Market Overview - The three major indices in the A-share market showed mixed performance, with the Shanghai Composite Index rising by 0.52% to 3628.53 points, while the Shenzhen Component Index fell by 0.06% to 11283.18 points, and the ChiNext Index decreased by 0.71% to 2389.58 points [1] Sector Performance - The top-performing sectors included: - Film and television industry with a gain of 3.53%, total trading volume of 1,078.27 million hands, and net inflow of 1.33 billion [2] - Oil and gas extraction and services sector increased by 1.83%, with a trading volume of 808.51 million hands and net inflow of 0.71 billion [2] - Chemical pharmaceuticals sector rose by 1.77%, with a trading volume of 3,768.32 million hands and net inflow of 0.83 billion [2] - The sectors with the largest declines included: - Battery sector decreased by 2.04%, with a trading volume of 1,151.74 million hands and a net outflow of 5.436 billion [2] - Diversified finance sector fell by 1.84%, with a trading volume of 854.12 million hands and a net outflow of 2.010 billion [2] - Small metals sector dropped by 1.64%, with a trading volume of 950.76 million hands and a net outflow of 1.713 billion [2]

中邮证券有限责任公司研报显示，供需失衡催化小金属牛市，钨、钴、稀土价格有望继续上涨。钴价方面，金九银十旺季 备货将带动存量库存去库，继续看好钴价下半年上涨行情。钨价方面，钨价稳步上涨，短期有望突破20万元/吨。稀土方面， 目前轻稀土呈现供需边际改善状态，叠加远期人形机器人需求带动，突破前期高点可期。 "展望下半年，预计小金属牛市有望延续。一方面，新能源、军工、人形机器人等终端需求保持强劲增长，预计钨、钴、 稀土价格仍有上涨空间；另一方面，供给端受政策影响，资源品供给收紧预期升温。这些因素都会给以上品类小金属价格提供 有力支撑。"付一夫表示。 上半年"成绩单"亮眼 供需错配推动价格上涨 小金属价格上涨与供需两端共振密切相关。 苏商银行特约研究员付一夫在接受《证券日报》记者采访时表示："供给方面，小金属普遍存在资源储量有限、开采难度 大等特点，短期内难以快速扩大产能；需求方面，新能源车、风电、半导体等新兴产业快速发展，带动了对钨、钴、稀土等关 键材料的需求激增，这种供需错配导致价格持续上涨。此外，受政策与地缘政治因素影响，国内对部分小金属实施出口管制， 这也在一定程度上推升了小金属的涨价。" 陕西巨丰投资资讯有限 ...

Core Viewpoint - Yunnan Ge Industry experienced a significant increase in stock price, reaching the daily limit with a turnover rate of 12.92% and a transaction volume of 2.077 billion yuan, indicating strong market interest and trading activity [1] Group 1: Trading Activity - The stock's price deviation reached 9.54%, leading to its listing on the Shenzhen Stock Exchange's watch list for abnormal fluctuations [1] - Institutional investors net bought 39.39 million yuan, while the Shenzhen Stock Connect saw a net purchase of 89.76 million yuan [1] - The top five trading departments accounted for a total transaction volume of 545 million yuan, with a net purchase of 244 million yuan [1] Group 2: Fund Flow - The stock saw a net inflow of 629 million yuan from major funds, with a significant net inflow of 565 million yuan from large orders [1] - Over the past five days, the net inflow of major funds totaled 808 million yuan [1] Group 3: Margin Trading Data - As of July 28, the margin trading balance for the stock was 1.035 billion yuan, with a financing balance of 1.026 billion yuan and a securities lending balance of 8.2814 million yuan [2] - In the last five days, the financing balance increased by 58.29 million yuan, representing a growth of 6.02%, while the securities lending balance rose by 1.7214 million yuan, a 26.24% increase [2] Group 4: Major Buyers and Sellers - The top buyer was the Shenzhen Stock Connect with a purchase amount of 132.20 million yuan, while the same entity was also the top seller [2] - Other significant buyers included Guotai Junan Securities and Huaxin Securities, with respective purchase amounts of 108.28 million yuan and 51.24 million yuan [2]

证券之星消息，7月29日小金属板块较上一交易日下跌0.58%，广晟有色领跌。当日上证指数报收于 3609.71，上涨0.33%。深证成指报收于11289.41，上涨0.64%。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) | | | --- | --- | --- | --- | --- | --- | --- | | 002428 | 云南错业 | 24.99 | 9.99% | 84.39万 | | 20.77亿 | | 000657 | 中钨高新 | 19.00 | 5.50% | 218.69万 | | 40.41亿 | | 002738 | 中矿资源 | 38.13 | 1.71% | 26.96万 | | 10.29亿 | | 601958 | 金钥股份 | 13.04 | 0.77% | 62.19万 | | 8.17亿 | | 600456 | 宝钛股份 | 32.05 | 0.60% | 8.35万 | | 2.66亿 | | 920068 | 天工股份 | 20.37 | 0.00% | 3.43万 | | 6919.63万 | ...

Investment Rating - The report maintains an "Outperform" rating for the non-ferrous metals industry [2]. Core Views - Precious metals are expected to continue their upward trend, with gold prices rising and a favorable long-term outlook. The gold-silver ratio has reached a peak of over 100 this year, and as gold prices stabilize, silver prices are expected to rise to restore the ratio [5]. - Industrial metal prices are on the rise, driven by significant infrastructure projects, such as the Yarlung Tsangpo River hydropower project, which is expected to boost overall demand and support metal prices [5]. - The report highlights a positive outlook for the non-ferrous metals sector, particularly in precious metals, as the Federal Reserve enters a rate-cutting cycle and domestic monetary policies strengthen [5]. Summary by Sections 1. Industry Data Review 1.1 Precious Metals - Gold prices have increased by 0.26% and silver by 2.24% in the week of July 21-25, 2025. The gold-silver ratio has decreased to 86.13, indicating potential for silver price increases [5]. 1.2 Industrial Metals - Prices for copper, aluminum, lead, zinc, tin, and nickel have increased by 1.8%, 1.7%, 0.7%, 3.4%, 3.7%, and 3.7% respectively. The overall demand is expected to rise due to major infrastructure projects [5][28]. 1.3 Minor Metals - Prices for praseodymium-neodymium oxide have increased by 7.5% weekly, with a year-on-year increase of 41.3%. Tungsten prices have also risen significantly, indicating a recovery in manufacturing demand [5][30][32]. 1.4 Energy Metals - Lithium concentrate prices have risen by 10.5% weekly, while cobalt prices remain stable. Nickel prices have also increased, reflecting growing demand in the energy sector [5][35]. 2. Market Data - The non-ferrous metals sector has seen a 6.70% increase, with specific segments like industrial metals and energy metals rising by 4.72% and 12.40% respectively during the week [36]. 3. Important Events Review - Notable events include President Trump's visit to the Federal Reserve, where discussions on interest rates took place, indicating potential future monetary policy changes that could impact the metals market [43].

Group 1: Market Strategy and Outlook - The core driver behind the recent A-share market rally is the optimistic expectation of a rebound in corporate ROE, rather than mere speculation around policy themes [4][9] - The current valuation of A-shares, while having outpaced the recovery of fundamentals, is not extreme, indicating that the recovery in sectors like food and beverage, coal, and oil and petrochemicals is still in its early stages [4][9] - The "anti-involution" and demand-side policies are expected to show quicker effects compared to the comprehensive policies of 2024, with companies having undergone three quarters of self-purging [10][11] Group 2: Sector Recommendations - **Machinery**: Companies like Xugong Machinery and Yingliu Shares are recommended due to domestic demand stabilization and overseas market recovery [14][15] - **Non-ferrous Metals**: China Rare Earth is favored as export controls may lead to price increases in rare earths, supported by moderate quota growth [16] - **Non-bank Financials**: China Galaxy is highlighted for its strengthening brokerage business and potential for international expansion [17] - **Media and Internet**: Yao Cai Securities is positioned to benefit from increased trading volumes in Hong Kong and potential synergies from Ant Group's acquisition [18] - **Agriculture**: Muyuan Foods is recognized as a leading pig farming enterprise with expected stable profits amid rising pork prices [19] - **Defense and Military**: North Navigation is anticipated to benefit from a rising demand cycle for its products [20] - **Computing**: Kingsoft Office is seen as a leader in AI applications, with significant growth potential from its innovative products [21][22] - **Electronics**: Lante Optics is expected to see strong demand from various sectors, including automotive and AI [23] - **Pharmaceuticals**: Kelun-Botai is noted for its leading ADC technology and potential for international sales growth [24][25]

Core Viewpoint - The rapid increase in leveraged funds entering the A-share market since July has led to a significant rise in financing balances, reaching approximately 1.928 trillion yuan by July 24, 2025, indicating strong bullish sentiment among investors [2][4]. Financing Balance Overview - As of July 24, 2025, the financing balance in the A-share market has consistently remained above 1.9 trillion yuan for four consecutive trading days, closely approaching the year's high [2]. - The electronic industry leads in financing balance with approximately 219.1 billion yuan, followed by non-bank financials, computers, power equipment, pharmaceutical biology, machinery, and automotive sectors, all exceeding 100 billion yuan [4][5]. Industry Distribution of Financing Balances - The top industries by financing balance are: - Electronics: 219.1 billion yuan - Non-bank financials: 162.2 billion yuan - Computers: 149.1 billion yuan - Power equipment: 139.8 billion yuan - Pharmaceutical biology: 137.5 billion yuan - Machinery: 101.2 billion yuan - Automotive: 100.6 billion yuan [5][6]. Performance of High Financing Balance Companies - Among the top 30 A-share companies with the highest financing balances, the median increase in stock price since April 7 has been 11.5%, outperforming the Shanghai Composite Index's 7.19% during the same period [7][10]. - Notable companies include Oriental Fortune and China Ping An, both with financing balances exceeding 20 billion yuan, and several others showing significant price increases [7][19]. Resource Stocks and Their Financing Balances - A total of 24 resource stocks have financing balances exceeding 500 million yuan, with 11 of them surpassing 1 billion yuan. North Rare Earth leads with a financing balance of 4.475 billion yuan [12][13]. - The median increase in stock price for resource stocks with financing balances over 500 million yuan since April 7 is 18.55%, significantly higher than the Shanghai Composite Index [12]. Innovative Drug Sector Financing - The innovative drug sector, including CROs, has 34 stocks with financing balances over 500 million yuan, with 11 exceeding 1 billion yuan. WuXi AppTec has the highest financing balance at 3.319 billion yuan [17]. - The median increase in stock price for these innovative drug stocks since April 7 is 15.23%, outperforming the Shanghai Composite Index [17]. Non-Bank Financial Sector Insights - The non-bank financial sector has a total financing balance of approximately 162.2 billion yuan, with 21 stocks having financing balances exceeding 2 billion yuan [19][20]. - The median increase in stock price for these non-bank financial stocks since April 7 is 8.06%, also outperforming the Shanghai Composite Index [19].

Market Overview - On July 24, the market saw a rise with the Shanghai Composite Index closing at 3600 points, up 0.65%, while the Shenzhen Component and ChiNext Index increased by 1.21% and 1.5% respectively[2] - The total trading volume on July 24 was 1.87 trillion, a slight decrease of approximately 30 billion from the previous trading day[1] Market Strength - The market strength is gradually improving, with most daily K-lines since early July operating above the 5-day moving average, indicating a bullish trend[1] - The average daily trading volume has increased, reflecting a stronger market participation, with the Wind All A-Share Index closing above last October's high[1] Sector Performance - Key sectors such as non-ferrous metals, steel, commerce, and non-bank financials showed significant gains, while banking, telecommunications, and utilities experienced slight declines[1] - Over the past five trading days, multiple industry indices have risen over 5%, a trend not seen for a long time[1] Investment Opportunities - The overall market sentiment is improving, with a broad-based rally across technology, finance, cyclical, and consumer sectors, suggesting potential growth in the brokerage industry[1] - The brokerage sector is currently in the initial stage of an upward trend, which could enhance its operational performance in the medium to long term[1] Fund Flow - On July 24, net inflows into the Shanghai market were 552.60 billion, while the Shenzhen market saw net inflows of 283.71 billion, with securities, infrastructure, and small metals being the top sectors for inflows[2] Commodity Insights - The International Energy Agency forecasts global coal demand to reach a historical high of approximately 880 million tons in 2024, with a 1.5% increase from 2023, driven by consumption growth in emerging economies[3] - China's gold production in the first half of the year was 179.083 tons, a decrease of 0.31% year-on-year, while consumption fell by 3.54% to 505.205 tons[4][5] Industry Dynamics - The Chinese data warehouse software market is projected to reach 2.09 billion USD by 2029, with a compound annual growth rate (CAGR) of 15.5% from 2024 to 2029[7] - The national electricity market saw a trading volume of 5,020 billion kWh in June 2025, a 2.2% year-on-year increase, with cross-province trading up by 18.2%[10]

Group 1 - As of July 24, the metal cobalt sector rose by 3.93%, ranking fifth among concept sectors, with 32 stocks increasing in value [1] - Notable gainers included China Electric Power Construction, Tibet Mining, and Hainan Mining, which hit the daily limit, while Huayou Cobalt, Tengyuan Cobalt, and Ganfeng Lithium saw increases of 9.44%, 8.22%, and 8.00% respectively [1] - The sector experienced a net outflow of 8.23 billion yuan in capital, with 29 stocks receiving net inflows, and 6 stocks exceeding 1 billion yuan in net inflow [2] Group 2 - The top net inflow stock was Tibet Mining, with a net inflow of 4.33 billion yuan, followed by Huayou Cobalt, Ganfeng Lithium, and Luoyang Molybdenum with net inflows of 3.53 billion yuan, 2.72 billion yuan, and 2.25 billion yuan respectively [2][3] - In terms of net inflow ratios, Tibet Mining, Hainan Mining, and Zhongjin Lingnan led with 31.43%, 24.65%, and 15.09% respectively [3] - The trading volume for Tibet Mining was 43,265.75 million yuan, with a daily turnover rate of 11.36% [3]

Group 1 - The small metal concept index rose by 3.08%, ranking 9th among concept sectors, with 128 stocks increasing in value [1] - Notable gainers included Tibet Tianlu, China Power Construction, and Zhongke Sanhuan, which hit the daily limit, while Huayou Cobalt, Tangyuan Electric, and Northern Rare Earth saw significant increases of 9.44%, 9.22%, and 9.00% respectively [1][2] - The largest declines were observed in Zhongjin Gold, Zhejiang Fu Holdings, and Western Gold, with decreases of 4.41%, 4.03%, and 3.59% respectively [1] Group 2 - The small metal concept sector attracted a net inflow of 4.014 billion yuan, with 92 stocks receiving net inflows and 21 stocks exceeding 100 million yuan in net inflows [2] - Northern Rare Earth led the net inflow with 1.554 billion yuan, followed by China Rare Earth, Tibet Mining, and Guangsheng Nonferrous with net inflows of 499 million yuan, 433 million yuan, and 431 million yuan respectively [2] Group 3 - In terms of net inflow ratios, Zhongke Sanhuan, Tibet Mining, and Jinchuan Group had the highest ratios at 37.98%, 31.43%, and 26.87% respectively [3] - The small metal concept's top stocks by net inflow included Northern Rare Earth, China Rare Earth, and Tibet Mining, with respective net inflows of 1.553 billion yuan, 499 million yuan, and 432 million yuan [3][4]