Core Insights - The energy metals sector experienced a significant increase of 4.85% on September 29, with Boqian New Materials leading the gains [1] - The Shanghai Composite Index closed at 3862.53, up 0.9%, while the Shenzhen Component Index closed at 13479.43, up 2.05% [1] Sector Performance - Boqian New Materials (605376) saw a closing price of 59.49, with a rise of 10.00% and a trading volume of 18,400 lots, amounting to 110 million yuan [1] - Ganfeng Lithium (002460) closed at 58.50, up 7.83%, with a trading volume of 1,189,500 lots and a transaction value of 6.772 billion yuan [1] - Other notable performers included: - Sai Rui Aluminum (300618) at 53.24, up 5.78% [1] - Huayou Cobalt (603799) at 60.25, up 5.46% [1] - Tengyuan Diamond (301219) at 72.27, up 5.20% [1] Capital Flow - The energy metals sector saw a net inflow of 1.344 billion yuan from main funds, while retail funds experienced a net outflow of 828 million yuan [1] - Ganfeng Lithium had a main fund net inflow of 5.42 billion yuan, but retail funds saw a net outflow of 2.96 billion yuan [2] - Huayou Cobalt also reported a main fund net inflow of 4.97 billion yuan, with retail funds experiencing a net outflow of 4.53 billion yuan [2]

Market Overview - The Shanghai Composite Index closed at 3872.88 points, up 1.17%, with a total trading volume of 1.7438 trillion yuan [1] - As of the current date, 94 A-shares have surpassed their annual moving average [1] Stocks Surpassing Annual Moving Average - Notable stocks with significant deviation rates include: - Kaiwang Technology (301182) with a deviation rate of 15.21% and a daily increase of 17.68% [1] - Wanli Stone (002785) with a deviation rate of 9.52% and a daily increase of 10.01% [1] - Daqing Huake (000985) with a deviation rate of 9.44% and a daily increase of 10.00% [1] - Other stocks with smaller deviation rates include: - China CNR (601990) and Beidahuang (000995), both just above their annual moving average [1] Additional Stocks with Positive Performance - Other stocks showing positive performance include: - Tonghui Information (430090) with a daily increase of 6.20% and a deviation rate of 4.69% [1] - Huangtai Liquor (000995) with a daily increase of 5.17% and a deviation rate of 4.47% [1] - Nanjing Securities (601990) with a daily increase of 4.09% and a deviation rate of 4.00% [1]

Core Insights - The A-share steel sector experienced a significant upward trend, with Maanshan Iron & Steel Co., Ltd. nearing a trading limit increase, and Jinzhou Pipeline rising over 7% [1] Company Performance - Maanshan Iron & Steel Co., Ltd. (600808) saw a price increase of 9.92%, with a total market capitalization of 30.7 billion and a year-to-date increase of 29.13% [2] - Jinzhou Pipeline (002443) increased by 7.81%, with a market cap of 4.024 billion and a year-to-date increase of 35.86% [2] - Yongxing Materials (002756) rose by 4.97%, with a market cap of 19.6 billion, but has a year-to-date decrease of 2.16% [2] - Wujin Stainless Steel (603878) increased by 4.67%, with a market cap of 5.285 billion and a year-to-date increase of 67.60% [2] - Changbao Co., Ltd. (002478) rose by 4.32%, with a market cap of 5.217 billion and a year-to-date increase of 14.14% [2] - Hainan Mining (601969) increased by 4.21%, with a market cap of 16.8 billion and a year-to-date increase of 20.41% [2] - Jiuli Special Materials (002318) rose by 3.88%, with a market cap of 23.5 billion and a year-to-date increase of 7.05% [2] - Hebei Steel (000709) increased by 3.33%, with a market cap of 25.6 billion and a year-to-date increase of 13.69% [2] - Dazhong Mining (001203) rose by 3.04%, with a market cap of 18.4 billion and a year-to-date increase of 43.93% [2] - Hebei Resources (000923) also increased by 3.04%, with a market cap of 10.6 billion and a year-to-date increase of 21.53% [2]

Report Overview - Report Title: How Will the Balance Evolve under High Supply and Demand Elasticity after the Supply Shock? - Research Institute: Orient Futures Derivatives Research Institute - Date: September 2025 - Analyst: Chen Yixuan 1. Report Industry Investment Rating - Not provided in the report 2. Report's Core View - In the short term, the lithium market presents a combination of strong reality and weak expectations, with limited de - stocking and a surplus pattern. It is recommended to look for short - selling opportunities on price rallies and reverse spread opportunities for LC2511 - 2512. In the long term, although the static balance remains in surplus, the high - growth demand will ease the apparent inventory build - up pressure in 2026, and the trading strategy can gradually shift from shorting on rallies to buying on dips [61]. 3. Summary by Relevant Directory Q3 Market Review - Since the end of June, lithium prices have rebounded rapidly from the bottom to 90,000 yuan, then fluctuated after a spike. From late June to mid - July, demand expectation correction drove the price to stabilize and rebound; from mid - July to mid - August, supply - side risks led to a rapid price increase; since mid - August, after the market priced in the shutdown of Jianxiaowo, the price corrected to account for the increased supply stimulated by high prices [2][5]. Supply - Side Uncertainty - Since mid - July, mining license risks in Jiangxi and Qinghai have intensified. The shutdown of some projects raised concerns about domestic supply risks, and the expiration of Jianxiaowo's mining license in August triggered market sentiment. However, since late August, the resumption of previously shut - down projects has cooled market enthusiasm [6][8]. Supply Pressure and Inventory - High prices have accelerated the manifestation of supply pressure. After the price rebound, the output of spodumene processing increased rapidly, offsetting the reduction in mica supply. Since late August, the generation of warehouse receipts has accelerated. Currently, domestic ore inventory is still at a moderately high level, and imported ore flows in stably, with new projects expanding production capacity, so there is no significant constraint on lithium salt supply [9][11][12]. Lithium Salt Trade and Resource Output - In terms of lithium salt shipments, South American shipments are in line with capacity ramp - up expectations, and Indonesia has brought marginal increments. The regional premium has changed the trade flow of lithium salts. The revised global lithium resource supply in 2025 is expected to increase by 270,000 tons LCE year - on - year, and the impact of mining license disruptions is limited. In 2026, the project reserve is still sufficient, with an expected year - on - year increase of 300,000 tons LCE, but some mica capacity may face supply uncertainty [16][19][22]. Terminal Demand - In the power market, new - energy passenger vehicle sales in China, Europe, and the US from January to August increased by 36%, 28%, and 4% year - on - year respectively. The new - energy commercial vehicle market is a highlight, with sales in China from January to August increasing by 66% year - on - year. The domestic and overseas energy - storage markets have continuously exceeded expectations, with high growth in domestic large - scale energy - storage project bids and a significant increase in overseas exports [30][36][41]. Market Balance - In the short term, the market is in a de - stocking phase, but the de - stocking amplitude is limited. The fundamental situation supports prices in the short term but cannot drive prices up independently. In the long term, from 2025 to 2026, the global lithium resource market remains in surplus, but the apparent inventory build - up in 2026 may narrow, and the inventory - to - consumption ratio will decrease [48][51][55]. Strategy Recommendation - Short - term: Given the strong reality and weak expectations, limited de - stocking, and the expectation of project resumption, it is recommended to look for short - selling opportunities on price rallies and reverse spread opportunities for LC2511 - 2512. Long - term: As the demand growth will ease the inventory build - up pressure in 2026, the trading strategy can gradually shift from shorting on rallies to buying on dips [61].

Core Viewpoint - The A-share steel sector experienced a significant upward trend, with several companies nearing their daily price limits and notable gains in stock prices [1] Company Performance - Maanshan Iron & Steel Co., Ltd. (600808) saw a price increase of 9.92%, with a total market capitalization of 30.7 billion and a year-to-date increase of 29.13% [2] - Jinzhu Pipeline (002443) rose by 7.81%, with a market cap of 4.024 billion and a year-to-date increase of 35.86% [2] - Yongxing Materials (002756) increased by 4.97%, with a market cap of 19.6 billion but a year-to-date decrease of 2.16% [2] - Wujin Stainless Steel (603878) gained 4.67%, with a market cap of 5.285 billion and a year-to-date increase of 67.60% [2] - Changbao Co., Ltd. (002478) rose by 4.32%, with a market cap of 5.217 billion and a year-to-date increase of 14.14% [2] - Hainan Mining (601969) increased by 4.21%, with a market cap of 16.8 billion and a year-to-date increase of 20.41% [2] - Jiuli Special Materials (002318) saw a 3.88% increase, with a market cap of 23.5 billion and a year-to-date increase of 7.05% [2] - Hebei Steel (000709) rose by 3.33%, with a market cap of 25.6 billion and a year-to-date increase of 13.69% [2] - Dazhong Mining (001203) increased by 3.04%, with a market cap of 18.4 billion and a year-to-date increase of 43.93% [2] - Hebei Resources (000923) also rose by 3.04%, with a market cap of 10.6 billion and a year-to-date increase of 21.53% [2]

长盛转型升级混合（001197）基金经理为王柄方。 从基金十大重仓股角度 截至发稿，王柄方累计任职时间3年71天，现任基金资产总规模3.7亿元，任职期间最佳基金回 报-6.17%， 任职期间最差基金回报-47.99%。 9月29日，永兴材料涨5.14%，截至发稿，报36.40元/股，成交4.32亿元，换手率3.14%，总市值196.23亿 元。 数据显示，长盛基金旗下1只基金重仓永兴材料。长盛转型升级混合（001197）二季度持有股数16.28万 股，与上期相比持股数量不变，占基金净值比例为2.7%，位居第六大重仓股。根据测算，今日浮盈赚 取约28.98万元。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 资料显示，永兴特种材料科技股份有限公司位于浙江省湖州市霅水桥路618号，成立日期2000年7月19 日，上市日期2015年5月15日，公司主营业务涉及不锈钢及特殊合金材料等特种金属材料棒线材的研 发、生产和销售。主营业务收入构成为：棒材47.71%，线材24.66%， ...

Core Viewpoint - The report indicates a decline in China's wire rod (coil) production, with a projected output of 11.38 million tons in July 2025, representing a year-on-year decrease of 1.9% [1] Industry Summary - According to the National Bureau of Statistics, the cumulative production of wire rod (coil) in China from January to July 2025 is 78.96 million tons, showing a slight decline of 0.1% [1] - The report titled "Market Development Scale and Industry Demand Analysis of China's High-Speed Wire Rod Industry from 2025 to 2031" by Zhiyan Consulting provides insights into the market trends and future demand [1] Company Summary - Listed companies in the wire rod industry include Hangang Co., Ltd. (600126), Shagang Co., Ltd. (002075), Yongxing Materials (002756), Fangda Special Steel (600507), Linggang Co., Ltd. (600231), Fushun Special Steel (600399), *ST Xigang (600117), Liugang Co., Ltd. (601003), Magang Co., Ltd. (600808), and New Steel Co., Ltd. (600782) [1]

证券日报网讯永兴材料（002756）9月26日在互动平台回答投资者提问时表示，公司特钢新材料业务以 不锈废钢为主要原料，采用短流程工艺生产不锈钢棒线材及特殊合金材料，产品经下游加工后可用于核 电领域。 ...

证券日报网讯永兴材料9月25日在互动平台回答投资者提问时表示，公司将严格按照政府文件要求提交 储量报告。 （文章来源：证券日报） ...

Group 1 - The core transaction on September 25 involved 1.7 million shares of Yongxing Materials, with a transaction value of 58.497 million yuan, at a price of 34.41 yuan, reflecting a discount of 2.49% compared to the closing price [2][3] - Over the past three months, Yongxing Materials has recorded a total of 9 block trades, amounting to 378 million yuan [2] - The closing price of Yongxing Materials on the day of the transaction was 35.29 yuan, showing an increase of 2.23%, with a turnover rate of 3.55% and a total trading volume of 485 million yuan [2] Group 2 - The latest margin financing balance for Yongxing Materials is 586 million yuan, with a decrease of 5.1755 million yuan over the past five days, representing a decline of 0.88% [3] - Yongxing Special Materials Technology Co., Ltd. was established on July 19, 2000, with a registered capital of 5.3910154 billion yuan [3]