继5月12日开始国际金价高位"大跳水"之后，5月14日，国际金价延续跌势。现货黄金一度跌穿3230美 元/盎司，截至记者发稿时报3233.49美元/盎司，日内跌0.5%；COMEX黄金期货主力最新报3231.7美元/ 盎司，日内跌0.51%。 这意味着，当前国际金价与4月22日创下的3509.9美元/盎司的历史高点相比，每盎司下跌270多美元， 跌幅近8%。 国际金价"跌跌不休" 此轮"跌跌不休"始于5月12日。该日国际金价高位跳水，COMEX黄金盘中一度跌至3211.2美元/盎司；截 至当日收盘，COMEX黄金跌3.06%，报3241.80美元/盎司。现货黄金一度跌破3210美元/盎司关口，单日 跌幅扩大至3.4%。截至当日收盘，现货黄金交投于3234.88美元/盎司附近，下跌近3%。 受此影响，国内多家金店的每克足金饰品也纷纷来到千元以下，回到"9字头"。 记者走访几大品牌金店获悉，周大福5月14日足金饰品992元/克；周大生足金饰品992元/克；菜百足金 饰品978元/克；潮宏基足金饰品992元/克，老庙足金饰品987元/克。而就在前日，这些品牌金店足金饰 品价格均为每克千元以上，如今每克已经跌去十几元 ...

Investment Rating - The report maintains an investment rating of "Recommended" for the non-ferrous metals industry [5][8]. Core Insights - In 2024, the prices of major metals such as gold and copper significantly increased, leading to substantial growth in the performance of related listed companies. Precious metal prices rose over 20% compared to 2023, with major companies experiencing a net profit growth rate exceeding 40%. Copper and aluminum prices increased by 7.89% and 7.53% respectively, while industrial metal companies saw a net profit growth of over 30% [5][16][24]. - The energy metals sector faced a sharp decline, with battery-grade lithium carbonate and lithium hydroxide prices dropping over 60%, resulting in a staggering 97.88% decrease in net profits for the sector [5][6][8]. Summary by Sections 1. Revenue and Profit - The non-ferrous metals industry achieved a total revenue of 3.47 trillion yuan in 2024, a 5.86% increase from 3.28 trillion yuan in 2023. The net profit reached 138.41 billion yuan, a slight increase of 1.77% from 136.01 billion yuan in 2023 [17][24]. 2. Precious Metals - The precious metals sector saw a revenue increase of 23.55% to 2909.62 billion yuan in 2024, with net profits rising by 48.24% to 122.85 billion yuan. The average LME gold price for 2024 was 2381.9 USD/oz, up 22.6% from 1942.89 USD/oz in 2023 [31][32][39]. 3. Industrial Metals - The industrial metals sector generated a revenue of 2.66 trillion yuan in 2024, an 8.17% increase from 2.46 trillion yuan in 2023, with net profits growing by 30.58% to 1083.61 billion yuan. The average LME copper price was 9146.79 USD/ton, a 7.89% increase from 8477.77 USD/ton in 2023 [43][44][56]. 4. Energy Metals - The energy metals sector's revenue fell to 155.07 billion yuan in 2024, a decline of 26.21% from 210.14 billion yuan in 2023, with net profits plummeting by 97.88% to 5.1 billion yuan. The average prices for battery-grade lithium carbonate and lithium hydroxide dropped by 65.02% and 68.93% respectively [61][70][71]. 5. Investment Recommendations - The report recommends leading companies in the industry such as Shandong Gold, Zhongjin Gold, Zijin Mining, and Ganfeng Lithium, highlighting their potential for growth and recovery in performance [8].

Investment Rating - The report maintains an "Overweight" rating for the industry [2] Core Insights - Precious metals and industrial metals have shown strong performance, while energy metals are under pressure [1] - The overall performance of the non-ferrous metal sector in 2024 saw a 32% increase, lagging behind the CSI 300 index by 115 percentage points [14] - In Q1 2025, the non-ferrous metal sector rose by 120%, outperforming the CSI 300 index by 132 percentage points, with precious metals increasing by 255% and industrial metals by 133% [14] Summary by Sections Market Overview - The total market capitalization of the industry is approximately 2,976.948 billion yuan, with a circulating market value of about 2,794.166 billion yuan [2] Precious Metals - In 2024, the average price of gold was 5,594 yuan per gram, a year-on-year increase of 242%, leading to a total revenue of 2,820 billion yuan and a net profit of 1,497.2 billion yuan, reflecting a 52% increase [18] - In Q1 2025, the average gold price reached 6,722 yuan per gram, up 37% year-on-year, with revenue of 818 billion yuan and a net profit of 473.1 billion yuan, marking a 47% increase [30] Copper - The average copper price in 2024 was 75,000 yuan per ton, a 103% increase year-on-year, with total revenue of 14,452 billion yuan and a net profit of 754.81 billion yuan, a 40% increase [34] - In Q1 2025, the copper price was 77,000 yuan per ton, up 11.4% year-on-year, with revenue of 3,357 billion yuan and a net profit of 233 billion yuan, a 50% increase [48] Aluminum - In 2024, the aluminum sector saw an average price of 20,000 yuan per ton, a 7.2% increase year-on-year, with total revenue of 4,207 billion yuan and a net profit of 410.28 billion yuan, a 27% increase [57] - In Q1 2025, the average aluminum price was 21,000 yuan per ton, with revenue of 1,032 billion yuan and a net profit of 109.75 billion yuan, a 29% increase [72] Lithium - The lithium sector faced significant challenges in 2024, with the average price of battery-grade lithium carbonate dropping by 65.1% year-on-year, leading to a revenue decline of 48% [77] - In Q1 2025, the lithium sector showed signs of recovery, with revenue of 126 billion yuan and a net profit of 464 million yuan, reflecting a year-on-year increase of 159% [91] Rare Earth Permanent Magnets - In 2024, the rare earth sector experienced a decline, with total revenue of 600 billion yuan and a net profit of 121.1 billion yuan, a 67% decrease [101] - In Q1 2025, the sector showed recovery with revenue of 145 billion yuan and a net profit of 867 million yuan, a 221% increase year-on-year [130] Institutional Holdings - In Q1 2025, the allocation ratio for the non-ferrous metal sector was 434%, with significant increases in allocations for precious and industrial metals [141]

智通财经5月13日电，香港恒生指数收跌1.87%，恒生科技指数跌3.26%。舜宇光学科技跌超7%，小鹏汽 车、蔚来跌超5%，美团、比亚迪股份跌近5%，中芯国际、华虹半导体跌超4%，小米集团、阿里巴巴跌 超3%；布鲁可涨超7%，赤峰黄金涨超5%。 香港恒生指数收跌1.87% 恒生科技指数跌3.26% ...

Group 1 - The Hong Kong stock market saw active trading in newly listed stocks in the afternoon session [1] - Gu Ming stock rose over 6%, while Xunfei Medical Technology and Chifeng Gold both increased by more than 5% [1] - Mixue Group and Little Vegetable Garden experienced gains of over 2% [1]

过去一个多月内，悬而未决的中美关税谈判终于落地。 今日下午3点，《中美日内瓦经贸会谈联合声明》（以下简称《联合声明》）正式公布，中美双方宣布大幅降低双边关税水平，相关内容被市场广 泛认为超出预期。 《联合声明》发布时A股刚收市，港股市场反响积极，应声拉升。截至下午4点收盘，恒生指数、恒生科技指数分别大涨2.98%、5.16%。面对突如 其来的"意外之喜"，各大券商研究所今日晚间纷纷进行加班解读。 中美关税谈判超预期落地 《联合声明》今日下午一经公布便引发广泛关注。商务部新闻发言人就此发表谈话指出，"本次中美经贸高层会谈取得实质性进展，大幅降低双边 关税水平，美方取消了共计91%的加征关税，中方相应取消了91%的反制关税；美方暂停实施24%的'对等关税'，中方也相应暂停实施24%的反制关 税。这一举措符合两国生产者和消费者的期待，也符合两国利益和世界共同利益。" 每经记者｜王海慜 每经编辑｜彭水萍 一些密切关注此次关税谈判的券商分析师也深有感触。看到《联合声明》后，某券商研究所所长激动地表示，"我觉得我已经是够乐观的了，没想 到会大超预期。" "我们在4月7日坚决看多，并不依赖外部假设。今日，中美协议的积极变化 ...

黄金概念港股随金价下挫，灵宝黄金跌11%，万国黄金集团跌10%，赤峰黄金（600988）跌9%，老铺黄 金跌7%。消息面上，现货黄金日内跌幅扩大至3%，报3223.79美元/盎司。 ...

Group 1 - The A-share precious metals sector has declined, with Chifeng Gold falling over 6% [1] - Other companies such as Shandong Gold International, Western Gold, and Xiaocheng Technology also experienced declines [1]

Investment Rating - The report maintains a "Positive" investment rating for the non-ferrous and steel industry [5]. Core Viewpoints - Iron ore prices have shown significant loosening, prompting continued attention to investment opportunities in the steel sector. The recent financial policies, including interest rate cuts, are expected to influence market dynamics positively [8][14]. - The steel sector has experienced a three-year adjustment period, leading to a favorable cost-performance ratio at current levels. The profitability and stability of leading enterprises have significantly improved [8][14]. Summary by Sections Macro Overview - Iron ore prices are expected to decline as steel production peaks, with domestic demand pricing becoming more relevant due to high tariffs affecting external demand [8][14]. Steel Market - The consumption of rebar has decreased significantly, with a reported consumption of 2.14 million tons, a 26.67% decrease week-on-week. The average price for rebar is 3,296 CNY per ton, reflecting a slight decrease of 0.8% [15][18][37]. - The overall steel price index has seen a minor decline of 0.71%, with cold-rolled steel prices dropping by 1.33% [37]. Industrial Metals - The copper smelting fee has deepened into negative territory, with a reported fee of -43.5 USD per thousand tons, indicating a challenging environment for copper producers [17]. Precious Metals - Gold prices are expected to continue rising due to increased demand driven by tariffs and inflation expectations. The COMEX gold price reached 3,329.1 USD per ounce, a 2.52% increase week-on-week [17]. New Energy Metals - Lithium carbonate production in March 2025 reached 71,260 tons, a year-on-year increase of 66.53%. The price for battery-grade lithium carbonate is reported at 65,700 CNY per ton [16][41].

Investment Rating - The report maintains a "Positive" investment rating for the non-ferrous and steel industry [5]. Core Viewpoints - Iron ore prices have shown significant loosening, prompting continued attention to investment opportunities in the steel sector. The recent financial policies, including interest rate cuts, are expected to impact the market positively. The steel sector, having undergone three years of adjustment, now presents a favorable cost-performance ratio, with leading companies showing improved profitability and stability [8][14]. Summary by Sections Macro Overview - Iron ore prices are experiencing notable loosening, with expectations that May's iron and steel production may peak. The steel mills are likely to squeeze iron ore profits, leading to potential downward feedback on prices. The domestic demand-driven pricing in the steel sector is seen as advantageous given the high tariffs affecting external demand [8][14]. Steel Market - The consumption of rebar has decreased significantly, with a reported consumption of 2.14 million tons, a 26.67% decrease week-on-week. The overall price index for common steel has slightly declined by 0.71%, with rebar prices at 3,296 CNY/ton, down 0.8% week-on-week [15][37]. Industrial Metals - The copper smelting fees have deepened into negative territory, with the current rough smelting fee at -43.5 USD/thousand tons, a decrease of 8.21% week-on-week. The production costs for electrolytic aluminum have shown mixed trends, with costs in Xinjiang slightly increasing while those in Shandong have decreased significantly [17][29]. Precious Metals - Tariffs are expected to boost demand for safe-haven assets and inflation expectations, leading to a potential rise in gold prices. As of May 9, 2025, COMEX gold prices were reported at 3,329.1 USD/ounce, reflecting a week-on-week increase of 2.52% [17][37]. Investment Recommendations - For the steel sector, it is recommended to focus on leading companies such as Shandong Steel (600022, Buy) and Jiugang Steel (002110, Not Rated). In the non-ferrous sector, investment in Northern Rare Earth (600111, Buy) and Jinchuan Group (300748, Buy) is suggested [8][17].