Group 1: Industrial Metals - The price of copper is expected to remain elevated due to the suspension of operations at the Grasberg mine, with a projected global copper shortage of approximately 1% in 2026 and 0.5% in 2027, primarily due to the anticipated resumption of production at Grasberg and Panama mines [2][3] - Aluminum profitability is expected to increase further, with China's electrolytic aluminum capacity utilization reaching 98%, leading to potential shortages if supply decreases or demand increases [2][3] Group 2: Precious Metals - The long-term outlook for gold remains positive, driven by multiple factors including weakening U.S. non-farm data, manageable inflation, and dovish signals from the Federal Reserve, which is expected to lower interest rates [3] - Central banks globally are increasing their gold reserves, with the People's Bank of China having added gold for 12 consecutive months [3] Group 3: Energy Metals - The introduction of a quota system in the Democratic Republic of Congo (DRC) is expected to lead to a long-term increase in cobalt prices, with export quotas significantly lower than market expectations [4][5] - The global lithium industry is anticipated to enter a new cycle of prosperity, driven by strong demand from the rapidly growing electric vehicle and energy storage sectors [6] Group 4: Minor Metals - China's dominance in rare earth resources is solidified, with the country controlling approximately 50% of global reserves and 90% of oxide production, leading to a potential increase in prices [7] - Tungsten prices may rise due to recovering overseas demand and the easing of export controls, while antimony prices are rebounding following recent export control relaxations [8][9] Group 5: Uranium - The demand for natural uranium is expected to rise in line with increasing nuclear power generation, with projections indicating that China's nuclear power capacity could become the largest in the world by 2030 [10] Group 6: Recommended Stocks - A selection of companies is recommended for investment across various metals, including copper, aluminum, precious metals, energy metals, and minor metals [11]

Industrial Metals - The supply side of industrial metals is experiencing continuous disturbances, with good downstream demand for copper and aluminum, leading to stable price increases and improved corporate profitability [1] - Copper prices are supported by supply tightness, with a projected global copper shortage of approximately 1% in 2026 and 0.5% in 2027, mainly due to the expected full recovery of Grasberg and Panama copper mines [2] - Aluminum profitability is expected to increase further, with China's electrolytic aluminum capacity utilization reaching 98%, indicating a potential shortage if supply decreases or demand increases [2] Precious Metals - The long-term outlook for gold prices remains positive, driven by multiple factors including weak U.S. non-farm data, controlled inflation, and dovish signals from the Federal Reserve, which has lowered rates twice recently [3] - Central banks globally, including China, have shown a strong willingness to increase gold reserves, with China having added gold for 12 consecutive months [3] Energy Metals - The introduction of an export quota system in the Democratic Republic of Congo (DRC) is expected to lead to a long-term increase in cobalt prices, with a potential supply gap of at least 10% in the global cobalt market over the next two years [4] - The lithium industry is anticipated to enter a new growth cycle, driven by strong demand from the rapidly growing domestic new energy vehicle market and significant increases in energy storage battery shipments [5] Minor Metals - The strategic importance of minor metals such as rare earths, tungsten, and antimony is increasing, with prices expected to rise due to policy adjustments and demand recovery [6][8][9] - China's dominance in rare earth resources is significant, controlling about 50% of global resources and 90% of oxide production, with a projected price increase for praseodymium-neodymium oxide [7] Uranium - The demand for uranium is expected to rise with the growth of nuclear power generation, with projections indicating that China's nuclear power generation capacity could become the largest in the world by 2030 [10] - The supply side remains constrained, with minimal new investments in uranium mines, leading to a potential increase in uranium prices [10] Recommended Companies - For copper: Luoyang Molybdenum, Zijin Mining, Minmetals Resources, China Nonferrous Mining, Jinchuan Group, Tongling Nonferrous Metals, Western Mining [11] - For aluminum: China Aluminum, China Hongqiao, Yun Aluminum, Shenhuo Group, Zhongfu Industrial, Tianshan Aluminum [11] - For precious metals: China Gold International, Zhongjin Gold, Chifeng Jilong Gold, WanGuo Gold Group, Xinyi Silver, Shengda Resources [11] - For energy metals: Zhongjin Resources, Yongxing Materials, Huayou Cobalt [11] - For minor metals and processing: Tin Industry Co., Huaxi Nonferrous, Northern Rare Earth, China Rare Earth, Huaxi Nonferrous, Bowei Alloy [11]

Summary of Conference Call on Energy Metals and Lithium Industry Industry Overview - The energy metals sector, particularly electrolytic aluminum and lithium, is expected to outperform in Q4 2025, with electrolytic aluminum projected to perform better than copper in the short term [1][3] - Strong demand for energy storage is anticipated, with a projected growth of 90% in 2025, 50% in 2026, and 40% in 2027 [1][4] Key Insights and Arguments - Lithium carbonate demand is expected to reach 2 million tons, requiring an additional 400,000 tons of supply even with a 20% growth [2][11] - Current lithium prices and related stocks are expected to have limited downside due to strong demand and inventory reduction [5][4] - Companies like Tianqi Lithium and Ganfeng Lithium are projected to achieve profits of 7-8 billion yuan at a conservative price of 150,000 yuan/ton [1][7] - Yongxing Materials has a low cost of 50,000 yuan/ton, with a price-to-earnings ratio of only 8 at 150,000 yuan/ton [1][7] - Huayou Cobalt is expected to see revenues of 6 billion yuan in 2025, 8 billion yuan in 2026, and 10 billion yuan in 2027, with a market value projected to reach at least 160 billion yuan [1][8] - Shengxin Lithium Energy's total production capacity is expected to reach 100,000 tons, with a future market value exceeding 50 billion yuan [1][9] Investment Recommendations - Recommended companies for investment include: - Large caps: Ganfeng Lithium, Tianqi Lithium, Huayou Cobalt, and Salt Lake Co. - Small caps: Shengxin, Yahua, and Yongxing, which are considered to have high cost-performance ratios [12][2] - The overall sentiment towards the lithium carbonate industry is optimistic, with expectations of a tightening supply-demand situation in the coming years [11][12] Additional Important Points - The energy metals sector is currently in a consolidation phase, but there are still viable investment opportunities [3][6] - The market for nickel is also being positively impacted by production restrictions in Indonesia, which may enhance the performance of companies like Huayou Cobalt [8][7] - Companies like Cangge Holdings are progressing with multiple projects, indicating potential for future growth despite current high valuations [10]

Core Viewpoint - Boqian New Materials has experienced a stock price increase of 76.01% year-to-date, but has seen a recent decline in the last five and twenty trading days, indicating potential volatility in its stock performance [1][2]. Financial Performance - For the period from January to September 2025, Boqian New Materials achieved a revenue of 805 million yuan, representing a year-on-year growth of 10.79% [2]. - The net profit attributable to shareholders for the same period was 152 million yuan, showing a significant year-on-year increase of 78.17% [2]. Shareholder Information - As of September 30, 2025, the number of shareholders for Boqian New Materials increased by 18.44% to 21,000, while the average number of tradable shares per person decreased by 15.57% to 12,434 shares [2]. - The company has distributed a total of 374 million yuan in dividends since its A-share listing, with 249 million yuan distributed over the past three years [3]. Stock Market Activity - On November 14, Boqian New Materials' stock price fell by 2.03% to 50.69 yuan per share, with a trading volume of 23.45 million yuan and a turnover rate of 0.18% [1]. - The company has appeared on the "Dragon and Tiger List" once this year, with the last occurrence on February 20 [1]. Business Overview - Boqian New Materials, established on November 5, 2010, and listed on December 8, 2020, specializes in the research, production, and sales of high-end metal powder materials for electronics [1]. - The revenue composition of the company includes nickel-based products (76.28%), copper-based products (10.27%), silver powder (4.95%), and alloys (2.16%) [1].

Group 1 - The report indicates that the A-share market is currently stabilizing around the 4000-point mark, which is expected to build a solid foundation for future gains and potentially reach new highs within the year [1][4][8] - The Shanghai Composite Index successfully broke through the 4025-point level, marking a new high for both the year and the past decade, with significant gains observed in sectors such as energy metals, batteries, and power equipment [1][5][8] - The report highlights that the market is optimistic about upcoming economic policy meetings in December, which are anticipated to provide positive signals for growth, consumption, and technological innovation [1][9] Group 2 - The report notes that while the market is expected to continue its upward trend, there may be volatility and divergence between index highs and individual stock adjustments due to profit-taking and cautious sentiment from outside investors [2][9][10] - It emphasizes the importance of timing in sector rotation strategies, recommending a balanced allocation and opportunistic buying in sectors with strong performance indicators, including technology growth areas and cyclical industries [2][10] - The report identifies that the energy metals and new energy sectors are experiencing significant growth, driven by supportive policies and a shift in the business model of the storage industry towards self-sustainability [6][7]

东吴证券认为，周四，A股市场小幅低开后便展开反弹，锂电池、电气设备、有色、化工等板块全面爆 发。上证指数再创阶段新高，由于蓝筹股的稳定作用，近期上证指数并未受到调整影响，周四的上涨又 平滑切换到其它板块上，令指数的上升趋势保持良好。A股市场仍处于慢牛的节奏，只是近期市场震荡 调整时操作难度较大，赚钱不易，但新周期的上涨一旦展开，市场情绪会很快恢复，重点留意新热点的 形成。 财信证券认为，周四，A股市场情绪回暖。盘面上，锂电产业链全线走强，并带动新能源方向表现较 好，阿里云概念尾盘拉升，大消费、存储芯片等板块维持活跃。当日市场全面转暖主要有以下两方面原 因：一方面是大盘短期连续震荡整理后，卖盘消化基本到位；另一方面是锂电产业链在此节点加速走 强，并且带动新能源方向，使得盘面重新活跃，资金风险偏好有所提升。不过尽管当日三大指数均取得 较好涨幅，但整体上并未突破震荡区间，因此在短期指数层面实现有效放量突破之前，大盘或维持指数 震荡、题材板块轮动的结构性行情。中期来看，在全球科技投资热情不减、"反内卷"政策持续推进、居 民储蓄入市等因素支撑下，本轮慢牛行情的根基并未动摇，后续A股指数仍存在继续走强的基础。 中原证券认 ...

Market Overview - The stock market experienced a significant rally with major indices opening lower but closing higher, with the Shanghai Composite Index reaching a ten-year high and the ChiNext Index rising over 2% [1] - The total trading volume in the Shanghai and Shenzhen markets was 2.04 trillion yuan, an increase of 96.9 billion yuan compared to the previous trading day [1] - A total of 104 stocks hit the daily limit up, with sectors such as energy metals, batteries, and non-ferrous metals leading the gains [1] Company Highlights - Aofei China (合富中国) announced that its stock price has significantly deviated from its fundamentals, with a cumulative increase of 230.84% over the past 13 trading days, leading to potential risks for investors [2] - The stock price of Aofei China closed at 22.10 yuan per share on November 13, 2025, indicating a historical high [2] - ST Dongyi (*ST东易) reported a stock price increase of 241.59% since September 26, 2025, and will undergo a trading suspension for verification due to multiple abnormal fluctuations [4] - Minfa Aluminum (闽发铝业) disclosed that its second-largest shareholder, Huang Tianhuo, reduced his holdings by 9.38 million shares between October 14 and November 13, 2025, representing 0.9995% of the total share capital [4] New Stock Offerings - A new stock, Hai'an Group, is available for subscription on November 14, 2025, with an issue price of 48.0 yuan and a total issuance of 46.49 million shares [6] External Market Impact - The US stock market saw significant declines, with the Nasdaq Composite dropping 2.29%, and major tech stocks like Tesla and Intel falling over 6% and 5% respectively [8]

Market Overview - A-shares experienced a collective rise on November 13, with the Shanghai Composite Index reaching a ten-year high, closing at 4029.50 points, up 0.73% [1] - The Shenzhen Component Index rose by 1.78% to 13476.52 points, while the ChiNext Index increased by 2.55% to 3201.75 points [1] - Total trading volume in the Shanghai and Shenzhen markets was 20,420 billion yuan, an increase of 969 billion yuan compared to the previous day [1] Industry Performance - Almost all industry sectors saw gains, with notable increases in energy metals, battery, fertilizer, precious metals, power equipment, non-metallic materials, and chemical products [1] - The lithium battery supply chain experienced a significant surge, with the sector index rising nearly 10%, marking a two-and-a-half-year high [2] - The price of lithium hexafluorophosphate, a key material for electrolytes, has increased over 146% in less than four months, contributing to the rise in the lithium battery sector [2] Company Highlights - Hunan YN Energy, a leading company in lithium-ion battery cathode materials, saw its stock rise by 13.32%, leading the gains among Hunan stocks [3] - The company reported a net profit of 645.18 million yuan for the third quarter of 2025, with a year-on-year growth rate of 31.51% [3] - Hunan YN Energy's sales volume of phosphate-based cathode materials reached 784,900 tons in the first three quarters, a 64.86% increase compared to the same period last year [3]

Core Viewpoint - The non-ferrous metal sector has seen a significant influx of over 17.7 billion in main capital, ranking second among 31 primary industries in the Shenwan classification, with leading companies like Huayou Cobalt and Tianqi Lithium attracting substantial net inflows [1][3] Group 1: Market Performance - The non-ferrous metal sector has outperformed other industries, with a year-to-date increase of 75.9%, surpassing telecommunications (61.88%), electronics (48.1%), and power equipment (45.12%) [4][5] - Among the 60 constituent stocks of the Non-Ferrous Metal Leader ETF, 41 stocks rose over 2%, with five stocks hitting the daily limit up, and significant gains observed in Tianqi Lithium and Zhongmin Resources [3][5] Group 2: Investment Drivers - The strong performance is attributed to several factors: 1. Financial results show that 56 out of 60 companies in the Non-Ferrous Metal Leader ETF reported profits, with 44 companies experiencing year-on-year growth in net profit [5] 2. The current bull market is driven by demand from emerging sectors such as new energy, AI, and aerospace, alongside supply-side disruptions that highlight the scarcity and strategic value of metals [5] 3. Policy support from the government, including a joint plan to stabilize growth in the non-ferrous metal industry, is expected to enhance the sector's performance [5] Group 3: Future Outlook - Analysts predict that the non-ferrous metal sector will continue to thrive, with expectations of a new cycle driven by supply-demand balance and global monetary easing [6][5] - The investment interest in commodities is likely to persist, with anticipated price increases for copper and cobalt due to supply constraints and rising demand for lithium driven by energy storage needs [6]

Group 1 - The Shanghai Composite Index closed at 4029 points on November 13, marking a 0.73% increase, while the Shenzhen Component Index rose by 1.78% to 13476 points, and the ChiNext Index increased by 2.55% to 3201 points [1] - The total trading volume in the Shanghai and Shenzhen markets reached approximately 20,420 billion RMB, an increase of about 969 billion RMB compared to the previous trading day [1] - The energy metals sector, particularly lithium, saw significant gains, with the energy metals sector rising by 8.55%, leading all industry sectors in A-shares [1] Group 2 - The price of lithium hexafluorophosphate has surged recently, with prices increasing from 61,000 RMB per ton on October 1 to 121,500 RMB per ton by November 7, and some market quotes reaching as high as 150,000 RMB per ton [1] - Analyst Ji Yongjie from Shanxi Securities noted that the rebound in lithium hexafluorophosphate prices is driven by increased demand from the downstream electric vehicle and energy storage industries, leading to a significant rise in procurement by electrolyte manufacturers [2] - The overall supply of lithium hexafluorophosphate remains tight due to previous years' overcapacity leading to industry consolidation, making it difficult for many small and medium enterprises to quickly resume production [2]