25H1表现亮眼，何妨吟啸且徐行 | 投研报告

Core Insights - The non-ferrous metal sector has seen a significant increase of 67.57% since the beginning of 2025, with a 10.16% rise in Q2 2025, ranking it 8th among sectors [1][2] - In H1 2025, the non-ferrous metal sector achieved a 27.65% increase, ranking it 1st among sectors [2] Market Performance - The precious metals segment performed the best in H1 2025, with gold prices increasing by 39.8% year-on-year and the net profit attributable to the parent company rising by 64.7% [2] - In Q2 2025, the net profit attributable to the parent company for precious metals reached 5.785 billion yuan, with year-on-year and quarter-on-quarter growth of 75.62% and 48.44% respectively [2] - Industrial metals saw price increases for aluminum, copper, and zinc at 2.27%, 4.02%, and 4.85% year-on-year, with net profits changing by +41.0%, -0.4%, and +25.7% respectively [2] - Energy metals experienced a decline in battery-grade lithium carbonate and lithium hydroxide prices by 32.0% and 27.7% year-on-year, while cobalt sulfate and cobalt tetroxide prices increased by 26.0% and 26.7% [2] - The lithium segment's net profit attributable to the parent company surged by 409% year-on-year, while the cobalt segment's net profit increased by 33% [2] Investment Recommendations - The company is optimistic about opportunities in copper, aluminum, and precious metals due to ongoing supply constraints and resilient domestic demand [3] - Key companies to focus on include Luoyang Molybdenum, Zijin Mining, and China Aluminum among others [3] - In the energy metals sector, the lithium industry is expected to undergo further clearing, with supply risks emerging from regulatory issues in key mining regions [3] - The cobalt market is anticipated to see price increases due to supply constraints from the Democratic Republic of Congo [3] - Precious metals are expected to benefit from anticipated interest rate cuts, with a focus on companies like Western Gold and Shandong Gold [4]