Core Viewpoint - The Zhongzheng All Index Free Cash Flow Index (932365) has shown a slight decline of 0.17% as of October 23, 2025, with mixed performance among constituent stocks, indicating a volatile market environment [3]. Group 1: Index Performance - As of October 22, 2025, the Free Cash Flow ETF Fund (159233) has experienced a cumulative increase of 2.22% over the past two weeks, with a latest price of 1.15 yuan [3]. - The Free Cash Flow ETF Fund has achieved a turnover rate of 0.55% during the trading session, with a total transaction volume of 178.03 million yuan [3]. - The fund's latest scale reached 325 million yuan, marking a three-month high, and the number of shares has also reached 283 million, which is a three-month high [3]. Group 2: Fund Inflows and Returns - The Free Cash Flow ETF Fund has seen continuous net inflows over the past 32 days, with a maximum single-day net inflow of 19.19 million yuan, totaling 218 million yuan in net inflows, averaging 6.80 million yuan per day [3]. - Since its inception, the fund has recorded a maximum monthly return of 7.80% and a longest consecutive monthly gain of 4 months, with an average monthly return of 3.08% [4]. - The fund has a historical profit probability of 100% for holding periods of 3 months, with a maximum drawdown of 3.76% since inception [4]. Group 3: Top Holdings - As of September 30, 2025, the top ten weighted stocks in the Zhongzheng All Index Free Cash Flow Index include China National Offshore Oil Corporation, Midea Group, and Gree Electric Appliances, collectively accounting for 56.31% of the index [5]. - The top ten stocks by weight are as follows: - China National Offshore Oil Corporation (600938) - Midea Group (000333) - Gree Electric Appliances (000651) - Wuliangye (000858) - COSCO Shipping Holdings (601919) - Luoyang Molybdenum (603993) - TCL Technology (000100) - Aluminum Corporation of China (601600) - SF Holding (002352) - Shaanxi Coal and Chemical Industry (601225) [5][7].

Group 1: Liquidity and Performance of Rare Earth ETF - The liquidity of the Rare Earth ETF managed by Jiashi reached a trading volume of 97.241 million yuan [3] - Over the past two weeks, the scale of the Rare Earth ETF increased by 2.632 billion yuan, marking significant growth and ranking first among comparable funds [3] - In terms of shares, the ETF saw an increase of 10.7 million shares in the past week, also ranking first among comparable funds [3] - In the last five trading days, there were net inflows on three days, totaling 917 million yuan [3] - As of October 22, the net value of the Rare Earth ETF has risen by 88.51% over the past two years, ranking 88th out of 2358 index equity funds, placing it in the top 3.73% [3] - The highest monthly return since inception was 41.25%, with the longest consecutive monthly increase being four months and a maximum increase of 83.89% [3] Group 2: Market Dynamics and Policy Impact - The Ministry of Commerce, in conjunction with the General Administration of Customs and other departments, has issued multiple export control policies, highlighting the strategic nature of rare earth resources [4] - The combination of regulatory constraints and declining imports has strengthened the rigidity of rare earth supply [4] - Demand from sectors such as new energy vehicles, consumer electronics, variable frequency air conditioners, and wind power is expected to continue rising, providing strong support for rare earth prices [4] - Emerging fields like robotics, low-altitude economy, and industrial motors are anticipated to open up long-term demand growth opportunities [4] - The supply-demand dynamics in the rare earth industry are expected to reach a turning point, with a continued recommendation for strategic allocation in the rare earth industry chain [4] Group 3: Top Weighting Stocks in Rare Earth Industry - The top ten weighted stocks in the China Rare Earth Industry Index account for 61.96% of the index, including Northern Rare Earth, Wolong Electric Drive, Lingyi Technology, China Rare Earth, Shenghe Resources, Gree Environmental, Goldwind Technology, Baotou Steel, Xiamen Tungsten, and China Aluminum [3]

中铝国际董事长李宜华近日在接受上海证券报记者专访时表示，中铝国际拥有全球服务的能力，其海外 经验和业绩都十分丰富。据介绍，公司已拥有14家境外机构，建立了海外重点市场6个大区域，基本实 现了覆盖全球的属地化海外经营，向印度尼西亚、意大利、几内亚等几十个国家和地区输出了技术、设 备，与40多个国家和地区的企业、科研机构、大学建立了合作关系。 消息面上，据华尔街见闻引述媒体报道，力拓集团正在探索与中国铝业（601600）集团有限公司进行资 产换股权的可能性。报道称，中铝集团将用其部分持股，换取力拓部分矿业资产的合作关系。互换可以 让力拓更果断地配置资本并进行并购。中铝集团可能感兴趣的资产包括几内亚的西芒杜铁矿石项目和蒙 古国的奥尤陶勒盖铜矿。另一项可能的交换可能包括力拓的钛业务。 中铝国际（601068）(02068)昨日暴涨30%，今日早盘回落逾10%，截至发稿，跌7.69%，报3港元，成交 额1.46亿港元。 ...

Group 1: Metal Industry Insights - The steel industry is experiencing a demand rebound, but the recovery is not as strong as in previous years, with short-term price fluctuations expected [2] - Copper prices have been under pressure due to previous U.S. tariff policies, but expectations surrounding U.S.-China trade talks and potential Federal Reserve interest rate cuts may alleviate downward pressure [2] - Aluminum prices are expected to fluctuate in the short term, supported by stable fundamentals and easing trade tensions between the U.S. and China [2] - Gold prices may face short-term correction risks due to upcoming U.S.-China negotiations and Federal Reserve meetings, but geopolitical tensions could provide support [2] - Lithium prices are expected to be supported by resilient demand, particularly in energy storage, as disruptions in mining operations in Jiangxi have eased [2] - Rare earth prices may face pressure if export controls are tightened, with attention on the impact of U.S.-China trade negotiations [2] Group 2: Strategic Recommendations - For the steel sector, policies promoting precise capacity control and quality improvement are expected to enhance the competitive landscape and profitability of steel companies [3] - The copper supply outlook is tightening due to incidents at major mines, suggesting a potential price floor; focus on companies with strong resource guarantees and environmental standards [3] - In the aluminum sector, the "anti-involution" policy is anticipated to improve the supply landscape, with a focus on demand recovery during peak seasons [4] - Gold prices are influenced by U.S. government stability and geopolitical issues, with long-term interest rate uncertainty potentially benefiting gold [4] - The rare earth sector is expected to see a revaluation of related companies due to heightened strategic importance and export control policies [5] - Cobalt supply constraints are anticipated due to limited export quotas from the Democratic Republic of Congo, while demand from electric vehicles and energy storage remains strong [5] Group 3: Machinery Equipment Industry Insights - The engineering machinery sector is witnessing a recovery, with significant growth in excavator sales and a favorable policy environment promoting effective demand expansion [6][7] - The import and export trade of engineering machinery in September reached $5.505 billion, marking a year-on-year increase of 29.1% [6] - The machinery equipment industry is currently valued at a P/E ratio of 31.63, with a premium of 133.41% over the CSI 300 index [6] - The sector's outlook is positive, driven by ongoing demand from infrastructure projects and a shift towards commercial competition in humanoid robotics [7]

Market Overview - The Shanghai Composite Index fell by 0.07% on October 22, with nine industries experiencing gains, led by the petroleum and petrochemical sector, which rose by 1.58% [1] - The total net outflow of funds from the two markets was 44.231 billion yuan, with four industries seeing net inflows, primarily in the petroleum and petrochemical sector, which had a net inflow of 558 million yuan [1] Industry Performance - The non-ferrous metals industry saw a decline of 1.36%, with a total net outflow of 4.502 billion yuan. Out of 137 stocks in this sector, 31 rose while 102 fell [2] - The top three stocks with the highest net inflow in the non-ferrous metals sector were Xinbo Co., which had a net inflow of 119 million yuan, followed by Zhongtung High-tech and China Aluminum, with net inflows of 65.536 million yuan and 62.256 million yuan, respectively [2] Fund Flow Analysis - The non-ferrous metals sector had 33 stocks with net inflows, while 11 stocks experienced net outflows exceeding 100 million yuan. The largest outflows were from Northern Rare Earth, Shenghe Resources, and Zhongjin Gold, with outflows of 709 million yuan, 340 million yuan, and 327 million yuan, respectively [2][3] - The top stocks with the highest net outflows included Northern Rare Earth, which fell by 2.98%, and Shenghe Resources, which dropped by 4.21% [3]

港交所消息：10月17日， 贝莱德 公司持有的 中国铝业 H股多头头寸从4.81%增至5.46%。 ...

Market Overview - The industrial metal sector experienced a decline of 1.04% on October 22, with silver leading the losses [1] - The Shanghai Composite Index closed at 3913.76, down 0.07%, while the Shenzhen Component Index closed at 12996.61, down 0.62% [1] Stock Performance - Notable gainers in the industrial metal sector included: - Zhengpai Co., Ltd. (003038) with a closing price of 17.94, up 9.99% and a trading volume of 242,600 shares, totaling 425 million yuan [1] - Gu Niao New Materials (603937) closed at 12.21, up 2.18% with a trading volume of 61,800 shares, totaling 7.52 million yuan [1] - China Aluminum (601600) closed at 8.75, up 1.51% with a trading volume of 2.82 million shares, totaling 2.43 billion yuan [1] - Major decliners included: - Silver Nonferrous Metals (601212) closed at 5.38, down 4.61% with a trading volume of 4.21 million shares, totaling 2.22 billion yuan [2] - Jingyi Co., Ltd. (002295) closed at 12.64, down 4.60% with a trading volume of 223,600 shares, totaling 287 million yuan [2] - Yuguang Gold Lead (600531) closed at 12.73, down 4.36% with a trading volume of 632,600 shares, totaling 798.6 million yuan [2] Capital Flow - The industrial metal sector saw a net outflow of 1.748 billion yuan from institutional investors, while retail investors contributed a net inflow of 1.196 billion yuan [2] - The capital flow for specific stocks showed: - China Aluminum (601600) had a net inflow of 70.82 million yuan from institutional investors, while retail investors had a net outflow of 78.59 million yuan [3] - Zhengpai Co., Ltd. (003038) experienced a net inflow of 12.5 million yuan from institutional investors, but a net outflow of 58.19 million yuan from retail investors [3]

Group 1 - The core viewpoint of the article is that the US and Australia have signed a critical rare earth agreement aimed at reducing China's dominance in the rare earth market, with Trump expressing confidence in an oversupply of rare earths in the US within a year [1][3][29] - The agreement involves a total investment of $3 billion from both countries over the next six months to develop Australia's rare earth mining projects, targeting a local rare earth resource valued at $53 billion [3] - The US military plans to build a gallium refining plant in Western Australia, which will produce 100 tons of gallium metal annually, a crucial material for radar, missiles, and satellites [5][29] Group 2 - Australia holds 3% to 4% of global rare earth reserves and half of the world's lithium exports, but faces challenges in processing these resources effectively [5][29] - Despite the optimistic statements, a significant portion of Australia's lithium is still exported to China for processing, highlighting the ongoing dependency on Chinese refining capabilities [7][29] - The process of turning rare earth ore into usable materials involves over 20 steps, with extraction and separation being the core technologies, where China has a substantial advantage due to decades of development [9][29] Group 3 - China's rare earth industry has a well-established supply chain, with significant cost advantages in processing compared to Australia, where environmental regulations and labor costs are much higher [11][29] - The US Geological Survey reports that China holds 44 million tons of rare earth reserves, accounting for 49% of global reserves, and dominates the processing capacity [15][29] - Previous attempts by the US to achieve rare earth independence, such as the "Rare Earth Independence Initiative" during the Obama administration, ended in failure due to high costs and technical challenges [16][29] Group 4 - The recent Chinese restrictions on rare earth exports are a response to US technology blockades, with significant impacts already observed in export volumes and prices [22][24] - Major companies, including Volkswagen, have expressed reluctance to join the US-led rare earth alliance, citing China's efficiency and cost-effectiveness in the supply chain [25][29] - The gallium production plan in Australia faces challenges, including the need for substantial investment in renewable energy to ensure stable power supply for the new plant [27][29] Group 5 - The essence of the rare earth competition is not about resource control but about mastering efficient and low-cost supply chain capabilities, with China having spent decades developing its industry [29] - The global trend towards restructuring supply chains indicates that future competition will focus on technological innovation and sustainable production methods, presenting both challenges and opportunities for China's rare earth industry [29]

Core Viewpoint - Rio Tinto is exploring the possibility of an asset swap with China Aluminum Corporation (Chinalco) to reduce the latter's 11% stake in the company [1] Group 1: Asset Swap Details - Chinalco will exchange part of its shares for a cooperative relationship involving some of Rio Tinto's mining assets [1] - Potential assets of interest for Chinalco include the Simandou iron ore project in Guinea and the Oyu Tolgoi copper mine in Mongolia [1] - Another possible exchange could involve Rio Tinto's titanium business [1]

路透：力拓正在探索与国有矿业巨头中国铝业进行资产换股权的可能性，此举将部分削减中铝在力拓的11%持股，从而使力拓能够重启回购并寻求开展新的战略性交易。消息人士称，国有矿业巨头中国铝业将用部分持股换取在力拓部分矿业资产中的合作，这将结束15年来束缚力拓灵活性的治理限制。 ...