Core Points - The Shanghai Composite Index closed at 3859.62 points, above the five-day moving average, with a slight increase of 0.16% [1] - A total trading volume of A-shares reached 1,555.781 billion yuan, with 655 A-shares breaking through the five-day moving average [1] Summary by Category Stock Performance - The top three stocks with the highest deviation rates from the five-day moving average are: - Ha Huanhua (301137) with a deviation rate of 15.31% and a price increase of 19.99% [2] - Naipu Mining (300818) with a deviation rate of 15.09% and a price increase of 19.99% [2] - Yi Wang Yi Chuang (300792) with a deviation rate of 13.35% and a price increase of 19.99% [2] Trading Metrics - The trading turnover rates for the top three stocks with the highest deviation rates are: - Ha Huanhua (301137) at 11.45% [2] - Naipu Mining (300818) at 11.58% [2] - Yi Wang Yi Chuang (300792) at 16.97% [2] Additional Stocks - Other notable stocks with significant performance include: - Heng Er Da (300946) with a deviation rate of 13.19% and a price increase of 17.77% [2] - Ningbo Construction (601789) with a deviation rate of 8.35% and a price increase of 9.96% [2] - Jiaze New Energy (601619) with a deviation rate of 7.69% and a price increase of 9.98% [2]

机构观点 中国银河证券：海外下半年促销旺季即将到来，面板采购呈现积极信号：面板采购量是电视需求的前瞻 指标。上半年韩国品牌销售较差，面板一度大力去库存，影响面部采购需求，当前去库存结束迎来转 机。奥维睿沃数据，25年8月全球电视面板出货量达22.3百万片，同比+7.6%、环比+4.9%，延续了7月 以来的积极态势，反应了市场周期性的库存回补需求，全球电视品牌商正为下半年海外黑五、圣诞促销 旺季积极备货。从全球角度看，下半年海外电视需求走向短期高峰，或将平抑国内国补退坡的部分影 响。 中信证券：通过复盘2010年以来影视剧行业面临的政策，以及其对于内容制作公司和平台的业绩影响， 中信证券认为广电总局《进一步丰富电视大屏内容促进广电视听内容供给的若干举措》有望在多方面给 长视频行业带来实质性利好。看好后续长视频平台及优质内容制作公司提高产能、提升内容周转效率和 资金使用效率以及剧集IP商业化空间打开带来的业绩改善和增长潜力。 华泰证券：电子布是PCB-CCL产业链的关键增强材料，AI产业趋势推动高端PCB及其相关上游材料升 级，特种电子布有三大产品升级趋势。市场担忧龙头公司大规模扩产造成特种电子布供给格局恶化，但 ...

Group 1 - The core viewpoint of the news highlights a significant increase in the performance of the non-ferrous metal ETF (512400) and the impact of Freeport-McMoRan's announcement regarding its Grasberg mine on copper prices and supply risks [1][2] - The non-ferrous metal ETF experienced a jump of nearly 3% in early trading on September 25, 2025, with a turnover of 5.14% and a transaction volume of 639 million yuan [1] - The index tracking the non-ferrous metal sector, the China Securities Index, rose by 2.21%, with notable increases in component stocks such as Luoyang Molybdenum (up 9.59%) and Tongling Nonferrous Metals (up 7.89%) [1] Group 2 - Freeport-McMoRan announced a force majeure at its Grasberg mine in Indonesia, predicting a decline in copper and gold sales for Q3, which has raised concerns about long-term copper supply shortages [1] - Citigroup noted that Grasberg accounts for approximately 3% of global copper supply, indicating that the total loss in Q4 could impact global supply by 3%, with a projected 35% loss affecting about 1% of global supply by 2026 [1] - Following this news, the three-month copper price on the London Metal Exchange rose by 2% to $10,172 per ton [1] Group 3 - The Federal Reserve's recent interest rate cut of 25 basis points to a range of 4.00%-4.25% is expected to support gold prices, with ongoing expectations for further rate cuts influencing the market [2] - The weak dollar is providing support for copper prices, and the recent Fed rate cut has driven an upward trend in copper prices [2] - The non-ferrous metal ETF closely tracks the China Securities Index, which includes 50 listed companies in the non-ferrous metal and non-metal materials sectors, reflecting the overall performance of the industry [2]

Market Overview - On September 25, A-shares opened slightly lower, with the three major indices collectively in the red [1] - The Shanghai Composite Index decreased by 0.06%, the Shenzhen Component Index fell by 0.30%, and the ChiNext Index dropped by 0.45% [2] Sector Performance - The non-ferrous metals, media, electric equipment, and pharmaceutical sectors showed notable gains, with the nuclear fusion and copper industries being particularly active [2][4] - The nuclear fusion sector rose by 2.67%, while the copper industry increased by 2.63% [4] Copper Industry Insights - The copper industry index led the gains, with companies like Jingyi Co., Northern Copper, and Luoyang Molybdenum hitting the daily limit [8] - A recent landslide at Freeport McMoRan's Grasberg mine in Indonesia has raised global copper prices and sparked supply chain concerns, as this mine accounts for approximately 3% of global copper supply [9][10] Nuclear Fusion Sector Developments - The nuclear fusion concept stocks collectively surged, with companies like Hezhong Intelligent and Farsen hitting the daily limit, and others like Shanghai Electric and Baoli Electric also seeing significant increases [10][11] - China Fusion Energy Co., known as the "national team" for controllable nuclear fusion, is focusing on overall design, technology verification, and digital R&D [14] Company Specifics - On September 25, the stock of Upwind New Materials surged to a limit of 20%, reaching a price of 132.1 CNY per share, with a total market value of 53.3 billion CNY [15][16] - The company recently completed a share transfer, changing its controlling shareholder to Zhiyuan Hengyue, with plans for a tender offer to acquire an additional 37% of shares at a price of 7.78 CNY per share [18]

Market Overview - On September 25, A-shares opened slightly lower, with the three major indices showing a downward trend. The Shanghai Composite Index decreased by 0.06%, the Shenzhen Component Index fell by 0.30%, and the ChiNext Index dropped by 0.45% [2][4]. Industry Performance - The non-ferrous metals, media, electric equipment, and pharmaceutical sectors showed notable gains, with the nuclear fusion, copper industry, superconductors, and CRO concept stocks being particularly active. In contrast, semiconductor, memory, and photolithography sectors experienced declines [2][3]. Copper Industry Insights - The copper industry index led the gains, with stocks such as Jingyi Co., Northern Copper, and Luoyang Molybdenum hitting the daily limit. Other companies like Electric Alloy, Tongling Nonferrous Metals, and Jiangxi Copper also saw increases [4][5]. - A recent landslide at Freeport McMoRan's Grasberg mine in Indonesia has raised global copper prices and triggered supply chain concerns. The mine accounts for approximately 3% of global copper supply, and the incident is expected to impact global supply significantly in the fourth quarter [6]. Nuclear Fusion Sector - Nuclear fusion concept stocks experienced a strong rally, with companies like Hezhong Intelligent and Farsen hitting the daily limit, while others like Hahuan Huadong and Zhongzhou Special Materials rose over 10% [6][7]. - China Fusion Energy Co., known as the "national team" for controllable nuclear fusion, aims to focus on overall design, technology verification, and digital R&D, establishing a technology R&D platform and capital operation platform [10]. Company Specifics - On September 25, Upwind New Materials saw its stock price surge to 132.1 CNY, reaching a daily limit increase of 20%, with a total market value of 53.3 billion CNY [11][12]. - The company announced the completion of a share transfer, with Zhiyuan Hengyue and Zhiyuan Xinchuang holding a combined 29.99% stake, making Zhiyuan Hengyue the new controlling shareholder. An offer to acquire an additional 37% of shares at 7.78 CNY per share is also planned, requiring up to 1.161 billion CNY [13].

Freeport预计最早要到2027年才能恢复事故前的生产水平，2026年铜金产量较此前预期下降约35%。该 矿山占公司已探明储量的50%和2029年前预计产量的约70%，长期停产将对全球铜供应链造成持续冲 击。分析人士认为，这一供应中断可能加剧全球铜供应紧张局面，推高铜价并改善铜业公司的盈利前 景。 此外，刚果（金）战略矿产市场监管局（ARECOMS）9月20日发布决定，延长刚果（金）钴出口禁令 至10月15日，10月16日起该国钴出口将实行配额制，2026年—2027年钴出口配额仅为年产量的44%。 机构表示，钴出口配额制显示出刚果（金）政府控制全球钴价的决心，预计政府会通过灵活地调节钴供 应量来长期稳定钴价，这有利于全球钴产业的健康发展。预计刚果（金）出口配额政策将导致2025年— 2027年全球钴供应量远低于正常水平，供应短缺量分别为12.2万吨、8.8万吨、9.7万吨，钴价有望强势 上涨。预计布局印尼钴冶炼的公司以及在刚果（金）拥有矿山的公司将充分受益于钴价上涨。 有色板块25日盘中强势拉升，铜、钴概念股表现强势，截至发稿，精艺股份、北方铜业涨停，洛阳钼业 涨超7%，金田股份、铜陵有色、江西铜业等涨 ...

Core Viewpoint - The gold concept sector leads the market with a rise of 2.69%, indicating strong investor interest and potential growth in this area [1] Group 1: Company Performance - Northern Copper Industry increased by 10.01%, showcasing significant gains and investor confidence [1] - Luoyang Molybdenum Industry rose by 9.27%, reflecting positive market sentiment [1] - Jiangxi Copper Industry saw an increase of 7.64%, contributing to the overall sector performance [1] - Tongling Nonferrous Metals and Feinan Resources both experienced gains exceeding 6%, indicating a broader trend of growth within the sector [1] - Yunnan Copper Industry also reported a rise of over 6%, further supporting the bullish outlook for the gold concept sector [1]

Core Viewpoint - The non-ferrous metal sector experienced a significant surge in early trading on September 25, with copper leading the gains, indicating a positive market sentiment towards copper-related companies [1] Company Summary - Northern Copper and Jingyi Co. saw their stock prices hit the daily limit up, reflecting strong investor interest and confidence in these companies [1] - Jiangxi Copper, Electric Alloy, Yunnan Copper, Luoyang Molybdenum, and Tongling Nonferrous also recorded notable price increases, showcasing a broad rally in the copper industry [1]

Group 1 - The non-ferrous metal sector opened high, indicating positive market sentiment [1] - Companies such as Jingyi Co., Northern Copper, and others reached their daily limit up [1] - Notable performers included Naipu Mining, Luoyang Molybdenum, Jiangxi Copper, Tongling Nonferrous Metals, and Yunnan Copper, all of which opened high [1]

Company Overview - Northern Copper Industry Co., Ltd. is located in Yuan City, Shanxi Province, established on April 2, 1996, and listed on April 28, 1997. The company’s main business includes copper mining, ore dressing, smelting, and processing of products such as gold-containing copper concentrate, anode mud, gold ingots, silver ingots, sulfuric acid, selenium powder, copper and copper alloys, high-precision copper strips, high-performance rolled copper foil, and copper-clad boards [2] Business Performance - As of September 10, 2023, Northern Copper's revenue composition is as follows: cathode copper 73.68%, precious metals 19.74%, copper strips and rolled copper foil 4.93%, others 0.85%, and sulfuric acid 0.80% [2] - For the first half of 2025, Northern Copper achieved operating revenue of 12.811 billion yuan, a year-on-year increase of 3.13%, and a net profit attributable to shareholders of 487 million yuan, a year-on-year increase of 5.87% [2] Stock Performance - On September 22, 2023, Northern Copper's stock price fell by 2.04% to 13.43 yuan per share, with a trading volume of 541 million yuan and a turnover rate of 2.08%, resulting in a total market capitalization of 25.58 billion yuan [1] - Year-to-date, Northern Copper's stock price has increased by 74.64%, with a decline of 3.80% over the last five trading days, a rise of 7.44% over the last 20 days, and an increase of 24.93% over the last 60 days [1] Shareholder Information - As of June 30, 2025, the number of shareholders of Northern Copper is 120,600, a decrease of 1.50% from the previous period, with an average of 15,788 circulating shares per person, an increase of 1.52% [2][3] - The company has distributed a total of 601 million yuan in dividends since its A-share listing, with 387 million yuan distributed in the last three years [3] Institutional Holdings - Among the top ten circulating shareholders as of June 30, 2025, Hong Kong Central Clearing Limited is the seventh largest shareholder with 11.309 million shares, a decrease of 13.578 million shares from the previous period. Southern CSI 1000 ETF is the eighth largest shareholder with 8.796 million shares, being a new shareholder [3]