证券之星消息，8月5日能源金属板块较上一交易日上涨0.15%，藏格矿业领涨。当日上证指数报收于 3617.6，上涨0.96%。深证成指报收于11106.96，上涨0.59%。能源金属板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 000408 | 藏格矿业 | 48.80 | 2.05% | 11.03万 | | 5.35 乙 | | 605376 | 博迁新材 | 41.64 | 0.82% | 4.56万 | | 1.88亿 | | 002756 | 永兴材料 | 35.51 | 0.77% | 6.47万 | | 2.29亿 | | 000762 | 西藏矿业 | 21.79 | 0.46% | 11.19万 | | 2.43亿 | | 002240 | 盛新理能 | 15.59 | 0.19% | 18.97万 | | 2.96 Z | | 002460 | 赣锋锂业 | 35.90 | -0.03% | 18.73万 | | 6.73亿 | | 0 ...

Group 1 - The AMAC Nonferrous Metals Index increased by 0.81%, closing at 3387.8 points with a trading volume of 36.511 billion [1] - The AMAC Nonferrous Metals Index has risen by 8.81% in the past month, 21.63% in the past three months, and 21.46% year-to-date [1] - The index is based on the classification guidelines from the China Securities Association and includes 43 industry classification indices [1] Group 2 - The top ten holdings of the AMAC Nonferrous Metals Index include Northern Rare Earth (8.77%), China Aluminum (5.63%), and Huayou Cobalt (5.56%) [1] - The market capitalization distribution shows that 52.51% of the holdings are from the Shenzhen Stock Exchange, while 47.49% are from the Shanghai Stock Exchange [1] Group 3 - The industry composition of the AMAC Nonferrous Metals Index shows that raw materials account for 96.48%, industrials for 2.09%, information technology for 1.07%, and consumer discretionary for 0.36% [2]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截 | 至 | 份 | 月 | 態 | 年 | 狀 | 新 | 提 | 交 | 月 | 日 | 2 | 0 | 2 | 3 | 1 | 5 | 7 | : | : | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 致 | 港 | 交 | 算 | 有 | 香 | 易 | 及 | 結 | 所 | 限 | 公 | 司 | ： | | | | | | | | | | | | | | | | | | | | 公 | 司 | 名 | 稱 | 齊 | 業 | 天 | 鋰 | 份 | 有 | 限 | 公 | 股 | 司 | : | | | | | | | | ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 天齊鋰業股份有限公司 呈交日期: 2025年8月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 09696 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 164,122,200 | RMB | | | 1 RMB | | 164,122,200 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 164,122,200 | RMB | | | 1 RMB | | 164,122,200 | | 2. 股份分類 | 普通股 ...

Group 1 - The core viewpoint is that the gold stocks have collectively strengthened due to rising risk aversion, driven by disappointing U.S. non-farm employment data, which has led to an increase in gold prices [1][2] - The non-farm employment report indicated an increase of 73,000 jobs in July, below the market expectation of 104,000, with the unemployment rate rising by 0.1 percentage points to 4.2% [1] - The gold price surged by $40 following the non-farm data release, closing at $3,363 per ounce, erasing previous losses [2] Group 2 - The long-term outlook suggests that the combination of "rate cut trades" and "Trump 2.0" will continue to catalyze gold prices through 2025, with central bank purchases providing strong support [3] - The World Gold Council reported that global gold demand is expected to reach 4,974 tons in 2024, a 1.5% increase from 4,899 tons in 2023, driven by strong central bank purchases and investment demand [3] - The top ten weighted stocks in the non-ferrous metal industry index account for 49.71% of the index, with major companies including Zijin Mining, Northern Rare Earth, and Shandong Gold [4]

Investment Rating - The industry rating is "Outperform" [2] Core Insights - The report highlights the supply-demand imbalance and rebalancing in the base metals sector, with a focus on the cyclical nature of recession and recovery [3][10] - In the precious metals sector, central bank gold purchases and a shift in risk appetite are expected to drive gold prices upward [4][26] - The small metals sector is characterized by cyclical demand trends, with both supply-demand tug-of-war and long-term opportunities [5][46] - The rare earth permanent magnet sector is anticipated to enter a new cycle, driven by the growing demand for high-performance materials in electric vehicles [6][65] - The report discusses the sandwich structure of investment in new metal materials, emphasizing long-term technological trends and short-term performance elasticity [7][80] Summary by Sections Base Metals - Base metals are closely tied to manufacturing and economic cycles, with copper facing supply constraints primarily at the mining level due to previous capital expenditure limitations [3][15] - Aluminum supply is bottlenecked at the smelting stage, with profitability per ton determining operational capacity [22][24] Precious Metals - Central banks have significantly increased gold purchases, contributing to rising demand [27][32] - The correlation between gold prices and U.S. Treasury yields has shifted, indicating a market response to extreme risks [35][36] Small Metals - The small metals sector shows stronger price elasticity compared to industrial metals, with tungsten and tin being highlighted for their strategic importance and demand from the electronics sector [5][49][55] Rare Earths - The demand for high-performance neodymium-iron-boron magnets is expected to grow, particularly in the automotive sector, while supply remains rigid [6][75] - The report notes a tightening supply-demand balance in the rare earth sector, driven by increasing demand from various applications [6][75] New Metal Materials - The investment framework for new metal materials is described as a sandwich structure, focusing on long-term trends, mid-term growth attributes, and short-term performance [7][80] - The report identifies key investment opportunities in semiconductor materials and high-performance applications driven by AI and power density trends [83][84]

Market Overview - On August 1, the energy metals sector rose by 0.05% compared to the previous trading day, with ST Shengtun leading the gains [1] - The Shanghai Composite Index closed at 3559.95, down 0.37%, while the Shenzhen Component Index closed at 10991.32, down 0.17% [1] Stock Performance - ST Shengtun (600711) closed at 7.91, up 5.05% with a trading volume of 862,000 shares and a turnover of 668 million yuan [1] - Other notable performers included: - Shengxin Lithium Energy (002240) at 15.82, up 1.93% [1] - Yongxing Materials (002756) at 35.54, up 1.51% [1] - Rongjie Co., Ltd. (002192) at 34.97, up 1.33% [1] - Ganfeng Lithium (002460) at 36.18, up 0.50% [1] Capital Flow - The energy metals sector experienced a net outflow of 13.4468 million yuan from institutional investors, while retail investors saw a net outflow of 14.5 million yuan [2] - Conversely, speculative funds recorded a net inflow of 158 million yuan [2] Individual Stock Capital Flow - ST Shengtun had a net inflow of 1.07 million yuan from institutional investors, but a net outflow of 49.7793 million yuan from speculative funds and 57.5723 million yuan from retail investors [3] - Ganfeng Lithium (002460) saw a net inflow of 79.7184 million yuan from institutional investors, while retail investors experienced a net outflow of 97.8754 million yuan [3] - Other stocks like Rongjie Co., Ltd. and Yongxing Materials also showed mixed capital flows with varying degrees of net inflows and outflows from different investor types [3]

Core Viewpoint - The article analyzes the performance and market capitalization trends of major lithium mining companies in China over the past few years, suggesting that the strong players are likely to remain dominant in the future [2]. Market Capitalization Trends - The article compares the market capitalization of several companies including Tianqi, Rongjie, Shengxin, Ganfeng, Yongxing, and Zhongmin from July 2020 to the present [3]. - Key market capitalization points are highlighted, with Zhongmin set as the baseline (A), showing that other companies have varying multiples of this baseline [9][12][16][19][23]. Production Capacity Changes - Tianqi's equity capacity increased from 70,000 tons to 95,000 tons, with future expectations around 100,000 tons [24]. - Rongjie expanded from 5,000 tons to 25,000 tons, with equity capacity projected to reach 10,000 to 20,000 tons [24]. - Shengxin's capacity grew from 40,000 tons to 137,000 tons, with equity capacity expected to reach 25,000 to 30,000 tons [25]. - Ganfeng's equity capacity rose from over 40,000 tons to 110,000 tons, with total capacity at 260,000 tons and future expectations of 150,000 tons in equity [26]. - Yongxing's capacity increased from 10,000 tons to 30,000 tons, with equity capacity projected to reach 50,000 tons [26]. - Zhongmin's capacity grew from 3,000 tons to 70,000 tons, with equity capacity expected to reach 100,000 tons [26]. Industry Outlook - The article emphasizes that the lithium mining sector is interconnected, and the focus should be on the future growth of equity production capacity, which is crucial for long-term value [26]. - It notes that many high-quality mines have already been acquired, making it challenging to significantly increase equity capacity [27].

Group 1 - The recent price correction in the new energy vehicle (NEV) sector indicates that the "anti-involution" trading is not over but is instead gathering momentum, with a significant market pullback observed on July 31 [1] - The speech from the non-party personnel meeting on July 30 emphasized the importance of addressing "involution" as a key focus for the second half of the year, suggesting that policy momentum will remain stable and that related investment opportunities will be more medium to long-term rather than short-term speculation [1] - The NEV industry is experiencing a slowdown in new supply, but the core of the cyclical upturn will be driven more by demand and new technologies, with China leading in global competitiveness for NEVs and batteries [1] Group 2 - The demand side shows that companies like CATL have a significant overseas revenue growth of 21.1% in the first half of the year, which is much higher than the overall revenue growth of 7.3%, indicating a strong international market presence [1] - New technologies such as smart driving are penetrating lower-priced models, with BYD committing to safety in smart parking and new models expected to launch in the second half of the year [1] - Solid-state batteries are also seeing rapid development, with the Ministry of Industry and Information Technology planning a mid-term review of automotive-grade battery performance by the end of 2025, and key milestones for pilot production expected between the second half of 2025 and the first half of 2026 [1] Group 3 - The new energy vehicle ETF closely tracks the CSI New Energy Vehicle Industry Index, which includes 50 listed companies involved in various aspects of the NEV industry, reflecting the overall performance of leading NEV companies [2] - As of August 1, the NEV ETF opened with an increase, and the top ten weighted stocks in the CSI New Energy Vehicle Industry Index account for 55.33% of the index, with major companies including CATL, BYD, and others [3]

资金面上看，两市主力资金全天净流出569.34亿元，主力资金净流入的行业仅有3个，计算机行业净流 入资金38.69亿元；银行行业净流入资金17.02亿元；传媒行业净流入资金2.22亿元。 沪指7月31日下跌1.18%，申万所属行业中，今日上涨的有2个，涨幅居前的行业为计算机、通信，涨幅 分别为0.39%、0.06%。跌幅居前的行业为钢铁、有色金属，跌幅分别为4.08%、3.19%。有色金属行业 位居今日跌幅榜第二。 有色金属行业资金流入榜 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 603124 | 江南新材 | 10.01 | 33.97 | 13925.24 | | 600595 | 中孚实业 | -2.13 | 2.45 | 6834.43 | | 002203 | 海亮股份 | 7.03 | 3.57 | 5661.17 | | 601609 | 金田股份 | -1.64 | 3.03 | 3154.34 | | 600531 | 豫光金铅 | 0.74 | 6.70 | 2673.7 ...