Market Overview - The three major indices rebounded collectively, with the Shanghai Composite Index up 0.06%, the Shenzhen Component Index up 0.22%, and the ChiNext Index up 0.4% as of 9:40 AM [1] Active Sectors 1. Humanoid Robots - The humanoid robot sector was active, with Junya Technology, Longxi Co., and Ruineng Technology hitting the daily limit, while Daying Electronics, Huichen Co., and Siling Co. also saw gains. The sector's growth is supported by Tesla's release of a running video of its "Optimus" humanoid robot, indicating rapid advancements in the industry [4] 2. Industrial Metals - The industrial metals sector opened higher, with Luoyang Molybdenum rising over 4% and Jiangxi Copper up over 3%. The surge in copper prices is attributed to a significant increase in orders for copper extraction from London Metal Exchange warehouses, raising supply concerns. Analysts expect continued high copper prices due to supply shortages and low domestic inventory levels [3] Institutional Insights 1. Investment Recommendations - According to招商证券, December is expected to favor large-cap stocks, particularly in coal and basic chemicals, as the market is likely to break upward after three months of consolidation. The firm highlights the importance of upcoming economic policy announcements in December [5] 2. Market Trends - 广发证券 suggests that the market will shift from large-cap to small-cap stocks as the correlation between market movements and fundamentals strengthens in December. The period from December to January is seen as an excellent time for spring rally positioning, especially in sectors with positive earnings forecasts [6] 3. Fund Flow Dynamics - 华西证券 notes that the slowdown in incremental capital entering the market has led to faster sector rotation. With year-end approaching, investor risk appetite is decreasing, prompting a focus on sectors that align with upcoming policy changes and economic goals for 2026 [7]

Core Viewpoint - FTSE Russell announced changes to the FTSE China Index series, including the FTSE China A50 Index, which will include new stocks and exclude others, effective December 22, 2025 [1][2][3]. Group 1: Index Changes - The FTSE China A50 Index will include Luoyang Molybdenum and Sungrow Power Supply, while excluding Jiangsu Bank and SF Express [2][3]. - The FTSE China 50 Index will add China Hongqiao Group (P shares), CATL (H shares), and Jiangsu Hengrui Medicine (H shares), removing China Securities (H shares), Great Wall Motor (H shares), and Li Auto [2][3]. - The changes reflect significant year-to-date performance of the newly included stocks, with Luoyang Molybdenum up 173.35% and Sungrow Power Supply up 145.57% [3]. Group 2: Industry Insights - The newly added stocks are primarily from the non-ferrous metals, pharmaceuticals, and lithium battery storage sectors, indicating market trends in both A-shares and H-shares [4]. - Analysts remain optimistic about the non-ferrous metals sector, predicting a new upward cycle driven by macroeconomic recovery and supply chain disruptions [5]. - The gold market is expected to continue its bullish trend, supported by liquidity easing from the Federal Reserve and increased global demand for gold [5]. Group 3: Metal and Lithium Battery Outlook - The copper market is anticipated to see upward price movements due to supply constraints and structural demand growth from new energy transitions [6]. - The lithium battery sector is experiencing significant investment growth, with expectations for continued demand driven by energy storage needs [6][7]. - China's competitive advantage in the global lithium battery market is highlighted, with six of the top ten global power battery companies being Chinese, holding a market share of 68.2% [7].

| 序号 | 板块 | 涨跌幅(%)▼ | 总成交量(万手)▼ | 总成交额（亿元） ▼ | 净流入(亿元) ▼ | 上涨家数 | 下跌家数 | | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 煤炭开采加工 | 2.05 | 1214.19 | 81.83 | 4.46 | 28 | ന | | 2 | 风电设备 | 1.95 | 395.06 | 72.63 | 7.48 | 20 | 8 | | 3 | 工业金属 | 1.72 | 2368.70 | 269.34 | 40.87 | 50 | 7 | | ব | 多元金融 | 1.36 | 482.65 | 39.84 | 2.06 | 22 | ব | | 5 | 小受寓 | 1.22 | 639.67 | 223.46 | 20.51 | 20 | 7 | | ଚ | 机场航运 | 1.17 | 559.61 | 27.57 | 2.77 | 10 | 2 | | 7 | 医药商业 | 1.16 | 774.86 | 89.67 | -4.70 | 24 | 8 | | 8 | 工程机械 ...

Core Viewpoint - Luoyang Molybdenum Co., Ltd. has shown significant stock price growth this year, with a year-to-date increase of 174.82% and a recent upward trend in trading performance [2][3]. Company Overview - Luoyang Molybdenum Co., Ltd. was established on December 22, 1999, and listed on October 9, 2012. The company is primarily engaged in the mining, selection, deep processing, trading, and research of precious metals such as molybdenum, tungsten, and gold [3]. - 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%) [3]. Stock Performance - As of December 3, the stock price of Luoyang Molybdenum was 17.58 CNY per share, with a trading volume of 1.443 billion CNY and a market capitalization of 376.112 billion CNY [1]. - The stock has experienced a 10.01% increase over the last five trading days, a 10.98% increase over the last 20 days, and a 27.21% increase over the last 60 days [2]. Financial Performance - For the period from January to September 2025, Luoyang Molybdenum achieved a revenue of 145.485 billion CNY, a year-on-year decrease of 5.99%. However, the net profit attributable to shareholders increased by 72.61% to 14.280 billion CNY [3]. - The company has distributed a total of 21.562 billion CNY in dividends since its A-share listing, with 10.576 billion CNY distributed in the last three years [4]. Shareholder Structure - As of September 30, 2025, the number of shareholders reached 304,200, an increase of 28.08% from the previous period. The average circulating shares per person remained at 0 [3]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 669.5 million shares, an increase of 47.472 million shares from the previous period [4].

Core Insights - The industrial metals sector is crucial for modern industrial systems, reflecting the economic operation status of a nation. The sector is characterized by high strength, corrosion resistance, and excellent processing performance, supporting key industries such as construction, machinery, automotive, electricity, and aerospace [1][13]. Industry Overview - Industrial metals, a subset of non-ferrous metals, include copper, aluminum, lead, and zinc, which are widely used in various industrial applications. The sector has a complete industrial chain in China, from mining to processing, with production and consumption at the global forefront [4][6][13]. - The demand structure is shifting, with traditional construction growth slowing, while emerging industries like new energy, high-end equipment, and electronic semiconductors are driving demand for high-precision, lightweight, and specialty alloys [1][13]. Industry Policies - Recent policies aim to enhance the resilience and security of the industrial metals supply chain. For instance, the "Copper Industry High-Quality Development Implementation Plan (2025-2027)" targets a 5%-10% increase in domestic copper resources by 2027 and aims for a 5% annual growth in the value added of the non-ferrous metals industry from 2025 to 2026 [9][13]. Industry Chain - The industrial metals industry chain consists of upstream mining exploration and selection, midstream smelting and purification, and downstream applications in construction, automotive, shipbuilding, machinery, electrical, and aerospace sectors [9][10][13]. Market Trends - The industrial metals sector is transitioning towards high-performance, lightweight, and green manufacturing, with a focus on new alloy materials and resource recycling. The "dual carbon" goals are expected to accelerate the development of energy-saving technologies and the recycled metals industry [1][13]. - The market for copper alloy materials is projected to exceed 3000 billion yuan by 2028, driven by the growth of new energy vehicles and advanced manufacturing sectors [18]. Key Companies - Major players in the industrial metals sector include Jiangxi Copper, Zijin Mining, and China Aluminum, which dominate the market due to their scale and resource advantages. Private companies like Nanshan Aluminum and Yunnan Aluminum are also gaining market share through innovation [2][18][19]. Production Statistics - China's copper production is expected to grow significantly, with the copper alloy materials market reaching 2367 billion yuan in 2024. The production of aluminum alloys is projected to increase from 629.4 million tons in 2015 to 1614.1 million tons in 2024, reflecting a compound annual growth rate of 11.03% [14][17][18].

Group 1: Precious Metals Market Overview - The precious metals sector, represented by gold and silver, has shown strong performance in the A-share and Hong Kong markets, with silver prices reaching historical highs and a year-to-date increase exceeding 100% [2][6] - The expectation of a Federal Reserve interest rate cut in December has contributed to the bullish sentiment in the precious metals market, with silver leading the gains [6][7] - Structural supply shortages in the silver market are anticipated to continue, with a projected supply gap of approximately 95 million ounces in 2025, marking the fifth consecutive year of supply-demand imbalance [6][7] Group 2: Industrial Metals Market Dynamics - The industrial metals sector, particularly copper, has experienced significant price resilience, with LME copper prices reaching historical highs due to supply constraints and macroeconomic optimism [3][4] - Analysts predict a potential super cycle for copper driven by supply disruptions from major mines and increasing demand from sectors such as AI and renewable energy [3][4][5] - The global refined copper supply is expected to face shortages starting in 2024, with projected shortfalls of 270,000 tons, 460,000 tons, and 580,000 tons from 2025 to 2027, respectively [4] Group 3: Aluminum Market Outlook - The aluminum market is also expected to enter a bullish phase, with supply constraints becoming more pronounced as domestic production reaches capacity limits [5] - The global average annual supply growth for electrolytic aluminum is projected at 1.4%, while demand growth is expected to be 1.8%, leading to an expanding supply-demand gap [5] Group 4: Long-term Trends in Gold Prices - The long-term bullish trend for gold prices remains intact, supported by ongoing monetary easing and central bank gold purchases, which are expected to provide a strong safety net for gold prices [7][8] - The urgency for physical gold demand is anticipated to increase due to significant liquidity in the market, potentially leading to unpredictable price movements [8]

Core Viewpoint - The industry is expected to stabilize in 2024, with a recovery in macro expectations following the potential Geneva Agreement between China and the U.S. in 2025, leading to an upward cycle in non-ferrous metal prices and industry performance [1] Non-Ferrous Metals - The price and performance of non-ferrous metals are anticipated to rise due to supply chain disruptions and liquidity easing, establishing a new upward cycle [1] - Copper supply constraints continue, with limited new projects and effective production disruptions, while demand from traditional sectors eases and new sectors like renewable energy and data centers emerge [1] - The price of copper is expected to rise as liquidity improves with the Federal Reserve's interest rate cuts [1] Precious Metals - A bullish trend for gold is likely to continue, driven by the Federal Reserve's potential interest rate cuts and balance sheet expansion, which will increase global gold ETF purchases [1] - The growing U.S. debt and concerns over credit issues are expected to lead to increased gold purchases by central banks and private investors, supporting mid-term price increases [1] Energy Metals - The price of cobalt is expected to rise due to supply constraints from Congo's export quota management and limited new supply from Indonesia, alongside increasing demand from electric vehicles and consumer electronics [1] - The supply-demand gap for cobalt is projected to widen from 2025 to 2026, indicating a clear upward trend in prices [1] Rare Metals - The strategic value of rare earth metals is increasing, with a favorable supply-demand balance due to stable traditional demand and emerging new demands [2] - Domestic supply controls are strengthening, enhancing industry concentration and monopolistic positions, which is likely to push prices upward and improve profitability for magnetic material companies [2] Investment Strategy - Focus on three areas: 1) Continued interest rate cuts by the Federal Reserve will drive global gold ETF purchases, benefiting gold prices [3] 2) Ongoing copper supply shortages and new demand from AI data centers will support copper price increases [3] 3) Cobalt prices are expected to rise due to supply restrictions from Congo and depleting domestic inventories [3]

更多精彩内容请关注格林大华期货官方微信 格林大华期货研究院 证监许可【2011】1288 号 2025 年 12 月 2 日 星期二 研究员： 于军礼 从业资格： F0247894 交易咨询资格：Z0000112 联系方式：yujunli@greendh.com 早盘提示 | 板块 | 品种 | 多（空） | | | --- | --- | --- | --- | | | | | 【重要资讯】 | | | | | 1、白银价格创下新高。中国白银库存降至 715.8 吨的七年新低。这一行情不仅反 | | | | 映 | 10 月份中国创纪录出口 660 吨白银引发的供需失衡，更印证供应驱动型涨价正 | | | | | 从贵金属向工业金属蔓延，成为大宗商品的普遍趋势。 | | | | | 2、半夏投资创始人李蓓表示，富人面临财富无处安放的资产荒。股市赚钱效应将 | | | | | 引发居民储蓄搬家、国内机构资产配置重构，更会触发全球资金重新配置、海外资 | | | | | 本回流中国市场的浪潮。这一轮行情非常可能会泡沫化，达到相当的高度。 | | | | | 3、马斯克表示，未来 SpaceX、特斯拉和 xAI ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002824 证券简称：和胜股份 公告编号：2025-078 广东和胜工业铝材股份有限公司 2025年股票期权与限制性股票激励计划之 限制性股票首次授予登记完成的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整、没有虚假记载、误导性陈述或重大遗 漏。 3、限制性股票首次授予登记的上市日：2025年12月5日； 4、限制性股票首次授予价格：11.32元/股； 5、限制性股票来源：公司定向增发A股普通股。 经深圳证券交易所、中国证券登记结算有限责任公司深圳分公司审核确认，广东和胜工业铝材股份有限 公司（以下简称"公司"）已完成2025年股票期权与限制性股票激励计划（以下简称"本激励计划"）之限 制性股票首次授予登记工作，现将有关情况公告如下： 一、本激励计划简述以及已履行的审议程序 重要内容提示： 1、限制性股票首次授予登记数量：121.96万股； 2、限制性股票首次授予登记人数：207人； （一）本激励计划的简述 1、激励方式：本激励计划包括股票期权激励计划和限制性股票激励计划两个部分。 2、股票来源：本激励计划的股票来源为公司定向增发A ...

需求预期上修与交易动量维持高位，我们维持对工业商品的战术性超配观点。 以铜为代表的工业金属或阶段性处于供需不平衡的情况。建筑、电网与电动车 是当下的主 要需求驱动， AI 算力扩张与电网现代化亦带来新增结构性需求，而铜的开发成本与复杂性显著提高，投资意愿减弱，或阶段性推高铜价。工业商 品相较于其他主要大类资产的风险回报比较高 。 美国货币政策修正与经济收敛使美元承压，我们维持对美元的战术性低配观点 。 美联储修正货币政策指引方向与美国经济边际收敛使得美元相较于其他货币 的配置价值有所下降。但去美元化交易阶段性放缓，弱美元亦并非持续下行。美元相较于其他主要大类资产的风险回报比较低 。 风险提示：分析维度存在局限性，模型设计存在主观性，历史与预期数据存在偏差，市场一致预期调整，量化模型局限性。 报告导读： 我们维持此前的战术性大类资产配置观点。我们建议战术性超配 A/H 股与工 业金属，战术性标配国债，战术性低配美元。 多重因素支持中国权益表现，我们维持对 A/H 股的战术性超配观点。 全球风险偏好大幅承压导致的资产波动叠加恐慌抛售使得微观交易风险大幅释放。随着 十五五开年经济增速的重要性，政策窗口期临近，市场后 ...