Hua Xia Shi Bao·2025-10-19 02:56Core Insights - The performance of the gold and non-ferrous metal sectors in 2025 is significantly influenced by the dual factors of the Federal Reserve's interest rate cuts and external uncertainties, with gold futures prices surpassing $4200 per ounce, marking a year-to-date increase of over 50% [2][4] - The non-ferrous metal sector shows a mixed performance, with industrial metals facing price volatility due to tariff policies and global economic expectations, while energy metals are showing signs of recovery with reduced price declines and improved profit quality [2][5] Industry Performance - The non-ferrous metal industry has maintained high production levels and fixed asset investment growth, leading to increased profitability across most metal prices [5][11] - In the first half of 2025, the A-share precious metal sector achieved revenue of 188.25 billion yuan, a year-on-year increase of 27.15%, and a net profit of 9.68 billion yuan, up 64.72%, indicating a clear volume-price resonance [6][12] - The industrial metal sector reported revenue of 1.36 trillion yuan, a 3.46% increase, with net profit growth reaching 24.42%, while energy metals saw a remarkable turnaround with a net profit increase of 1389.34% [6][12] Market Dynamics - The recent surge in the non-ferrous metal sector is attributed to macroeconomic monetary easing policies and supply-demand imbalances, with significant capital inflows into leading companies like Zijin Mining and Luoyang Molybdenum [5][11] - The price of copper, a key indicator of global economic health, has risen by 13% this year, nearing historical highs, despite cautious capital expenditure from major copper companies [7][11] - The geopolitical risks and policy uncertainties, including the U.S. government shutdown and ongoing conflicts, have driven investors towards gold as a safe haven, further boosting demand [4][5] Company Performance - Leading companies in the sector, such as Zijin Mining and Luoyang Molybdenum, have seen significant stock price increases, with Zijin Mining's A-share price rising by 99.47% year-to-date [11] - The performance of copper-related companies remains resilient, with Jin Chengxin achieving a 198.52% year-on-year increase in copper metal production, supporting its revenue growth [17] - Conversely, the lithium market has faced severe challenges, with companies like Shengxin Lithium Energy reporting significant losses due to plummeting lithium prices [17]