本报记者 方凌晨 随着A股上市公司三季报披露结束，各类型机构投资布局相继呈现。公募基金与私募基金作为资本市场 投资端的重要力量，其持仓布局备受关注。据《证券日报》记者梳理，有332只个股已连续三个季度被 公募基金及私募基金同时持有，这332只个股主要分布于有色金属、硬件设备等行业。 前海开源基金首席经济学家杨德龙在接受《证券日报》记者采访时表示："公募基金与私募基金既是投 资者参与资本市场的重要入场渠道，也是专业的代客理财工具。但是两者在运作管理、投资等方面存在 着区别，公募基金面对更广泛的投资者群体，受到更加严格的监管，需要遵守更多的规范，私募基金相 对更为灵活。" 从持股市值来看，宁德时代、贵州茅台、中际旭创和新易盛4只个股获公募基金持有市值均超1000亿 元，紫金矿业、寒武纪、中国平安、东方财富等个股获公募基金持有市值也位居前列。从持股数量变动 上来看，与今年二季度末相比，有色金属行业的铜陵有色是获得公募基金增持最多的个股，获增持3.18 亿股。 随着行业"扶优限劣"态势持续升级，私募基金加速驶上规范发展快车道，年内规模整体呈增长趋势，其 总规模在今年三季度末已达20.74万亿元。数据显示，截至今年三季 ...

Investment Rating - Industry Rating: Recommended [5] Core Views - The report highlights that the recent U.S.-China trade negotiations have led to significant agreements, including the cancellation of certain tariffs and a pause on export controls, which may positively impact market sentiment [3][48] - The Federal Reserve's recent hawkish stance has pressured metal prices, particularly gold, but there remains underlying support due to ongoing geopolitical tensions and economic uncertainties [4][50] - Long-term trends indicate a continued focus on gold and silver investments, driven by concerns over global debt and currency devaluation, with specific stocks recommended for investment [51][52] Summary by Sections Precious Metals - Gold prices on COMEX fell by 1.20% to $4,077.20 per ounce, while silver prices decreased by 0.33% to $48.25 per ounce [1][30] - The gold-silver ratio declined by 0.88% to 84.50, indicating a potential for silver price recovery [30] - SPDR Gold ETF holdings decreased by 248,440.78 ounces, while SLV Silver ETF holdings fell by 8,982,443.90 ounces [30] Base Metals - Copper prices on LME dropped by 0.51% to $10,891.50 per ton, while aluminum prices increased by 1.10% to $2,888.00 per ton [9] - The report notes a tightening supply for copper due to ongoing geopolitical issues and production challenges, with a projected reduction in output [11][21] - The aluminum market remains stable, with domestic production capacity holding steady and demand from sectors like electric vehicles and power generation expected to support prices [22] Minor Metals - Magnesium prices decreased by 0.90% to 17,680 yuan per ton, with stable demand but reduced purchasing activity from export traders [17] - Molybdenum and vanadium prices have shown weakness, with ongoing pressure from oversupply and reduced demand in the steel sector [18]

[Table_Author] 有色金属周报 20251102 中美贸易摩擦暂缓一年，内外共振将驱动商品价格上行 2025 年 11 月 02 日 ➢ 本周（10/27-10/31）上证综指上涨 0.11%，沪深 300 指数上涨 0.66%，SW 有 色指数上涨 2.56%，贵金属 COMEX 黄金 - 2.75%，COMEX 白银- 0.33%。工业金属 价格铝、铜、锌、铅、镍、锡分别变动 + 1.10%、-0.51%、+1.01%、+0.42%、- 0.49% 、+1.49%；工业金属 LME 库存铝、铜、锌、铅、镍、锡分别变动 + 17.95%、-1.27%、-6.12%、-6.40%、+0.50%、+4.55%。 ➢ 工业金属：中美会谈释放积极信号，贸易摩擦展缓一年，工业金属将迎来内外需 共振。铜方面，SMM 进口铜精矿指数为-41.25 美元/干吨，环比增加 0.55 美元/吨。宏 观方面利好频出，中美会谈释放积极信号，中美贸易摩擦展缓一年，未来工业金属将迎 来难得的需求内外共振伦铜周内突破 11000 美元/吨大关，突破历史新高。铝方面，供 给端海外电解铝厂减产 21 万吨并预计 2026 年 3 ...

Core Viewpoint - The A-share market showed a mixed performance in October, with the Shanghai Composite Index rising by 1.85%, while the Shenzhen Component Index and the ChiNext Index fell by 1.1% and 1.56% respectively. The focus is on identifying investment opportunities for November as multiple brokerages have released their monthly investment portfolios across various sectors [1]. Group 1: Recommended Stocks - A total of 11 stocks, including Huadian Technology, Industrial Fulian, and Yun Aluminum, received recommendations from two brokerages each [4]. - Among the recommended stocks, Zhongji Xuchuang had the highest increase in October, rising over 17% to a closing price of 473.01 yuan, while Top Group experienced the largest decline, falling over 8.9% to a closing price of 73.78 yuan [4]. Group 2: Industry Preferences - Several brokerages suggest focusing on sectors such as non-ferrous metals, brokerage firms, and pharmaceuticals, indicating a potential increase in market volatility [6]. - Guosheng Securities recommends a balanced asset allocation to navigate short-term fluctuations, emphasizing the importance of verifying economic conditions, particularly in sectors like non-ferrous metals, lithium batteries, and storage [6]. - Zhongyuan Securities anticipates a continuation of structural oscillation in the market, advising investors to consider low-volatility assets as a fundamental allocation [6]. Group 3: Investment Strategies - Donghai Securities highlights three main investment lines, including a focus on technology, particularly in artificial intelligence, and investment opportunities related to the "14th Five-Year Plan" strategic emerging industries [7]. - The expectation of increased investment in the fourth quarter is also noted, particularly regarding its impact on upstream resource demand [7].

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 整体来看，券商11月金股主要集中在电子、电力设备、有色金属等板块，腾讯控股、紫金矿业等个股被多家机构推荐。 展望11月，各券商普遍认为市场大概率保持上行趋势，科技、能源资源等板块受到机构青睐。部分券商认为，风格切换的概率较低， 科技内部分赛道拥挤度较高，但科技风格整体并不拥挤，建议关注科技内部交易不拥挤的方向。 10月最牛金股当月涨超65% 回顾10月，A股各大指数涨跌不一，上证指数、北证50指数分别在10月上涨1.85%、3.54%，而创业板指则在10月累计下跌1.56%，科创 50指数则累计跌超5%。 每市APP数据显示，券商推荐10月金股中，由东方财富证券独家推荐的国盾量子在10月上涨超65%，是10月表现最好的金股。由中泰 证券推荐的荣信文化，在10月上涨近65%。排名第三的是由天风证券推荐的江波龙，10月上涨超46%。此外，由东兴证券推荐的金银 河、由华龙证券推荐的欧科亿，也在10月涨超30%。 从各券商金股组合收益率表现来看，10月券商金股组合收益率集体回撤，在每市APP收录的40余家券商金股组合中，仅5家券商收益率 为正。 ...

Core Insights - The report highlights the performance of brokerage firms' "golden stocks" for October, with West Securities leading with a 4.05% return, followed by Ping An Securities and Great Wall Securities [3][4] - The best-performing individual stock was GuoDun Quantum, recommended by Dongfang Caifu Securities, which surged by 65.19% in October [5][6] - Looking ahead to November, nearly 20 brokerage firms have released their latest "golden stock" lists, with a focus on high-end manufacturing, energy, and non-ferrous metals sectors [3][8] Brokerage Performance - West Securities achieved the highest monthly return of 4.05% for its golden stock portfolio in October [4] - Other notable performances include Ping An Securities at 3.16% and Great Wall Securities at 2.09% [4] - Several brokerages reported negative returns, with Guoyuan Securities at -0.70% and Guoxin Securities at -1.84% [4] Top Individual Stocks - GuoDun Quantum led the individual stock performance with a 65.19% increase, followed by Rongxin Culture at 64.86% and Jiangbolong at 46.78% [5][6] - Other significant performers included Jinyinhe at 37.64% and Okoyi at 33.01% [6] November Stock Recommendations - Tencent Holdings emerged as the most popular stock for November, recommended by multiple brokerages including Guoxin Securities and Galaxy Securities [7] - The non-ferrous metals sector remains strong, with stocks like Zijin Mining and Yun Aluminum receiving multiple recommendations [7] - The report emphasizes the importance of policy support and external environment improvements for the A-share market's upward trend in November [8] Investment Focus - The investment focus for November includes sectors such as AI-driven technology, resource commodities (copper, aluminum, oil, lithium), and domestic consumption recovery in coal, food and beverage, and aviation [8] - The "14th Five-Year Plan" is expected to guide investment directions, emphasizing technological self-reliance and modern industrial system construction [8]

Group 1 - The core viewpoint of the article highlights the performance of brokerage firms' "golden stocks" in October, with West Securities leading with a 4.05% return, followed by Ping An Securities and Great Wall Securities [2][4] - The best-performing individual stock was GuoDun Quantum, recommended by Dongfang Caifu Securities, which surged by 65.19% in October [3][6] - Nearly 20 brokerage firms have released their latest "golden stock" lists for November, with analysts expecting the A-share market to show a fluctuating upward trend supported by policy drivers and improved external conditions [2][8] Group 2 - In October, five brokerage firms reported positive returns from their "golden stock" combinations, with West Securities achieving the highest return [4][5] - The stocks with the highest monthly gains included GuoDun Quantum (65.19%), Rongxin Culture (64.86%), and Jiangbolong (46.78%) [6] - The article notes that the non-ferrous metal sector remains popular, with stocks like Zijin Mining and Yun Aluminum being favored in the November recommendations [8][9] Group 3 - Looking ahead to November, the A-share market is expected to be supported by policy initiatives and external environment improvements, with a focus on high-end manufacturing, energy, and non-ferrous metals [8][10] - Analysts suggest that investment opportunities will arise from the new round of technological changes led by artificial intelligence, emphasizing long-term investments in foundational research and infrastructure [10] - Recommendations for investment include focusing on upstream resources and sectors benefiting from domestic demand recovery, such as coal and food and beverage [10]

Core Viewpoint - The latest holdings of the "national team" in A-share listed companies have been revealed, with significant investments in major financial institutions and other sectors, indicating a strategic focus on stability and growth in the market [1][2]. Group 1: National Team Holdings - A total of 233 A-share listed companies have the "national team" (China Securities Finance Corporation and Central Huijin) among their top ten shareholders [1]. - There are 30 stocks with a holding value exceeding 10 billion yuan, including major banks like China Construction Bank, Agricultural Bank of China, and Bank of China, with holdings valued at 1.3288 trillion yuan, 1.1429 trillion yuan, and 1.1138 trillion yuan respectively [1][2]. - The top holdings also include companies from various sectors such as insurance, food and beverage, and energy, showcasing a diversified investment strategy [1][2]. Group 2: New Additions and Performance - Farah Electronics has been newly added to the "national team" holdings, with a market value of 158 million yuan [3]. - For the third quarter, Farah Electronics reported a revenue of 3.944 billion yuan, a year-on-year increase of 14.69%, and a net profit of 888 million yuan, also up by 14.58% [3]. - The company’s capacitor products are utilized in ultra-high voltage transmission applications, indicating a focus on high-demand technology sectors [3].

随着10月交易收官，券商11月金股名单渐次披露。 整体来看，券商11月金股主要集中在电子、电力设备、有色金属等板块，腾讯控股、紫金矿业等个股被多家机 构推荐。 展望11月，各券商普遍认为市场大概率保持上行趋势，科技、能源资源等板块受到机构青睐。部分券商认为， 风格切换的概率较低，科技内部分赛道拥挤度较高，但科技风格整体并不拥挤，建议关注科技内部交易不拥挤 的方向。 11月金股出炉，电子、有色、电力设备热度高 进入11月，券商最新一期金股名单陆续出炉。 从目前已经披露的金股名单来看，11月金股主要集中在电子、电力设备、有色金属等板块。 腾讯控股受到国信证券、国金证券等4家券商共同推荐，热度暂居第一。国金证券认为，腾讯控股AI全面重塑 生态系统，构建核心护城河；同时，业务结构优化带来的盈利能力改善比单纯的降本增效更具可持续性，预计 未来几年利润增速将持续快于收入增速。 有色金属板块中，紫金矿业受到光大证券、国信证券等3家券商推荐。国信证券认为，金、铜价格共振向上背 景下，公司业绩弹性大、兑现度高，估值性价比高；紫金黄金国际的上市有望带来估值重估。洛阳钼业、云铝 股份均被不少于2家券商推荐；此外，楚江新材、东方钽业 ...

Core Insights - The latest holdings of the "national team" in A-share listed companies have been revealed, with 233 companies having the "national team" as one of their top ten shareholders [1][2] - In the third quarter, the "national team" held over 10 billion yuan in market value in 30 stocks, including major banks and insurance companies [1] Group 1: Major Holdings - The top three holdings by market value are: - China Construction Bank: 13,288.15 billion yuan - Agricultural Bank of China: 11,429.52 billion yuan - Bank of China: 11,138.27 billion yuan [1] - Other significant holdings include: - Industrial and Commercial Bank of China: 9,914.42 billion yuan - New China Life Insurance: 751.22 billion yuan - Ping An Insurance: 734.02 billion yuan [1][2] Group 2: New Additions - Farah Electronics is a new addition to the "national team" holdings, with a market value of 1.58 billion yuan [2] - The company reported a revenue of 3.944 billion yuan for the first three quarters, a year-on-year increase of 14.69%, and a net profit of 888 million yuan, also up 14.58% [2] - In the third quarter alone, Farah Electronics achieved a revenue of 1.445 billion yuan, reflecting a year-on-year growth of 9.31% [2]