Core Viewpoint - The recent fluctuations in spot gold prices have raised questions about whether this is a buying opportunity or a signal to sell, as prices have seen significant declines followed by a rebound [3][10]. Group 1: Market Movements - On October 29, spot gold prices rebounded, reaching a peak of $3982.14 per ounce [1]. - After a week of continuous declines, gold prices fell by $495.285 from historical highs, representing a drop of over 11% [3]. - Spot silver also saw an increase, peaking at $47.58 per ounce [4]. Group 2: Federal Reserve and Economic Factors - The Federal Reserve's two-day meeting began on October 28, with expectations of a 25 basis point rate cut, while investors are focused on future policy comments due to the U.S. government shutdown [6]. - President Trump criticized Federal Reserve Chairman Powell, calling him "incompetent" and indicating a potential change in leadership by May next year [7]. Group 3: Analyst Insights - Analysts attribute the recent gold price drop to a temporary easing of risk aversion and liquidity pressures in the silver market, alongside geopolitical uncertainties and potential U.S. government shutdown impacts [10]. - Capital Economics analysts suggest that the recent decline may mark the beginning of a downward trend, potentially erasing much of this year's gains in gold prices [11]. Group 4: Investor Guidance - Investors are advised to be cautious of short-term pullback risks, as market sentiment is currently extreme, leading to potential "buy high, sell low" behaviors [12].

Industry Overview - The non-ferrous sector showed significant gains on the 29th, with tungsten concept stocks performing notably well, including Zhongtung High-tech hitting the daily limit for two consecutive days, and Xiamen Tungsten and Zhangyuan Tungsten rising over 4% [1] - Jiangxi Copper, China Aluminum, and Huaxi Nonferrous also saw approximately 5% increases [1] Market Dynamics - The tungsten market has recently entered a rising trend, with prices for black tungsten concentrate (≥65%) quoted at 288,000 yuan/ton, an increase of 3,000 yuan per ton from the previous trading day [1] - APT (Ammonium Paratungstate ≥88.5%) is priced at 425,000 yuan/ton, up 7,000 yuan per ton, while tungsten powder (≥99.7%) is priced at 635 yuan/gram, an increase of 5 yuan per gram [1] Demand and Consumption - Tungsten is increasingly recognized as a strategic resource, with demand continuing to grow. According to Antaike data, China's tungsten consumption from January to June 2025 is projected to total 35,900 metric tons, a year-on-year increase of 2.1%, with primary tungsten consumption at 30,400 metric tons, up 2.5% year-on-year [1] - Key downstream industries such as excavators, metal cutting machine tools, automobiles, and photovoltaics have shown significant production increases, leading to higher tungsten consumption [1] Supply Constraints - Guosen Securities indicates that domestic tungsten prices are under pressure due to increased demand, safety production in mines, and environmental inspections, resulting in tight supply and demand at the mining level, with previously available inventories being depleted [1] - The Bakuta tungsten mine in Kazakhstan has potential for increased output, but capacity release will take time, potentially exacerbating supply-demand gaps in the short term [1] - With heightened export controls, tungsten's status as a strategic metal is being elevated, suggesting that prices for tungsten and related strategic minor metals may continue to rise [1]

Core Viewpoint - The performance of the non-ferrous metal sector is strong, with the Non-Ferrous Metal Leaders ETF (159876) showing significant gains and attracting substantial investment, indicating positive market sentiment and potential growth opportunities in the sector [1][3]. Group 1: ETF Performance - The Non-Ferrous Metal Leaders ETF (159876) saw an intraday increase of 2.17%, currently up by 1.95%, with a single-day capital inflow of 11.67 million yuan on the previous day [1]. - As of October 28, the latest scale of the ETF reached 544 million yuan, making it the largest among three products tracking the same index [1]. Group 2: Leading Stocks - Western Superconducting Technologies Co., Ltd. led the gains with over a 10% increase, reaching a new high, driven by both policy support and rising demand in superconducting materials [3]. - Other notable stocks such as Xiamen Tungsten Co., Ltd., Huaxi Nonferrous Metals, Huayu Mining, Jiangxi Copper, and China Aluminum also saw increases of over 4% [1]. Group 3: Market Trends - The tungsten market is experiencing a significant price increase, with major prices doubling within the year, driven by strategic resource value and growing demand, particularly from the photovoltaic industry [3]. - The lithium battery supply chain is also seeing production increases, with lithium hexafluorophosphate prices rising nearly 60% in just over two weeks, indicating a strong demand-supply resonance [3]. Group 4: Future Outlook - With the upcoming FOMC meeting, market expectations suggest a continuation of interest rate cuts, which may lead to a weaker dollar and an upward shift in industrial metal prices [4]. - The metal industry is expected to enter a phase of "active replenishment + rigid supply resonance" by 2025, with significant profit elasticity for copper and aluminum [4]. Group 5: Investment Strategy - The Non-Ferrous Metal Leaders ETF (159876) and its linked funds provide a diversified investment approach, covering various metals such as copper, gold, aluminum, rare earths, and lithium, which helps mitigate risks compared to investing in a single metal [5].

Group 1 - The core viewpoint of the news is that the A-share non-ferrous metal sector has rebounded significantly, with the Non-ferrous 50 ETF (159652) rising by 2.04% and showing strong trading activity, indicating continued interest from leveraged funds [1][3] - The Non-ferrous 50 ETF's underlying index, the CSI Non-ferrous Metal Industry Theme Index (000811), increased by 2.10%, with notable gains from constituent stocks such as Western Superconducting (688122) up 9.87% and China Aluminum (601600) up 4.86% [3] - Western Superconducting's stock price reached a historical high during the trading session, driven by its involvement in significant projects like the International Thermonuclear Experimental Reactor (ITER) and domestic fusion engineering projects [3] Group 2 - China Aluminum reported a profit of 20.65% year-on-year for the first three quarters of 2025, with total profits reaching 20.775 billion yuan, indicating strong operational performance [3] - The U.S. CPI data showed a slight increase to 3.0%, which is lower than market expectations, potentially paving the way for the Federal Reserve to lower interest rates, thus improving liquidity and market sentiment towards basic metals like copper and aluminum [4] - The demand for energy storage is driving production increases and price hikes in upstream lithium battery materials, contributing to a bullish outlook for the lithium carbonate industry [4] Group 3 - Dongwu Securities noted that the expectation of interest rate cuts has improved overall market sentiment, leading to a broad increase in industrial metal prices [5] - The Non-ferrous 50 ETF (159652) is highlighted for its high "gold-copper content" at 47%, making it a leading choice among similar investment products [5][6] - The index's price-to-earnings ratio (PE) has decreased by 61% over the past five years, indicating a strong performance driven by earnings rather than valuation expansion, with a cumulative increase of 116.5% in the same period [7]

2025年10月29日，江西铜业(600362.SH)发布2025年三季报。 公司最新资产负债率为60.88%，较上季度资产负债率减少2.84个百分点。 公司营业总收入为3960.47亿元，在已披露的同业公司中排名第1，较去年同报告期营业总收入增加38.27 亿元，同比较去年同期上涨0.98%。归母净利润为60.23亿元，在已披露的同业公司中排名第4，较去年 同报告期归母净利润增加10.39亿元，实现5年连续上涨，同比较去年同期上涨20.85%。经营活动现金净 流入为62.88亿元，在已披露的同业公司中排名第7，较去年同报告期经营活动现金净流入增加58.72亿 元，同比较去年同期上涨1411.78%。 公司最新毛利率为3.58%。最新ROE为7.37%，较去年同期ROE增加0.81个百分点。 公司摊薄每股收益为1.74元，在已披露的同业公司中排名第2，较去年同报告期摊薄每股收益增加0.30 元，实现5年连续上涨，同比较去年同期上涨20.83%。 公司最新总资产周转率为1.85次，在已披露的同业公司中排名第5。最新存货周转率为8.03次，在已披露 的同业公司中排名第6。 公司股东户数为12.56万户，前十大股东 ...

Group 1 - Foreign capital continues to be optimistic about Hong Kong stocks, with Morgan Stanley predicting that the upward trend will extend into next year due to attractive valuations and multiple favorable factors [2][3] - The Hang Seng Index and Hang Seng Tech Index have seen significant gains of 31.34% and 36.38% respectively this year, with sectors like metals and semiconductors showing nearly 150% growth [2] - Morgan Stanley maintains a target of 13,000 points for the MSCI Hong Kong Index by year-end and a bullish target of 14,000 points, expecting further increases by 2026 [2] Group 2 - The rebound in Hong Kong's financial markets is attributed to factors such as capital inflows, stabilization in the real estate market, and robust retail sales [3] - The current easing cycle by the Federal Reserve is seen as more favorable for Hong Kong compared to previous cycles, as corporate profits are still rising amid global economic stability [3] Group 3 - Foreign investors are particularly optimistic about Chinese technology companies, noting that China is still in the early stages of AI development, providing ample room for growth compared to global peers [4][5] - The liquidity in the Chinese market remains abundant, with low interest rates driving retail investors towards equities for higher returns [5] Group 4 - Emerging markets, including China, are expected to benefit significantly from structural changes in the global economy, with a focus on technology hardware, infrastructure, and local consumer brands [6] - UBS reports a growing interest among international investors in Chinese stocks, driven by favorable valuations and expectations of further capital inflows [7]

Market Overview - A-shares experienced volatility with the Shanghai Composite Index briefly surpassing 4000 points, marking a new high since August 2015, but closed down 0.22% at 3988.22 points [1][2] - The total trading volume in the Shanghai and Shenzhen markets was 21,656 billion yuan, a decrease of over 1900 billion yuan from the previous day [1] Sector Performance - Resource stocks, including non-ferrous metals, steel, electricity, and gas, saw collective declines, while the military and humanoid robot sectors experienced gains [1][2] - The military sector saw significant increases, with stocks like Jianglong Shipbuilding and Beifang Changlong hitting their daily limit of 20% and over 16% respectively [4] - The humanoid robot concept stocks also surged, with companies like Jinfutech and Yongmaotai reaching their daily limit [2] Technology and Innovation - The technology sector is characterized by a "technology bull" market, driven by policy and capital support, with a focus on semiconductor, general aviation, and innovative pharmaceuticals as potential investment opportunities [3][6] - AI application stocks showed strong performance, with companies like Tianxiexiu and Shuiyou Shares hitting their daily limit, supported by recent policy initiatives promoting AI innovation [5][6] Gold and Commodities - Following a period of rapid gains, gold and non-ferrous metal stocks faced significant declines, with companies like Tongling Nonferrous Metals hitting their daily limit down [7] - Global precious metal markets experienced a correction, with spot gold prices falling below $3930 per ounce, indicating a shift in market dynamics [7]

外资，继续看好中国资产！ 在连续多日上涨后，港股出现小幅调整。然而，外资依旧看好港股的未来走势。摩根大通最新发布研报表示， 当前港股估值仍然相对较低，可持续吸引资金流入，预计港股2026年将进一步上涨。 值得关注的是，中国科技股被不少外资看好。日前，安本投资表示，中国仍处于人工智能发展的早期阶段，从 技术角度来看，中国科技公司仍有充足的空间赶超全球同行。另有外资机构建议，重点关注AI应用、半导体 制造、存储等细分领域。 摩根大通：港股涨势将延续到明年 今年以来，港股市场持续上行，香港恒生指数、恒生科技指数涨幅分别达到31.34%、36.38%。其中，有色及 半导体板块走势最为强劲，板块整体涨幅均接近150%。个股方面，华虹半导体涨幅接近300%，上海复旦涨幅 超过180%，中芯国际、招金矿业、山东黄金、五矿资源、江西铜业股份等涨幅均超150%。 日前，外资投行摩根大通发布研报，认为港股的估值仍具吸引力，同时有多重利好因素支持，预计港股市场的 这一轮涨势将延续到明年。 摩根大通表示，年初至今MSCI香港指数（MXHK）以美元计回报达26%，目前该指数未来12个月预测市盈率 仍较10年平均水平低0.3个标准差，令 ...

Core Viewpoint - The company has ensured the accuracy and completeness of its financial reports and disclosures, taking legal responsibility for any misstatements or omissions [1][2][10]. Financial Data - The third-quarter financial statements have not been audited [3]. - The company has made adjustments to its accounting practices based on new guidelines from the Ministry of Finance, which may affect the comparability of financial data [4][5]. - Non-recurring gains and losses are applicable, but specific amounts are not detailed [6]. Shareholder Information - The total number of ordinary shareholders and the situation of the top ten shareholders are disclosed, with a significant portion of shares held by Hong Kong Central Clearing Limited [7]. - The company has a share buyback account holding 10,441,768 shares, which do not have voting rights during the meeting [12]. Meeting Details - The first temporary shareholders' meeting was held on October 28, 2025, with compliance to legal and regulatory requirements [12][19]. - The meeting was chaired by the company's chairman, ensuring adherence to the company’s articles of association [12][19]. Resolutions Passed - Several resolutions were passed, including amendments to the company's articles of association and the cancellation of the supervisory board [14][15][16][17]. - The resolutions required a two-thirds majority for special resolutions and a simple majority for ordinary resolutions, all of which were achieved [19]. Legal Verification - The meeting was witnessed by a law firm, confirming that the procedures and voting results were in accordance with legal and company regulations [20].

前三季度营收约为3960.46亿元，同比上升0.98%。净利润约为60.23亿元，同比上升20.85%。 格隆汇10月28日丨江西铜业股份(00358.HK)发布2025年第三季度报告。营收约为人民币1390.87亿元， 同比上升14.09%。净利润约为18.49亿元，同比上升35.2%。基本每股收益为0.54元。 ...