.88%, indicating strong market confidence in the sector's future performance [1][4]. Fund Performance - The non-ferrous metals ETF (159876) has attracted a total of 213 million yuan in the past 10 days, reflecting positive investor sentiment towards the sector [1]. - As of November 24, the ETF's latest scale reached 676 million yuan, making it the largest among three ETFs tracking the same index in the market [1]. Stock Performance - Key stocks within the ETF have shown strong performance, with Huaxi Nonferrous Metals hitting the daily limit, and other stocks like Western Gold, Xiyang Co., and Zhongjin Gold rising over 4% [3][4]. Market Outlook - Institutions are optimistic about the continuation of a bull market in the non-ferrous metals sector. Zhongtai Securities is particularly bullish on a comprehensive bull market, while CITIC Securities anticipates sustained investment interest in commodities [4][5]. - Three main investment themes are highlighted: 1. Industrial metals like copper and aluminum, which are expected to benefit from supply constraints and recovering demand. 2. Energy metals such as lithium and cobalt, which are poised to gain from the explosive demand in energy storage and power batteries. 3. Strategic assets like gold and rare earths [4][5]. Investment Strategy - A diversified investment approach through the non-ferrous metals ETF (159876) and its associated funds is recommended to capture the overall sector's beta performance while mitigating risks associated with investing in single metal industries [5].

Core Viewpoint - The A-share non-ferrous metal sector is experiencing significant growth, driven by supply-demand dynamics and strong fundamentals in the industry [1][2] Group 1: Market Performance - On November 25, the non-ferrous metal sector in A-shares saw strong performance, with Huaxi Nonferrous hitting the daily limit and reaching a new high [1] - The mining ETF (159690) increased by 2.74% [1] - Key companies such as Zhongjin Gold, Xiyang Co., and Zijin Mining saw stock price increases of over 4% and 2% respectively [1] Group 2: Supply and Demand Dynamics - According to Zhongyuan Securities, the copper price is expected to rise due to supply constraints from declining global copper ore grades and limited new mining projects [1] - Demand for copper is supported by global monetary easing and trends in green transformation, particularly in electric power investment, new energy vehicles, and data center construction [1] Group 3: Profitability and Financial Performance - The non-ferrous metal industry saw a year-on-year net profit growth of 41.43% in the first three quarters of 2025, with the third quarter showing an even larger increase of 50.81% [2] - The mining ETF (159690) tracked the non-ferrous metal mining index, which had net profit growth rates of 49.48% and 55.62% for the first three quarters and single quarter respectively [2][3] Group 4: Industry Metrics - The non-ferrous mining index reported a return on equity (ROE) of 12.14%, while the overall non-ferrous metal sector had an ROE of 10.61% [3] - The SSH gold stocks index showed a net profit growth of 48.61% for the third quarter and 38.66% for the first three quarters [3] Group 5: Long-term Outlook - The non-ferrous metal sector is expected to benefit from long-term resource demand driven by energy transition, AI computing infrastructure, and global monetary policies [3]

Core Viewpoint - The non-ferrous metals sector is experiencing significant gains, with the leading non-ferrous metals ETF (159876) showing a rise of 1.88% and attracting substantial investment, indicating positive market sentiment towards the sector [1][4]. Investment Trends - The non-ferrous metals ETF (159876) has accumulated 213 million yuan in the past 10 days, reflecting strong investor interest [1]. - As of November 24, the ETF's latest scale reached 676 million yuan, making it the largest among three ETFs tracking the same index [1]. Stock Performance - Key stocks in the sector, such as Huaxi Nonferrous and Western Gold, have seen significant price increases, with several stocks rising over 4% [3]. Market Outlook - Institutions are optimistic about the continuation of a bull market in the non-ferrous metals sector, with various firms highlighting potential growth in industrial metals like copper and aluminum, as well as energy metals such as lithium and cobalt [4]. - The focus is on three main themes: supply constraints and recovering demand for industrial metals, explosive demand for energy metals due to storage and battery needs, and strategic assets like gold and rare earths [4]. Investment Strategy - A diversified investment approach through the non-ferrous metals ETF (159876) is recommended to capture the overall sector's performance while mitigating risks associated with individual metal investments [5].

Market Overview - A-shares opened higher on November 25, with the ChiNext Index rising by 3% at one point. The Shanghai Composite Index closed at 3880.22 points, up 1.13%, while the Shenzhen Component Index rose by 2.04% and the ChiNext Index increased by 2.6% [1][3]. Trading Volume and Market Sentiment - The trading volume in the Shanghai and Shenzhen markets reached 1.17 trillion yuan, a significant increase of 149.3 billion yuan compared to the previous trading day. A total of 4888 stocks rose, with 77 hitting the daily limit, while only 458 stocks declined [3]. Sector Performance - The technology sector showed strong performance, particularly in computing hardware and AI applications, with significant rebounds in communication equipment and electronic components. The optical module (CPO), optical chip, optical communication, and ASIC chip sectors led the gains [3][4]. - The precious metals and education sectors also performed well, while previously high-performing sectors like aquaculture experienced notable pullbacks [3]. Notable Stocks and Indices - The CPO concept stock surged by 9%, with major players like Dekoli, Changguang Huaxin, and Guangku Technology hitting the daily limit of 20% increase. Other stocks such as Dongshan Precision and Shijia Photon also saw significant gains [5][6]. - The Hang Seng Technology Index rose over 1.4%, with stocks like Bilibili increasing nearly 6% and Xiaomi Group rising over 4% [4]. Precious Metals Sector - The precious metals sector saw a strong rally, with stocks like Huaxi Nonferrous Metals nearing the daily limit and Shengda Resources rising over 6%. Other notable performers included Western Gold and Zhongjin Gold, both up over 5% [12][13]. - Spot gold prices reached a weekly high of $4155.9 per ounce, driven by market expectations of a potential interest rate cut by the Federal Reserve [14]. Aquaculture Sector Decline - The aquaculture sector faced significant declines, with stocks like Zhongshui Fishery and Zangzi Island hitting the daily limit down, and Guolian Aquatic Products dropping nearly 9% [18][19].

Core Viewpoint - Huaxi Nonferrous reached the daily limit with a price of 40.67 yuan, reflecting a 9.55% increase and a total market capitalization of 25.619 billion yuan, driven by policy benefits, resource integration, and business expansion [1][2]. Group 1: Policy and Resource Integration - The recent intensive introduction of key metal industry policies in Guangxi benefits Huaxi Nonferrous, as its main mines are located in the Nandan experimental zone, allowing the company to fully enjoy policy dividends [2]. - The integration of mining rights in the region enhances the company's resource control, with clear expansion potential for its copper pit and Gaofeng mines, providing resource security for future development [2]. Group 2: Business Transformation and Financial Performance - The company has made significant progress in business transformation, with successful asset injections from Wujin Company and Laiye Company [2]. - Revenue from non-ferrous metal deep processing has surged by 208%, rapidly expanding the business scale and becoming a new growth point [2]. - The production of antimony ingots and indium ingots has been achieved, with antimony ingot gross margin reaching 60.9% [2]. - The company capitalized on market opportunities, resulting in a 16.32% year-on-year increase in operating income due to rising sales and prices of non-ferrous metal products [2]. Group 3: Financial and Governance Initiatives - The company demonstrated strong shareholder support by passing a loss compensation proposal with a 99.96% approval rate [2]. - Successful completion of 599 million yuan in financing provides ample financial support for the company [2]. Group 4: Market and Technical Analysis - Data from Dongfang Caifu indicates a capital inflow into the non-ferrous metal sector on November 25, 2025, with many related stocks performing actively, contributing to Huaxi Nonferrous's limit-up effect [2]. - Technical indicators suggest that if there is a significant net buying from large orders and a notable presence of institutional investors, it reflects positive sentiment towards the company's transformation [2].

Core Insights - The stock of Guangxi Huaxi Nonferrous Metals Co., Ltd. increased by 5.41% to 38.97 CNY per share, with a trading volume of 461 million CNY and a turnover rate of 4.41%, resulting in a total market capitalization of 24.651 billion CNY [1] Company Overview - Guangxi Huaxi Nonferrous Metals Co., Ltd. was established on June 15, 1998, and listed on July 12, 2000. The company is located in Nanning, Guangxi Zhuang Autonomous Region, and its main business includes trading and supervision, as well as exploration, mining, and beneficiation of nonferrous metals such as tin, zinc, lead, and antimony [1] - The revenue composition of the company is as follows: 91.82% from nonferrous metal products, 4.61% from deep processing of nonferrous metals, 2.43% from engineering supervision and other services, 0.89% from other supplementary services, and 0.25% from surveying, design, and consulting services [1] Fund Holdings - According to data from the top ten heavy stocks of funds, Jin Ying Fund has a significant holding in Huaxi Nonferrous. The Jin Ying Yuan An Mixed A Fund (000110) held 3,000 shares in the third quarter, accounting for 0.62% of the fund's net value, ranking as the eighth largest heavy stock. The estimated floating profit for today is approximately 6,000 CNY [2] - The Jin Ying Yuan An Mixed A Fund was established on May 20, 2013, with a latest scale of 14.0895 million CNY. Year-to-date returns are 9.4%, ranking 5,486 out of 8,136 in its category; the one-year return is 11.45%, ranking 5,278 out of 8,058; and since inception, the return is 105.94% [2]

Group 1 - The stock price of Huaxi Nonferrous Metals increased by 4.3%, reaching 38.56 yuan per share, marking a new high [2] - The total market capitalization of the company surpassed 24.391 billion yuan [2] - The trading volume amounted to 445 million yuan [2]

Market Overview - The small metals sector increased by 1.03% on November 24, with Huaxi Nonferrous leading the gains [1] - The Shanghai Composite Index closed at 3836.77, up 0.05%, while the Shenzhen Component Index closed at 12585.08, up 0.37% [1] Key Performers - Huaxi Nonferrous (600301) closed at 36.97, up 5.78% with a trading volume of 183,800 shares and a transaction value of 684 million [1] - Other notable performers include: - Dongfang Silver (000962) at 25.81, up 4.03% [1] - Zhongtung High-tech (000657) at 21.66, up 3.19% [1] - Guangsheng Nonferrous (600259) at 55.98, up 3.09% [1] Fund Flow Analysis - The small metals sector experienced a net outflow of 167 million from main funds, while retail investors saw a net inflow of 150 million [2] - Notable fund flows include: - Huaxi Nonferrous with a main fund net inflow of 72.9 million [3] - Anning Co. (002978) with a main fund net inflow of 22.5 million [3] - Dongfang Silver with a main fund net inflow of 13.2 million [3] Trading Volume and Value - The trading volume for Huaxi Nonferrous was 183,800 shares, contributing to a transaction value of 684 million [1] - Zhongtung High-tech had a trading volume of 651,400 shares, with a transaction value of 1.407 billion [1] Sector Performance - The overall performance of the small metals sector reflects a mixed sentiment, with some stocks showing significant gains while others faced declines [2][3] - The sector's dynamics indicate a potential shift in investor interest, particularly towards stocks like Huaxi Nonferrous and Guangsheng Nonferrous [1][2]

Summary of Conference Call on T Sector Industry Overview - The T sector has experienced a significant price increase due to favorable policies and increased trading activity on electronic platforms, with prices rising from 145,000 CNY to between 185,000 CNY and 190,000 CNY since early November [1][2] - The cancellation of the export ban has boosted market confidence, leading to a rapid price increase and stabilization above 180,000 CNY [1][2] - Export recovery is expected to significantly impact the demand structure of the T sector, with historical export volumes accounting for approximately 40% of total production, primarily for flame retardant production [1][6] Key Points on Price Trends - The T sector's pricing factors have shifted from photovoltaic glass to exports, with expectations of a price surge due to increased overseas safety stock and rising trade costs [1][10] - Predictions indicate that domestic T element prices could rise to between 250,000 CNY and 300,000 CNY by the end of this year or early next year [1][10][11] - The overall demand for antimony is projected to grow by 2-3% annually, despite potential weaknesses in photovoltaic demand [3][12] Market Dynamics - The supply of antimony ore is expected to decline in the coming years, with domestic leading enterprises unable to significantly increase production and overseas supply remaining tight [3][12] - The export demand for photovoltaic glass has drastically decreased from 2,000-2,500 tons per month to around 100 tons, indicating a near-zero export demand [9] Company Insights - Huaxi Nonferrous is highlighted as a key player, with 40% of its revenue from tin and 40% from antimony, and expected increases in iron and zinc production over the next five years [3][14] - The company is projected to achieve reasonable profits of approximately 1.5 billion CNY by 2026 under certain price assumptions, with a potential valuation of 30 billion CNY [3][14][15] - Other companies of interest include Huayu Mining and Hunan Gold, both of which have strong growth potential and favorable valuations [14][16] Additional Considerations - The T sector's future price trends appear optimistic due to policy support and increased trading activity, with potential for a new upward price cycle if export recovery progresses smoothly [4][10] - The overall market for iron ore is expected to remain high, with average prices projected between 200,000 CNY and 250,000 CNY in 2026 [13]