Core Viewpoint - Tian Shi Resources (08028.HK) has announced recent progress regarding the development, deployment, and issuance of silver tokens based on a strategic cooperation memorandum, with a formal application submitted to the Securities and Futures Commission for approval of the silver token issuance [1] Company Summary - Tian Shi Resources' stock closed at HKD 0.32 on November 4, 2025, down 3.08%, with a trading volume of 1.163 million shares and a turnover of HKD 374,000 [1] - The company has a market capitalization of HKD 164 million, ranking 13th in the rare metals industry [1] Financial Metrics - Return on Equity (ROE): -46.23%, compared to the industry average of -6.08%, ranking 13th [1] - Market Capitalization: HKD 164 million, significantly lower than the industry average of HKD 8.983 billion, ranking 13th [1] - Revenue: HKD 97.364 million, compared to the industry average of HKD 19.08 billion, ranking 13th [1] - Net Profit Margin: -10.88%, better than the industry average of -25.65%, ranking 11th [1] - Gross Profit Margin: 0.24%, compared to the industry average of 5.95%, ranking 11th [1] - Risk Rate: 22.48%, significantly lower than the industry average of 47.12%, ranking 3rd [1]

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 进入11月，A股三季度报已经披露完毕，券商重仓股也已经全部出炉。Choice数据显示，截至2025年三季度末，共有44家券商出现在320家A股 公司的前十大重仓股中，持股市值合计664.51亿元，相比一季度末上升17.39亿元。 从持仓变动来看，新进的公司有164家，持仓不变的公司共有26家，增持的公司共有69家，减持的公司有61家。 接下来，笔者将从持股市值、涨跌幅、持股机构数为大家盘点三季度末的券商重仓股。 （ 点此领取券商三季度末重仓股名单 ） 0 1 香农芯创等 35 股持股市值超 3 亿元 从持股市值来看，持股市值超1亿元的公司有114家，持股市值超2亿元的公司共有61家， 持股市值超 3亿元的公司共有35家。 在这35家公司中，持股不变的公司有6家，新进的公司有5家，增持的公司有13家，减持的公司有11家。行业方面，这35家公司所属的板块较为 分散。 从股价表现来看，三季度以来股价上涨的公司共有28家，其中涨超10%的公司共有18家，股价翻倍的公司仅有香农芯创1家。 （ 点此领取名单 ） 香农芯创最新持股市值约为 5.93亿元，持股数 ...

Group 1 - Yunnan Ge Industry's stock price dropped by 5.05% to 25.93 CNY per share, with a trading volume of 680 million CNY and a turnover rate of 3.94%, resulting in a total market capitalization of 16.935 billion CNY [1] - The company, established on August 19, 1998, and listed on June 8, 2010, specializes in germanium mining, smelting, purification, and deep processing, with main products including zone-refined germanium ingots and infrared-grade germanium single crystals [1] - The revenue composition of the company's main products includes material-grade germanium products (29.26%), photovoltaic-grade germanium products (23.34%), optical fiber-grade germanium products (21.98%), infrared-grade germanium products (12.45%), compound semiconductor materials (10.54%), and others (2.44%) [1] Group 2 - Southern Fund's Southern CSI 1000 ETF (512100) is among the top ten circulating shareholders of Yunnan Ge Industry, having reduced its holdings by 49,500 shares in the third quarter, now holding 4.7786 million shares, which is 0.73% of the circulating shares [2] - The Southern CSI 1000 ETF has a total scale of 76.63 billion CNY, with a year-to-date return of 28.02% and a one-year return of 28.69% [2]

Core Insights - The report highlights that 44 brokerage firms have invested in 351 stocks, with a total holding value exceeding 66 billion yuan as of the end of Q3 [2][3] - High-end manufacturing and technology sectors are identified as popular investment directions for brokerages, reflecting a shift towards structural opportunities in the equity market [2][3] Brokerage Holdings Overview - The top 10 stocks held by brokerages by market value include Muyuan Foods, Guangqi Technology, and Cangge Mining, with holdings exceeding 1 billion yuan for several stocks [3][4] - The distribution of holdings indicates a strong focus on sectors such as machinery, pharmaceuticals, electronics, and basic chemicals, with the highest number of stocks in machinery equipment (35 stocks) and pharmaceuticals (28 stocks) [3][4] Trading Activity - Brokerages have entered 186 new stocks, with notable new positions including Postal Savings Bank and China Foreign Transport, each exceeding 30 million shares [4] - A total of 69 stocks saw increased holdings, particularly in the basic chemicals and transportation sectors, while 61 stocks were reduced, indicating a selective approach to portfolio management [5][4] Self-Operated Business Performance - Self-operated business remains the largest revenue contributor for brokerages, with a reported income of 186.857 billion yuan in the first three quarters, marking a 43.83% year-on-year increase [6][7] - Major brokerages like CITIC Securities and Guotai Junan reported significant growth in self-operated income, driven by a recovering equity market and strategic asset allocation [6][7] Market Trends and Analysis - Analysts note that the active trading environment and increased margin financing have positively impacted brokerage performance, with a significant rise in average daily trading volume [7] - The shift towards equity assets and the reduction in bond investments reflect a broader trend of rebalancing within the brokerage sector [7]

Economic Indicators - The S&P Global Manufacturing PMI came in at 52.5%, indicating expansion, slightly better than the expected 52.2% and the previous month's 52.2% [2] - The ISM Manufacturing PMI, however, fell to 48.7%, below the expected 49.4%, indicating contraction in the manufacturing sector [4] - New orders in manufacturing are also in contraction territory at 49.4%, while employment figures improved slightly to 46, still indicating contraction [4][5] US-China Trade Relations - The White House has decided to hold off on additional tariffs as China resumes some semiconductor exports and increases purchases of US agricultural products, including wheat and soybeans [7][8][9] - This easing of trade tensions has led to a positive market reaction, particularly in the agricultural sector [8][10] Market Reactions - Rare earth and mineral companies are experiencing declines, with MP Materials down approximately 5.3%, as investor enthusiasm wanes amid easing supply concerns [12][14][16] - The broader S&P 500 index is facing selling pressure, with only about 19% of stocks in the green, indicating a challenging market environment [15] Oil Market Dynamics - OPEC+ plans to increase production by 137,000 barrels per day, aligning with market expectations, but will pause production increases between January and March due to concerns over inventory levels [19][21] - Current oil prices are under pressure, with significant inventory levels noted, and a bearish outlook persists unless prices can stabilize above $65 [22][23]

Core Points - Zhuzhou Keno New Materials Co., Ltd. has terminated its IPO application after over two years of waiting, marking a significant event in the current IPO landscape in China [1][3] - A total of 98 companies have withdrawn their IPO applications this year, with the Beijing Stock Exchange leading with 37 withdrawals [1][4] - The audit firm Tianjian has the highest number of terminated IPO projects, accounting for 24 out of the 98 [1][8] Company Summary - Zhuzhou Keno focuses on the development and industrialization of III-V group chemical element purification technology, primarily dealing with high-purity materials such as gallium, indium, bismuth, and tellurium [3] - The company aimed to raise approximately 588 million yuan for projects including the production of 500 tons of semiconductor high-purity materials and the establishment of an advanced materials research center [3] - The company's revenue for 2022, 2023, and projected for 2024 is approximately 679 million yuan, 609 million yuan, and 787 million yuan respectively, with net profits of about 50.9 million yuan, 42.9 million yuan, and 70.8 million yuan [3] Industry Summary - The regulatory environment has tightened, leading to a decrease in the number of IPO withdrawals compared to over 400 last year, indicating that companies are more cautious before applying for IPOs [5] - The China Securities Regulatory Commission (CSRC) has implemented stricter regulations, including a higher random inspection rate for IPO applications, which may contribute to improved quality of companies entering the market [4][5] - Multiple companies, including Destai and Boshan, have attempted to go public several times without success, suggesting potential internal issues or a lack of readiness for the IPO process [6][7]

Market Performance - As of November 3, the rare earth permanent magnet sector declined by 1.22%, ranking among the top declines in concept sectors [1] - Within the sector, companies such as Jinli Permanent Magnet, China Rare Earth, and Wolong New Energy experienced significant declines, while Baogang Co., Yujing Co., and Zhongkuang Resources saw increases of 4.72%, 3.40%, and 2.42% respectively [1] Capital Flow - The rare earth permanent magnet sector experienced a net outflow of 3.193 billion yuan, with 48 stocks seeing net outflows, and 6 stocks exceeding 100 million yuan in outflows [2] - The largest net outflow was from Northern Rare Earth, amounting to 1.182 billion yuan, followed by Jinli Permanent Magnet, Lingyi Intelligent Manufacturing, and China Rare Earth with net outflows of 339 million yuan, 294 million yuan, and 291 million yuan respectively [2] Top Gainers and Losers - The top gainers in the rare earth permanent magnet sector included Baogang Co., China Aluminum, and Antai Technology, with net inflows of 325 million yuan, 14.3 million yuan, and 1.970 million yuan respectively [4] - The top losers in the sector included Northern Rare Earth, Jinli Permanent Magnet, and Lingyi Intelligent Manufacturing, with declines of 3.76%, 6.97%, and 2.69% respectively [3]

Group 1 - The article highlights a product-based AI company with a gross margin exceeding 80%, which analysts believe will benefit from the launch of new products and its upcoming listing in Hong Kong, enhancing its global presence and development opportunities [1] - The demand for rare metals is significantly driven by the explosive growth in overseas aerospace and military needs, with the company positioned to benefit from its critical upstream raw material production capacity expansion barriers and technological advantages, likely to continue profiting from the industry's cyclical upturn [1]

Core Viewpoint - Yunnan Zhenye (002428) emphasizes the importance of quality improvement and cost reduction in its operations, aiming for enhanced economic efficiency through continuous management improvements and technological advancements [1] Group 1 - The company prioritizes quality enhancement and cost reduction in its production and management processes [1] - Continuous improvements are being made in every operational aspect to achieve higher efficiency and rationality [1] - The company is actively engaged in research and development of relevant technologies to lower production costs through technological progress and process optimization [1]

Core Viewpoint - The report from CITIC Construction Investment indicates positive signals for antimony exports, with a potential recovery in exports and prices possibly bottoming out. Tungsten prices have surged again, surpassing previous highs, leading to significant performance growth for integrated companies in the industry [1]. Group 1: Antimony Exports - The Ministry of Commerce has announced the declaration conditions and procedures for state-owned trading enterprises for tungsten, antimony, and silver exports for the 2026-2027 period [1]. - There are signs of recovery in antimony exports, which is expected to boost industry confidence [1]. - Antimony exports are anticipated to rebound, with prices potentially reaching a bottom and starting to recover [1]. Group 2: Tungsten Prices - Tungsten prices have rapidly increased again, breaking previous highs [1]. - The third quarter has seen a significant rise in tungsten concentrate prices, enhancing the pricing power of downstream hard alloy and tool manufacturers [1]. - Integrated companies within the tungsten industry are experiencing substantial growth in performance due to the price increases [1].