格隆汇11月19日丨倍杰特(300774.SZ)公布，第四届董事会第十四次会议，审议通过了《关于全资子公 司收购文山州大豪矿业开发有限公司控股权的议案》，同意公司全资子公司倍杰特新材料与汤玮、小娘 坑矿业、王育才及标的公司大豪矿业就股权转让事宜签署《关于文山州大豪矿业开发有限公司之股权转 让协议》，拟以现金22,480.00万元人民币收购汤玮、小娘坑矿业、王育才合计持有的大豪矿业55%股 权，大豪矿业其他股东放弃本次股权转让的优先受让权。同时，就大豪矿业截至2025年10月31日的债务 总额19,128.13万元，拟在本次交易交割完成后，由倍杰特新材料以借款方式对其中10,520.47万元债务进 行处置（倍杰特新材料向大豪矿业提供借款，专用于偿还债务的方式实现前述债务处置），其余 8,607.66万元债务转移给汤玮，前述债务处置完成后，大豪矿业对倍杰特新材料及汤玮的债务由大豪矿 业后续按比例同时清偿；同日，倍杰特新材料与大豪矿业、汤玮签订《关于矿产投资开发的借款协 议》，拟在本次交易交割完成后，由倍杰特新材料向大豪矿业提供专项借款（年利率6.5%，按年计 息），用于其现有矿产西畴县小洞锑矿、西畴县红石岩铅锌矿 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ ● 刘英杰 谭丁豪 日前，中信建投证券在北京成功举办了2026年资本市场峰会暨中国-沙特投资合作论坛。本次会议以"革 故鼎新、质赢未来"为主题，吸引了来自沙特资本市场管理局、交易所及全球多个国家和地区的企业 家、投资者参与。 在会上，中信建投证券研究团队发表了对2026年的展望。与会分析师普遍认为，2026年作为"十五五"规 划的开局之年，中国经济将在深化改革和扩大开放中实现质的提升，A股市场有望在政策支持和基本面 改善的双重驱动下延续慢牛格局，新质生产力、科技创新与战略资源等领域将孕育丰富的结构性投资机 会。 肩负建设金融强国重要使命 刘成表示，面向"十五五"新征程，中信建投证券将构建以"价值投行"为方向、"新质投行"为路径、"数 智投行"为引擎的高质量发展战略新体系，与国内外伙伴携手，共同谱写资本市场高质量发展新篇章， 为中国式现代化建设和全球繁荣发展贡献力量。 五大变革引领2026年新发展 中信建投证券首席经济学家黄文涛在分享2026年宏观经济与投资展望时表示，"十五五"期间是中国发展 历史上非常重要的阶段，2026年将是夯实基础 ...

Core Viewpoint - The 2026 Capital Market Summit and China-Saudi Investment Cooperation Forum hosted by CITIC Securities highlighted the optimistic outlook for China's economy and A-share market in 2026, driven by policy support and fundamental improvements, with significant structural investment opportunities in new productivity, technological innovation, and strategic resources [1][2]. Group 1: Economic Outlook - The "14th Five-Year Plan" period is seen as a crucial phase for China's development, with 2026 expected to be a year of solid foundation and comprehensive efforts [4]. - Key transformations anticipated include a shift from traditional factor-driven growth to innovation-driven growth, accelerated modernization of the industrial system, and a new balance between investment in people and material [4]. - The external environment in 2026 is expected to be characterized by strategic counterattacks and changes in the global landscape, with domestic consumption becoming a significant focus [4][5]. Group 2: A-share Market Predictions - The A-share market is projected to maintain a slow upward trend in 2026, supported by favorable conditions such as inflows of capital, technological innovation, institutional reforms, and consumption upgrades [5]. - The long-term trend for government bond yields is expected to decline, with the RMB exchange rate remaining stable and gold retaining long-term investment value [5]. Group 3: Investment Strategies - The A-share market is entering a critical phase of verifying economic prosperity, with expectations of a fluctuating upward index but potentially slower growth rates [6]. - Technology growth is anticipated to remain a market focus, while resource sectors may emerge as a new mainline investment direction due to global monetary easing and supply-demand gaps [6]. - Investment opportunities are suggested in future industries such as AI, new energy, biotechnology, and strategic resources like rare earths and aerospace equipment, particularly in the context of global competition [6].

Core Viewpoint - The 2026 Capital Market Summit and China-Saudi Investment Cooperation Forum highlighted the optimistic outlook for China's economy and A-share market in 2026, driven by policy support and fundamental improvements, with significant structural investment opportunities in new productivity, technological innovation, and strategic resources [1] Group 1: Company Strategy - CITIC Securities aims to build a "value investment bank," focusing on international market competition and sustainable returns for stakeholders while integrating social value [2] - The company is committed to becoming a "new quality investment bank" by innovating its service model and enhancing its role as an industry partner through a comprehensive service platform [3] - CITIC Securities plans to develop a "smart investment bank" by leveraging data integration and artificial intelligence to improve efficiency in asset pricing and investment advisory [3] Group 2: Economic Outlook - The "14th Five-Year Plan" period is crucial for China's development, with 2026 expected to be a year of solid foundation and comprehensive efforts [4] - Key transformations anticipated in the next five years include a shift from traditional to innovation-driven economic growth, accelerated modernization of the industrial system, and a new balance between investment in people and material [4][5] - 2026 is projected to be a year of strategic counteroffensive, with a focus on new industries, increased domestic consumption, and a dual easing of fiscal and monetary policies [5] Group 3: A-Share Market Strategy - The A-share market is entering a critical verification phase, with expectations of a slow upward trend in the index, although growth may decelerate [6] - The focus for investment will remain on technology growth, while resource sectors may emerge as a new mainline due to global monetary easing and domestic inventory cycles [6] - Investment opportunities are suggested in future industries such as AI, new energy, and biotechnology, as well as strategic resources like rare earths and aerospace equipment [6]

Global Landscape - The strategic interaction and policy choices between China and the US significantly impact global trade, industrial chain layout, and capital flows [4] - China is estimated to account for over 40% of global manufacturing capacity, reinforcing its influence in trade and industry [4] - The debt-driven growth model poses challenges but also reflects China's substantial policy resources and market development potential [4] Chinese Economy - The current economic situation is characterized as "high at the front and low at the back," with a GDP growth rate of 5.2% in the first three quarters, making the annual target achievable [6] - Consumption grew by 4.5%, supported by policies like "old-for-new" exchanges, while investment saw a decline of 0.5% [6] - Exports were a highlight, increasing by 6.1%, particularly strong in emerging markets like Africa and ASEAN [6] "14th Five-Year" Plan Highlights - The plan emphasizes accelerating "technological self-reliance," aiming to build a modern industrial system with advanced manufacturing as its backbone [8] - There is a strong push for consumption and increased social welfare spending, particularly in response to an aging population [8] - The establishment of a nationwide unified market is prioritized, optimizing resource allocation in energy, public services, and data [8] Asset Allocation Strategies - In a low-interest-rate environment, high-dividend assets are highlighted as scarce and valuable, with Hong Kong stocks offering a dividend rate 30% higher than A-shares [11] - Sectors like military, gold, and rare earths are recommended as strategic allocations in response to global geopolitical tensions [11] - Focus on AI technology sectors, including computing power and robotics, is essential as they represent a significant investment opportunity [11] - New consumption trends driven by younger demographics and single-person economies present emerging investment opportunities [11]

Core Insights - The current A-share market is experiencing fluctuations around the key 4000-point level, prompting investors to seek better asset allocation strategies and opportunities to mitigate risks [1] - An ETF seminar hosted by Minmetals Securities in Chengdu featured expert insights on ETF products, strategies, options basics, and index investments, aimed at enhancing investor knowledge [1] Group 1: ETF Advantages - The primary advantage of ETFs is risk diversification, as they consist of a basket of securities, which helps investors avoid the impact of individual stock failures, making them suitable for conservative investors [2] - ETFs generally have lower management fees compared to actively managed funds, leading to significant compounded returns over the long term; they also offer flexible trading mechanisms and are exempt from stamp duty, enhancing capital efficiency for investors [4] Group 2: Investment Strategies - Investors are advised to consider a high allocation of 70%-80% in ETFs for beginners, while more experienced investors can allocate 30%-40% to ETFs to enhance returns while maintaining stability [4] - Current market conditions suggest a "slow bull" trend in A-shares, with increased volatility; investors are encouraged to focus on sectors such as technology growth, energy transition, and strategic resources, including AI, solid-state batteries, energy storage, and nuclear energy [6] Group 3: ETF Selection Criteria - When selecting ETFs, investors should consider factors such as scale and liquidity, tracking error, and management fees; larger and more actively traded ETFs tend to have lower transaction costs and tracking errors [7] - Various investment strategies suitable for different market conditions include long-term holding of broad-based or high-dividend ETFs, dollar-cost averaging to avoid emotional trading, and a "core-satellite" approach to manage drawdowns while capturing rotation opportunities [9] Group 4: Derivative Tools and Investor Education - The use of derivative tools like ETF options can help hedge risks, enhance returns, and leverage positions; for instance, selling out-of-the-money call options during market fluctuations can generate premium income [9] - The seminar served as a platform for investor education, with the company emphasizing its commitment to enhancing financial literacy and risk awareness among investors to promote a healthy and stable capital market [9]

Core Insights - Russia's ability to sustain its military operations is fundamentally linked to its unique resource endowments, particularly in rare earth minerals, which has prompted President Putin to issue a strict deadline for a roadmap on rare earth mining and production [1][3] - The urgency in Putin's directive reflects a growing concern about potential external constraints on Russia's access to critical resources, particularly in light of China's previous leverage over the U.S. through rare earth resources [1][3] - Recent military advancements and shifts in geopolitical dynamics, including Trump's changing stance on Ukraine, have bolstered Russia's confidence in its military operations and the strategic importance of rare earth resources [6] Industry Insights - Russia has identified 18 rare earth deposits with a total reserve exceeding 28 million tons, indicating ambitions to leverage these resources similarly to China in geopolitical negotiations with the West [3] - The ongoing military situation suggests that Russia is preparing for a prolonged conflict, which necessitates an increase in rare earth resource extraction to maintain competitiveness against the U.S. and China [6] - Despite its rich reserves, Russia faces challenges in mining and refining technologies, indicating a potential reliance on Chinese technological assistance in the rare earth sector [6]

Core Viewpoint - The A-share market experienced a significant rebound, with the Shanghai Composite Index reaching a 10-year high, driven by the strong performance of the non-ferrous metals sector, particularly highlighted by the performance of Luoyang Molybdenum Co., Ltd. [1][4] Company Summary - Luoyang Molybdenum reported a net profit attributable to shareholders of 5.608 billion yuan for Q3, marking a year-on-year increase of 96.4%, while total revenue was 50.713 billion yuan, a decrease of 2.36% [1] - For the first three quarters, the company achieved a net profit of 14.28 billion yuan, up 72.61% year-on-year, with total revenue of 145.485 billion yuan, down 5.99% [1] - The company announced plans to invest 1.084 billion USD in the KFM Phase II project in the Democratic Republic of the Congo, expected to be completed by 2027, which will increase ore processing capacity by 7.26 million tons per year and add an average of 100,000 tons of copper metal annually [1] Industry Summary - The non-ferrous metals sector is experiencing a strong rebound, supported by macroeconomic policies and strategic resource positioning, despite recent fluctuations in gold and copper prices [4][5] - The sector is expected to benefit from a combination of supply-side constraints, new demand drivers, and a favorable economic cycle, with a focus on long-term investment opportunities [4][5] - The non-ferrous metals ETF (159652) has a high concentration of strategic metals, with a copper content of 33% and gold content of 14%, making it a leading choice in the sector [6][7] - The ETF has shown superior performance with a cumulative return of 116.5% since 2022, driven by profit growth rather than valuation expansion, indicating a strong earnings-driven growth phase [8][11]

Core Viewpoint - The non-ferrous metals sector has emerged as one of the strongest performing sectors in the market since 2025, with the China Securities Index for non-ferrous metals leading 31 first-level sub-industries with a nearly 70% increase [1] Group 1: Performance and Drivers - The non-ferrous metals sector has seen a broad-based rally, driven by rising precious metal prices due to Federal Reserve rate cuts and safe-haven demand, as well as industrial metals benefiting from supply constraints and demand recovery [1][12] - The sector has experienced a "Davis Double Play" phenomenon, where both metal prices and corporate earnings expectations have significantly increased [15][12] - Factors contributing to the sector's strength include macroeconomic easing, supply-demand dynamics, market sentiment, and sector rotation effects [13][12] Group 2: Future Outlook and Risks - Short-term volatility risks are anticipated due to previous rapid price increases, but the long-term investment value of the non-ferrous metals sector remains solid, supported by commodity scarcity and attractive valuations [12][19] - Key signals to monitor include the pace of Federal Reserve rate cuts, mining disruptions, domestic growth policies, and signs of PPI stabilization [21][20] - The strategic value of rare earths is expected to provide solid support for the sector's long-term performance, especially in the context of geopolitical tensions and supply chain considerations [22][25] Group 3: Sector Differentiation - Within the non-ferrous metals sector, there are significant differences in the demand drivers for various metals, with precious metals primarily driven by safe-haven demand, while industrial and energy metals benefit from macroeconomic recovery and energy transition [24][18] - The strategic importance of rare earths is increasingly recognized, with export control policies enhancing China's competitive advantage in the global market [22][23] Group 4: Investment Strategies - Investors are advised to focus on metals with strong demand certainty and clear supply constraints, while also considering sector rotation opportunities [24][19] - The overall investment strategy should balance short-term trading risks with long-term growth potential, particularly in light of the current market dynamics and geopolitical factors [27][26]

Core Insights - The global competition among major powers is increasingly focused on rare earth elements, which significantly impact daily life and national security [1][3] - Rare earth elements, including lanthanum, cerium, praseodymium, and neodymium, are essential for modern technology and military applications, earning them the title of "modern industrial vitamins" [3][5] - China holds the largest reserves of rare earth elements, with proven reserves of 44 million tons, accounting for 40% of the global total [6][10] Industry Overview - The Baotou Rare Earth Mine in Inner Mongolia is the largest rare earth mine globally, containing 83.7% of China's total reserves and 37.8% of the world's reserves [7][10] - China has developed a complete rare earth industry system, controlling 70% of global rare earth extraction and 90% of processing capacity, with a leading position in separation technology and patents [10][11] Strategic Importance - The increasing importance of rare earths in modern technology and defense has transformed them into strategic assets in international relations [11][26] - The U.S. Department of Defense has invested $400 million in a rare earth company, becoming its largest shareholder, to link the military-industrial complex with the rare earth supply chain [13][21] - The U.S. has also signed a ten-year price guarantee agreement for neodymium and praseodymium, indicating a strategic approach to securing rare earth supplies [14][15] Global Competition - Western countries are attempting to establish independent rare earth supply chains to reduce reliance on China, facing challenges such as funding, technology gaps, and talent shortages [16][18][20] - Estimates suggest that $300 billion is needed over ten years to build a complete rare earth supply chain in the West [17] - Despite efforts, it is unlikely that the dominance of China in the global rare earth supply chain will change in the short term [22][23] Future Outlook - The competition for rare earths is expected to intensify, with Western nations striving to create independent supply chains while China continues to innovate in key technology sectors [24][26] - The strategic significance of rare earths as a bridge between current and future technological advancements underscores their role in global industrial positioning [26]