Core Viewpoint - The small metals sector experienced a slight decline of 0.2% on December 30, with Haotong Technology leading the losses, while the Shanghai Composite Index remained stable with a negligible change of 0.0% [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 3965.12, showing no change, while the Shenzhen Component Index rose by 0.49% to 13604.07 [1]. - The small metals sector's individual stock performance varied, with notable gainers including Zhongkuang Resources, which increased by 2.66% to a closing price of 79.24, and Huaxi Nonferrous, which rose by 0.95% to 38.30 [1]. Group 2: Trading Volume and Value - Zhongkuang Resources had a trading volume of 248,800 shares, resulting in a transaction value of 1.946 billion yuan [1]. - The overall trading volume and value for the small metals sector indicated significant activity, with various stocks contributing to the total market dynamics [1]. Group 3: Capital Flow - The small metals sector saw a net outflow of 1.937 billion yuan from major funds, while retail investors contributed a net inflow of 2.457 billion yuan [2]. - The capital flow data highlighted that while major and speculative funds withdrew, retail investors were actively buying into the sector [2][3].

Core Viewpoint - The Huabao ETF (159876), which focuses on the non-ferrous metals sector, has seen a significant increase in market performance, with a peak intraday rise of 0.5%, reflecting strong investor confidence in the sector's future performance [1] Group 1: ETF Performance - The Huabao ETF recorded a net subscription of 10.2 million shares, indicating positive market sentiment towards the non-ferrous metals sector [1] - The ETF's net value has shown substantial growth, with a 120-day increase of 91.93% and a 250-day increase of 84.44% [1] - The ETF's 52-week high is 1.00, while the low is 0.49, showcasing significant volatility in its trading range [1] Group 2: Individual Stock Performance - Notable stocks within the ETF include Baiyin Nonferrous, which surged by 10.05%, and Hunan Baiyin, which increased by 10.01% [2] - Other significant gainers include Xingye Yinxin with an 8.28% rise and Guangsheng Nonferrous with a 5.65% increase [2] - The overall trend in the non-ferrous metals sector has been bullish, with LME copper and COMEX gold reaching historical highs [2] Group 3: Market Drivers - Factors driving the non-ferrous metals market include limited resource supply, strong demand from AI, and a downward trend in interest rates, which are creating a new pricing paradigm for resources [3] - The sustainability of the super cycle in non-ferrous metals is contingent on the recovery of the US dollar credit, strategic stockpiling progress, and the effectiveness of "anti-involution" policies [3] - Analysts suggest that the super cycle for non-ferrous metals is likely to continue until 2026, supported by a weak dollar and policy backing [3] Group 4: Investment Strategy - A diversified investment approach through the Huabao ETF is recommended to capture the overall beta performance of the non-ferrous metals sector, which includes copper, aluminum, gold, rare earths, and lithium [4] - This strategy aims to mitigate risks associated with investing in single metal sectors, making it suitable for inclusion in investment portfolios [4]

Group 1 - The core viewpoint of the news highlights the significant rise in the non-ferrous metal sector, with the index and various stocks experiencing notable gains, particularly in silver and copper prices reaching historical highs [1][2]. - The non-ferrous metal industry index (399395) increased by 0.56%, with key stocks such as Silver Holdings (601212) up by 10.05% and Jiangxi Copper (600362) up by 4.68% [1]. - The surge in precious metals, especially silver, is attributed to lower-than-expected inflation data, which has fueled expectations for interest rate cuts by the Federal Reserve, leading to a decline in U.S. Treasury yields [2]. Group 2 - The top ten weighted stocks in the non-ferrous metal industry index account for 52.34% of the index, with major players including Zijin Mining (601899) and China Aluminum (601600) [3]. - The non-ferrous ETF fund (159880) closely tracks the non-ferrous metal industry index and includes 50 prominent securities from the sector, reflecting the overall performance of listed companies in the non-ferrous metal industry [2][4].

Group 1 - The core viewpoint of the news is that Baotai Co., Ltd. has experienced a significant stock price increase, with a 5.23% rise on December 29, reaching 39.87 yuan per share, and a total market capitalization of 19.049 billion yuan [1] - Baotai Co., Ltd. specializes in the production, processing, and sales of titanium and titanium alloys, with its main business revenue composition being 86.74% from titanium products, 8.74% from other metal products, and 4.52% from other sources [1] - The stock has seen a cumulative increase of 6.43% over the past four days, indicating strong market performance [1] Group 2 - The top circulating shareholder of Baotai Co., Ltd. is the Fortune China Securities Military Industry Leader ETF (512710), which increased its holdings by 948,500 shares, totaling 6.4589 million shares, representing 1.35% of the circulating shares [2] - The ETF has generated a floating profit of approximately 12.7886 million yuan today and a total of 14.7909 million yuan during the four-day increase [2] - The ETF was established on July 23, 2019, with a current scale of 14.69 billion yuan and has achieved a year-to-date return of 20.67% [2]

Core Viewpoint - Baoti shares have shown significant price increases throughout the year, with a notable rise of 38.74% year-to-date and 9.35% over the last five trading days, indicating strong market interest and potential growth in the company [1]. Financial Performance - For the period from January to September 2025, Baoti achieved operating revenue of 4.44 billion yuan, a year-on-year decrease of 19.40%, and a net profit attributable to shareholders of 288 million yuan, down 44.34% compared to the previous year [2]. - The company has distributed a total of 2.523 billion yuan in dividends since its A-share listing, with 569 million yuan distributed over the last three years [3]. Stock Market Activity - As of December 29, Baoti's stock price reached 38.93 yuan per share, with a market capitalization of 18.6 billion yuan and a trading volume of 214 million yuan [1]. - The stock has appeared on the "龙虎榜" (a list of stocks with significant trading activity) once this year, with a net buy of -105 million yuan on March 13 [1]. Shareholder Structure - As of September 30, 2025, Baoti had 56,900 shareholders, a decrease of 9.61% from the previous period, with an average of 8,395 circulating shares per shareholder, an increase of 10.63% [2]. - The top shareholders include Hong Kong Central Clearing Limited and various ETFs focused on military and defense sectors, indicating institutional interest in the company [3].

Industry Overview - The special intermediate alloy industry is crucial in metallurgy and material processing, addressing issues like metal loss, high melting points, and segregation, thus widely used in the production of non-ferrous metal alloys and new materials [2] - Intermediate alloys are composed of two or more elements, enhancing the properties of titanium alloys by balancing melting temperatures and densities, reducing gas impurities, and simplifying the melting process, which lowers production costs [3] Development History - The special intermediate alloy industry began in the 1950s and 1960s alongside the development of titanium alloys, with the first practical titanium alloy, TC4, developed in 1954, showcasing excellent properties for aerospace applications [4] - The production of titanium alloys has evolved from primarily aerospace applications to various fields including aerospace, chemical, energy, and medical sectors, leading to increased demand for intermediate alloys [6][8] Production Techniques - Titanium alloy intermediate alloys are primarily produced using aluminum thermal reduction methods, which have been optimized over the decades to improve quality and production stability [7][10] - The introduction of vacuum induction furnaces in the 1960s improved the uniformity and purity of intermediate alloys, facilitating large-scale production [7] Current Trends - The industry is witnessing a shift towards high-temperature alloys, with increasing complexity in compositions and production processes, as domestic companies expand their capabilities in this area [11] - The demand for high-quality intermediate alloys is rising, driven by stringent requirements in aerospace and other high-end manufacturing sectors, leading to advancements in production technologies and quality control [10][11]

Group 1 - The small metals sector increased by 2.12% on December 26, with Zhongkuang Resources leading the gains [1] - The Shanghai Composite Index closed at 3963.68, up 0.1%, while the Shenzhen Component Index closed at 13603.89, up 0.54% [1] - Zhongkuang Resources saw a closing price of 80.22, with a rise of 8.04% and a trading volume of 305,400 shares, amounting to a transaction value of 2.404 billion yuan [1] Group 2 - The small metals sector experienced a net outflow of 601 million yuan from main funds, while retail investors saw a net inflow of 698 million yuan [2] - The trading data indicates that the main funds had a net inflow of 208 million yuan into China Uranium Industry, while other companies like Xianglu Tungsten and Zhongkuang Resources had varying net inflows and outflows [3] - The overall trading volume and transaction values for various small metal stocks reflect significant activity, with companies like Xiyang Materials and China Rare Earth showing positive movements [2][3]

来源：上海证券报·中国证券网 上证报中国证券网讯 12月26日早盘，有色金属板块震荡走高。截至9时40分，永兴材料、宝钛股份涨超 7%，湖南白银、国城矿业、白银有色涨逾5%。 | 4-CRT | 名称 | | | 新疆% J | | | --- | --- | --- | --- | --- | --- | | 002756 永兴材料 | | | 54.32 | 7.65 | 3.86 | | 600456 | 宝钛股份 | 1 | 39.47 | 7.28 | 2.68 | | 002716 | 湖南白银 | 章 | 6.84 | 5.56 | 0.36 | | 000688 | 国城矿业 | 1 | 27.94 | 5.51 | 1.46 | | 601212 白银有色 | | 1 | 5.90 | 5.17 | 0.29 | | 002466 天齐键业 | | I | 58.20 | 4.81 | 2.67 | | 002738 | 中矿资源 | | 77.69 | 4.63 | 3.44 | | 600362 江西铜水 | | 1 | 45.91 | 4.53 | 1.99 | 数据来源：choice ...

Market Overview - The small metals sector experienced a slight decline of 0.08% on December 25, with Haotong Technology leading the drop [1] - The Shanghai Composite Index closed at 3959.62, up 0.47%, while the Shenzhen Component Index closed at 13531.41, up 0.33% [1] Performance of Small Metals Stocks - Notable gainers included: - Xibu Materials (002149) with a closing price of 46.20, up 10.00% [1] - Baotai Co. (600456) closed at 36.79, up 2.37% [1] - Yunnan Pig Industry (002428) at 30.95, up 1.98% [1] - Other stocks with positive performance included China Rare Earth (000831), Jintian Titanium Industry (688750), and Tiangong Co. (920068) [1] Decliners in Small Metals Stocks - Haotong Technology (301026) saw a significant drop of 6.77%, closing at 30.44 [2] - Other notable decliners included: - Guiyan Platinum (600459) down 4.88% [2] - Zhangyuan Tungsten (002378) down 4.07% [2] - The overall trend showed several stocks in the small metals sector experiencing declines [2] Capital Flow Analysis - The small metals sector saw a net outflow of 622 million yuan from main funds, while retail investors contributed a net inflow of 604 million yuan [2] - The table of capital flow indicates varying levels of net inflow and outflow among different stocks, with China Rare Earth (000831) showing a net outflow from main funds [3] Individual Stock Capital Flow - China Rare Earth (000831) had a main fund net inflow of 1.39 billion yuan, but a net outflow from retail investors [3] - Xibu Materials (002149) experienced a net inflow from retail investors despite a net outflow from main funds [3] - Other stocks like Yunnan Resources (002428) and Guangsheng Nonferrous (600259) showed mixed capital flow patterns [3]

Core Insights - The company successfully passed the occupational health, safety, and environmental management system supervision audit, which took place from December 9 to 19, involving six experts over eleven days [3][8] - The audit confirmed the company's capability to operate within the defined business scope and provided valuable suggestions for continuous improvement [4][9] Group 1 - The first phase of the audit focused on top-level design and systematic planning, reviewing certification scope, organizational structure, responsibilities, and risk opportunity identification [3][8] - The second phase involved in-depth examination of key operational processes and site inspections, assessing the execution of operational control procedures and emergency preparedness [3][8] - The expert group unanimously recognized that the company's management system is clear, standardized, and effective, meeting certification standards and ensuring compliance with safety, health, and environmental regulations [4][9] Group 2 - The successful completion of the audit signifies the company's ongoing commitment to maintaining a standardized and effective operational mechanism in occupational health and safety management [4][9] - The expert group provided recommendations for continuous improvement and detail enhancement, which will aid in further optimizing management practices [4][9] - The company aims to use this audit as a new starting point to deepen system construction and enhance operational effectiveness, thereby strengthening the safety and environmental protection framework for high-quality development [4][9]