Investment Rating - The report maintains a "Buy" rating for several companies in the non-ferrous metals sector, including Zijin Mining, Shandong Gold, and Chifeng Jilong Gold [3][4]. Core Views - The combination of "tariff easing + employment slowdown" provides a premise for the Federal Reserve to lower interest rates, potentially leading to a rebound in metal prices. Optimistic expectations regarding tariff policies have heightened market sentiment, although gold has seen a decline due to reduced safe-haven demand [1][36]. - Industrial metals, particularly copper, are in a state of fluctuation due to macroeconomic uncertainties and rising inventories, while aluminum prices are supported by decreasing social inventories despite tariff policy fluctuations [1]. - Energy metals, such as lithium, are experiencing a weak supply-demand balance, with lithium prices showing signs of fluctuation. The demand for electric vehicles continues to grow, but the market remains cautious [1]. Summary by Sections Non-Ferrous Metals - The non-ferrous metals sector has seen a general increase in prices, with specific attention to gold and silver, which are influenced by macroeconomic factors and market sentiment [12][18]. - Copper prices are currently in a consolidation phase due to fluctuating macroeconomic conditions and rising inventories, with global copper stocks reported at 537,000 tons, an increase of 12,300 tons week-on-week [1][23]. - Aluminum prices are supported by a decrease in social inventories, with theoretical operating capacity in China's electrolytic aluminum industry reaching 43.87 million tons, a slight increase from the previous week [1][23]. Precious Metals - Gold prices are expected to rebound following a period of adjustment, driven by the anticipation of interest rate cuts by the Federal Reserve. The recent employment data has raised concerns about economic growth, but the overall employment market is still showing signs of slowdown [1][36]. - Silver remains strong due to industrial demand, while gold has faced downward pressure from reduced safe-haven buying [1][36]. Energy Metals - Lithium prices are currently fluctuating, with industrial-grade lithium carbonate priced at 59,000 yuan/ton, down 0.8% week-on-week. The supply side is seeing slight increases, but demand remains cautious due to market conditions [1][27]. - The demand for electric vehicles continues to rise, with cumulative sales of passenger and electric vehicles reaching 880.2 million and 438 million units respectively, showing year-on-year growth of 9% and 34% [1][27]. Company Announcements - Companies such as Chifeng Jilong Gold and Zhongse Co. have made significant announcements regarding resource verification and project investments, indicating ongoing developments in the sector [34].

Investment Rating - The report maintains a "Buy" rating for the industry and specific companies within the non-ferrous metals sector [5]. Core Views - The report expresses optimism for industrial metals due to easing tariff expectations and a favorable domestic macroeconomic environment [2]. - Industrial metal prices have shown resilience, with LME prices for aluminum, copper, zinc, lead, nickel, and tin experiencing increases of +0.12%, +1.83%, +1.25%, +0.51%, +1.21%, and +6.70% respectively [1][2]. - The report highlights a significant decrease in industrial metal inventories, particularly for copper (-11.66%) and aluminum (-2.33%), indicating tightening supply conditions [1][2]. Summary by Sections Industrial Metals - The report notes that the SMM copper concentrate import index increased by $0.27/ton, indicating a slight improvement in supply conditions [2]. - Domestic copper cable manufacturers' operating rates decreased to 76.08%, reflecting seasonal demand weakness [2]. - Aluminum prices are stabilizing after initial volatility due to geopolitical events, with domestic aluminum ingot inventories decreasing by 0.7 thousand tons [2]. Energy Metals - Lithium prices continue to decline but are approaching mining cost levels, while cobalt prices are expected to rise due to potential supply constraints from the Democratic Republic of Congo [3]. - Nickel prices have shown slight recovery, but overall demand remains weak, leading to expectations of continued price fluctuations [3]. Precious Metals - The report indicates a bullish outlook for gold prices due to expectations of U.S. interest rate cuts and ongoing geopolitical tensions [4]. - Silver prices have surged, reaching levels not seen since March 2012, driven by a favorable market environment [4]. - Key companies in the precious metals sector are recommended for investment, including Zijin Mining and Shandong Gold [4]. Key Company Earnings Forecasts - The report provides earnings per share (EPS) and price-to-earnings (PE) ratios for several companies, with recommendations for investment in companies like Zijin Mining (PE 12), Luoyang Molybdenum (PE 11), and Yunnan Aluminum (PE 6) [4].

Investment Rating - The report maintains a positive outlook on the metals and new materials industry, indicating a favorable investment environment [3][4]. Core Insights - The report highlights a significant increase in silver prices and resilient demand for base metals, suggesting a bullish trend in the market [3][4]. - The report emphasizes the ongoing increase in gold reserves by the People's Bank of China, which is expected to support long-term gold price growth [4][23]. - The report identifies potential investment opportunities in companies such as Zijin Mining, Luoyang Molybdenum, and Shandong Gold, among others, due to their favorable valuations and market positions [4][20]. Weekly Market Review - The Shanghai Composite Index rose by 1.13%, while the Shenzhen Component increased by 1.42%, and the CSI 300 Index gained 0.88% [5]. - The non-ferrous metals index increased by 3.74%, outperforming the CSI 300 Index by 2.86 percentage points [5][10]. - Year-to-date, the non-ferrous metals index has risen by 12.16%, exceeding the CSI 300 Index's growth by 13.70 percentage points [9]. Price Changes - Industrial metals and precious metals saw price changes, with copper, aluminum, lead, and zinc prices increasing by 2.05%, 0.27%, 1.05%, and 1.76% respectively [4][16]. - The report notes a significant rise in silver prices by 9.24% and gold prices by 0.54% [4][16]. Key Company Valuations - The report provides a detailed valuation of key companies in the metals sector, indicating potential growth in earnings per share (EPS) and price-to-earnings (PE) ratios for companies like Zijin Mining and Luoyang Molybdenum [20][21]. - Companies such as Shandong Aluminum and China Hongqiao are highlighted for their stable performance and dividend yields [4][20]. Copper Market Analysis - The report indicates a slight increase in copper supply costs, with the current TC at $42.9 per dry ton, reflecting a $0.55 increase [33]. - Domestic copper social inventory rose to 148,800 tons, an increase of 10,000 tons week-on-week [33]. Aluminum Market Insights - The report notes a decrease in aluminum prices, with the current average price reported at 20,230 CNY per ton, reflecting a week-on-week decline of 0.7% [48]. - The operating rate of downstream aluminum processing enterprises has decreased to 60.90% [48]. Steel Market Overview - The report highlights an increase in rebar prices, which rose by 10 CNY per ton to 3,140 CNY per ton [73]. - The total inventory of steel products remained stable, with slight fluctuations in production and demand across various steel categories [73].

沪指6月6日上涨0.04%，申万所属行业中，今日上涨的有13个，涨幅居前的行业为有色金属、通信，涨 幅分别为1.16%、1.00%。有色金属行业位居今日涨幅榜首位。跌幅居前的行业为美容护理、纺织服 饰，跌幅分别为1.70%、1.18%。 有色金属行业资金流出榜 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 300748 | 金力永磁 | -2.58 | 4.75 | -15028.69 | | 600259 | 广晟有色 | -3.25 | 7.16 | -10604.44 | | 000807 | 云铝股份 | 0.00 | 0.76 | -7611.22 | | 000969 | 安泰科技 | -2.20 | 2.64 | -5690.63 | | 300328 | 宜安科技 | -1.94 | 5.08 | -5276.07 | | 000795 | 英洛华 | -1.94 | 2.00 | -4454.14 | | 300963 | 中洲特材 | 6.26 | 21.72 | -4366 ...

Group 1 - As of June 6, the metal nickel concept increased by 2.08%, ranking 6th among concept sectors, with 26 stocks rising, including Xiamen Xinda, Shengda Resources, and Baiyin Nonferrous, which hit the daily limit [1] - The leading gainers in the nickel sector included Xingye Silver Tin, CITIC Metal, and Boqian New Materials, which rose by 8.21%, 6.82%, and 5.64% respectively [1] - The stocks with the largest declines were Lanxiao Technology, Tianqi Co., and Zhongwei Co., which fell by 1.54%, 1.34%, and 0.63% respectively [1] Group 2 - The metal zinc sector led the gains today with an increase of 3.22%, while the military equipment restructuring concept saw a decline of 4.38% [2] - The metal lead and glyphosate sectors also experienced gains of 2.57% and 2.43% respectively, while the NFT concept and Ant Financial concept saw declines of 1.32% and 1.27% [2] - The metal nickel sector had a net inflow of 597 million yuan, with 19 stocks receiving net inflows, and 6 stocks seeing inflows exceeding 30 million yuan [2] Group 3 - The top net inflow stocks in the nickel sector included Luoyang Molybdenum with a net inflow of 241 million yuan, Baiyin Nonferrous with 197 million yuan, and CITIC Metal with 53 million yuan [3] - Baiyin Nonferrous, CITIC Metal, and Luoyang Molybdenum had the highest net inflow ratios at 25.94%, 11.54%, and 10.61% respectively [3] - The trading volume for Luoyang Molybdenum was 24.11 million yuan, while Baiyin Nonferrous had a trading volume of 19.74 million yuan [3] Group 4 - Other notable stocks in the nickel sector included Shengda Resources with a 10% increase and a trading volume of 44.32 million yuan, and Boqian New Materials with a 5.64% increase and a trading volume of 24.28 million yuan [4] - The overall market saw some declines, with stocks like Blue Sky Technology and Tianqi Co. experiencing losses of 1.54% and 1.34% respectively [5] - The trading activity indicated a mixed performance across various stocks, with significant inflows into certain companies while others faced outflows [5]

Group 1 - As of June 6, the copper concept sector rose by 1.68%, ranking 9th among concept sectors, with 56 stocks increasing in value [1] - Notable gainers in the copper sector included Xiamen Xinda and Baiyin Nonferrous, which hit the daily limit, while Xingye Silver Tin, CITIC Metal, and Yuguang Gold Lead also saw significant increases of 8.21%, 6.82%, and 6.52% respectively [1] - The top decliners in the sector were Guangsheng Nonferrous, *ST Zhengping, and Changjiang Investment, which fell by 3.25%, 1.69%, and 0.69% respectively [1] Group 2 - The copper concept sector experienced a net inflow of 926 million yuan, with 41 stocks receiving net inflows, and 6 stocks seeing inflows exceeding 50 million yuan [2] - The leading stock in terms of net inflow was Luoyang Molybdenum, which attracted 241 million yuan, followed by Baiyin Nonferrous, Chifeng Gold, and Zijin Mining with net inflows of 197 million yuan, 141 million yuan, and 136 million yuan respectively [2] Group 3 - In terms of capital inflow ratios, Baiyin Nonferrous, Hunan Yunan, and CITIC Metal had the highest net inflow rates at 25.94%, 13.78%, and 11.54% respectively [3] - The top stocks in the copper concept sector based on net inflow included Luoyang Molybdenum with a daily increase of 3.97% and a turnover rate of 1.72%, and Baiyin Nonferrous with a daily increase of 10.00% and a turnover rate of 3.25% [3][4]

A股磷化工板块震荡走强，罗平锌电涨超5%，洛阳钼业涨超3%，新农股份、国光股份、恒邦股份、云 图控股跟涨。 ...

Core Viewpoint - The Zhongzheng Nonferrous Metals Index has shown a mixed performance recently, with a slight decline on the trading day but positive growth over the past month, three months, and year-to-date [1][2]. Group 1: Index Performance - The Zhongzheng Nonferrous Metals Index decreased by 0.44% to 1750.31 points on the trading day, with a trading volume of 25.95 billion yuan [1]. - Over the past month, the index has increased by 3.77%, by 3.28% over the last three months, and by 9.26% year-to-date [2]. Group 2: Index Composition - The index includes companies involved in nonferrous metal mining, smelting, and processing, reflecting the overall performance of related listed companies [2]. - The top ten weighted companies in the index are: Zijin Mining (11.12%), Northern Rare Earth (5.05%), Shandong Gold (4.54%), China Aluminum (4.41%), Luoyang Molybdenum (4.29%), Huayou Cobalt (3.85%), Chifeng Jilong Gold (3.74%), Zhongjin Gold (3.41%), Ganfeng Lithium (2.94%), and Shandong Gold International (2.76%) [2]. Group 3: Market and Sector Breakdown - The index's holdings are primarily listed on the Shanghai Stock Exchange (62.55%) and Shenzhen Stock Exchange (37.45%) [2]. - In terms of industry composition, raw materials account for 98.63%, industrials for 1.01%, and consumer discretionary for 0.37% [2]. Group 4: Index Adjustment and Fund Tracking - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [3]. - Various public funds track the Zhongzheng Nonferrous Metals Index, including multiple ETFs and enhanced index funds [3].

Group 1 - The Shanghai Composite Index opened high and fluctuated, with the CSI 300 Metals and Mining Index reported at 2405.31 points [1] - The CSI 300 Metals and Mining Index has increased by 2.29% in the past month, 3.98% in the past three months, and 9.43% year-to-date [1] - The CSI 300 Index is categorized into 10 primary industries, 26 secondary industries, over 70 tertiary industries, and more than 100 quaternary industries [1] Group 2 - The top ten holdings in the CSI 300 Metals and Mining Index are Zijin Mining (31.27%), Northern Rare Earth (6.45%), Baosteel (6.2%), Shandong Gold (5.8%), China Aluminum (5.62%), Luoyang Molybdenum (5.48%), Huayou Cobalt (4.91%), Zhongjin Gold (4.35%), Baogang Group (4.22%), and Ganfeng Lithium (3.75%) [1] - The market share of the CSI 300 Metals and Mining Index is 82.35% from the Shanghai Stock Exchange and 17.65% from the Shenzhen Stock Exchange [2] - The industry composition of the CSI 300 Metals and Mining Index includes precious metals (44.94%), industrial metals (21.54%), rare metals (19.00%), steel (11.62%), and other non-metal materials (2.90%) [2] Group 3 - The index samples are adjusted every six months, specifically on the second Friday of June and December, with temporary adjustments made under special circumstances [2] - When a sample is delisted, it is removed from the index, and any corporate actions such as acquisitions, mergers, or splits are handled according to maintenance guidelines [2] - Adjustments to the CSI 300 industry index samples occur in conjunction with changes to the CSI 300 Index samples [2]

Group 1 - The core viewpoint of the articles highlights the performance and valuation of Luoyang Molybdenum Co., Ltd., which closed at 7.38 yuan, up 2.07%, with a rolling PE ratio of 10.30 times and a total market value of 158.664 billion yuan [1][2] - The company ranks 8th in the food and beverage industry, which has an average PE ratio of 43.71 times and a median of 34.03 times [1][2] - As of the first quarter of 2025, 166 institutions held shares in Luoyang Molybdenum, including 160 funds, with a total holding of 1,218,899,280 shares valued at 92.636 billion yuan [1] Group 2 - The main business of Luoyang Molybdenum includes mining and processing of base and rare metals, as well as mineral trading, with key products being molybdenum, tungsten, copper, cobalt, niobium, phosphorus, and refined metal trading [1] - The latest financial results for the first quarter of 2025 show the company achieved an operating income of 46.006 billion yuan, a year-on-year decrease of 0.25%, and a net profit of 3.946 billion yuan, a year-on-year increase of 90.47%, with a gross profit margin of 22.33% [1]