Group 1: Securities Industry - The 2025 classification evaluation results for securities companies have been released, with 53 classified as A, 43 as B, and 11 as C [1] - A total of 107 companies were evaluated, with A-class companies making up approximately 50% of the total, B-class around 40%, and C-class about 10% [1] - Among A-class companies, 14 are rated as AA, representing about 25% of A-class firms [1] Group 2: Nonferrous Metals Industry - The Ministry of Industry and Information Technology and eight other departments have issued a plan for the nonferrous metals industry, projecting an average annual growth of around 5% in value added from 2025 to 2026 [1] - The production of ten types of nonferrous metals is expected to grow by approximately 1.5% annually, with significant progress in domestic resource development for copper, aluminum, and lithium [1] - The plan also anticipates that the production of recycled metals will exceed 20 million tons, with continuous improvements in high-end product supply capabilities and advancements in green, low-carbon, and digital development [1] Group 3: Jewelry Industry - Major jewelry brands such as Chow Tai Fook and Chow Sang Sang are set to increase the prices of their gold jewelry due to rising international gold prices, with some products seeing price hikes of up to 40% [2] - The price of gold jewelry has surpassed 1100 yuan per gram, prompting brands to adjust their pricing strategies to maintain profit margins [2] - Specific products are expected to see price increases ranging from 10% to 40%, with a notable example being a gold bracelet that may rise from 38,600 yuan to 53,800 yuan [2] Group 4: Alcohol Industry - The overall sales of white liquor during the Mid-Autumn Festival are expected to decline by over 20% year-on-year, aligning with previous broker forecasts [3] - Feedback from various provinces indicates a sales drop of 20-30%, with only a few brands like Moutai experiencing slight sales recovery [3] Group 5: Beverage Industry - Wahaha Group's Shanghai factory, which generated over 120 million yuan in revenue last year, is facing closure and has launched a new brand "Hu Xiao Wa" for bottled water amid brand authorization disputes [5] - The factory's shift to a new brand is described as a desperate measure to survive, with management acknowledging the challenges ahead [5] Group 6: Automotive Industry - The founder of Leap Motor, Zhu Jiangming, addressed the company's recent business disputes and the temporary restrictions placed on him, expressing confidence in the company's future [6] - GAC Fiat Chrysler's core assets are being sold at a significant discount after multiple failed auctions, with the latest auction set to start at approximately 6 billion yuan for land and buildings [7] Group 7: Real Estate Industry - Vanke is actively selling off assets from the Guangxin asset package, with multiple properties listed for auction in recent months [8] - The company has been working to dismantle and revitalize the Guangxin asset package, which was acquired for 55.1 billion yuan in 2017 [8] Group 8: Technology Industry - Starry Technology has submitted its prospectus for a Hong Kong IPO, aiming to raise funds for business expansion and enhance brand recognition [9] - The company reported a revenue of approximately 1.385 billion yuan in the first half of the year, marking a year-on-year growth of about 19.18% [9]

Core Viewpoint - The new "Nonferrous Metals Industry Stabilization Growth Work Plan (2025-2026)" aims to address the challenges faced by the nonferrous metals industry and promote high-quality development through ten specific measures focusing on resource security, supply optimization, transformation promotion, consumption expansion, and cooperation strengthening [1][2]. Group 1: Industry Overview - The nonferrous metals industry has rapidly developed in recent years, becoming the world's largest producer and consumer of nonferrous metals [2]. - In 2024, the added value of the nonferrous metals industry is expected to grow by 8.9% year-on-year, outperforming the industrial average growth rate by 3.1 percentage points [2]. - The production of ten common nonferrous metals reached 79.19 million tons in 2024, with a year-on-year increase of 4.3% [2]. - The industry’s revenue and profit increased by 15.8% and 16.5% year-on-year, respectively, supporting the growth of strategic emerging industries [2]. Group 2: Economic Goals - The work plan sets a target for the nonferrous metals industry to achieve an average annual growth of around 5% in added value from 2025 to 2026, with a production growth of approximately 1.5% for ten nonferrous metals [2][3]. - The plan emphasizes the development of domestic resources for copper, aluminum, and lithium, with a target of exceeding 20 million tons in recycled metal production [2][3]. Group 3: Strategic Initiatives - The work plan outlines a comprehensive approach to enhance resource utilization and security, including a new round of mineral exploration strategies focusing on copper, aluminum, lithium, nickel, cobalt, and tin [3]. - It supports the development of green and efficient mining technologies for low-grade and complex ores, as well as the comprehensive utilization of waste nonferrous metals and emerging solid waste [3]. Group 4: Technological Innovation - The work plan highlights the importance of technological innovation in the industry, promoting breakthroughs in high-purity metals, copper alloy materials, and high-end rare earth materials [5]. - It encourages the establishment of pilot platforms for new materials and low-carbon smelting processes to enhance product quality and meet the growing demand from strategic emerging industries [5]. - The report from CCID Consulting indicates that the nonferrous metals industry will increasingly focus on the research and application of high-performance and special alloy materials, which are crucial for sectors like aerospace, new energy vehicles, and high-end equipment manufacturing [5].

Core Viewpoint - The Ministry of Industry and Information Technology, along with eight other departments, has released a work plan for the non-ferrous metals industry aimed at stabilizing growth from 2025 to 2026, focusing on expediting the approval processes for mineral resource development projects and enhancing investment effectiveness [1] Group 1: Policy Initiatives - Establishment of green channels to accelerate the approval, filing, energy-saving review, environmental assessment, and safety facility design review processes for mineral resource development projects [1] - Improvement of production factor guarantees and strengthening the monitoring of mineral resource development project construction [1] Group 2: Project Development - Promotion of the commissioning of ongoing projects, capacity expansion of existing projects, and construction of new projects [1] - Scientific and rational layout of projects such as alumina, copper smelting, and lithium carbonate to avoid redundant low-level construction [1] Group 3: Investment Focus - Emphasis on enhancing the precision and effectiveness of investments in the non-ferrous metals sector [1]

Core Points - The Ministry of Industry and Information Technology, along with eight other departments, has issued a plan for the non-ferrous metals industry aimed at stabilizing growth from 2025 to 2026, targeting an average annual growth of around 5% in added value and a 1.5% increase in the production of ten non-ferrous metals [1] Group 1: Industry Goals - The plan aims for the production of non-ferrous metals such as copper, aluminum, and lithium to achieve positive progress in domestic resource development [1] - The production of recycled metals is expected to exceed 20 million tons, with an ongoing enhancement in the supply capacity of high-end products [1] - The development levels in green low-carbon and digitalization are set to continuously improve [1] Group 2: Action Measures - The plan emphasizes strengthening resource exploration and utilization, implementing a new round of mineral exploration strategies focusing on copper, aluminum, lithium, nickel, cobalt, and tin [1] - It includes improving the competitive transfer of mining rights and orderly allocation of mining rights [1] - Support will be provided for green and efficient mining technologies and equipment for low-grade, associated, and difficult-to-select resources, aiming to enhance resource recovery rates and comprehensive utilization [1] - The establishment of recycling bases for non-ferrous metals and the comprehensive utilization of emerging solid waste such as used batteries and photovoltaic components is encouraged [1] - A public service platform for strategic mineral resource industry data will be developed to provide precise and efficient services for mineral resource utilization [1]

每经AI快讯，9月28日，工业和信息化部等八部门印发《有色金属行业稳增长工作方案(2025—2026 年)》，其中提到，促进高端产品创新发展。围绕新一代信息技术、新能源汽车等重点产业链需求，推 动超高纯金属等高品质原料、铜合金结构功能一体化材料、贵金属功能材料、高端稀土新材料等攻关突 破，提升铝合金及镁合金结构材料、硬质合金及制品等产品综合性能。深入实施制造业卓越质量工程， 引导企业提升产品品质，以高质量供给引领创造新需求。落实《新材料中试平台建设指南(2024—2027 年)》，支持有色金属新材料、低碳冶炼工艺等中试平台建设。发挥重点新材料平台作用，支持企业开 展工艺"一条龙"应用计划，加快材料应用验证及迭代升级。 ...

Group 1: Copper Market Outlook - The implementation of the US copper "232" tariffs has caused significant market reactions, but industry experts remain optimistic about the long-term copper market, citing ongoing tightness in copper concentrate supply and sustained demand from the energy transition [1] - Companies like Luoyang Molybdenum, a component of the leading non-ferrous metal ETF, report minimal impact from the tariff changes due to their global sales and exemption status for their copper products [1] Group 2: Gold Market Dynamics - Recent US economic data has fueled expectations for Federal Reserve interest rate cuts, alongside rising geopolitical tensions that have increased safe-haven demand, leading to a continuous rise in gold prices [1] - Citigroup, known for its bearish stance on gold, has shifted to a bullish outlook, predicting that gold prices may rise due to a weakening dollar and inflation concerns related to tariffs, potentially reaching new historical highs by late 2025 [1][3] Group 3: Investment Opportunities in Non-Ferrous Metals - The non-ferrous metals sector is experiencing a surge in investment interest, driven by several factors including government policies aimed at stabilizing growth in key industries, positive earnings forecasts from listed companies, and a significant year-to-date price increase of 24.91% in the sector [4] - As of July 31, 2025, over 80% of companies in the non-ferrous metals index have reported positive profit forecasts, indicating strong operational resilience [4] Group 4: ETF Performance and Composition - The leading non-ferrous metal ETF (159876) has seen a net inflow of 1.2 million units, reflecting investor confidence in the sector's future performance [1] - The ETF's composition includes significant weights in copper (24.5%), aluminum (15.3%), gold (14.4%), rare earths (11.5%), and lithium (8.2%), providing a diversified investment approach [6]

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [1] Core Viewpoints - The report indicates that a stable growth plan for the non-ferrous metals industry is about to be introduced, which is expected to accelerate the optimization of the industrial structure [6][7] - The report highlights that the Ministry of Industry and Information Technology will continue to implement high-quality development plans for copper, aluminum, and gold industries, focusing on both supply and demand to promote consumption upgrades and cultivate new consumption markets [6] - The report suggests that the implementation of these policies is likely to improve the supply-side capacity structure, eliminate outdated capacity, and enhance the efficiency of resource, smelting, and demand interactions [6] Summary by Sections Non-Ferrous Metals Index Trends - As of July 18, 2025, the non-ferrous metals index closed at 5730.54 points, up 2.0% month-on-month [10] - The precious metals index rose 1.6%, while the industrial metals index increased by 1.0% [10] Precious Metals - Gold - The report notes that the expectation of a Federal Reserve interest rate cut has diminished, leading to a positive outlook for gold in the medium to long term [6] - As of July 18, the COMEX gold futures contract decreased by 0.44% to $3355.5 per ounce, while global gold ETFs increased by $38 billion in the first half of the year [6] Industrial Metals - Copper - As of July 18, LME copper futures rose 1.4% to $9794.5 per ton, with domestic copper social inventory at 143,300 tons, a decrease of 400 tons [6] - The report anticipates that copper prices will benefit from macroeconomic and fundamental resonance, with a medium-term upward trend expected [6] Industrial Metals - Aluminum - As of July 18, LME aluminum futures increased by 1.4% to $2638 per ton, with domestic aluminum social inventory at 492,000 tons, an increase of 26,000 tons [6] - The report expects aluminum prices to rise further due to a strong demand-supply imbalance [6] Investment Recommendations - The report recommends focusing on the gold, copper, and aluminum sectors, highlighting specific companies such as Chifeng Jilong Gold Mining, Zijin Mining, and Tianshan Aluminum [7][6]