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 1.07% from November 10 to November 14, outperforming the overall market index [14]. - Precious metals, particularly gold, are expected to maintain a bullish outlook in the medium term despite short-term fluctuations due to changing interest rate expectations [4][49]. Summary by Sections Market Review - The Shanghai Composite Index fell by 0.18%, while the non-ferrous metals sector ranked 16th among 31 sectors, outperforming the index by 1.25 percentage points [14]. - Precious metals increased by 2.77%, energy metals by 2.47%, and industrial metals by 1.56%, while small metals and new materials declined by 1.42% and 3.22%, respectively [14]. Industrial Metals - **Copper**: Prices rose with LME copper at $10,846 per ton (up 1.41%) and SHFE copper at ¥86,900 per ton (up 1.12%). Supply remains weak, with Codelco's September production down 7.2% year-on-year [2][31]. - **Aluminum**: LME aluminum reached $2,859 per ton (up 1.41%), driven by increased demand from the electric vehicle sector, where sales exceeded 50% of total new car sales in October [3][35]. - **Zinc**: Prices fell with LME zinc at $3,015 per ton (down 1.70%) and SHFE zinc at ¥22,470 per ton (down 1.30%). Zinc inventories increased, indicating a bearish trend [41]. - **Tin**: LME tin rose to $36,860 per ton (up 2.90%) due to reduced exports from Indonesia, which halved in October [45]. Precious Metals - **Gold**: COMEX gold closed at $4,084.40 per ounce (up 1.91%), while SHFE gold was at ¥953.20 per gram (up 3.47%). The resumption of U.S. government operations alleviated liquidity concerns, boosting prices [4][49]. - The Federal Reserve's hawkish comments and the lack of supporting economic data have led to a decrease in December rate cut expectations from 95% to around 50%, causing some price corrections in precious metals [50]. Inventory Changes - Copper inventories decreased, with LME at 135,700 tons (down 0.13%) and SHFE at 109,400 tons (down 4.89%) [29][34]. - Aluminum inventories increased slightly, with LME at 552,400 tons (up 0.57%) and SHFE at 114,900 tons (up 1.38%) [35].

资金流向方面，主力资金净流出1799.65万元，特大单买入720.22万元，占比5.48%，卖出1445.25万元， 占比11.00%；大单买入2237.42万元，占比17.03%，卖出3312.04万元，占比25.21%。 资料显示，横店集团东磁股份有限公司位于浙江省东阳市横店华夏大道233号东磁大厦，成立日期1999 年3月30日，上市日期2006年8月2日，公司主营业务涉及永磁铁氧体、软磁铁氧体、其他磁性材料(永磁 烧结料粉和永磁粘结料粉)及电池、太阳能光伏产品的生产和销售。主营业务收入构成为：光伏产品 67.47%，磁性材料16.24%，锂电池10.77%，器件3.62%，其他(含其他业务收入)1.89%。 11月17日，横店东磁盘中下跌2.08%，截至09:48，报20.22元/股，成交1.31亿元，换手率0.40%，总市值 328.92亿元。 横店东磁今年以来股价涨66.54%，近5个交易日跌7.76%，近20日涨1.15%，近60日涨21.69%。 今年以来横店东磁已经1次登上龙虎榜，最近一次登上龙虎榜为3月12日，当日龙虎榜净买入1.28亿元； 买入总计2.31亿元 ，占总成交额比19.12% ...

Core Viewpoint - The company is actively monitoring and nurturing the development of household storage, commercial storage, and large-scale storage solutions, with initial shipments of household storage already made to the European market [1] Group 1 - The company has expressed interest in household storage, commercial storage, and large-scale storage [1] - Initial shipments of household storage have been made to the European market [1]

Core Insights - The company, Hengdian East Magnetic (002056), reported that its soft magnetic business is experiencing growth driven by applications in the new energy vehicle, energy storage, and intelligent computing center sectors [1] Group 1 - The soft magnetic business is seeing continuous increases in shipment volume [1] - The annual shipment volume will be a point of focus in the upcoming annual report [1]

Group 1 - The company is focusing on the development of energy storage solutions, including household storage, commercial and industrial storage, and large-scale storage [2] - The company has already made some shipments of household storage solutions to the European market [2]

Core Viewpoint - The stock of Hengdian East Magnetic has shown significant fluctuations, with a year-to-date increase of 76.92% and a recent decline of 4.53% over the last five trading days [1] Group 1: Stock Performance - As of November 13, Hengdian East Magnetic's stock price is 21.48 CNY per share, with a market capitalization of 34.942 billion CNY [1] - The stock has experienced a trading volume of 2.02 billion CNY, with a turnover rate of 0.59% [1] - The stock has appeared on the "Dragon and Tiger List" once this year, with a net purchase of 1.28 billion CNY on March 12 [1] Group 2: Financial Performance - For the period from January to September 2025, Hengdian East Magnetic reported a revenue of 17.562 billion CNY, reflecting a year-on-year growth of 29.31% [2] - The net profit attributable to shareholders for the same period was 1.452 billion CNY, marking a year-on-year increase of 56.80% [2] - The company has distributed a total of 4.367 billion CNY in dividends since its A-share listing, with 2.545 billion CNY distributed in the last three years [2] Group 3: Shareholder Structure - As of September 30, 2025, the second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 88.1645 million shares, an increase of 38.7153 million shares from the previous period [3] - The Southern CSI 500 ETF and the Guangfa National Certificate New Energy Vehicle Battery ETF are among the top ten circulating shareholders, with varying changes in their holdings [3] - New entrants among the top ten circulating shareholders include the Guangfa CSI Rare Earth Industry ETF and the招商量化精选股票发起式A [3]

Core Viewpoint - The company, Hengdian East Magnetic, has approximately 300,000 tons of magnetic material production capacity, with over 200,000 tons of shipments in permanent and soft magnetic materials, indicating its leadership in the magnetic materials industry and rapid growth in emerging markets such as AI [1] Group 1 - The company has a production capacity of about 300,000 tons of magnetic materials [1] - Shipments of permanent and soft magnetic materials exceed 200,000 tons [1] - The company is positioned as a leader in the magnetic materials industry [1] Group 2 - The company has achieved rapid growth in emerging markets, including AI [1] - The company has laid a solid foundation for future development in terms of capacity, technology, and customer relationships [1]

Group 1 - The company has begun to supply high-end soft magnetic materials to leading domestic and international customers in the solid-state transformer (SST) sector, although the application is still in the early stages of introduction [2] - The revenue from these applications currently represents a low proportion of the company's overall revenue [2] - The company anticipates that its market share and performance will grow in tandem, driven by its technological advantages and the rapid growth in industry demand [2]

Core Insights - The "New Three Samples" sectors, including electric power equipment, communication, and new energy, have shown significant stock price performance and robust financial results in 2023, reflecting a profound transformation in the Chinese economy [1][2][4]. Electric Power Equipment Sector - The electric power equipment industry in the Shenzhen market achieved a total revenue of 1.32 trillion yuan, a year-on-year increase of 10%, and a net profit of 946.09 billion yuan, up 29.53% [2]. - The average stock price increase for electric power equipment companies was nearly 51%, with 90% of companies experiencing positive growth, and 26 companies seeing their stock prices more than double [4][5]. Communication Sector - The communication sector reported a total revenue of 292.38 billion yuan, a year-on-year growth of 14.34%, and a net profit of 308.09 billion yuan, up 36.65% [2]. - Key players like NewEase (300502.SZ) and Guangxun Technology (002281.SZ) demonstrated substantial growth, with NewEase's revenue increasing by 221.70% and net profit by 284.37% [6][7]. New Energy Sector - The new energy sector generated a total revenue of 1.06 trillion yuan, reflecting a year-on-year increase of 10.56%, and a net profit of 787.05 billion yuan, up 31.87% [3]. - Notable growth was observed in specific segments, with battery, photovoltaic equipment, and wind power equipment net profits increasing by 30.60%, 16.89%, and 82.56% respectively [3]. Leading Companies - Leading companies in the electric power equipment sector, such as Siyuan Electric (002028.SZ), reported a revenue of 138.27 billion yuan, up 32.86%, and a net profit of 21.91 billion yuan, up 46.94% [5]. - In the new energy sector, CATL (300750.SZ) achieved a revenue of 283.07 billion yuan, a 9.28% increase, and a net profit of 490.34 billion yuan, up 36.20% [6][7].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown steady development in lithium battery magnetic materials, while the impact of anti-dumping investigations in Indonesia has affected short-term volume and profit in Q3 [8] - The company maintains a solid market position in the magnetic materials sector, with increasing market share in home appliances and automotive fields, and is expanding into new product areas [8] - The company’s revenue for Q1-Q3 2025 reached 17.56 billion, a year-on-year increase of 29.3%, with a net profit of 1.45 billion, up 56.8% year-on-year [8] - The company expects to maintain a positive cash flow from operations, with operating cash flow for Q1-Q3 2025 at 2.99 billion, a year-on-year increase of 147.3% [8] - The company forecasts net profit for 2025-2027 to be 1.91 billion, 2.21 billion, and 2.50 billion respectively, with corresponding P/E ratios of 19, 17, and 15 [8] Financial Summary - Total revenue for 2023 is projected at 19.73 billion, with a year-on-year growth of 1.45% [1] - The net profit attributable to shareholders for 2023 is estimated at 1.82 billion, reflecting a year-on-year increase of 8.94% [1] - The latest diluted EPS for 2023 is expected to be 1.12 yuan per share [1] - The company’s total assets are projected to reach 24.21 billion by 2024, with total liabilities of 13.94 billion [9] - The company’s operating expenses for Q1-Q3 2025 were 780 million, a decrease of 28.7% year-on-year, with a cost ratio of 4.5% [8]