Group 1 - The metal lead concept increased by 3.17%, ranking fourth among concept sectors, with 32 stocks rising, including Huaxi Nonferrous and Luoping Zinc Electric hitting the daily limit [1] - The leading stocks in the metal lead sector included Shengtun Mining, Guocheng Mining, and Shengda Resources, which rose by 7.59%, 6.04%, and 5.48% respectively [1] - The metal lead concept sector saw a net inflow of 794 million yuan from main funds, with 25 stocks receiving net inflows, and 8 stocks exceeding 50 million yuan in net inflow [1] Group 2 - The top stocks by net inflow ratio included Luoping Zinc Electric, Shengtun Mining, and Xiyang Mining, with net inflow ratios of 52.90%, 10.27%, and 7.40% respectively [2] - Shengtun Mining led the net inflow with 211.55 million yuan, followed by Huayu Mining and Dazhong Mining with net inflows of 88.49 million yuan and 87.83 million yuan respectively [2][3] - The trading performance of the metal lead sector was highlighted by significant turnover rates, with Shengtun Mining at 5.64% and Huayu Mining at 5.57% [2]

Group 1 - The metal zinc concept increased by 3.07%, ranking 6th among concept sectors, with 35 stocks rising, including Huaxi Nonferrous and Luoping Zinc Electric hitting the daily limit [1] - Major gainers in the zinc sector included Shengtun Mining, Guocheng Mining, and Shengda Resources, which rose by 7.59%, 6.04%, and 5.48% respectively [1] - The zinc concept sector saw a net inflow of 712 million yuan from main funds, with 24 stocks receiving net inflows, and 7 stocks exceeding 50 million yuan in net inflow [1] Group 2 - The top stocks by net inflow ratio included Luoping Zinc Electric, Shengtun Mining, and Xiyang Mining, with net inflow ratios of 52.90%, 10.27%, and 7.40% respectively [2] - Shengtun Mining led the net inflow with 211.55 million yuan, followed by Huayu Mining and Dazhong Mining with net inflows of 88.49 million yuan and 87.83 million yuan respectively [2] - The trading volume and turnover rates for key stocks in the zinc sector were highlighted, with Shengtun Mining having a turnover rate of 5.64% [2]

Core Viewpoint - Huayu Mining experienced a decline of 5.04% on November 21, with a stock price of 29.57 CNY per share and a total market capitalization of 24.246 billion CNY [1] Group 1: Company Overview - Huayu Mining Co., Ltd. is located in Lhasa Economic and Technological Development Zone, Tibet, and was established on October 22, 2002, with its listing date on March 16, 2016 [1] - The company's main business involves non-ferrous metal mining, mineral processing, geological exploration, and trading [1] Group 2: Revenue Composition - The revenue composition of Huayu Mining includes: - 45.30% from self-produced gold abroad - 33.37% from domestic self-produced lead-antimony concentrate (including silver) - 14.87% from domestic self-produced zinc concentrate - 5.63% from self-produced antimony abroad - 0.54% from other sources - 0.30% from domestic self-produced copper concentrate [1] Group 3: Fund Holdings - One fund under China Merchants Fund holds a significant position in Huayu Mining, specifically the China Merchants CSI 1000 Enhanced Strategy ETF (159680), which held 328,800 shares as of the third quarter, accounting for 1.2% of the fund's net value [2] - The estimated floating loss for this fund on the current day is approximately 516,200 CNY [2] Group 4: Fund Performance - The China Merchants CSI 1000 Enhanced Strategy ETF (159680) was established on November 18, 2022, with a current scale of 748 million CNY [2] - Year-to-date performance shows a return of 29.97%, ranking 1449 out of 4208 in its category; the one-year return is 27.28%, ranking 1324 out of 3972; and since inception, the return is 45.46% [2] Group 5: Fund Management - The fund managers for the China Merchants CSI 1000 Enhanced Strategy ETF are Cai Zhen and Wen Yu, with Cai having a tenure of 4 years and 110 days and a total asset scale of 13.448 billion CNY [3] - During Cai's tenure, the best fund return was 48.94%, while the worst was 4.31% [3] - Wen has a tenure of 253 days with a total asset scale of 3.814 billion CNY, achieving a best return of 53.25% and a worst return of 5.61% during his management [3]

Core Viewpoint - The metal zinc sector experienced a 0.90% increase, ranking fourth among concept sectors, with 18 stocks rising, led by Beijiete with a 20% surge [1] Group 1: Sector Performance - The metal zinc concept saw a 0.90% increase, with Beijiete leading at a 20% rise, followed by Hongda Co., Dazhong Mining, and Weiling Co. with increases of 7.84%, 7.06%, and 6.94% respectively [1] - The sector faced a net outflow of 605 million yuan, with 14 stocks receiving net inflows, and 5 stocks seeing inflows exceeding 30 million yuan [2] Group 2: Fund Flow Analysis - Dazhong Mining topped the net inflow list with 236 million yuan, followed by Weiling Co. and Beijiete with net inflows of 93.21 million yuan and 69.53 million yuan respectively [2][3] - The net inflow ratios for Beijiete, Weiling Co., and Dazhong Mining were 11.47%, 9.34%, and 7.64% respectively, indicating strong investor interest [3]

Core Insights - The metal lead sector experienced a rise of 0.99%, ranking third among concept sectors, with 18 stocks increasing in value, notably Beijiete with a 20% surge [1] - Major gainers included Dazhong Mining, Weiling Co., and Guocheng Mining, which rose by 7.06%, 6.94%, and 4.99% respectively [1] - Conversely, Hunan Silver, Yuguang Gold Lead, and Zhejiang Fu Holdings saw declines of 3.15%, 2.31%, and 2.09% respectively [1] Market Performance - The leading concept sectors for the day included Hainan Free Trade Zone with a 2.20% increase and Salt Lake Lithium Extraction with a 1.43% increase, while Silicon Energy and Military Equipment Restructuring concepts faced declines of 2.66% and 2.55% respectively [2] - The metal lead sector had a net outflow of 5.95 billion yuan, with 13 stocks receiving net inflows, and 5 stocks attracting over 30 million yuan in net inflows [2] Fund Flow Analysis - The top stocks in terms of net inflow ratio were Beijiete, Weiling Co., and Dazhong Mining, with net inflow rates of 11.47%, 9.34%, and 7.64% respectively [3] - Dazhong Mining led the net inflow with 236.49 million yuan, followed by Weiling Co. with 93.21 million yuan and Beijiete with 69.53 million yuan [3] Decliners - The stocks with the largest declines included Hunan Silver with a drop of 3.15%, Yuguang Gold Lead down by 2.31%, and Zhejiang Fu Holdings decreasing by 2.09% [5] - Other notable decliners were Zijin Mining with a decline of 1.26% and Hunan Huangjin down by 0.63% [5]

Group 1 - The metal lead concept increased by 2.03%, ranking second among concept sectors, with 28 stocks rising, including Chifeng Jilong Gold Mining (up 7.00%), Xinyi Silver Tin (up 6.68%), and Tin Industry Co. (up 5.88%) [1][2] - The leading stocks in terms of decline included Wolong New Energy (down 3.13%), Yuehongyuan A (down 2.62%), and Jinhui Co. (down 1.91%) [1][2] Group 2 - The metal lead sector experienced a net outflow of 0.15 billion yuan from main funds, with 17 stocks seeing net inflows, and 8 stocks receiving over 30 million yuan in net inflows [2] - Zijin Mining led the net inflow with 1.03 billion yuan, followed by Hunan Silver (net inflow of 587.87 million yuan), Huayu Mining (net inflow of 533.39 million yuan), and China Metallurgical Group (net inflow of 497.01 million yuan) [2][3] Group 3 - In terms of net inflow ratios, Beijiete, China Metallurgical Group, and Hunan Silver had the highest ratios at 12.40%, 12.32%, and 8.80% respectively [3] - The top stocks by net inflow in the metal lead concept included Zijin Mining (up 3.35%), Hunan Silver (up 3.76%), and Huayu Mining (down 0.13%) [3]

Core Insights - The metal zinc sector has seen a 2.00% increase, ranking third among concept sectors, with 30 stocks rising, including notable gains from Xingye Silver, Xiyegongsi, and Beijiete, which rose by 6.68%, 5.88%, and 5.80% respectively [1][2] Sector Performance - The top-performing concept sectors today include: - China Shipbuilding System: +4.60% - Metal Lead: +2.03% - Metal Zinc: +2.00% - Chicken Farming: +1.90% - Salt Lake Lithium Extraction: +1.83% [2] Capital Flow - The metal zinc sector attracted a net inflow of 2.1152 million yuan, with 18 stocks receiving net inflows, and 8 stocks exceeding 30 million yuan in net inflows. Zinc Industry Co. led with a net inflow of 105 million yuan, followed by Zijin Mining, Hunan Silver, and Huayu Mining with net inflows of 103 million yuan, 58.7869 million yuan, and 53.3387 million yuan respectively [2][3] Net Inflow Ratios - The leading stocks by net inflow ratio in the zinc sector are: - Zinc Industry Co.: 13.00% - Beijiete: 12.40% - Hunan Silver: 8.80% [3] Stock Performance - Key stock performances in the zinc sector include: - Zinc Industry Co.: +5.65% with a turnover rate of 13.28% - Zijin Mining: +3.35% with a turnover rate of 0.93% - Hunan Silver: +3.76% with a turnover rate of 4.61% [3][4]

Group 1 - The gold concept sector experienced a decline at the beginning of trading, with notable drops in several companies [2] - Hainan Mining saw a decrease of 5.67%, while HeBai Group fell by 2.81% [2] - Other companies such as Yuguang Gold Lead and Huayu Mining also reported declines of 2.58% and over 2%, respectively [2]

Investment Rating - The report maintains a "Positive" investment rating for the non-ferrous metals industry [2] Core Viewpoints - The antimony industry is expected to enter a strong prosperity cycle due to a mismatch in supply and demand growth rates [4][8] - China's antimony resource reserves account for 30% of the global total, with a significant increase in reserves from 480,000 tons in 2020 to 670,000 tons in 2024, reflecting a CAGR of 8.7% [4][18] - Global antimony production is highly concentrated, with China accounting for 58% of the total production in 2024, although production has been declining [5][23] - The demand for antimony is projected to grow significantly, driven by the rapid development of photovoltaic installations and the increasing use of antimony in glass for solar panels [6][42] Summary by Sections 1. Antimony Supply Dynamics - Antimony supply is experiencing an unexpected contraction, with China's environmental and export restrictions contributing to a rigid supply growth characteristic [8][27] - The global antimony supply is expected to decline from 137,000 tons in 2024 to 129,000 tons by 2027, with a CAGR of -2% [30][57] - China's reliance on imported antimony concentrates is high, with approximately 45.7% of the supply coming from imports in 2024 [28][31] 2. Antimony Demand Growth - Global antimony consumption is projected to increase by 10.8% year-on-year to 166,000 tons in 2024, with the fastest growth in demand coming from photovoltaic glass [6][45] - The demand for antimony in photovoltaic glass is expected to grow from 49,000 tons in 2024 to 90,000 tons by 2027, reflecting a CAGR of 22% [43][49] - The overall global antimony demand is anticipated to rise from 166,000 tons in 2024 to 224,000 tons by 2027, with a CAGR of 11% [45][50] 3. Supply-Demand Gap and Price Outlook - The supply-demand gap for antimony is expected to widen significantly, with projected deficits of 2.8 million tons in 2024 and increasing to 9.5 million tons by 2027 [51][58] - The tightening supply conditions and increasing demand are likely to push antimony prices into an upward trajectory, with potential price increases of up to 56% anticipated [52][52] - The report highlights that changes in China's export policies could fundamentally alter the global antimony trade flow and pricing dynamics [10][52] 4. Related Companies - Companies mentioned in the report include Huayu Mining, Huaxi Nonferrous, and Hunan Gold [11][59]

Investment Rating - The report maintains an "Overweight" rating for the non-ferrous metals sector [6] Core Viewpoints - The suspension of export restrictions to the U.S. is expected to boost China's antimony exports, which accounted for 36% of the country's antimony production in 2023 [2] - The price gap between domestic and international antimony is anticipated to narrow as exports resume [3] - Antimony prices have shown significant fluctuations influenced by export policies and demand changes, with a notable increase of 68% from February 10 to April 17, 2025 [4] Summary by Sections Export Policy Impact - The Ministry of Commerce announced a one-year suspension of export restrictions to the U.S., which is expected to lead to a recovery in antimony exports [2] - The announcement includes stricter controls on dual-use items, particularly for military applications [2] Price Trends - Antimony ingot prices rose from 143,000 CNY/ton to 240,000 CNY/ton between February 10 and April 17, 2025, before declining to 150,000 CNY/ton by November 6, 2025 [4] - The price of antimony in the UK was approximately 31.7 million CNY/ton as of November 7, 2025, indicating a significant premium over domestic prices [3] Investment Recommendations - The report suggests monitoring companies such as Huaxi Nonferrous Metals, Hunan Gold, and Huayu Mining, as the resumption of exports is expected to support domestic antimony prices [4]