Investment Rating - Industry Rating: Outperform the Market (Maintain Rating) [1] Core Insights - The report indicates a cautious outlook for the basic metals sector, with copper and aluminum prices experiencing downward pressure due to macroeconomic factors and weak demand [4][10][20] - Precious metals are expected to see upward movement in gold prices driven by recession fears and adjustments in U.S. economic data [6][24] - The report highlights the stability in the rare earth sector, with expectations for improved fundamentals in the upcoming quarter [8] Summary by Sections 1. Base Metals & Precious Metals - Copper: Price has retreated to 78,170 CNY/ton, with low inventory providing some support despite seasonal demand weakness [4][13] - Aluminum: Prices have decreased, with the average price at 20,623 CNY/ton, influenced by rising social inventory and subdued market demand [5][20] - Precious Metals: Gold price averaged 767.63 CNY/gram, down 1.67%, while silver averaged 9,158 CNY/kg, down 1.44% [6][24] 2. Minor Metals - Antimony: Prices remain stable, with market dynamics showing limited supply and demand [7][40] - Lithium: Carbonate prices have dropped, reflecting a cooling market sentiment [40] - Cobalt: Prices are strong due to tight supply conditions, with cobalt intermediate prices rising [42][43] - Tin: Prices have declined, with the average price at 33,410 USD/ton, reflecting weakened macro sentiment [45] - Tungsten: Prices have increased across the board, with black tungsten concentrate averaging 195,500 CNY/ton [51] - Molybdenum: Prices have surged, with molybdenum concentrate averaging 4,315 CNY/ton, driven by strong market demand [61][62] 3. Rare Earths - Rare earth prices are stable, with light rare earth oxide prices increasing by 3.3% to 531,000 CNY/ton, indicating a potential for significant improvement in fundamentals [8]

Market Outlook - The market is expected to experience a volatile pattern in early August, followed by a return to an upward trend in late August, potentially reaching new highs[2] - Concerns regarding the US-China tariff conflict may persist until around August 12, after which risk appetite is likely to recover[3] - The overall free cash flow of listed companies is anticipated to improve, reinforcing the logic for re-evaluating A-shares[3] Economic Indicators - The GDP growth rate for the first half of the year is reported at 5.3%, indicating a stable economic environment[17] - The second quarter earnings growth for listed companies is expected to remain between 0% and 5%[16] - The market has successfully surpassed key resistance levels, with the Shanghai Composite Index above 3450 and the WIND All A Index above 5400 points[18] Investment Strategy - A "barbell" investment strategy is recommended, focusing on high ROE and free cash flow companies on one side, and sectors like AI and defense on the other[19] - Key sectors to watch include non-bank financials, pharmaceuticals, electric power equipment, and machinery[21] Fund Flows - Incremental capital is expected to continue flowing into the market, driven by financing, private equity, and industry ETFs[7] - The net inflow of funds is likely to persist, supported by the positive feedback loop from the market's performance[25] Industry Focus - Attention should be given to sectors with high earnings growth or marginal improvement, particularly in TMT, manufacturing, and essential consumer goods[8] - The focus on "de-involution" competition is expected to drive capacity clearing in various industries, enhancing profitability[21]

Market Overview - A-shares experienced a pullback this week, with sectors such as innovative drugs, CRO, and film box office showing the highest gains, while small metals, coal, and rare earth permanent magnets faced the largest declines [1] - The Shanghai Composite Index fell by 1.8%, the CSI 500 Index decreased by 1.6%, the ChiNext Index dropped by 0.7%, the STAR Market 50 Index declined by 1.7%, and the Hang Seng China Enterprises Index decreased by 3.8% [1][3] Index Performance - The rolling P/E ratios for major indices are as follows: - CSI 300 Index: 13.2 times - CSI 500 Index: 15.3 times - ChiNext Index: 33.7 times - STAR Market 50 Index: 144.6 times - Hang Seng China Enterprises Index: 10.2 times [3] - The rolling P/E ratio percentiles indicate relative valuation levels, with the following percentiles: - CSI 300 Index: 52.2% - CSI 500 Index: 55.5% - ChiNext Index: 17.5% - STAR Market 50 Index: 99.3% - Hang Seng China Enterprises Index: 62.3% [3] Sector Composition - The CSI 300 Index comprises 500 large-cap, liquid securities covering 91 out of 93 three-level industries [4] - The ChiNext Index consists of 100 stocks with high market capitalization and liquidity, with strategic emerging industries accounting for over 55% of the index, particularly in power equipment, pharmaceuticals, and electronics [4] - The STAR Market 50 Index includes 50 large-cap, liquid stocks, with over 50% in semiconductors and nearly 75% combined in medical devices, photovoltaic equipment, and software development [4] - The Hang Seng China Enterprises Index includes 50 large-cap, actively traded stocks from mainland China listed in Hong Kong, with over 85% in consumer discretionary, financials, information technology, and energy sectors [4] Recent Performance Trends - Over the past month, the cumulative performance of major indices is as follows: - CSI 300 Index: +2.8% - CSI 500 Index: +3.6% - ChiNext Index: +9.4% - STAR Market 50 Index: +5.5% - Hang Seng China Enterprises Index: +0.9% [7] - Year-to-date performance shows: - CSI 300 Index: +3.1% - CSI 500 Index: +4.0% - ChiNext Index: +8.5% - STAR Market 50 Index: +4.8% - Hang Seng China Enterprises Index: +20.8% [7]

Investment Rating - The industry is rated as "Outperform" relative to the market [6] Core Views - Precious metals are under pressure due to a strong dollar and hawkish comments from Powell, with gold prices expected to remain volatile in the short term, while long-term trends may support price increases due to potential Fed rate cuts and inflation concerns [11][12] - Industrial metals are in a tight supply-demand balance, making prices more likely to rise than fall, with copper and aluminum expected to see upward price movements in the medium term [13][15] - In the new energy metals sector, lithium prices are expected to rise due to supply disruptions, although a long-term supply-demand reversal has not yet occurred [20] - Other minor metals, particularly rare earths, are showing positive price trends supported by recovering demand and supply constraints [21] Summary by Sections Precious Metals - The gold market is facing significant pressure from a strong dollar and rising U.S. Treasury yields, with prices expected to fluctuate [11] - Recommendations include focusing on leading companies such as Zhaojin Mining and Zijin Mining for potential investment opportunities [12] Industrial Metals - Copper prices are under pressure due to recent tariff implementations, but a long-term upward trend is anticipated due to a tight supply-demand balance [14] - Aluminum prices are expected to stabilize and potentially rise in the medium term due to seasonal demand increases [15] - Suggested stocks for copper include Baima Jincheng and Luoyang Molybdenum, while for aluminum, focus on Yun Aluminum and Huadong [16][19] New Energy Metals - Lithium prices are expected to rise in the short term due to supply disruptions, with a focus on strategic stock investments in companies like Yongxing Materials and Salt Lake Resources [20] - The demand for lithium is currently mixed, with a slowdown in electric vehicle consumption noted [20] Other Minor Metals - Rare earth prices are expected to rise due to recovering demand and supply constraints, particularly for praseodymium and neodymium [21] - The tungsten market is experiencing price stagnation due to conflicting supply and demand dynamics [22]

Investment Rating - The industry rating is "Outperform" [2] Core Insights - The report highlights the supply-demand imbalance and rebalancing in the base metals sector, with a focus on the cyclical nature of recession and recovery [3][10] - In the precious metals sector, central bank gold purchases and a shift in risk appetite are expected to drive gold prices upward [4][26] - The small metals sector is characterized by cyclical demand trends, with both supply-demand tug-of-war and long-term opportunities [5][46] - The rare earth permanent magnet sector is anticipated to enter a new cycle, driven by the growing demand for high-performance materials in electric vehicles [6][65] - The report discusses the sandwich structure of investment in new metal materials, emphasizing long-term technological trends and short-term performance elasticity [7][80] Summary by Sections Base Metals - Base metals are closely tied to manufacturing and economic cycles, with copper facing supply constraints primarily at the mining level due to previous capital expenditure limitations [3][15] - Aluminum supply is bottlenecked at the smelting stage, with profitability per ton determining operational capacity [22][24] Precious Metals - Central banks have significantly increased gold purchases, contributing to rising demand [27][32] - The correlation between gold prices and U.S. Treasury yields has shifted, indicating a market response to extreme risks [35][36] Small Metals - The small metals sector shows stronger price elasticity compared to industrial metals, with tungsten and tin being highlighted for their strategic importance and demand from the electronics sector [5][49][55] Rare Earths - The demand for high-performance neodymium-iron-boron magnets is expected to grow, particularly in the automotive sector, while supply remains rigid [6][75] - The report notes a tightening supply-demand balance in the rare earth sector, driven by increasing demand from various applications [6][75] New Metal Materials - The investment framework for new metal materials is described as a sandwich structure, focusing on long-term trends, mid-term growth attributes, and short-term performance [7][80] - The report identifies key investment opportunities in semiconductor materials and high-performance applications driven by AI and power density trends [83][84]

证券之星消息，8月1日小金属板块较上一交易日下跌2.49%，盛和资源领跌。当日上证指数报收于 3559.95，下跌0.37%。深证成指报收于10991.32，下跌0.17%。小金属板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 301026 | 浩通科技 | 26.68 | 0.79% | 2.14万 | 5672.06万 | | 002167 | 东方错业 | 12.41 | 0.49% | 51.17万 | 6.38亿 | | 920068 | 天工股份 | 19.94 | 0.30% | 2.26万 | 4496.15万 | | 000962 | 东方银业 | 16.90 | 0.12% | 9.41万 | 1.59亿 | | 000960 | 锡业股份 | 17.86 | 0.11% | 21.28万 | 3.80亿 | | 002978 | 安宁股份 | 29.63 | 0.07% | 3.80万 | 1.13亿 | | 600459 | 盖研铂业 | 15.09 ...

Group 1 - The core viewpoint of the article highlights the performance and valuation of China Rare Earth, with a closing price of 41.04 yuan and a decline of 3.12% [1] - The rolling price-to-earnings ratio (PE) stands at 584.82, significantly higher than the industry average of 64.77 and median of 61.37, placing China Rare Earth at the 39th position in the small metals industry [1][2] - The total market capitalization of China Rare Earth is reported at 43.553 billion yuan [1][2] Group 2 - As of July 18, 2025, the number of shareholders for China Rare Earth has increased to 186,516, with an average holding value of 352,800 yuan and an average shareholding of 27,600 shares [1] - The main business activities of China Rare Earth include mining, processing of rare earth minerals, production of rare earth oxides, and technology research and consulting services [1] - The company has recently applied for 26 new patents, with 7 invention patents and 4 utility model patents granted [1] Group 3 - In the latest quarterly report for Q1 2025, China Rare Earth achieved a revenue of 728 million yuan, representing a year-on-year increase of 141.32%, and a net profit of 72.618 million yuan, up 125.15% year-on-year, with a gross profit margin of 9.77% [1]

Market Performance - On the last trading day of July, all three major A-share indices fell by over 1%, with the Shanghai Composite Index closing below 3600 points at 3573.21, down 1.18% [1] - The Shenzhen Component Index dropped 1.73% to 11009.77, while the ChiNext Index decreased by 1.66% to 2328.31 [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.96 trillion yuan [1] Sector Performance - The sectors that saw gains included liquid cooling IDC, assisted reproduction, Google, biopharmaceuticals, chemical pharmaceuticals, and computers [1] - Conversely, sectors that experienced declines included aquaculture, PTA, iron ore, energy metals, steel, and minor metals [1] Notable Stocks - The AI sector showed strong fluctuations, with Yidian Tianxia (301171) hitting the 20% daily limit up [1] - The liquid cooling server sector performed well, with Sihua New Materials (301489) also reaching the 20% limit up, alongside Yingweike (002837) and Chunz中科技 (603516) [1] - The assisted reproduction sector continued to strengthen, with Gongtong Pharmaceutical (300966) and Anke Biotechnology (300009) both hitting the 20% limit up, while Hanshang Group (600774) also reached the limit [1] - The steel sector faced adjustments, with Baogang Co. (600010) dropping over 8% [1] - The coal sector declined across the board, with Antai Group (600408) falling over 7% [1] Market Outlook - According to Jifeng Investment Advisory, the A-share market is expected to continue a structural trend in August, supported by the intensive disclosure of mid-term performance and ongoing policy efforts, favoring industries with high earnings certainty [1] - Dongfang Securities noted that the current A-share market is in a sustained upward trend with ample trading volume, attracting new capital, and maintaining a cautiously optimistic sentiment without immediate risk of reversal [2]

Group 1 - As of July 31, 2025, the stock price of Guoyan Platinum Industry closed at 15.11 yuan, down 0.71 yuan or 4.49% from the previous trading day, with a trading volume of 217,107 hands and a transaction amount of 331 million yuan [1] - Guoyan Platinum Industry primarily engages in precious metal trading and product business, established in 2000 and listed on the Shanghai Stock Exchange in 2003, with operations in small metals and new materials [1] - On the evening of July 30, Guoyan Platinum Industry announced that its wholly-owned subsidiary, Guoyan Electronic Materials (Yunnan) Co., Ltd., has attracted Shanghai Yishang Electronic Technology Co., Ltd. as an intended investor for its capital increase project, with an investment of approximately 125 million yuan for a 49% stake post-increase [1] Group 2 - On July 31, Guoyan Platinum Industry experienced a net outflow of main funds amounting to 37.6553 million yuan, accounting for 0.33% of its circulating market value [2]

Core Viewpoint - Luoyang Molybdenum Co., Ltd. is experiencing a decline in stock price and has a low rolling P/E ratio compared to its industry peers, indicating potential undervaluation in the small metals sector [1][2]. Company Summary - The closing stock price of Luoyang Molybdenum is 8.94 yuan, down 4.28%, with a rolling P/E ratio of 12.41 times and a total market capitalization of 191.27 billion yuan [1]. - The company ranks 5th in the small metals industry, which has an average P/E ratio of 66.66 times and a median of 63.92 times [1][2]. - As of the first quarter of 2025, 212 institutions hold shares in Luoyang Molybdenum, with a total holding of 422.58 million shares valued at 3.56 billion yuan [1]. Business Operations - Luoyang Molybdenum's main business includes mining and processing of base and rare metals, as well as mineral trading [1]. - Key products include molybdenum, tungsten, copper (excluding NPM), cobalt, niobium, phosphorus, copper gold (NPM), and refined metal trading [1]. Financial Performance - In the first quarter of 2025, the company reported revenue of 46.01 billion yuan, a year-on-year decrease of 0.25%, and a net profit of 3.95 billion yuan, a year-on-year increase of 90.47%, with a gross profit margin of 22.33% [1].