浙商早知道-20250625

Market Overview - On June 24, the Shanghai Composite Index rose by 1.15%, the CSI 300 increased by 1.2%, the STAR 50 gained 1.79%, the CSI 1000 was up by 1.92%, the ChiNext Index climbed 2.3%, and the Hang Seng Index increased by 2.06% [4][5] - The best-performing sectors on June 24 were electric equipment (+2.85%), non-bank financials (+2.68%), retail (+2.64%), automotive (+2.63%), and machinery (+2.43%). The worst-performing sectors were oil and petrochemicals (-2.1%), coal (-0.22%), defense and military (+0.13%), transportation (+0.26%), and utilities (+0.28%) [4][5] - The total trading volume for the A-share market on June 24 was 14,480.59 billion yuan, with a net inflow of 2.589 billion Hong Kong dollars from southbound funds [4][5] Key Insights - In the non-ferrous metals sector, supply disruptions are frequent, leading to strong price support. Factors such as large-scale power outages in Chile, declining ore grades, and maintenance in Indonesian mines have significantly reduced supply growth for the year. The overall supply growth rate is expected to be around 1.8%, with a notable decrease in annual supply growth [6] - The copper supply is projected to increase by approximately 420,000 tons in 2025, with a downward adjustment in production guidance from the Kamoa-Kakula mine due to operational interruptions [6] - The average cash cost of global copper mines in 2023 is estimated at 4,350 USD/ton, with a significant increase in costs over the past 20 years, indicating that copper prices are likely to remain above the 90% cost percentile [6] Industry Analysis - The quantum technology sector is witnessing significant advancements, with major companies outlining their quantum computing roadmaps, indicating the dawn of the quantum industry [8] - Investment opportunities in quantum communication are progressing rapidly, with a focus on key components in the upstream of the quantum computing industry [9] - Catalysts for investment include significant breakthroughs in quantum technology and updates to quantum computing roadmaps [9]