Core Viewpoint - The non-ferrous metal sector is experiencing significant upward momentum, driven by expectations of interest rate cuts by the Federal Reserve, supply disruptions in key metals, and increased demand from the AI and clean energy sectors [2][3][4]. Group 1: Market Performance - The non-ferrous metal sector opened actively, with notable gains: Tin Industry Co. rose over 8%, Jincheng Mining and Western Mining increased over 6%, and several others including Luoyang Molybdenum and Jiangxi Copper rose over 5% [1]. - Specific stock performances include: - Jincheng Mining at 70.19, up 6.95% with a year-to-date increase of 95.34% [2] - Western Mining at 25.76, up 6.89% with a year-to-date increase of 70.64% [2] - Luoyang Jiya at 18.64, up 5.79% with a year-to-date increase of 189.17% [2]. Group 2: Supply and Demand Dynamics - The London Metal Exchange (LME) reported a significant increase in copper delivery applications, reaching 56,875 tons, the largest increase since 2013 [3]. - LME metal futures closed higher, with copper rising by $342 to $11,488 per ton, marking a historical high, and tin increasing by 4.21% to $40,685 per ton [3]. - The semiconductor and consumer electronics sectors are the primary applications for tin, accounting for over 65% of consumption, which is driving demand due to a recovery in the semiconductor industry [3]. Group 3: Future Outlook - Morgan Stanley forecasts that supply disruptions and global inventory mismatches will push copper prices to $12,500 per ton by mid-2026 [3]. - The copper market is experiencing "strategic locking" of COMEX inventories, which reduces market liquidity and exacerbates regional shortages, acting as a catalyst for price increases [4]. - The industrial metals sector is facing ongoing supply-demand imbalances, with global copper mine supply disruptions and increased demand from the clean energy transition [4]. Group 4: Precious and Minor Metals - The precious metals sector is benefiting from rising expectations of interest rate cuts, with silver prices reaching historical highs and ongoing supply shortages [5]. - The small metals sector, particularly tin, is gaining attention due to its critical role in the electronics supply chain, with recent price increases reflecting a recovery in demand from semiconductor and AI device sectors [5].

洛阳钼业盘中股价创历史新高，现涨4.37%，报18.39元，总市值为3723.03亿元。 ...

格隆汇12月4日｜摩根大通称，仍然看好铜价和铜业股，因结构性供需缺口将持续支撑上行势头。其 中，紫金矿业与洛阳钼业为首选标的，因受益于强劲盈利增长和多元化资产布局。 ...

Group 1 - China's self-developed reusable launch vehicle Zhuque-3 successfully completed its maiden flight, marking a new milestone in the country's commercial space industry, with predictions that the industry could reach a scale of 7-10 trillion yuan by 2030 [2] - The U.S. ADP employment report for November showed a decrease of 32,000 private sector jobs, the largest drop in two and a half years, leading to increased expectations for a Federal Reserve rate cut [2] Group 2 - The Chinese government is promoting new urbanization as a key driver for expanding domestic demand and upgrading industries, emphasizing the need for urban renewal and addressing the urban-rural dual structure [3] - The Chinese Ministry of Commerce reported that the trade-in program for consumer goods has generated over 2.5 trillion yuan in sales, benefiting over 360 million people [3] Group 3 - The A-share market experienced a decline, with the Shanghai Composite Index down 0.51% and the Shenzhen Component down 0.78%, while the coal sector saw gains [5] - The Hong Kong Hang Seng Index fell 1.28%, with significant net buying from southbound funds, particularly in Alibaba [5] Group 4 - New active equity funds have shown signs of building positions, with over 80% of newly established funds experiencing net value fluctuations, while the consensus is to focus on AI applications for future allocations [6] - Morgan Stanley upgraded its rating on the Chinese stock market to "overweight," citing a higher risk of significant gains compared to losses [6] Group 5 - The Chinese government has initiated a parenting subsidy program for families with children under three years old, with over 30 million applications submitted and approved [4] - Cambodia will implement a visa-free policy for Chinese citizens from June to October 2026, allowing for multiple entries [4] Group 6 - The cultural and tourism sector in China is set to integrate with the civil aviation industry through a new action plan aimed at enhancing domestic travel accessibility and developing low-altitude tourism [9] - The Chinese passenger car market saw retail sales of 2.263 million units in November, a year-on-year decline of 7%, while the new energy vehicle market grew by 7% [9] Group 7 - The China Internet Finance Association is enhancing self-regulation for financial applications and mini-programs, aiming to mitigate risks associated with digital financial channels [10] - Binance appointed co-founder He Yi as co-CEO to expand its global business and strengthen compliance efforts [10] Group 8 - The U.S. stock market saw slight gains, with the Dow Jones up 0.86%, while the tech sector faced declines, particularly in Chinese concept stocks [15] - European stock indices showed mixed results, with the French market benefiting from consumer sector resilience [15] Group 9 - The domestic bond market experienced narrow fluctuations, with most interest rates rising, while the central bank conducted a reverse repurchase operation [17] - The U.S. Treasury yields collectively fell, indicating a shift in investor sentiment [17] Group 10 - International precious metals futures generally rose, supported by expectations of a Federal Reserve rate cut and positive economic data from Europe [18] - Crude oil prices increased amid ongoing geopolitical tensions, particularly related to the Russia-Ukraine conflict [18]

Core Viewpoint - FTSE Russell announced adjustments to several indices, including the FTSE China 50 Index, FTSE China A50 Index, FTSE China A150 Index, FTSE China A200 Index, and FTSE China A400 Index, effective after the market close on December 19, 2025 [1][17]. Group 1: Index Adjustments - The FTSE China A50 Index will include Luoyang Molybdenum and Sungrow Power, while removing Jiangsu Bank and SF Holding [3][19]. - The FTSE China 50 Index will add China Hongqiao, CATL, and Heng Rui Medicine, and remove CITIC Securities, Great Wall Motors, and Li Auto [5][21]. - The FTSE China A150 Index will add Ying Shi Innovation, Jiangsu Bank, Huadian New Energy, SF Holding, Jiangbolong, and Huayou Cobalt, while removing Luoyang Molybdenum, Desay SV, Longi Green Energy, Baoxin Software, Shanghai Pharmaceuticals, and Sungrow Power [9][25]. - The FTSE China A200 Index will include Ying Shi Innovation, Huadian New Energy, Jiangbolong, and Huayou Cobalt, and exclude Desay SV, Longi Green Energy, Baoxin Software, and Shanghai Pharmaceuticals [11][27]. - The FTSE China A400 Index will see a broader adjustment, adding Anji Technology, Baiyin Nonferrous Metals, Yitang Co., and BlueFocus, while removing Chipbond Technology, Yipin Hong, Guanghuan Xin, and Huaxi Biological [12][28]. Group 2: Investment Implications - The adjustments by FTSE Russell are expected to attract passive fund allocations to the included stocks and increase overseas interest in Chinese assets [15][31]. - In the first ten months of 2025, foreign capital inflow into the Chinese stock market reached $50.6 billion, significantly surpassing the $11.4 billion for the entire year of 2024, marking an increase of over three times [15][31]. - UBS forecasts that the A-share market will see an increase in earnings growth from 6% this year to 8% next year, driven by improved nominal GDP growth and a narrowing of PPI declines [16][32]. - Morgan Stanley has set a target for the CSI 300 Index at 4,840 points by December 2026, indicating a stable outlook for Chinese stocks amid moderate earnings growth and higher valuation levels [16][32].

富时中国指数被国内外投资者广泛视为衡量中国股票市场的主要指标。在全球发行的中国交易所交易基金 （ETF）中，近60%的管理资产（AUM）追踪富时中国指数。 其中，富时中国A50指数纳入洛阳钼业、阳光电源。富时中国50指数纳入中国宏桥集团（P股）、宁德时代 （H）和江苏恒瑞医药（H）。该变更将于2025年12月19日星期五收盘后（即2025年12月22日星期一）生效。 纳入个股年内涨幅巨大 今日（12月3日），富时罗素宣布对富时中国指数系列的季度审核变更，富时中国A50指数纳入洛阳钼业、阳 光电源，剔除了江苏银行和顺丰控股。富时中国50指数纳入中国宏桥集团（P股）、宁德时代（H）和江苏恒 瑞医药（H），剔除了中国证券（H）、长城汽车公司（H）和理想汽车。 A50指数涵盖在沪深交易所上市的50只市值最大的股票，于每年3月、6月、9月和12月进行季度审核。富时中 国50指数是一个可交易指数，涵盖了在香港联合交易所上市的规模最大、流动性最高的中国股票（H股、P股 和红筹股）。 此次被纳入的个股在年内表现都非常亮眼。A股上市的洛阳钼业年内上涨了173.35%，阳光电源则上涨了 145.57%。 12月3日，富时罗素宣布 ...

【导读】富时罗素宣布对富时中国A50等指数进行调整 中国基金报记者 莫琳 作为国际资金跟踪 的主要 标的之一，富时中国A50指数迎来年内最后一次调整。 12月3日， 富时罗素宣布对 富时中国50指数、富时中国A50指数、富时中国A150指数 等的季度审核变更。该变更将于2025年12月19日 星期五收盘后（即2025年12月22日星期一）生效。 有色、储能大牛股被纳入 据了解，富时中国A50指数由上海和深圳证券交易所市场中总市值最大的50只股票组成，反映A股市场中最具影响力的前50大上市公司股 票的表现。从历次指数成份股变动情况来看，调整逻辑主要是市值的变化。 此次 调整中， 富时中国A50指数 将 洛阳钼业和阳光电源 纳入 ，同时剔除江苏银行和顺丰控股。 | 177 | | | | --- | --- | --- | | 股票简称 | 本地代码 | 国际代码 | | 洛阳钼业 | 603993 | BP3R574 | | 阳光电源 | 300274 | BD5CGB4 | | 1125 | | | | --- | --- | --- | | 票简称 | 本地代码 | 国际代码 | | [苏银行 | 6009 ...

Core Viewpoint - FTSE Russell announced adjustments to the FTSE China A50 and other indices, effective after the market close on December 19, 2025, reflecting changes in market capitalization of constituent stocks [1] Group 1: Index Adjustments - The FTSE China A50 Index will include Luoyang Molybdenum and Sungrow Power Supply, while excluding Jiangsu Bank and SF Holding [1] - Luoyang Molybdenum's stock price has doubled since July, with a total market capitalization nearing 380 billion yuan [2] - Sungrow Power Supply, a leader in the energy storage sector, has seen its stock price increase by over 200% since July, with a total market capitalization of 367.2 billion yuan as of December 3 [4] Group 2: Backup Stocks and Other Indices - Jiangsu Bank and SF Holding have been placed on the backup stock list for the FTSE China A50 Index, along with companies like Seres, Shenghong Technology, and Wanhua Chemical [6] - The FTSE China 50 Index and FTSE China A150 Index also underwent adjustments, with companies like China Hongqiao, CATL, and Heng Rui Pharmaceutical being added, while others were removed [6][7] - The FTSE China A150 Index will include Ying Shi Innovation, Jiangsu Bank, and others, while excluding Luoyang Molybdenum and others [8]

Core Viewpoint - Luoyang Molybdenum Co., Ltd. is experiencing a positive market response, with a 2.50% increase in stock price and a trading volume of 4.359 billion yuan, indicating strong investor interest in the company [1] Company Overview - Luoyang Molybdenum is the second-largest cobalt producer globally, primarily selling cobalt products such as cobalt hydroxide in international markets [2] - The company is involved in the mining and processing of various metals, including copper, molybdenum, tungsten, cobalt, niobium, and phosphorus, and is recognized as one of the top five molybdenum producers and the largest tungsten producer globally [2] - The company has been expanding its precious metals business, with increasing revenue and profit contributions from gold and silver products [2] Recent Developments - In 2023, the company reported a significant increase in gold production, with a guidance of 25,000 to 27,000 ounces for 2023, representing a year-on-year growth of 56% to 69% [3] - The company completed the acquisition of Ecuador's Odin Mining (Keg House Gold Mine) in the first half of 2025, aiming for production before 2029 [3] Financial Performance - For the period from January to September 2025, Luoyang Molybdenum achieved a revenue of 145.485 billion yuan, a year-on-year decrease of 5.99%, while net profit attributable to shareholders increased by 72.61% to 14.280 billion yuan [8] - The company has distributed a total of 21.562 billion yuan in dividends since its A-share listing, with 10.576 billion yuan in the last three years [9] Shareholder Structure - As of September 30, 2025, the number of shareholders increased to 304,200, reflecting a rise of 28.08% [8] - Major shareholders include Hong Kong Central Clearing Limited and various ETFs, with notable changes in their holdings [9] Market Position - The company ranks 13th in terms of market popularity in the A-share market, indicating a strong presence among investors [1] - The average trading cost of the stock is 13.14 yuan, with the stock price approaching a resistance level of 18.00 yuan, suggesting potential for upward movement if this level is surpassed [6]

智通财经APP获悉，12月3日，富时罗素宣布对富时中国50指数、富时中国A50指数、富时中国A150指 数、富时中国A200指数及富时中国A400指数进行审议调整，该调整将于2025年12月19日(星期五)收盘 后(即2025年12月22日，星期一)生效。其中，富时中国A50指数纳入洛阳钼业(603993.SH)、阳光电源 (300274.SZ)，剔除江苏银行(600919.SH)等。备选股名单为：江苏银行(600919.SH)、顺丰控股 (002352.SZ)、赛力斯(601127.SH)、胜宏科技(300476.SH)、万华化学(600309.SH)。 ...