Investment Highlights - Precious metals: Gold has reached a new historical high, with continued recommendations for investment. Recent weak economic data from the US has led to a decline in the dollar index, and gold is poised for an upward trend as it prepares for the upcoming Federal Reserve meeting. Even if the meeting outcomes align with expectations, there is no need to rush to take profits, as the market is likely shifting from recession trading to stagflation trading, indicating a potential slow bull market for gold [2][3] - Copper: If interest rate cuts can facilitate a soft landing, copper prices may rise. LME copper has surpassed $10,000. Despite a weakening US economy, the market appears to be pricing in future stagflation or soft landing scenarios, leading to an upward trend in copper prices. With the domestic consumption peak approaching and downstream operating rates expected to improve, copper prices are likely to rise [2][3] - Aluminum: Continued optimism for rising aluminum prices. Shanghai aluminum prices have increased, driven by significant improvements in downstream operating rates, which have risen to 62.1%. Although the real estate sector remains sluggish, demand from the renewable energy sector is providing effective support. The mid-term impact of US aluminum tariffs is expected to be limited, and the long-term outlook for electrolytic aluminum remains positive [3] - Cobalt: Prices for cobalt intermediates continue to rise, with attention on the dynamics of electrolytic cobalt and policy changes in the Democratic Republic of the Congo. Cobalt product prices have increased, with weekly growth rates of 4.55% for cobalt sulfate and 2.06% for electrolytic cobalt. The market anticipates further supply constraints due to upcoming policy changes in the DRC, which could drive prices higher [3] - Tin: Price increases driven by interest rate cut expectations and supply shortages. Tin prices rose by 2.70%, with operating rates for refined tin in Yunnan and Jiangxi provinces dropping to 28.48%. Supply constraints are expected to persist due to raw material shortages and seasonal maintenance [4] - Lithium: Prices under pressure due to the announcement of a resumption plan at the Jiangxi mine. Lithium prices have declined, primarily due to market expectations surrounding the resumption of production. However, supply growth is expected to slow, and demand from the energy storage sector remains strong, indicating a potential improvement in the carbonated lithium supply-demand balance [4] Investment Recommendations - Companies to watch include Huayou Cobalt, Zhongtung High-tech, Zhangyuan Tungsten, Hunan Gold, Huayu Mining, Shanjin International, Chifeng Jilong Gold Mining, Zijin Mining, Luoyang Molybdenum, Shenhuo Co., and Yun Aluminum [5]

Market Overview - The small metals sector experienced a decline of 2.12% on September 15, with Zhangyuan Tungsten leading the drop [1] - The Shanghai Composite Index closed at 3860.5, down 0.26%, while the Shenzhen Component Index closed at 13005.77, up 0.63% [1] Individual Stock Performance - Zhongkuang Resources (002738) rose by 2.86% to close at 43.49, with a trading volume of 273,300 shares and a transaction value of 1.196 billion [1] - China Rare Earth (000831) saw a slight increase of 0.12%, closing at 56.54, with a trading volume of 815,900 shares [1] - Other notable declines included Caonong Tungsten (002378) down 5.89% to 13.11, and Huaxi Nonferrous (600301) down 5.32% to 32.19 [2] Capital Flow Analysis - The small metals sector experienced a net outflow of 3.446 billion in main funds, while retail investors saw a net inflow of 2.121 billion [2] - The table of capital flow indicates that major funds were predominantly exiting, while retail investors were entering the market [2][3] Detailed Stock Capital Flow - China Rare Earth (000831) had a net inflow of 36.1354 million from main funds, while retail investors contributed a net inflow of 11.0657 million [3] - Anning Shares (002978) faced a significant net outflow of 22.0635 million from main funds, despite a retail net inflow of 18.4799 million [3] - Huayang New Materials (600281) showed a stark contrast with a net outflow of 32.3273 million from main funds, while retail investors contributed a net inflow of 28.6828 million [3]

Core Viewpoint - The article discusses the performance of the stock market on September 15, highlighting mixed results among major indices and sector performances, with a focus on active sectors like gaming and pork, while noting the underperformance of certain materials sectors [2][5][10]. Market Performance - The three major indices closed with mixed results: Shanghai Composite Index at 3860.5 points, down 0.26%; Shenzhen Component Index at 13005.77 points, up 0.63%; and ChiNext Index at 3066.18 points, up 1.52% [2][3]. - The total trading volume in the Shanghai and Shenzhen markets was 2.28 trillion yuan, a decrease of 245.8 billion yuan from the previous trading day, with over 3300 stocks declining and more than 1900 stocks rising [2][3]. Sector Performance - Active sectors included pork (+2.82%), gaming (+3.65%), and automotive parts, while superconductors and retail concepts showed weak performance [5][6]. - Notable stocks in the gaming sector included Xinghui Entertainment, which hit a 20% limit up, and Perfect World, which also reached the limit up, with several other gaming stocks rising over 6% [6]. - In the pork sector, stocks like Delisi and Aonong Biological reached their daily limit, while Tiankang Biological rose over 8% [7]. Capital Flow - Main capital inflows were observed in the automotive, electric equipment, and machinery sectors, while there were outflows from electronics, communications, and defense sectors [10]. - Specific stocks with significant net inflows included BYD, Top Group, and Zhongdali De, with net inflows of 840 million yuan, 716 million yuan, and 700 million yuan respectively [11]. - Conversely, stocks like Northern Rare Earth, Wolong Electric Drive, and Zhongji Xuchuang faced substantial net outflows of 2.01 billion yuan, 1.83 billion yuan, and 1.386 billion yuan respectively [12]. Institutional Views - Citic Securities noted that the market is entering a high-level consolidation phase, with macro trading becoming a significant variable affecting market direction [14]. - Huatai Securities expressed a positive mid-term outlook for the domestic fundamentals, suggesting maintaining a high position while focusing on cost-effectiveness and industry prosperity [14].

Core Viewpoint - Zhangyuan Tungsten Industry (002378.SZ) has seen a decline of 6.03%, currently trading at 13.09 yuan, with a market capitalization of 15.7 billion yuan. The company's controlling shareholder, Chongyi Zhangyuan Investment Holding Co., Ltd., plans to reduce its stake by up to 24 million shares, representing 2% of the total share capital, through block trading within three months after the announcement date [1]. Group 1 - Zhangyuan Tungsten Industry's stock price has dropped by 6.03% to 13.09 yuan [1] - The current trading volume is 1 billion yuan, with a market capitalization of 15.7 billion yuan [1] - The controlling shareholder intends to reduce its holdings by a maximum of 24 million shares [1]

Core Points - The controlling shareholder of Zhangyuan Tungsten Industry (002378.SZ), Chongyi Zhangyuan Investment Holding Co., Ltd., plans to reduce its stake by up to 24 million shares, representing 2% of the total share capital, within three months from the announcement date [1] - The reduction will not lead to a change in control of the company and is not expected to significantly impact its ongoing operations [1] - Based on the closing price of 13.93 CNY per share on September 12, the estimated cash amount from this reduction is approximately 334 million CNY [1] Shareholding History - Initially, Chongyi Zhangyuan held 349 million shares, accounting for 81.50% of the total share capital [1] - Since the first reduction on June 12, 2015, the company has cumulatively reduced its holdings by 160 million shares, realizing approximately 1.744 billion CNY [1] - The latest three reductions include: - March 9, 2023: Reduced 4.5 million shares for 33.75 million CNY, bringing the holding to 60.65% [2] - January 20-22, 2025: Reduced 8.3654 million shares for 55.867 million CNY, bringing the holding to 59.95% [3] - January 20, 2025: Reduced 14.727 million shares for 98.241 million CNY, bringing the holding to 58.72% [3] - Cumulatively, including the latest reduction, the total cash realized from share reductions is approximately 2.079 billion CNY [3]

Investment Rating - The report maintains an "Accumulate" rating for the non-ferrous metals sector [5]. Core Insights - The report highlights a continuous increase in the prices of various metals, particularly electrolytic cobalt and polysilicon, while lithium concentrate prices have seen a decline. This indicates a mixed outlook for different segments within the new materials industry [1][2][4]. Summary by Relevant Sections Non-Ferrous Metals - Electrolytic cobalt price is at 271,000 CNY/ton, up 3.0% week-on-week, with a price ratio of electrolytic cobalt to cobalt powder at 0.87, up 1.4% [1][10]. - Lithium concentrate (Li2O 5%) price is at 700 USD/ton, down 3.58% week-on-week [1]. - The price of lithium iron phosphate and 523-type cathode materials is stable at 343,000 CNY/ton and 1,147,000 CNY/ton, respectively [1]. Photovoltaic New Materials - Polysilicon price is at 6.45 USD/kg, up 4.0% week-on-week, indicating a recovery in the solar materials market [2]. - EVA price remains stable at 10,800 CNY/ton, reflecting a low position since 2013 [2]. Nuclear Power New Materials - Uranium price is at 59.58 USD/lb, up 4.0% week-on-week, indicating a positive trend in nuclear materials [2]. Consumer Electronics New Materials - The price of cobalt tetroxide is at 214,200 CNY/ton, up 0.56% week-on-week, while lithium cobalt oxide price remains stable at 175.0 CNY/kg [3]. - Silicon carbide price is stable at 5,300 CNY/ton, reflecting steady demand in the electronics sector [3]. Investment Recommendations - The report suggests focusing on the metal new materials sector, particularly lithium and cobalt, due to price increases and supply disruptions. Companies like Salt Lake Co., Zangge Mining, and Huayou Cobalt are highlighted as potential investment opportunities [4].

Group 1 - The core point of the announcement is that the controlling shareholder, Chongyi Zhangyuan Investment Holding Co., Ltd., plans to reduce its stake in Zhangyuan Tungsten Industry Co., Ltd. by up to 24 million shares, which represents 2% of the company's total share capital [1] Group 2 - The reduction will be executed through block trading within three months after the announcement, starting 15 trading days from the date of disclosure [1]

Core Viewpoint - The controlling shareholder of Zhangyuan Tungsten Industry plans to reduce its stake in the company through block trading, potentially impacting the stock's performance and investor sentiment [1] Group 1 - The controlling shareholder, Chongyi Zhangyuan Investment Holding Co., Ltd., intends to reduce its holdings by up to 24 million shares, which represents 2% of the company's total share capital [1]

Core Viewpoint - The controlling shareholder of Zhangyuan Tungsten (002378) plans to reduce its stake in the company by up to 24 million shares, representing 2% of the total share capital, through block trading within three months after the announcement [1] Summary by Categories Company Actions - The controlling shareholder, Chongyi Zhangyuan Investment Holding Co., Ltd., intends to sell up to 24 million shares of Zhangyuan Tungsten [1] Shareholder Impact - The planned reduction in shares will account for 2% of the company's total share capital [1]

Core Viewpoint - The controlling shareholder of Zhangyuan Tungsten Industry plans to reduce its stake in the company through block trading, indicating a potential shift in ownership dynamics [1] Summary by Relevant Sections - **Shareholder Action** - The controlling shareholder, Chongyi Zhangyuan Investment Holding Co., Ltd., intends to reduce its holdings by up to 24,000,000 shares, which represents 2% of the company's total share capital [1]