钴方面，供需刚性短缺，价格或再上新台阶。刚果金配额锁死全球钴原料供应，预计锐减至20万吨，结 合回收的量预计，2025年全球钴元素供应为20.6万吨，2026-2027年分别为21.4、21.6万吨；全球钴消费 仍维持一定的增速，根据历史增速测算，五矿证券预计2026/2027年全球钴消费将达到22.1和23.1万吨， 钴将面临刚性短缺。 有机构认为，关键金属供给高度刚性，矿产扩产周期长达 3-5 年，环保、能耗、出口管制进一步抬高开 采门槛，且全球稀土、锂、钴等战略资源分布不均，中国在加工环节占据优势（稀土加工份额 92%）；当前铜、锂、稀土等品种库存处于历史低位，低库存下需求增量易引发价格弹性。此外，在大 国博弈和全球 "去美元化" 背景下，稀有金属战略资产属性获市场重估。 场内ETF方面，截至2026年1月9日午间收盘，中证稀有金属主题指数强势上涨2.73%，稀有金属 ETF(159608)上涨2.82%，盘中最高涨超3%。成分股云南锗业、东方钽业10cm涨停；前十大权重股合计 占比59.54%，其中权重股西部超导上涨11.35%，厦门钨业上涨9.40%，洛阳钼业、中国稀土等个股跟 涨。 规模方面，截至 ...

Communication Sector - The successful maiden flight of the Zhuque-3 rocket and the upcoming launch of the Chang Zheng-12A highlight the rapid development in the satellite communication industry [2] - Huaxi Securities emphasizes the long-term growth potential in the TMT sector, particularly in 6G, domestic substitution, and military applications, which could catalyze market opportunities [2] - The Communication ETF Guangfa (159507) saw a rise of 1.10% today, reflecting positive market sentiment [2] Non-Ferrous Metals Sector - The non-ferrous metals sector is experiencing multiple favorable factors, including rising expectations for a Fed rate cut and a tightening of domestic copper smelting capacity, leading to an 8.41% decrease in social inventory of electrolytic copper [3] - The price of cobalt continues to rise due to export quotas in the Democratic Republic of Congo and delays in raw material arrivals [3] - Guokai Securities projects that the price of aluminum may exceed $3,000 per ton in 2026, with domestic aluminum prices potentially reaching 23,000 yuan per ton [3] Media Sector - The media industry is witnessing significant developments, such as OpenAI's launch of GPT-5.1-Codex-Max and ByteDance's new video editing model Vidi2, which enhances video understanding capabilities [4] - Guoxin Securities suggests a positive outlook for the gaming and IP toy sectors, as well as potential improvements in film and television content due to policy shifts [4] - The largest media ETF (512980) has reached a scale of 2.795 billion yuan, indicating strong investor interest [4] Banking Sector - Dongguan Securities notes that the migration of funds to the banking sector is driven by the search for safety in a low-interest-rate environment, with continued demand for high-dividend, low-valuation bank stocks [6] - The financial real estate ETF (159940) is gaining attention as it tracks the overall financial and real estate index [6] Hong Kong Innovative Pharmaceuticals - Dongfang Securities highlights the supportive policies from the National Medical Insurance Bureau for the high-quality development of innovative drugs, indicating a positive trend for leading domestic innovative drug companies [7] - The largest Hong Kong innovative drug ETF (513120) has a recent scale of 24.928 billion yuan, with significant net inflows over the past trading days [7]

非银金融 近日，广东省多部门联合印发金融支持产业链整合兼并方案，明确支持保险资金扩大股权投资比例参与并购项目，与险资权益投资上限提升等政策形成合 力，助力非银金融发挥"耐心资本"作用。同时，大摩将中国平安纳入重点关注名单并看好其长期业绩。 有色金属 12月5日市场消息显示，已有三家稀土永磁企业获得通用出口许可证。商务部新闻发言人4日表示，中国政府依法依规开展稀土相关物项出口管制工作。只要 是用于民用用途的、合规的出口申请，中国政府都及时予以了批准。同时，中国政府积极适用通用许可等便利化措施，促进两用物项合规贸易，切实维护全 球产供链安全稳定。 长江期货认为，铜铝等有色金属及新能源材料作为支撑现代化产业体系的重要战略资源，"十五五"期间将继续受益于传统产业的优化提升和新兴产业及未来 产业的蓬勃发展，风电光伏、电力投资、新能源汽车、AI数据中心等产业的科技创新引领和核心技术突破将会继续带动有色新能源产业高质量发展。有色 及新能源品种的产业格局将进一步提质优化，价格走势将受到供需端的更多提振。专注聚焦稀土、锂、磁性材料等稀有金属的稀有金属ETF(159608)备受关 注；全市场唯一跟踪中证全指原材料指数的材料ETF ...

Wind数据显示，截至2025年12月1日A股收盘，有色金属、通信、国证芯片领涨市场，涨幅分别为2.85%、2.81%、1.86%。 有色金属 湘财证券统计指出，2025Q3有色行业收入及利润增速自年初以来收窄态势逐步趋稳，中游冶炼及加工业利润增速回升。上市公司层面有色板块营收及业绩 增速上行，板块盈利能力提升态势延续，杠杆率环比中期有所回落，板块现金流增速虽有回落但仍维持改善态势。 国投证券认为，宏观层面，据芝商所FedWatch 工具数据，美联储12月降息25个基点的概率已达86.4%，全球流动性问题解决，风险偏好回升。微观层面，白 银、铜、锡、稀土等品种均出现了不同程度的利好因素，推动价格进一步上涨。持续看好金银铜铝锡稀土锑锂钴钽铀等金属，价格仍有上涨空间，重视股票 端估值修复。专注聚焦稀土、锂、磁性材料等稀有金属的稀有金属ETF(159608)今日收涨1.84%；全市场唯一跟踪中证全指原材料指数的材料ETF(159944)今 日收涨2.02%。 通信 ICV预计全球量子科技产业2024至2030年的年平均增长率（CAGR）将达到76.27%，到2035年量子总产业规模则有望达到9089.1亿美元，其中 ...

Core Insights - The rare metals industry is experiencing a price increase across multiple segments, driven by supply constraints and recovering demand, particularly in the new energy vehicle materials sector [1][2] - Lithium and rare earth materials are showing strong price performance, with lithium carbonate prices reaching 93,800 yuan/ton, up 1.6% month-on-month, and lithium hexafluorophosphate prices at 167,500 yuan/ton, up 6.7% month-on-month [1][2] - The supply-demand dynamics for lithium are shifting from a loose to a tighter market, with significant price increases observed in lithium salts and other materials [2] Industry Summary - Recent price increases in lithium and rare earth materials are attributed to supply-side constraints, including mining rights issues and environmental regulations affecting production [1][2] - The lithium battery supply chain is characterized by strong downstream demand, leading to a robust price increase across various materials [1][2] - The Ministry of Industry and Information Technology has emphasized the need to regulate "involutionary" competition and improve capacity management, which may help restore supply-demand balance and enhance profitability in the industry [2] Market Performance - The rare metals ETF has seen a significant increase, with a 1.71% rise in the index and a notable inflow of capital, indicating strong investor interest [3] - The top-weighted stocks in the rare metals sector have shown substantial gains, with Tianhua New Energy up 8.26% and Luoyang Molybdenum up 5.05% [3] - The materials ETF has also performed well, with a near 3% increase and significant contributions from leading stocks in the sector [3]

Wind数据显示，截至2025年11月28日A股收盘，农林牧渔、有色金属、基础化工领涨市场，涨幅分别为1.59%、1.44%、1.31%。 农林牧渔 近期粮食产业链利好密集释放，政策与科技双轮驱动全链条升级。11月中旬第三届全国粮油和大豆产业博览会落幕，"四良融合" 成果落地叠加中央财政强 农政策，为产业注入强劲动能。全国702个县推进粮油单产提升，大豆种植面积连续三年超1.5亿亩、总产稳超2000 万吨。 中国银河证券认为，在扎实推进新一轮千亿斤粮食产能提升行动的背景下，持续强调单产提升、高标准农田建设、种业振兴等关键要点，叠加首次提出推进 农产品进口多元化，强调贸易和生产相协调，我们要在发挥优势的同时努力补短板，提统筹利用国内外市场，把握农业科技的应用与种业技术变革的核心。 全面覆盖A股市场粮食产业链的粮食ETF广发(159587)今日收涨1.71%。 有色金属 今年来，国家有关部门已采取一系列措施。例如，今年工业和信息化部等部门联合下发铜、氧化铝、黄金等产业高质量发展实施方案（2025-2027），旨在 优化产业结构，遏制低水平重复建设。 截至2025年11月28日A股收盘，港股创新药回调0.87%，药 ...

平安证券指出，俄乌互相打击对方能源设施，美委关系持续紧张，叠加美国经济运行情况、未来降息政策尚存不确定性，短期内油价仍有一定支撑。全市场 唯一跟踪中证全指能源指数的能源ETF广发(159945)值得关注，今日收涨1.58%。 国防军工 有数据显示，2025Q3公募基金国防军工行业持仓市值持续提升，持仓排位中部靠前，但持仓占比接近行业标配，超配比例为近五年新低。东方财富证券指 出，当前，基金配置军工板块意愿低，年底随着十五五规划的临近落地，军工发展方向日趋清晰，配置比例有望触底反弹。 东吴证券建议关注四条主线：1）军贸视角下的主战装备产业链；2）新质战斗力加速形成的先进作战方向；3）军民融合纵深推进下的科技强国抓手型赛 道；4）改革与资产证券化主线。同类产品规模前二的军工ETF龙头(512680)值得关注，该基金已连续5日"吸金"累计达1.39亿元。 Wind数据显示，截至2025年11月19日A股收盘，有色金属、石油石化、国防军工领涨市场，涨幅分别为2.39%、1.67%、1.11%。 有色金属 据民生证券统计，2025年第三季度，公募基金对有色金属板块的持仓比例升至5.69%，环比上季度增加1.43%，达到 ...

Group 1: Market Performance - The A-share market saw significant gains in sectors such as Media, Computer, and National Chip Index, with increases of 1.60%, 0.93%, and 0.92% respectively as of November 18, 2025 [1][8] - The largest Media ETF (512980) reached a scale of 2.766 billion, rising by 2.38%, making it the top-performing stock ETF in the market [4] - The semiconductor equipment ETF (560780) also performed well, increasing by 2.03% [5] Group 2: AI and Technology Developments - Berkshire Hathaway disclosed a significant investment in Alphabet, purchasing approximately 17.85 million shares valued at around 4.3 billion USD, indicating strong market confidence in technology stocks [2] - Alibaba launched its AI product "Qianwen" APP, marking a strategic shift towards the consumer market and intensifying competition in the domestic AI application sector [2] - Google's upcoming AI model, Gemini 3.0, is expected to enhance capabilities in code generation, logical reasoning, and multimodal interaction, further driving the growth of AI applications [2] Group 3: Investment Opportunities - China International Capital Corporation (CICC) highlighted the potential for domestic companies to capitalize on AI application opportunities abroad, focusing on the computing power supply chain and various AI application types [3] - The AI application business model is rapidly evolving from concept validation to revenue generation, with increasing demand across industries [2] - The semiconductor industry is expected to benefit from a recovery in demand as companies transition from passive inventory reduction to active replenishment [10] Group 4: Sector Analysis - The semiconductor industry is experiencing a strong inflow of funds, with the comprehensive semiconductor ETF (159801) seeing net inflows exceeding 100 million over four of the last five trading days [7] - The rare metals sector is also gaining attention, with a focus on rare earths, lithium, and magnetic materials, as indicated by the rare metals ETF (159608) [11] - The technology sector, particularly in the context of the STAR Market, showed a 7% increase in revenue and an 8% increase in net profit year-on-year for Q3 2025, indicating a positive trend in the sector [14]

Group 1: Market Performance - As of November 13, 2025, the A-share market closed with significant gains in the Hong Kong innovative drug and power equipment sectors, with increases of 4.50% and 4.31% respectively [1][6] - The A-share market saw a notable increase in the entrepreneurial board index, which rose over 2.7%, surpassing the 3200-point mark, driven by positive sentiment in the lithium battery industry [9] Group 2: Power Equipment Industry - The 2025 World Power Battery Conference opened in Yibin, Sichuan, with 180 signed projects totaling 861.3 billion yuan, focusing on green energy sectors such as power batteries and new energy vehicles [2] - The National Energy Administration released guidelines to promote the integration of new energy, which is expected to create new demand growth points for the lithium battery industry [2] Group 3: Lithium Battery Industry - The price of lithium hexafluorophosphate has rebounded strongly, rising from less than 50,000 yuan/ton in July to over 120,000 yuan/ton as of early November 2025, indicating potential for further increases [4] - The overall revenue of the lithium battery industry chain for the first three quarters of 2025 reached 636.19 billion yuan, a year-on-year increase of 16.12%, with net profit rising by 40.37% [4] - Demand from the new energy vehicle and energy storage sectors is driving significant growth in electrolyte procurement, while supply constraints are expected to enhance profitability across the industry [4] Group 4: Innovative Pharmaceuticals - The clinical progress of Innovent Biologics continues to exceed expectations, with Pfizer's aggressive clinical plans for its ADC therapy anticipated to start in November 2025 [5] - The domestic pharmaceutical industry's internationalization is accelerating, with transaction amounts related to innovative drugs reaching 93.7 billion USD in the first three quarters of 2025 [5] - The largest Hong Kong innovative drug ETF has seen continuous capital inflow, reaching a new high in scale at 25.347 billion yuan [5] Group 5: Communication Industry - The communication sector's revenue grew by 2.8% year-on-year in the first half of 2025, with net profit increasing by 7.8%, indicating steady performance [7] - The satellite internet industry is establishing a trend that is expected to gain traction, with continued growth anticipated in the fourth quarter of 2025 [7] Group 6: Oil and Petrochemical Industry - The current oil market faces oversupply, but OPEC+'s decision to slow production increases may help mitigate this risk [8] - The IEA projects a demand increase of 700,000 barrels per day in 2026, while supply is expected to grow by 2.4 million barrels per day, indicating a potential imbalance [8]

Group 1 - The price of lithium hexafluorophosphate has rebounded strongly, rising from below 50,000 yuan/ton in July to over 120,000 yuan/ton by early November 2025, indicating potential for further increases in the short term [1] - Demand from the electric vehicle and energy storage industries has significantly boosted electrolyte procurement, while supply constraints due to previous capacity reductions have led to a tight overall supply situation, suggesting a recovery in industry profitability [1][2] - The overall revenue of the lithium battery supply chain reached 636.19 billion yuan in the first three quarters of 2025, a year-on-year increase of 16.12%, with net profit rising by 40.37% compared to the same period last year [1] Group 2 - In October 2025, China's new energy vehicle sales reached 1.715 million units, a year-on-year increase of 19.93%, with the monthly sales share surpassing 50% for the first time [2] - The price of battery-grade lithium carbonate increased by 15.65% since early October, reflecting a generally upward trend in raw material prices, which presents investment opportunities in the lithium battery sector [2] - The recent price increase of lithium hexafluorophosphate is primarily due to a mismatch between supply and demand, with a surge in downstream market demand and a contraction in supply from small and medium enterprises exiting the market [2] Group 3 - As of November 13, 2025, the CSI Rare Metals Theme Index rose by 5.20%, with the Rare Metals ETF (159608) increasing by 5.04%, and a cumulative increase of 28.53% over the past three months [3] - The top ten weighted stocks in the Rare Metals ETF account for 60% of the index, with significant gains from companies like Tianhua New Energy and Rongjie Co., indicating strong performance in the sector [3] - The Rare Metals ETF closely tracks the CSI Rare Metals Theme Index, which includes up to 50 listed companies involved in the mining, smelting, and processing of rare metals, reflecting the overall performance of the rare metals sector [3]