Report Summary 1. Report Industry Investment Rating - No information provided in the given content. 2. Core Viewpoints - The central bank will have 11220 billion yuan of reverse repurchase operations due this week, and there will be 120 billion yuan of treasury cash fixed deposits due on Thursday. The central bank will maintain a moderately loose monetary policy, aiming to keep social financing conditions relatively loose and promote a reasonable recovery of prices [4]. - Yesterday, the macro news was calm, and the stock index showed a differentiated trend. Small and medium - cap stocks were relatively weak, while large - cap stocks were more resilient. The market is in a state of long - short interweaving, lacking a core driving force. The stock index is expected to continue the volatile pattern with support at the bottom and pressure upwards. Short - term market differences will be digested during the volatility, waiting for a new driving force to push the index up [6]. 3. Summary by Relevant Catalogs 3.1 Interest Rate Market - DRO01 closed at 1.42%, down 10.66bp; DR007 closed at 1.51%, down 1.08bp; GC001 closed at 1.63%, down 6.50bp; GC007 closed at 1.51%, down 5.00bp; SHBOR 3M closed at 1.58%, unchanged; LPR 5 - year was 3.50%, unchanged; 1 - year treasury bond yield was 1.40%, down 0.30bp; 10 - year treasury bond yield was 1.81%, up 0.40bp; 10 - year US treasury bond yield was 4.12%, down 1.00bp [3]. - Last week, the central bank conducted 11220 billion yuan of reverse repurchase operations, with 4958 billion yuan of reverse repurchase due, resulting in a net investment of 6262 billion yuan [3]. 3.2 Stock Index Market - Yesterday, the CSI 300 rose 0.44% to 4588.3; the SSE 50 rose 0.58% to 3020.3; the CSI 500 fell 0.4% to 7122.7; the CSI 1000 fell 0.82% to 7387.2. The trading volume of the two markets was 17259 billion yuan, a decrease of 2002 billion yuan from the previous day. The industry sectors had more decliners than gainers [5]. - The IF contract had a trading volume of 122613, up 0.6%, and an open interest of 272167, down 2.3%; the IH contract had a trading volume of 53539, down 2.2%, and an open interest of 95237, down 2.5%; the IC contract had a trading volume of 132592, down 1.4%, and an open interest of 248512, down 2.2%; the IM contract had a trading volume of 227467, up 4.5%, and an open interest of 364139, up 0.6% [5]. 3.3 Futures Premium and Discount Situation - The IF premium rates for the current - month, next - month, current - quarter, and next - quarter contracts were 19.46%, 6.12%, 3.69%, and 3.73% respectively; the IH premium rates were 14.19%, 3.77%, 1.39%, and 1.38% respectively; the IC premium rates were 15.75%, 11.61%, 10.48%, and 11.09% respectively; the IM premium rates were - 7.88%, 14.66%, 13.00%, and 12.79% respectively [7].

Core Viewpoint - The A-share market experienced fluctuations with the Shanghai Composite Index rising slightly while the Shenzhen Component and ChiNext Index fell, indicating mixed investor sentiment in the market [1] Market Performance - As of the midday close, the Shanghai Composite Index was at 3961.71 points, up by 0.38% - The Shenzhen Component was at 13073.30 points, down by 0.05% - The ChiNext Index was at 3060.93 points, down by 0.52% [1] Sector Performance - The leading sectors in terms of gains included: - Energy Metals: increased by 2.87% with a total trading volume of 602.67 million hands and a net inflow of 11.95 billion - Banking: increased by 1.96% with a total trading volume of 4136.64 million hands and a net inflow of 78.58 billion - Real Estate: increased by 1.41% with a total trading volume of 4378.39 million hands but a net outflow of 5.68 billion [2] - The sectors with the largest declines included: - Beauty and Personal Care: decreased by 2.09% with a total trading volume of 221.09 million hands and a net outflow of 6.77 billion - Food Processing: decreased by 1.55% with a total trading volume of 494.01 million hands and a net outflow of 6.72 billion - Education: decreased by 1.50% with a total trading volume of 229.85 million hands and a net outflow of 3.85 billion [2]

Core Viewpoint - Huayou Cobalt's stock price has seen significant growth this year, with a year-to-date increase of 134.05%, indicating strong market performance and investor interest [1][2]. Group 1: Stock Performance - As of November 20, Huayou Cobalt's stock price reached 67.33 CNY per share, with a trading volume of 1.587 billion CNY and a market capitalization of 127.664 billion CNY [1]. - The stock has experienced a 2.92% increase over the last five trading days, a 7.30% increase over the last 20 days, and a 47.98% increase over the last 60 days [1]. - The company has appeared on the "Dragon and Tiger List" once this year, with the most recent occurrence on October 9 [1]. Group 2: Financial Performance - For the period from January to September 2025, Huayou Cobalt reported a revenue of 58.941 billion CNY, reflecting a year-on-year growth of 29.57%, and a net profit attributable to shareholders of 4.216 billion CNY, which is a 39.59% increase year-on-year [2]. - The company has distributed a total of 3.876 billion CNY in dividends since its A-share listing, with 2.835 billion CNY distributed over the last three years [3]. Group 3: Shareholder Information - As of September 30, 2025, Huayou Cobalt had 257,100 shareholders, an increase of 31.78% from the previous period, with an average of 7,328 circulating shares per shareholder, down 15.22% [2]. - Major shareholders include Hong Kong Central Clearing Limited, holding 148 million shares, and various ETFs such as Huatai-PB CSI 300 ETF and E Fund CSI 300 ETF, with notable changes in their holdings [3].

Core Viewpoint - The non-ferrous metal sector continues to lead the market, with the Non-Ferrous Metal Leader ETF (159876) showing strong upward momentum and attracting significant capital inflow, indicating positive market sentiment towards the sector [1][6]. Group 1: Market Performance - The Non-Ferrous Metal Leader ETF (159876) has increased by 2.09% and has accumulated 146 million yuan in capital inflow over the past five days, reflecting strong investor confidence in the sector's future [1][6]. - Key stocks such as Shengxin Lithium Energy and Guocheng Mining have surged over 8%, while other companies like Huaxi Nonferrous and Zhongmin Resources have also shown significant gains [3][5]. Group 2: Stock Highlights - The top-performing stocks include: - Shengxin Lithium Energy: +8.26% with a market cap of 37.8 billion yuan [5] - Guocheng Mining: +8.00% with a market cap of 34.9 billion yuan [5] - Huaxi Nonferrous: +5.56% with a market cap of 23.4 billion yuan [5] - Zhongmin Resources: +5.34% with a market cap of 53.2 billion yuan [5] - Other notable performers include Yahua Group and Yongxing Materials, both showing substantial increases [3][5]. Group 3: Industry Drivers - The rapid growth in the non-ferrous metal sector is driven by three main factors: 1. Acceleration of the new energy revolution, leading to increased demand for metals like copper, lithium, and cobalt due to the explosive growth of solar, wind, energy storage, and electric vehicle industries [6]. 2. Supply chain security strategies, with countries enhancing their strategic layout for critical mineral resources, elevating China's position as a major producer and consumer of non-ferrous metals [6]. 3. Technological innovations expanding the applications of non-ferrous metals into high-end manufacturing, semiconductors, and aerospace [6]. Group 4: Future Outlook - Analysts expect the non-ferrous metal sector to continue its bullish trend into the second half of 2025, with a focus on industrial metals like copper and aluminum, energy metals like lithium and cobalt, and strategic assets like gold and rare earths [7][8].

Market Overview - The three major indices opened higher, with the securities sector leading the gains. As of the market opening, the Shanghai Composite Index was at 3960.70 points, up 0.35%; the Shenzhen Component Index was at 13215.07 points, up 1.03%; and the ChiNext Index was at 3131.84 points, up 1.79% [1] Institutional Insights - Dongguan Securities noted that the A-share market experienced fluctuations on Wednesday, with sectors such as non-ferrous metals, oil and petrochemicals, defense and military industry, beauty care, and banking showing strong gains. Conversely, sectors like comprehensive services, real estate, media, building materials, and retail saw significant declines. The A-share market is currently in a phase of consolidation around the 4000-point mark, but a long-term upward trend is expected to continue [2] - Zhongyuan Securities observed that the A-share market faced resistance after a rise, resulting in slight fluctuations. Industries such as shipbuilding, precious metals, energy metals, and banking performed well, while internet services, software development, cultural media, and electronic components lagged. The market is in a crucial phase of consolidation and positioning for the upcoming year, with a high likelihood of the Shanghai Composite Index stabilizing around the 4000-point level. A rebalancing of market styles is expected to continue, with cyclical and technology sectors likely to alternate in performance [2]

Market Overview - The A-share market experienced fluctuations with sectors such as non-ferrous metals, oil and petrochemicals, national defense, beauty care, and banking showing strong gains, while sectors like comprehensive services, real estate, media, construction materials, and retail faced declines [1][1][1] - The market is currently in a consolidation phase around the 4000-point mark, with a long-term upward trend expected to continue [1][1][1] Sector Performance - Strong performance was noted in shipbuilding, precious metals, energy metals, and banking, while internet services, software development, cultural media, and electronic components lagged behind [1][1] - The market is in a critical phase for positioning for the upcoming year, with a likelihood of continued consolidation around the 4000-point level [1][1] Investor Sentiment - The stabilization of A-share indices is seen as a positive factor for short-term market confidence [1] - Despite geopolitical tensions leading to cautious funding behavior, the potential for increased market volatility remains [1] - Mid-term outlook remains optimistic due to sustained global tech investment enthusiasm, ongoing "anti-involution" policies, and increased retail investment [1][1]

Market Analysis - The A-share market experienced a slight increase with the Shanghai Composite Index rising by 0.18% to 3946.74 points, while overall market sentiment remains low, indicated by 4173 stocks declining compared to 1196 stocks rising [6][7] - The trading volume decreased by approximately 10.4% from the previous day, totaling 1.74 trillion yuan, reflecting significant market divergence [6][7] - The insurance and banking sectors provided notable support to the index, with the insurance sector index increasing by 2.42% and major banks like China Bank rising nearly 4% [7] Bond Market - The bond market saw a comprehensive decline, with the 30-year main contract dropping by 0.41% to 116.09 yuan, while the 10-year, 5-year, and 2-year contracts also fell [12] - The central bank maintained a loose monetary policy, conducting a 310.5 billion yuan reverse repurchase operation to cover maturing amounts, indicating a significant increase in net injection compared to the previous day [12] - The bond market is expected to experience short-term fluctuations while maintaining a long-term loose stance, with the core logic being a supportive funding environment [12] Commodity Market - The commodity market showed a mixed performance, with the South China commodity index rising by 0.62%, driven by increases in lithium carbonate and industrial silicon prices, which rose by 4.97% and 4.68% respectively [9][12] - The black coal and coke sectors continued to show weakness, with prices declining by 2.81% and 1.62%, respectively, while the focus remains on supply stability amid seasonal demand [12] - The "anti-involution" policy is expected to support prices in the lithium carbonate and dual silicon sectors, with potential production cuts being discussed in industry meetings [13] Investment Strategy - The report suggests a cautious approach in the current market environment, with a focus on defensive sectors driven by policy, particularly in insurance and banking stocks, which are seen as undervalued [7][15] - The upcoming manufacturing PMI and the Federal Reserve's December meeting are critical indicators to watch, as weak PMI may lead to increased focus on policy-driven defensive sectors [8][15] - The report emphasizes the importance of monitoring international commodity prices and domestic economic data to inform investment decisions [15]

期货日报网讯（记者 肖佳煊）A股市场午后快速轮动，贵金属、保险、养殖板块涨幅居前，海南、燃 气、影视院线等板块调整。截至收盘，上证指数涨0.18%，深证成指收平，创业板指涨0.25%，市场全 天成交额为17427亿元。 能源金属、金属铅、金属锌等多板块涨超2%。同花顺数据显示，截至收盘，贵金属板块涨5.38%，黄金 概念板块涨1.22%。个股方面，中金黄金、晓程科技、赤峰黄金、山东黄金涨幅较大。国际金价方面， Wind数据显示，截至北京时间15:05，COMEX黄金期货涨0.7%，报4095.1美元/盎司；伦敦金现涨 0.61%，报4092.28美元/盎司。 中信建投研报称，中长期看，储能需求持续走强，锂电全产业链迎来一轮涨价，碳酸锂供需基本面得以 大幅改善。预计2026年全球锂资源供给208.9万吨，消费200.4万吨，在不考虑正极环节及贸易商补库情 形下，过剩仅8.5万吨，较2025年收窄，考虑产业链备库2026年将出现结构性短缺，锂价驱动由供给施 压转向需求驱动向上。 有色金属期货方面，同花顺数据显示，碳酸锂主连期货涨4.97%，工业硅主连期货涨4.68%，多晶硅主 连期货涨4.28%；沪金主连期货涨1 ...

Core Insights - The energy metals sector experienced a significant increase of 3.3% on November 19, with Rongjie Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3946.74, up 0.18%, while the Shenzhen Component Index closed at 13080.09, unchanged [1] Energy Metals Sector Performance - Rongjie Co., Ltd. (002192) saw a closing price of 63.26, with a rise of 10.00% and a trading volume of 514,000 shares, amounting to a transaction value of 3.173 billion [1] - Yongshan Lithium (6633209) closed at 12.40, up 6.26%, with a trading volume of 1.0706 million shares and a transaction value of 1.339 billion [1] - Tianqi Lithium (002466) closed at 63.59, increasing by 6.09%, with a trading volume of 1.3418 million shares and a transaction value of 8.427 billion [1] - Ganfeng Lithium (002460) closed at 72.62, up 3.86%, with a trading volume of 1.231 million shares and a transaction value of 8.972 billion [1] - Other notable performers include Xizang Mining (000762) with a 3.67% increase and a transaction value of 2.038 billion, and Cangge Mining (000408) with a 3.14% increase and a transaction value of 860 million [1] Capital Flow Analysis - The energy metals sector saw a net inflow of 1.416 billion in main funds, while retail funds experienced a net outflow of 0.956 billion [2][3] - Ganfeng Lithium (002460) had a main fund net inflow of 517 million, but retail funds saw a net outflow of 173 million [3] - Tianqi Lithium (002466) reported a main fund net inflow of 458 million, with retail funds experiencing a net outflow of 377 million [3] - Rongjie Co., Ltd. (002192) had a main fund net inflow of 281 million, while retail funds saw a net outflow of 123 million [3]

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The end of the U.S. government shutdown has improved market sentiment, which is expected to support copper and aluminum prices [1][16] - There is a notable division among Federal Reserve officials regarding interest rate cuts, with some advocating for a pause due to persistent inflation concerns [2][17] - The Simandou iron ore project in Guinea has officially commenced production, with a resource volume exceeding 4 billion tons and an annual capacity of 60 million tons [3][18] - A significant gold deposit has been discovered in China, with a total gold content of 1,444.49 tons, marking the largest single gold mine found since the establishment of the People's Republic of China [4][19] - Yahua Group has made a breakthrough in lithium sulfide technology, which is expected to accelerate the industrialization of solid-state batteries [5][20] Summary by Sections Market Review - The non-ferrous metal sector saw a slight increase of 1.07% during the week, outperforming the Shanghai Composite Index by 1.25 percentage points [10] Key Focus Areas & Metal Prices - Copper prices have increased by 1.41% to $10,846 per ton, while COMEX copper inventories rose by 3.23% to 381,296 tons [21][23] - Aluminum prices decreased slightly by 0.12% to $2,858.5 per ton, with LME aluminum inventories increasing by 0.94% [21][23] - Gold prices on COMEX rose by 1.91% to $4,084.40 per ounce, with SHFE gold prices increasing by 3.47% to 953.20 yuan per gram [38][39] - Battery-grade lithium carbonate prices surged by 9.15% to 80,500 yuan per ton, driven by strong demand from energy storage and AI sectors [41][46] Core View Updates and Key Stock Tracking - For industrial metals, the report recommends focusing on companies with integrated operations, such as China Hongqiao, and suggests关注紫金矿业, 洛阳钼业, and others for copper investments [55][56] - In precious metals, the ongoing trend of central banks purchasing gold is highlighted, with recommendations for stocks like 赤峰黄金 and 山东黄金 [55] - Strategic metals are expected to benefit from the easing of export restrictions, with a focus on cobalt, antimony, and tungsten sectors [56]