Group 1 - A-shares indices have risen significantly, with the Shanghai Composite Index surpassing the previous high of 3731.69 points from February 18, 2021, marking a nearly 10-year high since August 20, 2015 [1] - Most institutions believe that short-term market fluctuations do not alter the overall bullish trend, supported by proactive domestic policies and sustained inflow of medium to long-term capital [1] - Dongwu Securities indicates that while the market may experience volatility during attempts to break previous highs, the medium-term outlook remains positive due to the combination of policy support, asset scarcity, and expectations of a US interest rate cut [1] Group 2 - Shenwan Hongyuan Securities suggests that the bullish market sentiment will continue to dominate, with expectations of a strong market until early September, followed by limited corrections [2] - Dongwu Securities highlights technology growth as a key investment theme, recommending focus on sectors such as consumer electronics, autonomous driving, domestic computing power, and AI software [2] - Investment opportunities are identified in sectors like brokerage, insurance, military industry, and rare earths, with additional attention on healthcare and overseas computing power as scarce assets [2]

重、轻稀土电子盘大涨，第三轮有望启动 20250818 摘要 重稀土品种迎来新一轮行情，氧化钫铝价格突破 60 万元心理点位，氧 化特价格 4 月已上涨 20%，表明市场对重稀土价值重估。 此前重稀土价格波动小，受限于信息获取难度、出口管制及缅甸矿库存 压力。当前库存去化完成，出口修复加速，氧化镝等品种已显著上涨。 配额新规若不公开具体细节，短期内对基本面研究影响有限，但长期来 看，增强我国战略资源反制能力，利好整个稀土板块情绪。 坚定看好未来稀土涨价趋势，供应端扰动叠加需求端增长，预计后续仍 有上涨空间，长期基本面支撑包括全球供应链调整和技术进步。 稀土市场价格预期在 80 万至 90 万元之间，出口修复刚开始，需求旺季 尚未到来，供应收紧才刚开始，下半年产量预计显著下降。 新能源车订单排产集中在 9-10 月，叠加年底抢补贴行情，全年需求曲 线前低后高，与供给错配，推动涨价趋势确定。 产业政策收紧冶炼资质，缅甸矿采矿证年底到期可能停产，将显著收缩 供应。中国稀土等企业业绩有望大幅提升，小型企业出口订单或向大型 企业转移。 Q&A 重稀土和轻稀土的价格近期表现如何？ 近期，重稀土和轻稀土的价格均有显著上涨。 ...

Investment Rating - The report maintains a positive investment rating for the non-ferrous metals industry, focusing on opportunities in light rare earths and lithium battery materials [4][6]. Core Insights - The non-ferrous metals industry index increased by 9.61% over the past two weeks, outperforming the CSI 300 index and ranking first among 31 primary industries [12]. - The price of lithium carbonate (99.5% battery grade, domestic) rose by 15.91% in the last two weeks, indicating strong demand in the market [55]. - The report highlights a significant capital inflow into the rare earth sector, with leading stocks showing strong performance [3]. Summary by Sections Market Review (2025.8.04-2025.8.15) - The non-ferrous metals industry index rose by 9.61%, with metal new materials leading at 15.04% and industrial metals at 11.41% [12]. - Other sectors such as small metals, energy metals, and precious metals also saw substantial increases [12]. Precious Metals - As of August 15, COMEX gold closed at $3,381.70 per ounce, down 1.00% over two weeks, while COMEX silver rose by 2.47% to $38.02 per ounce [19][24]. - The report suggests a stable long-term outlook for gold due to global central bank demand and geopolitical uncertainties [20]. Industrial Metals - LME copper settled at $9,621.0 per ton, up 0.90% over two weeks, with a year-to-date increase of 10.77% [28]. - The report indicates a positive long-term demand outlook for copper driven by green energy investments [28]. Small Metals - Black tungsten concentrate (≥65%) price increased by 4.12% to 202,000 CNY per ton, while tin prices showed mixed trends [35]. - The report emphasizes the strong demand for tungsten due to supply constraints and increased industrial usage [36]. Rare Earths - The China Rare Earth Price Index rose by 3.16% to 211.58, with light rare earths leading the price increases [47]. - The report notes a strong market sentiment for light rare earths driven by demand in the magnetic materials sector [48]. Energy Metals - As of August 15, the average price of electrolytic cobalt was 263,500 CNY per ton, down 2.04% over two weeks, while sulfuric acid cobalt saw a 2.46% increase [52]. - The report highlights the significant year-to-date increase in cobalt prices, indicating strong market dynamics [52]. Lithium - The average price of lithium iron phosphate (mid-range power type) rose by 5.05% to 34,300 CNY per ton, reflecting ongoing demand in the battery sector [55]. - The report underscores the robust growth in lithium prices, driven by the electric vehicle market [55].

2025年8月18日，市场全天震荡拉升，三大指数集体收涨，上证指数突破3740点。截至收盘，沪指涨 0.85%，深成指涨1.73%，创业板指涨2.84%。 题材方面，消费电子、小金属、玻璃光纤等板块涨幅居前，煤炭行业、贵金属、化肥行业等板块跌幅居 前。主力资金上，通信设备、电子元件、消费电子等行业概念流入居前。 ETF方面，或受相关消息刺激，稀土、人工智能、影视等相关ETF今日表现亮眼！ 中信证券表示，2025年下半年稀土市场供需关系持续优化，价格或进入"震荡上行"通道。供给端，国内 稀土开采总量控制指标增速放缓，叠加海外缅甸矿进口因环保政策收缩，整体供给弹性不足；需求端， 新能源、工业机器人及风电等新兴领域需求韧性强劲，机构测算2025年全球稀土永磁材料需求增速仍维 持在12%-15%。 中国银河表示，国内下游多家大厂密集招标，叠加我国加强稀土磁材出口管制后海外增加磁材订单以补 库存，国内永磁行业需求旺盛，部分磁材企业排产已延至十月中旬。我国进一步加严对稀土供应端的管 控，下游需求端的景气，推动稀土价格持续上涨。稀土磁材在上半年的业绩反转后，2025Q3有望在量 价齐升的推动下进一步释放业绩。 相关ETF： ...

Group 1 - The enthusiasm for public fundraising has increased as the secondary market rebounds, with 16 public funds participating in fundraising projects exceeding 4.5 billion yuan in the last three months, and the highest project increase reaching 344% [1] - The demand for public fundraising is expected to remain strong in the second half of the year, with a focus on mergers and acquisitions financing, as over 40% of disclosed projects this year are related to financing [1] - The top five sectors for net inflow include domestic software, military industry, semiconductors, large finance, and new energy vehicles, while the top five concepts include artificial intelligence, Huawei supply chain, Xiaomi concept stocks, domestic chips, and cloud computing data centers [1] Group 2 - New policy financial tools are being expedited for approval, with local governments holding meetings to capture policy dividends, and infrastructure investment is expected to rebound in the second half of the year [3] - The Hong Kong Stock Exchange has lowered the initial public holding threshold for "A+H" issuers to 10% or a market value of 3 billion HKD, which is expected to encourage more A-share companies to list in Hong Kong [3] Group 3 - The government has included "Artificial Intelligence+" in its work report for 2024, with policies expected to be implemented soon, indicating a strong growth potential for the AI sector, particularly in hardware [5] - The next generation of large models, such as GPT-5, is anticipated to be a key variable in the AI industry's future, with expectations of significant improvements in performance and cost-effectiveness [5] Group 4 - The Shanghai Composite Index has reached a historical high, with major indices also hitting yearly peaks, indicating a clear acceleration in market activity, although regulatory scrutiny remains [7] - The market is entering a new acceleration phase, with signs of increased participation from various funds, particularly bank wealth management and public funds, expected to be significant contributors in the second half of the year [7]

Core Viewpoint - The rare earth industry is experiencing significant growth, with the China Rare Earth Industry Index rising by 5.09% and key stocks showing substantial gains, indicating a bullish market trend for rare earth resources [1][4]. Group 1: Market Performance - The China Rare Earth Industry Index increased by 5.09%, with stocks like Placo New Materials rising by 16.42% and Benlang New Materials by 11.11% [1]. - The rare earth ETF, Jiashi (516150), saw an increase of 4.41% [1]. - The Jiashi rare earth ETF recorded a turnover rate of 7.09% and a transaction volume of 354 million yuan, ranking first among comparable funds in terms of average daily transaction volume over the past month [3]. Group 2: Fund Growth and Performance - The Jiashi rare earth ETF experienced a significant growth of 34.78 million yuan in scale over the past week, leading among comparable funds [3]. - The ETF's shares increased by 206 million over the past two weeks, also ranking first among comparable funds [3]. - Over the past year, the Jiashi rare earth ETF's net value rose by 84.91%, placing it in the top 3.55% of index equity funds [3]. Group 3: Price Trends and Supply Dynamics - Rare earth prices are on the rise, particularly for light rare earths, with prices for praseodymium-neodymium oxide and praseodymium-neodymium metal increasing by 7.01% and 6.03%, respectively [4]. - The current supply of praseodymium-neodymium is tight, leading to expectations of continued price increases [4]. - Institutions suggest focusing on upstream rare earth resource companies due to improved supply-demand dynamics and potential benefits from relaxed export controls [5]. Group 4: Key Stocks and Weightings - The top ten weighted stocks in the China Rare Earth Industry Index account for 59.32%, with North Rare Earth holding a weight of 13.22% and a price increase of 10% [3][7]. - Other notable stocks include China Rare Earth (7.30% increase) and Baotou Steel (6.37% increase) [7].

按一下此處編輯母版標題樣式 文件名 产品及投资方案部 ｜2025年8月18日 每周投资策略 中信証券財富管理 (香港) CITIC Securities Wealth Management (HK) 投资策略 每周投资策略 | 上周环球 | (1) 港股市场焦点 | (2) 日本市场焦点 | (3) 印尼市场焦点 | | --- | --- | --- | --- | | 大类资产表现 | 內地"反内卷"政策 | 日本央行年内存在 | 二季度 | | | 持续强化 | 加息的可能性 | GDP超预期 | | | 股票 | 股票 | 股票 | | | "反内卷"的投资机遇； | 租金增长降低办公楼业主 | 经济预期转暖 | | | 协鑫科技；金力永磁 | 风险溢价；三菱地产； | 或带动市场热情 | | 本周主要地区 | ETF | 日本不动产投资 | ETF | | 经济数据公布日程 | 盈富基金 | ETF | VanEck印尼指数ETF | | | | iShares JPX | | | | | 日经400指数ETF | | | 资料来源：中信证券财富管理 (香港) | | | | 1 上周环球 股市表现 ...

Industry Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [1] Core Viewpoints - The report highlights investment opportunities in rare earth magnetic materials and energy metals such as lithium and cobalt, indicating a positive long-term outlook despite short-term fluctuations in prices [5][9] - The report notes that copper prices are expected to rise in the long term due to supply constraints, particularly after Chile's national copper commission significantly lowered its 2025 copper production growth forecast [5] - The report emphasizes the strong demand for rare earth metals, driven by increased orders from major manufacturers, which is expected to lead to price increases [9] Summary by Relevant Sections Industry Basic Situation - The closing index for the industry is 5905.88, with a weekly high of 5905.88 and a low of 3700.9 [1] Price Movements - Basic metals saw LME copper decrease by 0.08%, aluminum by 0.46%, zinc by 1.32%, and lead by 1.12%. In contrast, lithium prices surged by 15.02% [21] Inventory Changes - Global visible inventory changes included an increase of 6293 tons in copper, 30567 tons in aluminum, and 950 tons in nickel, while lead saw a decrease of 3973 tons [32]

今日早盘，稀土永磁板块强势拉升，稀土ETF（159713）大幅上涨，盘间一度涨超6%，截至发稿 的最新涨幅为5.84%，近两日涨幅达9.6%，年内累计涨幅55.87%；当前成交量、成交额分别为1.14亿 份、1.26亿元，资金交投情绪火热。 每日经济新闻 （责任编辑：张晓波 ） 标的指数成分股中，铂科新材大涨超18%，金田股份、北方稀土、华宏科技、领益智造实现10CM 涨停，超95%个股飘红。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 消息面上，据从北方稀土、盛和资源等多方获悉，2025年第一批稀土开采、冶炼分离总量控制指标 已下发至中国稀土集团和北方稀土，但未对外公布。业内预计，就目前态势来看，今后稀土开采、冶炼 分离总量控制指标或不再对外公布。 相关机构表示，"供给在内'反内卷'，需求在外出利润"的行业格局正在形成，稀土行业供给端改革 和海外需求扩张将改善行业基本面；同时人民币对美元中间价调升4 ...

1. Macroeconomic Data Overview - GDP growth in Q2 2025 was 5.2% year - on - year, slightly lower than the previous quarter's 5.4% but higher than the same period last year's 4.7% [1] - In July 2025, the manufacturing PMI was 49.3%, down from 49.7% in the previous month and 49.4% in the same period last year [1] - The non - manufacturing PMI for business activities in July 2025 was 50.1%, down from 50.5% in the previous month but slightly higher than 50.2% in the same period last year [1] 2. Commodity Investment Reference 2.1 General - In July 2025, the national industrial added value above designated size increased by 5.7% year - on - year, and the total retail sales of consumer goods increased by 3.7% year - on - year. From January to July, national fixed - asset investment increased by 1.6% year - on - year, with real estate development investment down 12% [2] - The central bank will implement a moderately loose monetary policy, and the effects of the implemented policies will further emerge [2] - The CSRC approved the registration of options on fuel oil, petroleum asphalt, and pulp at the Shanghai Futures Exchange, as well as the registration of futures and options on offset printing paper [2] 2.2 Metals - The first - batch of total control indicators for rare earth mining and smelting separation in 2025 have been issued to relevant companies, and it is expected that these indicators may no longer be publicly announced [5] - In July 2025, global physical gold ETFs had an inflow of $3.2 billion, and the total assets under management reached a record high of $386 billion [5] 2.3 Coal, Coke, Steel, and Minerals - In early August 2025, coal prices in China showed an all - round increase, with the price of coke rising by nearly 10% [7] - In July 2025, China's industrial raw coal production was 380 million tons, a year - on - year decrease of 3.8%; crude oil production was 18.12 million tons, an increase of 1.2%; natural gas production was 21.6 billion cubic meters, an increase of 7.4% [8] 2.4 Energy and Chemicals - China's Sinopec discovered a large - scale deep - seated shale gas field with newly proven geological reserves of 124.588 billion cubic meters [10] - Indonesia expects its oil production to reach 610,000 barrels per day in 2026 and its natural gas production to reach 984,000 barrels per day [10] 2.5 Agricultural Products - On August 15, 2025, the average price of live pigs was 13.76 yuan/kg, a weekly increase of 0.36%, while the average price of 15 - kg piglets was 28.87 yuan/kg, a weekly decrease of 5.03% [12] - As of early August 2025, the purchase of summer wheat in China exceeded 80 million tons, faster than last year [12] 3. Financial News Compilation 3.1 Open Market - This week, 711.8 billion yuan of reverse repurchases will mature in the central bank's open market, and 22 billion yuan of treasury cash time deposits will mature on Tuesday and Wednesday [13] - On August 15, the central bank conducted 238 billion yuan of 7 - day reverse repurchase operations, with a net investment of 116 billion yuan [13] 3.2 Key News - The central bank will implement a moderately loose monetary policy, focusing on promoting a reasonable recovery of prices and optimizing the credit structure [14] - In July 2025, the national industrial added value above designated size increased by 5.7% year - on - year, and the total retail sales of consumer goods increased by 3.7% year - on - year [15] 3.3 Bond Market Summary - The bond market was weak, with most yields of major interest - rate bonds in the inter - bank market rising, and most treasury bond futures closing down [20] - The CSI Convertible Bond Index rose 0.90% to 475.25 points, with a trading volume of 103.1 billion yuan [20] 3.4 Foreign Exchange Market - The on - shore RMB against the US dollar closed at 7.1823, down 93 basis points from the previous trading day [23] - The US dollar index fell 0.36% to 97.8509, and most non - US currencies rose [23] 3.5 Research Report Highlights - Guosheng Fixed - Income believes that the central bank emphasizes promoting a reasonable recovery of prices, and current credit delivery focuses more on quality [24] - Huatai Fixed - Income believes that the economic data in July were slightly volatile, and the "fixed - income +" strategy is favored [24] 4. Stock Market News - As of August 15, 2025, 310 stocks had more than doubled in price this year, excluding new listings [28] - China Securities recommends focusing on five strong industries: innovative drugs, resources, communications, military, and gaming [28] - As of August 15, 2025, 936 out of 1,785 funds established in 2021 had a net value above 1, accounting for 52.44% [29]