Core Viewpoint - The A-share market indices have shown upward movement, with the Guozheng Free Cash Flow Index experiencing a notable increase, indicating a positive trend in companies with stable free cash flow [1] Group 1: Market Performance - On October 29, the A-share major indices rose, with the Guozheng Free Cash Flow Index fluctuating and increasing by approximately 0.45% during the trading session [1] - Leading stocks included Yun Aluminum Co., Shenhuo Co., China Aluminum, and Guodian Nanzi, which contributed to the index's performance [1] Group 2: Fund Inflows - The largest free cash flow ETF (159201) has seen continuous net inflows over the past 11 days, totaling 538 million yuan, bringing its latest scale to 5.043 billion yuan, a record high since its inception [1] Group 3: Investment Strategy - Huachuang Securities suggests that in a low-interest-rate environment, the compounding effect of stable free cash flow is a cornerstone for a long-term bull market [1] - The shift in economic operation models indicates a change in the long-term logic of stock market pricing, moving from front-end expansion to back-end cautious management and cash flow accumulation [1] Group 4: Fund Characteristics - The free cash flow ETF (159201) and its linked funds (A: 023917; C: 023918) closely track the Guozheng Free Cash Flow Index, focusing on listed companies with high and stable free cash flow levels in the Shanghai and Shenzhen stock exchanges [1] - These funds are characterized by higher long-term returns and lower volatility, making them suitable for allocation in the current phase of high-quality economic growth [1] - The management and custody annual fee rates of the funds are among the lowest in the market [1]

Group 1 - The China Securities National New Central Enterprise Modern Energy Index has seen a strong increase of 1.80%, with constituent stocks such as Shanghai Electric rising by 10.00% and China Western Power by 9.99% [3] - The Central Enterprise Modern Energy ETF (561790) has risen by 1.69%, with a latest price of 1.26 yuan, and has accumulated a weekly increase of 2.31% as of October 28, 2025 [3] - The trading volume for the Central Enterprise Modern Energy ETF reached 460.61 million yuan, with a turnover rate of 9.7% [3] Group 2 - The Fujian Provincial Development and Reform Commission and the National Energy Administration have issued a plan to promote the market-oriented reform of renewable energy grid connection prices, aiming for all renewable energy generation to enter the electricity market by January 1, 2026 [4] - Tianfeng Securities notes that global grid capital expenditure is currently in a resonance cycle of "renewable energy grid connection + digital upgrade," indicating significant excess returns for the power equipment sector during upturns [4] - According to Zhongyin Securities, the new energy storage installation demand is expected to reach 12 GWh by 2026, representing a year-on-year growth of 60% [4] Group 3 - The Central Enterprise Modern Energy ETF closely tracks the China Securities National New Central Enterprise Modern Energy Index, which includes 50 listed companies involved in green energy, fossil energy, and energy transmission and distribution [5] - As of September 30, 2025, the top ten weighted stocks in the index accounted for 47.72% of the total, including companies like Yangtze Power and China Nuclear Power [5] - The latest scale of the Central Enterprise Modern Energy ETF reached 46.98 million yuan, marking a new high for the past month [4]

Group 1 - The 2025 Chengdu High-tech Zone Digital Economy Industry Investment Promotion Conference was held in Beijing, gathering over 80 representatives from key enterprises, institutions, and associations in the digital economy sector [2] - Five projects were successfully signed at the event, with a total signing amount of nearly 3 billion yuan [2] - Huawei, in collaboration with ecosystem partners, is establishing an AI Joint Innovation Laboratory and AI Joint Training Base in Chengdu High-tech Zone, aiming to promote industrial project layout and provide technical support for enterprises in the region [2] Group 2 - China Aluminum Corporation plans to invest over 1 billion yuan in the Chengdu High-tech Zone to build the China Aluminum Digital Technology Headquarters, focusing on digitalization and AI as a strategic core platform [3] - The project will develop an AI model named "Kun'an" and create various industrial software for smart factory construction, emphasizing the "AI+" core path for high-quality development in the non-ferrous metal industry [3] - The Chengdu High-tech Zone Digital Economy Bureau reported that the core industry added value of the digital economy in 2024 is projected to reach 167.77 billion yuan, accounting for nearly half of the city's total [3]

Group 1 - The core viewpoint of the news highlights the performance and growth of the rare earth industry, particularly focusing on the rise of the China Rare Earth Industry Index and the significant gains of key stocks within this sector [1][2]. - As of October 29, 2025, the China Rare Earth Industry Index increased by 0.64%, with notable stock performances including Keli Yuan reaching a daily limit increase of 10%, and other companies like Antai Technology and Xiamen Tungsten rising by 5.13% and 4.98% respectively [1]. - The rare earth ETF managed by Jiashi has seen a substantial increase in scale, with a growth of 92.05 million yuan over the past two weeks, making it the top performer among comparable funds [1]. Group 2 - The top ten weighted stocks in the China Rare Earth Industry Index account for 61.96% of the index, with North Rare Earth and Wolong Electric Drive being the largest contributors [2][4]. - Recent regulatory changes by the Chinese Ministry of Commerce regarding export controls on rare earth materials and technologies aim to strengthen compliance and address illegal export activities [2]. - Market conditions indicate a slowdown in demand, with major manufacturers primarily restocking based on immediate needs, while supply-side pressures are increasing due to sluggish shipments from rare earth mines [2].

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]

Market Overview - On October 29, A-shares saw all three major indices rise, with the ChiNext Index increasing by over 1.5% [1] - Key sectors such as Hainan Free Trade Port, ultra-high voltage, copper-clad laminates, and energy storage remained active [1] ETF Performance - The newly listed Shanghai Stock Exchange 180 ETF (510670) experienced a slight increase, with top-performing holdings including Huaneng International, Industrial Fulian, TBEA, LONGi Green Energy, China Aluminum, and Top Group [1] - The Sci-Tech Innovation 50 ETF (159783) rose over 1% at one point, with leading stocks such as Canadian Solar, Sungrow Power Supply, Sanan Optoelectronics, Tigermed, and EVE Energy [1] Policy Insights - The Central Committee of the Communist Party of China released suggestions for the 15th Five-Year Plan on October 28, emphasizing the cultivation of emerging and future industries [1] - Strategic emerging industry clusters such as new energy, new materials, aerospace, and low-altitude economy are prioritized for development [1] - The plan aims to enhance the inclusiveness and adaptability of capital market systems and improve the coordination between investment and financing functions [1]

Core Insights - The Social Security Fund has disclosed its stock holdings as of the end of Q3, appearing in the top ten shareholders of 360 companies, with new investments in 108 companies and increased holdings in 93 companies [1][2] Group 1: Stock Holdings Overview - The total number of shares held by the Social Security Fund is 5.535 billion, with a total market value of 117.406 billion yuan [1] - The fund maintained its position in 49 companies, reduced holdings in 110 companies, and increased stakes in 93 companies [1] - The top three companies by shareholding are Sun Paper Industry (10.883 million shares), Weixing Co., Ltd. (7.314 million shares), and Guangxin Co., Ltd. (4.709 million shares) [1] Group 2: Shareholding Proportions - The highest shareholding proportion is in Norsun, with 8.16% of circulating shares, followed by Baiao Intelligent at 7.23% [1] - A total of 19 companies have over 50 million shares held by the Social Security Fund, with Vanadium Titanium Holdings leading at 170 million shares [1][2] Group 3: Performance of Held Stocks - Among the stocks held, 227 companies reported year-on-year net profit growth, with the highest increase seen in Xinqianglian at 1939.50% [2] - The average performance of the Social Security Fund's heavy stocks since October has seen a slight increase of 0.03%, underperforming the Shanghai Composite Index [2] - Notable performers include Beifang Changlong with a cumulative increase of 46.53%, while Guomai Culture experienced the largest decline at 41.78% [2] Group 4: Sector Distribution - The Social Security Fund's holdings are primarily concentrated in the pharmaceutical, machinery, and basic chemical industries, with 39, 36, and 34 companies respectively [2] - The distribution of holdings includes 244 companies on the main board, 86 on the ChiNext board, and 29 on the Sci-Tech Innovation board [2]

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]

10月29日，中国铝业涨5.08%，截至发稿，报9.73元/股，成交18.63亿元，换手率1.48%，总市值1669.24 亿元。 数据显示，平安基金旗下1只基金重仓中国铝业。平安中证全指自由现金流ETF（159233）三季度持有 股数104.24万股，占基金净值比例为3.43%，位居第八大重仓股。根据测算，今日浮盈赚取约48.99万 元。 平安中证全指自由现金流ETF（159233）成立日期2025年5月21日，最新规模2.51亿。成立以来收益 16.41%。 平安中证全指自由现金流ETF（159233）基金经理为钱晶、白圭尧。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 资料显示，中国铝业股份有限公司位于北京市海淀区西直门北大街62号，成立日期2001年9月10日，上 市日期2007年4月30日，公司主营业务涉及铝土矿、煤炭等资源的勘探开采,氧化铝、原铝和铝合金产品 生产、销售、技术研发,国际贸易,物流产业,火力及新能源发电等。主营业务收入构成为：销售商品 97. ...