Investment Rating - The report maintains an "Accumulate" rating for the non-ferrous metals industry [6]. Core Viewpoints - The report expresses optimism for copper prices to rise in the future due to tightening supply and improving demand [4]. - The report highlights that the recent trade conflicts have temporarily suppressed copper prices, but a recovery is expected as downstream demand rebounds in Q4 [1][4]. Supply and Demand Summary - **Supply**: In September 2025, China's electrolytic copper production decreased by 4.3% month-on-month to 1.121 million tons, while year-on-year it increased by 11.6% [3][68]. - **Demand**: The cable industry's operating rate fell by 6.9 percentage points to 58.53% [3][76]. The report notes that air conditioning production is expected to decline year-on-year by 18%, 15%, and 9% for October, November, and December respectively [3][96]. - **Inventory**: Domestic copper social inventory increased by 18.7% compared to September 29, 2025, while LME copper inventory decreased by 0.1% [2][24]. Price and Futures Summary - **Copper Prices**: As of October 10, 2025, SHFE copper closed at 85,910 RMB/ton, up 3.37% from September 30, while LME copper closed at 10,374 USD/ton, down 3.05% from October 3 [1][17]. - **Futures**: The active SHFE copper contract's open interest decreased by 5.6% week-on-week, with a total of 216,000 contracts [4][35]. Investment Recommendations - The report recommends investing in companies such as Zijin Mining, Luoyang Molybdenum, Jincheng Mining, and Western Mining, while keeping an eye on Tongling Nonferrous Metals [4].

Investment Rating - The report maintains a "Buy" rating for the industry and specific companies within the non-ferrous metals sector, highlighting strong performance and favorable market conditions [8]. Core Views - The report emphasizes that the recent increase in gold prices is driven by heightened risk aversion due to renewed US-China trade tensions and expectations of interest rate cuts by the Federal Reserve [4][8]. - Industrial metals are expected to continue strengthening due to supply disruptions and robust demand, particularly in copper and aluminum [2][3]. - Energy metals, particularly lithium and cobalt, are projected to perform well due to strong demand from the electric vehicle and energy storage markets [3]. Summary by Sections 1. Industry and Stock Performance - The Shanghai Composite Index rose by 1.80%, while the SW Non-ferrous Index increased by 11.89% during the reporting period [1]. - Precious metals, including gold and silver, saw significant price increases of 6.48% and 2.48%, respectively [1]. 2. Base Metals 2.1 Price and Stock Correlation - The report notes that aluminum prices are supported by a seasonal increase in demand and controlled inventory levels, with a current price of 20,950 RMB/ton [27]. - Copper prices are influenced by supply disruptions and a favorable macroeconomic environment, with a recent price of 10,374 USD/ton [12][41]. 2.2 Industrial Metals - The report highlights that aluminum production is expected to remain low due to increased direct supply ratios and seasonal demand, which supports price stability [25][26]. - Copper supply is under pressure from production cuts by major mining companies, which is expected to sustain higher prices [2][41]. 2.3 Lead, Tin, and Nickel - Lead prices have shown resilience due to tight supply conditions, with recent prices around 20,026 USD/ton [58]. - Nickel prices are fluctuating due to regulatory changes in Indonesia and supply concerns, currently priced at 122,180 RMB/ton [60]. 3. Precious Metals and Minor Metals 3.1 Precious Metals - Gold prices have surged due to strong safe-haven demand, with a recent price of 4,035.50 USD/oz, reflecting a 6.48% increase [14][74]. - Silver prices are also rising, driven by industrial demand and investment interest, currently at 47.52 USD/oz [14][74]. 3.2 Energy Metals - Lithium demand remains robust, with prices supported by strong consumption in electric vehicles and energy storage, with industrial-grade lithium carbonate priced at 71,300 RMB/ton [14][3]. - Cobalt prices are expected to rise due to supply constraints from the Democratic Republic of Congo, with current prices around 331,500 RMB/ton [3][14]. 4. Key Company Recommendations - The report recommends several companies for investment, including Zijin Mining, Luoyang Molybdenum, and Huayou Cobalt, citing strong earnings forecasts and favorable market conditions [4][8].

Core Viewpoint - Western Mining reported a decrease in the number of shareholders and a significant increase in stock price since the concentration of shares began, alongside strong financial performance in the first half of the year [2] Financial Performance - The company achieved a revenue of 31.619 billion yuan in the first half of the year, representing a year-on-year growth of 26.59% [2] - Net profit for the same period was 1.869 billion yuan, with a year-on-year increase of 15.35% [2] - Basic earnings per share were reported at 0.7800 yuan, and the weighted average return on equity was 11.10% [2] Shareholder Information - As of September 30, the number of shareholders was 113,500, a decrease of 7,700 from the previous period, reflecting a month-on-month decline of 6.35% [2] Stock Performance - The closing price of Western Mining was 23.87 yuan, down 1.36%, but the stock has increased by 25.30% cumulatively since the concentration of shares began [2] - The stock experienced 6 days of increases and 3 days of decreases, including one instance of hitting the daily limit [2]

随着纽约期金与现货黄金双双突破4000美元/盎司关口，创下历史新高，市场对国庆节后国内金市开盘 表现高度关注。 10月9日，A股黄金概念板块表现强势。盘中，山东黄金、中金黄金、招金黄金、西部黄金、西部矿业 等10余股涨停。截至收盘，黄金股票ETF（159321.SZ）、黄金股ETF基金（159315.SZ）双双涨停，涨 幅分别为10.03%、10.01%。黄金ETF（518880.SH）上涨4.68%。 展望后市，多家机构认为，黄金仍存上涨行情。对于普通投资者而言，如何在黄金与黄金股之间做出选 择？ 中经记者 郝亚娟 夏欣 上海、北京报道 工银瑞信基金方面指出，据媒体报道，我国央行正与多个友好国家央行协商，计划在中国境内为其他国 家托管主权黄金储备。在当前美联储独立性面临危机、通胀预期抬升以及滥发美债导致美元信用受损的 背景下，这表明中国政府继续看好黄金价值，并期待逐步摆脱对美元储备的依赖，全球央行多元化的国 际储备体系对黄金需求或仍将扩张。 星展中国高级投资策略师邓志坚指出，从整体来看，一些黄金相关股票的涨幅其实已经相当可观。当前 金价虽处于高位，但进一步上升的空间可能相对有限。对于普通投资者而言，若以稳健 ...

Core Viewpoint - The non-ferrous metal sector experienced a rebound after a dip, with copper leading the gains, particularly driven by Jiangxi Copper's stock hitting the daily limit up [1] Group 1: Market Performance - Jiangxi Copper (600362) reached the daily limit up, indicating strong investor interest [1] - Northern Copper (000737), Luoyang Molybdenum (603993), and Xingye Silver Tin (000426) set new historical highs [1] - Yunnan Copper (000878), Tongling Nonferrous Metals (000630), and Western Mining (601168) also showed significant gains [1] Group 2: Price Movements - The LME copper futures contract briefly touched $11,000 per ton overnight [1] - Citigroup raised its 0-3 month copper price target from $10,500 per ton to $11,000 per ton [1] - The average copper price is expected to reach $12,000 per ton by Q2 2026 [1]

165 r 8 200 F 29 11 1 - 314 3 资料图/IC "刚刚又涨了1毛钱。" 10月9日，北京菜市口百货投资金条售价911.5元/克，一名女顾客在3块不同款式的100克投资金条中选中一块。售货员背过身去准备打包计算价格，几分钟时 间又转头告诉顾客，金条价格需要重新计算。 "淘金热"仍在继续，菜市口百货大楼里顾客络绎不绝。 10月9日，贝壳财经记者走访时，不少顾客在一楼柜台前选购金饰。一名菜百工作人员称，"今天人相对少了一点，国庆假期人更多。"菜百首饰今日（10月9 日）足金报1118元/克，足金999‰报1120元/克。 商场四层更为热闹，在投资金条的售卖柜台，金条克重从5克到500克不等，即使购买最小克重的5克金条，也需要花费4500多元。根据投资金条款式不同， 收取12-18元/克的手续费。 目前，针对金条，菜百以投资基础金价减3.8元/克回收。金价创下历史新高，黄金回购处只有零星顾客，回购处工作人员透露，"今日来回收黄金的人比前几 天少了。" 陈雪也讲起了自己的投资经，购买金条更适合长期持有，自己更青睐购入黄金类ETF快进快出。 黄金ETF正在强势镀金。Wind数据显示，10月9日， ...

Core Points - The gold concept sector has seen a significant increase of 5.22%, ranking 7th among all concept sectors, with 66 stocks rising, including Zhejiang Fu Holdings, Hebang Biology, and Tongling Nonferrous Metals reaching their daily limit [1] - Major gainers in the gold sector include Zhaojin Mining, Yuguang Gold Lead, and Xiaocheng Technology, with increases of 9.94%, 9.87%, and 8.92% respectively [1] - The sector experienced a net inflow of 1.191 billion yuan from main funds, with 45 stocks receiving net inflows, and 13 stocks exceeding 100 million yuan in net inflows [2] Fund Flow Analysis - The top stocks by net inflow ratio include Sichuan Gold, Zhejiang Fu Holdings, and Silver Lead, with net inflow ratios of 41.26%, 38.25%, and 19.18% respectively [3] - The leading stocks in the gold concept by main fund flow include Tebian Electric Apparatus, Western Mining, and Xingye Silver Tin, with net inflows of 684.41 million yuan, 245.32 million yuan, and 220.82 million yuan respectively [3][4] - The overall performance of the gold concept stocks indicates strong investor interest, as evidenced by the significant net inflows and positive price movements [2][3]

Group 1: Nickel Metal Sector Performance - As of October 9, the nickel metal concept rose by 4.11%, ranking 10th among concept sectors, with 29 stocks increasing in value [1] - Notable gainers included Zhejiang Fu Holdings, Tongling Nonferrous Metals, and Xinye Silver Tin, which all hit the daily limit, with increases of 10.12%, 10.07%, and 10.00% respectively [1][3] - The sector saw a net outflow of 1.392 billion yuan in principal funds, with 19 stocks experiencing net inflows, and 7 stocks receiving over 100 million yuan in net inflows [2] Group 2: Fund Flow Analysis - The top net inflow stocks included Western Mining with a net inflow of 245 million yuan, followed by China Metallurgical Group and Xinye Silver Tin with inflows of 223 million yuan and 221 million yuan respectively [2][3] - Zhejiang Fu Holdings had the highest net inflow ratio at 38.25%, indicating strong investor interest [3] - Other notable stocks with significant net inflow ratios included Baiyin Nonferrous Metals and Jinyuan Holdings at 19.18% and 12.67% respectively [3] Group 3: Stock Performance Overview - The stocks with the largest declines included Jinyang Co., Bogu New Materials, and Shanshan Co., with decreases of 4.91%, 3.27%, and 2.08% respectively [1][5] - The overall trading activity in the nickel metal sector showed a mix of strong performers and underperformers, reflecting varied investor sentiment [1][4]

Group 1 - The metal lead concept increased by 6.14%, ranking second among concept sectors, with 33 stocks rising, including Zhejiang Fu Holdings, High Energy Environment, and Silver Nonferrous, which hit the daily limit [1] - Leading stocks in the metal lead sector included Yuguang Gold Lead, Tin Industry Co., and Chifeng Jilong Gold, which rose by 9.87%, 8.60%, and 8.52% respectively [1] Group 2 - The top concept sectors for the day included controllable nuclear fusion at 6.97%, metal lead at 6.14%, and superconducting concepts at 5.85% [2] - The metal lead sector experienced a net outflow of 268 million yuan, with 18 stocks seeing net inflows, and 6 stocks with inflows exceeding 100 million yuan [2] - The leading net inflow stock was Western Mining, with a net inflow of 245 million yuan, followed by China Metallurgical Group and Xingye Silver Tin with inflows of 223 million yuan and 221 million yuan respectively [2] Group 3 - In terms of capital inflow ratios, Zhejiang Fu Holdings, Silver Nonferrous, and Smart Agriculture had the highest net inflow rates at 38.25%, 19.18%, and 16.07% respectively [3] - The top stocks in the metal lead sector by net inflow included Western Mining with a 10% increase, China Metallurgical Group with a 7.53% increase, and Xingye Silver Tin with a 10% increase [3]

（原标题：金属锌概念涨5.72%，主力资金净流入19股） 截至10月9日收盘，金属锌概念上涨5.72%，位居概念板块涨幅第4，板块内，35股上涨，浙富控股、白银有色、兴业银锡等涨停，豫光金铅、锡 业股份、鹏欣资源等涨幅居前，分别上涨9.87%、8.60%、8.52%。 今日涨跌幅居前的概念板块 | 概念 | 今日涨跌幅（%） | 概念 | 今日涨跌幅（%） | | --- | --- | --- | --- | | 可控核聚变 | 6.97 | 免税店 | -1.82 | | 金属铅 | 6.14 | 冰雪产业 | -1.59 | | 超导概念 | 5.85 | 租售同权 | -1.52 | | 金属锌 | 5.72 | 短剧游戏 | -1.35 | | 金属钴 | 5.50 | 旅游概念 | -1.05 | | 金属铜 | 5.28 | ST板块 | -0.99 | | 黄金概念 | 5.22 | 海南自贸区 | -0.98 | | 稀土永磁 | 5.05 | 电子竞技 | -0.94 | | 小金属概念 | | 4.16 IP经济(谷子经济) | -0.93 | | 金属镍 | 4.11 | 特色小镇 | ...