摩根大通发布研报称，自7月初以来，MSCI中国材料指数的表现优于MSCI中国指数19%，受惠于相关 企业上半年业绩基本稳健表现、降息预期升温以及内地反内卷化政策主题。该行认为原材料板块下半年 将延续这优异表现，看好材料指数表现顺序为铜或金、铝、钢铁、煤炭、锂。 该行指，紫金矿业（601899）(02899)仍是其首选，其盈利增长强劲，维持"增持"评级及目标价28港 元，又指看好铜股，并建议投资者在股份高整之时买进洛阳钼业（603993）(03993)(维持"增持"评级及 目标价13.5港元)。该行表示，该行上调鞍钢股份（000898）(00347)目标价由1港元升至2.3港元，其评级 由"减持"升至"中性"。 ...

摩根大通发表中国原材料行业报告指，自7月初以来，MSCI中国材料指数的表现优于MSCI中国指数 19%，受惠于相关企业上半年业绩基本稳健表现、降息预期升温以及内地反内卷政策主题。该行认为原 材料板块下半年将延续这优异表现，看好材料指数表现顺序为铜或金、铝、钢铁、煤炭、锂。 该行指，紫金矿业仍是其首选，其盈利增长强劲，维持"增持"评级及目标价28港元；又指看好铜股，并 建议投资者在股份高整之时买进洛阳钼业，维持"增持"评级及目标价13.5港元。该行将鞍钢目标价由1 港元上调至2.3港元，评级由"减持"升至"中性"。 ...

Core Viewpoint - Luoyang Molybdenum Co., Ltd. shows strong trading activity with significant financing and margin trading, indicating investor interest and potential growth opportunities in the company [1][2]. Financial Performance - For the first half of 2025, Luoyang Molybdenum achieved operating revenue of 94.773 billion yuan, a year-on-year decrease of 7.83% [2]. - The net profit attributable to shareholders reached 8.671 billion yuan, reflecting a year-on-year increase of 60.07% [2]. Shareholder and Market Activity - As of September 2, 2023, Luoyang Molybdenum's financing buy-in amounted to 728 million yuan, with a net buy of 188 million yuan [1]. - The total financing and margin trading balance reached 2.530 billion yuan, indicating a high level of investor engagement [1]. - 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 [3]. Shareholding Structure - As of June 30, 2025, the number of shareholders decreased to 237,500, a reduction of 15.95% [2]. - Major institutional shareholders include Hong Kong Central Clearing Limited and various ETFs, with notable increases in their holdings [3].

Group 1 - Copper prices reached a two-month high, supported by a weaker dollar, positive economic data from China, and optimistic expectations for a U.S. interest rate cut [1][2] - The London Metal Exchange (LME) benchmark copper rose by 0.9% to $9,971 per ton, with an earlier peak of $9,984.50 per ton [2] - Chinese refined copper apparent consumption is expected to grow by approximately 10% year-on-year in the first half of 2025, according to Zijin Mining Group [2] Group 2 - Goldman Sachs analysts warned that while expectations for U.S. interest rate cuts provide support, a loose physical market and ongoing weak economic data may pressure the industry [2] - CITIC Securities reported that the domestic copper mining sector's price-to-earnings (PE) ratio has been running between 10-15x over the past three years, with continuous valuation increases this year due to declining supply growth and strong domestic demand [2] - The domestic copper mining sector is expected to see improvements in both profitability and valuation, with copper prices potentially reaching $10,500 per ton in Q3-Q4 2025 [2] Group 3 - Related companies in the copper mining sector include Luoyang Molybdenum (603993)(03993), Zijin Mining (02899), China Nonferrous Mining (01258), Minmetals Resources (01208), Jiangxi Copper (600362)(00358), and China Railway (601390)(00390) [3]

"随着新一轮周期更替，新的重大机会窗口正在出现，我们要做好准备、枕戈待旦。"洛阳钼业在2025年 年初的董事会信函中这样写道。 当前，铜精矿供应趋紧，下游需求稳中有增。市场预计美联储或开启降息周期，以铜为代表的美元计价 大宗商品有望获得支撑。在此背景下，洛阳钼业在并购方面释放出一系列新信号。6月，公司完成厄瓜 多尔凯歌豪斯金矿交割，正式布局黄金资源，这是2020年12月以来公司的首单并购。此外，上半年公司 高管团队密集调整，新任董事长刘建锋主导了多宗大型跨国并购与资源整合项目。 "本次收购完成后，公司铜业务将得到加强，成为世界重要的铜生产企业；此外，因上述矿区钴的储量 及现有产能均位居世界前列，随着未来电动汽车用锂电池和超级合金的高速发展，钴业务将成为公司重 要的利润增长点。"洛阳钼业表示。 通过一次次的并购，洛阳钼业实现了周期中的成长。相较于公司国际化扩张元年2013年，2024年公司的 营业收入增长了37.45倍，经营性现金流增长了22.6倍。资本市场表现方面，9月2日盘中洛阳钼业股价一 度涨至14.1元，创下公司上市以来新高。近期，上海证券报记者走访洛阳钼业栾川矿区，探寻这家有色 金属龙头企业的成长轨迹 ...

Core Viewpoint - The article highlights the selection of 240 stocks as "golden stocks" by brokerages, with a focus on those recommended by multiple firms, indicating strong investment interest in these companies [1] Group 1: Company Summaries - **Luoyang Molybdenum (603993.SH)**: A leading global producer of copper and cobalt, benefiting from rising prices and increased production, with a net profit growth of 55.49% in H1 2025 [2] - **Muyuan Foods (002714.SZ)**: A top player in pig farming with a significant cost advantage, experiencing a 952.92% increase in net profit in H1 2025 due to rising pig prices [3][4] - **AVIC Shenyang Aircraft (600760.SH)**: A core manufacturer of fighter jets, facing a decline in revenue and profit in H1 2025 but with strong future order potential [5] - **ZTE Corporation (000063.SZ)**: The fourth-largest global telecom equipment provider, seeing a 54.39% stock price increase driven by AI demand, despite a decline in net profit [6] - **Kingsoft Office (688111.SH)**: A leading office software provider with a strong user base, experiencing growth in subscription revenue but facing high valuation concerns [9] - **NewEase (300502.SZ)**: Specializes in optical modules with a significant market share, achieving a remarkable 340.13% stock price increase due to AI demand [10] - **Haiguang Information (688041.SH)**: Develops high-end processors, benefiting from AI demand and a strong order backlog, but facing high valuation risks [11] - **Luzhou Laojiao (000568.SZ)**: A leading producer of strong-flavor liquor, experiencing a 20.50% stock price increase despite a decline in revenue and profit [13] - **Shede Spirits (600702.SH)**: A liquor company with a diverse product range, seeing a 31.25% stock price increase amid expectations of consumption recovery [15] - **Zhaoyi Innovation (603986.SH)**: A semiconductor company benefiting from rising storage chip prices, with a 56.16% stock price increase and a forecasted profit growth of 41.52% [17] Group 2: Market Trends and Investment Logic - The overall market sentiment is positive for the selected stocks, driven by sector-specific demand and price increases, particularly in commodities and technology [1][2][3][4][5][6][10][11][13][15][17] - The companies are positioned well within their respective industries, with strong competitive advantages and growth potential, although some face high valuations and market risks [9][10][11][13][15][17]

Core Viewpoint - The rare metals sector is experiencing fluctuations, with the China Rare Metals Theme Index down by 2.08% as of September 2, 2025, while certain stocks like Zhuhai Group and China Rare Earth show positive gains [1][4]. Group 1: Market Performance - The rare metals ETF (562800) has seen a weekly increase of 5.36% as of September 1, 2025, ranking it first among comparable funds [1]. - The ETF's trading volume reached 7.74% with a transaction value of 168 million yuan, and its average daily trading volume over the past week was 214 million yuan, also ranking first among comparable funds [3]. - The ETF's latest scale reached 2.2 billion yuan, marking a new high since its inception, and its share count reached 2.814 billion, also a record high [3]. Group 2: Fund Flows and Returns - The rare metals ETF recorded a net inflow of 81.9564 million yuan, with four out of the last five trading days showing net inflows totaling 313 million yuan [3]. - Over the past year, the ETF's net value has increased by 90.48%, placing it in the top 12.31% among 2,990 index equity funds [3]. - The ETF has achieved a maximum monthly return of 24.02% since inception, with the longest consecutive monthly gains being four months and an average monthly return of 8.77% [3]. Group 3: Industry Trends and Policies - The rare earth industry is entering a traditional consumption peak season, with increased downstream demand driving up prices for rare earths, tungsten, and cobalt [4]. - Recent policies aimed at regulating the rare earth sector have heightened expectations for supply-side tightening, contributing to a rapid price recovery for rare earth products [4]. - The top ten weighted stocks in the China Rare Metals Theme Index account for 57.58% of the index, with significant players including Northern Rare Earth and Luoyang Molybdenum [4][6].

Core Viewpoint - The A-share market is experiencing a slight consolidation, with a noticeable trend of "high cutting and low buying" in recent funds, particularly focusing on the solid performance and high valuation of the non-ferrous metal sector during the interim report season [1][3] Group 1: Market Performance - The Non-ferrous 50 ETF (159652) saw a significant net inflow of over 1 billion yuan in a single day, with four out of the last five days showing net inflows totaling over 1.85 billion yuan [3] - As of the latest data, the Non-ferrous 50 ETF (159652) has surpassed a scale of 10 billion yuan, with both fund shares and scale reaching new highs since its listing [3] - The Non-ferrous 50 ETF (159652) experienced a net subscription of 2.9 million shares, translating to a real-time net subscription amount exceeding 37 million yuan [1] Group 2: Price Movements - Silver trading prices have surpassed 40 USD per ounce, marking the highest level since 2011 [5] - On September 1, tungsten concentrate prices surged by 12,000 yuan, reaching 264,000 yuan per ton, with a growth rate of 4.76%, and a cumulative increase of nearly 35% over the past two months [5] - COMEX gold futures rose over 1% on September 1, reaching a peak of 3,552 USD per ounce, setting a new historical high [5] Group 3: Sector Analysis - Analysts indicate that the A-share precious metals and industrial metals sectors are currently in a "high profitability, low valuation" phase, with expectations for valuation increases driven by active capital market trading and the "high cutting and low buying" rotation effect [3] - The non-ferrous sector is experiencing a comprehensive growth across various sub-sectors, with price-driven earnings per share (EPS) and improved sentiment contributing to a dual boost in price-to-earnings (PE) ratios [5] - The Non-ferrous 50 ETF (159652) is highlighted as a leading option for investors looking to capitalize on future opportunities in precious and industrial metals, given its higher copper content and scale [6][10]

截至2025年9月2日 09:42，中证全指自由现金流指数(932365)上涨0.86%，成分股白银有色(601212)上涨10.08%，捷佳伟创(300724)上涨8.93%，国药现代 (600420)上涨3.91%，健康元(600380)上涨3.66%，洛阳钼业(603993)上涨3.40%。自由现金流ETF基金(159233)上涨1.24%， 冲击4连涨。最新价报1.14元。拉 长时间看，截至2025年9月1日，自由现金流ETF基金近2周累计上涨3.58%。 自由现金流ETF基金紧密跟踪中证全指自由现金流指数，中证全指自由现金流指数选取100只自由现金流率较高的上市公司证券作为指数样本，以反映现金 流创造能力较强的上市公司证券的整体表现。 数据显示，截至2025年8月29日，中证全指自由现金流指数(932365)前十大权重股分别为中国海油(600938)、五粮液(000858)、中远海控(601919)、洛阳钼业 (603993)、格力电器(000651)、牧原股份(002714)、中国铝业(601600)、陕西煤业(601225)、正泰电器(601877)、泸州老窖(000568)，前十大权重股合计占 ...

Core Viewpoint - Luoyang Molybdenum Co., Ltd. has shown significant trading activity and financial performance, with notable increases in net profit and high levels of financing and short selling [1][2][3] Financial Performance - For the period from January to June 2025, Luoyang Molybdenum achieved operating revenue of 94.773 billion yuan, a year-on-year decrease of 7.83% [2] - The company's net profit attributable to shareholders reached 8.671 billion yuan, reflecting a year-on-year increase of 60.07% [2] Trading Activity - On September 1, 2023, Luoyang Molybdenum's stock price increased by 9.47%, with a trading volume of 4.793 billion yuan [1] - The financing buy-in amount for the same day was 594 million yuan, while the financing repayment was 309 million yuan, resulting in a net financing buy-in of 285 million yuan [1] - As of September 1, the total financing and securities lending balance was 2.337 billion yuan [1] Shareholder Information - As of June 30, 2025, the number of shareholders for Luoyang Molybdenum was 237,500, a decrease of 15.95% from the previous period [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 69.4089 million shares [3] Dividend Distribution - Since its A-share listing, Luoyang Molybdenum has distributed a total of 21.562 billion yuan in dividends, with 10.576 billion yuan distributed in the last three years [3] Market Position - The company's main business involves the mining, selection, deep processing, and trading of rare metals such as molybdenum, tungsten, and gold [2] - The revenue composition includes refined metal product trading (48.56%), concentrate product trading (38.31%), and other metals [2]