Group 1 - The core viewpoint indicates that amid increasing geopolitical tensions and global economic uncertainties, the medium to long-term demand for gold as a safe-haven asset is expected to continue growing [1] - The supply side of copper is under pressure while the demand side is continuously increasing, suggesting a favorable supply-demand balance for copper and aluminum [1] - The global easing cycle has opened up macroeconomic space, indicating that industrial metal prices still possess upward momentum [1] Group 2 - The mining ETF (561330) tracks the non-ferrous mining index (931892), which selects listed companies involved in precious metals, industrial metals, and rare metals to reflect the overall performance of the non-ferrous metal mining industry [1]

Investment Rating - The report maintains a "Market Weight" rating for the non-ferrous metals industry, indicating that the industry index is expected to perform within ±10% of the market index over the next six months [63]. Core Insights - The non-ferrous metals industry has experienced a decline of 6.87% over the past two weeks, underperforming the CSI 300 index by 2.90 percentage points, ranking 28th among 31 industries [3][13]. - The report highlights that the Federal Reserve's fluctuating interest rate expectations have led to continued volatility in metal prices, particularly in industrial metals, which are expected to maintain upward momentum due to improving supply-demand dynamics [6][56]. - Precious metals have shown resilience, with gold prices rising significantly, supported by a declining dollar credit, while lithium prices are recovering due to tightening supply conditions and new growth opportunities in energy storage [57][58]. Market Review - As of November 27, 2025, the LME copper price was $10,930/ton, aluminum at $2,831.50/ton, lead at $1,983.50/ton, zinc at $3,022/ton, nickel at $14,840/ton, and tin at $37,925/ton [24]. - The COMEX gold price reached $4,189.60/oz, up $175.9 since early November, while silver was at $53.83/oz, up $5.92 [33][57]. - Lithium carbonate futures were priced at ¥95,800/ton, reflecting a recovery of ¥13,500 since early November, and cobalt prices increased to ¥401,300/ton [37][58]. Industry Analysis by Subsector Industrial Metals - The report notes that the supply-demand balance for copper and aluminum continues to improve, with prices expected to have upward momentum due to macroeconomic easing [6][56]. Precious Metals - The report indicates that despite short-term risks, the long-term outlook for gold remains positive, with prices expected to continue rising due to a weakening dollar [57][58]. Energy Metals - The report emphasizes the upward trend in lithium prices driven by tightening supply and new growth opportunities in energy storage and solid-state batteries [58]. Minor Metals - The rare earth price index was reported at 207.92, with some prices like praseodymium-neodymium oxide increasing, while others like dysprosium and terbium saw declines [41][58]. Company Recommendations - The report suggests focusing on companies such as Western Mining (601168) and Luoyang Molybdenum (603993) in the industrial metals sector, and Ganfeng Lithium (002460) and Tianqi Lithium (002466) in the energy metals sector due to their strong performance and growth potential [6][59].

Core Viewpoint - The A-share market shows a mixed trend with the non-ferrous sector experiencing upward fluctuations, particularly highlighted by the performance of the Non-Ferrous 50 ETF (159652), which has seen significant inflows and a year-to-date increase of 70.77% [4][6]. Group 1: Market Performance - As of November 28, the Non-Ferrous 50 ETF (159652) rose by 1.64%, with a peak increase of over 2%, attracting net subscriptions of 900,000 units, amounting to over 13 million yuan [1]. - The majority of the constituent stocks of the Non-Ferrous 50 ETF have shown strong performance, with notable increases such as Yahua Group rising over 5% and Huayou Cobalt and Chifeng Jilong Gold increasing over 3% [3][5]. Group 2: Industry Insights - Yahua Group announced a lithium salt production capacity of 99,000 tons, with an additional 30,000 tons production line expected to be operational by the end of 2025 [6]. - The exploration project in Songpan County has identified an additional gold resource of 28.24 tons, bringing the total to 81.06 tons, valued at over 76 billion yuan [6]. Group 3: Investment Outlook - Analysts express a positive outlook for the non-ferrous sector, with Citic Securities indicating that the sector is poised for further advancement [6]. - The financial attributes of metals like gold and copper are expected to strengthen due to declining real interest rates and increasing inflation expectations, making them attractive as inflation hedges [8][11]. - The supply-demand dynamics for copper and aluminum are expected to improve, driven by new demand from sectors like AI and renewable energy, suggesting a bullish trend for these metals [7][13]. Group 4: ETF Characteristics - The Non-Ferrous 50 ETF (159652) has a high concentration of key metals, with copper accounting for 33% and gold for 13%, making it a leading choice in the sector [17]. - The ETF has demonstrated superior performance since 2022, with a cumulative return that outpaces its peers while maintaining a reasonable valuation, as indicated by a PE ratio of 23.74, down 61% from five years ago [19].

Core Viewpoint - The international gold market experienced a slight decline last week, influenced by the Federal Reserve's expectations regarding interest rate cuts in December and mixed employment data, but remains above the 5-10 week moving averages, indicating potential for future strength [1][3] Group 1: Market Performance - Gold prices opened the week at $4084.59 per ounce, hitting a weekly low of $3997.78 on Tuesday, before reaching a high of $4132.38, ultimately closing at $4064.80, resulting in a weekly fluctuation of $134.6 and a decline of $19.79, or 0.48% [1] - The market is currently experiencing a narrow range of fluctuations, with early signs of recovery supported by dovish comments from Federal Reserve officials, although facing resistance from a strong dollar index [3] Group 2: Future Outlook - The outlook for gold remains bullish, with expectations of a continued easing cycle from the Federal Reserve and ongoing geopolitical risks, alongside persistent demand for gold from global central banks and ETF holdings [6] - Historical trends suggest that corrections during easing cycles often present good buying opportunities, reinforcing the view that current adjustments may be seen as entry points for investors [6] - Technical analysis indicates that gold prices are above the 10-week moving average, with potential for further upward movement if key resistance levels are broken, while support levels are identified at the 60-day and 100-day moving averages [8]

Core Viewpoint - The outlook for gold prices remains optimistic despite recent fluctuations, driven by expectations of potential interest rate cuts by the Federal Reserve and ongoing geopolitical risks [1][5]. Market Performance - Gold prices opened at $4084.59 per ounce, hitting a weekly low of $3997.78 before reaching a high of $4132.38, ultimately closing at $4064.80, reflecting a weekly range of $134.6 and a decline of $19.79 or 0.48% [3]. - The market is currently experiencing a consolidation phase, with expectations of a bullish trend in the longer term, despite short-term resistance [3][5]. Federal Reserve Influence - The Federal Reserve has not indicated an end to the easing cycle, with many officials suggesting further policy loosening over time, which supports the case for future rate cuts [5]. - Recent strong employment data and mixed signals from Fed officials have tempered immediate rate cut expectations, but the overall sentiment remains that a rate cut in early next year is likely [5][9]. Geopolitical and Economic Factors - Ongoing geopolitical tensions and the potential for a global rate cut cycle in 2026 are providing strong support for gold prices [5]. - The absence of employment data due to government shutdowns raises concerns about decision-making and unemployment rates, further underpinning gold's appeal as a safe haven [5]. Technical Analysis - On a weekly basis, gold prices closed above the 10-week moving average, indicating potential for further gains, with the 10-week moving average serving as a key support level [7]. - The current price action suggests a consolidation within a triangular pattern, with key resistance at $4230 and support levels at $3930 and $4045 [9].

Core Insights - The article discusses the investment philosophy of Li Dehui from Morgan Asset Management, focusing on balancing growth potential and reasonable valuation in investment strategies [3][5][4]. Investment Strategy - Li Dehui employs a "three-tiered" allocation strategy, categorizing assets into offensive, balanced, and defensive segments to manage risk effectively [4][9]. - The approach aims to maintain the overall portfolio valuation within a reasonable range, even during market volatility, as demonstrated in 2022 [5][3]. Market Outlook - Li Dehui expresses optimism about the A-share market, indicating it is in a clear upward channel, supported by positive policy signals, a loosening liquidity environment, and improving macroeconomic conditions [8][9]. - The article highlights that the current market adjustment is seen as a healthy consolidation, with expectations for continued structural opportunities in the market [8][9]. Sector Focus - Li Dehui identifies opportunities in the pan-technology and pan-manufacturing sectors, as well as in non-ferrous metals, particularly copper, which is expected to benefit from global economic recovery and tight supply conditions [4][9][8]. - The AI sector is viewed as still in its early stages, with significant commercial potential, and Li Dehui plans to focus on high-performing companies within this space [6][7]. Performance Metrics - Li Dehui's managed funds, including Morgan Huixuan Growth Stock Fund and Morgan Wisdom Internet Stock Fund, have shown over 40% net value growth in the past three years [5].

Group 1 - The core viewpoint of the articles highlights that despite a recent adjustment in the Hong Kong technology sector, multiple technology ETFs have seen significant capital inflows, indicating continued investor interest [2][3]. - As of November 19, several Hong Kong technology ETFs have experienced substantial net inflows since October, with notable increases in shares for the Huaxia Hang Seng Technology Index ETF and the Huatai-PB Hang Seng Technology ETF, among others [2]. - The recent market adjustments are attributed to multiple short-term factors, including hawkish signals from the Federal Reserve and a general market sentiment of caution as the year-end approaches [3]. Group 2 - The adjustments in the market are viewed as a normal phenomenon following significant gains over the past year, providing opportunities for new capital to enter the market [4]. - The Hong Kong market is perceived as a "value trap" with attractive valuations for both growth stocks and dividend-paying stocks, driving capital towards Hong Kong [4]. - The ongoing policy support and active allocation of funds towards the Hong Kong market, particularly in the technology sector, are expected to continue supporting the market's performance into 2026 [4].

Core Viewpoint - The report from Zhongtai Securities expresses optimism about a comprehensive bull market in the non-ferrous metals sector, driven by macroeconomic factors and fundamental demand dynamics [1] Group 1: Industrial Metals - Several major mines have experienced unexpected disruptions, leading to a significant downward revision of global copper mine output for next year [1] - Anticipated electricity shortages abroad are causing frequent supply disruptions in electrolytic aluminum, while traditional demand is expected to recover due to a global easing cycle [1] - Although the growth rate of new energy demand is slowing, its proportion continues to rise, and the power demand driven by AI is expected to provide additional increments [1] - Industrial metals are poised for a moment of resonance between macroeconomic and fundamental factors, with expectations for sustained price increases in copper and aluminum [1] - Despite stock prices being at new highs, valuations remain at a neutral to low level, primarily due to rising commodity prices and the realization of company growth potential [1] Group 2: Energy Metals - The outlook for energy metals is improving as storage demand expectations continue to rise, significantly altering the supply-demand balance for lithium carbonate from previous surplus expectations [1] - Following the implementation of an export ban in the Democratic Republic of the Congo, cobalt prices have surged, and supply constraints are expected to tighten the market next year, leading to bullish price expectations [1] Group 3: Precious Metals - In the context of overseas monetary expansion and weakening fiscal discipline, the restructuring of the dollar credit system is becoming a trend, maintaining the long-term bullish logic for gold prices [1] - The performance of stocks in the precious metals sector has lagged behind the continuously rising gold prices, with current stock valuations at historical lows, presenting a favorable opportunity for investment [1]

Investment Rating - The report maintains a standard rating for the non-ferrous metals industry, indicating a positive outlook for investment opportunities in this sector [2][17]. Core Insights - The non-ferrous metals industry has shown a significant increase, with a 3.70% rise over the past two weeks, outperforming the CSI 300 index by 1.72 percentage points, ranking 4th among 31 industries [3][13]. - The energy metals sector has experienced a notable increase of 8.72%, while precious metals have seen a decline of 9.37% [19][22]. - The report highlights the impact of macroeconomic factors, such as the Federal Reserve's interest rate cuts, which have contributed to the upward trend in metal prices [51][67]. Market Review - As of October 30, 2025, the non-ferrous metals industry has risen by 79.55% year-to-date, leading the market performance among all sectors [13][19]. - The industrial metals segment is benefiting from a global easing cycle, with copper and aluminum prices gradually recovering [68]. - Precious metals, particularly gold and silver, have shown volatility, influenced by changes in investor sentiment and central bank purchasing trends [37][67]. Price Analysis - Key prices as of October 30, 2025: - LME Copper: $10,930/ton - LME Aluminum: $2,870/ton - LME Lead: $2,022/ton - LME Zinc: $3,044.50/ton - LME Nickel: $15,250/ton - LME Tin: $35,720/ton [26][68]. - For precious metals: - COMEX Gold: $4,038.30/oz (up $145.7 since early October) - COMEX Silver: $48.73/oz (up $1.31 since early October) [37][67]. Sector Performance - The report suggests focusing on specific companies within the industry: - Western Mining (601168) and Luoyang Molybdenum (603993) in the industrial metals sector [70]. - Xiamen Tungsten (600549) in the small metals sector [68][70]. - The energy metals sector, particularly lithium carbonate, is highlighted for its potential growth due to advancements in energy storage and solid-state battery technologies [69].

Core Viewpoint - The article discusses the strong performance of various asset classes in the first three quarters of the year and explores investment opportunities for the fourth quarter, emphasizing the importance of a balanced asset allocation strategy amid market uncertainties [1][2]. Group 1: Equity Assets - Multiple institutions express optimism about the performance of equity assets in the fourth quarter, citing factors such as moderate inflation, easing monetary policy, stable corporate earnings, and valuation advantages in certain markets [3]. - The expectation of interest rate cuts by the Federal Reserve is anticipated to benefit emerging market equities, with historical trends indicating that emerging markets typically outperform developed markets during periods of a weakening dollar [3]. - The Hong Kong stock market is expected to see a rebound due to its low valuation and sensitivity to foreign capital flows, while the A-share market is supported by policies aimed at stabilizing earnings and promoting technology and high-end manufacturing sectors [3][4]. Group 2: Gold - Despite recent adjustments in gold prices, the fundamental logic supporting gold's strength remains intact, driven by demand from central banks and investors as a hedge against sovereign debt risks and inflation [5][6]. - Short-term technical pressures may affect gold prices, but the long-term outlook remains positive due to the Fed's easing cycle and ongoing global uncertainties that bolster safe-haven demand [6][7]. - The gold sector is viewed as a strong investment choice due to multiple converging factors, including concerns over global trade policies and a weakening dollar, which enhances gold's investment appeal [6][7]. Group 3: Commodity Focus - Institutions are also paying attention to commodities like aluminum and coal, with low global inventories and increased demand due to economic growth during the inflation cycle [7]. - The upcoming winter heating demand is expected to support coal prices, making it a sector worth monitoring [7]. Group 4: Balanced Strategy - A consensus among institutions suggests adopting a balanced strategy for asset allocation in the fourth quarter, combining stocks, bonds, and commodities to mitigate risks and seize opportunities [8]. - The strategy emphasizes the importance of diversifying across global markets to reduce single-market risks while focusing on structural opportunities in equity markets [8][9]. - The proposed allocation includes a core focus on A-shares, Hong Kong stocks, and gold, with satellite investments in industrial metals like copper and aluminum [9].