Zhi Tong Cai Jing·2025-09-09 02:01Core Viewpoint - The market's expectation for the Federal Reserve to cut interest rates in September is driving global gold ETF funds to accelerate gold purchases, potentially increasing gold prices due to geopolitical tensions and trade disputes [1] Group 1: Industry Performance - The A-share non-ferrous metal industry is expected to maintain high growth in performance in the first half of 2025, establishing a positive industry trend [1] - In Q2 2025, the overall revenue of the non-ferrous metal industry increased by 6.03% year-on-year, with a performance growth of 23.80% [1] - The GDP growth rate in China reached 5.3% in the first half of 2025, exceeding market expectations, which supports the prices of non-ferrous metal commodities [1] Group 2: Financial Metrics - The overall ROE of the A-share non-ferrous metal industry increased from 2.69% in Q1 2025 to 3.09% in Q2 2025, primarily due to improved asset turnover [2] - The asset turnover ratio rose from 0.25 to 0.28, contributing 0.33 percentage points to the ROE increase [2] - The sales profit margin also improved slightly, from 5.26% in Q1 to 5.29% in Q2, adding 0.02 percentage points to the ROE [2] Group 3: Cash Flow Situation - The operating net cash flow of the A-share non-ferrous metal industry grew by 22% year-on-year and 211% quarter-on-quarter in Q2 2025 [3] - This marks the fourth consecutive quarter of year-on-year growth in operating net cash flow for the industry, indicating a continuous improvement in cash flow conditions [3]