Core Viewpoint - The rapid increase in leveraged funds entering the A-share market since July has led to a significant rise in financing balances, reaching approximately 1.928 trillion yuan by July 24, 2025, indicating strong bullish sentiment among investors [2][4]. Financing Balance Overview - As of July 24, 2025, the financing balance in the A-share market has consistently remained above 1.9 trillion yuan for four consecutive trading days, closely approaching the year's high [2]. - The electronic industry leads in financing balance with approximately 219.1 billion yuan, followed by non-bank financials, computers, power equipment, pharmaceutical biology, machinery, and automotive sectors, all exceeding 100 billion yuan [4][5]. Industry Distribution of Financing Balances - The top industries by financing balance are: - Electronics: 219.1 billion yuan - Non-bank financials: 162.2 billion yuan - Computers: 149.1 billion yuan - Power equipment: 139.8 billion yuan - Pharmaceutical biology: 137.5 billion yuan - Machinery: 101.2 billion yuan - Automotive: 100.6 billion yuan [5][6]. Performance of High Financing Balance Companies - Among the top 30 A-share companies with the highest financing balances, the median increase in stock price since April 7 has been 11.5%, outperforming the Shanghai Composite Index's 7.19% during the same period [7][10]. - Notable companies include Oriental Fortune and China Ping An, both with financing balances exceeding 20 billion yuan, and several others showing significant price increases [7][19]. Resource Stocks and Their Financing Balances - A total of 24 resource stocks have financing balances exceeding 500 million yuan, with 11 of them surpassing 1 billion yuan. North Rare Earth leads with a financing balance of 4.475 billion yuan [12][13]. - The median increase in stock price for resource stocks with financing balances over 500 million yuan since April 7 is 18.55%, significantly higher than the Shanghai Composite Index [12]. Innovative Drug Sector Financing - The innovative drug sector, including CROs, has 34 stocks with financing balances over 500 million yuan, with 11 exceeding 1 billion yuan. WuXi AppTec has the highest financing balance at 3.319 billion yuan [17]. - The median increase in stock price for these innovative drug stocks since April 7 is 15.23%, outperforming the Shanghai Composite Index [17]. Non-Bank Financial Sector Insights - The non-bank financial sector has a total financing balance of approximately 162.2 billion yuan, with 21 stocks having financing balances exceeding 2 billion yuan [19][20]. - The median increase in stock price for these non-bank financial stocks since April 7 is 8.06%, also outperforming the Shanghai Composite Index [19].

Market Overview - On July 24, the market saw a rise with the Shanghai Composite Index closing at 3600 points, up 0.65%, while the Shenzhen Component and ChiNext Index increased by 1.21% and 1.5% respectively[2] - The total trading volume on July 24 was 1.87 trillion, a slight decrease of approximately 30 billion from the previous trading day[1] Market Strength - The market strength is gradually improving, with most daily K-lines since early July operating above the 5-day moving average, indicating a bullish trend[1] - The average daily trading volume has increased, reflecting a stronger market participation, with the Wind All A-Share Index closing above last October's high[1] Sector Performance - Key sectors such as non-ferrous metals, steel, commerce, and non-bank financials showed significant gains, while banking, telecommunications, and utilities experienced slight declines[1] - Over the past five trading days, multiple industry indices have risen over 5%, a trend not seen for a long time[1] Investment Opportunities - The overall market sentiment is improving, with a broad-based rally across technology, finance, cyclical, and consumer sectors, suggesting potential growth in the brokerage industry[1] - The brokerage sector is currently in the initial stage of an upward trend, which could enhance its operational performance in the medium to long term[1] Fund Flow - On July 24, net inflows into the Shanghai market were 552.60 billion, while the Shenzhen market saw net inflows of 283.71 billion, with securities, infrastructure, and small metals being the top sectors for inflows[2] Commodity Insights - The International Energy Agency forecasts global coal demand to reach a historical high of approximately 880 million tons in 2024, with a 1.5% increase from 2023, driven by consumption growth in emerging economies[3] - China's gold production in the first half of the year was 179.083 tons, a decrease of 0.31% year-on-year, while consumption fell by 3.54% to 505.205 tons[4][5] Industry Dynamics - The Chinese data warehouse software market is projected to reach 2.09 billion USD by 2029, with a compound annual growth rate (CAGR) of 15.5% from 2024 to 2029[7] - The national electricity market saw a trading volume of 5,020 billion kWh in June 2025, a 2.2% year-on-year increase, with cross-province trading up by 18.2%[10]

Group 1 - As of July 24, the metal cobalt sector rose by 3.93%, ranking fifth among concept sectors, with 32 stocks increasing in value [1] - Notable gainers included China Electric Power Construction, Tibet Mining, and Hainan Mining, which hit the daily limit, while Huayou Cobalt, Tengyuan Cobalt, and Ganfeng Lithium saw increases of 9.44%, 8.22%, and 8.00% respectively [1] - The sector experienced a net outflow of 8.23 billion yuan in capital, with 29 stocks receiving net inflows, and 6 stocks exceeding 1 billion yuan in net inflow [2] Group 2 - The top net inflow stock was Tibet Mining, with a net inflow of 4.33 billion yuan, followed by Huayou Cobalt, Ganfeng Lithium, and Luoyang Molybdenum with net inflows of 3.53 billion yuan, 2.72 billion yuan, and 2.25 billion yuan respectively [2][3] - In terms of net inflow ratios, Tibet Mining, Hainan Mining, and Zhongjin Lingnan led with 31.43%, 24.65%, and 15.09% respectively [3] - The trading volume for Tibet Mining was 43,265.75 million yuan, with a daily turnover rate of 11.36% [3]

Group 1 - The small metal concept index rose by 3.08%, ranking 9th among concept sectors, with 128 stocks increasing in value [1] - Notable gainers included Tibet Tianlu, China Power Construction, and Zhongke Sanhuan, which hit the daily limit, while Huayou Cobalt, Tangyuan Electric, and Northern Rare Earth saw significant increases of 9.44%, 9.22%, and 9.00% respectively [1][2] - The largest declines were observed in Zhongjin Gold, Zhejiang Fu Holdings, and Western Gold, with decreases of 4.41%, 4.03%, and 3.59% respectively [1] Group 2 - The small metal concept sector attracted a net inflow of 4.014 billion yuan, with 92 stocks receiving net inflows and 21 stocks exceeding 100 million yuan in net inflows [2] - Northern Rare Earth led the net inflow with 1.554 billion yuan, followed by China Rare Earth, Tibet Mining, and Guangsheng Nonferrous with net inflows of 499 million yuan, 433 million yuan, and 431 million yuan respectively [2] Group 3 - In terms of net inflow ratios, Zhongke Sanhuan, Tibet Mining, and Jinchuan Group had the highest ratios at 37.98%, 31.43%, and 26.87% respectively [3] - The small metal concept's top stocks by net inflow included Northern Rare Earth, China Rare Earth, and Tibet Mining, with respective net inflows of 1.553 billion yuan, 499 million yuan, and 432 million yuan [3][4]

Company Overview - China Rare Earth's closing price on July 24 was 42.59 yuan, an increase of 6.13%, with a rolling PE ratio of 606.91, marking a new low in 597 days, and a total market capitalization of 45.197 billion yuan [1] - The company's main business includes rare earth mining, processing, production of rare earth oxides, and technology research and consulting services [1] Financial Performance - For Q1 2025, the company reported revenue of 728 million yuan, a year-on-year increase of 141.32%, and a net profit of 72.618 million yuan, up 125.15% year-on-year, with a gross profit margin of 9.77% [1] Industry Comparison - In the small metals industry, the average PE ratio is 68.72, and the median is 64.03, placing China Rare Earth at 39th in the industry ranking [2] - The company has applied for 26 new patents, with 7 invention patents granted and 4 utility model patents [1] Capital Flow - On July 24, the net inflow of main funds into China Rare Earth was 47.423 million yuan, with a total inflow of 10.249 million yuan over the past five days [1]

Summary of Key Points from Conference Call Industry Overview - The conference call discusses the small metals industry, particularly focusing on rare earth elements and molybdenum, highlighting the impact of supply-side reforms and market dynamics [1][3][4]. Core Insights and Arguments - **Supply-Side Reforms in Rare Earths**: The deepening of supply-side reforms in the rare earth sector is leading to accelerated consolidation among state-owned enterprises and external companies, limiting non-compliant smelting capacity, which is expected to drive up rare earth prices and increase industry concentration [1][4]. - **Molybdenum Demand Growth**: Molybdenum is anticipated to see strong demand growth due to its critical role in enhancing steel performance, particularly in the production of high-quality steel products. The procurement volume of molybdenum by leading steel mills is increasing despite a decline in pig iron production [1][3][5]. - **Price Projections**: Molybdenum prices are projected to rise to between 4,500 and 5,000 RMB per ton due to low inventory levels, strong demand from manufacturing and military sectors, and potential disruptions in global supply [2][10][11]. - **Impact of Manufacturing and Military Demand**: The demand for special steel, driven by manufacturing and military applications, is significantly increasing, compensating for the slowdown in stainless steel growth. This trend is expected to sustain high overall steel production levels [8][9]. Companies Benefiting from Reforms - **Key Beneficiaries**: Companies such as China Northern Rare Earth Group and China Guangxi Nonferrous Metals are expected to benefit from the supply-side reforms due to their capacity for asset injection. Additionally, Northern Rare Earth and Baotou Aluminum are positioned to gain from rising light and heavy rare earth prices [1][6]. - **Investment Recommendations**: The recommended order of investment focus is: China Northern Rare Earth, China Guangxi Nonferrous Metals, followed by Northern Rare Earth and Baotou Aluminum [6]. Future Trends in the Small Metals Market - **Market Trends**: Future trends include deepening supply-side reforms, increased demand driven by product upgrades, and strong consumption in energy-related sectors. These trends indicate new growth opportunities in the small metals market amid technological advancements and industrial restructuring [7]. Additional Important Insights - **Molybdenum Inventory Levels**: Molybdenum inventory is at a historical low, which, combined with strong demand and potential supply disruptions, suggests a high likelihood of price increases [11]. - **Investment Opportunities**: Companies like Huaxi Nonferrous Metals and Huayu Mining are highlighted as key investment opportunities in the small metals sector, with strong growth potential and favorable market conditions [14].

Summary of Key Points from the Conference Call Industry Overview - The antimony market is expected to stabilize and rise due to anticipated export recovery, similar to trends observed in rare earths and tungsten [1] - The global antimony production from 2014 to 2024 is projected to have nearly zero growth, with China dominating global production at 70% [1][5] - Antimony demand in China has seen a compound annual growth rate (CAGR) of 8.3% over the past five years, primarily driven by the photovoltaic (PV) industry [1][5] - Current visible antimony inventory is at a five-year low of 3,000-4,000 tons, with hidden inventory cleared last year, reducing future inventory pressure [1][5] Core Insights - The antimony sector is expected to benefit from a risk-on sentiment in the industrial metals market due to a liquidity easing environment [2] - Export recovery is anticipated to drive a reversal in marginal demand, with low-price optimism potentially reversing in the near term [2] - The long-term outlook for antimony remains bullish, supported by supply-demand dynamics, inventory levels, and funding factors [2][5] Marginal Demand Analysis - A marginal demand table has been constructed to predict price reversals based on PV glass export and import data [3] - The table successfully predicted price reversals in October 2024, March 2025, and May 2025, correlating with changes in export volumes and marginal demand [3][4] Long-term Bull Market Factors - Supply-side constraints are evident, with a compound growth rate of only 0.16% in global antimony mining from 2014 to 2024 [5] - The domestic TPU production in China has decreased by 17% year-on-year, with imports down 48% [5] - Demand from the PV sector is expected to remain resilient despite potential short-term declines, supported by price control policies [5] Recommended Companies - Companies to watch include Huaxi Nonferrous, Hunan Gold, and Huayu Mining, with a specific recommendation for Yuguang Gold Lead due to its low valuation and significant by-product recovery [6] - Yuguang Gold Lead has seen a doubling in small metal recovery revenue and a quadrupling in gross profit since 2019, with stable costs [6] - The company is currently valued at less than 8 times earnings, presenting a potential investment opportunity if the antimony sector fully activates [6]

Investment Rating - Investment rating: Positive (maintained) [5] Core Views - The rare earth sector is experiencing price increases driven by overseas catalysts, with neodymium oxide rising 7.29% to 478,500 CNY/ton, dysprosium oxide up 2.44% to 1,680,000 CNY/ton, and terbium oxide increasing 0.84% to 7,180,000 CNY/ton [5][12] - Molybdenum prices are fluctuating at high levels due to increased steel demand, with molybdenum concentrate prices rising 4.46% to 3,985 CNY/ton [5][24] - Tungsten prices are at new highs due to supply contraction expectations, with black tungsten concentrate prices increasing 4.07% to 179,000 CNY/ton [5][29] - Tin prices are under pressure with SHFE tin down 1.01% to 264,500 CNY/ton, influenced by raw material shortages from Myanmar [5][37] - Antimony prices are adjusting downwards, with antimony ingot prices falling 1.30% to 190,000 CNY/ton due to reduced smelting output [5][48] - The controllable nuclear fusion materials sector is in a high-growth phase, with significant opportunities for upstream materials [6] Summary by Category Rare Earths - Recent price increases: neodymium oxide up 7.29% to 478,500 CNY/ton, dysprosium oxide up 2.44% to 1,680,000 CNY/ton, terbium oxide up 0.84% to 7,180,000 CNY/ton [5][12] Molybdenum - Molybdenum concentrate price increased 4.46% to 3,985 CNY/ton, while molybdenum iron (Mo60) rose 3.49% to 252,000 CNY/ton [5][24] Tungsten - Black tungsten concentrate price increased 4.07% to 179,000 CNY/ton, and ammonium paratungstate rose 4.35% to 264,000 CNY/ton [5][29] Tin - SHFE tin price decreased 1.01% to 264,500 CNY/ton, and LME tin fell 1.82% to 33,160 USD/ton [5][37] Antimony - Antimony ingot price decreased 1.30% to 190,000 CNY/ton, and antimony concentrate price fell 1.49% to 16,500 CNY/ton [5][48] Nuclear Fusion Materials - The controllable nuclear fusion industry is accelerating commercialization, with significant benefits expected for upstream materials [6]

Investment Rating - The report maintains a "Hold" rating for the non-ferrous metals industry [7] Core Insights - The non-ferrous metals industry index increased by 2.85% over the past two weeks, outperforming the CSI 300 index and ranking 14th among 31 first-level industries [2][14] - The report highlights a broad increase in metal prices, driven by various factors including global geopolitical tensions and supply shortages [5] - Key investment opportunities are identified in industrial metals and rare earths [5] Summary by Sections Market Review - The non-ferrous metals industry index rose by 2.85% from July 7 to July 18, 2025, with small metals, new metal materials, and energy metals leading the gains at 13.93%, 7.71%, and 5.01% respectively [2][14] - Precious metals and industrial metals showed minimal changes, with precious metals up by 0.15% and industrial metals down by 0.56% [14] Metal Prices - As of July 18, 2025, COMEX gold closed at $3,355.50 per ounce, up 0.58% over two weeks; COMEX silver closed at $38.43 per ounce, up 3.74% [3][21] - Black tungsten concentrate (≥65%) price rose to 180,000 CNY per ton, up 4.05% [21] - The rare earth price index reported at 192.24, up 5.17% over two weeks [3][47] Important Events - The Ministry of Industry and Information Technology announced ongoing efforts to implement high-quality development plans for the copper, aluminum, and gold industries, focusing on stabilizing growth and promoting transformation [4][63] Investment Recommendations - The report suggests focusing on industrial metals and rare earth investment opportunities due to rising prices and market demand [5]

洛阳栾川钼业集团股份有限公司的主营业务是基本金属、稀有金属的采、选、冶等矿山采掘及加工业务 和矿产贸易业务。公司的主要产品是矿山采掘及加工、钼、钨、铜（不含NPM）、钴、铌、磷、铜金 （NPM）、矿产贸易、矿物金属贸易、精炼金属贸易。 从行业市盈率排名来看，公司所处的小金属行业市盈率平均64.24倍，行业中值55.44倍，洛阳钼业排名 第5位。 本文源自：金融界 截至2025年一季报，共有212家机构持仓洛阳钼业，其中基金212家，合计持股数42257.90万股，持股市 值35.58亿元。 作者：行情君 7月21日，洛阳钼业今日收盘8.63元，上涨5.12%，滚动市盈率PE（当前股价与前四季度每股收益总和的 比值）达到11.98倍，创13天以来新低，总市值1846.33亿元。 最新一期业绩显示，2025年一季报，公司实现营业收入460.06亿元，同比-0.25%；净利润39.46亿元，同 比90.47%，销售毛利率22.33%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)1洛阳钼业11.9813.642.511846.33亿行业平均 64.2468.404.35221.77亿行业中值55.4457 ...