Investment Rating - The report provides a positive investment outlook for the medical equipment sector, highlighting potential growth opportunities due to recent procurement trends and market recovery [1]. Core Insights - The medical equipment sector has shown a significant recovery in procurement since Q4 2024, with expectations for financial performance to reflect this recovery by Q3 2025 [1]. - The technology sector is expected to benefit from the commercialization of tier 1 generative models, which could lead to a revaluation of core business segments [1]. - The beverage industry, particularly Dongpeng Beverage, is experiencing strong sales growth, driven by new product launches and market expansion [1]. - The semiconductor equipment sector is seeing increased demand, with a focus on expanding production capabilities and meeting the needs of major clients [1]. - The aerospace and defense sector is positioned for growth as it aligns with national strategic goals, despite facing some operational challenges [1]. - The chemical sector is witnessing a recovery in performance, supported by favorable domestic policies and improving pricing power [1]. - The rare earth industry is expected to see significant growth due to rising demand in high-growth areas such as electric vehicles and robotics [1]. Summary by Category Medical Equipment - The report emphasizes the strong bidding performance of companies in the ultrasound and endoscopy segments, with notable growth in market share expected in 2025 [1]. Technology - The report highlights the potential for revenue growth driven by the deepening of platform capabilities and international expansion strategies [1]. Beverage - Dongpeng Beverage is noted for its rapid sales growth, with new product lines contributing to a more robust revenue stream [1]. Semiconductor Equipment - The report indicates that the company is transitioning from a focus on panel testing to semiconductor equipment, with expectations for significant revenue growth in this area [1]. Aerospace and Defense - The report outlines the strategic importance of the aerospace sector in national planning, with a focus on achieving operational goals despite regulatory challenges [1]. Chemicals - The report discusses the positive outlook for the chemical sector, driven by improved pricing and demand recovery [1]. Rare Earth - The report notes a substantial increase in production and sales in the rare earth sector, driven by strong demand in emerging technologies [1].

Group 1 - The rare earth permanent magnet sector continues to weaken, with Shenghe Resources falling over 8% [1] - Huahong Technology experienced a decline of over 7% [1] - Galaxy Magnetics and China Rare Earth both dropped by more than 4% [1]

云南锗业(002428.SZ)今日涨停，换手率12.92%，成交额20.77亿元。龙虎榜数据显示，深股通买入1.32 亿元并卖出4244万元，净买入8976万元；游资"作手新一"位列买二席位，净买入1.03亿元；"中山东 路"位列买三席位，净买入6034万元。上榜席位全天买入3.94亿元，卖出1.5亿元，合计净买入2.44亿 元。 ...

Core Insights - The A-share rare earth permanent magnet sector has shown renewed activity, with significant market interest in related products, particularly the rare earth ETF (516780) which recorded a trading volume of 253 million yuan on July 28, marking seven consecutive trading days with over 200 million yuan in daily trading volume, indicating strong capital inflow [1] - The rare earth ETF has seen a net inflow of 127 million yuan over the past five trading days, with its total scale reaching 1.731 billion yuan as of July 28, the highest in nearly four years [1] - The price of praseodymium has increased, reflecting the strategic value of rare earth resources amid the global energy revolution and geopolitical tensions [1] Industry Analysis - A recent report from Founder Securities indicates that the rare earth magnetic materials sector is experiencing tightening supply expectations due to the ban on rare earth mining in Myanmar's Kachin region by the end of 2025 and the zero imports of rare earth metals by the U.S. in June, leading to a price surge for praseodymium and neodymium oxide, which has surpassed 500,000 yuan per ton [2] - The rare earth ETF (516780) closely tracks the CSI Rare Earth Industry Index, which includes companies involved in rare earth mining, processing, trading, and applications, with the top five constituent stocks being Northern Rare Earth, China Rare Earth, China Aluminum, Greeenmei, and Lingyi Technology, all of which are competitive leaders in the industry [2] - The management of the rare earth ETF, Huatai-PB Fund, has over 18 years of ETF operation experience and has created several benchmark ETFs, with its total ETF scale exceeding 520 billion yuan as of July 28, placing it in the top tier of the industry [2] Market Outlook - With improving demand and expectations of tightening rare earth supply, prices in the rare earth industry are likely to be supported, presenting potential investment opportunities in the rare earth sector, particularly in the rare earth ETF (516780) and its linked funds [3]

Group 1: ETF Performance - The Rare Metals ETF has a turnover rate of 6.87% with a transaction volume of 83.93 million yuan, and it ranks first among comparable funds in terms of average daily trading volume over the past week at 131 million yuan [3] - The latest scale of the Rare Metals ETF reached 1.22 billion yuan, marking a one-year high and ranking first among comparable funds [3] - The ETF's shares reached 1.843 billion, a three-month high, also ranking first among comparable funds [3] - Over the past six days, the Rare Metals ETF has seen continuous net inflows, with a single-day peak of 50.91 million yuan, totaling 177 million yuan in net inflows [3] - As of July 28, 2025, the ETF's net value has increased by 59.46% over the past year, ranking 267 out of 2938 in the index stock fund category, placing it in the top 9.09% [3] - The ETF has recorded a maximum monthly return of 24.02% since its inception, with the longest consecutive monthly gains being three months and the longest gain percentage being 14.06%, averaging a monthly return of 7.76% [3] - The ETF has outperformed its benchmark with an annualized return of 9.87% over the past three months [3] Group 2: Market Insights - Huatai Securities notes that the domestic "anti-involution" policies are intensifying, combined with recent overseas fiscal and monetary easing, leading to strong performance in the metals sector [4] - The price of polysilicon has successfully recovered, boosting market confidence, which has spilled over into lithium carbonate and alumina [4] - Lithium, cobalt, and rare earths have found price bottoms from a cost perspective, with independent factors driving price increases, such as stricter mining rights reviews for lithium and strategic enhancements and shortages for rare earths [4] - Zhongyou Securities highlights that the Democratic Republic of the Congo has banned cobalt exports since February, with extensions in June, leading to a depletion of in-transit cobalt mines, and anticipates that the peak season in September and October will drive inventory reductions [4] - The top ten weighted stocks in the China Rare Metals Theme Index as of June 30, 2025, include Salt Lake Co., Northern Rare Earth, Luoyang Molybdenum, Huayou Cobalt, Ganfeng Lithium, Tianqi Lithium, China Rare Earth, Western Superconducting, Zhongmin Resources, and Xiamen Tungsten, collectively accounting for 54.07% of the index [4]

Group 1 - The core viewpoint of the article highlights the active performance of rare earth permanent magnet concept stocks, with Fangbang Co., Ltd. hitting a 20% limit up [1] - Other companies such as Shenghe Resources, Longmag Technology, and others also experienced significant gains, indicating a positive trend in the sector [1] - The price of domestic praseodymium and neodymium oxide reached 520,000 yuan per ton as of July 24, reflecting a 30.5% increase since the beginning of the year [1]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The copper market shows a stable upward trend, with domestic copper inventory accumulation ending and seasonal pressure testing completed [13] - The aluminum market is stabilizing at the bottom, facing significant declines in installation in August, with ongoing seasonal pressure [14] - The precious metals market is accelerating upward, supported by continuous expansion of US fiscal policy, maintaining high prices for gold [15] Summary by Sections 1. Overview of Bulk and Precious Metals Market - Copper prices increased slightly, with LME copper at $9,796.00 per ton and Shanghai copper at ¥79,300 per ton [13] - Aluminum prices showed a mixed trend, with LME aluminum down 0.27% to $2,631.00 per ton, while Shanghai aluminum rose 1.22% to ¥20,800 per ton [14] - Gold prices decreased by 2.11% to $3,338.50 per ounce, influenced by international tensions and US fiscal policies [15] 2. Updates on Bulk and Precious Metals Fundamentals 2.1 Copper - The processing fee for imported copper concentrate rose to -$42.63 per ton, indicating supply-side pressures [13] - The operating rate for brass rod enterprises decreased to 49.32%, primarily due to weak demand and high copper prices [13] 2.2 Aluminum - Domestic electrolytic aluminum ingot inventory increased to 510,000 tons, indicating a supply surplus [14] - The operating rate for downstream aluminum processing enterprises slightly declined to 58.7% [14] 2.3 Precious Metals - SPDR gold holdings increased by 10.03 tons to 957.09 tons, reflecting ongoing interest in gold as a safe-haven asset [15] 3. Overview of Minor Metals and Rare Earths Market - The rare earth sector is experiencing upward momentum, with prices for praseodymium-neodymium oxide rising to ¥513,200 per ton, up 7.23% [29] - Antimony prices are stabilizing, with expectations of recovery due to reduced domestic smelting capacity [33] - Molybdenum prices are increasing, supported by low inventory levels and robust demand from the steel sector [34] 4. Updates on Minor Metals and Rare Earths Fundamentals 4.1 Rare Earths - The price of praseodymium-neodymium oxide has shown a significant increase, indicating strong demand and supply tightening [29] - The implementation of new management regulations is expected to benefit leading state-owned enterprises in the sector [32] 4.2 Antimony - Antimony ingot prices have increased to ¥187,100 per ton, with expectations of a price rebound supported by improved export forecasts [33] 4.3 Molybdenum - Molybdenum prices are on the rise, with significant supply disruptions anticipated due to recent incidents at major mines [34] 4.4 Tin - Tin prices have increased to ¥271,400 per ton, supported by strong inventory levels and demand from the semiconductor sector [35]

Market Performance - The A-share market saw all three major indices rise, with the Shanghai Composite Index increasing by 1.67%, the Shenzhen Component Index by 2.33%, and the ChiNext Index by 2.76% [1] - The Sci-Tech 50 Index led the market with a weekly increase of 4.63%, driven by technology stocks such as semiconductors and AI [1] ETF Market Trends - The ETF market displayed a pattern of "debt fund hedging + Hong Kong stock technology attracting capital," with a total net inflow of 18.18 billion yuan [4] - Rare metals and rare earth-related ETFs continued to perform well, with coal and building materials ETFs rising nearly 10% as part of a "anti-involution" trend [1] - In contrast, several bank-related ETFs experienced a decline of around 3% [1] Fund Flows - Stock ETFs saw a net outflow of 54.5 billion yuan, while industry ETFs recorded a net inflow of 116.59 billion yuan [4] - Cross-border ETFs had a net inflow of 102.55 billion yuan, benefiting from the recent capital inflow into the Hong Kong market [4] - Bond ETFs experienced a net inflow of 91.82 billion yuan [4] Upcoming ETF Issuances - Six new ETFs are set to be issued next week, including Hong Kong Stock Connect Consumer ETF and Hong Kong Stock Connect Technology ETF [4]

Investment Rating - The report maintains a "Positive" investment rating for the non-ferrous and steel industry [5] Core Viewpoints - The report argues that the value reassessment of the strategic metals sector has just begun, contrary to some investors' belief that the recent rapid price increases indicate an impending peak [8][14] - It highlights three dimensions supporting this view: policy measures against strategic mineral smuggling, a tight supply-demand balance driving product prices up, and an increase in risk appetite due to political policy risk premiums [8][14][17] Summary by Sections Strategic Metals - Some investors believe the recent surge in strategic metals prices is unsustainable and may soon peak [8][13] - The report counters this by stating that the value reassessment of strategic metals is just beginning, driven by macroeconomic inflation, tight supply-demand dynamics, and political risk premiums [14][17] - Policy measures to combat strategic mineral smuggling are expected to be reinforced, particularly for rare earths and other strategic metals [15] - The supply-demand balance remains tight, with increasing demand from sectors like new energy vehicles and offshore wind power, leading to rising prices for rare earths [16] - Political policy risk premiums are expected to rise, enhancing the attractiveness of the strategic metals sector [17] Steel Industry - Steel prices are anticipated to continue rising due to production cut expectations [18] - Steel demand and production have decreased, but a dynamic balance in supply and demand is expected [18][25] - Inventory levels are showing differentiation among various steel products, with total inventory likely to decline further [25] - Cost increases in raw materials are pushing steel prices up, with profits for steel mills expected to recover [28] - The overall steel price index has seen a slight increase, with specific products like hot-rolled steel showing notable price rises [35] New Energy Metals - Lithium production in June 2025 saw a significant year-on-year increase of 20.95%, indicating strong supply growth [40] - The demand for new energy vehicles remains robust, with production and sales in June 2025 showing substantial growth [44] - Prices for lithium and cobalt have generally risen, while nickel prices have seen a decline [49][50] Industrial Metals - Global refined copper production has increased, with supply slightly better than expected [57] - The demand outlook is improving, with manufacturing activity expected to continue recovering [69]

Market Performance - The A-share market indices showed steady growth from July 21 to 25, with the Shanghai Composite Index rising by 1.67% to close at 3593.66 points, the Shenzhen Component Index increasing by 2.33%, and the ChiNext Index up by 2.76% [1] - All major industry sectors achieved positive returns, except for the banking sector, which experienced a slight decline. The steel, coal, and building materials sectors led the gains [1] Institutional Research Highlights - A total of 121 listed companies disclosed institutional research minutes during the week, with over 70% of the researched stocks achieving positive returns. Dayu Water-saving led with a 36.24% increase, followed by Tangyuan Electric, Maolai Optics, Zhejiang Fu Holdings, and Haopeng Technology, all of which saw gains exceeding 18% [1] - The concentration of institutional research decreased, with companies like Guodian Measurement, Dayu Water-saving, Haopeng Technology, and Tangyuan Electric receiving over 50 institutional visits [2] Guodian Measurement - Guodian Measurement received 54 institutional visits, the highest for the week. The company announced plans to raise 1.3 billion yuan through a private placement for investments in satellite internet, aviation equipment, AI chips, and data intelligence [2] - The management emphasized that the fundraising is a strategic move to enhance technological self-reliance and innovation, addressing critical technology bottlenecks. The projects will be implemented in phases over three years, with a focus on structural adjustments and profit growth [2] Haopeng Technology - Haopeng Technology was visited by 52 institutions and is transitioning from a consumer battery manufacturer to an "AI + solid-state" energy solutions provider, targeting trillion-level markets such as AI, robotics, and low-altitude economy [3] - The company aims to enhance the proportion of high-margin AI products and increase the penetration of solid-state batteries. It has made significant progress in AI glasses and robotics, with mass production expected in the second half of the year [3] - By 2025, Haopeng Technology anticipates that AI-related products will contribute to revenue growth, driven by high energy density battery solutions [3] Flying Dragon Co., Ltd. - Flying Dragon Co., Ltd. received attention from institutions regarding its declining revenue and profit increase projections for the first half of 2025. The management cited three main reasons for the revenue decline: project lifecycle expiration, reduced overseas orders due to tariffs, and intensified price competition in the new energy vehicle sector [4] - The company expects revenue recovery in the second half of 2025, driven by new overseas projects, increased orders for new energy vehicle modules, and growth in liquid cooling product sales [4]