Core Insights - The small metals sector experienced a decline of 1.14% on November 12, with Dongfang Tantalum leading the drop [1] - The Shanghai Composite Index closed at 4000.14, down 0.07%, while the Shenzhen Component Index closed at 13240.62, down 0.36% [1] Small Metals Sector Performance - Notable gainers included: - Huaxi Nonferrous (600301) with a closing price of 33.57, up 5.43% and a trading volume of 180,700 shares, totaling 600 million yuan [1] - Aluminum Co. of China (000960) closed at 24.24, up 4.21% with a trading volume of 532,300 shares, totaling 1.278 billion yuan [1] - Zhongtung High-tech (000657) closed at 22.76, up 2.06% with a trading volume of 1.2753 million shares, totaling 2.917 billion yuan [1] - Decliners included: - Dongfang Silver Industry (000962) down 5.55% to 26.38 with a trading volume of 347,100 shares [2] - Shenghe Resources (600392) down 3.95% to 20.92 with a trading volume of 568,600 shares [2] - Dongfang Cuo Industry (002167) down 3.68% to 13.36 with a trading volume of 396,400 shares [2] Capital Flow Analysis - The small metals sector saw a net outflow of 688 million yuan from major funds, while retail investors contributed a net inflow of 775 million yuan [2] - Key stocks with significant capital flow included: - Zhongtung High-tech (000657) with a net inflow of 168 million yuan from major funds [3] - Aluminum Co. of China (000960) with a net inflow of 115 million yuan from major funds [3] - Huaxi Nonferrous (600301) with a net inflow of 17.93 million yuan from major funds [3]

Core Viewpoint - Jinmoly Co., Ltd. has shown a significant stock price increase of 53.93% year-to-date, indicating strong market performance and investor interest [2] Group 1: Stock Performance - As of November 12, Jinmoly's stock price rose by 2.20% to 14.87 CNY per share, with a trading volume of 90.88 million CNY and a market capitalization of 47.98 billion CNY [1] - The stock has experienced a 3.19% increase over the last five trading days, a 2.62% decrease over the last 20 days, and a 13.86% increase over the last 60 days [2] Group 2: Company Overview - Jinmoly Co., Ltd. was established on May 16, 2007, and listed on April 17, 2008, primarily engaged in molybdenum mining, production, and sales of related products [2] - The company's revenue composition includes 90.14% from molybdenum mining and processing, 8.73% from commodity trading, and 1.14% from other sources [2] - Jinmoly is classified under the non-ferrous metals sector, specifically in the small metals category focusing on molybdenum [2] Group 3: Financial Performance - For the period from January to September 2025, Jinmoly reported a revenue of 10.885 billion CNY, reflecting a year-on-year growth of 7.80%, and a net profit attributable to shareholders of 2.286 billion CNY, up 4.17% year-on-year [2] - The company has distributed a total of 10.336 billion CNY in dividends since its A-share listing, with 3.549 billion CNY distributed over the past three years [3] Group 4: Shareholder Information - As of September 30, 2025, the number of shareholders increased by 10.65% to 82,400, with an average of 39,134 circulating shares per shareholder, a decrease of 9.63% [2] - The top circulating shareholder is Hong Kong Central Clearing Limited, holding 76.305 million shares, a decrease of 12.6515 million shares from the previous period [3]

Core Viewpoint - Zhongtung High-tech has shown significant stock performance with a year-to-date increase of 153.59%, despite a recent decline of 8.38% over the past five trading days [1] Group 1: Stock Performance - As of November 12, Zhongtung High-tech's stock price reached 22.95 CNY per share, with a market capitalization of 52.294 billion CNY [1] - The company has experienced a net inflow of 27.7099 million CNY from main funds, with large orders contributing to significant buying and selling activity [1] - The stock has appeared on the "Dragon and Tiger List" six times this year, with the most recent net buy of 190 million CNY on November 5 [1] Group 2: Company Overview - Zhongtung High-tech, established on March 18, 1993, and listed on December 5, 1996, is based in Zhuzhou, Hunan Province, specializing in hard alloys and rare metals [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 September 30, 2025, the company reported a revenue of 12.755 billion CNY, a year-on-year increase of 24.70%, and a net profit of 846 million CNY, reflecting a substantial growth of 310.28% [2] Group 3: Shareholder Information - As of September 30, 2025, Zhongtung High-tech had 103,100 shareholders, an increase of 120.14% from the previous period [2] - The top circulating shareholders include Yinhua Xinjia Mixed Fund, which increased its holdings by 5.8139 million shares, and Hong Kong Central Clearing Limited, which reduced its holdings by 1.90718 million shares [3] - New shareholders include Southern CSI 1000 ETF, which holds 7.4136 million shares, while other major shareholders have seen fluctuations in their holdings [3]

Market Overview - The small metals sector experienced a decline of 1.51% on November 11, with Zhongtung High-tech leading the drop [1] - The Shanghai Composite Index closed at 4002.76, down 0.39%, while the Shenzhen Component Index closed at 13289.0, down 1.03% [1] Stock Performance - Notable gainers in the small metals sector included: - Dongfang Cuo Industry: Closed at 13.87, up 4.68% with a trading volume of 660,500 shares and a turnover of 900.2 million yuan [1] - Huaxi Nonferrous: Closed at 31.84, up 3.54% with a trading volume of 224,800 shares and a turnover of 714 million yuan [1] - Major decliners included: - Zhongtung High-tech: Closed at 22.30, down 3.84% with a trading volume of 1,091,300 shares and a turnover of 2.46 billion yuan [2] - Zhongkuang Resources: Closed at 59.24, down 3.11% with a trading volume of 239,900 shares and a turnover of 1.445 billion yuan [2] Capital Flow - The small metals sector saw a net outflow of 1.224 billion yuan from major funds, while retail investors contributed a net inflow of 1.095 billion yuan [2][3] - Key stocks with significant capital flow included: - Xiamen Tungsten: Net inflow from major funds was 134 million yuan, while retail funds saw a net outflow of 17.42 million yuan [3] - Dongfang Cuo Industry: Net inflow from major funds was 125 million yuan, with retail funds also experiencing a net outflow of 10.38 million yuan [3]

Core Viewpoint - The Chinese rare earth market experienced a decline of 2.03% on November 11, with a trading volume of 1.191 billion yuan and a total market capitalization of 50.705 billion yuan [1] Company Overview - The company primarily engages in the production and operation of rare earth oxides and provides rare earth technology research and consulting services [2][8] - The main products include high-purity single rare earth oxides and rare earth co-precipitation products, with over 80% of products having a purity greater than 99.99%, and some reaching 99.9999% [2] - The company is ultimately controlled by the State-owned Assets Supervision and Administration Commission of the State Council, categorizing it as a state-owned enterprise [3][4] Financial Performance - For the period from January to September 2025, the company achieved a revenue of 2.494 billion yuan, representing a year-on-year growth of 27.73%, and a net profit attributable to shareholders of 192 million yuan, which is a 194.67% increase year-on-year [8] - The company has distributed a total of 346 million yuan in dividends since its A-share listing, with 124 million yuan distributed over the past three years [9] Shareholder Structure - As of September 30, 2025, the top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 29.0694 million shares, an increase of 9.4669 million shares from the previous period [10] - New shareholders include the 嘉实中证稀土产业ETF and 南方中证申万有色金属ETF, indicating growing institutional interest [10] Market Activity - The main net inflow of funds today was -157 million yuan, with a continuous reduction in main funds over the past three days [5][6] - The average trading cost of the stock is 54.35 yuan, with the stock price approaching a resistance level of 47.94 yuan, suggesting potential for a price correction if this level is not surpassed [7]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View - In the short term, the A-share market lacks a clear upward trend due to a relative policy vacuum at the macro level, with low trading volume and a continued volatile trend, currently in an accumulation phase. In the long term, the market is expected to have further upward potential, but the pace will be gradual. Key factors to watch for future market upswings include further release of overseas liquidity or substantial improvement signals in the domestic fundamentals [4]. 3. Summary by Relevant Catalogs Market and Liquidity - The central bank conducted 119.9 billion yuan of 7-day reverse repurchase operations yesterday, with 78.3 billion yuan of reverse repurchases maturing, resulting in a net injection of 41.6 billion yuan. This week, a total of 495.8 billion yuan of reverse repurchases will mature in the central bank's open market, with daily maturities of 78.3 billion, 117.5 billion, 65.5 billion, 92.8 billion, and 141.7 billion yuan from Monday to Friday [3]. - Interest rates of various financial products changed: DRO01 closed at 1.48% with a 15.21 bp increase; DR007 at 1.50% with an 8.63 bp increase; GC001 at 1.21% with a 0.50 bp increase; GC007 at 1.48% with a 1.50 bp increase; SHBOR 3M at 1.58% with a 0.40 bp decrease; 5-year LPR remained unchanged at 3.50%; 1-year treasury bond yield was 1.40% with no change; 5-year treasury bond yield was 1.53% with a 0.25 bp decrease; 10-year treasury bond yield was 1.81% with no change; and 10-year US treasury bond yield was 4.11% with no change [3]. Stock Market Conditions - Yesterday, the stock market closed higher. The CSI 300 rose 0.35% to 4695.1, the SSE 50 rose 0.51% to 3053.9, the CSI 500 rose 0.22% to 7343.8, and the CSI 1000 rose 0.28% to 7563.3. The trading volume of the two markets was 2.1745 trillion yuan, an increase of 175.4 billion yuan from the previous trading day. Most industry sectors rose, with consumer sectors such as brewing, beauty care, tourism and hotels, food and beverages, and commercial department stores strengthening. Precious metals, airports, and jewelry sectors led the gains, while shipbuilding, small metals, and power supply equipment sectors led the losses [4]. - Trading volume and open interest of stock index futures changed: IF trading volume was 106,785, up 23.5%; IF open interest was 268,313, up 4.2%; IH trading volume was 45,910, up 21.4%; IH open interest was 96,711, up 6.3%; IC trading volume was 122,736, up 14.7%; IC open interest was 249,333, up 3.7%; IM trading volume was 194,473, up 3.7%; IM open interest was 354,677, down 0.5% [4]. - The premium and discount rates of stock index futures were as follows: IF premium/discount rates were 4.59% (current contract), 6.26% (near - term contract), 3.29% (quarterly contract), and 3.51% (average); IH premium/discount rates were - 0.04% (current contract), - 1.02% (near - term contract), 0.39% (quarterly contract), and 0.55% (average); IC premium/discount rates were 13.76% (current contract), 18.53% (near - term contract), 10.66% (quarterly contract), and 10.55% (average); IM premium/discount rates were 17.60% (current contract), 13.51% (near - term contract), 23.89% (quarterly contract), and 12.64% (average) [4].

Investment Rating - The report maintains a positive outlook on the metals and new materials industry, particularly highlighting the resilience of the lithium sector and the stability of gold prices due to central bank purchases [3][4]. Core Insights - The report indicates that the central bank's gold purchases are expected to support a stable gold price outlook, while the lithium sector shows unexpected strength, suggesting potential investment opportunities in these areas [3][4]. - The overall performance of the metals sector has been mixed, with significant year-to-date gains in various sub-sectors, particularly in energy metals and copper [10][5]. Weekly Market Review - The Shanghai Composite Index rose by 1.08%, while the Shenzhen Component increased by 0.19%. The non-ferrous metals index slightly declined by 0.04%, underperforming the CSI 300 by 0.86 percentage points [5][4]. - Year-to-date, the non-ferrous metals index has increased by 75.83%, outperforming the CSI 300 by 56.92 percentage points [5][9]. Price Changes - Industrial metals and precious metals saw varied price movements, with copper, aluminum, and lithium prices experiencing fluctuations. For instance, lithium carbonate prices decreased by 2.73% week-on-week [4][10]. - The report notes that the price of copper has decreased by 1.57% to $10,717 per ton, while aluminum prices have shown a slight increase of 1.22% [15][44]. Key Company Valuations - The report provides a detailed valuation of key companies in the metals sector, highlighting their stock prices, earnings per share (EPS), and price-to-earnings (PE) ratios. For example, Zijin Mining has a stock price of 30.17 yuan with a PE ratio of 38 [20]. - Other notable companies include Shandong Gold with a stock price of 35.21 yuan and a PE ratio of 70, and Huayou Cobalt with a stock price of 64.34 yuan and a PE ratio of 36 [20]. Supply and Demand Analysis - The report highlights that the supply of copper is tightening due to increased demand from the manufacturing sector, with the operating rates for copper products showing positive trends [29][4]. - In the aluminum sector, the report notes a decrease in the operating rates of downstream processing enterprises, indicating potential supply constraints in the future [44][45].

Core Viewpoint - The non-ferrous metal sector experienced a slight decline of 0.04% from November 3 to November 7, ranking low among all primary industries, with mixed performance across sub-sectors [1][2]. Industry Summary Non-Ferrous Metals Sector Performance - The non-ferrous metal sector's performance was characterized by a 0.04% decline, with energy metals up by 1.43%, industrial metals up by 0.42%, and precious metals down by 2.53% during the same period [1][2]. Copper Market Analysis - Copper prices faced pressure due to cooling macro sentiment, with LME copper closing at $10,695 per ton, down 1.80% week-on-week. Domestic copper prices also fell, with SHFE copper at 85,940 CNY per ton, down 1.23% [3]. - Supply concerns arose from potential closures of smelting facilities in Canada and ongoing disruptions in Indonesia and the Democratic Republic of Congo. Demand showed slight improvement, with a reduction in the discount for spot copper prices [3]. Aluminum Market Analysis - Aluminum prices showed high volatility, with LME aluminum closing at $2,862 per ton, down 0.90%, while SHFE aluminum rose by 1.53% to 21,625 CNY per ton. The theoretical demand for electrolytic aluminum increased, and social inventory rose by 0.13% to 627,100 tons [4]. - Expectations for rising energy prices both domestically and internationally could support aluminum prices in the future [4]. Gold Market Analysis - Gold prices continued to decline, with COMEX gold at $4,007.80 per ounce, down 0.14%, and SHFE gold at 921.26 CNY per gram, down 0.07%. The macroeconomic environment remains favorable for gold, with expectations of a potential Federal Reserve rate cut in December [5]. - The market is currently in a bottoming phase for precious metals, with volatility decreasing significantly after a three-week correction period [5].

Market Overview - On November 10, the A-share market experienced a slight upward trend after an initial decline, with the Shanghai Composite Index finding support around 3990 points[2] - The Shanghai Composite Index closed at 4018.60 points, up 0.53%, while the Shenzhen Component Index closed at 13427.61 points, up 0.18%[7] - Total trading volume for both markets reached 21,946 billion yuan, above the median of the past three years[3] Sector Performance - Strong performers included the securities, liquor, cultural media, and food and beverage sectors, while shipbuilding, power equipment, and small metals sectors lagged[3] - Over 60% of stocks in the two markets rose, with significant inflows into liquor, tourism, and food and beverage sectors[7] Valuation Metrics - The average price-to-earnings (P/E) ratios for the Shanghai Composite and ChiNext indices are 16.37 times and 49.92 times, respectively, above the median levels of the past three years[3] - The current market is at a critical transition point, with the Shanghai Composite Index likely to consolidate around the 4000-point mark[3] Investment Strategy - A balanced investment strategy focusing on "cyclical + technology growth" is recommended to capture structural opportunities[3] - Investors are advised to maintain reasonable positions and avoid chasing highs or panic selling, while closely monitoring macroeconomic data and policy changes[3] Risk Factors - Potential risks include unexpected overseas economic downturns, domestic policy and economic recovery delays, and international relations affecting the economic environment[4]

Market Overview - The small metals sector experienced a decline of 1.02% on November 10, with Dongfang Tantalum leading the drop [1] - The Shanghai Composite Index closed at 4018.6, up 0.53%, while the Shenzhen Component Index closed at 13427.61, up 0.18% [1] Individual Stock Performance - Huaxi Nonferrous (600301) saw a significant increase of 6.03%, closing at 30.75 with a trading volume of 168,900 shares and a turnover of 517 million yuan [1] - Xiyang Co. (000960) increased by 2.35%, closing at 23.49 with a trading volume of 354,100 shares and a turnover of 832 million yuan [1] - Zhongkuang Resources (002738) rose by 1.21%, closing at 61.14 with a trading volume of 398,300 shares and a turnover of 2.473 billion yuan [1] - Dongfang Silver (000962) experienced a significant drop of 9.99%, closing at 28.02 with a trading volume of 445,600 shares and a turnover of 128.8 million yuan [2] - Caoyuan Tungsten (002378) fell by 6.82%, closing at 12.43 with a trading volume of 641,700 shares and a turnover of 811 million yuan [2] Capital Flow Analysis - The small metals sector saw a net outflow of 1.338 billion yuan from main funds, while retail investors contributed a net inflow of 1.176 billion yuan [2][3] - Zhongkuang Resources (002738) had a main fund net inflow of 55.608 million yuan, but a net outflow from retail investors of 39.006 million yuan [3] - Huaxi Nonferrous (600301) experienced a main fund net inflow of 20.723 million yuan, with retail investors showing a net outflow of 36.376 million yuan [3]