Core Viewpoint - The rare metals sector is experiencing fluctuations, with the China Rare Metals Theme Index down by 1.43% as of August 12, 2025, while the Rare Metals ETF has shown a significant increase of 7.68% over the past week [1][4]. Group 1: Market Performance - As of August 11, 2025, the Rare Metals ETF has reached a new high in scale at 1.404 billion yuan, ranking first among comparable funds [4]. - The ETF's latest share count is 2.098 billion, also a three-month high, maintaining its leading position among similar funds [4]. - The ETF has seen a net inflow of 102 million yuan recently, with a total of 131 million yuan over the past five trading days [4]. Group 2: Stock Performance - The top ten weighted stocks in the China Rare Metals Theme Index account for 55.85% of the index, with notable companies including Northern Rare Earth, Salt Lake Co., and Luoyang Molybdenum [5]. - The performance of individual stocks has varied, with Jiangte Electric leading with a 4.38% increase, while Yongshan Lithium and others have seen declines [1][7]. Group 3: Supply and Demand Dynamics - The suspension of the Jiangxia Lithium Mine by CATL is expected to reduce domestic lithium supply by 8,300 tons per month, impacting the market balance and potentially driving lithium prices up [5]. - The ongoing strong demand for lithium batteries and a decrease in overseas lithium salt imports are expected to sustain the upward trend in lithium prices [5].

Market Performance - In July, the A-share market showed strong performance, with the Shanghai Composite Index breaking through 3600 points, driven by policy benefits and sector rotation [2] - The trading volume in the Shanghai, Shenzhen, and Beijing markets increased significantly, with a peak trading volume of over 1.9 trillion yuan on July 22, marking a new high in four months [2] August Market Outlook - The August market performance is crucial for the future trajectory of A-shares, with many investment institutions emphasizing the importance of mid-year reports as a determining factor for market trends [2] - Historical data from 2017 to 2024 indicates that August has generally been a poor month for market performance, with multiple indices showing declines in several years [3] - Analysts predict that the market may experience a downward adjustment in August due to heavy selling pressure after the recent highs and uncertainties surrounding US-China tariff negotiations [3] Sector Focus - Investment recommendations for August include focusing on long-term dividend sectors such as banks and insurance, as well as consumer-related sectors like education and passenger vehicles [3] - The market is expected to maintain a high-level fluctuation, with attention on structural opportunities during the concentrated disclosure period of mid-year reports [4] Stock Recommendations - A total of 358 stocks and ETFs were recommended by 42 brokerage firms for August, with Oriental Fortune and Muyuan Foods being the most frequently recommended stocks [7] - Analysts believe that the short-term risk appetite is likely to continue, benefiting companies like Oriental Fortune due to increased market activity and potential growth in their brokerage and financial services [7] - Muyuan Foods is expected to perform well due to its position as a leading breeding company amid rising pig prices [8] Investment Themes - The investment focus for August includes technology innovation, with an emphasis on sectors that are experiencing high growth and low valuations, as well as potential policy-driven opportunities [9] - Key investment themes highlighted include growth technology (AI, robotics, military), sectors with strong economic support or exceeding performance expectations (rare earths, precious metals), and potential policy surprises in service consumption and real estate [9]

8月11日，沪深两融数据显示，洛阳钼业获融资买入额1.32亿元，居两市第139位，当日融资偿还额1.32 亿元，净卖出41.20万元。 作者：智投君 最近三个交易日，7日-11日，洛阳钼业分别获融资买入1.13亿元、1.81亿元、1.32亿元。 融券方面，当日融券卖出0.22万股，净买入1.06万股。 本文源自：金融界 ...

Core Points - The CSI Tencent Ji'an Value 100 A-Share Index has shown significant growth, with a 6.92% increase over the past month, 13.78% over the past three months, and 14.10% year-to-date [1] - The index is composed of 100 listed companies selected based on their investment value assessments by Tencent and Ji'an Jinxin's evaluation committee [1] - The index's top ten holdings include Huaguang Huaneng (1.94%), Chenxin Pharmaceutical (1.92%), and Taotao Automotive (1.8%) among others [1] Market Composition - The CSI Tencent Ji'an Value 100 A-Share Index is primarily composed of stocks from the Shanghai Stock Exchange (64.71%) and Shenzhen Stock Exchange (35.29%) [1] - The industry distribution of the index shows that Industrial sector holds 27.80%, Consumer Discretionary 17.84%, and Materials 12.44% among others [2] Index Management - The index samples are adjusted biannually, with changes implemented on the next trading day after the second Friday of June and December [2] - In special circumstances, the index may undergo temporary adjustments, such as when a sample company is delisted or undergoes significant corporate changes [2] Fund Tracking - Public funds tracking the CSI Tencent Ji'an include the Galaxy Regular Investment Fund [3]

Investment Rating - The report maintains a "Recommended" investment rating for the gold industry, copper industry, aluminum industry, tin industry, and antimony industry [10]. Core Views - The Federal Reserve is expected to implement three interest rate cuts within the year, which is favorable for gold prices [5]. - The gold price is projected to maintain an upward trend due to ongoing purchases by the People's Bank of China [4][5]. - Short-term demand for copper and aluminum is weak, but medium to long-term supply-demand dynamics are expected to tighten [10]. - Tin prices are supported by tight supply conditions, while antimony prices are expected to remain weak in the short term but may strengthen in the long term due to supply constraints [10]. Summary by Sections Industry Performance - The non-ferrous metals sector has shown strong performance with a 1-month increase of 11.5%, a 3-month increase of 21.4%, and a 12-month increase of 44.5% [3]. Precious Metals Market Data - The London gold price was $3,394.15 per ounce, up $47.30 from August 1, reflecting a 1.41% increase. The London silver price was $38.29 per ounce, up $1.80, a 4.93% increase [4][30]. Copper and Aluminum Data - LME copper closed at $9,700 per ton, up $108 from August 1, a 1.13% increase. SHFE copper closed at ¥78,460 per ton, up ¥70, a 0.09% increase [39]. - Domestic aluminum prices were ¥20,630 per ton, up ¥140 from August 1 [40]. Tin and Antimony Data - Domestic refined tin prices were ¥268,310 per ton, up ¥4,240, a 1.61% increase. Antimony prices were ¥182,500 per ton, down ¥2,000, a 1.08% decrease [41]. Recommended Stocks - For the gold industry, recommended stocks include Zhongjin Gold, Shandong Gold, and Chifeng Gold. For copper, recommended stocks include Zijin Mining and Western Mining. For aluminum, recommended stocks include Shenhuo Co. and Yunnan Aluminum [11].

华源证券近日发布有色金属大宗金属周报：美联储降息预期扰动下，铜价震荡。本周伦 铜/沪铜/美铜涨跌幅为+1.13%/+0.11%/+0.95%。在上周铜232关税落地后以及美联储9月降息 预期扰动下，铜价迎来降波震荡。铜库存方面，三大交易所库存均回升，伦铜/纽铜/沪铜库 存分别为15.6万吨/26.4万短吨/8.2万吨，环比变化+10.0%/+1.7%/+12.9%。 投资要点： 铜：美联储降息预期扰动下，铜价震荡。本周伦铜/沪铜/美铜涨跌幅为 +1.13%/+0.11%/+0.95%。在上周铜232关税落地后以及美联储9月降息预期扰动下，铜价迎来 降波震荡。铜库存方面，三大交易所库存均回升，伦铜/纽铜/沪铜库存分别为15.6万吨/26.4 万短吨/8.2万吨，环比变化+10.0%/+1.7%/+12.9%。国内电解铜社会库存13.2万吨，环比 +10.65%。需求方面，本周铜下游需求回落，铜杆开工率68.86%，环降2.87pct。短期来看， 铜232关税不及预期背景下，铜价或迎来震荡偏弱。后续重点关注：1）9月美联储降息预 期；2）"弱现实"对铜价压制可能；建议关注：紫金矿业、洛阳钼业、金诚信、西部矿业。 ...

Group 1 - The core viewpoint of the article highlights the recent financing activities of Luoyang Molybdenum Co., Ltd., which saw a net financing inflow of 72.1384 million yuan last week, ranking 102nd in the two markets [1] - The company had a total financing purchase amount of 748 million yuan and repayment amount of 676 million yuan during the same period [1] - Luoyang Molybdenum operates in various concept sectors including rare metals, phosphorus chemicals, and is included in several indices such as S&P, FTSE Russell, and MSCI China [1] Group 2 - Over the past five days, the main capital inflow for Luoyang Molybdenum was 316 million yuan, with a price increase of 4.03% [1] - In contrast, the company experienced a capital outflow of 446 million yuan over the past ten days, resulting in a price decline of 2.72% [1] - Luoyang Molybdenum was established in 1999 and primarily engages in the mining and selection of non-ferrous metals, with a registered capital of approximately 4.299 billion yuan [1] Group 3 - The company has made investments in 34 enterprises and participated in 205 bidding projects [1] - Luoyang Molybdenum holds 260 trademark registrations and 410 patent registrations, along with 215 administrative licenses [1] - The legal representative of the company is Liu Jianfeng [1]

Investment Rating - The report maintains a positive outlook on the metals and new materials industry, indicating a "Buy" rating for the sector [1]. Core Insights - The report highlights a significant increase in metal prices, with the non-ferrous metals index rising by 5.78% over the past week, outperforming the CSI 300 index by 4.55 percentage points [4][5]. - Precious metals, particularly gold, are expected to continue their upward trend due to increased central bank purchases and a shift in market sentiment towards safety over yield [4][21]. - The report emphasizes the importance of supply-demand dynamics in the copper and aluminum markets, with expectations of price increases driven by stable demand and constrained supply [4][47]. Weekly Market Review - The Shanghai Composite Index rose by 2.11%, while the Shenzhen Component Index increased by 1.25% [5]. - The non-ferrous metals index has increased by 32.00% year-to-date, outperforming the CSI 300 index by 27.68 percentage points [8]. - Key segments such as precious metals and copper saw significant weekly gains, with precious metals up 8.04% and copper up 6.71% [9]. Price Changes - Industrial metals and precious metals experienced price increases, with LME copper, aluminum, lead, and zinc prices rising by 1.37%, 1.68%, 1.83%, and 3.67% respectively [14]. - The report notes a decrease in lithium prices, with battery-grade lithium carbonate down by 9.87% [14]. Inventory Changes - Copper inventories at LME increased by 9.95% week-on-week, while COMEX inventories rose by 1.72% [17]. - Aluminum social inventory remained stable at 56.4 thousand tons, with a slight increase in total aluminum inventory [47]. Key Company Valuations - The report provides valuations for key companies in the sector, with Zijin Mining priced at 20.54 CNY per share and a projected PE ratio of 26 for 2023 [18]. - Other notable companies include Shandong Gold at 32.88 CNY per share with a PE ratio of 63, and Huayou Cobalt at 43.81 CNY per share with a PE ratio of 22 [18]. Precious Metals Analysis - The report indicates that the SPRD+iShares gold ETF holdings increased by 0.7% to 1412 tons, reflecting growing investor confidence [21]. - The Chinese central bank's continued gold purchases are expected to support gold prices, with the current official reserve standing at 7396 tons [21]. Copper Market Insights - The report notes that the current copper spot price is 37.98 USD per dry ton, with domestic social inventory increasing to 132,000 tons [32]. - The operating rates for electrolytic copper rods and wire and cable production are reported at 68.9% and 69.9% respectively, indicating stable demand [32]. Aluminum Market Insights - The report highlights that the average price of A00 aluminum in Shanghai is 20,650 CNY per ton, reflecting a week-on-week increase of 0.63% [47]. - The operating rate for aluminum processing enterprises has risen to 58.70%, indicating a recovery in demand [47]. Steel Market Insights - The report indicates a slight decrease in rebar prices, with the current price at 3330 CNY per ton, while hot-rolled coil prices increased to 3440 CNY per ton [72].

Investment Rating - The report maintains an "Overweight" rating for the copper industry [6]. Core Viewpoints - The copper price is expected to continue rising in 2025 due to tightening supply and improving demand [4]. - The report highlights that the LME and COMEX copper inventories are facing upward pressure, while domestic cable production rates have increased but remain significantly lower than the previous year [1][2]. - The report suggests that the demand for copper will rebound in Q4 2025, driven by the recovery in electric grid and air conditioning needs [1]. Summary by Sections Inventory - Domestic copper social inventory increased by 10.6% week-on-week, while LME copper inventory rose by 11.5% [2]. - As of August 8, 2025, domestic port copper concentrate inventory stood at 620,000 tons, up 18.8% from the previous week [2]. - Global electrolytic copper inventory totaled 472,000 tons as of August 4, 2025, reflecting a 5.0% increase [2]. Supply - The TC spot price increased by $4 per ton week-on-week, currently at -$37.98 per ton, remaining at historically low levels [3][63]. - In July 2025, China's electrolytic copper production reached 1.1743 million tons, up 3.5% month-on-month and 14.2% year-on-year [3][66]. - The report notes a decrease in the price difference between refined copper and scrap copper, indicating potential tightening in scrap supply [2][56]. Demand - The cable industry's operating rate increased by 2.6 percentage points week-on-week, with the current rate at 69.89% [3][75]. - Air conditioning production is projected to decline year-on-year, with expected reductions of 2.8%, 12.7%, and 12.1% for August, September, and October respectively [3][94]. - The report emphasizes that the demand for copper in the power sector remains strong, supported by ongoing investments in power infrastructure [75][82]. Futures - SHFE copper active contract positions decreased by 4% week-on-week, while COMEX non-commercial net long positions fell by 45% [4][32]. - As of August 8, 2025, SHFE copper active contract positions were at 157,000 lots, reflecting a 4.1% decrease from the previous week [4][32]. Investment Recommendations - The report recommends stocks such as Jincheng Mining, Zijin Mining, Luoyang Molybdenum, and Western Mining, while suggesting to pay attention to Tongling Nonferrous Metals [4].

Investment Rating - The report maintains a "Buy" rating for the industry, highlighting several key companies as recommended investments [5]. Core Views - The report emphasizes a positive outlook for industrial metal prices driven by macroeconomic factors, including rising expectations for interest rate cuts by the Federal Reserve and resilient domestic export data [2][4]. - The report identifies specific companies within the sector that are expected to perform well, including Zijin Mining, Luoyang Molybdenum, and China Nonferrous Mining [2][5]. Summary by Sections Industrial Metals - The report notes that the price of industrial metals such as aluminum, copper, zinc, lead, nickel, and tin has shown positive movements, with LME prices for aluminum increasing by 1.69% and copper by 1.40% during the week [1][10]. - The SMM copper concentrate import index increased by $4.03 per ton, indicating a recovery in processing costs [2]. - Domestic aluminum production remains stable, but demand from end-use sectors like home appliances and construction is weak, leading to an increase in social inventory to 564,000 tons [2][21]. Energy Metals - The report highlights the impact of the Democratic Republic of Congo's mining ban on cobalt prices, which are expected to rise significantly [3]. - Lithium prices are anticipated to increase due to recovering demand from downstream battery manufacturers, with market activity showing signs of improvement [3]. - Nickel prices are also expected to remain strong due to tight supply and rising demand for replenishment [3]. Precious Metals - The report indicates that gold prices have surpassed $3,500 per ounce, driven by increased central bank purchases and rising inflation expectations [4]. - Silver prices are also on the rise, supported by its industrial applications and recent price surges [4]. - Key companies in the precious metals sector recommended for investment include Shandong Gold and Zhongjin Gold [4][5]. Company Earnings Forecasts and Valuations - The report provides earnings per share (EPS) forecasts for several companies, with Zijin Mining expected to achieve an EPS of 1.21 yuan in 2024, and Luoyang Molybdenum projected at 0.63 yuan [5]. - The price-to-earnings (PE) ratios for these companies indicate favorable valuations, with Zijin Mining at 17 times and Luoyang Molybdenum at 15 times for 2024 [5].