Xin Lang Cai Jing·2025-09-25 02:51Industry Overview - The non-ferrous metals sector is experiencing favorable policies and supply-demand dynamics, with tight copper supply supporting prices and "anti-involution" policies expected to improve the smelting and processing landscape [1] - Domestic growth stabilization policies and the U.S. entering a rate-cutting cycle are anticipated to enhance demand, leading to a potentially strong copper price trend [1] - China holds a leading advantage in rare earth resources, smelting, and downstream magnetic materials, with developments in humanoid robots and new energy sectors providing new demand momentum [1] Company Performance - Luoyang Molybdenum Co. reported impressive performance in the first half of 2025, achieving a net profit of 8.671 billion yuan, a year-on-year increase of 60.07%, marking a historical high for the period [2] - The company produced 353,600 tons of copper, a 12.68% year-on-year increase, also a historical high for the same period, supported by the TFM and KFM projects [2] - Luoyang Molybdenum completed the acquisition of the Ecuadorian Cangrejos gold mine, further diversifying its product matrix [2] Market Dynamics - The silicon carbide price increased by 5.7% this week, reaching a three-month high, while high-purity gallium prices rose by 1.1%, indicating a recovery in demand for high-end electronic materials [2] - The lithium concentrate price at China's ports rose by 3.71%, and the price of praseodymium-neodymium oxide remains at a 19-month high, suggesting that some rare metal raw materials are still in a favorable market condition [2] ETF Performance - As of September 25, 2025, the CSI Rare Metals Theme Index rose by 1.44%, with the Rare Metals ETF (159608) increasing by 1.53%, peaking over 2% during trading [3] - The top ten weighted stocks account for 57.58% of the index, with Luoyang Molybdenum rising by 7.29% and hitting the daily limit [3] - The Rare Metals ETF has seen a significant growth of 17.1 million yuan in the past month, with net inflows on 10 out of the last 18 trading days, totaling 14.5 million yuan [3]