Sou Hu Cai Jing·2025-12-18 03:52Core Viewpoint - The A-share market is experiencing an upward trend, particularly in the non-ferrous metals sector, driven by significant capital inflows and positive price dynamics in the sector [1][3]. Group 1: Market Performance - The non-ferrous 50 ETF (159652) saw a slight increase of 0.78%, aiming for a second consecutive day of gains, with over 20 million yuan in capital inflow during the trading session [1]. - Over the past five days, the non-ferrous 50 ETF attracted more than 120 million yuan in investments, indicating strong market interest [1]. Group 2: Key Stocks and Announcements - Major stocks within the non-ferrous 50 ETF index experienced gains, with Huayou Cobalt rising over 4% and Shandong Gold increasing by over 2%, influenced by an 80,000-ton "super order" [3][5]. - Huayou Cobalt announced a binding memorandum with a well-known international client to supply a total of 79,600 tons of ternary precursor products [5]. - Luoyang Molybdenum announced plans to acquire 100% equity in EQX's LatAm and Luna Gold Corp. for approximately 10.15 billion USD, equivalent to over 7.1 billion yuan [5]. Group 3: Industry Trends - Lithium carbonate futures surged again, following a previous increase of 7%, reflecting ongoing bullish sentiment in the market [6]. - The Jiangxi Yichun Natural Resources Bureau plans to revoke 27 mining rights, which could tighten lithium supply and support domestic lithium carbonate prices [8]. - The non-ferrous metals sector is seen as crucial for economic recovery and technological advancements, with copper being highlighted as a key indicator of economic health [9]. Group 4: Investment Opportunities - The non-ferrous 50 ETF (159652) is positioned to benefit from a super cycle in non-ferrous metals, covering a wide range of metals including gold, copper, aluminum, lithium, and rare earths [24][26]. - The ETF has a leading concentration of "gold and copper content," with copper accounting for 31% and gold for 14% of its index [26]. - The index has shown a cumulative return of 86.28% since 2022, driven by earnings rather than valuation expansion, indicating a favorable investment environment [28].