有色板块净利润同增38%，资源股配置价值持续凸显

Core Insights - In H1 2025, the Shanghai Composite Index increased by 5.57%, while the non-ferrous metals index rose by 17.00%, outperforming the Shanghai Composite by 11.42 percentage points. The steel index increased by 3.09%, underperforming the Shanghai Composite by 2.49 percentage points [2][3] - Commodity prices for precious and industrial metals have been on the rise, while energy metals and steel prices have seen a decline [2][3] - The non-ferrous sector achieved revenue of 1.8197 trillion yuan, a year-on-year increase of 6.66%, and a net profit attributable to shareholders of 95.3 billion yuan, a year-on-year increase of 38.28% [2][3] Industrial Metals - The industrial metals sector benefited from tariff adjustments and expectations of interest rate cuts, leading to a profit growth of 38% in H1 2025. The sector's total revenue reached 1.3586 trillion yuan, a year-on-year increase of 12.08%, with a net profit of 69.74 billion yuan, a year-on-year increase of 38% [2][3] - In Q2 2025, the industrial metals sector generated revenue of 727.99 billion yuan, a year-on-year increase of 9.97% and a quarter-on-quarter increase of 15.4%, with a net profit of 36.84 billion yuan, a year-on-year increase of 23.4% and a quarter-on-quarter increase of 12% [2][3] Precious Metals - The precious metals sector saw revenue of 188.25 billion yuan in H1 2025, a year-on-year growth of 27.0%, and a net profit of 9.68 billion yuan, a year-on-year growth of 65.6% [3] - In Q2 2025, the sector's revenue was 104.42 billion yuan, a year-on-year increase of 31.3% and a quarter-on-quarter increase of 24.6%, with a net profit of 5.79 billion yuan, a year-on-year increase of 76.3% and a quarter-on-quarter increase of 48.4% [3] Energy Metals - The energy metals sector reported revenue of 81.24 billion yuan in H1 2025, a year-on-year increase of 0.1%, and a net profit of 5.31 billion yuan, marking a return to profitability [3][4] - In Q2 2025, the sector's revenue was 43.88 billion yuan, a year-on-year increase of 5.5% and a quarter-on-quarter increase of 17.5%, with a net profit of 3.04 billion yuan, a year-on-year increase of 51.9% [3][4] Minor Metals - The minor metals sector experienced a decline in revenue, achieving 137.7 billion yuan in H1 2025, a year-on-year decrease of 37.6%, with a net profit of 7.64 billion yuan, a year-on-year decrease of 26.1% [4] - In Q2 2025, the sector's revenue was 73.89 billion yuan, a year-on-year decrease of 39.5% but a quarter-on-quarter increase of 16.4%, with a net profit of 3.93 billion yuan, a year-on-year decrease of 40.6% but a quarter-on-quarter increase of 8.0% [4]