Sou Hu Cai Jing·2025-09-03 16:29Market Overview - The non-ferrous metal sector has seen a strong rebound, with the Shenwan Non-Ferrous Metal Index rising by 8.59% over the past two weeks, ranking fifth among 31 primary industries [7] - The market has shown significant structural differentiation, with small metals, precious metals, and new materials performing particularly well, while rare earths, copper, and aluminum have attracted substantial capital [1][2] Precious Metals - Gold and silver prices have strengthened, with COMEX gold closing at $3,516 per ounce, reflecting a year-to-date increase of 31.63%, while silver has risen by 35.88% [1][17] - The demand for gold from global central banks continues to rise, enhancing its financial attributes, leading to increased investment in companies like Shandong Gold, Zhongjin Gold, and Hunan Gold [1][17] Industrial Metals - Copper prices have shown a strong upward trend, with LME copper settling at $9,805 per ton, up 12.89% year-to-date, driven by expectations of increased infrastructure investment and demand from the renewable energy sector [2][23] - Aluminum prices are constrained by production capacity limits, with domestic electrolytic aluminum capacity reaching 44 million tons, while demand from the new energy sector remains robust [2][27] Rare Earths - The rare earth sector has experienced a strong performance, with the rare earth price index rising by 6.39% over the past two weeks and 37.44% year-to-date [2][41] - Recent policy changes have tightened supply controls, benefiting companies like China Rare Earth, Northern Rare Earth, and Shenghe Resources [2][41][55] Small Metals - The small metals sector has seen significant price increases, with black tungsten concentrate prices rising by 24.26% over the past two weeks and 75.52% year-to-date [3][30] - Tin prices have also increased due to raw material shortages and recovering semiconductor demand, benefiting companies like Tin Industry Co., Huaxi Nonferrous Metals, and Xingye Silver Tin [3][31] Energy Metals - The energy metals sector has shown mixed performance, with electrolytic cobalt prices rising by 1.33% over the past two weeks and 86.71% year-to-date, while lithium carbonate prices have decreased by 3.69% in the short term but remain positive year-to-date [3][47][49] - Companies like Zijin Mining, Ganfeng Lithium, and Huayou Cobalt are positioned well across multiple supply chains, benefiting from low inventory and downstream replenishment demand [3][47] Fund Flow and Market Sentiment - The non-ferrous metal ETF has seen record trading volumes, with significant inflows into rare earth and copper sectors, indicating strong market sentiment and recognition of the sector's growth potential [3][56] - The market is shifting towards low-valuation, high-growth segments, with leading companies benefiting from favorable conditions [3][56]