Group 1 - The core viewpoint of the article highlights the growth in the production of non-ferrous metals in China, with a reported output of 6.95 million tons in June 2025, reflecting a year-on-year increase of 4.4% [1] - In the first half of 2025, the cumulative production of ten types of non-ferrous metals in China reached 40.319 million tons, showing a cumulative growth of 2.9% [1] - The article references a market dynamics analysis report by Zhiyan Consulting, which covers the non-ferrous metal smelting and rolling processing industry in China from 2025 to 2031 [1] Group 2 - The listed companies in the non-ferrous metal sector include Zijin Mining (601899), Luoyang Molybdenum (603993), China Aluminum (601600), Northern Rare Earth (600111), Jiangxi Copper (600362), Yunnan Copper (000878), Chihong Zinc & Germanium (600497), Zhongjin Gold (600489), Western Mining (601168), and Shenghe Resources (600392) [1] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in in-depth industry research reports, business plans, feasibility studies, and customized services [2] - The data sources for the article include the National Bureau of Statistics and Zhiyan Consulting [3]

Group 1 - Federal Reserve Chairman Powell signaled a dovish stance at the Jackson Hole meeting, indicating increased risks in the job market and hinting at a higher likelihood of interest rate cuts in September, which boosted market expectations for rate cuts [1] - Analysts noted that gold is currently experiencing low volatility and low market attention, providing space for a potential price reversal, supported by a stagflation scenario of weakening economy and persistent inflationary pressures [1] - In the medium to long term, the ongoing loosening of global monetary and fiscal discipline, along with a weakening trend in dollar credit, is expected to support an upward shift in gold prices [1] Group 2 - As of August 25, 2025, the CSI Hong Kong-Shenzhen Gold Industry Stock Index (931238) rose by 2.05%, with constituent stocks like Jiangxi Copper (00358) up by 8.25% and Zijin Mining (02899) up by 4.72% [2] - The Gold Stock ETF (159322) increased by 1.68%, with a recent price of 1.27 yuan, and has seen a cumulative increase of 2.04% over the past month, ranking 1/6 among comparable funds [2] - The Gold Stock ETF has a net value increase of 29.66% over the past year, with a maximum monthly return of 16.59% since inception and a historical one-year profit probability of 100% [3] Group 3 - The top ten weighted stocks in the CSI Hong Kong-Shenzhen Gold Industry Stock Index account for 66.02% of the index, with Zijin Mining (601899) and Shandong Gold (600547) being the largest contributors [5] - The Gold Stock ETF closely tracks the CSI Hong Kong-Shenzhen Gold Industry Stock Index, which includes 50 large-cap companies involved in gold mining, refining, and sales [3]

Group 1 - The core viewpoint of the articles highlights a strong performance in the gold industry stocks, particularly driven by the recent comments from the Federal Reserve Chairman Jerome Powell regarding potential interest rate cuts and a flexible inflation targeting framework [2][3] - The China Securities Index for gold industry stocks (931238) saw significant gains, with notable increases in stocks such as Jiangxi Copper Co., Ltd. (up 8.56%), Hunan Silver (up 7.14%), and Zijin Mining (up 5.54%) [1] - The expectation of interest rate cuts and the prevailing economic conditions are seen as supportive factors for gold prices, with analysts suggesting that the market may experience upward momentum rather than downward [2] Group 2 - The Northeast Securities analysis indicates that low volatility and economic weakness combined with rising inflation and potential rate cuts create a favorable environment for gold prices to rise [2] - The article emphasizes that the largest gold stock ETF (517520) serves as an efficient tool for investors to gain exposure to the gold sector, allowing them to capture the benefits of rising gold prices and share in the growth of quality gold mining companies [3] - The investment in the Yongying Gold Stock ETF and its linked funds (A class: 020411 / C class: 020412) is presented as a strategy to effectively diversify individual stock risks while participating in the overall gold industry [3]

证券研究报告 | 行业定期报告 2025 年 08 月 24 日 总量管控政策落地助力稀土 看好钴锑钨 金属行业周报 周期/金属及材料 下周关注美 PCE 和国内外 PMI 数据。美联储政策不确定扰动近期市场节奏。 全球流动性宽松大周期，近期为金属价格提供底部支持，远期提供上涨动力和 空间。稀土总量管控政策落地，加上稀土战略金属地位提升，我们继续看好稀 土价格和稀土板块估值提升。近期重点关注，稀土和钨依然在主升浪，钴锑有 望再迎上涨。此外，关注自主可控相关以及时间友好的科技、机器人、可控核 聚变等相关材料标的。 推荐（维持） 行业规模 | | | 占比% | | --- | --- | --- | | 股票家数（只） | 235 | 4.6 | | 总市值（十亿元） | 5040.8 | 5.0 | | 流通市值（十亿元） | 4680.7 | 5.1 | 敬请阅读末页的重要说明 ❑ 有色金属（801050）申万一级行业指数本周涨幅 1.33%，排名第 26。本周 申万二级行业指数，能源金属（1.48%），工业金属（-1.16%），小金属 （10.53%），贵金属（-0.43%）。 ❑ 本周最大涨幅个股：宜安 ...

Investment Rating - The report assigns a positive investment rating, suggesting subscription to the IPO based on the anticipated demand and market conditions [10]. Core Insights - Jaxin International (3858.HK) is a tungsten mining company focused on the Bakuta tungsten mine in Kazakhstan, which is one of the largest tungsten resources globally [1][3]. - The company plans to dual-list on the Hong Kong Stock Exchange and the Astana International Exchange [1]. - The Bakuta project is expected to commence commercial production in April 2025, with a target mining and processing capacity of 3.3 million tons of tungsten ore in 2025, and an anticipated increase to 4.95 million tons per year by Q1 2027 [1]. Company Overview - Jaxin International is primarily engaged in the development of the Bakuta tungsten mine, which is noted for its significant tungsten oxide (WO3) resources [1]. - The company has established sales agreements for white tungsten concentrate with Jiangxi Copper and Jiangxi Tungsten for 2025 and 2026 [1]. Financial Performance - The company is projected to have no revenue before 2025, with an expected revenue of HKD 126 million by June 2025 [2]. - The net losses for the years 2022, 2023, and 2024 are reported at HKD 93.661 million, HKD 78.92 million, and HKD 172.97 million respectively, with a reduced loss of HKD 5.996 million by June 2025 [2]. Industry Status and Outlook - China is the largest tungsten resource country, holding over 50% of global reserves, but its tungsten production has decreased from 69,000 tons in 2019 to 67,000 tons in 2024 [3]. - The demand for tungsten is increasing in various sectors, with consumption rising from 47,300 tons in 2019 to 55,300 tons in 2024, and projected to reach 65,500 tons by 2029 [3]. Advantages and Opportunities - The Bakuta tungsten mine is strategically located and benefits from the Belt and Road Initiative, enhancing its market potential [4]. - The company has a strong management team with valuable industry experience, which supports its growth and expansion [4]. Use of Proceeds - Approximately 55% of the net proceeds (HKD 598.3 million) will be allocated to the development of the Bakuta project, with 10% for ammonium paratungstate (APT) capacity development, and 25% for repaying bank loans [6]. IPO Details - The IPO is set to launch on August 28, 2025, with an issue price of HKD 10.92 and a total fundraising amount of HKD 1.199 billion [8]. - The post-IPO market capitalization is estimated at HKD 47.96 billion [8].

Core Viewpoint - Jiangxi Copper Co., Ltd. plans to reduce its stake in the company, holding 4.70% of the total share capital, due to its operational needs [1] Group 1: Shareholding and Reduction Plan - Jiangxi Copper currently holds 130,481,174 shares, which is 4.70% of the company's total share capital [1] - The reduction plan will take place from August 28 to November 27, 2025, with a maximum reduction of 83,340,000 shares, representing up to 3% of the total share capital [1] - The reduction will be executed through centralized bidding and block trading, with a maximum of 1% through centralized bidding and 2% through block trading [1] Group 2: Compliance and Pricing - The reduction plan complies with relevant laws and regulations and does not lead to a change in the company's control [1] - The reduction price will be determined based on market prices and will not be lower than the company's initial public offering price [1] - The company will continue to monitor the implementation of the reduction plan and fulfill its information disclosure obligations [1]

Group 1 - South Korean investors are increasingly buying Chinese assets, making China the second-largest overseas investment destination for South Korea [3] - Year-to-date, South Korean funds have net bought approximately $4.99 million in Chinese stocks, reversing a trend of net selling over the past three years [3] - Chinese-themed ETFs listed in South Korea have shown impressive returns, with some products achieving monthly gains exceeding 60% [3] Group 2 - The A-share market has seen significant growth, with the Shanghai Composite Index reaching a nearly ten-year high, stabilizing above 3700 points [4] - As of August 21, the total market capitalization of A-shares reached 101.18 trillion yuan, an increase of 15.63 trillion yuan since the beginning of the year [4] - Individual investors hold approximately 33% of the market, resulting in a net gain of about 5.16 trillion yuan for these investors, equating to an average profit of approximately 21,500 yuan per investor this year [4] Group 3 - The People's Bank of China has raised the RMB to a nine-month high against the US dollar, with the onshore exchange rate surpassing 7.17 [5] - The central parity rate of the RMB against the US dollar was adjusted to 7.1287, marking a significant increase of 97 basis points [5] Group 4 - Several banks in China have announced reductions in deposit interest rates, with some banks lowering rates by up to 20 basis points [6][7] - For example, a bank in Jilin has adjusted its interest rates for various deposit types, including a reduction of the savings account rate from 0.20% to 0.15% [7] Group 5 - Alibaba plans to spin off its subsidiary, Zhibo Network Technology Co., Ltd., and list it independently on the Hong Kong Stock Exchange [14] - Zhibo focuses on developing intelligent cockpit solutions and offers three types of solutions, including OS solutions and AI end-to-end solutions [14]

Performance Disclosure - Jishi Media reported a net loss of 232 million yuan in the first half of 2025, with operating revenue of 999.7 million yuan, an increase of 8.7% year-on-year, compared to a net loss of 195 million yuan in the same period last year [1] - Sinopec's operating revenue for the first half of 2025 was 1.41 trillion yuan, a decrease of 10.6% year-on-year, with a net profit attributable to shareholders of 21.483 billion yuan, down 39.8% year-on-year [2] - Baofeng Energy achieved operating revenue of 22.82 billion yuan in the first half of 2025, an increase of 35.05% year-on-year, with a net profit attributable to shareholders of 5.718 billion yuan, up 73.02% year-on-year [3] Shareholding Changes - Zhongyin Securities announced that Jiangxi Copper intends to reduce its stake by no more than 8.334 million shares, representing up to 3% of the company's total share capital [4] - Boji Pharmaceutical's controlling shareholder Wang Tingchun and his concerted parties plan to reduce their holdings by no more than 1.14865 million shares, also up to 3% of the company's total share capital, between September 12, 2025, and December 11, 2025 [5] - Green Island Wind's shareholder, Zhenzhong Investment, intends to reduce its stake by no more than 680,000 shares, which is up to 1% of the company's total share capital [6] Risk Matters - Dameng Data announced that its director and senior vice president Chen Wen is under investigation, but the company's daily operations remain normal and business is progressing steadily [7]

Market Overview - The Shanghai Composite Index rose by 0.13% on August 21, with a total trading volume of 2.46 trillion yuan, marking the seventh consecutive trading day with volumes exceeding 2 trillion yuan [1] - Nearly 2,200 stocks increased in price, with 58 stocks hitting the daily limit [1] Sector Performance - The combustible ice concept surged over 3%, with ShenKai Co., Ltd. (002278) hitting the limit, and other stocks like QianNeng HengXin (300191) and XinJin Power (300157) rising over 5% [1] - The digital currency sector saw multiple stocks hitting the limit, including Sanwei Xinan and BeiXinYuan (300352) [1] - The agriculture, forestry, animal husbandry, and fishery sector also performed well, with Guotou Zhonglu (600962) hitting the limit and Honghui Fruits and Vegetables (603336) and Muyuan Foods (002714) rising over 5% [1] Historical Highs - A total of 38 stocks reached historical closing highs, with the electronics, automotive, and machinery equipment sectors showing significant concentration [2] - The average increase for stocks reaching historical highs was 3.82%, with notable performers including ChuangYitong (300991) and GuoMai Culture (301052) [2][3] Institutional Activity - On August 21, 10 stocks saw net purchases exceeding 10 million yuan from institutions, with ZhongDian XinLong (002298) leading at 1.09 billion yuan [5] - The most sold stock by institutions was HengBao Co., Ltd. (002104), with a net sell of 1.1 billion yuan [5] Northbound Capital - Northbound capital was active in 18 stocks, with JingBeiFang (002987) receiving the highest net purchase of 1.76 billion yuan [7] - Stocks like WoLong Electric Drive (600580) and Electronic City (600658) also saw significant net purchases [7] Company Announcements - Sinopec (600028) plans to distribute a cash dividend of 0.088 yuan per share, totaling 10.67 billion yuan, despite a 10.6% decline in revenue year-on-year [8] - Renhe Pharmaceutical (000650) announced that its ULook brain-machine interaction smart glasses are still in the sample stage and have not yet generated sales revenue [8] - Shanghai Jahwa (600315) reported a 4.75% increase in revenue for the first half of the year, with a net profit growth of 11.66% [9]

业绩披露 每经记者｜陈晴 每经编辑｜文多 博济医药：控股股东及其一致行动人拟减持不超公司3%的股份 博济医药公告，控股股东王廷春及一致行动人拟于2025年9月12日至2025年12月11日，通过大宗交易或 集中竞价合计减持不超过1148.65万股公司股份，即不超过公司总股本的3.00%。 吉视传媒：上半年净亏损2.32亿元 吉视传媒公告，2025年上半年营业收入为9.97亿元，同比增长8.70%，归母净利润为亏损2.32亿元，上 年同期公司净亏损1.95亿元。 中国石化：上半年归母净利润为214.83亿元 中国石化公告，2025年上半年营业收入为1.41万亿元，同比下降10.6%，归母净利润为214.83亿元，同 比下降39.8%。 宝丰能源：上半年归母净利润同比增长73.02% 宝丰能源公告，2025年上半年营业收入为228.20亿元，同比增长35.05%，归母净利润为57.18亿元，同 比增长73.02%。 增减持 中银证券：江西铜业拟减持不超公司3%的股份 中银证券公告，截至公告披露日，股东江西铜业持有公司1.3亿股，占公司总股本的4.70%；因自身经营 发展需要，拟合计减持不超过8334万股，即不超公 ...