Core Viewpoint - The recent ruling by the U.S. Court of Appeals declaring Trump's tariffs illegal has reignited the tariff debate, while Powell's dovish stance at Jackson Hole has increased the certainty of rate cuts in the medium term, suggesting that liquidity conditions will continue to resonate both domestically and internationally, with industrial and precious metals expected to perform well as the peak demand season approaches [1][2]. Group 1: Tariff and Monetary Policy Impact - The U.S. Court of Appeals ruled that Trump's global tariffs are "illegal," leading to renewed uncertainty in tariff negotiations, although the tariffs will remain in effect until mid-October [1]. - Powell's unexpected dovish comments at the Jackson Hole meeting, along with political pressures, enhance the likelihood of Fed rate cuts in the medium term [1][2]. - The combination of a loose domestic monetary environment and ongoing international liquidity conditions is expected to support precious metals, despite potential short-term volatility due to tariff uncertainties [1][2]. Group 2: Precious Metals Outlook - The tariff debate may cause fluctuations in gold prices, but the dovish Fed stance and adjusted inflation targets provide upward support for precious metals [2]. - The U.S. manufacturing and services PMI for August were reported at 53.3 and 55.4, respectively, indicating economic resilience and supporting inflation expectations, which in turn bolster precious metal prices [2]. - Long-term risks related to U.S. government debt and challenges to the dollar's status may lead to continued strong performance of gold in a restructured global monetary system [2]. Group 3: Industrial Metals Performance - With Powell signaling rate cuts and the Chinese government emphasizing fiscal and financial support to boost domestic demand, industrial metals are expected to benefit from improving demand expectations [2]. - The transition from off-peak to peak demand seasons, coupled with low inventory levels for major industrial metals, suggests a favorable supply-demand balance that could support prices [2]. - Seasonal disruptions in supply due to maintenance and other factors, alongside rising demand, may lead to a marginally improved supply-demand dynamic for industrial metals [2].

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - Short-term factors are interfering with performance release, but the growth potential for the silver and tin leader is promising [1]. - The company expects revenue growth in the coming years, with projected revenues of 58.6 billion, 66.8 billion, and 83.2 billion for 2025, 2026, and 2027 respectively [4]. Financial Performance Summary - In the first half of 2025, the company achieved revenue of 2.473 billion, a year-on-year increase of 12.5%, while net profit attributable to shareholders was 796 million, a decrease of 9.93% [1]. - The revenue from tin and silver accounted for 65.6% of total revenue, with tin revenue at 762 million (30.81%) and silver revenue at 861 million (34.80%) [1]. - The gross profit from tin and silver combined accounted for 70.5%, with tin gross profit at 521 million (gross margin of 68.4%) and silver gross profit at 470 million (gross margin of 54.7%) [2]. Production and Operational Analysis - The company produced 3,590 tons of tin in the first half of 2025, a decrease of 20.64% year-on-year, while silver production increased by 4.57% to 131.3 tons [2]. - The subsidiary, Yinman Mining, reported a net profit of 670 million, a decrease due to a mining accident that caused a temporary shutdown [3]. - The company is making progress in restructuring with China Cinda, and key projects are advancing [3]. Future Projections - The company forecasts net profits of 2.06 billion, 2.41 billion, and 3.13 billion for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 18.4, 15.7, and 12.1 [4][5].

Investment Rating - The report maintains an "Overweight" rating for the non-ferrous metals industry [2]. Core Views - The report highlights a bullish outlook for precious metals, particularly silver, driven by rising interest rate cut expectations and a weakening dollar, with silver prices reaching new highs [1][34]. - For industrial metals, the report is optimistic about copper prices due to macroeconomic easing and seasonal demand, while aluminum prices are expected to fluctuate in the short term [1][4]. - Energy metals, particularly lithium, are experiencing price declines amid weaker market sentiment, although demand remains stable due to seasonal factors [1][24]. Summary by Sections Precious Metals - Silver prices have surged, with COMEX silver reaching $40.75 per ounce, marking a significant technical breakout [1][34]. - Gold prices are also approaching $3,500 per ounce, with expectations of inflation rising in the U.S. economy [1][34]. Industrial Metals - Copper: The report anticipates a price increase due to macroeconomic easing and seasonal demand, with global refined copper production expected to rise by 3.6% year-on-year [1][4]. - Aluminum: The report notes a slight increase in theoretical operating capacity in China's aluminum industry, but anticipates price fluctuations due to mixed production adjustments [1][4]. Energy Metals - Lithium: Prices have declined, with battery-grade lithium carbonate dropping to 80,000 yuan per ton, while production and inventory levels are also decreasing [1][24]. - Metal Silicon: The report indicates stable supply and demand dynamics, with short-term price fluctuations expected [1][24]. Key Stocks - The report recommends several stocks in the non-ferrous metals sector, including: - Shandong Gold (Buy) with an EPS forecast of 1.75 yuan for 2027 [3]. - Chifeng Jilong Gold Mining (Buy) with an EPS forecast of 2.01 yuan for 2027 [3]. - China Hongqiao Group (Buy) with an EPS forecast of 2.83 yuan for 2027 [3].

Group 1 - The consumer electronics sector, particularly the Apple supply chain, is gaining attention due to upcoming product launches from Apple and META [1] - Citic Securities suggests focusing on resources, innovative pharmaceuticals, consumer electronics, chemicals, gaming, and military industries for September investments [1] - The potential for a weaker dollar due to possible Federal Reserve rate cuts may catalyze a new round of growth in resource commodities, especially precious metals and copper [1] Group 2 - Guotai Junan Securities indicates a market shift from small-cap to large-cap stocks, with a focus on sectors benefiting from domestic "anti-involution" and overseas manufacturing recovery [2] - Recommended sectors include industrial metals, raw materials, and capital goods, as well as insurance and brokerage firms benefiting from improved capital returns [2] - The market is expected to see opportunities in consumer-related sectors as profitability improves, with a broadening of market styles underway [2] Group 3 - Minsheng Securities highlights that the market's positive sentiment is supported by proactive fiscal policies and moderately loose monetary policies, which are expected to sustain high trading volumes [3] - The insurance sector is anticipated to benefit from lower liability costs due to a new round of interest rate adjustments, enhancing equity allocations [3] - Brokerage firms are projected to continue their performance recovery trend into 2025, supported by a stable capital market and high trading activity [3]

Core Viewpoint - Western Mining (601168) has experienced a stock price increase of 3.96% this week, closing at 18.65 yuan as of August 29, 2025, with a total market capitalization of 44.443 billion yuan [1] Company Announcements - The company announced the resignation of President Zhao Fukan due to work changes, who will continue to serve as a director and chairman of Western Mining Group Finance Co., Ltd. [1] - Zhou Huarong has been appointed as the new president, with a term aligned with the current board of directors [1] - Zhao Fukan's resignation will not affect the company's normal production and operations, effective immediately upon delivery to the board [1] Executive Profile - Zhou Huarong, born in February 1974, holds a master's degree in business administration from the University of Electronic Science and Technology and is a qualified mineral processing engineer [2] - He has served as the executive director of Qinghai Copper Industry Co., Ltd. since June 2025 and has been the vice president of the company and chairman of Qinghai Western Magnesium Co., Ltd. since December 2023 [2]

Investment Rating - The report maintains an "Outperform" rating for the industry [7]. Core Insights - The report highlights that the precious metals sector is expected to perform strongly due to rising expectations for interest rate cuts by the Federal Reserve, driven by political pressures and potential changes in monetary policy [3][12]. - Industrial metals are anticipated to see price increases supported by traditional consumption peaks and ongoing supply constraints, particularly for copper [14][17]. - The lithium market is experiencing short-term disruptions but has strong long-term fundamentals, making it a strategic investment opportunity [18]. - Tungsten prices have surged significantly, while rare earth elements have stabilized after a decline, indicating a mixed outlook for these sectors [19]. Summary by Sections 1. Precious Metals - The report discusses the impact of political events, such as President Trump's actions against the Federal Reserve, which could lead to a crisis in the dollar credit system and boost demand for precious metals [3][12]. - Key stocks to watch include A-shares like Zhaojin Mining and Zijin Mining, and H-shares like WanGuo and LingBao [3]. 2. Industrial Metals - The report notes that copper prices are supported by a tight supply situation, with a projected increase in demand due to seasonal consumption patterns [14][17]. - Key stocks recommended include Jiangxi Copper and Tongling Nonferrous [17]. 3. New Energy Metals - Lithium prices are expected to remain strong due to resilient demand, despite short-term supply disruptions [18]. - Recommended stocks include Tianqi Lithium and Ganfeng Lithium [18]. 4. Other Minor Metals - Tungsten prices have increased by 16.7% recently, while rare earth prices have stabilized after a decline [19]. - Key stocks to monitor include China Rare Earth and North Rare Earth [19]. 5. Market Review - The report indicates that the non-ferrous index rose by 7.2%, outperforming the broader market, with notable gains in stocks like Jinli Permanent Magnet and China Rare Earth [5][25]. - The report also highlights that the copper and aluminum sectors are currently undervalued [33]. 6. Major Events - The report mentions significant macroeconomic events, including Trump's dismissal of a Federal Reserve board member, which could influence market dynamics [41]. - It also notes that China's copper production has increased by 9.4% year-on-year for the first seven months of the year [46].

Investment Rating - The investment rating for Tianshan Aluminum (002532.SZ) is "Buy" (maintained) [1] Core Views - Tianshan Aluminum demonstrates a rare growth attribute within the industry, highlighting its investment value [1] - The company achieved a revenue of 15.328 billion yuan in H1 2025, representing a year-on-year increase of 11.19%, while the net profit attributable to shareholders was 2.084 billion yuan, up 0.51% year-on-year [4] - The report anticipates that the company's net profit for 2025 to 2027 will be 4.709 billion, 5.602 billion, and 6.429 billion yuan respectively, reflecting year-on-year growth rates of 5.7%, 19.0%, and 14.8% [4] Financial Performance Summary - In H1 2025, the company produced 585,400 tons of electrolytic aluminum, remaining stable year-on-year, while alumina production increased by 9.76% to 1.1999 million tons [5] - The average selling price for electrolytic aluminum was approximately 20,250 yuan per ton, up 2.8% year-on-year, and for alumina, it was about 3,700 yuan per ton, up 6% year-on-year [5] - The comprehensive electricity cost for electrolytic aluminum production decreased by approximately 17% year-on-year due to lower coal procurement prices and new power supply agreements [5] Growth Potential - The company has initiated a green low-carbon efficiency improvement project for 1.4 million tons of electrolytic aluminum capacity, which is expected to enhance annual production capacity significantly [6] - The report emphasizes the company's unique growth potential within the industry, supported by its integrated layout and regional advantages [4][6] Valuation Metrics - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 1.01, 1.20, and 1.38 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 7.3, 6.1, and 5.3 times [4][8] - The company's revenue is expected to grow from 28.975 billion yuan in 2023 to 32.566 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 7.5% [8]

Group 1 - Hailiang Co., Ltd. achieved a revenue of 44.476 billion yuan, a year-on-year increase of 1.17%, and a net profit of 711 million yuan, a year-on-year increase of 15.03% [1] - Yinfai Storage reported a revenue of 543 million yuan, a year-on-year decrease of 18.97%, and a net profit of 62.347 million yuan, a year-on-year decrease of 20.05% [1] - Huamao Technology achieved a revenue of 1.108 billion yuan, a year-on-year increase of 14.42%, and a net profit of 137 million yuan, a year-on-year increase of 3.21% [2] Group 2 - Postal Savings Bank reported a revenue of 179.446 billion yuan, a year-on-year increase of 1.5%, and a net profit of 49.228 billion yuan, a year-on-year increase of 0.85% [4] - Bright Dairy achieved a revenue of 12.472 billion yuan, a year-on-year decrease of 1.9%, and a net profit of 217 million yuan, a year-on-year decrease of 22.53% [6] - Pianzaihuang reported a revenue of 5.379 billion yuan, a year-on-year decrease of 4.81%, and a net profit of 1.442 billion yuan, a year-on-year decrease of 16.22% [7] Group 3 - Great Wall Motors achieved a revenue of 92.335 billion yuan, a year-on-year increase of 0.99%, and a net profit of 6.337 billion yuan, a year-on-year decrease of 10.21% [9] - Haowei Group reported a revenue of 13.956 billion yuan, a year-on-year increase of 15.42%, and a net profit of 2.028 billion yuan, a year-on-year increase of 48.34% [10] - Batian Co., Ltd. achieved a revenue of 2.543 billion yuan, a year-on-year increase of 63.93%, and a net profit of 456 million yuan, a year-on-year increase of 203.71% [12] Group 4 - Yuxin Technology reported a revenue of 1.415 billion yuan, a year-on-year decrease of 5.01%, and a net profit of 220 million yuan, a year-on-year increase of 35.26% [14] - Zhongti Industry reported a revenue of 787 million yuan, a year-on-year decrease of 25.24%, and a net loss of 24.3955 million yuan [15] - Kemei Diagnostics achieved a revenue of 165 million yuan, a year-on-year decrease of 27.03%, and a net profit of 24.3408 million yuan, a year-on-year decrease of 68.24% [16] Group 5 - Huatai Co., Ltd. reported a revenue of 6.409 billion yuan, a year-on-year decrease of 1.86%, and a net profit of 67.6382 million yuan, a year-on-year decrease of 63.13% [17] - Fudan Fuhua reported a revenue of 326 million yuan, a year-on-year increase of 2.20%, and a net loss of 711.58 million yuan [19] - Haili Co., Ltd. achieved a revenue of 12.426 billion yuan, a year-on-year increase of 13.16%, and a net profit of 333.546 million yuan, a year-on-year increase of 693.76% [21] Group 6 - Xintong New Science reported a revenue of 61.852 million yuan, a year-on-year increase of 8.49%, and a net loss of 30.393 million yuan [22] - Newzhisoft achieved a revenue of 897 million yuan, a year-on-year decrease of 3.40%, and a net profit of 30.3531 million yuan, a year-on-year increase of 42.84% [24] - Maolai Optics reported a revenue of 319 million yuan, a year-on-year increase of 32.26%, and a net profit of 32.7555 million yuan, a year-on-year increase of 110.36% [25] Group 7 - Qianjin Pharmaceutical achieved a revenue of 1.818 billion yuan, a year-on-year decrease of 5.52%, and a net profit of 128 million yuan, a year-on-year increase of 8.50% [28] - Quanfeng Automotive reported a revenue of 1.218 billion yuan, a year-on-year increase of 18.90%, and a net loss of 167 million yuan [29] - Zhongjin Lingnan's application for a specific issuance of A-shares has been accepted by the Shenzhen Stock Exchange [31] Group 8 - Zhonglv Electric achieved a revenue of 2.333 billion yuan, a year-on-year increase of 29.30%, and a net profit of 618 million yuan, a year-on-year increase of 33.06% [33] - Sanhuan Group reported a revenue of 4.149 billion yuan, a year-on-year increase of 21.05%, and a net profit of 1.237 billion yuan, a year-on-year increase of 20.63% [35] - China Energy Construction achieved a revenue of 212.091 billion yuan, a year-on-year increase of 9.18%, and a net profit of 28.02 billion yuan, a year-on-year increase of 0.72% [37] Group 9 - Liou Co., Ltd. reported a revenue of 9.635 billion yuan, a year-on-year decrease of 9.62%, and a net profit of 478 million yuan, turning from a loss to profit [38] - Suzhou Bank achieved a revenue of 6.504 billion yuan, a year-on-year increase of 1.81%, and a net profit of 3.134 billion yuan, a year-on-year increase of 6.15% [40] - Shunxin Agriculture reported a revenue of 4.593 billion yuan, a year-on-year decrease of 19.24%, and a net profit of 173 million yuan, a year-on-year decrease of 59.09% [43] Group 10 - Tongfu Microelectronics achieved a revenue of 13.038 billion yuan, a year-on-year increase of 17.67%, and a net profit of 412 million yuan, a year-on-year increase of 27.72% [44] - Weidao Nano reported a revenue of 1.05 billion yuan, a year-on-year increase of 33.42%, and a net profit of 192 million yuan, a year-on-year increase of 348.95% [44] - ZTE Corporation achieved a revenue of 715.53 billion yuan, a year-on-year increase of 14.51%, and a net profit of 50.58 billion yuan, a year-on-year decrease of 11.77% [46]

Investment Rating - The report maintains a standard rating for the non-ferrous metals industry, indicating a positive outlook for investment in this sector [1]. Core Insights - The non-ferrous metals industry has seen a significant increase in performance, with an overall rise of 8.37% in the last two weeks, outperforming the CSI 300 index by 1.41 percentage points, ranking 5th among 31 industries [2][11]. - The small metals and new materials sectors have shown particularly strong performance, with increases of 21.87% and 13.84% respectively in the same period [2][16]. - The report highlights the positive impact of government policies on the rare earth sector, leading to a rapid price recovery for rare earth products [4][72]. Industry Analysis Market Performance - As of August 28, 2025, the non-ferrous metals industry has increased by 16.08% this month and 44.99% year-to-date, ranking 5th and 2nd respectively among 31 industries [11][12]. - The small metals sector has surged by 77.45% year-to-date, while the new materials sector has risen by 55.77% [16]. Price Trends - As of August 28, 2025, key prices include: - LME copper at $9,839.50 per ton - LME aluminum at $2,607 per ton - LME lead at $1,988 per ton - LME zinc at $2,787 per ton - LME nickel at $15,300 per ton - LME tin at $34,825 per ton [22]. - The rare earth price index reached 226.27, up 21.16 from early August, with specific prices for praseodymium-neodymium oxide averaging 604 yuan per kilogram [41][72]. Company Performance - Notable companies in the sector include: - China Rare Earth (000831) and Kingstone Permanent Magnet (300748), which are recommended for attention due to their strong market positions [73]. - In the last two weeks, the top-performing stocks include Zhangyuan Tungsten (57.70%), Kingstone Permanent Magnet (54.48%), and Northern Rare Earth (46.39%) [18][20]. - Year-to-date, the top gainers are Copper Crown Copper Foil (217.60%), Zhongzhou Special Materials (211.00%), and Northern Rare Earth (165.00%) [20].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has launched a three-year dividend plan, highlighting its high dividend attributes. It commits to distributing no less than 60% of its distributable profits in cash dividends from 2025 to 2027 [5][7] - In the first half of 2025, the company achieved revenue of 10.574 billion yuan, a year-on-year decrease of 3.82%, while the net profit attributable to shareholders increased by 59.55% to 707 million yuan [5] - The company has adjusted its profit forecasts for 2025 to 2027, expecting net profits of 1.971 billion, 2.448 billion, and 2.731 billion yuan respectively, with year-on-year growth rates of 180.0%, 24.2%, and 11.5% [5] Financial Performance Summary - In the first half of 2025, the company reported a revenue of 10.574 billion yuan, with a net profit of 707 million yuan, and a non-recurring net profit of 646 million yuan [5] - For Q2 2025, the company achieved revenue of 5.552 billion yuan, a year-on-year decrease of 4.47%, but a quarter-on-quarter increase of 10.57% [5] - The company’s earnings per share (EPS) for 2025 is projected to be 0.49 yuan, with corresponding price-to-earnings (P/E) ratios of 11.1, 8.9, and 8.0 for the years 2025, 2026, and 2027 respectively [5][9] Business Development - The company has completed the acquisition of a 24% stake in Zhongfu Aluminum, increasing its electrolytic aluminum capacity to 750,000 tons per year [6] - The company is investing 70.386 million yuan in a new clean energy materials project, expected to recover its investment in approximately 2.06 years with an investment return rate of 107.47% [6] Shareholder Engagement - As of August 12, 2025, the company completed its employee stock ownership plan, purchasing 329 million shares, accounting for 8.21% of the total share capital [7]