Core Viewpoint - The non-ferrous metal sector showed strong performance on December 17, with the leading non-ferrous metal ETF (159876) rising over 3.8% during the day and closing up 3.27%, indicating positive market sentiment towards the sector [1][10]. Fund Flows - The non-ferrous metal ETF attracted significant capital, with a single-day inflow of 10.13 million yuan and a total of 198 million yuan over the past 20 days, reflecting investor confidence in the sector's future performance [1][10]. Stock Performance - Lithium stocks surged, with Shengxin Lithium Energy hitting the daily limit, Zhongmin Resources rising over 8%, Tianqi Lithium increasing by 6%, and Ganfeng Lithium up nearly 5%. In the lead zinc sector, Guocheng Mining also hit the daily limit, while Xingye Silver Tin rose over 6%. In the aluminum sector, Zhongfu Industrial increased by over 5%, Huafeng Aluminum by over 4%, and China Aluminum by over 3% [3][12]. Macro Factors - In the macroeconomic context, the U.S. added 64,000 non-farm jobs in November, with the unemployment rate unexpectedly rising to 4.6%, the highest in four years. This weak job market increases the likelihood of interest rate cuts by the Federal Reserve, which could support non-ferrous metal prices [4][13]. Industry Insights - Lithium carbonate futures saw a significant spike, rising over 8% to reach 109,860 yuan/ton. The cancellation of 27 mining licenses may impact the supply-demand dynamics of lithium, potentially driving prices higher. CITIC Securities expressed optimism about copper, aluminum, and gold as key investment options, citing limited new copper capacity and increasing demand from renewable energy and AI data centers [5][14]. Investment Strategy - Given the current market conditions and geopolitical tensions, non-ferrous metals are viewed as core assets for medium to long-term investment. The non-ferrous metal ETF (159876) and its linked funds provide comprehensive exposure to various metals, allowing for risk diversification compared to investing in single metal sectors [6][14].

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002540 | 亚太科技 | 6.69 | -1.33% | 26.38万 | 1.75亿 | | 920634 | 新威凌 | 25.30 | -1.21% | 2.35万 | 6017.21万 | | 002988 | 豪美新材 | 36.65 | -0.54% | 2.67万 | 9672.23万 | | 600361 | 创新新材 | 4.18 | -0.24% | - 36.84万 | 1.54亿 | | 002501 | 利源股份 | 2.15 | 0.00% | 57.75万 | 1.23亿 | | 600615 | 鑫源督造 | 10.97 | 0.18% | 2.73万 | 2970.79万 | | 600768 | 宁波富邦 | 12.66 | 0.24% | 2.74万 | 3439.27万 | | 003038 | 整拍股份 | 14.94 | 0.40% | 2.93万 | 4340.54万 | | 605208 | 永 ...

12月17日，受美联储降息升温催化，金价铜价走强，白银价格再创历史新高，贵金属有色金属齐涨，截至14:40，黄金ETF华夏(518850)涨0.74%， 有色金属ETF基金(516650)涨2.91%，国城矿业盘中涨停，中矿资源涨超8%，兴业银锡、厦门钨业、天齐锂业等股跟随走强。 据知情人士透露，一直呼吁大幅降息的特朗普定于周三面试美联储理事克里斯·沃勒担任此职位。财政部长斯科特·贝森特表示，预计本周还将进行 一到两次面试，并预计在 1 月初的某个时候宣布结果，新任美联储主席的任命将为明年的货币政策提供进一步信号。 贵金属精炼商 MKS Pamp SA 研究主管尼基·希尔斯预测，到 2026 年，黄金均价预计将达到每盎司 4,500 美元，这与众多看涨预测相呼应。希尔斯 在周二的一份报告中表示，继今年的"抛物线式飙升"之后，黄金短期内可能会盘整，"然后确立一个更温和、更可持续的看涨轨迹。" 有色金属ETF基金(516650)跟踪的中证细分有色金属产业主题指数，聚焦黄金及铜铝等工业金属、稀土与钨钼等小金属，以及锂钴等能源金属，各 金属权重为：铜30.9%，铝15%，黄金13.5%，稀土9.3%，锂8.8%。 ...

Core Viewpoint - Lithium prices are experiencing a strong rebound, with significant upward momentum, reaching a new high since May 2024, and showing an annual increase of over 40% [1]. Industry Summary - As of December 17, the main contract for lithium carbonate on the Shanghai Futures Exchange surged by 7.75%, reaching 108,800 yuan per ton [1]. - The A-share lithium mining sector index saw substantial gains, with notable increases in individual stocks such as Tianhua New Energy (up over 12%) and Shengxin Lithium Energy (up over 7%) [1]. - The recent announcement from the Yichun Natural Resources Bureau regarding the potential cancellation of 27 mining rights has drawn market attention, contributing to the price increase [4][7]. Supply and Demand Dynamics - The rebound in lithium prices is attributed to a combination of improved supply-demand dynamics, expectation adjustments, and capital behavior [8]. - Demand is driven by the increasing penetration of electric vehicles and the expanding scale of the energy storage market, which are key variables for lithium carbonate demand [8]. - On the supply side, production growth is slowing, with reduced output from mica lithium and limited increases in salt lake capacity, leading to tight market conditions [8][9]. Market Outlook - Short-term projections suggest that lithium carbonate prices may experience high-level fluctuations rather than sustained upward trends, supported by ongoing inventory depletion and year-end restocking [9]. - Looking ahead to 2026 and beyond, the industry is expected to maintain a tight balance due to continuous demand growth, although cautious purchasing behavior may limit price increases [9].

Group 1 - The A-share market for lithium mining stocks has shown strong performance, with several companies reaching their daily price limit [1] - Notable gainers include Shengxin Lithium Energy, Dazhong Mining, and Jinyuan Co., which all hit the daily limit [1] - Other companies such as Yalake Co. and Guocheng Mining saw increases of over 7%, while Zhongmin Resources, Rongjie Co., and Yahua Group rose by more than 6% [1] Group 2 - Tianqi Lithium, Tibet Mining, Tibet City Investment, and Ganfeng Lithium all experienced gains exceeding 5% [1]

Group 1: Lithium Mining Sector - Lithium mining stocks saw a significant rise, with Guocheng Mining (000688) and Jinyuan Co. (000546) hitting the daily limit up, while Dazhong Mining, Shengxin Lithium Energy, and Salt Lake Co. also experienced gains [1] - In the Hong Kong market, lithium battery stocks strengthened, with Ganfeng Lithium rising over 5% and Tianqi Lithium increasing more than 4% [1] - The main contract for lithium carbonate on the Shanghai Futures Exchange surged by over 7% at one point, closing with a gain of 6.78% [1] Group 2: Company Performance - Guocheng Mining (000688) had a trading volume of 155,000 shares, with a total market value of 29.67 billion [4] - Jinyuan Co. (000546) opened at 6.75, reaching a high of 6.75 and a low of 6.35, with a trading volume of 543,000 shares and a market value of 5.249 billion [5]

Group 1 - The lithium mining sector saw a significant increase, with related indices rising nearly 5% as of the report date [1] - Notable stock performances included Guocheng Mining and Jinyuan Co., both hitting the daily limit up, while Tianhua New Energy surged over 10% [1] - The lithium index reached 6504.79, marking a 4.79% increase [2] Group 2 - Lithium carbonate futures experienced a rise of over 6%, reaching 107,500 yuan per ton, the highest since May 2024, with a year-to-date increase of nearly 40% [3][4] - The trading volume for lithium carbonate futures was reported at 362,400 contracts, indicating strong market activity [4]

Core Viewpoint - The market is experiencing fluctuations as the year-end approaches, with a focus on policy dividends and economic trends for the upcoming year [3]. Group 1: Market Performance - As of December 17, the Shanghai Composite Index rose by 0.06%, the Shenzhen Component Index increased by 0.62%, and the ChiNext Index gained 0.92% [1]. - The liquid cooling server concept continues to show strength, with stocks like Feilong Co. and Yingweike hitting the daily limit, while Yidong Electronics leads the gains [1][2]. - Lithium mining stocks are also on the rise, with Jinyuan Co. reaching the daily limit and other companies like Guocheng Mining and Dazhong Mining following suit [1]. Group 2: Sector Insights - The liquid cooling server sector is gaining traction, driven by the upcoming International AIDC Liquid Cooling Supply Chain Conference, highlighting the shift from air cooling to liquid cooling among major AI companies [2]. - Investment strategies are shifting towards low-value sectors, with a focus on non-bank financials, electric equipment, and AI applications [2]. Group 3: Future Outlook - Galaxy Securities anticipates that the market's fluctuating structure will continue, with a focus on policy dividends and economic trends for the next year [3]. - Key investment themes include the acceleration of global changes, the shift towards new productive forces, and the recovery of manufacturing and resource sectors [3]. - According to招商证券, investment opportunities will revolve around domestic demand recovery and technological self-reliance, with a balanced focus on cyclical stocks [4].

12月16日，国城矿业（维权）大宗交易成交150万股，成交额3387万元，占当日总成交额的7.42%，成交价22.58元，较市场 收盘价23.04元折价2%。 | 交易日期 | 证券代码 | 证券简称 | 成交价格 | 成交量 | 成交金额 (万元) | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | (元) | (万股/万份) | | | | | 2025-12-16 | 000688 | 国城矿业 | 22.58 | 150.00 | | 3,387.00信证券股份有限 | 西南证券股份有限 | | | | | | | | 公司北京总部证券 | 公司北京昌平证券 | | | | | | | | 营业部 | 营业部 | ...

证券日报网讯 12月15日晚间，国城矿业发布公告称，公司第十二届董事会第四十六次会议审议通过 《关于延期召开2025年第八次临时股东大会的议案》等。 （文章来源：证券日报） ...