Investment Rating - The report maintains a "Hold" rating for the industry [7] Core Views - The non-ferrous metals industry index decreased by 0.63% over the past two weeks, underperforming the CSI 300 index, ranking 12th among 31 first-level industries [2][14] - Energy metals (up 4.49%) and industrial metals (up 1.05%) showed positive performance, while metal new materials (-4.08%), precious metals (-0.95%), and minor metals (-8.51%) experienced declines [2][14] Price Trends - As of September 26, 2025, COMEX gold closed at $3,789.80 per ounce, up 2.96% over two weeks; COMEX silver closed at $46.37 per ounce, up 8.63% [3][21] - LME copper settled at $10,125.50 per ton, increasing by 1.21% over two weeks; LME aluminum fell to $2,643 per ton, down 2.38% [3][20] - Cobalt prices surged, with electrolytic cobalt averaging 310,000 CNY per ton, up 13.55% over two weeks, and cobalt sulfate averaging 65,000 CNY per ton, up 20.82% [3][53] Major Events - The Grasberg mine, one of the largest copper mines globally, has suspended operations due to a fatal landslide, significantly impacting global copper supply [4][59] - The U.S. Defense Logistics Agency awarded a contract to U.S. Antimony Corporation worth up to $245 million for supplying antimony metal [59][60] Investment Recommendations - Following the Federal Reserve's interest rate cut in September, the report suggests focusing on investment opportunities that combine "resources + growth" themes, while monitoring geopolitical and export policy changes in major resource countries [5]

Core Insights - The small metals sector has seen a rise of 2.58% as of September 30, ranking 8th among sector gains, with 127 stocks increasing in value, including notable gains from Shengtun Mining, Jiangxi Copper, and China Metallurgical Group, which all hit the daily limit up [1] Group 1: Sector Performance - The small metals sector recorded a net inflow of 2.58%, with significant contributions from stocks like Huayou Cobalt, which saw a net inflow of 7.19 billion yuan [2][3] - The top gainers in the small metals sector included Huayou Cobalt (9.38%), Shengtun Mining (10.02%), and Jiangxi Copper (10.01%) [3][4] - The sector's performance was contrasted by declines in stocks such as Hailiang Co., which fell by 1.89% [1][9] Group 2: Capital Inflows - The small metals sector attracted a net inflow of 25.10 billion yuan, with 79 stocks receiving net inflows, and 14 stocks exceeding 1 billion yuan in net inflows [2] - The highest net inflows were recorded by Huayou Cobalt (7.19 billion yuan), followed by Northern Rare Earth (5.63 billion yuan) and China Metallurgical Group (4.38 billion yuan) [2][3] - The net inflow ratios for leading stocks included Xiyang Co. (37.94%), China Metallurgical Group (23.86%), and Jinyuan Co. (16.33%) [3][4]

Core Insights - The small metals sector experienced a significant increase of 3.39% on September 30, with Xiyang Co. leading the gains [1] - The Shanghai Composite Index closed at 3882.78, up 0.52%, while the Shenzhen Component Index closed at 13526.51, up 0.35% [1] Small Metals Sector Performance - Aluminum Co. (000960) saw a closing price of 23.14, with a rise of 9.98% and a trading volume of 501,600 shares, amounting to a transaction value of 1.16 billion [1] - Huaxi Nonferrous (600301) also increased by 9.98%, closing at 33.84 with a trading volume of 432,400 shares, resulting in a transaction value of 1.46 billion [1] - China Rare Earth (000831) closed at 51.75, up 3.96%, with a trading volume of 568,800 shares and a transaction value of 2.92 billion [1] - Other notable performers include Northern Rare Earth (600111) with a 3.54% increase, closing at 48.30, and a transaction value of 9.04 billion [1] Capital Flow Analysis - The small metals sector saw a net inflow of 1.478 billion in main funds, while speculative funds experienced a net outflow of 603 million, and retail investors had a net outflow of 875 million [2] - Northern Rare Earth (600111) had a main fund net inflow of 560 million, but speculative funds saw a net outflow of 210 million [3] - China Rare Earth (000831) recorded a main fund net inflow of 361 million, with speculative funds experiencing a net outflow of approximately 91.47 million [3]

Group 1 - The small metal sector leads the market with an increase of 1.64% [1] - Boqian New Materials and Wanye Enterprises both saw a rise of 10.0% [1] - Xiyu Co., Ltd. increased by 9.98%, while Huaxi Nonferrous, Xingye Yinx, and Pengxin Resources rose over 4% [1]

Core Viewpoint - The A-share market experienced a volatile upward trend, with the Shanghai Composite Index rising by 0.40% to 3878.13 points, the Shenzhen Component Index increasing by 0.31% to 13521.11 points, and the ChiNext Index gaining 0.06% to 3240.02 points [1] Sector Performance - The top-performing sectors included energy metals (up 4.43%), small metals (up 2.79%), semiconductors (up 2.74%), and industrial metals (up 2.30%) [1] - Conversely, the sectors that saw declines were led by banks (down 0.97%), insurance (down 0.82%), and liquor (down 0.69%) [1] Trading Volume and Capital Flow - The total trading volume for the energy sector was 447.83 million hands, with a total transaction value of 221 billion yuan and a net inflow of 0.83 billion yuan [1] - In contrast, the banking sector had a trading volume of 2260.25 million hands, a transaction value of 168.55 billion yuan, and a net outflow of 30.31 billion yuan [1]

Core Viewpoint - Xianglu Tungsten Industry's stock price has shown significant volatility and growth in 2023, with a year-to-date increase of 75.36% as of September 30, 2023, despite recent fluctuations in trading volume and net capital flow [1][2]. Group 1: Stock Performance - As of September 30, 2023, Xianglu Tungsten's stock price was 10.89 CNY per share, with a market capitalization of 3.563 billion CNY [1]. - The stock has experienced a 6.97% increase over the last five trading days, an 11.89% decrease over the last 20 days, and a 29.80% increase over the last 60 days [1]. - The company has appeared on the "Dragon and Tiger List" three times this year, with the most recent instance on August 29, 2023, where it recorded a net buy of -135 million CNY [1]. Group 2: Financial Performance - For the first half of 2025, Xianglu Tungsten reported a revenue of 931 million CNY, reflecting a year-on-year growth of 3.24%, and a net profit attributable to shareholders of 18.38 million CNY, which is a substantial increase of 277.65% year-on-year [2]. - The company has cumulatively distributed 88.66 million CNY in dividends since its A-share listing, with no dividends paid in the last three years [3]. Group 3: Shareholder Information - As of August 29, 2023, the number of shareholders for Xianglu Tungsten was 48,900, which represents an increase of 93.12% compared to the previous period [2]. - The average number of circulating shares per shareholder decreased by 48.22% to 5,492 shares [2]. Group 4: Business Overview - Xianglu Tungsten, established on April 17, 1997, and listed on January 19, 2017, is primarily engaged in the development, production, and sales of tungsten products [1]. - The revenue composition of the company includes powder products (60.46%), hard alloys (22.14%), tungsten wire series (12.59%), and other products (4.80%) [1].

Market Overview - The small metals sector increased by 1.41% on September 29, with Zhongkuang Resources leading the gains [1] - The Shanghai Composite Index closed at 3862.53, up 0.9%, while the Shenzhen Component Index closed at 13479.43, up 2.05% [1] Key Stocks Performance - Zhongkuang Resources (002738) closed at 47.79, up 7.25% with a trading volume of 370,300 shares and a transaction value of 1.728 billion [1] - Guiyan Platinum (600459) closed at 16.75, up 4.04% with a trading volume of 396,600 shares and a transaction value of 660 million [1] - Dongfang Cuoye (002167) closed at 13.98, up 3.48% with a trading volume of 374,900 shares and a transaction value of 518 million [1] - Xiyegong (000960) closed at 21.04, up 3.09% with a trading volume of 300,600 shares and a transaction value of 624 million [1] - Other notable performers include Xianglu Tungsten (002842), Haotong Technology (301026), and Xiamen Tungsten (600549) with respective increases of 2.50%, 2.42%, and 2.40% [1] Fund Flow Analysis - The small metals sector experienced a net outflow of 89.6159 million from main funds, while retail investors saw a net inflow of 238 million [2] - Major stocks like Zhongkuang Resources and Jin Aluminum (601958) had significant net inflows from main funds, while others like Xiamen Tungsten and Guiyan Platinum experienced net outflows from retail investors [3]

Core Insights - The recent surge in the A-share margin trading balance has reached approximately 2.44 trillion yuan as of September 25, marking a historical high [1] - Several brokerage firms have announced increases in margin trading limits, indicating a robust market environment [1] Market Performance - The A-share market has shown strong performance this year, with active themes and improved trading sentiment among market participants [1] - There is a notable enhancement in the overall profitability of the stock market, reflecting investors' optimistic outlook and increased risk appetite [1] Leverage and Investment Structure - The current use of leveraged funds is more rational compared to the past, with a higher proportion of institutional investors involved, who typically possess stronger research and investment capabilities [1] - The primary flow of funds is directed towards high-growth sectors such as telecommunications, AI computing applications, battery technology in electrical equipment, robotics, automation equipment, engineering machinery, electronic components, consumer electronics, and precious metals in the non-ferrous metals sector [1]

Group 1: Copper Market - Copper prices have shown an upward trend, with domestic copper closing at 81,890 CNY/ton, and the main contract price reaching 82,980 CNY/ton, marking an increase of over 3% [1][2] - The significant price surge on September 24 was triggered by Freeport's update on Grasberg, leading to a broad increase in LME metal futures [1][2] - Despite the bullish market sentiment, the actual demand remains sluggish, with downstream enterprises adopting a wait-and-see approach after the price spike [2] Group 2: Aluminum Market - Aluminum prices have experienced a decline, with domestic aluminum closing at 20,660 CNY/ton [2] - The theoretical operating capacity of the electrolytic aluminum industry has increased due to capacity transfers and resumed operations in various regions [2] - The average price of domestic alumina has decreased to 3,014.75 CNY/ton, down 40.02 CNY/ton from the previous week, indicating a 1.31% drop [2] Group 3: Precious Metals - Gold and silver prices have risen, with domestic gold averaging 837.58 CNY/gram, up 1.00% from the previous week, and silver averaging 10,173 CNY/kg, up 2.09% [3] - The market anticipates a potential interest rate cut by the Federal Reserve in October, contributing to the rise in precious metal prices [3] - COMEX silver inventory has increased by 0.35% to 52,715.51 million ounces, while Shanghai Futures Exchange silver delivery inventory has decreased by 4.88% [3] Group 4: Minor Metals - The antimony market continues to show weakness, with prices for various grades of antimony ingots decreasing by 0.3 CNY/ton compared to the previous week [4] - Demand remains lackluster, with downstream inquiries reported as generally weak, and suppliers maintaining cautious pricing strategies [4] - The overall sentiment in the market is subdued, with limited purchasing activity observed ahead of the National Day holiday [4] Group 5: Rare Earths - Prices for rare earths have shown fluctuations, with light rare earth oxide prices decreasing by 1.5% to 562,500 CNY/ton [5] - The integration of separation plants is ongoing, and processing fees have risen above 20,000 CNY, indicating a potential long-term opportunity in the sector [5] - Companies in the magnetic materials sector, such as Ningbo Yunsheng and Zhenghai Magnetic Materials, are recommended for attention due to their strong fundamentals [5]

Core Viewpoint - Jinmoly Co., Ltd. has shown a significant stock price increase of 54.97% year-to-date, with a recent market capitalization of 48.302 billion yuan, indicating strong investor interest and market performance [1][2]. Financial Performance - For the first half of 2025, Jinmoly reported operating revenue of 6.959 billion yuan, reflecting a year-on-year growth of 5.55%, while net profit attributable to shareholders decreased by 8.27% to 1.382 billion yuan [2]. - Cumulatively, since its A-share listing, Jinmoly has distributed a total of 10.336 billion yuan in dividends, with 3.549 billion yuan distributed over the past three years [3]. Shareholder Structure - As of June 30, 2025, the number of shareholders for Jinmoly decreased by 2.94% to 74,500, while the average number of circulating shares per person increased by 3.03% to 43,303 shares [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited as the second-largest shareholder with 88.957 million shares, an increase of 8.2662 million shares from the previous period [3].