Core Viewpoint - The Federal Reserve announced its first interest rate cut in 2025, impacting the stock prices of companies in the non-ferrous metals sector, particularly Northern Copper, which is viewed as a "Fed concept stock" [1] Group 1: Company Overview - Northern Copper, formerly known as Nanfeng Chemical Group, rebranded in 2022 and completed a refinancing of approximately 970 million yuan, issuing 132 million shares at a price of 7.3 yuan per share [1] - The company's stock price reached a peak of 15.25 yuan, marking a year-to-date increase of 97.4%, the highest since its listing in April 1997 [1] - As of mid-September, the stock price retreated to a closing price of 14.45 yuan [1] Group 2: Financial Performance - Since 2021, Northern Copper has experienced explosive growth in revenue and profit, primarily due to its restructuring focused on copper business, with a high revenue contribution from cathode copper and precious metals [1] - The gross margin for cathode copper in 2024 is projected to be 7.78%, significantly lower than that of integrated companies in the sector [1] Group 3: Market Activity - The stock has attracted leveraged funds, with financing balances increasing from around 400 million yuan at the end of June to over 700 million yuan by mid-September [1] - On September 17, the stock hit a trading limit with a transaction volume of 4.067 billion yuan and a financing purchase amount of 500 million yuan, raising the financing balance to 857 million yuan, both reaching new highs [1] Group 4: Valuation and Future Outlook - Northern Copper's valuation is considered high compared to other copper companies, and the sustainability of this high valuation remains to be tested by the market [1]