每经AI快讯，8月13日，有色板块日内震荡拉升，工业金属方向领涨，紫金矿业、洛阳钼业双双涨超3% 创历史新高，此前丽岛新材、东方钽业涨停，电工合金涨超10%，华锡有色、华钰矿业、江西铜业、铜 陵有色等涨幅靠前。 ...

证券之星消息，8月12日工业金属板块较上一交易日上涨0.22%，利源股份领涨。当日上证指数报收于 3665.92，上涨0.5%。深证成指报收于11351.63，上涨0.53%。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7.39亿元，游资资金净流出1.89亿元，散户资金净 流入9.28亿元。工业金属板块个股资金流向见下表： | 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 | | --- | --- | --- | --- | --- | --- | --- | --- | | 002501 | 利源股份 | 1.97 Z | 29.73% | -8855.10万 | -13.40% | -1.08 Z | -16.34% | | 600888 | 新疆众和 | 8198.83万 | 10.82% | -3008.72万 | -3.97% | -5190.11万 | -6.85% | | 601600 | 中国铝业 | 6594.94万 | 6.49% | -5199.57万 | -5.1 ...

Investment Rating - The report maintains an "Outperform" rating for the non-ferrous metals industry [2] Core Views - The report expresses a long-term positive outlook for precious metals, driven by expectations of interest rate cuts by the Federal Reserve and a weakening dollar, which is anticipated to support gold prices [5] - Industrial metal prices are on the rise, supported by significant infrastructure projects in China, which are expected to boost overall demand [5] - The report highlights the mixed performance of minor metals, with some prices increasing due to recovering manufacturing demand [5] - Energy metals, particularly lithium, are experiencing price declines, warranting attention on future demand growth [5] Summary by Sections 1. Industry Data Review 1.1 Precious Metals - Gold prices increased by 2.19% during the week of August 4-8, 2025, amid expectations of interest rate cuts [5] 1.2 Industrial Metals - Prices for copper, aluminum, lead, zinc, tin, and nickel saw weekly increases of 0.6%, 0.9%, 0.7%, 0.8%, 0.9%, and 1.1% respectively [5][28] 1.3 Minor Metals - Prices for praseodymium-neodymium metals and oxides showed mixed trends, while tungsten prices increased [5][30] 1.4 Energy Metals - Lithium concentrate prices fell, while nickel products generally saw price increases [5][35] 2. Market Data - The Shanghai Composite Index rose by 2.11%, with the non-ferrous metals sector increasing by 5.78% during the same period [36] 3. Key Events of the Week - Federal Reserve Vice Chair Michelle Bowman indicated support for three interest rate cuts this year, with an 88.9% probability of a 25 basis point cut in September [43]

Core Viewpoint - The overall industry and non-financial sector prosperity index rebounded in July, with improvements noted in major financial, midstream manufacturing, and TMT sectors [1] Group 1: Sector Insights - The rebound in the prosperity index is supported by policies aimed at reducing competition and stabilizing ROE [1] - Various sectors are entering a bottoming or climbing phase, including industrial metals, energy metals, steel, certain chemicals, wind power, automotive, aquaculture, and logistics [1] - Overseas AI capital expenditure continued to rise in Q2, driving improvements or maintaining high levels in AI-related components such as storage, software, and gaming [1] Group 2: Investment Recommendations - Tactical focus should be on sectors showing signs of improvement and potential for catch-up, including storage, software, general automation, chemicals, insurance, and coal [1] - Strategic allocation should continue to favor major financials, military industry, and pharmaceuticals, with the pharmaceutical market potentially expanding from innovative drugs to medical devices [1]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The strategy is based on the research reports "Strategy Portfolio Report under Industry Rotation: Quantitative Analysis from the Perspective of Industry Style Continuity and Switching" (20241007) and "Research on the Overview and Allocation Methods of the Stock - type ETF Market: Taking the ETF Portfolio Based on the Industry Rotation Strategy as an Example" (20241013) to construct a strategy portfolio of industry and theme ETFs [2] - In the week of 20250811, the model recommends allocating sectors such as joint - stock banks, games, and semiconductors. In the next week, the strategy will newly hold products like Game ETF, Science and Technology Innovation Chip Design ETF, and Satellite ETF, and continue to hold products like Bank ETF, Financial Real Estate ETF, and Gold Stock ETF [2] - As of last weekend, some ETFs and the trading timing signals of the underlying indexes gave daily or weekly risk warnings [2] 3. Summary by Relevant Catalogs Performance Tracking - During the period from 20250804 to 20250808, the cumulative net return of the strategy was about 2.62%, and the excess return relative to the CSI 300 ETF was about 1.41% [3] - From October 14, 2024, to the present, the cumulative out - of - sample return of the strategy was about 7.08%, and the cumulative excess relative to the CSI 300 ETF was about - 0.79% [3] Future 1 - Week Recommended ETFs (20250811 - 20250815) | Fund Code | ETF Name | Holding Status | ETF Market Value (billion yuan) | Heavy - Positioned Shenwan II Industry and Weight | Weekly Timing Signal | Daily Timing Signal | | --- | --- | --- | --- | --- | --- | --- | | 512800 | Bank ETF | Continue to hold | 151.38 | Joint - stock banks (44.73%) | 1 | - 1 | | 159869 | Game ETF | Transfer in | 73.17 | Games (81.29%) | 1 | 1 | | 588780 | Science and Technology Innovation Chip Design ETF | Transfer in | 2.77 | Semiconductors (95.73%) | 1 | 1 | | 159940 | Financial Real Estate ETF | Continue to hold | 7.99 | Securities (29.12%) | 1 | - 1 | | 517520 | Gold Stock ETF | Continue to hold | 46.34 | Precious metals (41.51%) | 1 | 1 | | 510000 | Central Enterprise ETF | Continue to hold | 1.21 | State - owned large - scale banks (18.11%) | 1 | 1 | | 512690 | Wine ETF | Continue to hold | 152.39 | Baijiu (85.37%) | - 1 | - 1 | | 159206 | ZETF | Transfer in | 1.33 | Military electronics II (34.22%) | 1 | 1 | | 159786 | VRETF | Transfer in | 1.32 | Optoelectronics (26.64%) | 1 | 1 | | 159652 | Non - ferrous 50 ETF | Transfer in | 5.21 | Industrial metals (49.34%) | 1 | 1 | [9] Near 1 - Week ETF Holdings and Performance (20250804 - 20250808) | Fund Code | Current Holding Status | ETF Name | ETF Market Value (billion yuan) | Near 1 - Week Increase/Decrease (%) | | --- | --- | --- | --- | --- | | 562550 | - | Green Power ETF | 1.21 | 1.50 | | 512800 | Continue to hold | Bank ETF | 151.38 | 1.99 | | 512690 | Continue to hold | Wine ETF | 152.39 | 1.06 | | 159768 | - | Real Estate ETF | 6.13 | 2.14 | | 159940 | Continue to hold | Financial Real Estate ETF | 7.99 | 1.41 | | 515220 | Transfer out | Coal ETF | 80.20 | 3.78 | | 159996 | Transfer out | Home Appliance ETF | 12.72 | 2.55 | | 510060 | Continue to hold | Central Enterprise ETF | 1.21 | 1.42 | | 516550 | Transfer out | Agricultural ETF | 1.87 | 1.76 | | 517520 | Continue to hold | Gold Stock ETF | 46.34 | 8.91 | | - | ETF Portfolio Average Return | - | - | 2.62 | | 510300 | - | CSI 300 ETF | 3819.72 | 1.21 | | - | ETF Portfolio Excess Return | - | - | 1.41 | [10]

Group 1 - Di'er Laser achieved a net profit of 327 million yuan in the first half of 2025, a year-on-year increase of 38.37% [1] - The company reported a revenue of 1.17 billion yuan, representing a year-on-year growth of 29.20% [1] - Basic earnings per share were 1.20 yuan, up 37.93% year-on-year [1] Group 2 - Hubei Yihua's subsidiary has successfully completed and put into operation a project with an annual production capacity of 400,000 tons of ammonium phosphate and 200,000 tons of sulfur-based compound fertilizer [2] - The project includes various production facilities, such as a 800,000 tons/year sulfuric acid plant and a 350,000 tons/year wet-process phosphoric acid plant [2] Group 3 - Luxshare Technology is planning to issue H-shares and list on the Hong Kong Stock Exchange [4] - The company is currently in discussions with relevant intermediaries to advance this plan [4] Group 4 - Yingli Co., Ltd. plans to establish a wholly-owned subsidiary in Singapore with an investment of 2 million USD [5] - The subsidiary will serve as an overseas investment platform to support the company's international business development [5] Group 5 - New World reported a proposed cash dividend of 0.04 yuan per share, totaling 25.875 million yuan [47] - The record date for the dividend is set for August 14, 2025 [47] Group 6 - Industrial Fulian reported a net profit of 1.211 billion yuan in the first half of 2025, a year-on-year increase of 38.61% [41] - The company achieved a revenue of 36.076 billion yuan, reflecting a growth of 35.58% year-on-year [41] Group 7 - Yanjing Beer reported a net profit of 1.103 billion yuan in the first half of 2025, a year-on-year increase of 45.45% [45] - The company's revenue reached 8.558 billion yuan, growing by 6.37% compared to the previous year [45] Group 8 - New Strong Union reported a net profit of 3.996 billion yuan in the first half of 2025, a significant year-on-year increase of 496.60% [23] - The company achieved a revenue of 22.096 billion yuan, representing a growth of 108.98% year-on-year [23] Group 9 - China Nuclear Power announced the successful pouring of the first concrete for the nuclear island of the No. 1 unit at the Zhejiang Jin Qimen Nuclear Power Station, marking the start of the main construction phase [56] - The unit utilizes China's independently developed "Hualong One" nuclear technology, with a rated capacity of 1.215 million kilowatts [56]

有色金属行业周报（2025.08.04-2025.08.10） 核心结论 本周核心关注一：美联储部分官员释放鸽派信号，特朗普提名新理事 8 月 6 日，美国明尼阿波利斯联储主席、2026 年 FOMC 票委卡什卡利媒体 采访时表示，"经济正在放缓"，因此"在短期内开始调整联邦基金利率可 能变得合适"。他重申，他个人仍预计到今年年底会有两次降息。此外旧金 山联储主席戴利也发出了类似鸽派呼声，称美联储可能需要在未来几个月降 低利率。8 月 8 日清晨，特朗普在 Truth Social 社交平台上宣布，提名现任 白宫经济顾问委员会主席斯蒂芬·米兰（Stephen Miran）出任美联储理事。 本周核心关注二：中国收紧锂矿审查，加速供应重构，宁德时代枧下窝矿区 确认(8 月 9 日)24 时停产，短期无复产计划 行业周报 | 有色金属 宁德时代枧下窝矿区确认停产，或引发碳酸锂价格上涨 据期货日报，据市场多方交叉证实，宁德时代旗下机下窝矿区采矿端将于 (8 月 9 日)24 时正式停产。自 8 月 10 日起，该矿区采矿作业全面暂停，且短 期内无复产安排。后续影响仍待观察。 本周核心关注三：美国 7 月服务业 PMI ...

Investment Rating - The report maintains an "Overweight" rating for the non-ferrous metals sector [1] Core Views - The non-ferrous metals sector saw a weekly increase of 5.78%, ranking second among all primary industries, with precious metals leading at 8.04% [14][1] - The report highlights the impact of U.S. interest rate cut expectations on industrial metal prices, leading to a broad price increase across the sector [29][28] - The ongoing purchase of gold by the People's Bank of China for nine consecutive months is noted as a significant factor supporting gold prices [49][52] Summary by Sections Market Review - The Shanghai Composite Index rose by 2.11%, with the non-ferrous metals sector outperforming by 3.67 percentage points [14] - All sub-sectors within non-ferrous metals experienced gains, with precious metals, new materials, industrial metals, small metals, and energy metals increasing by 8.04%, 6.84%, 5.79%, 5.35%, and 3.94% respectively [14] Industrial Metals - **Copper**: Prices are under short-term pressure due to increased inventories domestically and internationally, with LME copper at $9,768/ton and SHFE copper at ¥78,490/ton [33][2] - **Aluminum**: Prices are influenced by macroeconomic sentiment, with LME aluminum at $2,615/ton and SHFE aluminum at ¥20,680/ton, expected to fluctuate within a narrow range [37][3] - **Zinc**: Prices increased with LME zinc at $2,834/ton and SHFE zinc at ¥22,515/ton, despite mixed inventory changes [43][4] - **Tin**: Prices rose to $33,605/ton for LME tin and ¥267,780/ton for SHFE tin, supported by tight supply conditions [47][5] Precious Metals - **Gold**: The report notes a closing price of $3,458.20/oz for COMEX gold and ¥787.80/g for SHFE gold, with a bullish outlook due to ongoing central bank purchases and expectations of interest rate cuts [49][52]

Core Viewpoint - The high dividend sectors in the Hong Kong stock market have long-term investment value under the current liquidity easing environment, driven by stable earnings in banks and improved supply-demand dynamics in midstream material industries [1] Group 1: High Dividend Sectors - High dividend stocks continue to attract low-cost capital inflows due to declining non-standard investment returns [1] - The banking sector maintains stable profitability and dividend levels, contributing to the attractiveness of high dividend stocks [1] - The PPI stabilization expectations enhance the profitability recovery of companies in the midstream materials sector, such as coke and rebar [1] Group 2: Insurance Sector - The insurance sector shows a strong trend towards concentration among leading companies, with improved performance certainty driven by long-cycle assessments and interest rate cuts [1] Group 3: Investment Products - The Hong Kong Stock Connect High Dividend ETF (159331) tracks the Hong Kong Stock Connect High Dividend Index (930914), which selects 30 liquid stocks with high dividend yields [1] - The index primarily covers traditional high dividend sectors such as banking, ports, and highways, while also including industrial metals and telecom operators [1] - Investors without stock accounts can consider the Cathay CSI Hong Kong Stock Connect High Dividend Investment ETF linked A (022274) and C (022275) [1]

Investment Rating - The report maintains a "Positive" investment rating for the non-ferrous and steel industry [5] Core Viewpoints - The current period is seen as an investment opportunity for the gold sector, driven by expectations of a potential interest rate cut by the Federal Reserve [8][12][13] - Economic indicators suggest that maintaining high growth is challenging, leading to increased expectations for interest rate cuts [14] - The impact of tariffs is becoming evident, with expectations of rising inflation due to the depletion of low-cost inventories [15] Summary by Sections Gold Sector - The gold sector is viewed as a timely investment opportunity, with recent employment data indicating a shift towards lower growth expectations, enhancing the likelihood of interest rate cuts [13][14] - The average tariff rate in the U.S. has reached 20.1%, which is expected to further influence inflation in the coming quarters [15] Steel Sector - The steel industry is experiencing short-term profit fluctuations but is expected to stabilize and recover in the medium term due to the "anti-involution" policy [16] - Steel consumption has increased by 3.63% week-on-week, while production has shown a mixed trend with a notable rise in rebar production [21][18] - Overall steel inventory has risen, but structural improvements in demand are anticipated [23] - The cost of steel production is expected to stabilize, with short-term cost reduction potential diminishing [27] - Steel prices are projected to continue rising, supported by the "anti-involution" policy [36] New Energy Metals - The production of lithium carbonate in June 2025 saw a significant year-on-year increase of 20.95%, indicating strong supply dynamics [41] - The demand for new energy vehicles remains robust, with production and sales showing substantial growth [45] - Prices for lithium, cobalt, and nickel have generally increased, reflecting strong market conditions [50]