Core Viewpoint - The recent developments in China's energy sector, particularly in new energy storage, indicate a significant growth phase driven by policy support, market demand, and technological advancements [3][4]. Group 1: Market Performance - As of September 17, 2025, the China Securities National New State-Owned Enterprise Modern Energy Index rose by 0.28%, with notable increases in stocks such as China Coal Energy (up 4.10%) and China Western Power (up 2.03%) [3]. - The Central State-Owned Enterprise Modern Energy ETF (561790) increased by 0.52%, with a latest price of 1.17 yuan, and has seen a cumulative increase of 2.93% over the past month [3]. Group 2: Policy Developments - The National Development and Reform Commission and the National Energy Administration have issued the "New Energy Storage Scale Construction Special Action Plan (2025-2027)", aiming for market-oriented development and technological innovation in the energy storage sector by 2027 [3][4]. - Additional policies released in September include notifications to improve pricing mechanisms for renewable energy and guidelines for the continuous operation of electricity spot markets, emphasizing the importance of energy storage [4]. Group 3: Industry Outlook - Experts suggest that the confluence of policy incentives, surging market demand, rapid technological iterations, and strategic capacity layouts are propelling the energy storage industry into a "golden development period" characterized by simultaneous increases in volume and price [4]. - The index tracking the Central State-Owned Enterprise Modern Energy ETF includes 50 listed companies involved in green energy and fossil energy, with the top ten stocks accounting for 48.28% of the index [4].

Investment Rating - The overall investment rating for the non-ferrous metal industry is "Outperform the Market" [6][7]. Core Views - The non-ferrous metal sector has shown strong performance, with a net profit increase of 38% year-on-year in the first half of 2025, driven by rising commodity prices [1][29]. - The industrial metal segment experienced a revenue growth of 12.08% year-on-year, with net profits increasing by 38% in the same period [2]. - Precious metals benefited from interest rate cut expectations and safe-haven demand, leading to a significant rise in gold prices [3][15]. - Energy metals have started to recover, with a slight revenue increase and a return to profitability [4]. - The small metals sector faced challenges, with a notable decline in revenue but some improvement in profitability in the second quarter [4]. Summary by Sections Non-Ferrous Metals - In the first half of 2025, the non-ferrous metal sector achieved a total revenue of 1,819.7 billion yuan, a year-on-year increase of 6.66%, and a net profit of 95.3 billion yuan, up 38.28% [1][29]. - The sector's performance was bolstered by rising prices in precious and industrial metals, while energy metals and steel saw price declines [1][14]. Industrial Metals - The industrial metal sector reported a total revenue of 1,358.6 billion yuan, with a year-on-year growth of 12.08%, and a net profit of 69.74 billion yuan, up 38% [2][34]. - The second quarter of 2025 saw a revenue of 727.99 billion yuan, reflecting a 9.97% year-on-year increase and a 15.4% quarter-on-quarter increase [2]. Precious Metals - The precious metal sector generated a revenue of 188.25 billion yuan, with a year-on-year growth of 27% and a net profit of 9.68 billion yuan, up 65.6% [3][34]. - The second quarter of 2025 showed a revenue of 104.42 billion yuan, a 31.3% year-on-year increase, and a net profit of 5.79 billion yuan, up 76.3% [3]. Energy Metals - The energy metal sector achieved a revenue of 81.24 billion yuan, with a slight year-on-year growth of 0.1%, and a net profit of 5.31 billion yuan, marking a return to profitability [4][34]. - The second quarter of 2025 reported a revenue of 43.88 billion yuan, a 5.5% year-on-year increase, and a net profit of 3.04 billion yuan, up 51.9% [4]. Small Metals - The small metal sector reported a revenue of 137.7 billion yuan, down 37.6% year-on-year, with a net profit of 7.64 billion yuan, down 26.1% [4][34]. - In the second quarter, the revenue was 73.89 billion yuan, a decrease of 39.5% year-on-year, but a quarter-on-quarter increase of 16.4% [4]. Steel - The steel sector lagged behind, with a revenue increase of only 3.09% year-on-year, indicating a weaker performance compared to non-ferrous metals [1][16].

Group 1 - The core viewpoint of the news highlights the fluctuations in the non-ferrous metal industry index, with significant movements in stock prices influenced by macroeconomic factors such as the Federal Reserve's interest rate expectations and rising commodity prices, particularly gold and copper [1] - As of September 16, 2025, the non-ferrous metal industry index (399395) showed mixed performance among its constituent stocks, with Dongyangguang leading the gains at 7.37% and Zhongfu Industrial experiencing the largest decline [1] - The recent surge in gold prices, surpassing $3680 per ounce, and copper prices reaching a 15-month high are attributed to market dynamics and the correction of non-commercial long positions, indicating potential for further price increases in copper [1] Group 2 - The non-ferrous metal industry index (399395) is composed of 50 securities that reflect the overall performance of listed companies in the non-ferrous metal sector, providing a benchmark for index-based investment [2] - As of August 29, 2025, the top ten weighted stocks in the non-ferrous metal industry index accounted for 50.35% of the index, with notable companies including Zijin Mining, Northern Rare Earth, and China Aluminum [4] - The non-ferrous ETF fund (159880) closely tracks the non-ferrous metal industry index and has a copper content of 28.7%, indicating its focus on this key commodity within the sector [2]

Group 1 - The core viewpoint indicates that non-ferrous metal stocks are experiencing a decline, with significant drops in Chinese rare earths and other related companies [1] - The market impact shows that related ETFs in the non-ferrous and mining sectors have fallen over 2% [1] - Specific declines include over 5% drop in Chinese rare earths, and more than 4% drop in companies like Northern Rare Earth and Luoyang Molybdenum [1] Group 2 - Various non-ferrous metal ETFs have reported declines, with the Industrial Non-Ferrous ETF down 2.68% and the Non-Ferrous Metal ETF down 2.61% [2] - A broker has indicated that the non-ferrous metal sector will continue to face high market volatility risks in 2025 due to uncertainties from both demand and supply sides [2] - Emerging demand in the downstream structure of copper and aluminum is expected to support a long-term upward shift in non-ferrous metal prices [2]

Group 1: Liquidity and Fund Performance - The liquidity of the Rare Earth ETF managed by Jiashi has a turnover rate of 4.11% and a transaction volume of 340 million yuan [3] - Over the past month, the average daily transaction volume of the Rare Earth ETF reached 559 million yuan, ranking first among comparable funds [3] - The fund's scale increased by 23.8 million yuan in the past week, with a total share growth of 94.5 million shares this month, also ranking first among comparable funds [3] - In the last 10 trading days, the Rare Earth ETF attracted a total of 180 million yuan in inflows [3] - As of September 15, the fund's net value has increased by 124.59% over the past year, placing it in the top 3.12% among 3013 index equity funds [3] - The highest monthly return since inception was 41.25%, with the longest consecutive monthly gain being 4 months and a maximum increase of 83.89% [3] Group 2: Market Trends and Demand Drivers - The average spot prices for praseodymium and neodymium metals were 540,000 yuan/ton and 441,000 yuan/ton respectively in the first half of the year, reflecting year-on-year increases of 11.9% and 12.7% [4] - Demand for rare earth materials is rapidly growing due to policies promoting "carbon neutrality," as well as the recovery in traditional manufacturing and the acceleration of humanoid robot deployment [4] - Guojin Securities believes that the rare earth sector may enter a third phase of supply-side reform, with significant increases in magnetic material exports observed in July, up 75% month-on-month and 6% year-on-year [4] - The combination of price increases, supply-side reforms, and supply disruptions is expected to enhance the strategic attributes of the rare earth sector, leading to a dual increase in valuation and performance [4] Group 3: Key Stocks and Weightings - The top ten weighted stocks in the China Rare Earth Industry Index account for a total of 62.15%, including Northern Rare Earth, China Rare Earth, Lingyi Zhi Zao, and others [3] - Notable stock performances include Northern Rare Earth down 4.76% and China Rare Earth down 4.67%, with respective weights of 13.22% and 5.63% [6]

Group 1 - Non-ferrous stocks experienced a collective decline in early trading, with Jiangxi Copper down 4.53% to HKD 25.3, China Aluminum down 4.35% to HKD 7.26, Luoyang Molybdenum down 3.87% to HKD 12.41, and Zijin Mining down 3.79% to HKD 28.42 [1] - Guotai Junan Securities noted that the US August CPI met expectations, and the weakening job market has led to rising interest rate cut expectations, positively impacting precious and industrial metal prices [1] - Citic Securities indicated that industrial metal prices are influenced by both financial and commodity attributes, with the Fed entering a rate cut cycle and global copper and aluminum inventories at relatively low levels, suggesting improved demand due to China's economic recovery and the new energy sector [1]

Group 1 - The core viewpoint of the article highlights the recent performance and investment trends in the non-ferrous metals sector, particularly focusing on the Non-Ferrous Metal Leader ETF (159876) which has seen significant net subscriptions and capital inflow [1][2] - The Non-Ferrous Metal Leader ETF (159876) has attracted a total of 33.6 million yuan in the last five days and 163 million yuan over the past 20 days, reaching a historical high of 263 million yuan as of September 12 [1] - The anticipated interest rate cut by the Federal Reserve is expected to boost non-ferrous metal prices due to increased demand for physical assets, a weaker dollar making metals cheaper, and lower borrowing costs for companies [1][2] Group 2 - The macroeconomic environment is favorable for metal prices due to the Federal Reserve's easing policies and domestic initiatives aimed at optimizing production factors and improving profitability [2][3] - The strategic metals such as rare earths, tungsten, and antimony are expected to benefit from global geopolitical dynamics, while lithium, cobalt, and aluminum are influenced by domestic "anti-involution" policies [3] - The supply-demand balance for industrial metals like copper and aluminum remains tight, driven by demand from emerging industries and limited supply increases [3] Group 3 - In terms of individual stock performance, leading companies in the lithium sector, such as Ganfeng Lithium and Tianqi Lithium, have seen significant gains, while some companies in the non-ferrous sector have experienced declines [4]

Core Viewpoint - The news highlights the performance of the Central State-Owned Enterprises Modern Energy Index and its related ETF, emphasizing the integration of artificial intelligence in the energy sector to enhance operational efficiency and support high-quality development [2][3]. Group 1: Market Performance - As of September 15, 2025, the Central State-Owned Enterprises Modern Energy Index increased by 0.48%, with notable gains from Shanghai Electric (+8.60%), China National Materials Technology (+4.70%), and others [2]. - The Central State-Owned Enterprises Modern Energy ETF (561790) rose by 0.69%, marking its third consecutive increase, with the latest price at 1.18 yuan [2]. - Over the past week, the ETF has accumulated a rise of 1.92%, ranking in the top third among comparable funds [2]. Group 2: Liquidity and Trading Volume - The ETF recorded a turnover rate of 0.88% during the trading session, with a transaction volume of 399,500 yuan [2]. - The average daily trading volume of the ETF over the past year was 6.4154 million yuan [2]. Group 3: Policy and Industry Development - On September 8, the National Development and Reform Commission and the National Energy Administration released implementation opinions to promote "Artificial Intelligence + Energy" for high-quality development, outlining phased goals and 37 key tasks across various energy applications [2]. - In the electric power equipment sector, the policy aims to establish an innovative system by 2027, focusing on intelligent forecasting of power supply and demand, and enhancing the management capabilities of the power grid [3]. Group 4: Index Composition - The Central State-Owned Enterprises Modern Energy Index, customized by Guoxin Investment Co., includes 50 listed companies involved in green energy, fossil energy, and energy transmission and distribution, reflecting the overall performance of state-owned enterprises in the modern energy sector [3]. - As of August 29, 2025, the top ten weighted stocks in the index accounted for 48.28% of the total index weight, including companies like Yangtze Power, China National Power, and China Nuclear Power [3].

Group 1 - The core viewpoint of the news is the performance and characteristics of the National Index of Free Cash Flow and its corresponding ETF, highlighting the positive trends in liquidity and returns [1][2] - As of September 12, 2025, the Free Cash Flow ETF has seen a net inflow of 97.92 million yuan over the last 10 trading days, with 7 days of net inflow [1] - The Free Cash Flow ETF has achieved a net value increase of 12.46% over the past 6 months, with a maximum monthly return of 7% since its inception [1] Group 2 - The National Index of Free Cash Flow closely tracks the performance of companies with high and stable free cash flow levels in the Shanghai and Shenzhen stock exchanges [2] - The top ten weighted stocks in the National Index of Free Cash Flow as of August 29, 2025, include SAIC Motor, China National Offshore Oil Corporation, Midea Group, and others, accounting for 57.95% of the index [2] - The performance of individual stocks within the top ten includes SAIC Motor with a 1.46% increase and China National Offshore Oil Corporation with a 0.57% decrease [4]

Summary of Key Points from the Conference Call Industry Overview - **Industry Focus**: Greater China Materials, specifically in the Asia Pacific region [1] - **Current Market Sentiment**: The industry view is considered attractive by Morgan Stanley [6] Price Movements and Inventory Changes Base Metals - **Copper**: Prices increased by 1.2% week-over-week (WoW) to Rmb81,080 per ton, while inventories rose by 14.9% WoW [2][9] - **Aluminum**: Prices grew by 1.8% WoW to Rmb21,040 per ton, with inventories increasing by 3.6% WoW [2][9] - **Zinc**: Prices decreased by 1.5% WoW [9] Battery Metals - **Lithium Hydroxide**: Industrial-grade prices fell by 2.0% WoW to Rmb69,410 per ton, and battery-grade prices decreased by 1.8% WoW to Rmb74,450 per ton [9] - **Lithium Carbonate**: Both industrial- and battery-grade prices saw a decline of 2.9% WoW [9] Precious Metals - **Gold**: Price rose by 1.3% WoW to US$3,634 per ounce [2][9] Steel and Cement - **Steel Prices**: Shanghai HRC price increased by 1.2% WoW to Rmb3,390 per ton, while rebar prices decreased by 0.7% WoW [3][9] - **Cement Prices**: Mild growth of 0.2% WoW to Rmb328 per ton [3][9] Coal - **Coal Prices**: QHD5500 coal price edged down by 0.3% WoW to Rmb675 per ton, with a slight inventory increase of 0.9% WoW [3][9] Glass - **Glass Fiber Prices**: Average prices remained stable at Rmb3,850 per ton, while float glass prices increased by 0.5% WoW to Rmb1,253 per ton [4][9] Regulatory and Industry Developments - **Lithium Mine Resumption**: A potential timeline for the Jianxiawo lithium mine resumption is expected in November 2025, subject to changes [8] - **Cement Industry Standards**: The China National Building Materials Federation released draft standards aimed at cutting cement clinker production capacity by over 40% [8] - **Emission Regulations**: Guangxi province is promoting ultra-low emissions transformation in key industries, including steel and cement [8] Analyst Insights - **Analyst Team**: The report includes insights from multiple equity analysts at Morgan Stanley, indicating a collaborative approach to industry analysis [5] - **Investment Recommendations**: The report highlights various companies within the Greater China Materials sector, with ratings ranging from Overweight to Underweight [60][62] Conclusion - The Greater China Materials sector is experiencing mixed price movements across various commodities, with a generally positive outlook from analysts. Regulatory changes and industry developments are expected to impact future performance, particularly in the lithium and cement markets.