New Stock Issuance - Marco Polo (Stock Code: 001386) issued at a price of 13.75 on October 13, 2025[1] - New material company (Stock Code: 688585) has a tender offer period from September 29 to October 28, 2025[1] - Zitian (Stock Code: 300280) entered the delisting arrangement period with the last trading day on October 13, 2025[1] Market Alerts - Significant abnormal fluctuations reported for Pinming Technology (Stock Code: 688109) on October 10, 2025[1] - Multiple companies including Kesheng Technology (Stock Code: 688788) and Borui Pharmaceutical (Stock Code: 688166) have recent announcements regarding their stock activities[1] - A total of 30 companies have been flagged for abnormal trading activities, indicating potential market volatility[2]

10月13日，受关税摩擦升级影响，三大指数集体回调，截至午间收盘，有色金属ETF基金(516650)下跌0.18%，细分有色板块表现分化，稀土、黄金概念大 涨，铜铝板块领跌，其持仓股北方稀土涨9.03%，中国稀土涨8.07%，盛和资源涨6.76%；北方铜业领跌7.03%，博威合金、云南铜业、江西铜业等股纷纷重 挫。 流动值得注意的是，近日，有色金属ETF基金(516650)持续获资金布局，近6日连续获资金净申购，累计吸金6.6亿，截至10月10日，最新份额达9.04亿份，最 新规模达15.40亿元，均创成立以来新高。 来源：智通财经 消息面上，近日特朗普发声表示将反制中国的稀土出口管制政策，并"计划大幅提高中国商品的关税"。 国泰海通分析指出，叠加近期美经济数据表现尚 可，市场同时交易降息后海外需求回升逻辑。但近日特朗普发声表示将反制中国的稀土出口管制政策，并"计划大幅提高中国商品的关税"。中美关税博弈再 起，或再度冲击需求预期，市场短期交易或围绕避险需求展开。对于贵金属而言，避险情绪溢价或继续支撑金价，而工业品可能面临阶段性承压，但参考4 月对等关税后价格表现，当前海外需求并未受到实质冲击，短期震荡或是工业 ...

Group 1 - Jiangxi Copper Co., Ltd. (00358.HK) experienced a decline of over 6%, specifically a drop of 6.15%, trading at HKD 34.18 [1] - The trading volume reached HKD 1.313 billion [1]

Core Viewpoint - Jiangxi Copper (600362) shares fell over 6%, closing at HKD 34.18 with a trading volume of HKD 1.313 billion, influenced by renewed US tariff threats on Chinese goods [1] Group 1: Market Impact - On October 10, Trump announced that the US would impose an additional 100% tariff on Chinese goods starting November 1, along with export controls on key software [1] - Following this announcement, both domestic and international copper prices experienced significant declines, with Shanghai copper dropping by 4.5% and LME copper also down by 4.5% [1] Group 2: Industry Outlook - Hualian Futures suggests that copper, as an essential raw material for the new economy, will continue to see strong market demand, driving long-term price increases [1] - Goldman Sachs indicated that while they remain optimistic about long-term copper prices, short-term price increases are limited to USD 11,000 per ton due to an oversupply in the market [1]

Core Viewpoint - Jiangxi Copper Co., Ltd. (00358) experienced a decline of over 6%, closing at HKD 34.18 with a trading volume of HKD 1.313 billion, influenced by renewed U.S. tariff threats on Chinese goods [1] Group 1: Market Impact - On October 10, former President Trump announced that the U.S. would impose an additional 100% tariff on Chinese goods starting November 1, along with export controls on key software, leading to significant drops in copper prices [1] - Both domestic and international copper prices fell sharply, with Shanghai copper and LME copper both declining by 4.5% [1] Group 2: Future Outlook - Hualian Futures suggests that despite short-term negative impacts, the strong demand for copper as an essential raw material for the new economy will drive long-term price increases, presenting a buying opportunity during price corrections [1] - Goldman Sachs indicated that while they remain optimistic about long-term copper prices, short-term price increases are limited to USD 11,000 per ton due to an oversupply in the market [1]

Group 1 - The stock price of Longmag Technology reached a historical high, increasing by 6.09% to 70.02 yuan, with a trading volume of 9.9391 million shares and a transaction value of 671 million yuan, resulting in a turnover rate of 12.08% [2] - The latest total market capitalization of Longmag Technology in A-shares is 8.35 billion yuan, with a circulating market value of 5.762 billion yuan [2] - In the non-ferrous metals industry, the overall decline is 0.09%, with 57 stocks rising and 3 stocks, including Galaxy Magnet and New Life Fortune, hitting the daily limit [2] Group 2 - Longmag Technology reported a revenue of 591 million yuan for the first half of the year, representing a year-on-year growth of 6.36% [2] - The net profit for the same period was 85.252 million yuan, showing a year-on-year increase of 31.82% [2] - The basic earnings per share are 0.7142 yuan, with a weighted average return on equity of 7.72% [2]

10月10日，北方稀土、包钢股份两大稀土巨头宣布提价。此次上调后，2025年第四季度稀土精矿交易价 格相较于第三季度价格环比上涨约37%，创下自2023年第二季度以来的最高值。 中金公司指出，中国在稀土领域拥有领先地位，2024年开采份额占全球的61%，但更为重要的是90%以 上的精炼环节都集中在中国。稀土管制作为"先手"在4月就已经出现在"谈判桌"上，然而10月9日的一系 列举措更为严厉，不仅将在11月8日对超硬材料、部分稀土设备和原辅料、5种中重稀土、锂电池和人造 石墨负极材料实施出口管制，同时也将即日起对境外稀土出口和稀土技术实施管制。 新规要求跨国公司销售的商品中，如果含有中国稀土矿产占产品价值的0.1%或以上，则需要获得中国 政府的许可，这将使得跨国科技公司的关键产业链面临挑战。值得关注的是，商务部新闻发言人表示， 中国的出口管制不是禁止出口，只要是用于民用用途的、合规的出口申请，都可以获得批准，相关企业 无须担心。 东方财富指出，中国对稀土产业全方位管控后，全球稀土供给增长预期或下调，利好国内稀土产业高质 量发展。稀土永磁材料与人形机器人等产业密切相关，板块未来或受益于新兴产业的需求预期增长。 盘 ...

Market Sentiment - The current market sentiment score is 50, indicating a "neutral" stance [5][8] - Historical trends show that when sentiment is below or near 50, the market tends to receive support, while above 90, resistance is observed [8] Hot Themes Tracking Artificial Intelligence - Alibaba's CEO stated that large models are the next generation operating systems, with AI cloud being the next computing platform, potentially leading to only a few super cloud platforms globally [5] - Alibaba is investing 380 billion in AI infrastructure and plans to increase this investment [5] - Related stocks include Industrial Fulian (601138) and Zhongji Xuchuang (300308) [5] Non-ferrous Metals - The Grasberg mine in Indonesia has delayed reopening until mid-2026 due to landslides, raising concerns over copper supply and pushing international copper prices up [5] - Domestic copper smelting competition has led to low processing fees, prompting calls for self-discipline in production cuts, reinforcing supply contraction expectations [5] - Related stocks include Zijin Mining (601899) and Jiangxi Copper (600362) [5] Energy Storage - The domestic "New Energy Storage Special Action Plan" aims for 180 million kilowatts of installed capacity by 2027, attracting 250 billion in direct investment [5] - Policies are expected to raise project IRR to over 8%, shifting investment from "mandatory storage" to "proactive profit" [5] - Overseas orders in the first half of 2025 surged 220% year-on-year to 160 GWh, with battery cell production already experiencing price hikes [5] - Related stocks include CATL (300750) and Sungrow Power Supply (300274) [5]

Investment Rating - The report maintains an "Accumulate" rating for the non-ferrous metals industry [6]. Core Viewpoints - The report expresses optimism for copper prices to rise in the future due to tightening supply and improving demand [4]. - The report highlights that the recent trade conflicts have temporarily suppressed copper prices, but a recovery is expected as downstream demand rebounds in Q4 [1][4]. Supply and Demand Summary - **Supply**: In September 2025, China's electrolytic copper production decreased by 4.3% month-on-month to 1.121 million tons, while year-on-year it increased by 11.6% [3][68]. - **Demand**: The cable industry's operating rate fell by 6.9 percentage points to 58.53% [3][76]. The report notes that air conditioning production is expected to decline year-on-year by 18%, 15%, and 9% for October, November, and December respectively [3][96]. - **Inventory**: Domestic copper social inventory increased by 18.7% compared to September 29, 2025, while LME copper inventory decreased by 0.1% [2][24]. Price and Futures Summary - **Copper Prices**: As of October 10, 2025, SHFE copper closed at 85,910 RMB/ton, up 3.37% from September 30, while LME copper closed at 10,374 USD/ton, down 3.05% from October 3 [1][17]. - **Futures**: The active SHFE copper contract's open interest decreased by 5.6% week-on-week, with a total of 216,000 contracts [4][35]. Investment Recommendations - The report recommends investing in companies such as Zijin Mining, Luoyang Molybdenum, Jincheng Mining, and Western Mining, while keeping an eye on Tongling Nonferrous Metals [4].

Market Overview - The A-share market experienced a collective pullback on October 10, following a strong opening on October 9, with the ChiNext and STAR Market showing larger declines [1] - High-dividend stocks, such as the S&P Dividend ETF (562060), rose by 1.2%, while sectors like batteries, semiconductors, and non-ferrous metals faced significant declines [1][2] - The agricultural sector showed resilience, with the first agricultural ETF (159275) reaching a peak increase of 1.5% before closing up 0.8% [1][5] Sector Performance - The technology sector faced a broad sell-off, particularly in AI-related stocks, with the Sci-Tech AI ETF (589520) dropping 4.75% [1][2] - Coal stocks strengthened due to seasonal demand for heating, with expectations of price increases if supply constraints are enforced [3] - The agricultural sector is seeing a potential turning point in the pig cycle, supported by recent policy signals aimed at reducing production capacity [7][10] Investment Insights - Analysts suggest focusing on AI infrastructure and applications as key investment opportunities, particularly in machinery and semiconductor equipment [4] - The agricultural sector is viewed as a favorable investment due to low valuations and supportive policy changes, with the agricultural ETF (159275) showing strong net subscriptions [8][11] - The internet sector in Hong Kong is experiencing volatility, with major stocks like Alibaba and Tencent facing declines, but long-term growth prospects remain positive [12][15] Fund Flows and ETF Performance - The internet ETF (513770) in Hong Kong saw a decline of 3.41%, but still attracted buying interest during dips, indicating investor confidence [12][15] - The non-ferrous metals ETF (159876) experienced a drop of 3.33% but received significant net subscriptions, highlighting ongoing investor interest in the sector [22][26] - Overall, the market is characterized by a high-low rotation, with strong performance in certain sectors like coal and agriculture amidst broader market corrections [3][5]