Zijin Mining(SH:601899) EBSCN·2025-10-29 05:03Investment Rating - The report maintains an "Increase" rating for the non-ferrous metals sector [5]. Core Views - The non-ferrous metals sector has seen a significant increase in fund holdings, with a notable rise in copper and tin stocks. The total market value of non-ferrous metal heavy stocks held by active equity funds reached approximately 117.8 billion yuan, representing a 1.43 percentage point increase from the previous quarter [1][2]. - Key companies in the sector include Zijin Mining, Luoyang Molybdenum, and China Hongqiao, all of which are recommended for investment due to their strong performance and market positioning [3][4]. Summary by Sections Fund Holdings - In Q3 2025, the non-ferrous metals heavy stock holdings accounted for 5.72% of total fund heavy stock holdings, up from 4.29% in Q2 2025, indicating a growing interest in this sector [1]. - The top ten heavy stocks by market value are dominated by copper and gold, with Zijin Mining leading at 32.9 billion yuan [1]. Stock Increases and Decreases - Significant increases in holdings were observed in copper and tin sectors, with Jiangnan New Materials showing the largest increase in shareholding [2]. - Conversely, reductions were primarily in aluminum and lithium stocks, with Guangsheng Nonferrous Metals experiencing the largest decrease [2]. Investment Recommendations - Copper prices are expected to rise due to supply constraints and improving demand in Q4 2025. Recommended stocks include Zijin Mining, Luoyang Molybdenum, and Western Mining [3]. - The aluminum sector is nearing a production capacity ceiling, with China Hongqiao recommended for investment [3]. - Gold is expected to benefit from a weakening dollar and a potential interest rate cut, with a positive outlook for stocks like Chifeng Jilong Gold Mining [3]. - The rare earth sector is supported by supply-demand imbalances, with Northern Rare Earth recommended [3].