1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints - The logic of tight copper supply has weakened, but the long - term consumption logic remains strong. Copper prices are expected to fluctuate, with a neutral strength - weakness analysis and a price range of 83000 - 88000 yuan/ton [3]. - Macro factors provide support, and there is a game between micro - reality and expectations. It is expected that copper prices will continue to fluctuate. In terms of spread trading, although the loss of spot imports has narrowed, domestic inventories have increased significantly, so hold the internal - external reverse arbitrage positions with caution [5]. 3. Summary by Relevant Catalogs 3.1 Trading End - **Volatility**: The volatility of SHFE, INE, and LME copper has declined, while that of COMEX copper has increased. The LME copper price volatility is around 16%, with a slight decline from the previous week, and the SHFE copper volatility is about 21%, with a relatively large decline from the previous week [9]. - **Term Spread**: The term structure of SHFE copper has weakened, and the LME copper spot discount has widened. The SHFE 11 - 12 spread on November 7 was - 20 yuan/ton, lower than 20 yuan/ton on October 31; the LME 0 - 3 discount on November 7 was 18.22 US dollars/ton, lower than 14.44 US dollars/ton on October 31; the COMEX near - end C structure has expanded [11]. - **Position**: The positions of LME, SHFE, and COMEX copper have decreased. Among them, the SHFE copper position has decreased by 39,000 lots, to 554,400 lots [12]. - **Fund and Industry Position**: The net short position of LME commercial enterprises has increased from 74,400 lots on October 24 to 78,200 lots on October 31; the net long position of CFTC non - commercial enterprises has decreased from 30,300 lots on September 16 to 30,200 lots on September 23 [17]. - **Spot Premium**: The domestic copper spot premium has strengthened, rising from par on October 31 to 40 yuan/ton on November 7. The Yangshan Port copper premium has declined, from 36 US dollars/ton on October 31 to 35 US dollars/ton on November 7, at a historically low level. The US copper premium has remained at a high level, the Rotterdam copper premium has been maintained at 145 US dollars/ton, and the Southeast Asian copper premium has declined from 135 US dollars/ton on October 31 to 127.5 US dollars/ton on November 7 [22]. - **Inventory**: The global total copper inventory has increased, from 719,200 tons on October 30 to 751,400 tons on November 6. The domestic social inventory has increased, from 182,600 tons on October 30 to 203,300 tons on November 6. The bonded - area inventory has remained stable at 81,200 tons. The COMEX inventory has increased, reaching a historically high level, from 355,700 short tons on October 30 to 369,400 short tons on November 7. The LME copper inventory has increased from 134,600 tons on October 31 to 135,900 tons on November 7 [28]. - **Position - Inventory Ratio**: The position - inventory ratio of LME copper has rebounded, while that of SHFE copper is at a historically low level. The position - inventory ratio of the SHFE 12 - contract has declined, indicating that the overseas spot tightness logic continues to strengthen [29]. 3.2 Supply End - **Copper Concentrate**: The import of copper concentrate has increased year - on - year. In September 2025, the import volume of copper ore and its concentrates in China was 2.587 million tons, a month - on - month decrease of 6.24% and a year - on - year increase of 6.22%. The port inventory of copper concentrate has increased from 461,000 tons on October 31 to 498,000 tons on November 7. The processing fee of copper concentrate has remained weak, and the smelting loss has narrowed from 3,241 yuan/ton on October 31 to 3,234 yuan/ton on November 7 [34]. - **Recycled Copper**: The import of recycled copper has increased. In September, the import of recycled copper was 184,100 tons, a year - on - year increase of 14.80%, and the domestic output of recycled copper was 97,700 tons, a year - on - year increase of 17.85%. The refined - scrap spread of recycled copper has narrowed but is still above the break - even point, and the import loss of recycled copper has narrowed [35][40]. - **Blister Copper**: The import of blister copper has decreased. In September, the import volume was 50,100 tons, a year - on - year decrease of 32.84%. In September, the blister copper processing fee was at a low level, with the southern processing fee at 700 yuan/ton and the import fee at 85 US dollars/ton [44]. - **Refined Copper**: The domestic refined copper output has increased year - on - year. In September, the output was 1.121 million tons, a year - on - year increase of 11.62%, and the cumulative output from January to September was 10.0598 million tons, a year - on - year increase of 12.22%. It is expected that the output in October will be 1.0825 million tons, a year - on - year increase of 8.72%. The import volume of refined copper has increased, with 334,300 tons imported in September, a year - on - year increase of 3.66%. The import volume of unwrought copper and copper products in China in October was 437,800 tons, a year - on - year decrease of 14.16%. The loss of copper spot imports has narrowed, from a loss of 678.78 yuan/ton on October 31 to 471.05 yuan/ton on November 7 [47]. 3.3 Demand End - **开工率**: In October, the operating rates of copper tube and copper plate - strip - foil enterprises declined, reaching historically low levels. In the week of November 6, the operating rate of wire and cable enterprises increased marginally [51]. - **Profit**: The copper rod processing fee has rebounded but is still at a historically low level. As of November 7, the processing fee for copper rods used in the power industry in East China was 510 yuan/ton, higher than 425 yuan/ton on November 31. The copper tube processing fee has declined, at a historically neutral level. On November 7, the 10 - day moving average of the processing fee for R410A special copper tubes was 5,121 yuan/ton, lower than 5,140 yuan/ton on November 7. The processing fees of copper plate - strip and lithium - ion copper foil have remained stable at low levels [55]. - **Raw Material Inventory**: In October, the raw material inventory of copper rod enterprises was at a historically low - to - neutral level, the raw material inventory of copper tubes was at a historically low level, and the weekly raw material inventory of wire and cable has remained at a low level [56]. - **Finished Product Inventory**: In October, the finished product inventory of copper rods was at a historically high level, the finished product inventory of copper tubes was at a historically low level, and the weekly finished product inventory of wire and cable has decreased [59]. 3.4 Consumption End - **Apparent Consumption**: The domestic actual copper consumption has performed well. From January to September, the cumulative consumption was 12.0359 million tons, a year - on - year increase of 9.77%. From January to September, the apparent consumption was 1.4289 million tons, a year - on - year increase of 9.01%. Power grid investment, home appliances, and new energy industries are important supports for copper consumption. Among them, the growth rate of power grid investment has slowed down. From January to September, the cumulative power grid investment was 473.8 billion yuan, a year - on - year increase of 9.9%, but at a historically high level [65]. - **Air - Conditioner and New - Energy Vehicle Production**: In September, the domestic air - conditioner production was 10.567 million units, a year - on - year decrease of 13.48%. In September, the domestic new - energy vehicle production was 1.617 million units, a year - on - year increase of 23.72% [67].

Group 1: Industry Overview - The "15th Five-Year Plan" marks a new phase of comprehensive market-oriented development for the renewable energy sector, focusing on "scale expansion" and "quality improvement" [1] - By 2035, the total installed capacity of wind and solar power in China is targeted to exceed 3.6 billion kilowatts, with non-fossil energy accounting for over 30% of the energy mix [2] - The plan emphasizes the integration of renewable energy with traditional industries and the promotion of new business models such as green electricity direct connection and virtual power plants [2][3] Group 2: Policy and Strategic Initiatives - The "15th Five-Year Plan" aims to accelerate the construction of a new energy system, focusing on increasing the share of renewable energy and ensuring a reliable transition from fossil fuels [3] - Key initiatives include the development of distributed energy, zero-carbon factories, and parks, which are essential for implementing new energy concepts [3] - The dual-driven effect of policy and market forces is expected to significantly enhance the high-quality and stable development of renewable energy enterprises [3] Group 3: Company Performance - China Tianying (000035.SZ) reported a remarkable net profit of 102 million yuan for Q3 2025, a year-on-year increase of 2905.15%, driven by industry growth and technological innovation [4] - The company focuses on technological innovation as its core competitive advantage, investing in research and development across the hydrogen energy value chain [4][5] - China Tianying's projects, such as those in Liaoyuan and Anda, exemplify the integration of renewable energy generation, storage systems, and hydrogen production, enhancing energy utilization efficiency [5] Group 4: Future Outlook - The implementation of the "15th Five-Year Plan" is expected to create broader development opportunities for the renewable energy industry [6] - China Tianying's focus on technological innovation and project execution positions it as a leader in the transition from an "energy power" to an "energy strong country" [6]

Core Points - The "15th Five-Year Plan" is a crucial period for achieving socialist modernization and laying a solid foundation for comprehensive development [1] - The Central Committee's suggestions for the "15th Five-Year Plan" serve as a guiding document for China's economic and social development over the next five years [1] - The National Development and Reform Commission (NDRC) is organizing the drafting of the "15th Five-Year Plan Outline" based on the Central Committee's suggestions [1] Summary by Sections - **Plan Objectives**: The "15th Five-Year Plan" aims to implement the goals and tasks outlined by the Central Committee, focusing on high-quality development [1] - **Public Participation**: The NDRC is actively seeking input from various sectors of society to incorporate valuable suggestions into the planning process [1] - **Deadline for Contributions**: The activity for collecting suggestions will conclude on November 14, 2025, at 20:00 [1]

征集中…… "十五五"时期是基本实现社会主义现代化夯实基础、全面发力的关键时期。党的二十届四中全会通过的《中共中央关于制定国民经济和社会发展第十五个五年规划 的建议》，是指导未来五年我国经济和社会发展的纲领性文件。依据党中央"十五五" 规划《建议》，按照党中央和国务院的部署，国家发展改革委正在组织拟 订"十五五"规划《纲要草案》。 为把党中央"十五五"规划《建议》明确的目标任务落实落细，将社会各界意见建议充分体现到"十五五"规划《纲要草案》编制中，国家发展改革委现开展"贯彻落实 党的二十届四中全会精神 高质量编制'十五五'规划《纲要》——'十五五'规划《纲要》问计求策"活动，征集对经济社会发展各领域的具体举措建议。真诚邀请社会 各界提供宝贵意见建议！期待您的积极参与！ 本次活动截止时间为2025年11月14日20点。 综合自：国家发展改革委、人民日报 责编：李丹 校对：陶谦 版权声明 证券时报各平台所有原创内容，未经书面授权，任何单位及个人不得转载。我社保留追 究相关 行 为主体法律责任的权利。 转载与合作可联系证券时报小助理，微信ID：SecuritiesTimes END 点击关键字可查看 踊跃参与，畅所 ...

Group 1 - The first UAE International Investment Summit China Summit opened on November 7 in Shanghai, attended by notable figures including the UAE Ambassador to China and the founder of Vanke Group [1][4] - The summit, co-hosted by the UAE Ministry of Foreign Trade and AIM Global Foundation, focuses on themes such as new energy, artificial intelligence, green finance, digital economy, and smart cities, featuring over 1,000 participants from 45 countries and 80 international guests [4][6] - Established in 2011, the UAE International Investment Summit is recognized as a major economic and trade event by the UAE Federal Supreme Council, with the 2024 summit officially set to take place in China [6] Group 2 - Tang Jincao, Chairman of the China International Science and Technology Promotion Association's Mother Fund Branch, participated in a roundtable forum discussing China's strategy to ascend the value chain and the importance of advanced manufacturing and independent innovation [8][10] - The forum also addressed how the "dual circulation" strategy can leverage a strong domestic market to cultivate globally competitive high-tech enterprises [8] Group 3 - The Mother Fund Research Center has officially launched the 2025 annual list evaluation to encourage excellence in the private equity mother fund and fund industry [12][17] - The evaluation aims to promote the healthy development of the equity investment industry [12]

Investment Rating - The report maintains a "Buy" recommendation for several companies in the non-ferrous metals sector, including Zijin Mining, Luoyang Molybdenum, and Huayou Cobalt [4][5]. Core Views - The non-ferrous metals market is experiencing short-term fluctuations due to factors such as the U.S. government shutdown and cooling interest rate expectations. However, the long-term price trend remains upward, supported by domestic demand improvements from the "14th Five-Year Plan" [2][3]. - In the industrial metals segment, copper prices are under pressure due to a rebound in the U.S. dollar and reduced import costs, while aluminum production is stable despite environmental restrictions [2][3]. - Energy metals, particularly lithium and cobalt, are expected to perform well due to strong demand from the electric vehicle and energy storage sectors, despite regulatory delays in cobalt exports from the Democratic Republic of Congo [3][4]. - Precious metals are forecasted to rise in value, driven by central bank gold purchases and weakening U.S. dollar credit, despite short-term pressures from hawkish Federal Reserve signals [4][5]. Summary by Sections Industrial Metals - Copper prices have decreased by 1.80% to $10,695 per ton, with a stable demand outlook for Q4 [9][35]. - Aluminum production capacity remains steady, with a slight increase in inventory by 0.3 thousand tons, indicating a stable demand environment [2][18]. - Key companies recommended include Zijin Mining, Luoyang Molybdenum, and China Nonferrous Mining [2][4]. Energy Metals - Lithium prices are expected to remain strong due to high demand from the battery sector, while cobalt supply is constrained by regulatory delays [3][4]. - Recommended companies in this sector include Huayou Cobalt and Tianqi Lithium [3]. Precious Metals - Gold prices are projected to rise, with current prices at $4,007.80 per ounce, despite recent fluctuations due to U.S. economic data and Federal Reserve policy [4][62]. - Key companies recommended include Western Gold, Shandong Gold, and Zijin Gold International [4][5].

在阅读文章前，辛苦您点下"关注"，方便讨论和分享。作者定会不负众望，按时按量创作出 更优质的内容 文|昕昕 前言 没买房的年轻人直接原地开挂，这波十五五规划简直是老天爷喂饭吃！ 以前买房像渡劫，现在买房像拆盲盒（还是必中大奖的那种）。 买房时代 以前房地产是啥？GDP的"亲儿子"，开发商的"提款机"，炒房客的"印钞机"！ 那时候买房堪比抢春运火车票，交十几万茶水费还得看销售脸色，办贷款恨不得给银行柜员端茶倒水， 抢到房感觉自己赢了人生巅峰。 现在？风水轮流转，房地产直接被塞进"共同富裕"大礼包，和教育医疗肩并肩成了民生项目，简单说就 是：以前是"炒房致富"，现在是"住有所居"，剧本直接从《疯狂的石头》改成《向往的生活》！ 为啥突然变天？老路子走不动道了呗！过去30年房地产能疯狂上分，全靠三大buff：农民进城当"接盘 侠"、年轻人结婚刚需"冲业绩"、老百姓兜里有钱敢负债。 结果2025年一睁眼，buff全没了：城镇化率快70%，农村没多少人要进城了；结婚率跌成狗，人口还负 增长，刚需直接腰斩；居民杠杆率飙到60%+，大家都在提前还房贷，谁还敢加杠杆买房？ 这波操作相当于游戏里血条空了还没蓝，开发商直接从"霸道 ...

Core Insights - The spring market trend is shifting towards an earlier start and finish, with significant historical evidence showing that in 4 out of the last 8 years, the spring rally began in December of the previous year [1][2][3] Group 1: Market Timing and Trends - The traditional spring rally in A-shares typically starts in January-February and lasts until March-April, but recent trends indicate a notable shift towards earlier initiation [1][2] - The analysis of market performance since 2010 reveals that the spring rally's time window has significantly advanced, with the most substantial gains occurring before the Spring Festival [1][3] Group 2: Economic and Policy Factors - The "running ahead" phenomenon is attributed to two main factors: the transformation of economic regulation, which has weakened the seasonal characteristics of policies, and the "learning effect" among market participants leading to preemptive positioning [2][3] - The reliance on traditional growth engines, such as real estate and infrastructure, has diminished, resulting in a reduced impact of early-year liquidity injections on market confidence [2][3] Group 3: Sector Performance and Positioning - Historical data indicates that growth styles have consistently outperformed during spring rallies, with small-cap and growth styles typically beating large-cap and value styles [5][6] - The average return of the index during spring rallies has been 21.7%, with an 81% success rate for generating excess returns [6][19] Group 4: Future Market Outlook - The upcoming spring rally is expected to focus on growth-oriented sectors, particularly those aligned with global trends in technology, such as AI, and domestic policy initiatives under the "14th Five-Year Plan" [7][8] - The anticipated policy focus on technological innovation and modern industrial systems is likely to enhance the attractiveness of sectors related to advanced manufacturing and supply-side reforms [7][8]

Core Viewpoint - The A-share market experienced a rebound during the week of November 3 to 7, maintaining a high-level fluctuation pattern, with micro-cap and dividend stocks performing notably well while other indices showed mixed results [1][3]. Market Performance - The performance of major indices for the week and year-to-date is as follows: - Wind Micro-Cap Index: Weekly increase of 3.16%, Year-to-date increase of 83.54% - Dividend Index: Weekly increase of 2.85%, Year-to-date decrease of 0.53% - Shanghai Composite Index: Weekly increase of 1.08%, Year-to-date increase of 19.27% - CSI 2000: Weekly increase of 0.88%, Year-to-date increase of 33.35% - CSI 300: Weekly increase of 0.82%, Year-to-date increase of 18.90% - ChiNext Index: Weekly increase of 0.65%, Year-to-date increase of 49.80% - CSI 1000: Weekly increase of 0.47%, Year-to-date increase of 26.59% - Shenzhen Component Index: Weekly increase of 0.19%, Year-to-date increase of 28.70% - Sci-Tech 50: Weekly increase of 0.01%, Year-to-date increase of 43.15% - CSI 50: Weekly decrease of 0.04%, Year-to-date increase of 14.25% - CSI 500: Weekly decrease of 0.04%, Year-to-date increase of 27.98% - North Exchange 50: Weekly decrease of 3.79%, Year-to-date increase of 46.73% [2]. Stock Movement - The number of stocks that rose during the week increased slightly compared to the end of October, but overall, the market remained mixed with both gains and losses [5]. - On November 7, the number of stocks that rose was 2,977, while 2,423 stocks fell, compared to 2,861 rising and 2,523 falling on October 31 [6]. Sector Rotation - The market saw sector rotation due to the narrow fluctuation of indices without significant volume breakthroughs, with recent hot sectors experiencing ups and downs, while long-term low-performing sectors showed signs of recovery [7]. - The leading sectors for the week included power generation, chemicals, and certain regional stocks, while the sectors that declined were primarily those that had performed well in the previous week, such as pharmaceuticals and AI applications [7]. Investment Recommendations - Short-term investment advice suggests a balanced allocation towards sectors with upward policy and industry trends, such as new energy (wind power, energy storage, solid-state batteries), machinery (robots), non-ferrous metals, media (gaming), computing (AI applications), and pharmaceuticals [10]. - Sectors that may benefit from the "14th Five-Year Plan" and potential marginal improvements in fundamentals include consumption (food, retail), military (commercial aerospace), electronics (AI hardware), and communications (computing power) [10]. External Demand Concerns - There is a growing discussion regarding the weakening of external demand, which may lead to increased focus on domestic demand themes in the upcoming week [12]. - In October, China's total import and export value was 3.7 trillion yuan, a slight increase of 0.1%, with exports at 2.17 trillion yuan, down 0.8%, marking the first negative growth in monthly export growth since the second half of this year [12][13]. Upcoming Events - Important upcoming events include the China Robot Industry Development Conference on November 10, the International Summit on Battery New Energy Industry in Suzhou on November 11, and the World Power Battery Conference on November 12, among others [17].

Group 1 - Institutional research activity remains high with 418 listed companies disclosing investor research records as of November 7, maintaining the same level as the previous week [1] - Companies such as Anji Technology, Trina Solar, and Tongyu Communication received over a hundred institutional visits [1] - Nearly 50% of companies that were researched reported positive earnings, with notable stock price increases around 30% for companies like Longda Co., CITIC Metal, and Changbao Co. [3] Group 2 - The focus of institutional research this week includes interpretations of Q3 operational results, potential opportunities in Q4, and analysis of development prospects brought by the "14th Five-Year Plan" [3][12] - Companies like Qichuang Data reported a significant increase in R&D investment, reaching 230 million yuan, up approximately 83.5 million yuan year-on-year, primarily for upgrading computing service platforms [6] - Yingstone Innovation also saw increases in R&D and marketing expenses, with R&D costs rising due to custom chip investments and personnel salaries [6] Group 3 - Blue Biological's R&D investment grew by 23.29% year-on-year, maintaining a high level within the industry, focusing on technology-driven development [7] - Petty Co. is increasing marketing efforts for the "Double Eleven" shopping festival, reporting a 30% year-on-year growth in overall GMV [10] - BoTuo Bio anticipates a rapid increase in market demand for flu virus testing due to the seasonal rise in flu activity, having already prepared inventory for distribution [10] Group 4 - The "14th Five-Year Plan" is a focal point for companies like China Energy Construction, which aims to focus on integrated hydrogen energy and related products [14] - HNA Holding plans to optimize its fleet structure during the "14th Five-Year Plan" period to ensure stable development [14] - Jinzhou Pipeline highlights a national investment of 5 trillion yuan for underground pipeline construction, predicting an annual market growth rate of over 8% in the pipeline manufacturing industry [15]