Core Viewpoint - The stock of Shengxin Lithium Energy has experienced significant fluctuations, with a year-to-date increase of 137.45% but a recent decline of 19.61% over the past five trading days [1] Group 1: Stock Performance - As of November 27, Shengxin Lithium Energy's stock price was 32.72 CNY per share, with a market capitalization of 29.948 billion CNY [1] - The stock has seen a trading volume of 1.459 billion CNY and a turnover rate of 5.08% [1] - The company has appeared on the "龙虎榜" (a trading list for stocks with significant trading activity) five times this year, with the most recent appearance on November 25, where it recorded a net buy of -99.37 million CNY [1] Group 2: Financial Performance - For the period from January to September 2025, Shengxin Lithium Energy reported a revenue of 3.095 billion CNY, a year-on-year decrease of 11.53%, and a net profit attributable to shareholders of -752 million CNY, down 62.96% year-on-year [2] - Cumulative cash dividends since the company's A-share listing amount to 929 million CNY, with 811 million CNY distributed over the past three years [3] Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Shengxin Lithium Energy was 124,200, an increase of 1.92% from the previous period [2] - The average number of circulating shares per shareholder was 6,974, a decrease of 1.88% from the previous period [2] - Hong Kong Central Clearing Limited is now among the top ten circulating shareholders, holding 10.4329 million shares as a new shareholder [3]

Investment Highlights - Precious Metals: Maintain a strong hold and await the next major uptrend. Precious metals continue to fluctuate, with volatility decreasing but remaining within a downward range. It is suggested to continue buying gold around $3950 per ounce, as the previous rapid price increase may lead to a 2-3 month consolidation period. The long-term trend of de-dollarization is expected to continue, and investors are advised to hold onto low-positioned assets despite volatility [1][2]. - Copper: Supply disruptions are expected to elevate the price center, with adjustments seen as buying opportunities. Copper prices have shown volatility, with LME copper prices declining. The rapid price increase since October, coupled with profit-taking after successful US-China talks and seasonal inventory accumulation, has led to high-level fluctuations. However, due to expected supply-demand tightness in 2026, adjustments are viewed as buying points [1][2]. - Aluminum: The end of the peak season sees rigid supply supporting price levels. LME aluminum prices fell by 2.29%. Although there are risks of inventory accumulation during the off-season, market sentiment improved after price declines. The aluminum price is expected to maintain high-level fluctuations, with long-term price stability anticipated due to potential supply disruptions from overseas power supply issues [2][3]. - Tin: Significant reduction in Indonesian tin ingot imports highlights medium to long-term investment opportunities. Tin prices have steadily increased, remaining above 290,000 yuan per ton, primarily due to a sharp decline in imports from Indonesia. The crackdown on illegal tin mining and the transfer of smelting plants to state-owned enterprises have significantly reduced exports, leading to a tightening supply situation [3]. - Lithium: Significant price adjustments in lithium suggest buying on dips. The price of lithium carbonate has experienced substantial fluctuations due to overheated trading in the futures market. The current market shows a cautious attitude from downstream enterprises, with only rigid demand driving small-scale purchases. The overall supply-demand situation remains robust, and the lithium price is expected to have limited downward adjustments [3]. Investment Recommendations - Companies to focus on include: Dazhong Mining, Guocheng Mining, Zhongkuang Resources, Shengda Resources, Xingye Silver Tin, Chifeng Gold, Zijin Gold International, Zhaojin Gold, Shenhuo Co., and Zijin Mining [4].

Core Viewpoint - The expectation of a Federal Reserve interest rate cut has increased, leading to a collective rise in gold and copper prices, with the non-ferrous metal sector showing signs of recovery [1][4]. Group 1: Federal Reserve and Economic Outlook - Federal Reserve Governor Christopher Waller reiterated support for a rate cut in December, citing stable inflation and concerns about the labor market [3]. - Goldman Sachs predicts that the Fed will likely initiate a rate cut in December, with potential further cuts in 2025, bringing the benchmark rate down to the 3%-3.25% range [3]. - The current economic conditions suggest a tilt towards accelerated rate cuts if the economic downturn exceeds expectations [3]. Group 2: Market Reactions and Commodity Prices - The market's anticipation of the Fed's rate cut has provided upward momentum for physical asset prices, with COMEX gold and LME copper both rising over 1% [4]. - The copper production target for Freeport-McMoRan in Indonesia has been lowered to 478,000 tons for 2026 due to operational disruptions, which may lead to short-term supply concerns and support higher copper prices [4]. Group 3: Copper Price Projections - UBS has raised its copper price targets for 2026, with the new target set at $13,000 per ton, reflecting a bullish outlook on copper prices [5]. - The copper market is expected to maintain an upward price trend due to supply constraints and increasing demand from sectors like electric power, new energy vehicles, and data centers [8]. Group 4: Non-Ferrous Metal Sector Performance - The Non-Ferrous 50 ETF (159652) saw significant gains, with leading stocks like Huaxi Nonferrous rising over 8% and several others increasing by more than 3% [6]. - The non-ferrous metal sector is characterized by tight supply and strong demand, with aluminum prices expected to remain high due to limited new capacity and robust demand [9]. Group 5: Investment Opportunities - The Non-Ferrous 50 ETF (159652) is highlighted for its high "gold and copper content," with 33% copper and 13% gold, making it a leading choice in the sector [10]. - The ETF has demonstrated superior performance with a cumulative return leading its peers since 2022, driven by earnings rather than valuation expansion [12].

Group 1 - Ganfeng Lithium's stock price increased by 2.01% to 59.83 CNY per share, with a trading volume of 2.645 billion CNY and a market capitalization of 123.245 billion CNY as of November 25 [1] - The company has seen a year-to-date stock price increase of 71.63%, but a decline of 14.43% in the last five trading days and 7.50% in the last 20 days [1] - Ganfeng Lithium's main business revenue composition includes lithium series products (56.78%), lithium battery series products (35.52%), and others (7.70%) [1] Group 2 - As of September 30, Ganfeng Lithium reported a revenue of 14.625 billion CNY for the first nine months of 2025, representing a year-on-year growth of 5.02%, and a net profit attributable to shareholders of 25.52 million CNY, up 103.99% year-on-year [2] - The company has distributed a total of 6.162 billion CNY in dividends since its A-share listing, with 3.933 billion CNY distributed in the last three years [3] - The number of shareholders increased to 372,500, with an average of 3,243 circulating shares per person, a decrease of 23.77% from the previous period [2]

Group 1: Copper - The copper prices are under pressure due to the increasing divergence within the Federal Reserve regarding the potential interest rate cut in December, following better-than-expected U.S. non-farm payroll data [2] - The weekly price changes for copper are as follows: London copper down 1.38%, Shanghai copper down 1.43%, and U.S. copper down 1.07% [2] - Copper inventories across major exchanges have accumulated, with London copper at 155,000 tons (+14.22%), New York copper at 403,000 short tons (+5.66%), and Shanghai copper at 111,000 tons (+1.09%) [2] - Domestic electrolytic copper social inventory stands at 195,000 tons, showing a decrease of 3.28% [2] - The weekly operating rate for electrolytic copper rods is 70.07%, reflecting a week-on-week increase of 3.19 percentage points [2] - In the medium to long term, insufficient capital expenditure in copper mining and frequent supply-side disruptions may lead to a shift from a tight balance to a shortage in the copper supply-demand landscape, potentially driving prices upward [2] Group 2: Aluminum - Aluminum prices have retreated from high levels due to macroeconomic disturbances, with Shanghai aluminum down 2.32% to 21,500 yuan/ton [3] - The current price of alumina has decreased by 0.18% to 2,850 yuan/ton, while the main futures contract for alumina fell 3.22% to 2,731 yuan/ton [3] - The operating capacity for metallurgical-grade alumina reached 90.456 million tons per year, with a weekly operating rate down 0.77 percentage points to 80.40% [3] - London aluminum inventory is at 548,000 tons (-0.79%), while Shanghai aluminum inventory increased by 7.67% to 123,700 tons [3] - The domestic electrolytic aluminum operating capacity is nearing its ceiling, and with stable demand growth, a shortage may emerge next year, suggesting a potential upward trend in aluminum prices [3] Group 3: Lithium - Lithium carbonate prices have increased by 8.40% to 92,300 yuan/ton, while lithium spodumene prices rose by 8.25% to 1,089 USD/ton [4] - The weekly production of lithium carbonate is 22,100 tons, reflecting a 2.7% increase [4] - The inventory of lithium salts has been continuously reduced, indicating a tightening supply situation, with lithium carbonate experiencing 14 consecutive weeks of inventory reduction [4] - The production of lithium iron phosphate in October reached 394,000 tons, marking a year-on-year increase of 51% and a month-on-month increase of 11% [4] - The lithium sector is expected to enter a new demand-driven cycle, with companies in this space likely to see a profit turning point [4] Group 4: Cobalt - Cobalt prices are expected to continue rising due to a tight supply situation, with MB cobalt up 0.74% to 23.83 USD/pound and domestic cobalt prices up 2.02% to 405,000 yuan/ton [5] - The Democratic Republic of the Congo has lifted its cobalt export ban, transitioning to a quota system, but current approvals for cobalt intermediate exports remain pending [5] - The expected transportation time indicates that Congolese raw materials may not arrive until March 2026, maintaining a tight supply-demand balance in the cobalt market [5]

田鹏 其一，自主创新与产业链安全成为资本定价的关键要素。在外部环境复杂多变、全球科技竞争加剧的背 景下，那些在半导体、高端制造等关键领域具备核心技术的企业，被赋予更高的"确定性溢价"。 其二，资源资产的战略属性正在重估。随着能源转型深化，黄金、锂、铜等战略资源已超越传统周期品 的范畴，成为保障国家安全与产业发展的基础性资产。特别是在新能源产业链对锂、铜等金属需求长期 看涨的背景下，拥有优质资源储量、具备可持续开采能力的企业，其估值逻辑正从单纯的"价格周 期"向"战略稀缺"转变。 其三，资本更趋务实，聚焦可持续的盈利能力与现金流。无论是科技自主还是资源稀缺，最终能够获得 国际指数青睐的，仍是那些在细分领域具有清晰盈利路径、稳健财务结构及良好公司治理的标的。在经 济增长模式转型的当下，资本市场正在用真金白银投票，筛选出那些真正具备内生增长能力的"核心资 产"。 在这一配置偏好下，中国资产凭借显著的估值洼地效应、持续释放的政策开放红利以及强劲的产业升级 动能，从全球资产池中脱颖而出，成为外资增配的核心方向之一，其长期配置价值持续凸显。这不仅将 推动更多优质中国企业走向国际资本市场，更将对中国资本市场与产业发展产生长 ...

■田鹏 新纳入标的的行业分布既涵盖半导体、高端制造等科技创新领域龙头企业，如生益电子、长盈精密等，也囊括黄金、锂、 铜等战略性资源类核心标的，如中国黄金国际、紫金黄金国际等，清晰勾勒出科技创新与资源价值双主线的调整逻辑。 未来，随着中国在科技创新领域的不断突破、核心资源保障能力的持续提升，以及资本市场开放程度的进一步深化，全球 资本与中国优质资产的双向奔赴将更加紧密。在资本的赋能与市场的淬炼下，中国产业升级的步伐将愈发稳健，资本市场的价 值发现功能将愈发凸显，最终实现产业、资本与市场的良性循环。 这一调整趋势并非偶然，而是年内MSCI指数优化方向的延续与强化。回顾2025年前三次调整（2月份、5月份和8月份）， 所剔除标的虽无明确行业集中倾向，但多为业绩持续承压、市场流动性不足或基本面出现边际变化的个股；而新纳入标的则始 终向"高成长潜力、硬核技术实力、产业稀缺价值"倾斜。 其三，资本更趋务实，聚焦可持续的盈利能力与现金流。无论是科技自主还是资源稀缺，最终能够获得国际指数青睐的， 仍是那些在细分领域具有清晰盈利路径、稳健财务结构及良好公司治理的标的。在经济增长模式转型的当下，资本市场正在用 真金白银投票，筛选 ...

Investment Rating - The investment rating for the non-ferrous metals industry is "Positive" (maintained) [4][108] Core Views - The report highlights that copper prices are experiencing high volatility due to the Federal Reserve's expectations of a rate cut in December, with recent price changes showing a decline of 1.38% for London copper and 1.43% for Shanghai copper [5][25] - The report indicates a potential shift in the copper supply-demand balance from tight equilibrium to shortage in the medium to long term, driven by insufficient capital expenditure in copper mining and frequent supply disruptions [5] - The aluminum market is facing macroeconomic disturbances, leading to a decline in aluminum prices, but a long-term upward trend is still anticipated due to stable demand growth [5][37] - Lithium prices are entering a new cycle driven by demand, with significant price increases observed in lithium carbonate and lithium spodumene [5][78] - The cobalt market remains tight, with prices expected to continue rising due to ongoing supply constraints [5][90] Summary by Sections 1. Industry Overview - The report notes that the U.S. non-farm payrolls exceeded expectations, with 119,000 jobs added in September, impacting market sentiment [9] - The overall performance of the non-ferrous metals sector showed a decline of 6.75%, underperforming the Shanghai Composite Index by 2.85 percentage points [11][12] 2. Industrial Metals 2.1 Copper - London copper prices fell by 1.38%, while Shanghai copper prices decreased by 1.43%, with inventories rising significantly [25] - The copper smelting profit margin is reported at -1909 yuan/ton, indicating a narrowing loss [25] 2.2 Aluminum - London aluminum prices decreased by 2.24%, and Shanghai aluminum prices fell by 2.32%, with a notable increase in inventory levels [37] - The profit margin for aluminum enterprises dropped to 5533 yuan/ton, down 8.56% [37] 2.3 Lead and Zinc - Lead prices fell by 3.97% in London and 2.19% in Shanghai, with significant inventory changes [50] - Zinc prices also saw a decline, with smelting processing fees dropping to 2350 yuan/ton [50] 2.4 Tin and Nickel - Tin prices decreased slightly, while nickel prices also saw a decline, with domestic nickel iron enterprises reporting reduced profitability [63] 3. Energy Metals 3.1 Lithium - Lithium prices have shown significant increases, with lithium carbonate rising to 92,300 yuan/ton, reflecting a strong demand-driven cycle [78] 3.2 Cobalt - Cobalt prices are on the rise, with domestic prices reaching 405,000 yuan/ton, indicating a tightening supply situation [90]

老铁们中午好，我是帮主郑重，专注中长线的财经老炮！今天上午的A股有点意思，沪指高开低走跌了0.34%，深成指、创业板指也跟着调整，但全市场超 3200只个股上涨，这"指数跌、个股涨"的分化行情，你看懵了吗？ 先划重点数据，看懂盘面真相： • 沪深京三市半日成交额10325亿元，比昨天缩量2849亿！资金开始变得谨慎，观望情绪很明显； • 军工装备、商业航天直接爆发，航天环宇20CM涨停，中天火箭、中船防务也封板，妥妥的日内主线； • 锂板块全线崩了！盛新锂能、融捷股份连续两跌停，天齐锂业、赣锋锂业逼近跌停，海南板块也冲高回落，海马汽车差点跌停。 第三，仓位控制很关键，缩量行情下别满仓押注，留着子弹，等确定性信号出现再出手更稳妥。 互动2：你觉得午后军工能继续领涨吗？扣"1=能""2=不能"，看看谁的眼光准！ 帮主20年经验总结：震荡市拼的不是胆量，是耐心。现在市场不缺机会，但缺不乱跟风的定力，中长线来看，那些有业绩支撑、有政策利好的赛道，短期波 动都是上车的"小插曲"。 互动3：你午后打算加仓、减仓还是不动？点赞关注，评论区说说你的操作计划，帮主帮你把把关！ 我是帮主郑重，专注中长线不追涨杀跌。午后行情变化快 ...

帮主用20年经验拆解：银行股逆势涨，核心还是低估值+高股息，在震荡市里成了资金的"避风港"；锂板块走强，离不开碳酸锂价格回升的基本面支撑；而 中船系、旅游板块调整，要么是前期涨多了获利回吐，要么是缺乏持续的政策或业绩催化。 最关键的信号是缩量！缩量调整意味着市场抛压不算重，但买盘也不够积极，属于"多空僵持"的状态。这种行情下，盲目追涨杀跌绝对是大忌，你是不是也 想趁着回调抄底？ 明日策略直接划重点：优先守住有基本面支撑的主线，比如低估值的银行、供需改善的锂板块；远离前期涨幅过高、没业绩支撑的题材股，尤其是旅游、中 船系这类调整中的板块，别着急抄底；另外，关注明日能否补量，要是持续缩量，就控制好仓位，别重仓押注单一板块。 今天你是盈利还是亏损？最看好明天哪个板块反弹？评论区聊聊，点赞关注，帮主明天开盘实时跟踪盘面动向！ 老铁们，今天A股这行情太磨人了！沪指高开低走跌0.40%，创业板直接跌1.12%，更扎心的是超3850只个股下跌，是不是很多人手里的票又在默默吃面？ 先盘盘今天的市场真相：沪深京三市成交额17226亿元，还比昨天缩量200亿，量能萎缩说明啥？资金都在观望不敢动啊！但分化也太明显了——一边是银 行 ...