Core Viewpoint - The non-ferrous metals industry has shown significant growth, with the industry index rising 11.89% over the past two weeks, outperforming the CSI 300 index and ranking first among 31 Shenwan primary industries [1][2]. Industry Performance - The non-ferrous metals industry index increased by 11.89% from September 29 to October 10, 2025, significantly outperforming the CSI 300 index [2]. - Within the sub-sectors, energy metals rose by 12.75%, industrial metals by 13.34%, precious metals by 9.32%, minor metals by 9.93%, and new metal materials by 7.60% [1][2]. Metal Prices - Precious metals continued to show strength, with COMEX gold closing at $4,035.50 per ounce, up 6.48% over the past two weeks [2]. - COMEX silver closed at $47.52 per ounce, increasing by 2.48% [2]. - LME copper settled at $10,735.00 per ton, up 6.02%, while LME aluminum rose to $2,800 per ton, up 5.94% [2]. - Cobalt prices surged, with electrolytic cobalt averaging 349,500 yuan per ton, up 12.74%, and sulfuric cobalt increasing by 16.92% to 76,000 yuan per ton [2]. Regulatory Developments - On October 9, the Ministry of Commerce of China announced new export controls on rare earths, effective December 1, which include a "minimum proportion" and "direct product" rules [3][4]. - The new regulations aim to address violations in export practices and respond to global supply chain dynamics [4]. Investment Recommendations - Following the Federal Reserve's interest rate cut in September, attention should be paid to geopolitical and export policy changes in major resource countries, as well as the recovery of domestic downstream demand [5]. - The focus should be on investment opportunities that combine "resources + growth" strategies [5].

Investment Rating - The report maintains a positive investment rating for the non-ferrous metals industry, suggesting a focus on "resources + growth" investment opportunities following the recent interest rate cuts by the Federal Reserve [5]. Core Insights - The non-ferrous metals industry index rose by 11.89% over the past two weeks, significantly outperforming the CSI 300 index, ranking first among 31 primary industries [2][12]. - Precious metals continue to show strength, with gold prices reaching $4,035.50 per ounce, up 6.48% in two weeks, and year-to-date gains of 51.07% [3][21]. - The report highlights the impact of geopolitical factors and supply chain dynamics, particularly the recent export control measures on rare earth elements by the Chinese government, which are expected to influence market conditions [4][46]. Summary by Sections 1. Market Review (2025.9.29-2025.10.10) - The non-ferrous metals industry index increased by 11.89%, with energy metals up 12.75% and industrial metals up 13.34% [12][20]. 2. Precious Metals - Gold and silver prices have shown significant increases, with gold up 6.48% and silver up 2.48% over the past two weeks [3][21]. - The report suggests focusing on companies like Shandong Gold and Zhongjin Gold due to their strong performance in the precious metals sector [21][24]. 3. Industrial Metals - Copper prices rose to $10,735 per ton, up 6.02% in two weeks, driven by supply disruptions from the Grasberg mine in Indonesia [28]. - Companies such as Zijin Mining and Jiangxi Copper are highlighted as key players to watch in this sector [28]. 4. Minor Metals - Tungsten prices have seen a slight decline, while tin prices have increased by 2.72% over the past two weeks [36]. - The report emphasizes the strategic importance of tungsten and suggests monitoring companies like Xiamen Tungsten and Huaxiang Nonferrous Metals [36]. 5. Rare Earths - The rare earth price index decreased by 0.81% recently, influenced by new export control policies from the Chinese government [46]. - Companies such as China Rare Earth and Northern Rare Earth are recommended for investment consideration [46]. 6. Energy Metals - Cobalt prices surged, with electrolytic cobalt averaging 349,500 yuan per ton, up 12.74% in two weeks [52]. - The report suggests focusing on companies involved in cobalt production due to the strong price performance [52].

Market Overview - The energy metals sector experienced a decline of 5.61% on October 14, with Tengyuan Cobalt leading the drop [1] - The Shanghai Composite Index closed at 3865.23, down 0.62%, while the Shenzhen Component Index closed at 12895.11, down 2.54% [1] Individual Stock Performance - Tengyuan Diamond (301219) closed at 68.68, down 11.24% with a trading volume of 226,400 shares and a transaction value of 1.636 billion [1] - BQ Materials (605376) closed at 56.70, down 7.88% with a trading volume of 147,300 shares and a transaction value of 863 million [1] - Cold Sharp Diamond (300618) closed at 50.77, down 7.67% with a trading volume of 265,300 shares and a transaction value of 1.398 billion [1] - Huayou Cobalt (603799) closed at 65.17, down 7.53% with a trading volume of 1,571,000 shares and a transaction value of 10.657 billion [1] - Jidian Mining (600711) closed at 10.42, down 6.13% with a trading volume of 3,028,600 shares and a transaction value of 3.336 billion [1] - Tianqi Lithium (002466) closed at 46.98, down 5.61% with a trading volume of 738,800 shares and a transaction value of 3.591 billion [1] - Cangge Mining (000408) closed at 57.13, down 5.48% with a trading volume of 202,100 shares and a transaction value of 266.6 million [1] - Yongxing Materials (002756) closed at 38.14, down 4.10% with a trading volume of 179,800 shares and a transaction value of 701 million [1] - Shengxin Lithium Energy (002240) closed at 19.05, down 4.08% with a trading volume of 442,300 shares and a transaction value of 867 million [1] - Yongshan Lithium (6633399) closed at 9.84, down 3.15% with a trading volume of 144,200 shares and a transaction value of 144 million [1] Capital Flow Analysis - The energy metals sector saw a net outflow of 3.027 billion from main funds, while retail funds had a net inflow of 2.13 billion [1] - The table shows the capital flow for individual stocks, indicating varying levels of net inflow and outflow among different companies [2]

Core Points - The A-share market experienced a collective decline across the three major indices, with the Shanghai Composite Index closing at 3865.23 points, down 0.62% [1] - The Shenzhen Component Index fell by 2.54% to 12895.11 points, while the ChiNext Index dropped 3.99% to 2955.98 points [1] - Total trading volume reached approximately 12099.84 billion yuan for the Shanghai Composite, 13662.50 billion yuan for the Shenzhen Component, and 6034.27 billion yuan for the ChiNext [1] Sector Performance - The insurance sector led the gainers with an increase of 3.47%, followed by gas and coal mining sectors, which rose by 2.99% and 2.71% respectively [1] - The energy metals sector saw the largest decline at -5.08%, followed by semiconductors at -4.36% and electronic chemicals at -4.07% [1] - Notable net inflows were observed in the insurance sector with 21.14 billion yuan, while the semiconductor sector experienced significant net outflows of 237.67 billion yuan [1]

Group 1 - The Asia-Pacific stock markets experienced a collective decline on October 14, with Japan's Nikkei 225 index dropping over 3% during intraday trading, particularly affecting major companies like SoftBank Group, Sony, Hitachi, and Keyence [1] - The South Korean stock index fell nearly 1%, with significant drops in Hanwha Group companies, following the announcement of countermeasures against U.S. sanctions on Hanwha Marine and five related U.S. subsidiaries, effective from October 14, 2025 [2] - The A-share market also saw a downward trend, with the Shenzhen Component Index falling over 2% and the ChiNext Index and Sci-Tech 50 Index dropping over 4%, impacting over 3,500 stocks across the market [2] Group 2 - The energy and non-ferrous metal sectors faced significant declines, with Tengyuan Cobalt Industries experiencing a drop of over 10% [3] - The Hong Kong stock market mirrored the downward trend, with the Hang Seng Index falling nearly 2% and the Hang Seng Tech Index dropping over 3.8% [4] - Precious metals and crude oil assets also saw sharp declines, indicating a broader market downturn [5] Group 3 - The cryptocurrency market suffered a notable drop, with Bitcoin declining over 2.4% and Ethereum falling over 4% [6]

机构观点 新华财经北京10月14日电（罗浩）沪深两市三大股指14日早间普遍显著高开，各股指盘初窄幅整理，盘 中持续震荡下行，至收盘时沪指显著下跌，深成指和创业板指大幅下跌。 板块方面，培育钻石、保险、白酒、银行、煤炭、燃气等板块涨幅靠前，半导体、通信设备、能源金属 等板块跌幅靠前。 截至收盘，沪指报3865.23点，跌幅0.62%，成交额约12100亿元；深成指报12895.11点，跌幅2.54%，成 交额约13662亿元；创业板指报2955.98点，跌幅3.99%，成交额约6068亿元；科创综指报1611.42点，跌 幅4.00%，成交额约2836亿元；北证50指数报1484.19点，跌幅0.22%，成交额约207亿元。 中汽协发布的2025年9月汽车工业产销情况显示，9月，汽车产销分别完成327.6万辆和322.6万辆，环比 分别增长16.4%和12.9%，同比分别增长17.1%和14.9%。汽车产销历史同期首次超过300万辆，月度同比 增速已连续5个月保持10%以上。1-9月，汽车产销分别完成2433.3万辆和2436.3万辆，同比分别增长 13.3%和12.9%，产销量增速较1-8月分别扩大0.6和0 ...

Group 1 - The Asia-Pacific stock markets experienced a collective decline on October 14, with Japan's Nikkei 225 index dropping over 3% during intraday trading, particularly affecting major companies like SoftBank Group, Sony, Hitachi, and Keyence [1] - The South Korean stock index fell nearly 1%, with significant drops in Hanwha Group companies, following the announcement of countermeasures against U.S. sanctions on Hanwha Marine and five related subsidiaries, effective from October 14, 2025 [2] - The A-share market also saw a downward trend, with the Shenzhen Component Index falling over 2% and the ChiNext Index and Sci-Tech 50 Index dropping more than 4%, impacting over 3,500 stocks across the market [2] Group 2 - The energy and non-ferrous metal sectors experienced significant declines, with Tengyuan Cobalt Industries seeing a drop of over 10% [3] - The Hong Kong stock market mirrored the downward trend, with the Hang Seng Index falling nearly 2% and the Hang Seng Tech Index dropping over 3.8% [4] - Precious metals like gold and silver, as well as crude oil, faced sharp declines in the short term [5] Group 3 - The cryptocurrency market also suffered, with Bitcoin dropping over 2.4% and Ethereum declining more than 4% [6]

Market Overview - The A-share market showed mixed performance with the Shanghai Composite Index up by 0.21% at 3897.56 points, while the Shenzhen Component Index fell by 1.02% and the ChiNext Index dropped by 2.24%. The North China 50 Index increased by 0.65% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 168.15 billion yuan, an increase of 90.8 billion yuan compared to the previous day, with over 2800 stocks declining [1] Sector Performance - The cultivated diamond sector saw significant gains, with Chujiang New Materials (002171) hitting the daily limit, and Huifeng Diamond and Power Diamond both rising by 10%. This surge followed the Ministry of Commerce's announcement of export controls on superhard materials [3] - The coal mining and processing sector strengthened, with Baotailong (601011) and Dayou Energy (600403) reaching the daily limit, while Zhengzhou Coal Electricity (600121) and Lu'an Environmental Energy (601699) increased by over 6%. The National Development and Reform Commission supports low-carbon transformations in coal power and coal chemical industries [3] - The photovoltaic equipment sector was active, with Aina Energy rising over 12% and Yijing Photovoltaic (600537) hitting the daily limit [3] - The liquor sector experienced a broad increase, with Shede Liquor (600702) and Jiu Gui Liquor (000799) rising about 7%, and Kweichow Moutai (600519) increasing by over 2%. Notably, investor Duan Yongping announced an increase in his holdings of Moutai [3] - Gold and silver prices reached historical highs, with Silver Nonferrous (601212) rising nearly 8% and Western Gold (601069) increasing by nearly 6% [3] Declining Sectors - The photolithography and semiconductor sectors experienced declines, with Wavelength Optoelectronics and Chip Source both dropping over 10%, and Huahong Semiconductor and Jiangfeng Electronics (300666) falling over 8% [3] - The energy metals sector faced significant losses, with Tengyuan Cobalt falling nearly 8% and Yuanhang Precision and Hanrui Cobalt (300618) dropping over 5% [3]

| 序号 | 板块 | 涨跌幅(96)▼ | | 总成交量 (万手) = 总成交额 (亿元) ▼ | 净流入 (亿元) ▼ | 上涨家数 | 下跌家数 | | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 信险 | 3.55 | 290.17 | 99.39 | 15.96 | ப் | 0 | | 2 | 煤炭开采加工 | 3.14 | 1440.44 | 121.69 | 16.33 | 33 | 0 | | 3 | 原田 | 2.96 | 149.53 | 152.95 | 25.35 | 20 | 0 | | র্ব | 燃气 | 2.47 | 687.98 | 57.37 | 3.45 | 27 | 1 | | 5 | 光伏设备 | 2.39 | 2742.81 | 548.14 | 4.44 | 62 | 13 | | 6 | 油气开采及服 图 | 2.29 | 621.84 | 41.53 | 2.24 | 19 | 0 | | 7 | 高等屋 | 2.26 | 813.99 | 177.46 | -8.08 | ਰੇ | 2 | | ...

另外，光刻机、半导体板块整体走低，波长光电、芯源微跌超10%，华虹公司、江丰电子跌超8%；能 源金属板块跌幅靠前，腾远钴业跌近8%，远航精密、寒锐钴业跌超5%。(格隆汇) 格隆汇10月14日｜A股三大指数早盘涨跌不一，截至午盘，沪指涨0.21%报3897.56点，深成指跌 1.02%，创业板指跌2.24%，北证50涨0.65%。沪深京三市半日成交额16815亿元，较上日放量908亿元， 全市场超2800只个股下跌。 MACD金叉信号形成，这些股涨势不错！ 盘面上，培育钻石板块早盘拉升，楚江新材涨停，惠丰钻石、力量钻石等涨10%，此前商务部宣布对超 硬材料相关物项实施出口管制；煤炭开采加工板块走强，宝泰隆、大有能源涨停，郑州煤电、潞安环能 涨超6%，国家发改委支持煤电和煤化工低碳改造；光伏设备板块表现活跃，艾能聚涨超12%，亿晶光 电涨停；白酒股全线上涨，舍得酒业、酒鬼酒涨约7%，贵州茅台涨超2%，知名投资人段永平在社交平 台表示加仓茅台；金银价格双双创下历史新高，白银有色（维权）涨近8%，西部黄金涨近6%。 ...