Group 1 - The A-share market opened lower, with the Shanghai Composite Index down 0.03% and the ChiNext Index down 0.56%. Active sectors included industrial metals and controllable nuclear fusion, while sectors like photolithography machines, port shipping, and semiconductors saw significant declines [1] - CITIC Securities suggests that the next wave of investment opportunities will focus on resources, new productive forces, and overseas expansion. Resource stocks are expected to shift from cyclical to dividend attributes due to supply constraints and global geopolitical tensions, leading to a restructured valuation system [1] - The report emphasizes the globalization of China's manufacturing leaders, which is anticipated to convert market share advantages into pricing power and profit margin improvements, resulting in market capitalization growth that surpasses domestic economic fundamentals [1] Group 2 - Guotai Junan Securities believes that a bull market driven by the recovery of China's profit fundamentals may be in the making. The easing of liquidity constraints is expected to create new market scenarios, with opportunities in Hong Kong stocks that may experience a rebound after stagnation [2] - The report highlights that cyclical opportunities in manufacturing (non-ferrous metals, machinery, chemicals) will become a mid-term focus, preparing for a transition into a genuine bull market [2] - Recommendations include focusing on upstream resources (copper, aluminum, oil, gold), capital goods (engineering machinery, heavy trucks, lithium batteries, wind power equipment), and raw materials (basic chemicals, fiberglass, paper, steel) as they benefit from improved domestic conditions and overseas interest rate cuts [2]

A股开盘，三大指数集体低开，沪指低开0.03%，深证成指低开0.17%，创业板指低开0.56%。盘面上， 工业金属板块高开，电工合金涨超12%，精艺股份、北方铜业涨停，全球第二大的铜矿印尼Grasberg铜 矿因事故停产引发铜价大涨；可控核聚变板块盘初拉升，合锻智能涨停，哈焊华通、常辅股份涨超 7%；建材股局部活跃，中国巨石涨超4%，上峰水泥、海螺水泥涨超2%，水泥玻璃反内卷方案落地；部 分半导体股回调，德明利、江波龙、佰维存储跌约4%；港口航运板块低开，南京港跌超6%，宁波海运 跌近3%。(格隆汇) ...

工业金属、液冷服务器概念活跃，半导体、港口航运等板块低开。 09:28 有色金属板块高开，精艺股份、北方铜业竞价涨停，耐普矿机、洛阳钼业、江西铜业等纷纷高 开。 09:25 A股开盘丨三大股指集体低开 09:22 港股开盘丨恒指高开0.07% 恒指高开0.07%，恒生科技指数跌0.13%。地产、医疗行业续跌，科网股分化；全球第二大铜矿因矿难 停产，有色铜全线走强，洛阳钼业、江西铜业股份、中国有色矿业均大涨8%。 09:21 央行公开市场开展4835亿元7天期逆回购操作，操作利率1.40%。今日4870亿元逆回购到期。 09:15 人民币对美元中间价报7.1118，调贬41个基点。前一交易日中间价报7.1077。 | 代码 | 名称 | 两日图 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 000001 | 上证指数 | 5 | 3852.43 c | -1.21 | -0.03% | | 399001 | 深证成指 | 1 | 13333.02 c | -23.12 | -0.17% | | 399006 | 创业板指 | 5 ਣ | 31 ...

中经记者 杜丽娟 北京报道 报告认为，本轮A股估值修复一方面受政策驱动，尤其是去年四季度以来，央行多次释放流动性，为股 市走强创造了有利环境。另一方面是中国高科技创新企业的不断涌现，资本市场相关板块表现强劲，进 而带动市场整体情绪上行。 今年以来，宇树机器人、大疆无人机、新能源汽车、DeepSeek等中国高科技企业不仅在国内市场占有 重要地位，也受到了国际市场的广泛关注。截至2025年8月，A股半导体、计算机及通信设备、自动化 设备、电子及电子元件、工业金属等板块，股价同比涨幅都在60%以上。 基于上述情况，本期调研样本中，受访者对经济的预期也好于上期，其中约有38%的受访者认为，未来 中国GDP增速能超过5%，比上期提高4.8个百分点。 据悉，此次调研总回收有效样本2100份左右，其中，普通散户投资者1300份，金融行业从业人员800 份。 （编辑：朱会珊 审核：张荣旺 校对：张国刚） "与2025年4月调查相比，当前投资者对股票市场的情绪有所回暖。调查结果显示，63.1%的人认为A股 会上涨，这一数值较之前提高1.6个百分点。"长江商学院会计与金融学教授、投资研究中心主任刘劲对 《中国经营报》记者表示。 ...

证券日报网讯锡装股份（001332）9月24日在互动平台回答投资者提问时表示，截至2025年9月19日收盘 后，公司股份持有人(合并普通账户和融资融券信用账户)数为8，398户。 ...

证券之星消息，9月24日工业金属板块较上一交易日上涨0.47%，精艺股份领涨。当日上证指数报收于 3853.64，上涨0.83%。深证成指报收于13356.14，上涨1.8%。工业金属板块个股涨跌见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 601600 | 中国铝业 | 7507.83万 | 5.93% | 143.52万 | 0.11% | -7651.35万 | -6.04% | | 601020 | 华钰矿业 | 4647.57万 | 2.33% | -6622.98万 | -3.32% | 1975.40万 | 0.99% | | 002295 | 精艺股份 | 3889.99万 | 23.20% | -1557.39万 | -9.29% | -2332.60万 | -13.91% | | 601677 | 明泰铝业 | 2513.46万 | 6.88% | -1221.34万 | -3.34 ...

Core Viewpoint - Recent surge in international gold prices reaching a historical high of $3749.27 per ounce and silver prices nearing $44 per ounce has sparked discussions about a potential new bull market in commodities [1][3] Group 1: Market Dynamics - The primary driver behind the recent rise in gold prices is the strong market expectation for further interest rate cuts by the Federal Reserve, despite Chairman Powell's cautious stance on rapid policy adjustments [3] - The overall commodity market is showing signs of recovery, with international oil prices steadily rising and industrial metal prices rebounding from previous lows [3][4] - The fundamental price fluctuations in commodities are rooted in the dynamic balance of supply and demand, influenced by global supply chain restructuring and extreme weather conditions [4] Group 2: Supply and Demand Factors - On the supply side, insufficient investment in the mining and energy sectors over the past few years has limited capacity release, leading to structural supply gaps [4] - For instance, major copper mining companies are expected to cover only 3% of the demand growth from 2023 to 2024, while demand from sectors like renewable energy is growing at 8%-10% [4] - Demand is bolstered by various national "new infrastructure" and "energy transition" plans, particularly in China and Europe, which are driving the need for industrial commodities [6] Group 3: Policy and Monetary Environment - Global consensus on "stabilizing growth" has led to increased support for infrastructure and manufacturing investments, significantly impacting industrial commodity demand [6] - The U.S. plans to invest $369 billion in clean energy over the next decade, creating long-term demand for commodities [6] - The end of the interest rate hike cycle by major central banks and expectations of future rate cuts are contributing to a weaker dollar, which enhances the relative value of commodities [7] Group 4: Short-term Catalysts - Geopolitical tensions and inventory cycle changes can amplify commodity price volatility, acting as catalysts for a bull market [9] - Current geopolitical issues, such as tensions in the Middle East, have affected oil transport safety, leading to oil prices exceeding $90 per barrel [9] - Low inventory levels across major commodities, including a significant drop in U.S. crude oil inventories, suggest that any marginal improvement in demand could lead to a price surge [9] Group 5: Strategic Recommendations - Companies in the commodity sector should focus on understanding cyclical changes and leverage tools like futures and options to hedge against price volatility [11] - Emphasizing the importance of digital transformation in risk management, companies can enhance decision-making accuracy and operational efficiency through integrated solutions [13][14]

Company Overview - Wanshun New Materials Co., Ltd. is located in Shantou, Guangdong Province, established on March 6, 1998, and listed on February 26, 2010. The company primarily engages in the production and sales of aluminum foil/aluminum plates, paper products, optoelectronic products, packaging materials, and related trade activities [1][2]. Financial Performance - As of September 10, 2025, Wanshun New Materials reported a revenue of 2.692 billion yuan for the first half of 2025, representing a year-on-year decrease of 10.11%. The net profit attributable to shareholders was -53.06 million yuan, a significant decline of 469% compared to the previous year [2]. - The company has cumulatively distributed 433.4 million yuan in dividends since its A-share listing, with 53.3 million yuan distributed over the past three years [3]. Stock Performance - On September 24, 2025, Wanshun New Materials' stock price increased by 2.16%, reaching 6.14 yuan per share, with a trading volume of 195 million yuan and a turnover rate of 4.47%. The total market capitalization stood at 5.512 billion yuan [1]. - Year-to-date, the stock price has risen by 27.65%, but it has experienced a decline of 8.77% over the last five trading days and 4.66% over the last 20 days [1]. Shareholder Information - As of September 10, 2025, the number of shareholders increased to 47,400, a rise of 5.32% from the previous period. The average circulating shares per person decreased by 5.05% to 15,182 shares [2]. - As of June 30, 2025, Hong Kong Central Clearing Limited exited the list of the top ten circulating shareholders [3]. Business Segmentation - The main revenue sources for Wanshun New Materials include aluminum processing products (89.05%), transfer paper (7.04%), and other business segments such as composite paper (1.24%) and functional films (0.45%) [1]. Industry Classification - Wanshun New Materials is classified under the non-ferrous metals industry, specifically in the industrial metals and aluminum sector. The company is also associated with concepts such as RCEP, low prices, QLED, DeepSeek, and small-cap stocks [2].

Company Overview - Jincheng Mining Management Co., Ltd. is located in Fengtai District, Beijing, and was established on January 7, 2008. The company was listed on June 30, 2015. Its main business includes mining engineering construction, mining operation management, mining design, and technology research and development [1][2]. Financial Performance - For the period from January to June 2025, Jincheng achieved operating revenue of 6.316 billion yuan, representing a year-on-year growth of 47.82%. The net profit attributable to shareholders was 1.111 billion yuan, reflecting an increase of 81.29% year-on-year [2]. - Since its A-share listing, Jincheng has distributed a total of 768 million yuan in dividends, with 477 million yuan distributed over the past three years [3]. Stock Performance - As of September 24, Jincheng's stock price increased by 2.04% to 63.06 yuan per share, with a trading volume of 354 million yuan and a turnover rate of 0.91%. The total market capitalization is 39.336 billion yuan [1]. - Year-to-date, Jincheng's stock price has risen by 75.90%, with a decline of 2.31% over the last five trading days, a 5.50% increase over the last 20 days, and a 31.35% increase over the last 60 days [1]. Shareholder Information - As of August 31, Jincheng had 16,400 shareholders, a decrease of 1.30% from the previous period. The average number of circulating shares per person increased by 1.32% to 38,065 shares [2]. - As of June 30, 2025, Hong Kong Central Clearing Limited was the third-largest circulating shareholder, holding 13.8932 million shares, a decrease of 16.2626 million shares from the previous period [3]. Business Segmentation - The revenue composition of Jincheng's main business includes: sales of cathode copper, copper concentrate, and phosphate rock (46.11%), mining operation management (39.63%), mining engineering construction (11.85%), materials, equipment, and others (1.29%), mining machinery and equipment (1.00%), and mining design consulting (0.13%) [1]. Industry Classification - Jincheng is classified under the Shenwan industry as non-ferrous metals - industrial metals - copper. It is also associated with concept sectors including phosphate chemicals, gold stocks, overseas expansion, social security heavy holdings, and value growth [1].

Core Insights - The stock price of Pengxin Resources has decreased by 2.07% on September 24, trading at 6.15 CNY per share with a market capitalization of 13.609 billion CNY [1] - Year-to-date, the stock has increased by 86.93%, but has seen a decline of 4.35% over the last five trading days [1] - The company has reported significant revenue growth, achieving 2.674 billion CNY in revenue for the first half of 2025, a year-on-year increase of 100.21% [2] Financial Performance - The net profit attributable to shareholders for the first half of 2025 was 141 million CNY, reflecting a substantial year-on-year growth of 396.40% [2] - The company has not distributed any dividends in the last three years, with a total payout of 166 million CNY since its A-share listing [3] Shareholder Information - As of June 30, 2025, the number of shareholders is 80,400, a decrease of 1.45% from the previous period [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited and Southern CSI 1000 ETF, with changes in their holdings noted [3] Business Overview - Pengxin Resources is primarily engaged in the mining, smelting, processing, and sales of metals such as copper, gold, and cobalt, with trade accounting for 51.07% of its revenue [1][2] - The company operates in various sectors, including trade, finance, and ecological restoration [1]