Core Viewpoint - FTSE Russell announced changes to the FTSE China Index series, including the FTSE China A50 Index, which will include new stocks and exclude others, effective December 22, 2025 [1][2][3]. Group 1: Index Changes - The FTSE China A50 Index will include Luoyang Molybdenum and Sungrow Power Supply, while excluding Jiangsu Bank and SF Express [2][3]. - The FTSE China 50 Index will add China Hongqiao Group (P shares), CATL (H shares), and Jiangsu Hengrui Medicine (H shares), removing China Securities (H shares), Great Wall Motor (H shares), and Li Auto [2][3]. - The changes reflect significant year-to-date performance of the newly included stocks, with Luoyang Molybdenum up 173.35% and Sungrow Power Supply up 145.57% [3]. Group 2: Industry Insights - The newly added stocks are primarily from the non-ferrous metals, pharmaceuticals, and lithium battery storage sectors, indicating market trends in both A-shares and H-shares [4]. - Analysts remain optimistic about the non-ferrous metals sector, predicting a new upward cycle driven by macroeconomic recovery and supply chain disruptions [5]. - The gold market is expected to continue its bullish trend, supported by liquidity easing from the Federal Reserve and increased global demand for gold [5]. Group 3: Metal and Lithium Battery Outlook - The copper market is anticipated to see upward price movements due to supply constraints and structural demand growth from new energy transitions [6]. - The lithium battery sector is experiencing significant investment growth, with expectations for continued demand driven by energy storage needs [6][7]. - China's competitive advantage in the global lithium battery market is highlighted, with six of the top ten global power battery companies being Chinese, holding a market share of 68.2% [7].

Core Viewpoint - FTSE Russell announced adjustments to the FTSE China A50 and other indices, effective after the market close on December 19, 2025, with changes primarily based on market capitalization [2][4]. Group 1: Index Adjustments - The FTSE China A50 Index will include Luoyang Molybdenum and Sungrow Power Supply, while excluding Jiangsu Bank and SF Holding [5][11]. - Luoyang Molybdenum's stock price has doubled since July, with a market capitalization nearing 380 billion yuan [7]. - Sungrow Power Supply, a leader in the energy storage sector, has seen its stock price increase by over 200% since July, with a market capitalization of 367.2 billion yuan as of December 3 [9]. 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 [11]. - The FTSE China 50 Index and FTSE China A150 Index also underwent adjustments, with companies like China Hongqiao, CATL, and Hansoh Pharmaceutical being added, while CITIC Securities H shares, Great Wall Motors H shares, and Li Auto were removed [13][14]. - The FTSE China A150 Index will include Ying Shi Innovation, Jiangsu Bank, and others, while excluding Luoyang Molybdenum and others [15].

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)。 ...

Core Viewpoint - FTSE Russell announced adjustments to several FTSE China indices, which will take effect after the market close on December 19, 2025, specifically on December 22, 2025 [1] Group 1: Index Adjustments - The FTSE China A50 Index will include Luoyang Molybdenum (603993) and Sungrow Power Supply (300274), while excluding Jiangsu Bank (600919) [1] - The FTSE China A50 Index has a list of potential candidates for inclusion, which includes Jiangsu Bank (600919), SF Express (002352), Siasun Robot & Automation (601127), Shenghong Technology (300476), and Wanhua Chemical (600309) [1]

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；调整结果将于2025年12月19日盘后生效。 ...

Industry Overview - The report highlights a warming expectation for interest rate cuts, which is expected to boost metal prices, particularly in the context of the Federal Reserve's potential policy changes [1][3]. Steel Industry - In December, demand for steel may continue to weaken due to weather factors, leading to a reduction in steel production and a fluctuating price trend [3][19]. - The steel industry is expected to benefit from growth policies, with demand in shipbuilding and construction likely to increase, alongside trends in equipment upgrades and low-carbon transitions [5][19]. - The average daily transaction volume of construction steel in October 2025 was 101,300 tons, down 1.13% month-on-month and 13.06% year-on-year [20][19]. Copper Industry - The copper supply remains tight, with expectations of continued high price fluctuations supported by low domestic inventory levels and the Fed's interest rate cut expectations [3][36]. - In October, domestic refined copper production was 1,204,000 tons, a year-on-year increase of 7.89% [37][36]. - The report suggests a positive outlook for the copper industry, driven by demand from power grids, electric vehicles, and AI servers [5][36]. Aluminum Industry - The aluminum sector is experiencing a stable profit level for electrolytic aluminum plants due to low alumina prices, although downstream demand is expected to weaken in December [3][41]. - Domestic electrolytic aluminum production in October was 3,798,000 tons, a year-on-year increase of 2.23% [42][41]. - The report anticipates that the aluminum price will continue to fluctuate in the short term, supported by the Fed's interest rate cut expectations [5][41]. Precious Metals - Gold prices are expected to fluctuate at high levels in the short term, influenced by the Fed's interest rate policies and geopolitical tensions, particularly regarding the Russia-Ukraine situation [3][47]. - From October 31 to November 28, 2025, COMEX gold prices increased by 6.05% to $4,256.40 per ounce [47][47]. New Energy Metals - Lithium prices are expected to remain high due to strong demand in the energy storage sector, despite a slight decline in demand from the electric vehicle sector [3][52]. - Domestic battery-grade lithium carbonate prices increased by 17.50% to 94,000 yuan per ton from October 31 to November 28, 2025 [53][52]. - The report indicates a trend towards regulatory strengthening in the lithium supply side, which may optimize the future supply structure and support lithium prices [5][52]. Cobalt Industry - The cobalt market is expected to face pressure on prices due to a potential decline in demand from the power battery market, while the consumer electronics sector remains robust [4][62]. - In October, domestic cobalt sulfate production was 12,500 tons, a year-on-year decrease of 32.72% [66][62].

Group 1 - The overall cash flow ETF, Penghua (512130.SH), increased by 0.75%, with its associated index, the CSI Cash Flow Index (932365.CSI), rising by 0.65% [1] - The non-ferrous metals sector showed strong performance, with major stocks like China Aluminum rising by 4.25% and Yun Aluminum by 4.77%, driven by fluctuations in commodity prices and improved supply-demand expectations [1] - Research from Xiangcai Securities indicates that the coal and oil & petrochemical sectors are becoming key investment focuses due to improved supply-demand dynamics and high dividend characteristics, with the coal industry benefiting from winter stockpiling logic [1] Group 2 - Institutions maintain a judgment of a year-end adjustment period for A-shares, suggesting limited short-term volatility and advocating for a balanced allocation strategy, particularly focusing on growth stocks with clear industrial logic [2] - There is an expectation for the market to stabilize gradually around significant meetings in December, with potential upward momentum in the first quarter of the following year, particularly in technology growth and resource sectors [2] Group 3 - Related products include the overall cash flow ETF Penghua (512130) [3] - Associated individual stocks include China National Offshore Oil Corporation (600938), Midea Group (000333), Gree Electric Appliances (000651), COSCO Shipping Holdings (601919), Wuliangye Yibin (000858), Luoyang Molybdenum (603993), China Aluminum (601600), TCL Technology (000100), Shaanxi Coal and Chemical Industry (601225), and SF Holding (002352) [3]

格隆汇12月2日丨洛阳钼业(603993.SH)公布，2025年12月1日，公司全资子公司西藏施莫克商贸有限公 司(简称"西藏施莫克")与博裕天枢(宁波)自有资金投资有限责任公司简称"普通合伙人")等合作方签署 《博裕新智新产(宁波)股权投资合伙企业(有限合伙)有限合伙合同》简称"基金合同")，由西藏施莫克认 购人民币5亿元基金份额。基金主要专注于科技、医疗健康、消费品和零售三大朝阳产业。 ...