中信证券:看好金价在美联储降息开启后再创新高

Core Viewpoint - The metal sector is expected to see further profit growth in the first half of 2025, maintaining a strong performance with excellent results in rare earths, tungsten, nickel, cobalt, tin, antimony, and copper [1] Summary by Categories Sector Performance - The metal sector's profitability growth is on the rise, with the sector maintaining a strong operational status [1] - The sector's dividend and fund holdings are also increasing [1] Subsector Highlights - Rare earths and tungsten, nickel, cobalt, tin, antimony, and copper are performing exceptionally well [1] - Aluminum, lithium, nickel, cobalt, tin, and antimony are noted for their undervaluation advantages [1] Market Outlook - The outlook for gold prices is optimistic, with expectations for new highs following interest rate cuts by the Federal Reserve [1] - Copper prices are anticipated to rise due to strong fundamentals [1] - Supply disruptions are creating bottom opportunities for battery metals, while the strategic value of rare earths and tungsten remains significant [1] - The aluminum sector is expected to see a resonance in profitability and valuation upward [1] Investment Recommendations - Attention is recommended for materials related to solid-state batteries and AI servers [1]