Group 1 - The core viewpoint of the news highlights a strong performance in the non-ferrous metals sector, with the National Index for Non-Ferrous Metals (399395) rising by 2.50% as of October 14, 2025, driven by significant gains in individual stocks such as Silver Holdings (601212) up 10.02% and China Rare Earth (000831) up 8.00% [1] - The increase in spot gold prices, reaching a record high of $4,148.93 per ounce, is attributed to the Federal Reserve's interest rate cuts and tariff impacts, which have heightened risk aversion among investors [1] - Dongwu Securities indicates that the downward trend in real interest rates, combined with overseas fiscal and tariff pressures, is boosting safe-haven demand for precious metals, with expectations of further interest rate cuts in October [1] Group 2 - As of September 30, 2025, the top ten weighted stocks in the National Index for Non-Ferrous Metals (399395) include Zijin Mining (601899) and Northern Rare Earth (600111), collectively accounting for 53.12% of the index [2] - The Non-Ferrous ETF Fund (159880) closely tracks the National Index for Non-Ferrous Metals, reflecting the overall performance of listed companies in the non-ferrous metals sector on the Shanghai and Shenzhen stock exchanges [1][2]

Investment Rating - The report maintains an "Outperform" rating for the industry [2][9]. Core Insights - The report highlights the increasing geopolitical tensions between China and the U.S., which may elevate demand for safe-haven assets like gold and strategic metals such as rare earths and tungsten [5][9]. - The copper market is experiencing supply disruptions, with prices trending upward due to tight supply conditions [5]. - Aluminum demand is expected to continue, with potential opportunities for investment following market corrections [5]. - The strategic importance of rare earths and tungsten is emphasized due to recent export controls and geopolitical developments [5][9]. Summary by Sections Copper Sector - Supply disruptions are ongoing, with LME copper prices at $10,735 per ton, reflecting a week-on-week increase of 1.9% [5]. - The processing fee for imported copper concentrate is negative, indicating tight supply [5]. - Companies with rich copper reserves are recommended for investment [9]. Aluminum Sector - LME aluminum prices reached $2,800 per ton, up 3.6% week-on-week [5]. - The operating rate for aluminum processing enterprises has slightly decreased, but demand is expected to remain stable [5]. - Investment opportunities are suggested for companies in the aluminum sector following market corrections [9]. Gold Sector - Gold prices are rising, with SHFE gold at 901.6 RMB per gram, up 3.1% week-on-week [5]. - The report suggests that geopolitical tensions may enhance gold's strategic position as a safe-haven asset [5]. - Investment in gold-related companies is recommended due to their undervalued resource potential [9]. Rare Metals Sector - Rare earth prices remain stable, with praseodymium-neodymium oxide at 683,000 RMB per ton [5]. - Recent export controls on rare earths have heightened their strategic importance amid U.S.-China tensions [5][9]. - Investment opportunities are highlighted in companies involved in rare earth production [9]. Steel Sector - Steel prices are stable, with SHFE rebar at 3,103 RMB per ton, reflecting a week-on-week increase of 1.0% [6]. - The report notes frequent disruptions in iron ore supply negotiations, which may impact future prices [6]. - Companies with high self-sufficiency in iron ore are recommended for investment [9].

（文章来源：证券时报网） 据iFinD统计，截至10月10日，沪深两市共有68只个股连续5日或5日以上获融资净买入。连续获融资净 买入天数最多的股票是精工科技，已连续12个交易日获净买入；连续获融资净买入天数较多的还有中金 黄金、振德医疗、泰凌微、科陆电子、同方股份、许继电气、兴业银锡、智迪科技等股。 ...

Group 1 - The core point of the news is that Xingye Silver Tin experienced a decline of 5.01% in its stock price, reaching 34.48 CNY per share, with a trading volume of 2.028 billion CNY and a turnover rate of 3.21%, resulting in a total market capitalization of 61.224 billion CNY [1] - Xingye Silver Tin Mining Co., Ltd. is located in Chifeng City, Inner Mongolia, and was established on August 23, 1996, with its listing date on August 28, 1996. The company primarily engages in the mining and smelting of non-ferrous and ferrous metal resources [1] - The main business revenue composition of Xingye Silver Tin includes: silver mining 34.80%, tin mining 30.81%, zinc mining 19.32%, lead mining 5.12%, iron mining 3.34%, antimony mining 2.90%, copper mining 2.01%, others 0.72%, gold mining 0.66%, and bismuth mining 0.32% [1] Group 2 - From the perspective of fund holdings, one fund under Qianhai Kaiyuan Fund has a significant position in Xingye Silver Tin. The Qianhai Kaiyuan Gold and Silver Jewelry Mixed A Fund (001302) held 9.8412 million shares in the second quarter, accounting for 8.07% of the fund's net value, ranking as the eighth largest holding [2] - The Qianhai Kaiyuan Gold and Silver Jewelry Mixed A Fund (001302) was established on July 9, 2015, with a current scale of 415 million CNY. Year-to-date, it has achieved a return of 89.11%, ranking 106 out of 8234 in its category; over the past year, it has returned 71.78%, ranking 292 out of 8083; and since inception, it has returned 158.7% [2] - The fund manager of Qianhai Kaiyuan Gold and Silver Jewelry Mixed A Fund is Wu Guoqing, who has been in the position for 10 years and 22 days. The total asset scale of the fund is 5.333 billion CNY, with the best return during his tenure being 416.86% and the worst being -29.94% [3]

证 券 研 究 报 告 有色金属行业周报（20251006-20251010） 黄金避险属性强化，稀土行业管理进一步完 推荐（维持） 善和深化 基本面上，本周五，上期所阴极铜库存 10.97 万吨，环比 9 月 30 日增加 14656 吨， COMEX 库存 339525 吨，环比 9 月 30 日增加 15438 吨；LME 铜库存 13.94 万吨，环比 9 月 30 日减少 4000 吨；本周四，全球社会显性库存 64.5 万 吨，环比 9 月 29 日增加 21627 吨。重点推荐贵金属板块的中金黄金、赤峰黄 金、山金国际、山东黄金，建议关注招金矿业；白银推荐兴业银锡，建议关注 盛达资源。 行业研究 有色金属 2025 年 10 月 12 日 $$\frac{1}{4}\mathbb{E}\mathbb{F}^{2}\left(\frac{1}{2}\mathbb{E}\mathbb{F}^{2}\right)$$ 华创证券研究所 证券分析师：刘岗 邮箱：liugang@hcyjs.com 执业编号：S0360522120002 证券分析师：李梦娇 邮箱：limengjiao@hcyjs.com 执 ...

- The report introduces a quantitative model named "250-day new high distance" to track market trends and identify hot spots. The model is based on momentum and trend-following strategies, emphasizing stocks that consistently hit new highs. The formula for calculating the 250-day new high distance is: $ 250\text{-day new high distance} = 1 - \frac{Close_t}{ts\_max(Close, 250)} $ where $ Close_t $ represents the latest closing price, and $ ts\_max(Close, 250) $ is the maximum closing price over the past 250 trading days. If the latest closing price hits a new high, the distance equals 0; otherwise, it reflects the percentage drop from the peak [11][19][27] - The report evaluates the model positively, citing its ability to capture market leaders and trends effectively. It references studies by George (2004), William O'Neil, and Mark Minervini, which highlight the importance of tracking stocks near their 52-week highs for superior returns [11][18][21] - The model's backtesting results show that as of October 10, 2025, major indices such as the Shanghai Composite Index, Shenzhen Component Index, and others have respective 250-day new high distances of 0.94%, 2.70%, 1.97%, 2.00%, 1.49%, 2.61%, 4.55%, and 5.61%. Industry indices like power utilities, steel, and basic chemicals are closer to their 250-day highs, while sectors like food and beverage, banking, and transportation are farther away [12][13][31] - A factor named "Stable New High Stocks" is constructed to identify stocks with smooth price paths and consistent momentum. The factor considers analyst attention (minimum 5 buy/hold ratings in the past 3 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 5 days). The top 50 stocks meeting these criteria are selected [25][27][28] - The factor is positively evaluated for its focus on smooth momentum and its ability to identify stocks with strong and consistent performance. It references studies by Turan G Bali (2011) and Da Gurun (2012), which highlight the advantages of smooth price paths in momentum strategies [25][27][28] - Backtesting results for the "Stable New High Stocks" factor show that 50 stocks were selected, with the highest representation in cyclical and technology sectors. Examples include Industrial Internet, Xiangnong Chip, and Xingye Yinxi. The cyclical sector is dominated by basic chemicals, while the technology sector is led by electronics [28][30][32]

Investment Themes - Recommended stocks include Huaxin Cement, China State Construction, and Ningde Times in the cyclical sector[2] - In the consumer sector, recommended stocks include Hengrui Medicine and Shanxi Fenjiu[2] - In the power equipment and new energy vehicle sector, recommended stocks include Ningde Times and Goldwind Technology[2] - In the TMT sector, recommended stocks include Longi Green Energy and Luxshare Precision[2] Market Performance - As of September 30, 2025, the Shanghai Composite Index rose by 12.73%, the Shenzhen Component Index by 29.25%, and the ChiNext Index by 50.40%[4] - The average gain of the recommended stock portfolio was 33.11%, significantly outperforming the CSI 300 Index's gain of 17.90%[4] - Key outperformers included Huaxin Cement and Ningde Times, with quarterly gains exceeding 50%[4] Economic Outlook - The macroeconomic environment remains stable, with a focus on "appropriate easing" in monetary policy to support growth[4] - The manufacturing PMI showed signs of recovery but remained in contraction territory as of September[4] - The report anticipates continued inflow of foreign capital due to the Federal Reserve's interest rate cuts, enhancing the attractiveness of equity assets[4] Company Highlights - Huaxin Cement's projected EPS for 2025 is 1.30, with a PE ratio of 14.27[6] - China State Construction's projected EPS for 2025 is 1.16, with a PE ratio of 4.68[12] - China Rare Earth's projected EPS for 2025 is 0.34, with a PE ratio of 150.92[25] - Hengrui Medicine's projected EPS for 2025 is 1.26, with a PE ratio of 56.90[33]

Group 1 - The report tracks stocks, industries, and sectors reaching new highs, indicating market trends and hotspots [1][4] - As of October 10, 2025, the distance to the 250-day new high for major indices is as follows: Shanghai Composite Index 0.94%, Shenzhen Component Index 2.70%, CSI 300 1.97%, CSI 500 2.00%, CSI 1000 1.49%, CSI 2000 2.61%, ChiNext Index 4.55%, and STAR Market 5.61% [5][23] - Among the CITIC primary industry indices, power and utilities, steel, building materials, non-ferrous metals, and basic chemicals are closest to their 250-day new highs, while food and beverage, banking, consumer services, comprehensive finance, and transportation are further away [8][23] Group 2 - A total of 1,235 stocks reached a 250-day new high in the past 20 trading days, with the most in the electronics, machinery, and basic chemicals sectors [2][13] - The highest proportion of new high stocks is found in non-ferrous metals, electronics, and electric equipment and new energy sectors, with respective proportions of 54.03%, 39.75%, and 35.05% [13][15] - The technology and manufacturing sectors had the most new high stocks this week, with 403 and 363 stocks respectively [15] Group 3 - The report identifies 50 stable new high stocks based on analyst attention, relative strength, trend continuity, price path stability, and new high sustainability [3][24] - The cyclical and technology sectors had the most stable new high stocks, with 18 and 17 stocks respectively, with basic chemicals leading in the cyclical sector and electronics in the technology sector [19][24]

证券代码：000426 证券简称：兴业银锡 公告编号：2025-82 内蒙古兴业银锡矿业股份有限公司 关于以场外要约收购方式收购 Atlantic Tin Ltd 的 内蒙古兴业银锡矿业股份有限公司（以下简称"兴业银锡"或"公司"）于 2025 年 4 月 30 日召开第十届董事会第十七次会议及第十届监事会第十五次会议 审议通过了《关于以场外要约收购方式收购 Atlantic Tin Ltd 的议案》。同日， 公司与 Atlantic Tin Limited（大西洋锡业有限公司，以下简称"目标公司" 或"ATL"，澳大利亚非上市公众公司）签署了《要约实施协议》，公司指定全 资子公司兴业黄金（香港）矿业有限公司（以下简称"兴业黄金（香港）"）以 每股 0.24 澳元的价格，以现金方式向持有目标公司全部已发行股份的股东发出 场外附条件要约收购。本次交易总投资额约 0.98 亿澳元，约合人民币 4.54 亿元 （以 2025 年 4 月 30 日中国外汇交易中心公布的人民币汇率中间价 1 澳元兑换 4.6177 元人民币折算），公司为兴业黄金（香港）本次交易提供资金保障。 具体内容详见公司分别于 2025 年 5 ...

Core Insights - The stock price of Xingye Silver Tin has increased by 5.03% to 38.00 CNY per share, with a total market capitalization of 67.474 billion CNY, and a cumulative increase of 33.31% over the past four days [1] Company Overview - Xingye Silver Tin Mining Co., Ltd. is located in Chifeng City, Inner Mongolia, and was established on August 23, 1996, with its listing date on August 28, 1996 [1] - The company's main business involves the mining and smelting of non-ferrous and ferrous metal resources, with revenue composition as follows: silver 34.80%, tin 30.81%, zinc 19.32%, lead 5.12%, iron 3.34%, antimony 2.90%, copper 2.01%, others 0.72%, gold 0.66%, and bismuth 0.32% [1] Fund Holdings - Zhongyou Fund has a significant holding in Xingye Silver Tin, with its fund "Zhongyou Core Advantage Flexible Allocation Mixed A" (590003) holding 2.62% of its net value in 2 million shares, ranking as the eighth largest holding [2] - The fund has realized a floating profit of approximately 3.64 million CNY today and 18.08 million CNY during the four-day increase [2] Fund Manager Performance - The fund manager Jiang Liwei has been in position for 4 years and 221 days, with a total asset size of 20.35 billion CNY and a best return of 37.56% during his tenure [3] - Co-manager Zhang Yiyan has been in position for 1 year and 280 days, managing assets of 12.06 billion CNY, achieving a best return of 41.77% during his tenure [3]