Group 1 - The core viewpoint of the articles highlights the strong performance of the non-ferrous metal industry, driven by the increasing demand for industrial metals due to the development of AI and the ongoing upgrades in energy infrastructure [1][2] - The National Index for Non-Ferrous Metals (399395) has seen a significant increase of 1.57%, with key stocks such as Placo New Materials (300811) rising by 7.90% and Luoyang Molybdenum (603993) by 4.04% [1] - International investment bank Goldman Sachs has reported that the rapid development of artificial intelligence is pushing energy security to the forefront, which will significantly boost the demand for metals [1] Group 2 - Dongguan Securities predicts that copper prices are likely to continue rising due to improved supply-demand dynamics and the onset of a global interest rate cut cycle [2] - Aluminum is highlighted for its unique performance advantages and expanding applications, particularly in sectors such as automotive lightweighting and construction materials [2] - The Non-Ferrous ETF closely tracks the National Index for Non-Ferrous Metals, reflecting the overall performance of listed companies in the non-ferrous metal sector [2][3] Group 3 - As of October 31, 2025, the top ten weighted stocks in the National Index for Non-Ferrous Metals account for 52.91% of the index, with companies like Zijin Mining (601899) and Luoyang Molybdenum (603993) among the leaders [3] - The Non-Ferrous ETF (159880) includes various fund links, providing investors with options to engage in index-based investments in the non-ferrous metal sector [3]

Group 1: Copper - The supply-demand imbalance for copper is becoming evident, with the price center expected to rise due to tight copper concentrate supply and surging green demand [1] - Global copper mine grades are declining, and long-term insufficient capital expenditure has limited new mining projects, contributing to a tight copper concentrate market [1] - Demand for copper is supported by investments in electricity, new energy vehicles, and data center construction, driven by global monetary easing and green transition trends [1] - Recommended companies to focus on include Zijin Mining (601899.SH) and Luoyang Molybdenum (603993.SH), which have rich resource reserves and clear capacity planning [1] Group 2: Aluminum - The supply of electrolytic aluminum is tight, with domestic capacity capped at 45 million tons and limited new capacity, while overseas production progress is slow [2] - The demand for electrolytic aluminum shows structural resilience, and prices are expected to rise due to rigid supply, low inventory, and cost support [2] - The average price of electrolytic aluminum is projected to be around 22,000 yuan/ton by 2026, with increasing profitability leading companies to raise dividend ratios [2] - Key companies to watch include Yunnan Aluminum (000807.SZ), Mingtai Aluminum (601677.SH), and Shenhuo Group (000933.SZ) [2] Group 3: Precious Metals - The value of gold as an investment is highlighted amid the Fed's policy shift and ongoing global macro uncertainties [3] - Silver, with both industrial and monetary properties, shows stronger price elasticity during liquidity easing cycles [3] - The gold-silver ratio is expected to decline from around 100 in May 2025 to about 80 by November 2025, indicating potential for downward correction [3] - Recommended investment opportunities include Zijin Mining (601899.SH), Shandong Gold (600547.SH), Zhongjin Gold (600489.SH), and Shengda Resources (000603.SZ) [3] Group 4: Superhard Materials - Traditional demand for superhard products is under pressure, leading the industry into a downturn [4] - However, breakthroughs in functional diamond technology are opening new growth opportunities, particularly in high-end chip cooling applications [4] - Companies to focus on include Guoji Precision (002046.SZ), which has made progress in functional diamonds, and Sifangda (300179.SZ), which has large-scale CVD diamond production lines [4]

从基金十大重仓股角度 数据显示，国海富兰克林基金旗下1只基金重仓洛阳钼业。国富焦点驱动混合A（000065）三季度持有 股数1.86万股，占基金净值比例为0.54%，位居第六大重仓股。根据测算，今日浮盈赚取约1.43万元。 11月25日，洛阳钼业涨5.02%，截至发稿，报16.12元/股，成交18.64亿元，换手率0.67%，总市值 3448.76亿元。 资料显示，洛阳栾川钼业集团股份有限公司位于河南省洛阳市栾川县城东新区画眉山路伊河以北，成立 日期1999年12月22日，上市日期2012年10月9日，公司主营业务涉及主要从事钼、钨及黄金等稀贵金属 的开采、选冶、深加工、贸易、科研等。生产所需原辅材料、机械设备、仪器仪表、零配件的进口(上 述进出口项目凭资格证书经营)。金属贸易。主营业务收入构成为：精炼金属产品贸易48.56%，精矿产 品贸易38.31%，铜27.14%，钴6.04%，钼3.12%，磷2.23%，铌1.88%，钨1.17%，其他(补充)0.11%。 国富焦点驱动混合A（000065）成立日期2013年5月7日，最新规模4981.09万。今年以来收益2.89%，同 类排名7082/8136；近一 ...

Investment Rating - The report maintains an "Overweight" rating for the non-ferrous metals industry [1] Core Views - The non-ferrous metals sector experienced a decline of 6.75% during the week of November 17-21, ranking low among all primary industries. The industrial metals segment saw significant price drops due to a combination of declining macroeconomic expectations and seasonal demand weakness [1][14] - The report emphasizes that while industrial metals are currently under pressure, the overall macroeconomic environment remains supportive for a bullish outlook in the long term, contingent on demand recovery [1][27] Summary by Sections Market Review - The Shanghai Composite Index fell by 3.90%, with the non-ferrous metals sector underperforming, down 6.75% [14] - Among sub-sectors, industrial metals dropped 8.28%, while precious metals fell 3.32% [14] Industrial Metals - **Copper**: Prices fell with LME copper at $10,778/ton (-0.63%) and SHFE copper at ¥85,660/ton (-1.43%). Supply concerns arose from a mining accident in Congo, while demand showed no significant improvement [2][29] - **Aluminum**: LME aluminum closed at $2,808/ton (-1.77%) and SHFE aluminum at ¥21,340/ton (-2.29%). The market is affected by geopolitical tensions and weak domestic demand [3][36] - **Zinc**: LME zinc prices decreased to $2,992/ton (-0.75%), with LME inventories rising significantly [37] - **Tin**: Prices remained stable with LME tin at $36,970/ton (+0.30%), amid tightening supply signals [40] Precious Metals - **Gold**: COMEX gold closed at $4,062.80/oz (-0.53%) and SHFE gold at ¥926.94/g (-2.75%). The ADP employment data did not indicate a strong recovery in the labor market, contributing to price weakness [4][43] - The report suggests that despite short-term pressures, precious metals remain within a macro bullish framework, with attention needed on potential liquidity risks from rising Japanese bond yields [4][44]

洛阳钼业11月24日大宗交易平台出现一笔成交，成交量90.00万股，成交金额1381.50万元，大宗交易成 交价为15.35元。该笔交易的买方营业部为机构专用，卖方营业部为国泰海通证券股份有限公司总部。 进一步统计，近3个月内该股累计发生12笔大宗交易，合计成交金额为2.77亿元。 证券时报·数据宝统计显示，洛阳钼业今日收盘价为15.35元，上涨1.12%，日换手率为0.93%，成交额为 24.96亿元，全天主力资金净流入3968.92万元，近5日该股累计下跌4.36%，近5日资金合计净流出12.38 亿元。 两融数据显示，该股最新融资余额为33.32亿元，近5日减少2.61亿元，降幅为7.26%。 据天眼查APP显示，洛阳栾川钼业集团股份有限公司成立于1999年12月22日，注册资本427886.20352万 人民币。（数据宝） 11月24日洛阳钼业大宗交易一览 | 成交量（万 | 成交金额（万 | 成交价格 | 相对当日收盘折溢价 | 买方营 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | 股） | 元） | （元） | （%） | 业部 | | | 9 ...

Investment Strategy Overview - The report maintains a standard rating for the non-ferrous metals industry, highlighting the positive outlook for copper and aluminum, while emphasizing the potential for rare metals and lithium to rise due to supply-demand dynamics and technological advancements [1][3]. Copper Industry - The copper supply-demand landscape is influenced by ongoing global supply disruptions and a favorable macroeconomic environment, with expectations for price increases supported by a global interest rate cut cycle [3][21]. - Domestic copper production is projected to slow down due to tightening copper concentrate supplies and low smelting fees, while demand from the renewable energy sector and AI electronics is expected to continue rising [3][50]. - In the first three quarters of 2025, China's refined copper production reached 889.5 million tons, a year-on-year increase of 13.14%, driven by significant contributions from recycled copper and improved smelting technology [3][28]. Aluminum Industry - The aluminum market is characterized by rigid supply constraints and differentiated demand, with prices expected to rise due to strong demand from the renewable energy sector and gradual recovery in the real estate market [3][55]. - Domestic aluminum production is supported by stable bauxite supply and increasing imports, with a notable rise in imported bauxite by 33.6% year-on-year [3][59]. - The report indicates that the aluminum price is likely to maintain an upward trajectory due to the ongoing economic recovery and the anticipated demand from various sectors [3][55]. Strategic Metals - The rare earth supply is expected to stabilize, but demand needs to be boosted, particularly from sectors like electric vehicles and renewable energy [3][4]. - Tungsten supply is projected to remain tight due to resource depletion and environmental regulations, while demand is stable, driven by applications in hard alloys and emerging technologies [3][4]. - Lithium production is set to benefit from the rapid expansion of energy storage and solid-state battery technologies, with a significant increase in demand anticipated [3][4]. Precious Metals - Gold is expected to maintain its upward momentum due to declining dollar credit and ongoing central bank purchases, despite short-term volatility [3][5]. - The report highlights that gold's monetary attributes are likely to be reinforced amid geopolitical tensions and a global trend towards de-dollarization [3][19]. Investment Recommendations - The report suggests focusing on companies such as Tianshan Aluminum (002532), Luoyang Molybdenum (603993), and Western Mining (601168) for industrial metals, while recommending Xiamen Tungsten (600549) and Xingye Silver Tin (000426) for small metals and new materials [6]. - For energy metals, Ganfeng Lithium (002460) and Tianqi Lithium (002466) are highlighted as key players to watch [6]. - In the precious metals sector, Zijin Mining (601899) and Chifeng Jilong Gold Mining (600988) are recommended due to their potential for price appreciation [6].

11月24日，洛阳钼业大宗交易成交90万股，成交额1381.5万元，占当日总成交额的0.55%，成交价15.35 元，较市场收盘价15.35元持平。 | 交易日期 证券简称 | | 蓬券代码 | 成交价(元) 成交金额(万元) 成交量(*) 买入营业部 | | | 奥出营业部 | 是否为专场 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-11-24 | 洛阳相业 | 603993 | 15.35 1381.5 | 90 | 机构专用 | 母唇表酒店塑胶的 | | Ka | ...

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 ...

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].

智通财经APP获悉，东方证券发布研报称，全球第二大铜矿Grasberg宣布重启和复产计划，预计未来产 量持续增长。该行认为，在中期矿端干扰被逐渐排除的情况下，如Grasberg、Cobre Panamá等铜矿的重 新恢复正常生产或将显著贡献矿端增量，铜矿供给端的紧张局势有望得到缓解。另指铜冶炼费或存边际 向上改善空间，关注中期铜冶炼企业的投资机会。 东方证券主要观点如下： 全球第二大铜矿Grasberg宣布重启和复产计划，预计未来产量持续增长 26-27年铜冶炼产量增速或低于铜矿供给端，铜冶炼费有望边际向好 在中期矿端干扰被逐渐排除、大型铜矿有望复产的预期下，26-27年铜矿供给端放量增速或较25年显著 提升，据测算26-27年铜矿产量增速同比可达3.3%、5.3%。当前海外多家冶炼厂因铜精矿紧缺、成本高 企而收缩产能，叠加国内中游铜冶炼端"反内卷"政策措施落地的预期，中期铜冶炼产量增速或低于铜矿 供给端。该行认为，铜冶炼费或存边际向上改善空间，关注中期铜冶炼企业的投资机会。 投资建议与投资标的 铜冶炼端：建议关注全国最大铜冶炼企业之一、且具有米拉多铜矿资源放量提升铜精矿自给率预期的铜 陵有色(000630. ...