Core Viewpoint - The market is experiencing a consolidation phase, with the non-ferrous metal sector ETF (159876) seeing a price drop of 3.33% while achieving a record trading volume of 1.72 billion yuan, indicating strong investor interest despite the downturn [1] Fund Flows and Performance - The non-ferrous metal ETF (159876) saw a net subscription of 116 million units, with a total inflow of 117 million yuan on the previous day and a cumulative inflow of 210 million yuan over the past 20 days [1][3] - As of October 9, the latest scale of the non-ferrous metal ETF reached 493 million yuan, marking a new historical high [1] Sector Analysis - The "Copper Doctor" remains strong, with Jiangxi Copper rising over 7% and Yunnan Copper increasing by more than 1%. Silver stocks also performed well, with a limit-up increase [1] - Conversely, companies like Hanrui Cobalt and Western Gold fell over 9%, dragging down the index performance [1] Market Drivers - Gold prices have fluctuated due to a ceasefire agreement between Israel and Hamas, with Bank of America indicating a potential bull market for gold lasting until 2026, following a nearly 50% increase this year [3] - Copper prices surged due to supply constraints from the Grasberg copper mine incident, igniting investor enthusiasm [3] - The recent export control regulations on rare earths by the Ministry of Commerce are expected to maintain strong pricing in the rare earth sector [3][4] Industry Outlook - The non-ferrous metal industry maintains a high level of prosperity, with precious metals benefiting from Federal Reserve rate cuts and geopolitical tensions, leading to gold prices surpassing the 4000 USD mark [4] - Industrial metals like copper and aluminum are experiencing price increases due to supply constraints and a weak dollar environment [4] - The rare earth sector is expected to see continued valuation and performance growth due to tightening export controls [4] Investment Strategy - The non-ferrous metal ETF (159876) and its linked funds provide a diversified exposure to various metals, including copper (27.6%), gold (14.5%), aluminum (13.1%), rare earths (10.4%), and lithium (8.4%), making it suitable for risk diversification in investment portfolios [6]

Core Viewpoint - The stock of Baiyin Nonferrous Metals (601212) has experienced a significant price fluctuation, with a cumulative increase of over 20% in closing prices over three consecutive trading days [1] Group 1: Stock Performance - Baiyin Nonferrous Metals announced that its stock price deviated significantly, with a cumulative increase of over 20% on September 30, October 9, and October 10, 2025 [1] - The company confirmed that its production and operational activities are normal, and there have been no significant changes in the internal and external operating environment [1] Group 2: Shareholder Information - CITIC Guoan Industrial Group Co., Ltd. holds 30.39% of Baiyin Nonferrous Metals' shares and has pledged a portion of its shares as part of a court-approved restructuring plan [1] - As of the announcement date, CITIC Guoan has pledged a total of 2.218 billion shares, which represents approximately 98.56% of its total holdings in the company and about 29.95% of the total share capital of Baiyin Nonferrous Metals [1]

证券代码：601212 证券简称：白银有色 公告编号：2025—临 052 号 白银有色集团股份有限公司 股票交易异常波动公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： ●白银有色集团股份有限公司（以下简称"公司"）股票于2025年9月30 日、2025年10月9日、2025年10月10日连续三个交易日内收盘价格涨幅偏离值累 计超过20%，根据《上海证券交易所交易规则》的有关规定，属于股票交易异常 波动。 ●经公司自查，并征询公司前两大股东中信国安实业集团有限公司、甘肃省 新业资产经营有限责任公司，截至2025年10月10日，公司股东中信国安实业集团 有限公司和甘肃省新业资产经营有限责任公司确认不存在影响公司股票交易异 常波动的重大事项，不存在涉及公司的应披露而未披露的重大信息。 公司股票交易于 2025 年 9 月 30 日、2025 年 10 月 9 日、2025 年 10 月 10 日连续三个交易日内收盘价格涨幅累计偏离值超过 20%。根据《上海证券交易所 股票交易规则》的有关规定，公司股票交 ...

证券代码：601212 证券简称：白银有色 公告编号：2025- 临 051 号 本次担保对象及基本情况 | 担保对象一 | 被担保人名称 | | | 白银有色长通电线电缆有限责任公司 | | --- | --- | --- | --- | --- | | | 本次担保金额 | 3,000.00 | 万元 | | | | 实际为其提供的担保余额 | 38,288.15 | 万元 | | | | 是否在前期预计额度内 | ☑是 | □否 | □不适用：_________ | | | 本次担保是否有反担保 | □是 | ☑否 | □不适用：_________ | | 担保对象二 | 被担保人名称 | | | 甘肃厂坝有色金属有限责任公司 | | | 本次担保金额 | 5,000.00 | 万元 | | | | 实际为其提供的担保余额 | 29,600.00 | 万元 | | | | 是否在前期预计额度内 | ☑是 | □否 | □不适用：_________ | | | 本次担保是否有反担保 | ☑是 | □否 | □不适用：_________ | | 担保对象三 | 被担保人名称 | | 甘肃德福新材料有限公司 ...

Market Overview - The Shanghai Composite Index fell by 0.94% on October 10, with 18 out of the 28 sectors rising, led by construction materials and coal, which increased by 1.92% and 1.37% respectively [1] - The electronic and electrical equipment sectors experienced the largest declines, down by 4.71% and 4.46% respectively [1] - The non-ferrous metals sector dropped by 2.93% [1] Capital Flow - The net outflow of capital from the two markets reached 125.784 billion yuan, with 8 sectors seeing net inflows [1] - The construction materials sector had the highest net inflow of 418 million yuan, followed by the agriculture, forestry, animal husbandry, and fishery sector with a net inflow of 379 million yuan [1] - The electronic sector faced the largest net outflow of 38.319 billion yuan, followed by the electrical equipment sector with a net outflow of 25.535 billion yuan [1] Non-Ferrous Metals Sector - The non-ferrous metals sector saw a net outflow of 15.387 billion yuan, with 137 stocks in the sector, of which 30 rose and 104 fell [2] - The top three stocks with the highest net inflow were Antai Technology (22.3 million yuan), Silver Industry (19.5 million yuan), and Pengxin Resources (19.1 million yuan) [2] - The stocks with the largest net outflow included Northern Rare Earth (2.519 billion yuan), Huayou Cobalt (1.011 billion yuan), and Luoyang Molybdenum (920 million yuan) [2] Non-Ferrous Metals Capital Inflow - The top stocks in terms of capital inflow included: - Antai Technology: +9.99%, turnover rate 10.79%, net inflow 223.06 million yuan - Silver Industry: +9.96%, turnover rate 3.52%, net inflow 194.94 million yuan - Pengxin Resources: +10.06%, turnover rate 10.60%, net inflow 190.96 million yuan [2][4] Non-Ferrous Metals Capital Outflow - The stocks with the largest capital outflow included: - Northern Rare Earth: -1.22%, turnover rate 8.90%, net outflow 2.518 billion yuan - Huayou Cobalt: -7.74%, turnover rate 7.85%, net outflow 1.011 billion yuan - Luoyang Molybdenum: -3.18%, turnover rate 2.59%, net outflow 919.66 million yuan [4]

白银有色公告称，公司股票于2025年9月30日、10月9日、10月10日连续三个交易日内收盘价格涨幅偏离 值累计超过20%，属于股票交易异常波动。公司目前生产经营活动正常，内外部经营环境未发生重大调 整，内部生产经营秩序正常。经自查和征询前两大股东，确认不存在影响公司股票交易异常波动的重大 事项，也无其他应披露而未披露的重大信息。 ...

Core Insights - A total of 86 stocks on the Shanghai, Shenzhen, and Beijing exchanges have experienced net inflows of main funds for five consecutive days or more as of October 10 [1] - The stock "寒武纪-U" has seen the longest streak of net inflows, with 32 consecutive days and a total net inflow of 4.377 billion [1] - "振德医疗" ranks second with 10 consecutive days of net inflows [1] Summary by Category Main Fund Inflows - "寒武纪-U" has the highest total net inflow amounting to 4.377 billion over 32 days, with a net inflow ratio of 0.72% and a cumulative increase of 33.52% [1] - "上海电力" follows with a net inflow of 1.521 billion over 6 days, achieving a cumulative increase of 32.91% [1] - "农业银行" and "万华化学" also show significant inflows, with net inflows of 1.078 billion and 540 million respectively over 6 and 7 days [1] Performance Metrics - "国电南自" has the highest net inflow ratio at 14.99% over 5 days, with a cumulative increase of 18.03% [1] - "振德医疗" has a cumulative increase of 40.10% over 10 days, indicating strong performance alongside its net inflow of 424 million [1] - Other notable stocks include "白银有色" with a cumulative increase of 35.11% and "东吴证券" with a 7.07% increase over 5 days [1]

Core Viewpoint - The industrial metal sector experienced a decline of 2.05% on October 10, with significant losses in certain stocks, particularly Jingyi Co., which fell by 9.37% [1][2]. Market Performance - The Shanghai Composite Index closed at 3897.03, down 0.94% - The Shenzhen Component Index closed at 13355.42, down 2.7% [1]. Stock Performance - Notable gainers in the industrial metal sector included: - Pengxin Resources: Closed at 7.99, up 10.06% with a trading volume of 2.11 million shares and a turnover of 1.62 billion - Baiyin Nonferrous: Closed at 5.08, up 9.96% with a trading volume of 2.60 million shares and a turnover of 1.29 billion - Jiangxi Copper: Closed at 42.10, up 7.84% with a trading volume of 1.80 million shares and a turnover of 7.53 billion [1]. - Significant decliners included: - Jingyi Co.: Closed at 14.71, down 9.37% with a trading volume of 768,600 shares and a turnover of 1.18 billion - Jincheng Mining: Closed at 68.08, down 9.08% with a trading volume of 177,300 shares and a turnover of 1.24 billion - Electric Alloy: Closed at 18.26, down 7.82% with a trading volume of 385,300 shares and a turnover of 722 million [2]. Capital Flow - The industrial metal sector saw a net outflow of 6.639 billion from main funds, while retail funds experienced a net inflow of 5.439 billion [2][3]. - The capital flow for specific stocks showed: - Baiyin Nonferrous: Main funds net inflow of 177 million, retail funds net outflow of 878.88 million - Pengxin Resources: Main funds net inflow of 170 million, retail funds net outflow of 636.48 million [3].

Core Insights - The A-share market showed a mixed performance on October 10, with significant pullbacks in previously strong sectors such as chips, batteries, and non-ferrous metals [1] - The Non-ferrous 50 ETF (159652) experienced its first decline after reaching a new high, dropping by 3.35% [1] - Despite the pullback, there was a notable inflow of funds into the Non-ferrous 50 ETF, with a net subscription of 191 million shares and nearly 300 million yuan in net inflow during the trading session [1] Market Performance - The Non-ferrous 50 ETF (159652) saw a decline of 3.35%, with a trading price of 1.499 yuan [1] - The ETF has attracted over 400 million yuan in net inflows over the past five days and more than 1 billion yuan over the past 20 days, reaching a total scale of over 2.6 billion yuan, a record high since its listing [1] - Major component stocks of the Non-ferrous 50 ETF mostly retreated, with Huayou Cobalt down over 8% and Zijin Mining, Shandong Gold, and others down over 5% [1] Sector Composition - The Non-ferrous 50 ETF covers a wide range of metals, including gold, copper, and rare earths, with a copper content of 30%, leading among similar indices in the market [2] - The ETF's top ten component stocks include significant players in the non-ferrous sector, with varying weightings and performance [1][2] Price Trends and Forecasts - Gold prices have decreased due to reduced risk appetite and profit-taking, influenced by geopolitical developments such as the ceasefire agreement between Israel and Hamas [5] - Copper prices are expected to rise due to supply disruptions, with Teck Resources lowering its production guidance for 2025 and 2026 [5][6] - Goldman Sachs has raised its copper price forecast for 2026 from $10,000 to $10,500 per ton, citing structural demand growth and resource constraints [5] Investment Opportunities - The current environment presents significant investment opportunities in non-ferrous metals, driven by supply-side constraints, new demand dynamics, and global economic trends [6] - The Non-ferrous 50 ETF (159652) is highlighted as a leading option for investors looking to capitalize on these trends, given its higher gold and copper content compared to peers [6]

Core Viewpoint - The A-share market opened lower on October 10, but the National Free Cash Flow Index rebounded, indicating a potential positive trend in the market driven by external factors and sector-specific catalysts [1] Market Performance - The three major A-share indices opened lower, with the National Free Cash Flow Index rising approximately 0.5% after initial declines [1] - Key stocks such as Guodian Nanzi, Lianfa Shares, and Baiyin Nonferrous Metals hit the daily limit, while Qin'an Shares, Hailu Heavy Industry, Tubao, and Xinghuo Technology led the gains [1] ETF Activity - The largest free cash flow ETF (159201) followed the index upward, with trading volume exceeding 200 million yuan, indicating active market participation [1] - The ETF focuses on industry leaders with abundant free cash flow, covering sectors such as home appliances, automotive, non-ferrous metals, power equipment, and oil and petrochemicals, effectively mitigating single-industry volatility risks [1] Market Outlook - Dongwu Securities suggests that the market typically shows a "more gains than losses" pattern after long holidays, with early trading days before the holiday indicating a preemptive rebound [1] - Positive external news, particularly the rising expectations for Federal Reserve interest rate cuts and significant trends in the AI industry, are expected to influence market style towards sectors with strong growth potential and lower valuations [1] Fund Management - The free cash flow ETF (159201) has a management fee rate of 0.15% and a custody fee rate of 0.05%, both of which are among the lowest in the market [1]