Investment Rating - The investment rating for the non-ferrous metals industry is "Positive" (maintained) [3] Core Views - The report anticipates a potential upward trend in copper prices due to expected shortages in copper mines, particularly with the global second-largest copper mine, Grasberg, facing production halts. The report suggests that the copper supply-demand balance may shift from tight equilibrium to shortage by 2026 [4] - The report highlights the performance of various metals, including aluminum, lithium, and cobalt, with specific recommendations for companies to watch in each segment [4] Summary by Sections 1. Industry Overview - Recent macroeconomic developments include a new round of US-China trade negotiations and comments from Trump regarding the unsustainability of high tariffs on China [8] 2. Market Performance - The overall performance of the non-ferrous metals sector saw a decline, with the Shanghai Composite Index down 1.47% and the Shenwan Non-Ferrous Metals Index down 3.07%, underperforming the Shanghai Composite by 1.60 percentage points [10][11] 3. Valuation Changes - The PE_TTM for the Shenwan Non-Ferrous Metals Index is 26.96, down 1.78 from the previous week, while the PB_LF is 3.22, down 0.22 [19][22] 4. Copper - Copper prices have seen a decline, with LME copper down 1.86% and SHFE copper down 1.77%. However, the report indicates a potential for price recovery due to supply disruptions and seasonal demand [21][44] 5. Aluminum - Aluminum prices are experiencing fluctuations, with LME aluminum down 0.45% and SHFE aluminum down 0.47%. The report notes a decrease in inventory levels, which may support price stability [33][44] 6. Lithium - Lithium prices are showing mixed trends, with lithium carbonate down 0.27% and lithium spodumene up 0.83%. The report suggests that lithium prices may stabilize due to seasonal demand [73] 7. Cobalt - Cobalt prices have increased, with MB cobalt up 5.40% to $20.98 per pound, driven by changes in export regulations from the Democratic Republic of Congo [86]

Investment Rating - The report maintains a "Recommended" rating for the aluminum industry [1] Core Viewpoints - The trend of inventory reduction continues, driven by increased demand, and the aluminum price is expected to show stronger performance as inventory decreases [11] - The aluminum industry is anticipated to maintain high prosperity due to limited long-term supply growth and ongoing demand growth points [11] Summary by Sections 1. Prices - As of October 17, the LME three-month aluminum closing price was $2,778.5 per ton, a week-on-week increase of $32.5 per ton, and a year-on-year increase of $191.0 per ton [24] - The Shanghai aluminum active contract closing price was 20,910.0 yuan per ton, a week-on-week decrease of 70.0 yuan per ton, and a year-on-year increase of 320.0 yuan per ton [24] 2. Production - In September 2025, the electrolytic aluminum production was 3.615 million tons, a month-on-month decrease of 118,000 tons, and a year-on-year decrease of 74,000 tons [56] - The alumina production in September 2025 was 7.604 million tons, a month-on-month decrease of 135,000 tons, but a year-on-year increase of 38.3 million tons [56] 3. Inventory - As of October 16, the domestic mainstream consumption area electrolytic aluminum ingot inventory recorded 627,000 tons, a week-on-week reduction of 22,000 tons, indicating a potential return to the inventory reduction trend [7] 4. Key Companies and Earnings Forecast - Key companies include China Hongqiao, Tianshan Aluminum, Shenhuo Co., China Aluminum, and Yun Aluminum, all rated as "Buy" [5]

Investment Rating - The report maintains a "Recommended" rating for the coal mining industry [2] Core Views - The coal price at northern ports has significantly increased due to limited supply from railway maintenance and temperature differences between northern and southern regions, with the price reaching 748 RMB/ton on October 17, up 39 RMB/ton week-on-week [4][13] - The supply side remains constrained, with production capacity utilization in the Sanxi region increasing slightly, while demand from coastal and inland power plants shows mixed trends [4][13] - The overall market sentiment is supported by high cash flow and profitability of leading coal companies, with a focus on maintaining a strong dividend yield [7] Summary by Sections 1. Thermal Coal - The price of thermal coal at northern ports has risen significantly, with specific increases in pit prices in Shanxi, Inner Mongolia, and Shaanxi [4][14] - Production capacity utilization in the Sanxi region has increased by 0.31 percentage points, while coal supply remains tight due to railway maintenance [4][19] - Coastal power plants' daily consumption has increased, while inland power plants have seen a decrease [4][22] 2. Coking Coal - The production capacity utilization for coking coal has increased by 2.05 percentage points, with some recovery in production following holiday shutdowns [5][38] - The price of main coking coal at ports has risen to 1,710 RMB/ton, up 80 RMB/ton week-on-week [5][39] - Coking coal inventories at production enterprises have decreased, indicating a tightening supply [5][46] 3. Coke - The supply side for coke has tightened, with production rates declining slightly due to cost pressures and maintenance [6][49] - The average profit per ton of coke has decreased, reflecting challenges in the market [6][54] - Coke inventories at independent coking plants have decreased, indicating stable demand [6][62] 4. Anthracite - The price of anthracite remains stable, with limited supply due to production constraints in certain regions [6][66] 5. Key Companies and Profit Forecasts - The report highlights several key companies with strong investment potential, including China Shenhua, Shaanxi Coal, and Yanzhou Coal, recommending a "Buy" rating for most [8]

Investment Rating - The report maintains a "Buy" rating for the industry, highlighting several key companies as investment opportunities [4]. Core Views - The report emphasizes that tariff uncertainties continue to disrupt the market, leading to increased demand for safe-haven assets like gold and silver, which have reached new highs [1][2]. - Industrial metal prices are expected to remain strong due to supply disruptions and optimistic macroeconomic forecasts, despite short-term volatility caused by tariffs [2][3]. - Energy metals, particularly lithium and cobalt, are projected to perform well due to strong demand from the electric vehicle and energy storage sectors [3]. - Precious metals are benefiting from strong central bank purchases and high expectations for interest rate cuts, which are expected to support gold prices in the medium to long term [3]. Summary by Sections Industrial Metals - Tariff-induced short-term volatility is affecting copper prices, but supply disruptions are expected to support prices [2]. - Aluminum demand remains resilient, with a decrease in social inventory indicating a potential price stabilization [2][19]. - The report highlights key companies in the industrial metals sector, including Luoyang Molybdenum, Zijin Mining, and China Aluminum [2]. Energy Metals - Cobalt prices are rising due to new export quota regulations from the Democratic Republic of Congo, while lithium demand remains strong due to the growth of the electric vehicle market [3]. - Key companies recommended in this sector include Huayou Cobalt and Tianqi Lithium [3]. Precious Metals - Gold prices are expected to continue rising due to strong demand from central banks and geopolitical uncertainties [3]. - Recommended companies in the precious metals sector include Western Gold, Shandong Gold, and Zijin Gold [3].

Core Viewpoint - The market is showing a positive trend in dividend stocks, with the China Securities State-Owned Enterprises Dividend Index (000824) rising by 0.25% as of October 17, 2025, and several constituent stocks experiencing significant gains, indicating a potential shift towards high-dividend assets as companies prepare to release their Q3 reports [1] Group 1: Market Performance - The China Securities State-Owned Enterprises Dividend Index (000824) increased by 0.25% [1] - Key constituent stocks such as Yanzhou Coal Mining Company (600188) rose by 3.38%, Shenhua Group (000933) by 2.01%, Agricultural Bank of China (601288) by 1.87%, and Xiamen Bank (601187) by 1.63% [1] - The National Enterprise Dividend ETF (159515) also saw an increase of 0.17% [1] Group 2: Upcoming Financial Reports - A batch of Q3 reports from A-share listed companies is expected to be released by the end of October 2025, with some companies likely to implement quarterly dividends, which may boost interest in dividend assets [1] - Many companies are anticipated to report positive results for Q3, suggesting a gradual recovery for dividend assets [1] Group 3: Investment Sentiment - Institutions indicate that the valuation of high-dividend sectors has become more attractive after a two-month correction, especially in the context of ongoing US-China tensions [1] - Analysts believe that dividend assets will demonstrate defensive characteristics amid increasing regional political risks [1] - The current market risk appetite remains under pressure, and if the A-share adjustment does not trigger systemic capital chain reactions, dividend stocks may serve as effective risk hedging tools for investors [1] Group 4: Index Composition - The China Securities State-Owned Enterprises Dividend Index (000824) includes 100 listed companies selected for their high cash dividend yields, stable dividends, and sufficient scale and liquidity [2] - As of September 30, 2025, the top ten weighted stocks in the index accounted for 17.15% of the total index weight, including companies like COSCO Shipping Holdings (601919) and Jizhong Energy (000937) [2]

Core Insights - The article highlights the top-performing stocks in the S&P China A-Share Dividend Opportunity Index, showcasing significant price increases and dividend yields for various companies [1] Group 1: Stock Performance - Mercury Home Textiles (603365.SH) leads with a year-to-date increase of 19.66% and a recent increase of 9.41%, along with a dividend yield of 4.80% [1] - Other notable performers include: - Hailong Cold Chain (603187.SH) with a year-to-date increase of 47.47% and a recent increase of 6.83% [1] - Shenhuo Co., Ltd. (000933.SZ) showing a year-to-date increase of 36.72% and a recent increase of 5.90% [1] - Siwei Liekong (603508.SH) with a remarkable year-to-date increase of 54.92% and a recent increase of 3.42%, boasting a high dividend yield of 10.65% [1] Group 2: Dividend Yields - The article lists companies with attractive dividend yields, such as: - Siwei Liekong (603508.SH) at 10.65% [1] - Semir Apparel (002563.SZ) at 8.90% [1] - Yutong Bus (600066.SH) at 6.73% [1] - The dividend yields reflect the companies' commitment to returning value to shareholders, which may attract income-focused investors [1]

Core Viewpoint - The A-share market experienced a significant rebound on October 15, with the S&P A-Share Dividend Index leading the mainstream dividend indices, rising by 0.92% and accumulating a nearly 3% increase for the month as of October 15, 2025 [1] Group 1: Market Performance - The S&P A-Share Dividend ETF (562060) also performed strongly, surging by 1.2% to a new high, closing at 0.592 yuan, with frequent premiums during trading [1] - In the past five trading days, the S&P Dividend ETF attracted over 40 million yuan, becoming a favored tool for investment in a slow bull market [1] Group 2: Sector Performance - All top ten sectors of the S&P A-Share Dividend Index recorded gains on October 15, with the pharmaceutical and automotive sectors rising over 2%, while machinery, light manufacturing, and home appliance sectors also increased by over 1% [2] - The top ten sectors and their respective weightings and performance on October 15 are as follows: - Banking: 16.58%, +0.61% - Machinery: 11.02%, +1.88% - Light Manufacturing: 8.68%, +1.25% - Home Appliances: 7.20%, +1.44% - Basic Chemicals: 6.28%, +0.83% - Textiles and Apparel: 5.55%, +1.70% - Pharmaceuticals: 4.76%, +2.05% - Automotive: 3.96%, +2.32% - Power and Utilities: 3.94%, +0.45% - Construction: 3.87%, +1.12% [2] Group 3: Stock Performance - Nearly 80% of the constituent stocks recorded positive returns, with Mercury Home Textiles leading with a 9.41% increase, followed by Kesi Co. at 7.38%, and Hailong Cold Chain at 6.83% [2][4] - The top-performing stocks on October 15 include: - Mercury Home Textiles: +9.41% - Kesi Co.: +7.38% - Hailong Cold Chain: +6.83% - Shenhuo Co.: +5.90% - Jinbei Electric: +3.57% - Siwei Liekong: +3.42% - Tianshan Aluminum: +3.21% - Zhongchuang Zhiling: +3.19% - Gujia Home: +2.86% - Yutong Bus: +2.80% [4] Group 4: Investment Insights - According to CITIC Securities, the fourth quarter of 2025 may be a key time for bottom-fishing in dividend stocks to achieve excess returns, as pessimistic expectations may have been fully reflected [5] - The S&P A-Share Dividend Index has shown superior performance in both yield and dividend rate, with a one-year return of 24.56% and a latest dividend yield of 5.27% [5] - The index emphasizes dividend stability and sustainable profitability, with a strict 3% individual stock weight limit, leading to a more balanced market capitalization distribution [5]

Group 1 - The Shenzhen State-Owned Enterprises Shareholder Return Index (470064) closed at 2334.29 points, up 1.05%, with a trading volume of 39.892 billion yuan and a turnover rate of 1.5% on October 15 [1] - Among the index constituents, 31 stocks rose, with Shenhuo Co., Ltd. leading with a 5.9% increase, while 11 stocks fell, with Fuan Energy leading the decline at 3.99% [1] - The top ten constituents of the index include BOE Technology Group (9.64% weight), Wuliangye Yibin (7.95% weight), and Hikvision (7.72% weight), with total market capitalizations of 153.397 billion yuan, 473.828 billion yuan, and 305.832 billion yuan respectively [1] Group 2 - The net inflow of main funds into the index constituents totaled 0.987 billion yuan, while retail investors experienced a net outflow of 0.882 billion yuan [1] - Detailed fund flow data shows that Chang'an Automobile had a net inflow of 0.651 billion yuan from main funds, while retail investors had a net outflow of 0.386 billion yuan [2] - Other notable stocks include BOE Technology Group with a net inflow of 0.221 billion yuan from main funds and a net outflow of 0.735 billion yuan from retail investors [2]

从资金流向上来看，当日河南国企改革板块主力资金净流入1.01亿元，游资资金净流出4219.92万元，散 户资金净流出5862.25万元。河南国企改革板块个股资金流向见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 600403 | 大有能源 | 5.45 | 10.10% | 79.43万 | 4.22亿 | | 000933 | 神火股份 | 22.44 | 5.90% | 77.14万 | 17.10亿 | | 002358 | 森源电气 | 5.16 | 3.41% | 23.55万 | 1.20亿 | | 001896 | 豫能控股 | 6.09 | 3.05% | 60.75万 | 3.66亿 | | 600121 | 郑州煤电 | 4.62 | 2.90% | 124.58万 | 5.77亿 | | 600207 | 安彩高科 | 5.53 | 2.60% | 30.98万 | 1.70亿 | | 300080 | 易成新能 | 5.18 | 2.17% | 69.85万 | ...

Market Overview - On October 15, the industrial metals sector rose by 2.66% compared to the previous trading day, with Zhongfu Industrial leading the gains [1] - The Shanghai Composite Index closed at 3912.21, up 1.22%, while the Shenzhen Component Index closed at 13118.75, up 1.73% [1] Top Gainers in Industrial Metals - Zhongfu Industrial (600595) closed at 6.15, up 10.02% with a trading volume of 2.38 million shares and a turnover of 1.424 billion yuan [1] - Shenhuo Co. (000933) closed at 22.44, up 5.90% with a trading volume of 771,400 shares and a turnover of 1.71 billion yuan [1] - Hongchuang Holdings (002379) closed at 18.79, up 5.74% with a trading volume of 242,100 shares and a turnover of 447.1 million yuan [1] Top Losers in Industrial Metals - Huayu Mining (601020) closed at 30.45, down 2.90% with a trading volume of 758,300 shares and a turnover of 2.279 billion yuan [2] - Xinweiling (920634) closed at 29.81, down 2.84% with a trading volume of 39,200 shares and a turnover of 1.16 million yuan [2] - Baiyin Nonferrous Metals (601212) closed at 5.40, down 2.35% with a trading volume of 4.6459 million shares and a turnover of 2.488 billion yuan [2] Capital Flow Analysis - The industrial metals sector experienced a net outflow of 682 million yuan from institutional investors, while retail investors saw a net inflow of 991 million yuan [2] - Major stocks like Zijin Mining (668109) had a net inflow of 563 million yuan from institutional investors, while retail investors had a net outflow of 205 million yuan [3] - Zhongfu Industrial (600595) saw a net inflow of 145 million yuan from institutional investors, but a net outflow of 10.3 million yuan from retail investors [3]