CATL(SZ:300750) Sou Hu Cai Jing·2025-07-08 06:35Group 1 - The core viewpoint highlights the recent performance of the non-ferrous metal sector, particularly the surge in the leading non-ferrous metal ETF (159876), which has seen a price increase of over 1.5% today after a two-day pause [1] - Key stocks within the ETF include Innovation New Materials, which rose over 5%, and other companies like Yongxing Materials, Huayou Cobalt, and Tianqi Lithium, which all saw gains exceeding 4% [1] - The article emphasizes the importance of monitoring trends in gold, rare earths, and lithium, with significant developments in each sector [3] Group 2 - In the gold sector, China's foreign exchange reserves reached $33,174 billion by the end of June 2025, marking a $32.2 billion increase and the first time surpassing $33 trillion since September 2024 [3] - The rare earth market has seen a price increase for praseodymium and neodymium oxide, now priced at 452,000, indicating the start of a price rise in the domestic market [3] - In lithium, advancements in solid-state battery technology are noted, with Anhui Anwa New Energy Technology Co. announcing the successful launch of its first GWh-level solid-state battery production line [3] Group 3 - Looking ahead to the second half of 2025, Guotou Securities is optimistic about investment opportunities in gold, copper, and rare earths, predicting that gold prices may reach new highs due to weakening US dollar credit and expectations of interest rate cuts [4] - The copper market is expected to see a price increase due to constrained supply and resilient long-term demand [4] - Rare earth prices are anticipated to rise as exports gradually open up and demand continues to grow [4] Group 4 - The non-ferrous metal ETF (159876) and its associated funds track the CSI Non-Ferrous Metal Index, with significant weightings in copper (26.1%), gold (16.3%), aluminum (15.8%), rare earths (8.5%), and lithium (7.7%), providing a diversified investment option [6] - The current price-to-book ratio of the CSI Non-Ferrous Metal Index is 2.24, which is below the historical median of 2.52, indicating a favorable valuation for investors [4]