Group 1 - The core viewpoint of the article highlights the performance of the China Securities Hong Kong 300 Upstream Index, which has shown significant growth over the past month, three months, and year-to-date [1] - The China Securities Hong Kong 300 Upstream Index reported a value of 2918.31 points, with a monthly increase of 10.35%, a three-month increase of 23.27%, and a year-to-date increase of 23.88% [1] - The index is composed of securities selected from the China Securities Hong Kong 300 Index based on industry classification, reflecting the overall performance of various thematic securities listed on the Hong Kong Stock Exchange [1] Group 2 - The top ten holdings of the China Securities Hong Kong 300 Upstream Index include China National Offshore Oil Corporation (26.54%), PetroChina Company Limited (12.77%), Zijin Mining Group (11.38%), China Shenhua Energy Company (9.83%), and Sinopec Limited (8.39%) [1] - The index's holdings are entirely composed of securities listed on the Hong Kong Stock Exchange, with the oil and gas sector representing 48.03%, industrial metals 17.04%, precious metals 16.29%, coal 15.97%, and rare metals 1.08% [2] - The index samples are adjusted semi-annually, with adjustments occurring on the next trading day after the second Friday of June and December, and can also be adjusted temporarily under special circumstances [2]

证券之星消息，8月18日工业金属板块较上一交易日下跌1.64%，神火股份领跌。当日上证指数报收于3728.03，上涨0.85%。深证成指报收于 11835.57，上涨1.73%。工业金属板块个股涨跌见下表： 从资金流向上来看，当日工业金属板块主力资金净流出10.04亿元，游资资金净流入6.95亿元，散户资金净流入3.09亿元。工业金属板块个股资金 流向见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 601609 | 金田股份 | 12.53 | 10.01% | 42.91万 | | 5.38亿 | | 600615 | 丰夜股份 | 13.40 | 5.02% | 14.48万 | | 1.94亿 | | 605208 | 永成泰 | 16.03 | 4.09% | - 29.26万 | | 4.67亿 | | 300328 | 宜安科技 | 14.15 | 3.06% | 97.36万 | | 13.80亿 | | 603115 | 海星股份 | 17.18 | 2 ...

Core Viewpoint - The article discusses the recent performance and operational highlights of Luoyang Molybdenum Co., Ltd., including stock price movements, market capitalization, and key business segments. Company Overview - Luoyang Molybdenum Co., Ltd. is engaged in the mining and processing of non-ferrous metals, including molybdenum, tungsten, cobalt, niobium, and phosphorus, and is one of the top five molybdenum producers globally and the largest tungsten producer [2][6] - The company has a comprehensive integrated industrial chain and is also the second-largest producer of cobalt and niobium globally, as well as a leading copper producer [2] Recent Performance - On August 18, the company's stock fell by 3.06%, with a trading volume of 39.95 billion yuan and a turnover rate of 2.09%, resulting in a total market capitalization of 230.42 billion yuan [1] - As of March 31, the company reported a revenue of 46.006 billion yuan for the first quarter of 2025, a slight decrease of 0.25% year-on-year, while net profit attributable to shareholders increased by 90.47% to 3.946 billion yuan [7] Business Segments - The company has been expanding its precious metals business, with the revenue and profit contribution from gold and silver products increasing year by year [2] - The company holds an 80% stake in the NPM copper-gold mine in Australia, with gold production guidance for 2023 set at 25,000 to 27,000 ounces, representing a year-on-year increase of 56% to 69% [2] Market Activity - The main net inflow of funds today was -203 million yuan, indicating a reduction in main funds over the past three days [3][4] - The average trading cost of the stock is 7.92 yuan, with the current price fluctuating between resistance at 11.36 yuan and support at 9.70 yuan, suggesting potential for short-term trading [5] Shareholder Information - As of March 31, the number of shareholders decreased to 282,600, a reduction of 12.99% [7] - The company has distributed a total of 21.562 billion yuan in dividends since its A-share listing, with 10.576 billion yuan distributed in the last three years [8]

Strategy Overview - Hengtai Securities has developed an ETF strategy based on industry rotation and thematic investments, referencing previous reports from October 2024[2] - The strategy includes a combination of industry and thematic ETFs to optimize investment performance[2] ETF Holdings and Performance - The total value of the ETFs held is approximately 144.96 billion CNY, with significant allocations in sectors such as communication equipment (73.61%) and gaming (81.29%)[3] - The strategy achieved a cumulative net return of about 2.04% from August 11 to August 15, 2025, underperforming the CSI 300 ETF by 0.64%[3] - Since October 14, 2024, the strategy's cumulative return is approximately 9.26%, with an underperformance of 1.20% relative to the CSI 300 ETF[3] Weekly Recommendations - For the week of August 18 to August 22, 2025, the recommended sectors include communication equipment, precious metals, and gaming[12] - New positions will be added in communication equipment ETF, industrial metals ETF, and innovative pharmaceuticals ETF, while continuing to hold positions in gold stocks, gaming ETF, and satellite ETF[12] Risk Considerations - There is a risk of rapid style shifts within a week, which could impact ETF performance[7] - Some ETFs may experience abnormal increases in discount rates, posing additional risks to investors[7]

Group 1 - The core viewpoint of the articles highlights the impact of the US July CPI increase of 2.7% year-on-year and 0.2% month-on-month, leading to heightened expectations for a Federal Reserve interest rate cut in September, which has positively influenced the industrial metals sector [1] - As of August 14, LME prices for various metals are reported: copper at $9,777/ton, aluminum at $2,624/ton, lead at $1,990/ton, zinc at $2,842.50/ton, nickel at $15,050/ton, and tin at $33,435/ton, indicating a recent increase of 9.58% in the industrial metals sector and a year-to-date increase of 30.36% [1] - The rare earth industry is experiencing a price recovery due to the implementation of anti-involution policies and improved demand expectations, with the rare earth price index rising by 1.74 to 206.85 since early August [1] Group 2 - The Youse 60 ETF (159881) tracks the Zhongzheng Nonferrous Index (930708), which selects listed companies in the nonferrous metals industry from the Zhongzheng 800 Index sample stocks, covering industrial metals and precious metals, reflecting the overall performance of the nonferrous metals sector in the A-share market [1] - Investors without stock accounts may consider the Guotai Zhongzheng Nonferrous Metals ETF Initiated Link C (013219) and Guotai Zhongzheng Nonferrous Metals ETF Initiated Link A (013218) as alternative investment options [1]

Group 1: Company Performance - Tongling Nonferrous Metals reported a net profit of 1.441 billion yuan for the first half of 2025, a year-on-year decrease of 33.94% [1] - Sanxia New Materials recorded a net loss of 26.993 million yuan, shifting from profit to loss compared to the previous year [1] - Yiming Foods achieved a net profit of 32.2172 million yuan, an increase of 21.73% year-on-year [1] - Xinyi Chang reported a net profit of 2.6157 million yuan, down 96.05% year-on-year [3] - Neusoft Carrier's net profit was 13.5246 million yuan, a decline of 76.36% year-on-year [4] - Sifang Optoelectronics posted a net profit of 84.1238 million yuan, up 103.41% year-on-year [5] - Ousheng Electric achieved a net profit of 115 million yuan, an increase of 18.52% year-on-year [7] - Xiaoming Co. turned a profit with a net profit of 185 million yuan, compared to a loss of 29.1663 million yuan in the same period last year [9] - Jingbeifang reported a net profit of 119 million yuan, a slight decrease of 0.91% year-on-year [19] - Shengnong Development's net profit surged to 910 million yuan, a remarkable increase of 791.93% year-on-year [19] - Huayou Cobalt's net profit reached 2.711 billion yuan, a year-on-year growth of 62.26% [20] - Xiaogoods City reported a net profit of 1.691 billion yuan, an increase of 16.78% year-on-year [21] Group 2: Industry Overview - Tongling Nonferrous Metals operates in the nonferrous metals industry, focusing on copper [1] - Sanxia New Materials is part of the building materials industry, specifically in glass manufacturing [1] - Yiming Foods is in the food and beverage sector, specializing in dairy products [1][2] - Xinyi Chang operates in the machinery equipment sector, focusing on intelligent manufacturing equipment [3] - Neusoft Carrier is involved in the communication equipment industry [4] - Sifang Optoelectronics is in the machinery equipment sector, focusing on gas sensors and analyzers [5][6] - Ousheng Electric operates in the home appliance sector, specializing in air power and cleaning equipment [7][8] - Xiaoming Co. is in the agriculture and animal husbandry sector, focusing on poultry farming [9] - Jingbeifang operates in the computer software development industry [19] - Shengnong Development is also in the agriculture and animal husbandry sector, focusing on meat processing [19] - Huayou Cobalt is in the nonferrous metals industry, specializing in lithium and cobalt materials [20] - Xiaogoods City operates in the retail sector, focusing on market development and online trading services [21]

Core Viewpoint - The non-ferrous metal sector experienced a weekly increase of 3.62% from August 11 to August 15, ranking among the top in all primary industries [2] Group 1: Market Performance - The metal new materials sub-sector rose by 7.67%, while the industrial metals sector increased by 5.31%. Energy metals and small metals sectors saw gains of 2.79% and 1.73%, respectively. In contrast, the precious metals sector declined by 3.45% [2][3] - As of August 15, copper prices were reported at $9,760 per ton on the London Metal Exchange (LME), reflecting a slight decrease of 0.08% week-on-week, while Shanghai copper was priced at 79,060 yuan per ton, up 0.73% [3] Group 2: Supply and Demand Dynamics - Supply disruptions in Chile, including a mine closure due to an earthquake and damage from a collapse, are supporting copper prices despite a lack of demand improvement during the off-season [3] - The aluminum sector is facing a continuous increase in social inventory, with a 3.91% rise to 58.75 million tons. The theoretical operating capacity of China's electrolytic aluminum industry reached 44.015 million tons, an increase of 10,000 tons week-on-week [4][5] Group 3: Inflation and Precious Metals - U.S. inflation data exceeded expectations, leading to a reduction in interest rate cut expectations, which has pressured gold prices. As of August 15, COMEX gold closed at $3,381.70 per ounce, down 2.21% week-on-week [6] - The core Consumer Price Index (CPI) in the U.S. showed a month-on-month increase of 0.3%, indicating persistent inflationary pressures. The Producer Price Index (PPI) also rose significantly, suggesting that tariff-related import costs are increasing [6]

Investment Rating - The report maintains a "Buy" rating for the company [5][7]. Core Views - The company has shown significant growth in both revenue and net profit, with a 34% year-on-year increase in revenue to 1.24 billion RMB and a 136% increase in net profit to 600 million RMB in the first half of 2025 [1]. - The substantial profit growth is attributed to increased sales and prices of gold products [1]. - The company is expected to benefit from the commissioning of a new processing plant, which will enhance production capacity and contribute to revenue growth in the coming years [5]. Summary by Sections Production and Sales - In the first half of 2025, the company achieved a mining volume of 1.98 million tons, a 347% increase year-on-year, and a processing volume of 1.27 million tons, a 12% increase year-on-year [2]. - Gold ingot production reached 1,046 kg, up 40% year-on-year, while gold concentrate production was 26,300 tons, down 0.3% year-on-year [2]. Financial Performance - The company reported a revenue of 963 million RMB in the first half of 2025, a 72% increase year-on-year, and a net profit of 621 million RMB, a 141% increase year-on-year [3]. - The unit cost of production decreased to 240 RMB per gram, a reduction of 52 RMB per gram compared to the full year of 2024, while the profit per gram of gold increased to 436 RMB, up 227 RMB per gram year-on-year [3]. Future Outlook - The company plans to further enhance its mining capacity at the Xinzhang mine, aiming to increase it to 1 million tons per year [4]. - Revenue projections for 2025-2027 are estimated at 3.49 billion RMB, 4.77 billion RMB, and 5.36 billion RMB, respectively, with net profits expected to be 1.41 billion RMB, 1.87 billion RMB, and 2.18 billion RMB [5][6].

Investment Rating - The report maintains a "Positive" outlook on the non-ferrous and steel industries [5]. Core Viewpoints - The report emphasizes the importance of new non-ferrous materials in accelerating applications in AI hardware, highlighting that the market has not fully priced in the use of non-ferrous metals in AI [12][13]. - The demand for liquid cooling technology is expected to grow significantly due to the limitations of air cooling systems, with copper and aluminum being key materials for heat transfer [13]. - The report forecasts a substantial increase in the market for metal soft magnetic materials driven by the explosive growth in AI computing power, with AI server shipments projected to rise significantly [14]. Summary by Sections Non-Ferrous Metals - The report highlights the increasing demand for liquid cooling solutions in AI hardware, with copper and aluminum being essential materials due to their thermal conductivity [13]. - It notes that the next generation of AI computing cards will adopt full liquid cooling solutions, further driving demand for these metals [13]. - The report identifies potential investment opportunities in companies like Huafeng Aluminum (601702) and Platinum New Materials (300811) due to their strategic positioning in the market [13][14]. Steel Industry - The report discusses the short-term fluctuations in steel profitability under the "anti-involution" policy, with expectations for stabilization and recovery in the medium term [15]. - It notes a decrease in rebar consumption, with a reported 190 million tons consumed this week, reflecting a 9.89% week-on-week decline [15][20]. - The report indicates that steel prices are expected to rise in the future, supported by the "anti-involution" policy [32]. New Energy Metals - The report states that lithium production in July 2025 saw a significant year-on-year increase of 28.33%, indicating strong supply growth in the new energy sector [39]. - It highlights the high growth in the production and sales of new energy vehicles, with a 24.11% year-on-year increase in production in June 2025 [43]. - The report mentions rising prices for lithium, cobalt, and nickel, with lithium carbonate prices reaching 83,000 yuan per ton, reflecting an 18.57% week-on-week increase [48][49]. Industrial Metals - The report notes that global refined copper production increased by 2.88% year-on-year in May 2025, although supply growth is not keeping pace with demand [57][59]. - It highlights a significant rise in the import volume of scrap copper, which increased by 19.05% month-on-month in June 2025 [61].

Investment Rating - The report maintains a "Positive" outlook on the metals and new materials industry [1] Core Views - The report highlights a significant increase in the performance of the metals sector, with the non-ferrous metals index rising by 36.77% year-to-date, outperforming the CSI 300 index by 29.98 percentage points [5][9] - The report emphasizes the ongoing demand for industrial metals, particularly copper and aluminum, driven by increased production and investment in infrastructure [4][11] Weekly Market Review - The Shanghai Composite Index rose by 1.70%, while the Shenzhen Component Index increased by 4.55% [4] - The non-ferrous metals index outperformed the CSI 300 index by 1.25 percentage points, with notable increases in copper (5.95%) and aluminum (5.04%) prices [4][11] - Year-to-date performance shows significant gains across various metals, with small metals up by 49.02% and energy metals by 33.83% [11] Price Changes - Industrial metals prices showed mixed results, with copper prices increasing by 0.12% and aluminum decreasing by 0.08% [16] - Lithium prices surged, with battery-grade lithium carbonate rising by 17.48% and industrial-grade lithium carbonate by 19.42% [16] - Precious metals saw a decline, with COMEX gold prices dropping by 2.21% [16] Key Company Valuations - Notable companies in the sector include Zijin Mining, with a current stock price of 21.29 CNY and a projected PE ratio of 27 for 2023 [20] - Shandong Gold's stock price is 31.26 CNY, with a projected PE ratio of 60 for 2023 [20] - Companies like Huafeng Aluminum and Yunnan Aluminum are highlighted for their potential benefits from the ongoing market trends [20] Supply and Demand Analysis - The report indicates a tightening supply-demand balance in the aluminum market, with domestic electrolytic aluminum production at 373.96 million tons, down 1.8% year-on-year [52] - Copper supply remains relatively stable, with social inventory at 126,000 tons, reflecting a decrease of 0.6 million tons [35] - The report suggests that the demand for copper will be supported by ongoing investments in electrical infrastructure and home appliance subsidies [4][35]