Group 1 - The report maintains a positive outlook for the short term, indicating that it is not yet time for high-low switching, while mid-term expectations are for a physical re-inflation bull market [3][10][14] - The report emphasizes the importance of technology innovation, highlighting that the technology sector is expected to continue its growth, particularly in industries with clear growth expectations such as pharmaceuticals (innovative drugs), electronics (PCB), and communications (optical modules) [6][54] - The report notes a shift in market dynamics, with large-cap stocks outperforming small-cap stocks, driven by factors such as superior earnings under inflation, resilience in return on equity (ROE), and the expansion of ETFs favoring large-cap styles [12][34][35] Group 2 - The report discusses the "barbell strategy," which is suitable for low-price environments, indicating that as inflation expectations rise, the demand for the reverse barbell strategy will increase [4][19] - The report highlights the performance of the technology bull market and the return of leading blue-chip stocks, noting that since June 25, there has been a reversal in style within the technology sector, with large-cap stocks gaining significant traction [5][33][36] - The report identifies key industries to focus on in the mid-term, particularly those experiencing supply constraints and price increases due to the ongoing "anti-involution" policies, including industrial metals, small metals, steel, petrochemicals, and construction materials [6][56]

Investment Rating - The industry investment rating is "Positive" (maintained) [5] Core Viewpoints - The report highlights that rare earths are currently focused on inventory digestion, with prices for praseodymium and neodymium oxide experiencing a decline of 4.18% to 572,500 CNY/ton, while dysprosium and terbium oxides have seen slight increases [5][12] - The report notes that the supply side for tungsten is tightening, leading to new price highs, with black tungsten concentrate prices rising by 13.60% to 284,000 CNY/ton [5][33] - Molybdenum prices are expected to remain strong due to increased demand from steel mills, with molybdenum concentrate prices rising by 0.22% to 4,515 CNY/ton [5][24] - Tin prices are under pressure due to weak supply and demand dynamics, with SHFE tin prices down 1.69% to 274,000 CNY/ton [5][41] - Antimony prices are stable, with expectations for demand recovery in October, maintaining antimony ingot prices at 182,500 CNY/ton [5][52] - The report emphasizes the accelerating commercialization of controlled nuclear fusion materials, indicating significant opportunities for upstream materials [5][6] Summary by Sections Rare Earths - Recent price movements include a 4.18% drop in praseodymium and neodymium oxide to 572,500 CNY/ton, while dysprosium and terbium oxides have increased slightly [5][12] Molybdenum - Molybdenum concentrate prices have increased by 0.22% to 4,515 CNY/ton, with strong demand from steel mills [5][24] Tungsten - Black tungsten concentrate prices have surged by 13.60% to 284,000 CNY/ton due to supply constraints [5][33] Tin - SHFE tin prices have decreased by 1.69% to 274,000 CNY/ton, reflecting weak supply and demand [5][41] Antimony - Antimony ingot prices remain stable at 182,500 CNY/ton, with expectations for demand recovery in October [5][52] Nuclear Fusion Materials - The commercialization of controlled nuclear fusion is accelerating, presenting significant opportunities for upstream materials [5][6]

Group 1 - The small metal concept index rose by 1.69%, ranking 8th among concept sectors, with 106 stocks increasing in value, including companies like Yuguang Gold Lead, Shengda Resources, and Zhuhai Group hitting the daily limit [1] - Notable gainers included Ashi Chuang, Yunnan Copper, and Xingye Silver Tin, which rose by 9.37%, 8.73%, and 7.43% respectively [1] - The largest declines were seen in companies such as Nandu Power, Yuanhang Precision, and Baowu Magnesium, which fell by 5.19%, 4.72%, and 4.48% respectively [1] Group 2 - The small metal concept sector saw a net inflow of 1.703 billion yuan, with 83 stocks receiving net inflows, and 15 stocks exceeding 100 million yuan in net inflows [2] - Leading the net inflow was Shanshan Co., with a net inflow of 653 million yuan, followed by North Copper, Hunan Silver, and Northern Rare Earth with net inflows of 590 million yuan, 559 million yuan, and 434 million yuan respectively [2] - The net inflow ratios were highest for North Copper, Hunan Silver, and Shengda Resources, with rates of 39.77%, 27.76%, and 19.65% respectively [3] Group 3 - The top performers in the small metal concept included Shanshan Co. with a 9.97% increase and a turnover rate of 13.63%, North Copper with a 10.01% increase and a turnover rate of 5.77%, and Hunan Silver with a 9.98% increase and a turnover rate of 14.11% [3][4] - Other notable stocks included Yunnan Zinc Industry and Yunnan Copper, which saw increases of 5.95% and 8.73% respectively [4] - The overall market performance indicated a strong interest in small metal stocks, reflecting positive sentiment in the sector [2][3]

Core Viewpoint - Guoyan Platinum Industry's stock price has shown significant growth this year, with a 30.76% increase, indicating strong market performance and investor interest [1][2]. Company Overview - Guoyan Platinum Industry, established on September 25, 2000, and listed on May 16, 2003, is located in Kunming, Yunnan Province. The company specializes in the research, development, and production of precious metals and materials [1]. - The company's revenue composition includes: 36.21% from precious metal recycling products, 35.17% from precious metal supply services, 16.05% from special functional materials, 8.65% from precursor materials, 3.01% from automotive catalytic purifiers, 0.59% from information functional materials, 0.21% from industrial catalysts, and 0.10% from other sources [1]. Financial Performance - For the first half of 2025, Guoyan Platinum Industry reported a revenue of 29.554 billion yuan, representing a year-on-year growth of 20.91%. The net profit attributable to shareholders was 325 million yuan, reflecting a 2.30% increase compared to the previous year [2]. - The company has distributed a total of 1.072 billion yuan in dividends since its A-share listing, with 453 million yuan distributed over the last three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders increased to 53,100, up by 6.26%. The average number of circulating shares per shareholder decreased by 5.89% to 14,205 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 7.7584 million shares, a decrease of 1.903 million shares from the previous period. Meanwhile, Southern CSI 1000 ETF increased its holdings by 1.4948 million shares to 4.9141 million shares [3].

Market Overview - The small metals sector increased by 2.94% on September 12, with Yunnan Zhenye leading the gains [1] - The Shanghai Composite Index closed at 3883.69, up 0.22%, while the Shenzhen Component Index closed at 12996.38, up 0.13% [1] Key Stocks Performance - Yunnan Zhenye (002428) closed at 29.91, up 6.48% with a trading volume of 630,500 shares and a turnover of 1.829 billion yuan [1] - Dongfang Cuye (002167) closed at 15.46, up 4.39% with a trading volume of 907,700 shares and a turnover of 1.371 billion yuan [1] - Dongfang Yinye (000962) closed at 24.55, up 4.29% with a trading volume of 240,400 shares and a turnover of 580 million yuan [1] - Jinyao Co., Ltd. (601958) closed at 16.40, up 4.06% with a trading volume of 464,900 shares and a turnover of 745 million yuan [1] - Guizhou Platinum (600459) closed at 17.89, up 3.53% with a trading volume of 304,600 shares and a turnover of 539 million yuan [1] Fund Flow Analysis - The small metals sector saw a net inflow of 994 million yuan from institutional investors, while retail investors experienced a net outflow of 918 million yuan [2] - The main stocks with significant net inflows include North Rare Earth (600111) with 439 million yuan and Yunnan Zhenye (002428) with 316 million yuan [3] - Retail investors showed notable outflows in stocks like Yunnan Zhenye (002428) with 186 million yuan and Dongfang Cuye (002167) with 1.03 billion yuan [3]

Investment Rating - The report maintains a "Market Weight" rating for the non-ferrous metals industry, indicating that the industry index is expected to perform within ±10% of the market index over the next six months [67]. Core Viewpoints - The non-ferrous metals industry has seen a 6.46% increase over the past two weeks, outperforming the CSI 300 index by 4.57 percentage points, ranking third among 31 industries [3][13]. - Precious metals have shown significant growth, with an 18.10% increase in the last two weeks, while energy metals and industrial metals have also performed well, increasing by 10.92% and 7.60% respectively [17][19]. - The report highlights the impact of U.S. economic data on market expectations for Federal Reserve interest rate cuts, which has led to a bullish outlook for metal prices, particularly gold [6][62]. Summary by Sections Market Review - As of September 11, 2025, the non-ferrous metals industry has increased by 54.36% year-to-date, outperforming the CSI 300 index by 38.77 percentage points [13]. - The precious metals sector has seen a year-to-date increase of 67.50%, while energy metals and industrial metals have increased by 49.26% and 48.53% respectively [19][20]. Price Analysis - As of September 11, 2025, LME copper is priced at $10,057 per ton, LME aluminum at $2,679 per ton, and LME nickel at $15,220 per ton [25]. - COMEX gold is priced at $3,673.40 per ounce, reflecting a $157.3 increase since the beginning of September [37]. Industry News - The report notes the release of regulations regarding rare earth mining and processing in China, indicating a tightening control over these resources, which may affect market dynamics [63]. - The report also mentions a significant collaboration between Codelco and SQM for lithium mining in Chile, which could diversify revenue sources for Codelco amid declining copper production [56]. Company Announcements - Western Gold announced a temporary shutdown of production equipment for maintenance, which is expected to last until the end of the year [60]. - Hongda Co. plans to invest 1.59 billion yuan in Duolong Mining, maintaining a 30% stake in the company [61]. Investment Recommendations - The report suggests focusing on companies such as Zijin Mining (601899), Luoyang Molybdenum (603993), and Xiamen Tungsten (600549) due to their strong performance and market positioning [63][65].

Core Viewpoint - Xianglu Tungsten Industry has shown significant stock performance with a year-to-date increase of 92.91%, indicating strong market interest and potential growth in the tungsten sector [1][2]. Company Overview - Xianglu Tungsten Industry, established on April 17, 1997, and listed on January 19, 2017, is located in the Aantou Industrial Zone, Xiangqiao District, Chaozhou, Guangdong Province. The company specializes in the development, production, and sales of tungsten products [1]. - The revenue composition of Xianglu Tungsten includes: powder products (60.46%), hard alloys (22.14%), tungsten wire series (12.59%), and others (4.80%) [1]. Stock Performance - As of September 12, the stock price reached 11.98 CNY per share, with a trading volume of 1.23 billion CNY and a turnover rate of 3.88%, resulting in a total market capitalization of 39.20 billion CNY [1]. - The stock has experienced a net inflow of 1.35 billion CNY on the last appearance on the "Dragon and Tiger List" on August 29, with total buy orders of 82.18 million CNY, accounting for 6.73% of total trading volume [1]. Financial Performance - For the first half of 2025, Xianglu Tungsten reported a revenue of 931 million CNY, reflecting a year-on-year growth of 3.24%. The net profit attributable to shareholders was 18.38 million CNY, showing a substantial increase of 277.65% year-on-year [2]. - Since its A-share listing, the company has distributed a total of 88.66 million CNY in dividends, with no dividends paid in the last three years [2]. Shareholder Information - As of August 29, the number of shareholders for Xianglu Tungsten reached 48,900, an increase of 93.12% from the previous period. The average circulating shares per person decreased by 48.22% to 5,492 shares [2].

Core Viewpoint - Shenghe Resources has shown significant stock performance with a year-to-date increase of 126.72%, indicating strong market interest and potential growth in the rare earth sector [1][2]. Company Overview - Shenghe Resources Holdings Co., Ltd. is located in Chengdu, Sichuan Province, and was established on July 1, 1998, with its listing date on May 29, 2003. The company specializes in rare earth smelting, separation, deep processing, and trade, as well as zircon-titanium mining and processing [2]. - The revenue composition of Shenghe Resources includes rare earth metals (53.87%), rare earth oxides (29.23%), rare earth concentrates (7.00%), and other products [2]. Financial Performance - For the first half of 2025, Shenghe Resources reported a revenue of 6.179 billion yuan, representing a year-on-year growth of 13.62%. The net profit attributable to shareholders was 377 million yuan, showing a remarkable increase of 650.09% [2]. - The company has distributed a total of 9.51 billion yuan in dividends since its A-share listing, with 473 million yuan distributed over the past three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders for Shenghe Resources reached 233,700, an increase of 52.22% from the previous period. The average number of circulating shares per shareholder decreased by 34.30% to 7,500 shares [2][3]. - Notable institutional shareholders include Hong Kong Central Clearing Limited and Southern CSI 500 ETF, with both increasing their holdings [3].

Group 1 - The stock price of Zhongtung High-tech increased by 2.05% on September 12, reaching 19.93 CNY per share, with a trading volume of 564 million CNY and a turnover rate of 2.29%, resulting in a total market capitalization of 45.42 billion CNY [1] - Year-to-date, Zhongtung High-tech's stock price has risen by 120.22%, with a 3.43% increase over the last five trading days, an 11.72% increase over the last 20 days, and a 72.55% increase over the last 60 days [1] - The company has appeared on the "Dragon and Tiger List" twice this year, with the most recent occurrence on July 30, where it recorded a net buy of -353 million CNY [1] Group 2 - Zhongtung High-tech, established on March 18, 1993, and listed on December 5, 1996, is located in Zhuzhou, Hunan Province, and specializes in the research, development, production, sales, and trade of hard alloys and rare metals such as tungsten, molybdenum, tantalum, and niobium [2] - The company's main business revenue composition includes: 34.74% from ore and powder products, 23.13% from other hard alloys, 21.68% from cutting tools, 16.23% from refractory metals, and 4.22% from trade and equipment [2] - As of June 30, 2025, Zhongtung High-tech reported a revenue of 7.849 billion CNY, a year-on-year increase of 15.31%, and a net profit attributable to shareholders of 510 million CNY, a year-on-year increase of 247.28% [2] Group 3 - As of June 30, 2025, the top ten circulating shareholders of Zhongtung High-tech include Hong Kong Central Clearing Limited as the third-largest shareholder with 29.916 million shares, an increase of 4.6167 million shares from the previous period [3] - The Southern CSI 1000 ETF ranks as the sixth-largest circulating shareholder with 8.4049 million shares, an increase of 2.1378 million shares from the previous period [3] - Huaxia CSI 1000 ETF is a new shareholder, holding 4.9635 million shares, ranking as the tenth-largest circulating shareholder [3]

Company Overview - Changyuan Tungsten Industry Co., Ltd. is located in Chongyi County, Ganzhou City, Jiangxi Province, and was established on February 28, 2000. The company went public on March 31, 2010. Its main business involves the smelting, processing, research and development, and sales of products related to the tungsten industry chain, including APT, tungsten oxide, tungsten powder, tungsten carbide powder, tungsten materials, and hard alloys [2]. Financial Performance - For the period from January to June 2025, Changyuan Tungsten achieved operating revenue of 2.399 billion yuan, representing a year-on-year growth of 32.27%. The net profit attributable to the parent company was 115 million yuan, with a year-on-year increase of 2.54% [2]. - Since its A-share listing, the company has distributed a total of 862 million yuan in dividends, with 269 million yuan distributed over the past three years [3]. Stock Performance - As of September 12, Changyuan Tungsten's stock price increased by 2.04%, reaching 14.02 yuan per share, with a trading volume of 444 million yuan and a turnover rate of 2.69%. The total market capitalization is 16.844 billion yuan [1]. - Year-to-date, the stock price has risen by 119.13%, with a 1.59% increase over the last five trading days, a 44.39% increase over the last 20 days, and an 82.31% increase over the last 60 days [1]. Shareholder Structure - As of June 30, 2025, the number of shareholders for Changyuan Tungsten was 54,300, a decrease of 3.46% from the previous period. The average number of circulating shares per person increased by 3.58% to 22,019 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the third-largest shareholder with 8.7857 million shares, an increase of 2.1363 million shares from the previous period. Silver Hua Xin Jia Two-Year Holding Period Mixed Fund remains unchanged with 6.1986 million shares, while Southern CSI 1000 ETF increased its holdings by 1.9392 million shares to 5.5279 million shares [3].