Core Points - The Shanghai Investment Products Index (000102) closed at 7055.9 points, up 0.15%, with a trading volume of 61.914 billion yuan and a turnover rate of 1.18% [1] - Among the index constituents, 23 stocks rose while 26 fell, with Arctech leading the gainers at 4.57% and Huayou Cobalt leading the decliners at 2.48% [1] Index Constituents Summary - The top ten constituents of the Shanghai Investment Products Index include: - Zijin Mining (6.27% weight, latest price 28.00, down 0.50%, market cap 744.171 billion yuan) in the non-ferrous metals sector [1] - China Shipbuilding (5.26% weight, latest price 35.49, up 3.59%, market cap 267.084 billion yuan) in the defense sector [1] - Northern Rare Earth (5.01% weight, latest price 44.84, up 1.68%, market cap 162.1 billion yuan) in the non-ferrous metals sector [1] - Longi Green Energy (4.99% weight, latest price 18.76, down 0.42%, market cap 142.164 billion yuan) in the power equipment sector [1] - Luoyang Glass (4.67% weight, latest price 15.35, up 1.12%, market cap 328.403 billion yuan) in the non-ferrous metals sector [1] - Sany Heavy Industry (4.48% weight, latest price 20.51, up 1.23%, market cap 186.764 billion yuan) in the machinery sector [1] - China Shenhua (3.91% weight, latest price 41.20, down 2.07%, market cap 818.583 billion yuan) in the coal sector [1] - TBEA (3.86% weight, latest price 21.52, up 0.47%, market cap 108.736 billion yuan) in the power equipment sector [1] - Guodian NARI (3.79% weight, latest price 22.15, down 0.40%, market cap 177.911 billion yuan) in the power equipment sector [1] - Huayou Cobalt (3.73% weight, latest price 58.20, down 2.48%, market cap 110.353 billion yuan) in the non-ferrous metals sector [1] Capital Flow Analysis - The net inflow of main funds into the index constituents totaled 216 million yuan, while retail funds saw a net outflow of 27.9793 million yuan [1] - Major stocks with significant net inflows include: - China Shipbuilding with a net inflow of 569 million yuan [2] - TBEA with a net inflow of 13.2 million yuan [2] - Shaanxi Coal and Chemical with a net inflow of 89.1999 million yuan [2] - Notable stocks with net outflows include: - Huayou Cobalt with a net outflow of 60.246 million yuan [2] - China National Railway with a net outflow of 45.0979 million yuan [2]

截至11月24日收盘，盐湖提锂概念下跌1.40%，位居概念板块跌幅榜前列，板块内，盛新锂能跌停，金 圆股份、赣锋锂业、天齐锂业等跌幅居前，股价上涨的有17只，涨幅居前的有倍杰特、三达膜、隆华科 技等，分别上涨2.56%、2.53%、2.42%。 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（%） | | --- | --- | --- | --- | | 中船系 | 6.63 | 海南自贸区 | -2.19 | | 小红书概念 | 4.76 | 盐湖提锂 | -1.40 | | 军工信息化 | 4.63 | 磷化工 | -0.88 | | 太赫兹 | 4.47 | 自由贸易港 | -0.50 | | 快手概念 | 4.14 | 钛白粉概念 | -0.46 | | 智谱AI | 4.11 | 转基因 | -0.46 | | 兵装重组概念 | 4.00 | 石墨电极 | -0.40 | | 国产航母 | 3.97 | 大豆 | -0.37 | | Web3.0 | 3.89 | 化肥 | -0.30 | | 数字水印 | 3.89 | 养鸡 | -0.30 | 资金面上看，今 ...

Market Overview - The phosphate chemical sector declined by 0.88%, ranking among the top losers in the concept sector, with notable declines in companies such as Qing Shui Yuan, Ju Shi Chemical, and Chuan Neng Power [1] - In contrast, 21 stocks within the sector experienced price increases, with Wei Ling Co., Tian Ji Co., and Ya Ke Technology leading the gains at 10.03%, 4.18%, and 3.00% respectively [1] Capital Flow - The phosphate chemical sector saw a net outflow of 860 million yuan from major funds, with 33 stocks experiencing net outflows, and 8 stocks seeing outflows exceeding 50 million yuan [1] - The largest net outflow was from Huayou Cobalt, which recorded a net outflow of 361 million yuan, followed by Chuan Fa Long Mang, Hubei Yihua, and Chengxing Co. with net outflows of 144 million yuan, 109 million yuan, and 91.7 million yuan respectively [1] Top Gainers and Losers - The top gainers in the phosphate chemical sector included Wei Ling Co. with a 10.03% increase, while the largest declines were seen in Qing Shui Yuan, which dropped by 18.42% [1][2] - Other notable declines included Chuan Neng Power at -7.11% and Chengxing Co. at -6.22% [1][2] Fund Inflows - The stocks with the highest net inflows included Yun Tian Hua, China Chemical, and Wei Ling Co., with net inflows of 85.76 million yuan, 70.21 million yuan, and 62.52 million yuan respectively [3]

Core Viewpoint - The non-ferrous metal sector is experiencing mixed performance, with opportunities for low-cost investments in specific sub-sectors, particularly in the electrolytic aluminum segment, driven by anticipated demand growth and price increases through 2026 [1][2]. Group 1: Market Performance - As of November 24, 2025, the non-ferrous metal industry index (399395) shows mixed results among its constituent stocks, with Dongyangguang (600673) leading gains at 5.68%, followed by Placo New Materials (300811) at 5.42%, and Hailiang Co. (002203) at 4.31% [1]. - The non-ferrous ETF fund (159880) is currently priced at 1.67 yuan [1]. Group 2: Sector Insights - The non-ferrous sector is viewed as presenting a buying opportunity, particularly in segments that have been undervalued [1]. - The electrolytic aluminum sector is highlighted for its high dividend yield as a defensive strategy, with expectations of demand growth and price increases continuing into 2026 [1]. - The outlook for industrial metals is positive, driven by U.S. fiscal expansion and the high copper-aluminum price ratio, which may lead to increased demand for aluminum [1]. Group 3: Index Composition - As of October 31, 2025, the top ten weighted stocks in the non-ferrous metal industry index (399395) include Zijin Mining (601899), Luoyang Molybdenum (603993), and Northern Rare Earth (600111), collectively accounting for 52.91% of the index [2].

Core Viewpoint - Huayou Cobalt experienced a decline of 5.03% on November 24, with a stock price of 56.68 CNY per share and a total market capitalization of 107.47 billion CNY [1] Company Overview - Zhejiang Huayou Cobalt Co., Ltd. was established on May 22, 2002, and listed on January 29, 2015. The company specializes in the research and manufacturing of new energy lithium battery materials and cobalt new materials [1] - The revenue composition of Huayou Cobalt includes: nickel products (34.54%), cathode materials (16.28%), trading and others (15.55%), nickel intermediates (14.91%), copper products (5.95%), ternary precursors (5.25%), lithium products (4.18%), and cobalt products (3.33%) [1] Fund Holdings - According to data, one fund under CITIC Prudential holds a significant position in Huayou Cobalt. The CITIC Prudential CSI 800 Nonferrous Index (LOF) A (165520) reduced its holdings by 74,000 shares in the third quarter, now holding 987,500 shares, which accounts for 5.39% of the fund's net value, ranking it as the fourth-largest holding [2] - The fund has reported a floating loss of approximately 2.96 million CNY as of the latest update [2] Fund Performance - The CITIC Prudential CSI 800 Nonferrous Index (LOF) A (165520) was established on January 1, 2021, with a current scale of 1.013 billion CNY. Year-to-date, it has achieved a return of 66.88%, ranking 77 out of 4,208 in its category. Over the past year, it has returned 53.39%, ranking 130 out of 3,981, and since inception, it has returned 171.69% [2]

Group 1 - The core viewpoint indicates a decline in new energy vehicle concept stocks, with significant drops in companies such as Ganfeng Lithium falling over 7% and Tianci Materials dropping over 4% [1] - The ETF tracking the CSI New Energy Vehicle Index has also decreased by approximately 2% [1] - The CSI New Energy Vehicle Index includes listed companies involved in lithium batteries, charging piles, and new energy vehicles, reflecting the overall performance of these securities [2] Group 2 - Some brokerages suggest that driven by the continuous rise in domestic and international demand for power and energy storage, the production and shipment volumes in the power equipment and battery supply chain are expected to increase [2] - Lithium material prices are anticipated to stabilize and rebound [2] - Solid-state batteries, known for their high energy density and safety advantages, are becoming the next generation of battery technology, with accelerated industrialization expected to drive upgrades across the entire equipment, materials, and battery sectors [2]

Investment Rating - The investment rating for Zhejiang Huayou Cobalt is "Buy" with a target price of Rmb51.40, implying a potential downside of 21.7% from the current price of Rmb65.610 [6][8]. Core Insights - The lithium output for Huayou Cobalt is projected to increase from 35kt in the first nine months of 2025 to 60-80kt in 2026 due to the ramp-up of the lithium sulfate project in Zimbabwe. The comprehensive production cost for lithium is currently less than Rmb70k/t LCE and is expected to decrease by Rmb10k/t LCE post ramp-up [2][4]. - Nickel intermediate output is not expected to see significant year-over-year growth in 2026, as both Huayue and Huafei projects have achieved over 100% capacity utilization. The Pomalaa project is anticipated to commence operations by the end of 2026 [3]. - Cobalt output primarily comes from MHP projects in Indonesia, with expectations of strong cobalt prices due to quota policies in the DRC, although increased output from Indonesian projects may exert long-term price pressure [4]. - NCM cathode sales volume reached approximately 70kt in the first nine months of 2025, representing an 80% year-over-year increase, with expectations to reach around 100kt in 2025 [5]. Summary by Sections Lithium - Lithium output is expected to rise significantly in 2026 due to the lithium sulfate project ramp-up, with production costs projected to decrease [2]. Nickel - Nickel output is stable with no significant increase expected in 2026, and the Pomalaa project is set to begin operations by year-end 2026 [3]. Cobalt - Cobalt prices are expected to remain strong due to policy impacts, but increased output from Indonesia may create long-term price pressures [4]. Cathode - NCM cathode sales are on a strong upward trajectory, with significant growth expected in 2025 [5].

Investment Rating - The report maintains a positive outlook on the metals and new materials industry, despite short-term interest rate cut expectations suppressing market performance [3]. Core Views - The report highlights that the high prosperity trend in the sector remains unchanged, with a focus on the recovery potential of precious metals and stable supply-demand dynamics in industrial metals [4][5]. Weekly Market Review - The Shanghai Composite Index fell by 3.90%, while the Shenzhen Component Index dropped by 5.13%. The non-ferrous metals index decreased by 6.75%, underperforming the CSI 300 Index by 2.98 percentage points [5][6]. - Year-to-date, the non-ferrous metals index has risen by 65.71%, outperforming the CSI 300 Index by 52.53 percentage points [7]. Price Changes - Industrial metals and precious metals saw price fluctuations, with LME copper down by 0.69% and COMEX gold down by 0.53% [4][14]. - Lithium prices increased significantly, with lithium spodumene up by 17.84% and battery-grade lithium carbonate up by 6.90% [4][16]. Precious Metals - The report notes that the U.S. non-farm payrolls exceeded expectations, impacting gold prices. The long-term outlook for gold remains positive due to ongoing central bank purchases and a low current gold reserve in China [4][19]. - The report suggests focusing on companies like Shandong Gold, Zhaojin Mining, and Zijin Mining for potential investment opportunities in the precious metals sector [4][17]. Industrial Metals - Copper demand is expected to remain strong, with supply disruptions anticipated due to a recent landslide at Freeport's Grasberg mine, potentially reducing global copper supply by about 2.2% [4][29]. - The report recommends关注 companies such as Zijin Mining, Luoyang Molybdenum, and Tongling Nonferrous Metals for copper investments [4][17]. Aluminum - The aluminum sector is expected to see a tightening supply-demand balance, with domestic production capacity constraints. The report suggests关注 companies like China Aluminum and Xinjiang Zhonghe for investment [4][42]. - The report indicates that the average profit in the electrolytic aluminum industry is approximately 5,489 yuan per ton, with costs decreasing slightly [4][44]. Steel - The steel production is on the rise, with a decrease in inventory levels. The report highlights the importance of monitoring supply adjustments and export demand [4][18]. - Companies like Baosteel and Shagang Group are identified as stable dividend-paying stocks worth关注 [4][18]. Key Company Valuations - The report provides detailed valuations for key companies in the non-ferrous metals and steel sectors, indicating potential investment opportunities based on their earnings and price-to-earnings ratios [4][17][18].

Core Viewpoint - The Shanghai Composite Index fell by 2.45% on November 21, with the non-ferrous metals sector experiencing a significant decline of 5.26%, making it the second-largest drop among various industries [1] Market Overview - The net outflow of capital from the two markets reached 128.99 billion yuan, with only the media sector seeing a net inflow of 1.48 billion yuan [1] - The electronics sector led the capital outflow, with a net outflow of 26.48 billion yuan, followed by the power equipment sector with 19.54 billion yuan [1] Non-Ferrous Metals Sector Performance - The non-ferrous metals sector saw a drop of 5.26%, with a total net capital outflow of 10.783 billion yuan [2] - Out of 137 stocks in this sector, only 2 stocks rose, while 135 stocks fell, including 11 that hit the daily limit down [2] - The top three stocks with the highest net capital inflow were: - Chihong Zn & Ge: 38.03 million yuan - Hailiang Co.: 35.79 million yuan - Xinjiang Zhonghe: 23.86 million yuan [2] Non-Ferrous Metals Capital Outflow - The top three stocks with the highest net capital outflow were: - Ganfeng Lithium: -1.011 billion yuan - Northern Rare Earth: -940.56 million yuan - Huayou Cobalt: -899.66 million yuan [3] - Other notable outflows included: - Tianqi Lithium: -777.09 million yuan - Zijin Mining: -585.94 million yuan [3]

Group 1: Market Performance - The sodium-ion battery concept sector declined by 6.54%, ranking among the top losers in the market [1] - Major stocks within this sector, such as Weike Technology, Fangda Carbon, and Xiangtan Chemical, hit the daily limit down [1] - Other notable decliners included Haike Xinyuan, Honggong Technology, and Xingyuan Materials, which also experienced significant drops [1] Group 2: Capital Flow - The sodium-ion battery sector saw a net outflow of 10.037 billion yuan from main funds, with 118 stocks experiencing net outflows [2] - The stock with the highest net outflow was Huayou Cobalt, with a net outflow of 900 million yuan, followed by Tianci Materials and Xianlead Intelligent with net outflows of 778 million yuan and 583 million yuan, respectively [2] - Conversely, stocks like CATL, Tianji Shares, and Baichuan Shares saw net inflows of 87.54 million yuan, 85.65 million yuan, and 31.32 million yuan, respectively [2]