商 品 研 究 研 究 所 晨 会 观 投资咨询业务资格： 证监许可[2011]1771号 分[析Ta师ble_Report] 点 精 萃 从业资格证号：F0256916 投资咨询证号：Z0000671 电话：021-68756925 邮箱：jialj@qh168.com.cn 明道雨 从业资格证号：F03092124 投资咨询证号：Z0018827 电话：021-68758786 邮箱：mingdy@qh168.com.cn 刘慧峰 从业资格证号：F3033924 投资咨询证号：Z0013026 电话：021-68751490 邮箱：Liuhf@qh168.com.cn 刘兵 从业资格证号：F03091165 投资咨询证号：Z0019876 联系电话：021-58731316 邮箱：liub@qh168.com.cn 王亦路 从业资格证号：F03089928 投资咨询证号：Z0019740 电话：021-68757092 邮箱：wangyil@qh168.com.cn 冯冰 从业资格证号：F3077183 投资咨询证号：Z0016121 电话：021-68757092 邮箱：fengb@qh168.com. ...

Group 1 - The non-ferrous metal sector opened with significant gains, with Jingyi Co., Ltd. rising over 7% [1] - Other stocks such as Yuyuan Powder Materials, Electric Alloy, Northern Copper Industry, and Yunnan Copper also experienced increases [1] - The market reaction is influenced by Trump's announcement that copper tariffs will reach 50% [1]

Group 1 - The Hang Seng Index opened down 0.36% and the Hang Seng Tech Index opened down 0.48% [1] - On its first trading day, Da Zhong Kou Qiang (02651.HK) rose by 20%, while Lens Technology (06613.HK) increased by over 3% [1] - The non-ferrous metal sector showed strength, with China Dazhi Nonferrous Metals (00661.HK) rising by over 13% following Trump's announcement that copper tariffs would reach 50% [1]

Core Viewpoint - The non-ferrous metal sector has experienced significant stock price increases, particularly with North Copper rising over 7%, driven by market dynamics and external factors [1] Group 1: Stock Performance - North Copper's stock increased by over 7% during the trading session [1] - Other companies such as Jingyi Co., Zijin Mining, Western Mining, Jincheng Mining, Electric Alloy, Zhongfu Industrial, Tianshan Aluminum, and Baiyin Nonferrous also saw price increases [1] Group 2: Market Dynamics - A report from Wukuang Securities highlighted renewed discussions around U.S. copper tariffs, alongside low LME (London Metal Exchange) inventory levels leading to warehouse congestion [1] - The LME copper prices have broken through their previous trading range and are showing a strong upward trend [1] Group 3: Future Outlook - The market is advised to monitor the results and implementation timeline of the Section 232 investigation, as copper prices are expected to rise ahead of any potential tariff imposition [1]

Market Overview - A-shares exhibited mixed performance on June 27, with the Shanghai Composite Index down by 0.70% and the Shenzhen Component Index up by 0.34% [1] - The banking sector experienced a significant pullback, contributing to the divergence in indices, while the computing power industry chain, including optical modules, saw strong gains [1] - Nvidia's stock reached a new all-time high, reaffirming its position as the world's "king of market value," reflecting the ongoing surge in global AI computing power demand [1] Sector Highlights Brokerage Sector - Brokerage stocks experienced significant volatility, with Tianfeng Securities hitting the daily limit. Other financial concepts, including multi-financial and stablecoin stocks, also showed activity [2] - Tianfeng International Securities upgraded its trading license to offer virtual asset trading services, which is expected to reshape the non-bank financial industry [2] Nonferrous Metals - Nonferrous metal stocks surged, with Electric Alloy hitting a 20% limit up, and several other stocks like Northern Copper and Huayang New Materials also reaching their limits [3] - On June 27, copper futures rose nearly 2%, surpassing 80,000 yuan/ton, marking a new high since early April. Goldman Sachs predicts copper prices could peak at approximately $10,050 per ton by August 2025 due to tightening supply outside the U.S. [3] Xiaomi Automotive - The Xiaomi automotive sector was active, with stocks like Mould Technology and Ningbo Huaxiang hitting their limits. Xiaomi's first SUV, the Xiaomi YU7, received over 200,000 pre-orders within three minutes of its launch [4] - Following the launch, Xiaomi's ADR surged nearly 10%, indicating strong market interest and potential benefits for the supply chain [4] Water Conservancy - The water conservancy construction sector saw a rally, with stocks like Hanjian Heshan and Chengbang Co. hitting their limits [5] - Recent government initiatives to enhance river protection and water security are expected to sustain robust growth in infrastructure investment, particularly in water conservancy [5] Institutional Insights Shenyin Wanguo - The firm anticipates a short-term need for market consolidation but expects limited downside risk. They highlight a potential rebound in technology stocks and suggest focusing on defensive assets like banks benefiting from insurance stakes [7] Dongfang Securities - The firm emphasizes the importance of maintaining market stability as a clear policy goal, with a stable economic outlook. They predict that July's earnings reports will significantly influence stock performance [8] Everbright Securities - The firm notes that after a continuous rise, the market may experience profit-taking, leading to a period of index fluctuations and sector rotation [9]

Market Overview - The market experienced a high and then a pullback, with mixed performance across the three major indices [1] - The total trading volume in the Shanghai and Shenzhen markets was 1.54 trillion, a decrease of 42.1 billion compared to the previous trading day [1] Sector Performance - The computing hardware sector showed strong performance, with Lian Te Technology hitting the daily limit up [1] - The non-ferrous metal sector rebounded, with companies like Beifang Copper Industry also reaching the daily limit up [1] - Large financial stocks initially surged, with Hongye Futures achieving four consecutive limit ups [1] - Conversely, bank stocks collectively adjusted, with nearly 20 bank stocks dropping over 3% [1] Index Performance - By the end of the trading session, the Shanghai Composite Index fell by 0.7%, while the Shenzhen Component Index rose by 0.34%, and the ChiNext Index increased by 0.47% [1] Leading and Lagging Sectors - The sectors with the highest gains included non-ferrous metals, copper cable high-speed connections, CPO, and diversified finance [1] - The sectors with the largest declines included banking, oil and gas, cross-border payments, and liquor [1]

Group 1 - The copper price has surged to a historical high, leading to a significant increase in the metal copper sector, with companies like Zhongyuan New Materials (603527) hitting the daily limit up [1][3] - Zhongyuan New Materials is a leader in the domestic purple copper foil industry, primarily engaged in the research, production, and sales of copper plates, strips, and foils, which are used in various applications including copper backplates and adhesive copper foils [3][5] - The company's revenue from purple copper foil materials accounted for 98.9% of its total revenue in 2023, contributing over 96% to its gross profit, thus supporting its business foundation [5] Group 2 - In 2024, Zhongyuan New Materials plans to initiate a project to produce 100,000 tons of high-precision copper alloy plates and strips, along with 50,000 tons of copper strip billets, aiming to increase its subsidiary Yongjie Copper's copper plate and strip production capacity from 35,000 tons to 40,000 tons [5] - The company's rolled copper foil production capacity is also rapidly increasing, with a production volume of 3,732 tons in 2023, representing a year-on-year growth of 28.78%, and its products are widely used in LED, printed circuit boards, and new energy soft connections [5]