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 ...

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 ...

每经AI快讯，9月25日，早盘有色板块大幅高开，铜方向领涨，北方铜业、精艺股份涨停，江西铜业、 电工合金、云南铜业、洛阳钼业、铜陵有色涨幅靠前。 ...

Group 1 - The core viewpoint of the news is that the copper sector in the A-share market experienced a significant rise, driven by supply disruptions at Freeport's Grasberg mine, which is expected to impact global copper supply and prices positively [1][2] - Freeport announced that the Grasberg mine supply is facing force majeure, leading to a substantial increase in copper prices, marking the largest rise in over five months [1] - Citigroup analysts noted that Grasberg accounts for approximately 3% of global copper supply, with total losses in Q4 expected to affect global supply by 3%, and a projected 35% loss by 2026 impacting about 1% of global supply, which will support copper prices [1] Group 2 - The A-share copper concept stocks opened high, with notable gains: Electric Alloy surged over 12%, Jingyi Co. reached a 10% limit up, Jiangxi Copper increased over 8%, and Tongling Nonferrous Metals rose over 6% [1][2] - Specific stock performances include: - Electric Alloy: +12.69%, market cap of 8.22 billion - Jingyi Co.: +10.02%, market cap of 3.38 billion - Jiangxi Copper: +8.24%, market cap of 106.9 billion - Tongling Nonferrous Metals: +6.73%, market cap of 61.6 billion - Yunnan Copper: +5.87%, market cap of 32.2 billion - Shengtu Mining: +4.57%, market cap of 26.9 billion - Baiyin Nonferrous: +3.46%, market cap of 28.8 billion - Zhongyuan New Materials: +3.40%, market cap of 3.569 billion [2]

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]

证券之星消息，9月24日工业金属板块较上一交易日上涨0.47%，精艺股份领涨。当日上证指数报收于 3853.64，上涨0.83%。深证成指报收于13356.14，上涨1.8%。工业金属板块个股涨跌见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 601600 | 中国铝业 | 7507.83万 | 5.93% | 143.52万 | 0.11% | -7651.35万 | -6.04% | | 601020 | 华钰矿业 | 4647.57万 | 2.33% | -6622.98万 | -3.32% | 1975.40万 | 0.99% | | 002295 | 精艺股份 | 3889.99万 | 23.20% | -1557.39万 | -9.29% | -2332.60万 | -13.91% | | 601677 | 明泰铝业 | 2513.46万 | 6.88% | -1221.34万 | -3.34 ...

Group 1 - The industrial metal sector increased by 1.17% on September 19, with Hongchuang Holdings leading the gains [1] - The Shanghai Composite Index closed at 3820.09, down 0.3%, while the Shenzhen Component Index closed at 13070.86, down 0.04% [1] - Key stocks in the industrial metal sector showed various performance, with Hongchuang Holdings rising by 4.97% and closing at 17.33 [1] Group 2 - Major stocks that declined included Liyuan Co., down 6.05% to 2.64, and Beifang Copper, down 5.12% to 13.71 [2] - The industrial metal sector experienced a net outflow of 838 million yuan from main funds, while retail investors saw a net inflow of 804 million yuan [2][3] - The stock with the highest net inflow from main funds was China Aluminum, with 79.77 million yuan, while Xinjiang Zhonghe had a net outflow of 5.73 million yuan from retail investors [3]

Core Viewpoint - The shares of Jingyi Co., Ltd. (002295.SZ), held by Nantong Sanjian Holdings Co., Ltd., are set for judicial auction with a starting price of 725 million yuan, raising concerns about potential changes in the company's controlling shareholder and actual controller [2][4]. Group 1: Auction Details - Nantong Sanjian's 75,184,700 shares in Jingyi Co., representing approximately 29.9996% of the total share capital, are being auctioned, with the auction date scheduled for October 9 [2]. - The initial auction price of 725 million yuan is only 60% of the 1.2 billion yuan paid by Nantong Sanjian in 2018 for these shares [2][4]. - The final auction price will be determined based on the average closing price of the stock over the 20 trading days prior to the auction, multiplied by the number of shares, and then discounted by 10% [3]. Group 2: Company Performance - Jingyi Co., Ltd. is a leading player in China's copper processing industry, with a reported revenue of 3.754 billion yuan in 2024, reflecting a year-on-year growth of 38.43%, and a net profit of 27.7063 million yuan, up 15.57% [4]. - The stock price of Jingyi Co. surged from 5.7 yuan per share in January to a peak of 12.49 yuan in July, marking a 120% increase, driven by demand from the new energy sector [4]. Group 3: Nantong Sanjian's Financial Issues - Nantong Sanjian has faced significant financial difficulties, being included in the list of dishonest entities in July 2024 due to multiple overdue debts and failure to disclose timely information [5]. - The company is involved in several legal cases with a total amount of approximately 1.4 billion yuan, leading to the freezing of its shares in Jingyi Co. [5].