Group 1 - The A-share market experienced slight fluctuations on Monday, with strong performance in sectors such as communication equipment, electronic components, coal, and robotics, while precious metals, jewelry, energy metals, and non-ferrous metals showed weaker performance [1] - Market policy expectations are rising, and the potential for interest rate cuts by the Federal Reserve this year is expected to support the market [1] - The A-share market is likely to continue showing characteristics of consolidation, with structural opportunities remaining abundant, particularly in the technology growth sector [1][2] Group 2 - The A-share market opened higher due to positive sentiment over the weekend but faced cautious behavior from funds ahead of several macro events this week, leading to reduced trading volume [2] - There is a prevailing cautious sentiment among market participants, with a focus on controlling positions until new leading sectors emerge [2] - Despite short-term fluctuations, the core logic supporting the A-share market's upward trend remains intact, with a foundation for continued strength in the fourth quarter [2]

10月21日，华友钴业盘中上涨2.02%，截至09:42，报61.75元/股，成交8.77亿元，换手率0.76%，总市值 1172.80亿元。 资金流向方面，主力资金净流入3647.52万元，特大单买入1.36亿元，占比15.53%，卖出9093.91万元， 占比10.37%；大单买入2.10亿元，占比23.95%，卖出2.19亿元，占比24.96%。 华友钴业今年以来股价涨114.66%，近5个交易日跌5.25%，近20日涨18.18%，近60日涨58.74%。 分红方面，华友钴业A股上市后累计派现38.76亿元。近三年，累计派现28.35亿元。 机构持仓方面，截止2025年9月30日，华友钴业十大流通股东中，香港中央结算有限公司位居第二大流 通股东，持股1.48亿股，相比上期减少167.23万股。华泰柏瑞沪深300ETF（510300）位居第四大流通股 东，持股2341.21万股，相比上期减少84.31万股。易方达沪深300ETF（510310）位居第六大流通股东， 持股1814.17万股，相比上期增加84.01万股。广发国证新能源车电池ETF（159755）位居第七大流通股 东，持股1641.81万股， ...

Market Overview - The Shanghai Composite Index decreased by 1.47% to 3,839.76 points, while the CSI 300 Index fell by 2.22% to 4,514.23 points as of October 17 [2] - The SW Nonferrous Metals Industry Index dropped by 3.07% to 7,322.8 points [2] Sub-industry Performance - Among the five sub-industries in the nonferrous metals sector, the changes were as follows: - Industrial metals: -3.60% - Precious metals: +3.19% - Minor metals: -3.84% - Energy metals: -5.24% - New metal materials: -3.05% [2] Key Metal Prices - Key metal prices on the Shanghai Futures Exchange (SHFE) as of the week included: - Copper: 84,390 CNY/ton (-2.92%) - Aluminum: 20,910 CNY/ton (-0.95%) - Zinc: 21,815 CNY/ton (-2.55%) - Lead: 17,075 CNY/ton (-0.29%) - Nickel: 121,160 CNY/ton (-1.89%) - Tin: 280,750 CNY/ton (-2.66%) [2] - London Metal Exchange (LME) prices for the same metals were: - Copper: 10,607 USD/ton (+0.85%) - Aluminum: 2,779 USD/ton (+1.11%) - Zinc: 2,943 USD/ton (-1.97%) - Lead: 1,972 USD/ton (-2.43%) - Nickel: 15,110 USD/ton (-1.11%) - Tin: 35,030 USD/ton (-3.16%) [2] Precious Metals - Gold and silver prices on the SHFE were: - Gold: 999.80 CNY/gram (+9.94%) - Silver: 12,249 CNY/kg (+9.24%) [2] - COMEX prices for gold and silver were: - Gold: 4,268 USD/ounce (+6.69%) - Silver: 50.63 USD/ounce (+7.15%) [2] Lithium and Cobalt Prices - Prices for lithium and cobalt products included: - Battery-grade lithium carbonate: 74,500 CNY/ton (+1.36%) - Industrial-grade lithium carbonate: 73,000 CNY/ton (+1.39%) - Battery-grade lithium hydroxide: 77,125 CNY/ton (+1.15%) - Australian lithium concentrate: 735 USD/ton (+1.38%) [2] - Cobalt prices were: - Domestic electrolytic cobalt: 381,500 CNY/ton (+9.47%) - Cobalt sulfate: 87,000 CNY/ton (+10.13%) [2] Investment Recommendations - The market is advised to focus on leading companies in the gold and silver sectors, including Zijin Mining International, Zhaojin Mining Industry, Shandong Gold, and others due to the rising prices of precious metals [3][4]

南财投研通数据显示，10月20日，券商给予上市公司目标价共19次，按最新收盘价计算，目标价涨幅排 名居前的公司有华友钴业、紫金矿业、海康威视，目标价涨幅分别为56.95%、46.86%、33.19%，分别 属于能源金属、工业金属、计算机设备行业。 评级调低方面，10月20日，群益证券(香港)对海光信息的评级从"买进"调低至"区间操作"。 | | | 1家最新被调低评级的公司 | | | | --- | --- | --- | --- | --- | | 证券代码 证券名称 | 机构 | 此前评级 | 最新评级 | 行业 | | 688041 海光信息 | 群益证券(香港) | 买进 | 区间操作 | 半导体 | | | | 日期：10月20日，南财投研通×南财快讯制图 | | | 首次覆盖方面，10月20日券商共给出了5次首次覆盖，其中晨光生物获得山西证券给予"买入"评级，百 合花获得招商证券给予"增持"评级，威高血净获得东莞证券给予"增持"评级，天奈科技获得东北证券给 予"买入"评级，九号公司获得华源证券给予"增持"评级。 | | | | 10月20日目标价涨幅排名 | | | | --- | --- | ...

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The report highlights the escalation of Sino-US trade tensions, leading to increased macroeconomic uncertainty and commodity price volatility [1][14] - Federal Reserve Chairman Powell indicated that the Fed may soon end its balance sheet reduction efforts, with signs of a weakening labor market emerging [2][16] - China's core CPI continued to rise, while PPI's decline narrowed, indicating a mixed economic outlook [3][17] - Freeport Indonesia may suspend operations at its copper smelter due to supply disruptions from a mudslide at the Grasberg mine, impacting Indonesia's copper smelting capacity and export plans [4][18] Weekly Market Review - The non-ferrous metals sector underperformed, with a weekly decline of 3.07%, ranking 20th among 33 sectors [9] - Key individual stock performances included significant gains for Xilai Fu (+49.84%) and Baiyin Youse (+28.54%), while Tengyuan Cobalt (-13.83%) and Bowei Alloy (-13.34%) faced notable declines [9][13] Key Focus Areas & Metal Prices - Industrial metals are expected to see price increases due to ongoing supply disruptions and potential acceleration in smelting processes [19] - Precious metals, particularly gold, reached historical highs amid renewed trade tensions [32] - Energy metals, particularly cobalt, may face supply shortages due to new export quotas from the Democratic Republic of Congo [35][36] - Strategic metals, especially rare earths, are benefiting from strengthened export controls, with a focus on mid-heavy rare earths [41] Core View Updates and Key Stock Tracking - For industrial metals, companies with integrated operations like China Hongqiao are recommended, alongside others like Tianshan Aluminum and Zhongfu Industrial [51] - In precious metals, gold remains a key asset for long-term allocation, with stocks like Chifeng Jilong Gold and Shandong Gold suggested for attention [51] - Strategic and minor metals are expected to see valuation reconstruction opportunities, with a focus on cobalt, antimony, and tungsten sectors [52]

Core Viewpoint - Tianqi Lithium's stock price has experienced fluctuations, with a year-to-date increase of 38.21% but a recent decline of 8.36% over the past five trading days [1] Group 1: Stock Performance - As of October 20, Tianqi Lithium's stock price was 45.61 CNY per share, with a market capitalization of 748.56 billion CNY [1] - The company has seen a trading volume of 13.85 billion CNY, with a turnover rate of 2.02% [1] - Year-to-date, Tianqi Lithium's stock has risen by 38.21%, while it has decreased by 8.36% in the last five trading days [1] Group 2: Financial Performance - For the first half of 2025, Tianqi Lithium reported a revenue of 4.833 billion CNY, a year-on-year decrease of 24.71%, while net profit attributable to shareholders was 84.41 million CNY, an increase of 101.62% [2] Group 3: Shareholder Information - As of June 30, 2025, Tianqi Lithium had 270,800 shareholders, a decrease of 6.08% from the previous period [2] - The average number of circulating shares per shareholder increased by 6.45% to 5,451 shares [2] - The company has distributed a total of 7.868 billion CNY in dividends since its A-share listing, with 7.137 billion CNY distributed in the last three years [3] Group 4: Institutional Holdings - As of June 30, 2025, Hong Kong Central Clearing Limited was the fourth-largest circulating shareholder, holding 64.82 million shares, an increase of 8.6965 million shares from the previous period [3] - Other notable institutional shareholders include China Securities Finance Corporation and various ETFs, all of which have increased their holdings [3]

Core Insights - The performance of the gold and non-ferrous metals sector in 2025 is significantly influenced by the dual factors of the Federal Reserve's interest rate cuts and external uncertainties, with gold futures prices surpassing $4200 per ounce, marking a year-to-date increase of over 50% [1] - The non-ferrous metals sector shows a mixed performance, with industrial metals facing price volatility due to tariff policies and global economic expectations, while energy metals are showing signs of recovery with narrowing price declines [1][4] - The market has seen a strong rally in the non-ferrous metals sector post the National Day holiday, with core commodities like gold, copper, and rare earths performing exceptionally well [1][4] Industry Performance - The non-ferrous metals industry has maintained high production levels and investment growth, with a net inflow of over 20 billion yuan into related stocks in the past month, indicating strong market sentiment [4][11] - The precious metals sector reported significant revenue growth, with the A-share precious metals sector achieving 188.25 billion yuan in revenue in the first half of 2025, a 27.15% year-on-year increase, and a net profit of 9.68 billion yuan, up 64.72% [5][14] - The industrial metals sector also saw revenue growth of 1.36 trillion yuan, a 3.46% increase, with net profit rising by 24.42% [5][14] Market Dynamics - The rise in metal prices is attributed to a combination of macroeconomic monetary easing policies and supply-demand imbalances, with analysts noting that the current market conditions are a sensitive reaction to these factors [1][6] - The demand for gold as a safe-haven asset has been reinforced by geopolitical risks and uncertainties surrounding U.S. government policies, leading to increased investor interest [4][19] - The copper market is particularly noteworthy, with prices rising by 13% this year, reflecting its status as a barometer for the global economy, despite cautious capital expenditure from major copper companies [7][8] Company Performance - Leading companies in the non-ferrous metals sector, such as Zijin Mining and Luoyang Molybdenum, have seen their stock prices surge, with Zijin Mining's A-share price increasing by 99.47% year-to-date [11][22] - The energy metals sector has shown remarkable recovery, with net profits increasing by 1389.34% year-on-year, indicating a shift from losses to profitability [5][14] - Companies like Jincheng Mining have reported significant production increases, with copper output rising by 198.52%, contributing to overall performance improvements [22]

Core Viewpoint - Rongjie Co., Ltd. has shown a mixed performance in stock price and financial results, with a notable increase in revenue but a significant decline in net profit for the first half of 2025 [1][2]. Financial Performance - As of September 30, 2025, Rongjie Co., Ltd. achieved an operating income of 303 million yuan, representing a year-on-year growth of 21.06% [2]. - The net profit attributable to shareholders was 85.41 million yuan, reflecting a year-on-year decrease of 48.54% [2]. Stock Market Activity - On October 20, 2025, the stock price of Rongjie Co., Ltd. increased by 2.13%, reaching 40.80 yuan per share, with a total market capitalization of 10.594 billion yuan [1]. - The stock has seen a year-to-date increase of 28.57%, with a slight decline of 0.05% over the last five trading days [1]. Shareholder Information - As of September 30, 2025, the number of shareholders decreased by 4.18% to 50,400, while the average number of circulating shares per person increased by 4.37% to 5,141 shares [2]. - The top ten circulating shareholders include significant institutional investors, with Hong Kong Central Clearing Limited being the second-largest shareholder, increasing its holdings by 197.74 thousand shares [3]. Business Overview - Rongjie Co., Ltd. primarily operates in the new energy lithium battery materials industry, with its main business segments including lithium ore mining (86.31% of revenue), lithium battery equipment (12.76%), and lithium salts (0.66%) [1]. - The company is categorized under the non-ferrous metals sector, specifically in energy metals and lithium [1].

Investment Rating - The report maintains a "Buy" rating for several companies in the non-ferrous metals sector, including Shanjin International, Chifeng Jilong Gold Mining, and Luoyang Molybdenum [5][6]. Core Views - The report highlights that the precious metals market is experiencing price fluctuations due to tariff disturbances, but the long-term bullish trend remains intact. The U.S. government shutdown and increased tariffs on China are expected to boost gold's safe-haven demand [1]. - For industrial metals, copper prices are supported by supply disruptions, while macroeconomic uncertainties may cause short-term volatility. The aluminum market is expected to see high price fluctuations due to rising interest rate expectations and inventory reductions [2]. - In the energy metals sector, lithium prices are projected to remain strong due to increased supply and demand, particularly in the electric vehicle market. However, the silicon market is facing oversupply issues, leading to price fluctuations [3]. Summary by Sections Precious Metals - Tariff disturbances have led to price volatility in gold and silver, but the long-term bullish trend is expected to continue. The report suggests strategic allocation in precious metals [1]. - Recommended companies include: Xinyi Silver, Shengda Resources, and Zijin Mining [1]. Industrial Metals - **Copper**: Prices are supported by supply disruptions from major mines, with a projected increase in price center due to mid-term supply constraints. However, short-term fluctuations may occur due to trade tensions [2]. - **Aluminum**: The market is experiencing high price volatility, influenced by interest rate expectations and inventory levels. The report suggests monitoring inventory accumulation [2]. Energy Metals - **Lithium**: The market is showing strong performance with supply and demand both increasing. The report indicates that lithium prices are likely to remain strong in the short term [3]. - **Silicon**: The market is facing oversupply, leading to price fluctuations despite being in a traditional demand season [3]. Key Companies - The report identifies key companies to watch, including: Luoyang Molybdenum, China Hongqiao, and Tianqi Lithium [5][6].

Group 1: Copper - LME copper price increased by 2.41% to $10,624.00 per ton, while Shanghai copper decreased by 1.77% to 84,400 yuan per ton [1][12] - Domestic copper inventory increased by 0.55 thousand tons to 17.75 thousand tons due to weak downstream consumption and replenishment of imported sources [1][12] - The operating rate of domestic major refined copper rod enterprises rose to 62.5%, up 19.06% week-on-week, but down 16.39% year-on-year, indicating a recovery post-holiday but still below pre-holiday levels [1][12] Group 2: Aluminum - LME aluminum price rose by 1.82% to $2,796.00 per ton, while Shanghai aluminum decreased by 0.33% to 20,900 yuan per ton [2][13] - Domestic electrolytic aluminum ingot inventory decreased by 2.3 thousand tons, indicating a slight recovery in demand [2][13] - The operating rate of domestic aluminum processing enterprises remained stable at 62.5%, with a year-on-year decline of 1.4% [2][13] Group 3: Gold - COMEX gold price increased by 7.65% to $4,344.30 per ounce, influenced by U.S. government shutdown and geopolitical risks [3][14] - SPDR gold holdings increased by 17.46 tons to 1,034.62 tons, reflecting increased demand amid market uncertainties [3][14] - The U.S. government shutdown has led to delays in key economic data releases, impacting the economy and the dollar's position [3][14] Group 4: Rare Earths - The price of praseodymium and neodymium oxide decreased by 9.01% to 507,100 yuan per ton, with expectations of price recovery due to overseas replenishment [4][32] - The strategic importance of rare earths has increased due to regulatory changes, with a positive outlook for major companies in the sector [4][32] - The implementation of new regulations is expected to gradually show positive effects on supply and pricing [4][32] Group 5: Antimony - Antimony price decreased by 4.08%, but demand is expected to recover due to the stabilization of photovoltaic glass production [4][33] - The implementation of stricter standards for flame-retardant cables may provide a demand boost for antimony [4][33] - Global antimony prices are expected to trend upward due to resource scarcity and reduced supply from major mines [4][33] Group 6: Lithium - The average price of lithium carbonate decreased by 0.63% to 73,100 yuan per ton, while lithium hydroxide decreased by 0.43% to 78,200 yuan per ton [5][60] - Total lithium carbonate production increased to 21,100 tons, reflecting a slight recovery in supply [5][60] - Strong demand from the energy storage sector is expected to support lithium prices despite recent supply increases [5][60] Group 7: Cobalt - Cobalt price increased by 9% to 381,000 yuan per ton, driven by tight supply conditions [5][61] - The market is characterized by a "price without market" phenomenon, with strong upward pressure on prices due to raw material shortages [5][61] - Future price increases are anticipated as supply constraints from Congo continue to affect the market [5][61] Group 8: Nickel - LME nickel price increased by 0.1% to $15,200 per ton, while Shanghai nickel price decreased by 0.6% to 121,200 yuan per ton [5][62] - Concerns over the stability of nickel ore supply due to regulatory changes in Indonesia are providing short-term support for prices [5][62] - The market is expected to remain volatile due to the interplay between supply disruptions and weak fundamentals [5][62]