Investment Rating - The report maintains a positive outlook on non-ferrous metal stocks, suggesting to buy on dips [2][3]. Core Views - The report indicates that the recent decline in metal prices has ended, leading to increased purchasing activity from downstream buyers. It emphasizes a long-term bullish view on non-ferrous resources, particularly copper, gold, silver, aluminum, rare earths, tungsten, antimony, and cobalt [1][3]. Industry Overview - The non-ferrous metal sector has seen a significant performance with a 1-month absolute return of 5.9%, a 6-month return of 24.7%, and a 12-month return of 88.3% [3]. - The report highlights the recent fluctuations in metal prices, with copper inventory increasing by 0.46 thousand tons to 148.9 thousand tons, while LME copper inventory decreased by 5,075 tons to 148 thousand tons [3][6]. - The report notes that the price of gallium has increased by 3.74% due to tight supply and demand dynamics, while molybdenum prices have decreased by 2.40% due to weakened demand [3][6]. Key Metal Insights - **Copper**: The report anticipates a decrease in copper inventory due to pre-holiday stocking, supporting copper prices in the medium to long term. Key companies to watch include Zijin Mining, China Nonferrous Mining, and Jiangxi Copper [3][6]. - **Aluminum**: The report indicates a slight increase in aluminum inventory but expects a positive trend in aluminum prices and profits due to improved downstream consumption [3][6]. - **Cobalt**: The report mentions that the Democratic Republic of Congo is considering extending its cobalt export ban for two more months, which could lead to a supply shortage and price increases for cobalt intermediates [6][3]. Stock Performance - The report identifies the top-performing stock in the non-ferrous sector as Boqian New Materials, which saw a weekly increase of 14.76%, while Xianglu Tungsten experienced the largest decline at -12.66% [3][6].

Market Overview - On September 18, the energy metals sector declined by 1.29%, with Tibet Mining leading the drop [1] - The Shanghai Composite Index closed at 3831.66, down 1.15%, while the Shenzhen Component Index closed at 13075.66, down 1.06% [1] Individual Stock Performance - Tibet Mining (000762) closed at 21.91, down 4.11% with a trading volume of 213,900 shares [1] - Rongjie Co. (002192) closed at 34.96, down 4.01% with a trading volume of 114,900 shares [1] - Blue Electric Mining (600711) closed at 8.40, down 4.00% with a trading volume of 1,290,200 shares [1] - Ganfeng Lithium (002460) closed at 48.02, down 3.86% with a trading volume of 983,400 shares [1] - Tianqi Lithium (002466) closed at 43.15, down 3.66% with a trading volume of 508,200 shares [1] - Other notable declines include Sai Rui Drilling (300618) down 3.47% and Shengxin Lithium Energy (002240) down 3.35% [1] Capital Flow Analysis - The energy metals sector experienced a net outflow of 1.765 billion yuan from main funds, while retail funds saw a net inflow of 1.286 billion yuan [1] - Notable net inflows from retail investors were observed in Tibet Mining and Cangge Mining, with 28.16 million yuan and 58.10 million yuan respectively [2] - Conversely, significant net outflows from main funds were recorded for Rongjie Co. and Tibet Mining, with 30.47 million yuan and 35.79 million yuan respectively [2]

Market Overview - On September 17, the energy metals sector rose by 0.63% compared to the previous trading day, with Boqian New Materials leading the gains [1] - The Shanghai Composite Index closed at 3876.34, up 0.37%, while the Shenzhen Component Index closed at 13215.46, up 1.16% [1] Stock Performance - Boqian New Materials (605376) closed at 56.52, with a gain of 4.40% and a trading volume of 132,400 shares, amounting to a transaction value of 746 million yuan [1] - Other notable performers included: - Ganfeng Lithium (002460) at 49.95, up 3.42% with a volume of 951,100 shares [1] - Shengxin Lithium Energy (002240) at 18.53, up 2.49% with a volume of 296,000 shares [1] - Yongxing Materials (002756) at 35.16, up 0.80% with a volume of 76,600 shares [1] - Tianqi Lithium (002466) at 44.79, up 0.67% with a volume of 438,800 shares [1] Capital Flow - The energy metals sector experienced a net outflow of 108 million yuan from institutional investors, while retail investors saw a net inflow of 19.53 million yuan [2] - The capital flow for key stocks included: - Ganfeng Lithium had a net inflow of 238 million yuan from institutional investors [3] - Shengxin Lithium Energy saw a net inflow of 65.21 million yuan from retail investors [3] - Boqian New Materials had a net inflow of 44.15 million yuan from institutional investors [3] Summary of Key Stocks - Ganfeng Lithium (002460) had a significant net outflow from retail investors amounting to 273 million yuan [3] - Shengxin Lithium Energy (002240) faced a net outflow of 35.20 million yuan from retail investors [3] - Tianqi Lithium (002466) experienced a net outflow of 17.93 million yuan from institutional investors [3]

Group 1 - The core viewpoint of the news is that Jiangsu Boqian New Materials Co., Ltd. has seen a stock price increase of 5.01%, reaching 56.85 CNY per share, with a total market capitalization of 14.872 billion CNY [1] - The company specializes in the research, production, and sales of high-end metal powder materials for electronics, with its main revenue sources being nickel-based products (76.28%), copper-based products (10.27%), and silver powder (4.95%) [1] - The trading volume for the stock was 251 million CNY, with a turnover rate of 1.73% [1] Group 2 - Longsheng Fund has a significant holding in Boqian New Materials, with its Longsheng Transformation Upgrade Mixed Fund (001197) holding 156,800 shares, representing 3.14% of the fund's net value [2] - The fund has achieved a year-to-date return of 29.49% and a one-year return of 44.46%, ranking 2850 out of 8172 and 3778 out of 7980 in its category, respectively [2] - The fund manager, Wang Bingfang, has been in position for nearly four years, with the fund's total asset size at 370 million CNY [3]

Core Insights - The stock of Jiangsu Boqian New Materials Co., Ltd. increased by 5.15% on September 16, reaching a price of 52.52 CNY per share, with a trading volume of 420 million CNY and a turnover rate of 3.13%, resulting in a total market capitalization of 13.739 billion CNY [1] Company Overview - Jiangsu Boqian New Materials Co., Ltd. was established on November 5, 2010, and went public on December 8, 2020. The company specializes in the research, production, and sales of high-end metal powder materials for electronics [1] - The revenue composition of the company includes: nickel-based products (76.28%), copper-based products (10.27%), other (supplementary) products (6.34%), silver powder (4.95%), and alloys (2.16%) [1] Fund Holdings - According to data from the top ten holdings of funds, one fund under Industrial Bank, the Industrial Energy Innovation Stock A (013049), has a significant position in Boqian New Materials. In the second quarter, the fund reduced its holdings by 157,400 shares, maintaining 300,000 shares, which represents 2.31% of the fund's net value, ranking as the tenth largest holding [2] - The Industrial Energy Innovation Stock A (013049) was established on August 31, 2021, with a current size of 277 million CNY. Year-to-date returns are 30.47%, ranking 1496 out of 4222 in its category; over the past year, returns are 57.58%, ranking 1706 out of 3804; since inception, the fund has experienced a loss of 3.75% [2] Fund Manager Profile - The fund manager of Industrial Energy Innovation Stock A (013049) is Zou Hui, who has been in the position for 4 years and 297 days. The total asset size of the fund is 5.774 billion CNY, with the best return during the tenure being 83.92% and the worst return being -6.24% [3]

Summary of Key Points Core Viewpoint - On September 11, 2025, Boqian New Materials executed a block trade of 503,000 shares, amounting to 21.89 million yuan, which represented 7.68% of the total trading volume for that day. The transaction price was 43.52 yuan, reflecting a discount of 10.58% compared to the market closing price of 48.67 yuan [1]. Group 1: Trading Details - The block trade involved a total of 503,000 shares at a price of 43.52 yuan per share [1]. - The total transaction value was 21.89 million yuan [1]. - The transaction accounted for 7.68% of the total trading volume on that day [1]. Group 2: Price Comparison - The transaction price of 43.52 yuan was 10.58% lower than the market closing price of 48.67 yuan [1].

Market Overview - On September 11, the energy metals sector rose by 0.93% compared to the previous trading day, with Boqian New Materials leading the gains [1] - The Shanghai Composite Index closed at 3875.31, up 1.65%, while the Shenzhen Component Index closed at 12979.89, up 3.36% [1] Stock Performance - Boqian New Materials (605376) closed at 48.67, with a gain of 2.90% and a trading volume of 54,700 shares, amounting to a transaction value of 263 million yuan [1] - Shengdian Mining (600711) closed at 8.84, up 2.43%, with a trading volume of 979,100 shares and a transaction value of 853 million yuan [1] - Other notable performers include: - Sai Rui Aluminum (300618) at 53.04, up 2.00% [1] - Cangge Mining (000408) at 55.75, up 1.75% [1] - Huayou Cobalt (603799) at 51.65, up 1.27% [1] Capital Flow - The energy metals sector experienced a net outflow of 702 million yuan from institutional investors, while retail investors saw a net inflow of 453 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors are more active [2] Individual Stock Capital Flow - Shengtun Mining (600711) had a net outflow of 83.81 million yuan from institutional investors, while retail investors contributed a net inflow of 30.98 million yuan [3] - Boqian New Materials (605376) saw a net inflow of 10.27 million yuan from institutional investors, but a net outflow of 13.89 million yuan from retail investors [3] - Other stocks like Rongjie Co. (002192) and Yongsan Lithium (603399) also showed varied capital flows, indicating differing investor sentiments across the sector [3]

Group 1 - The core viewpoint of the news is that 博迁新材 (Bojian New Materials) has seen a stock price increase of 5.01%, reaching 46.51 yuan per share, with a total market capitalization of 12.167 billion yuan as of the report date [1] - The company, established on November 5, 2010, specializes in the research, production, and sales of high-end metal powder materials for electronics, with a revenue composition of 76.28% from nickel-based products, 10.27% from copper-based products, 6.34% from other products, 4.95% from silver powder, and 2.16% from alloys [1] Group 2 - The largest shareholder among the top ten circulating shareholders of 博迁新材 is the Ruifeng Fund, which increased its holdings in the Ruifeng Growth Value Mixed A Fund (007119) by 494,300 shares in the second quarter, now holding 12.5024 million shares, accounting for 4.78% of circulating shares [2] - The Ruifeng Growth Value Mixed A Fund has achieved a year-to-date return of 41.61% and a one-year return of 63.02%, ranking 716 out of 8178 and 1161 out of 7978 in its category, respectively [2] Group 3 - The fund managers of Ruifeng Growth Value Mixed A are 傅鹏博 (Fu Pengbo) and 朱璘 (Zhu Lin), with Fu having a cumulative tenure of 16 years and 236 days and Zhu having a tenure of 6 years and 166 days [3] - The total asset size of the fund is 18.666 billion yuan, with Fu achieving a best fund return of 387.41% during his tenure, while Zhu has achieved a best return of 69.25% [3]

Group 1: Industry Overview - The non-ferrous metal sector is experiencing significant activity, with various companies in the resource layout and high-end powder materials, as well as battery materials, seeing stock price increases [1] - Companies are focusing on the development of nickel resources and high-performance materials to capitalize on the growing demand in the battery sector [2] Group 2: Company Highlights - Boqian New Materials (605376.SS) achieved a 10.00% increase in stock price, reaching 48.72 yuan, and is recognized as a leading producer of high-end metal powder materials, particularly nickel powder for MLCC production [1] - Dao Technology (300409.SZ) saw an 8.84% rise in stock price to 24.02 yuan, expanding its overseas nickel resource layout and developing a high-nickel project in Indonesia with a planned annual output of 20,000 tons [1] - Changsheng Technology (300073.SZ) increased by 8.37% to 52.30 yuan, partnering with Zhongwei Co. to develop nickel resources in Indonesia, aiming for an initial production line of 60,000 tons of nickel products [2] - Dongfang Electric Heating (300217.SZ) rose 7.06% to 5.61 yuan, successfully entering the lithium battery material sector with a project producing 20,000 tons of pre-plated nickel [2] - Hanrui Cobalt (300618.SZ) increased by 6.61% to 46.30 yuan, establishing a joint venture in Indonesia to expand its presence in the new energy metal sector [2] - Xingye Silver Tin (000426.SZ) saw a 6.04% increase to 23.35 yuan, with significant nickel resource reserves of 32.84 million tons, providing a solid foundation for future expansion in the nickel industry [3]

Core Viewpoint - The A-share market is experiencing a positive trend, particularly in the solid-state battery sector, driven by recent advancements and policy support in the lithium battery industry [1][2][3]. Group 1: Market Performance - On September 5, A-share indices showed collective gains, with sectors like batteries, energy metals, and photovoltaic equipment leading the rise [1]. - The solid-state battery sector saw significant stock price increases, with companies like Patil reaching a daily limit up, and others like Jin Yinhe and Yuchen Smart also hitting their limits [1]. Group 2: Industry Developments - Several solid-state battery companies have recently reported progress, including Xian Dao Intelligent, which has achieved full production capabilities in solid-state batteries [2]. - EVE Energy's solid-state battery "Longquan No. 2" has been successfully launched, boasting an energy density of 300Wh/kg [2]. - According to Minsheng Securities, solid-state batteries are becoming a focal point for next-generation battery technology due to their potential to exceed 500Wh/kg energy density and other safety advantages [2]. Group 3: Policy and Market Trends - The Ministry of Industry and Information Technology has released a plan aiming for a 7% average growth in the electronic manufacturing sector from 2025 to 2026, with the lithium battery and photovoltaic sectors contributing to a projected annual revenue growth of over 5% [3]. - The lithium battery industry is expected to recover in the first half of 2025, driven by increasing demand from electric vehicles and energy storage [3]. - In the first half of 2025, China's new energy vehicle sales are projected to reach 6.937 million units, a 40.3% year-on-year increase, which will positively impact the power battery market [3]. Group 4: Storage Market Insights - The storage battery market is experiencing a surge, with sales growth exceeding that of power batteries, driven by domestic market reforms and global policy uncertainties [4]. - In the first half of 2025, China's storage battery shipments are expected to reach 265GWh, marking a 128% year-on-year increase [4]. - The negative electrode material sector is also showing positive trends, with a 37% year-on-year increase in shipments, driven by the demand from both power and storage battery industries [4]. Group 5: Future Outlook - Wanlian Securities forecasts that in 2025, driven by consumer incentive policies, the production and sales of new energy vehicles in China will grow rapidly, enhancing the demand for the lithium battery supply chain and improving profitability for leading companies [5]. - The overall trend for the lithium battery industry is expected to be positive, entering a phase of cyclical recovery [5].