Investment Rating - The report maintains a positive investment rating for the non-ferrous metals industry, focusing on opportunities in light rare earths and lithium battery materials [4][6]. Core Insights - The non-ferrous metals industry index increased by 9.61% over the past two weeks, outperforming the CSI 300 index and ranking first among 31 primary industries [12]. - The price of lithium carbonate (99.5% battery grade, domestic) rose by 15.91% in the last two weeks, indicating strong demand in the market [55]. - The report highlights a significant capital inflow into the rare earth sector, with leading stocks showing strong performance [3]. Summary by Sections Market Review (2025.8.04-2025.8.15) - The non-ferrous metals industry index rose by 9.61%, with metal new materials leading at 15.04% and industrial metals at 11.41% [12]. - Other sectors such as small metals, energy metals, and precious metals also saw substantial increases [12]. Precious Metals - As of August 15, COMEX gold closed at $3,381.70 per ounce, down 1.00% over two weeks, while COMEX silver rose by 2.47% to $38.02 per ounce [19][24]. - The report suggests a stable long-term outlook for gold due to global central bank demand and geopolitical uncertainties [20]. Industrial Metals - LME copper settled at $9,621.0 per ton, up 0.90% over two weeks, with a year-to-date increase of 10.77% [28]. - The report indicates a positive long-term demand outlook for copper driven by green energy investments [28]. Small Metals - Black tungsten concentrate (≥65%) price increased by 4.12% to 202,000 CNY per ton, while tin prices showed mixed trends [35]. - The report emphasizes the strong demand for tungsten due to supply constraints and increased industrial usage [36]. Rare Earths - The China Rare Earth Price Index rose by 3.16% to 211.58, with light rare earths leading the price increases [47]. - The report notes a strong market sentiment for light rare earths driven by demand in the magnetic materials sector [48]. Energy Metals - As of August 15, the average price of electrolytic cobalt was 263,500 CNY per ton, down 2.04% over two weeks, while sulfuric acid cobalt saw a 2.46% increase [52]. - The report highlights the significant year-to-date increase in cobalt prices, indicating strong market dynamics [52]. Lithium - The average price of lithium iron phosphate (mid-range power type) rose by 5.05% to 34,300 CNY per ton, reflecting ongoing demand in the battery sector [55]. - The report underscores the robust growth in lithium prices, driven by the electric vehicle market [55].

金融界8月18日消息，上证指数高开高走，中证香港300上游指数 (H300上游，H30100)报2918.31点。 数据统计显示，中证香港300上游指数近一个月上涨10.35%，近三个月上涨23.27%，年至今上涨 23.88%。 据了解，中证香港300主题指数系列从中证香港300指数样本中根据中证行业分类选取符合相应主题的证 券作为指数样本，反映了在香港交易所上市各主题证券的整体表现。该指数以2004年12月31日为基日， 以1000.0点为基点。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。特殊情况下将对指数进行临时调整。当样本退市时，将其从指数样本中剔除。样本公司发生收 购、合并、分拆等情形的处理，参照计算与维护细则处理。 本文源自：金融界 作者：行情君 从指数持仓来看，中证香港300上游指数十大权重分别为：中国海洋石油（26.54%）、中国石油股份 （12.77%）、紫金矿业（11.38%）、中国神华（9.83%）、中国石油化工股份（8.39%）、中国宏桥 （5.14%）、洛阳钼业（3.4%）、中煤能源（3.25%）、招金矿业（3.04%）、兖 ...

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 ...

来源：新浪证券-红岸工作室 8月18日，洛阳钼业跌3.06%，成交额39.95亿元，换手率2.09%，总市值2304.17亿元。 异动分析 金属铜+金属镍+小金属概念+黄金概念+磷化工 1、本公司属于有色金属采矿业，主要从事铜、钼、钨、钴、铌、磷等矿业的采选、冶炼、深加工等业 务，拥有较为完整的一体化产业链条，是全球前五大钼生产商及最大钨生产商、全球第二大钴、铌生产 商和全球领先的铜生产商，同时也是巴西境内第二大磷肥生产商。 2、印尼华越6万吨镍金属湿法冶炼项目公司参股30%，该项目去年12月已经投产，正在产能爬坡，运转 良好。 3、公司主营业务为钼、钨及黄金等稀贵金属的采选、冶炼，随着公司近年来大力发展贵金属业务，金 银产品的收入和利润贡献比重逐年上升。 4、2023年10月23日互动易：公司位于澳洲的NPM铜金矿生产黄金，公司拥有80%权益，2022年黄金权 益产量为1.6万盎司，2023年黄金权益产量指引为2.5至2.7万盎司，同比增长56%至69%。 资料显示，洛阳栾川钼业集团股份有限公司位于河南省洛阳市栾川县城东新区画眉山路伊河以北，成立 日期1999年12月22日，上市日期2012年10月9日，公 ...

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]

东莞证券指出，美国7月CPI同比增长2.7%，环比增长0.2%，因就业市场走弱及经济增速放缓，美联储9 月降息预期再度抬升，推动工业金属板块普涨。截至8月14日，LME铜价收于9777美元/吨，铝价收于 2624美元/吨，铅价收于1990美元/吨，锌价收于2842.50美元/吨，镍价收于15050美元/吨，锡价收于 33435美元/吨。工业金属板块近期上涨9.58%，年初至今累计涨幅达30.36%。此外，稀土行业因反内卷 政策落地及需求预期改善，价格持续回升，稀土价格指数较8月初上涨1.74至206.85。 有色60ETF（159881）跟踪的是中证有色指数（930708），该指数从中证800指数样本股中选取有色金 属行业的上市公司证券作为成分股，覆盖工业金属、贵金属等细分领域，以反映A股市场有色金属行业 上市公司证券的整体表现，并呈现显著的周期性特征。 没有股票账户的投资者可关注国泰中证有色金属ETF发起联接C（013219），国泰中证有色金属ETF发 起联接A（013218）。 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不预示 未来表现。市场观点随市场环境变化而变 ...

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].