Core Points - The stock price of Jingyi Co., Ltd. dropped by 2.05% on October 16, trading at 12.93 CNY per share with a total market capitalization of 3.24 billion CNY [1] - Year-to-date, the stock has increased by 102.22%, but it has seen a decline of 20.33% over the last five trading days [1] - The company has been on the "Dragon and Tiger List" nine times this year, with the most recent appearance on October 10, where it recorded a net buy of -76.05 million CNY [1] Company Overview - Jingyi Co., Ltd. was established on July 28, 1999, and listed on September 29, 2009, located in Shunde District, Foshan City, Guangdong Province [2] - The company's main business includes the production and sales of metal processing equipment, precision copper tubes, and deep-processed copper tube products, with revenue composition: 78.76% from copper tube processing products, 19.80% from copper rod processing products, and 0.14% from new energy products [2] - As of June 30, the number of shareholders increased by 7.23% to 14,500, with an average of 17,211 circulating shares per person, a decrease of 6.74% [2] Financial Performance - For the first half of 2025, Jingyi Co., Ltd. achieved operating revenue of 2.38 billion CNY, a year-on-year increase of 38.80%, while the net profit attributable to shareholders decreased by 42.95% to 10.86 million CNY [2] - The company has distributed a total of 139 million CNY in dividends since its A-share listing, with 21.55 million CNY distributed over the past three years [3]

Group 1: Report Summary - The report is dated October 16, 2025, and is from Shenyin Wanguo Futures Research Institute [1] - It analyzes economic data, including CPI, PPI, and financial statistics, and provides comments on key commodities and market trends [1][6][7] Group 2: Economic Data - In September 2025, CPI环比 rose 0.1% and同比 fell 0.3%, while core CPI同比 rose 1.0% with the increase expanding for the 5th consecutive month; PPI环比 remained flat and同比 fell 2.3% with the decline narrowing by 0.6 percentage points [1][6] - In the first three quarters of 2025, the cumulative increase in social financing scale reached 30.09 trillion yuan, 4.42 trillion yuan more than the same period last year; RMB loans increased by 14.75 trillion yuan, and RMB deposits increased by 22.71 trillion yuan [1][7] - At the end of September, the year - on - year growth rate of social financing stock was 8.7%, 0.7 percentage points higher than the same period last year; M2同比 grew 8.4%, 1.5 percentage points higher than the same period last year [7] Group 3: Key Commodities Precious Metals - Gold continued to strengthen, with the international gold price reaching $4200 per ounce. Factors such as the Fed's possible pause in balance - sheet reduction, trade war concerns, and central bank gold - buying supported the rise, but there may be adjustments due to accumulated profit positions [2][19] Copper - Copper prices closed lower at night. The supply of concentrates remained tight, but smelting output continued to grow. An Indonesian mine accident may lead to a supply - demand gap and support copper prices in the long term [2][20] Crude Oil - SC crude oil fell 0.7% at night. A cease - fire agreement in Gaza was signed, and OPEC expected an increase in global oil demand, but short - term prices showed a downward trend [3][13] Group 4: Market Outlook Financial - Stock indices are likely to maintain a bullish trend, with a possible shift in market style towards value in the fourth quarter. Domestic liquidity is expected to remain loose, and external funds may flow in [10][11] - Treasury bonds may be slightly bearish in the short term, but the domestic central bank may implement more relaxed monetary policies, providing support for bond prices [12] Energy and Chemicals - Crude oil prices may break down in the short term [13] - Methanol is expected to be bullish in the short term, with increased开工 load and rising inventory [14] - Rubber is expected to fluctuate in the short term, with supply pressure likely to increase and demand support being limited [15][16] - Polyolefin prices are expected to follow cost fluctuations, with a possible slowdown in the decline after continuous drops [17] - Glass and soda ash markets are cautious, with expectations of potential supply changes in the glass industry but ongoing inventory digestion [18] Metals - Precious metals may face adjustments after a rapid rise [19] - Copper prices may be supported in the long term by supply - demand changes [20] - Zinc prices may be weaker in the domestic market compared to overseas, and they tend to follow copper prices [22] - Carbonate lithium is in a destocking state, and prices are supported, with limited volatility [23] Black Metals - Coking coal and coke may experience increased short - term fluctuations due to high steel production, inventory, and trade frictions [24] - Iron ore is expected to be bullish with strong demand and reduced global shipments [25] - Steel market supply - demand contradictions are not significant, with hot - rolled coils stronger than rebar in the medium term [26] Agricultural Products - Protein meal prices are affected by trade tensions and USDA report delays, with short - term pressure on domestic prices [27][28] - Edible oil prices may be pressured in the short term but supported in the long term by production and policy factors [29] - Sugar prices are expected to be weak in the domestic market and may fluctuate in the international market [30] - Cotton prices are expected to be weak in the short term due to supply and demand factors [31] Shipping Index - The container shipping European line is expected to fluctuate widely in the short term, with shipping companies' price - setting and market sentiment being key factors [32] Group 5: External Market Performance - On October 15, 2025, most major external market indices rose, including the S&P 500, European STOXX 50, and FTSE China A50 futures. The US dollar index fell, and gold and silver prices increased [8]

Core Viewpoint - Yunnan Copper's stock price has shown significant growth this year, with a year-to-date increase of 58.49%, despite a slight decline in the last five trading days [1]. Group 1: Stock Performance - As of October 16, Yunnan Copper's stock price reached 18.94 CNY per share, with a trading volume of 7.37 billion CNY and a market capitalization of 379.49 billion CNY [1]. - The stock has experienced a 1.51% decline over the last five trading days, but a 25.26% increase over the last 20 days and a 48.08% increase over the last 60 days [1]. - The company has appeared on the "龙虎榜" (a stock trading list) once this year, with the most recent appearance on October 10 [1]. Group 2: Financial Performance - For the first half of 2025, Yunnan Copper reported a revenue of 889.13 billion CNY, representing a year-on-year growth of 4.27%, and a net profit attributable to shareholders of 13.17 billion CNY, which is a 24.32% increase year-on-year [2]. - The company has distributed a total of 40.19 billion CNY in dividends since its A-share listing, with 19.44 billion CNY distributed over the past three years [3]. Group 3: Shareholder Information - As of September 30, the number of shareholders for Yunnan Copper was 167,500, a decrease of 0.94% from the previous period, while the average number of circulating shares per person increased by 0.95% to 11,965 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 33.06 million shares, a decrease of 10.14 million shares from the previous period, while Southern CSI 500 ETF increased its holdings by 2.08 million shares to 20.76 million shares [3].

1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints of the Report - China's CPI and PPI year - on - year decline narrowed in September, showing the characteristics of "overall weakness, stable domestic demand, and structural differentiation", with positive signals accumulating and signs of steady repair of the economy's endogenous demand power [6][7]. - For different commodities, there are different market trends and investment suggestions, such as gold continuing to hit new highs, copper having long - term bullish allocation value despite short - term disturbances, etc. 3. Summary by Relevant Catalogs 3.1 China's Economic Data - China's September CPI was - 0.3% year - on - year (previous value - 0.4%), with a month - on - month increase from flat to 0.1%. The core CPI increased by 1.0% year - on - year, and the increase has been expanding for the 5th consecutive month, reaching 1% for the first time in nearly 19 months. PPI was - 2.3% year - on - year (previous value - 2.9%), and the month - on - month was flat for two consecutive months [7]. - In September, China's new social financing was 3.53 trillion yuan, new RMB loans were 1.29 trillion yuan, and the M2 - M1 scissors gap reached a new low for the year [20][24]. 3.2 Commodity Analysis 3.2.1 PTA - It is recommended to hold the 1 - 5 reverse spread. The unilateral trend is weak. The cost support of the polyester industry chain is weak, and the supply in the East China spot market is still sufficient. The new device of Xin凤鸣 Dushan Energy Phase 4 is about to be put into production, and the basis has declined [8]. 3.2.2 Copper - In the short term, prices are under pressure due to trade news and concerns about high prices in the US. In the long term, it has bullish allocation value as the supply of copper raw materials is expected to be tight, with some mines reducing production [10]. 3.2.3 Black Metals - The long - term bottom has emerged, but the peak season demand is weak. To maintain inventory balance, supply needs to be reduced, and attention should be paid to the production rhythm of electric furnaces [13][14]. 3.2.4 Gold and Silver - Gold continues to hit new highs, while silver's spot contradiction eases, and its price rises and then falls [17][20]. 3.2.5 Other Commodities - Each commodity has its own market trend, such as zinc showing a weak shock, lead being restricted by inventory increase, etc. [17][27][30]

Core Viewpoint - Chujiang New Material's stock price has shown significant growth this year, with a notable increase in trading volume and market capitalization, indicating strong investor interest and confidence in the company's performance [1][2]. Group 1: Stock Performance - As of October 16, Chujiang New Material's stock price increased by 2.08%, reaching 11.80 CNY per share, with a trading volume of 627 million CNY and a turnover rate of 3.33%, resulting in a total market capitalization of 19.15 billion CNY [1]. - The stock has risen by 43.90% year-to-date, with a 17.30% increase over the last five trading days, 24.87% over the last 20 days, and 33.94% over the last 60 days [2]. Group 2: Company Overview - Chujiang New Material, established on December 21, 2005, and listed on September 21, 2007, is based in Wuhu City, Anhui Province, specializing in the research, processing, and sales of non-ferrous metal (copper) materials, thermal equipment for new materials, and high-performance carbon fiber composite prefabricated components [2]. - The company's revenue composition is primarily from copper-based materials (96.79%), followed by high-end equipment and carbon fiber composites (2.09%), and steel-based materials (1.12%) [2]. Group 3: Financial Performance - For the first half of 2025, Chujiang New Material reported a revenue of 28.80 billion CNY, reflecting a year-on-year growth of 16.05%, and a net profit attributable to shareholders of 251 million CNY, marking a 48.83% increase [2]. - The company has distributed a total of 1.36 billion CNY in dividends since its A-share listing, with 479 million CNY distributed over the past three years [3]. Group 4: Shareholder Information - As of June 30, 2025, the number of shareholders increased to 43,100, up by 9.32%, with an average of 34,799 circulating shares per person, a decrease of 8.52% [2]. - Among the top ten circulating shareholders, notable changes include an increase in holdings by E Fund Defense Industry Mixed A and a decrease in holdings by E Fund Quality Momentum Mixed A and Penghua New Industry Mixed [3].

Core Viewpoint - Yunnan Copper's stock price has shown significant growth this year, with a year-to-date increase of 56.15% and a recent surge in trading activity, indicating strong market interest and potential investment opportunities [1][2]. Group 1: Stock Performance - As of October 15, Yunnan Copper's stock price reached 18.66 CNY per share, with a trading volume of 15.61 billion CNY and a market capitalization of 373.88 billion CNY [1]. - The stock has experienced a 6.75% increase over the past five trading days, a 23.17% increase over the past 20 days, and a 44.43% increase over the past 60 days [1]. - The company has appeared on the "龙虎榜" (a trading activity list) once this year, with the most recent appearance on October 10 [1]. Group 2: Financial Performance - For the first half of 2025, Yunnan Copper reported a revenue of 889.13 billion CNY, reflecting a year-on-year growth of 4.27%, and a net profit attributable to shareholders of 13.17 billion CNY, which is a 24.32% increase compared to the previous year [2]. - The company has distributed a total of 40.19 billion CNY in dividends since its A-share listing, with 19.44 billion CNY distributed over the last three years [3]. Group 3: Shareholder Information - As of September 30, the number of shareholders for Yunnan Copper was 167,500, a decrease of 0.94% from the previous period, while the average number of circulating shares per person increased by 0.95% to 11,965 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 33.06 million shares, a decrease of 10.14 million shares from the previous period, while Southern CSI 500 ETF increased its holdings by 0.29 million shares to 20.76 million shares [3].

Core Viewpoint - Jiangxi Copper has shown significant stock price growth this year, with a year-to-date increase of 97.35% and a recent surge of 10.90% over the last five trading days [1] Company Overview - Jiangxi Copper Co., Ltd. is located in Nanchang, Jiangxi Province, and was established on January 24, 1997, with its stock listed on January 11, 2002 [1] - The company primarily engages in the mining, smelting, and processing of copper and gold, as well as the extraction and processing of rare metals, sulfur chemicals, and financial and trade sectors [1] - The revenue composition includes: cathode copper (50.21%), copper rod and wire (19.55%), gold (14.50%), copper concentrate and other non-ferrous metals (6.91%), silver (3.21%), copper processing products (2.66%), chemical products (0.85%), and others (0.46%) [1] Financial Performance - For the first half of 2025, Jiangxi Copper reported operating revenue of 256.96 billion yuan, a year-on-year decrease of 5.91%, while net profit attributable to shareholders increased by 15.42% to 4.175 billion yuan [2] - The company has distributed a total of 22.183 billion yuan in dividends since its A-share listing, with 6.219 billion yuan distributed over the past three years [3] Shareholder Information - As of June 30, 2025, Jiangxi Copper had 117,800 shareholders, a decrease of 4.97% from the previous period [2] - Major shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 25.3919 million shares, and several ETFs that also increased their positions [3]

Core Viewpoint - The stock of Jintian Copper (金田股份) has experienced fluctuations, with a notable increase of 110.81% year-to-date, but a recent decline of 2.01% on October 15, 2023, indicating potential volatility in the market [1]. Financial Performance - For the first half of 2025, Jintian Copper achieved a revenue of 59.294 billion yuan, representing a year-on-year growth of 2.46%. The net profit attributable to shareholders was 373 million yuan, showing a significant increase of 203.86% [2]. - The company has distributed a total of 930 million yuan in dividends since its A-share listing, with 465 million yuan distributed over the past three years [3]. Stock Market Activity - As of October 15, 2023, Jintian Copper's stock price was 12.21 yuan per share, with a market capitalization of 21.107 billion yuan. The trading volume was 398 million yuan, with a turnover rate of 1.85% [1]. - The stock has appeared on the "龙虎榜" (a list of stocks with significant trading activity) six times this year, with the most recent appearance on August 22, 2023, where it recorded a net buy of -25.6827 million yuan [1]. Shareholder Information - As of September 30, 2023, the number of shareholders for Jintian Copper was 178,900, a decrease of 1.97% from the previous period. The average circulating shares per person increased by 2.01% to 9,661 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the fourth largest, holding 31.7357 million shares, an increase of 20.8655 million shares from the previous period [3]. Business Overview - Jintian Copper, established on June 20, 1992, and listed on April 22, 2020, is primarily engaged in non-ferrous metal processing, with its main products including copper products and rare earth permanent magnet materials. The revenue composition is 48.35% from copper wire, 41.61% from copper and copper alloy products (excluding copper wire), and 1.04% from rare earth permanent magnet products [2]. - The company operates within the industrial metals sector, specifically in copper, and is associated with various concept sectors including non-ferrous copper, drones, rare earth permanent magnets, nuclear fusion, and nuclear power [2].

Group 1 - The core viewpoint of the news is that Luoyang Molybdenum Co., Ltd. has experienced fluctuations in its stock price, with a notable increase in its stock price year-to-date, but a slight decline in recent trading days [1][2] - As of October 15, Luoyang Molybdenum's stock price was reported at 15.68 yuan per share, with a market capitalization of 335.46 billion yuan and a trading volume of 20.97 billion yuan [1] - The company has seen a year-to-date stock price increase of 145.11%, with a 0.13% decline over the last five trading days, a 24.64% increase over the last 20 days, and a 93.58% increase over the last 60 days [1] Group 2 - Luoyang Molybdenum Co., Ltd. was established on December 22, 1999, and listed on October 9, 2012, primarily engaged in the mining, selection, deep processing, trading, and research of precious metals such as molybdenum, tungsten, and gold [2] - The company's main business revenue composition includes refined metal product trading (48.56%), concentrate product trading (38.31%), copper (27.14%), cobalt (6.04%), molybdenum (3.12%), phosphorus (2.23%), niobium (1.88%), tungsten (1.17%), and others (0.11%) [2] - As of June 30, the number of shareholders in Luoyang Molybdenum was 237,500, a decrease of 15.95% from the previous period, with an average of 0 circulating shares per shareholder [2] Group 3 - As of June 30, 2025, the top ten circulating shareholders of Luoyang Molybdenum include Hong Kong Central Clearing Limited, which holds 648 million shares, an increase of 69.41 million shares from the previous period [3] - Other notable shareholders include Huaxia SSE 50 ETF and Huatai-PineBridge CSI 300 ETF, with holdings of 138 million shares and 125 million shares, respectively, both showing increases from the previous period [3]

Macroeconomic and Strategy Research - In September 2025, China's exports increased by 8.3% year-on-year, exceeding market expectations of 6.6%, while imports rose by 7.4%, also surpassing expectations of 1.8% [3][4] - The trade surplus for September was $90.447 billion, down from $102.329 billion in the previous month [3] - The export growth was primarily driven by low base effects from the previous year, with significant increases in exports to the EU, Africa, and Latin America, while exports to the US continued to decline by 27.0% [3] - The import growth was led by electromechanical and high-tech products, contributing over 8.5 percentage points to the overall growth [4] - Future export growth is expected to moderate, with a projected year-on-year growth of 5.6% for the entire year, despite potential pressures from high base effects in the fourth quarter [4] Fixed Income Research - In September 2025, the overall issuance guidance rates for credit bonds increased by 0 to 10 basis points, with a rise in the issuance scale of corporate bonds and short-term financing bonds [5][7] - The net financing amount for credit bonds increased, with a notable rise in the trading volume in the secondary market [7] - The credit spread showed divergence, with short-end spreads narrowing and mid-to-long-end spreads widening, indicating a potential for better value in high-grade long bonds [7] - The report suggests a positive outlook for credit bonds, with a recommendation to increase allocations during market adjustments [7] Fund Research - The equity market saw most major indices rise, with the largest increase in the CSI 500, which rose by 2.17% [10] - In the public fund market, the total scale of ETFs reached a historical high, with significant net inflows of 77.502 billion yuan [11] - The average return for equity funds was 4.89%, while fixed income plus funds saw a modest increase of 0.45% [11] - The report indicates a shift in active equity fund positions, with increased allocations to non-bank financials and power equipment [11] Company Research - The company reported a revenue of 3.86 billion yuan for the first three quarters of 2025, a year-on-year increase of 21.05%, with a net profit of 333 million yuan, up 18.21% [13][14] - In Q3 2025, the company achieved a revenue of 1.428 billion yuan, a 15.86% increase year-on-year, although net profit decreased by 6.64% due to high base effects from the previous year [14] - The company has focused on enhancing its brand presence and product innovation, with successful launches in both domestic and international markets [16] - The company is projected to have an EPS of 1.53 yuan, 1.82 yuan, and 2.20 yuan for 2025-2027, maintaining a "buy" rating due to its leading position in the pet food industry [16] Industry Research - The metal industry is experiencing a lack of momentum in September, with expectations for demand recovery in October, particularly in steel and copper [18][19] - Steel demand is anticipated to rebound due to increased outdoor construction activities, while copper prices may remain high due to supply constraints [19][21] - The aluminum sector is expected to maintain profitability despite overcapacity, with potential price support from improved demand [19] - The report highlights the strategic importance of rare earths, with export controls potentially impacting prices and demand [20][22]