[hot stocks] the non-ferrous metal sector strengthens again at a glance at the performance of non-ferrous enterprises in the third quarter

SMM11 March 18: in early trading on November 18, the non-ferrous metals sector strengthened again. As of press time, zinc shares and Hongchuang Holdings rose by the daily limit, Luoping Zinc Power and HTC shares rose more than 8%, and Zijin Mining rose more than 6%. Since the beginning of this month, the non-ferrous metal sector has continued to rise, and analysts pointed out that the price of non-ferrous metals still has upward momentum. At present, the valuation of non-ferrous metal plate companies is below the historical center, with rising profits, plate valuation has upward momentum.

According to the recent quarterly report released by enterprises, according to Guosheng Securities data, the income growth rate of 2020Q3 non-ferrous listed companies further increased to 19.6% compared with the same period last year, and the net profit of non-ferrous companies increased significantly by 49.7%, 38.3% from the previous month, increasing both income and profit, and the phenomenon of "decoupling" between corporate performance and metal prices in the first half of the year was significantly improved. During the period, the expense rate continued at a low level, with remarkable results in reducing costs and increasing efficiency, and strong operational resilience. In addition, the overall asset-liability ratio and total asset level of the plate did not decline, proving that listed companies did not ease profit pressure by selling assets, and the recovery in the third quarter was more solid.

Macroscopically, after the recent US election results and the progress made in vaccine research and development, the impact on US stocks is still obvious. Moderna claims that its vaccine is "better than Pfizer." not only can it be stored in the freezer for 30 days, but its effectiveness is as high as 94.5%. This triggered another all-time closing high for the Dow and S & P 500, and sectors related to economic recovery surged.

China Galaxy Securities believes that, however, a new round of fiscal and monetary policies in many countries in Europe and the United States are expected, and there is a good probability that the superimposed vaccine will be launched at the end of this year, which will raise the expectations of global economic recovery and inflation expectations. it is better than commodity non-ferrous metals which are closely related to the economy in the pro-cyclical plate.

Summary of the third quarter financial report and output data of each variety:

"[practical information] four pictures show you the output of the world's number one copper producer and large mining companies in the third quarter.

"[quarterly report summary] output summary of overseas nickel enterprises in the third quarter of 2020 (continuously updated)

"[quarterly report summary] output summary of overseas manganese enterprises in the third quarter of 2020 (continuously updated)

"[SMM special topic] Q3 semiconductor enterprises are more eye-catching, the industry is highly boom-related, and there are frequent hot searches for sections related to the boom.

[SMM Analysis] the market of new energy vehicles is gradually picking up. A number of enterprises have outstanding performance.

[concern] Cobalt leading enterprises' net profit skyrocketed cost support, smelting products are in short supply and cobalt prices are strong in the fourth quarter.

[SMM analysis] the profits of electrolytic aluminum enterprises continue to be more than 2000 yuan, and the achievements of listed aluminum enterprises are more eye-catching.