Investment Rating - The report maintains an "Accumulate" rating for the copper industry [6]. Core Viewpoints - Short-term copper prices are expected to fluctuate, but there is optimism for an upward trend due to demand recovery. As of November 14, 2025, SHFE copper closed at 86,900 CNY/ton, up 1.12% from November 7, and LME copper closed at 10,846 USD/ton, up 1.41% [1]. - Supply remains tight as Freeport has reduced copper production for 2025-2026, while cable companies are seeing a recovery in operating rates amid rising copper prices. The demand-supply balance is expected to remain tight, supporting further price increases [1][4]. Summary by Sections Inventory - Domestic copper social inventory decreased by 1.1%, while LME copper inventory fell by 0.4%. As of November 14, 2025, domestic port copper concentrate inventory was 648,000 tons, up 2.9% from the previous week [2][26]. - Global electrolytic copper inventory totaled 621,000 tons as of November 10, 2025, up 2.5% from November 3. LME copper global inventory was 136,000 tons, down 0.4% [2][26]. Supply - The price difference between refined and scrap copper increased by 500 CNY/ton this week, reaching 3,488 CNY/ton as of November 14, 2025 [2][55]. - China's copper concentrate production in July 2025 was 138,000 tons, down 6.3% month-on-month and 1.6% year-on-year [2][47]. Smelting - The TC spot price decreased by 0.5 USD/ton this week, with the current TC spot price at -41.82 USD/ton, the lowest since September 2007 [3][62]. - China's electrolytic copper production in October 2025 was 1.0916 million tons, down 2.6% month-on-month but up 9.6% year-on-year [3][67]. Demand - Cable companies' operating rates increased by 0.9 percentage points this week, reaching 64.36% as of November 13, 2025 [3][76]. - Air conditioning production is expected to decline year-on-year by 23.7% in November, 12.8% in December, but improve by 16.1% in January 2026 [3][94]. Futures - SHFE copper active contract positions decreased by 6% this week, with a total position of 192,000 lots as of November 14, 2025 [4][33]. Investment Recommendations - The report suggests that with tightening supply and improving demand, copper prices are likely to continue rising. Recommended stocks include Zijin Mining, Western Mining, Luoyang Molybdenum, and Jincheng Mining, with a focus on Tongling Nonferrous Metals [4][5].

Investment Rating - The report maintains a "Buy" rating for the industry, highlighting several companies as key investment opportunities [6][7]. Core Views - The report emphasizes that the end of the U.S. government shutdown and improving liquidity will support price performance in the metals market. It notes that macroeconomic factors, including weak economic data and interest rate cut expectations, will continue to influence metal prices positively [2][4]. Summary by Sections 1. Industry and Stock Performance - The Shanghai Composite Index fell by 0.18%, while the SW Nonferrous Index rose by 0.20% during the week [3]. - Precious metals like gold and silver saw significant increases, with gold up by 1.91% and silver by 4.51% [3]. 2. Base Metals 2.1 Industrial Metals - Copper prices are supported by a decline in the U.S. consumer confidence index and expectations of interest rate cuts, despite a decrease in import volumes due to operational inefficiencies at Tanzanian ports [4][48]. - Aluminum production capacity remained stable, with domestic supply holding firm. However, demand is expected to weaken as the market transitions from peak to off-peak seasons [4][27]. - The report recommends companies such as Luoyang Molybdenum, Zijin Mining, and China Aluminum for investment [4]. 2.2 Energy Metals - The report is optimistic about energy metals, particularly lithium and cobalt, due to sustained demand from the energy storage sector and electric vehicles. Cobalt prices are expected to rise due to supply shortages [5]. - Key companies recommended include Huayou Cobalt and Tianqi Lithium [5]. 2.3 Precious Metals - The report anticipates continued upward movement in gold and silver prices, driven by central bank purchases and weakening U.S. dollar credit. It highlights geopolitical tensions as a significant factor influencing precious metal prices [5][80]. - Recommended companies in this sector include Western Gold and Shandong Gold [5]. 3. Price and Inventory Changes - The report provides detailed price changes for various metals, noting that aluminum prices are expected to range between 21,700 and 22,400 CNY/ton, while copper is projected to fluctuate between 86,000 and 89,000 CNY/ton [28][49]. - Inventory levels for aluminum and copper have shown mixed trends, with some increases in LME stocks for zinc and lead [14][50]. 4. Company Earnings Forecasts - The report includes earnings per share (EPS) forecasts for several companies, with Zijin Mining projected to have an EPS of 1.21 CNY in 2024, and Huayou Cobalt expected to reach 2.50 CNY [6].

Investment Rating - The report maintains a "Market Weight" rating for the non-ferrous metals industry, indicating that the industry index is expected to perform within ±10% of the market index over the next six months [64]. Core Views - The non-ferrous metals industry has shown resilience, with a 0.99% increase over the past two weeks, outperforming the CSI 300 index by 1.15 percentage points [3][13]. - The report highlights a positive outlook for copper due to increasing demand in the renewable energy sector, despite a projected global copper surplus of 178,000 tons in 2025 [6][59]. - Precious metals are experiencing volatility, with gold prices expected to rise again after a period of fluctuation, supported by declining dollar credit and reduced risk aversion [60][61]. - The energy metals sector is benefiting from new regulations in lithium mining, which are expected to support prices and production costs [61]. Summary by Sections Market Review - As of November 13, 2025, the non-ferrous metals industry has increased by 3.08% this month and 81.32% year-to-date, ranking first among 31 industries [13][18]. - The energy metals sector rose by 5.68% this month, while the precious metals sector increased by 2.28% [18]. Price Analysis - As of November 13, 2025, LME prices are as follows: copper at $10,859/ton, aluminum at $2,877/ton, lead at $2,075/ton, zinc at $3,040.50/ton, nickel at $14,955/ton, and tin at $37,065/ton [24][59]. - COMEX gold is priced at $4,174.50/oz, and silver at $52.23/oz as of November 13, 2025 [35][41]. Industry News - The International Copper Study Group (ICSG) forecasts a 1.4% growth rate for global copper mines in 2025, primarily due to significant accidents at major mines [59]. - New regulations in Jiangxi province regarding lithium mining are expected to increase production costs, thereby supporting lithium prices [53][61]. Company Announcements - Western Mining (601168) and Luoyang Molybdenum (603993) are recommended for attention due to their strong performance and growth potential in the non-ferrous metals sector [62][59].

- The report introduces a quantitative model named "250-day new high distance" to monitor market trends and identify investment hotspots. The model is based on momentum and trend-following strategies, which have been proven effective in previous studies. It calculates the distance between the latest closing price and the highest closing price in the past 250 trading days using the formula: $ 250\text{-day new high distance} = 1 - \frac{\text{Close}_{t}}{\text{ts\_max}(\text{Close}, 250)} $ where $\text{Close}_{t}$ represents the latest closing price, and $\text{ts\_max}(\text{Close}, 250)$ is the maximum closing price over the past 250 trading days. If the latest closing price reaches a new high, the distance is 0; otherwise, it is a positive value indicating the degree of pullback [11][19][27] - The model is evaluated positively for its ability to track market trends and identify leading stocks that are consistently reaching new highs. It is inspired by methodologies from notable researchers and practitioners such as George (2004), William O'Neil, and Mark Minervini, who emphasize the importance of monitoring stocks near their 52-week highs [11][18][19] - The report also introduces a screening method for "stable new high stocks," focusing on stocks with smooth price paths and consistent momentum. The screening criteria include analyst attention (at least five buy or overweight ratings in the past three months), relative price strength (top 20% in 250-day returns), price path smoothness (measured by price displacement ratio), and trend continuation (average 250-day new high distance over the past 120 days and past five days). Stocks meeting these criteria are ranked, and the top 50% are selected [25][27][28] - The backtesting results show that 1080 stocks reached 250-day new highs in the past 20 trading days. Among them, the highest numbers are in the basic chemicals, machinery, and electric power equipment & new energy sectors. The highest proportions are in coal, steel, and non-ferrous metals sectors. Additionally, 39 stocks were identified as "stable new high stocks," with the majority belonging to cyclical and manufacturing sectors [19][20][28] - Key metrics for indices include the 250-day new high distance for major indices as of November 14, 2025: Shanghai Composite Index (0.97%), Shenzhen Component Index (3.71%), CSI 300 (2.52%), CSI 500 (4.15%), CSI 1000 (1.90%), CSI 2000 (0.66%), ChiNext Index (6.40%), and STAR 50 Index (11.56%) [12][13][32] - Key metrics for industries include the 250-day new high distance for sectors such as textiles & apparel (0.00%), light manufacturing (0.08%), comprehensive (0.06%), transportation (0.14%), and steel (0.36%) [13][15][32] - Key metrics for concepts include the 250-day new high distance for HJT batteries, home furnishings, forestry, equal-weight micro-cap stocks, energy storage, oil & gas, and lithium mining concepts, which are relatively close to their 250-day highs [15][17][32]

Group 1 - The report tracks stocks, industries, and sectors that are reaching new highs, indicating market trends and hotspots [1][4][26] - As of November 14, 2025, the distance to the 250-day new high for major indices is as follows: Shanghai Composite Index at 0.97%, Shenzhen Component Index at 3.71%, CSI 300 at 2.52%, and others [6][26] - Among the CITIC first-level industry indices, textiles and apparel, light industry manufacturing, comprehensive, transportation, and steel industries are closest to their 250-day new highs, while food and beverage, comprehensive finance, defense, automotive, and computer industries are further away [9][26] Group 2 - A total of 1,080 stocks reached a 250-day new high in the past 20 trading days, with the highest number in the basic chemical, machinery, and electric power equipment and new energy sectors [2][14][26] - The highest proportion of new high stocks is found in the coal, steel, and non-ferrous metal industries, with respective proportions of 50.00%, 39.62%, and 37.90% [14][26] - By sector distribution, the cyclical and manufacturing sectors had the most new high stocks, with 358 and 304 stocks respectively [17][26] Group 3 - The report identifies 39 stocks that have shown stable new highs, with the majority coming from the cyclical and manufacturing sectors, specifically in basic chemicals and machinery [19][22][27] - The selection criteria for stable new high stocks include analyst attention, relative strength of stock prices, price path smoothness, and continuity of new highs [21][27] - The report emphasizes the importance of tracking leading stocks that consistently reach new highs as indicators of market and industry trends [13][27]

Core Views - The report emphasizes that the metal industry is expected to see a rise in prices and profitability due to supply-demand dynamics and interest rate cuts, with a focus on industrial metals like copper and aluminum [5][6][10]. Industrial Metals - Copper prices are projected to rise as the global copper market faces a supply shortage of approximately 1% in 2026 and 0.5% in 2027, primarily due to the anticipated recovery of the Grasberg and Panama copper mines [5][23]. - The report notes that the Grasberg copper mine's production cut has led to a significant upward adjustment in copper price expectations, with a potential price increase from 79,000 CNY/ton to 82,000-83,000 CNY/ton [21][24]. - Aluminum profitability is expected to increase further, with China's electrolytic aluminum capacity utilization reaching 98%, indicating a tight supply-demand balance that could lead to price surges if demand exceeds expectations [5][30]. Precious Metals - The long-term outlook for gold remains positive, driven by factors such as weakening U.S. non-farm data, manageable inflation, and a dovish stance from the Federal Reserve, which is expected to lower interest rates further [6][10]. Energy Metals - Cobalt prices are anticipated to rise due to policy changes in the Democratic Republic of Congo, which has implemented an export quota system that could create a supply-demand gap of over 10% in the global cobalt market [7]. - The lithium industry is expected to enter a new growth cycle, with demand for energy storage batteries significantly exceeding previous forecasts, leading to a potential supply shortage if production does not keep pace [8]. Minor Metals - The strategic importance of rare earth metals is highlighted, with China maintaining a dominant position in global production and supply, which is expected to strengthen prices further [10]. - Tungsten prices may rise due to recovering overseas demand and relaxed export controls, while antimony prices are also expected to increase following recent export policy adjustments [11][12]. Uranium - The demand for uranium is projected to increase alongside the growth of nuclear power generation in China, with expectations of a significant rise in nuclear capacity by 2035 [13]. Recommended Stocks - The report suggests a selection of stocks across various metal sectors, including copper, aluminum, precious metals, energy metals, and minor metals, indicating a diversified investment strategy [14].

Core Viewpoint - Luoyang Molybdenum Co., Ltd. has seen significant trading activity, with a notable block trade on November 13, indicating investor interest and potential market movements [2][3]. Group 1: Trading Activity - On November 13, a block trade of 240,000 shares was executed at a transaction value of 4.0416 million yuan, with a trading price of 16.84 yuan per share [2][3]. - The buyer was Guotai Junan Securities Co., Ltd. headquarters, while the seller was Huatai Securities Co., Ltd. Beijing West Third Ring International Financial Center [2][3]. - In the last three months, Luoyang Molybdenum has recorded a total of 8 block trades, amounting to 354 million yuan [2]. Group 2: Stock Performance - The closing price of Luoyang Molybdenum on the day of the block trade was 16.84 yuan, reflecting a 4.73% increase [2]. - The stock had a turnover rate of 1.75% and a total trading volume of 5.123 billion yuan for the day, with a net inflow of 349 million yuan in main capital [2]. - Over the past five days, the stock has increased by 1.63%, although there was a net outflow of 205 million yuan during the same period [2]. Group 3: Financing Data - The latest margin financing balance for Luoyang Molybdenum is 3.573 billion yuan, which has increased by 127 million yuan, representing a growth of 3.68% over the past five days [3]. - Luoyang Molybdenum was established on December 22, 1999, with a registered capital of 4.2788620352 billion yuan [3].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 以下為洛陽欒川鉬業集團股份有限公司（「本公司」）於上海證券交易所網站 (www.sse.com.cn )所發佈《洛陽欒川鉬業集團股份有限公司關於對外擔保計劃的公 告》。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：03993） 海外監管公告 承董事會命 洛陽欒川鉬業集團股份有限公司 劉建鋒 董事長 中華人民共和國河南省洛陽市， 二零二五年十一月十三日 於本公告日期，執行董事為劉建鋒先生及闕朝陽先生；非執行董事為林 久新先生及蔣理先生；及獨立非執行董事為王開國先生、顧紅雨女士及 程鈺先生。 * 僅供識別 股票代码：603993 股票简称：洛阳钼业 编号：2025—057 CMOC Group Limited* 二、担保计划执行情况 公司于2025年6月14日、2025年7月11日、2025年8月16日、2025 年10月1 ...

Core Viewpoint - The domestic market is increasingly recognizing the valuation of precious metals and non-ferrous resource stocks, with significant inflows of capital driving a strong upward trend in related assets [1][5]. Group 1: Market Performance - On November 13, 2023, the A-share market saw a comprehensive surge in precious metals and non-ferrous metals, with gold stocks ETF (159562) rising by 3.07% and non-ferrous metals ETF (516650) increasing by 4.06%, significantly outperforming the market [1]. - As of the close on November 13, domestic gold and silver futures rose by 1.56% and 5.48%, respectively, with silver reaching a historical high of 12,588 yuan per kilogram [4]. - The lithium metal sector led the A-share market with a 7.03% increase, while other non-ferrous metals like lead, zinc, nickel, and cobalt also saw gains of over 4% [6]. Group 2: Economic Drivers - The recent bullish trend in resource metals is supported by a favorable international macroeconomic environment, domestic policies, and industry factors, including the ongoing geopolitical tensions and the U.S. trade protectionism [11][12]. - The World Gold Council reported that 95% of surveyed central banks plan to increase their gold holdings in the next 12 months, indicating a strong demand for gold as a "super-sovereign currency" [12]. Group 3: Sector Growth - The lithium battery sector has experienced explosive growth, with domestic sales of new energy vehicles reaching 11.196 million units in the first three quarters of 2025, a year-on-year increase of 34.55% [16]. - The copper market is projected to face a supply shortage, with demand expected to reach 27.29 million tons by 2025, while supply growth lags behind at only 1.1% [17]. - The aluminum sector is characterized by China's dominance, accounting for over 60% of global production and consumption, which provides a significant cost advantage for Chinese aluminum companies [18]. Group 4: Investment Opportunities - The non-ferrous metals ETF (516650) has seen a substantial inflow of funds, with a net inflow of 1.755 billion yuan from August 14 to October 17, 2023, and a year-to-date share increase of 900.76% [24]. - The gold stock ETF (159562) has also performed well, with a year-to-date increase of 86.98%, benefiting from the rising gold prices and favorable tax policies for virtual gold investments [26]. - The overall performance of the non-ferrous metals sector has been outstanding, with 60 out of 90 non-ferrous concept stocks in the A-share market rising over 50% this year [19].

Core Viewpoint - The non-ferrous metal sector has seen a significant influx of over 17.7 billion in main capital, ranking second among 31 primary industries in the Shenwan classification, with leading companies like Huayou Cobalt and Tianqi Lithium attracting substantial net inflows [1][3] Group 1: Market Performance - The non-ferrous metal sector has outperformed other industries, with a year-to-date increase of 75.9%, surpassing telecommunications (61.88%), electronics (48.1%), and power equipment (45.12%) [4][5] - Among the 60 constituent stocks of the Non-Ferrous Metal Leader ETF, 41 stocks rose over 2%, with five stocks hitting the daily limit up, and significant gains observed in Tianqi Lithium and Zhongmin Resources [3][5] Group 2: Investment Drivers - The strong performance is attributed to several factors: 1. Financial results show that 56 out of 60 companies in the Non-Ferrous Metal Leader ETF reported profits, with 44 companies experiencing year-on-year growth in net profit [5] 2. The current bull market is driven by demand from emerging sectors such as new energy, AI, and aerospace, alongside supply-side disruptions that highlight the scarcity and strategic value of metals [5] 3. Policy support from the government, including a joint plan to stabilize growth in the non-ferrous metal industry, is expected to enhance the sector's performance [5] Group 3: Future Outlook - Analysts predict that the non-ferrous metal sector will continue to thrive, with expectations of a new cycle driven by supply-demand balance and global monetary easing [6][5] - The investment interest in commodities is likely to persist, with anticipated price increases for copper and cobalt due to supply constraints and rising demand for lithium driven by energy storage needs [6]