Q3盈利同比继续上行，拥抱资源新周期 | 投研报告

Group 1 - The core viewpoint of the report indicates a significant increase in the non-ferrous metals sector, with a total rise of 93.45% since 2025, and a notable 47.02% increase in Q3 2025, ranking it fifth among sectors [1][2] - The overall profitability in Q3 2025 showed a year-on-year increase, but there were mixed results across different sub-sectors. Precious metals saw a 39.88% year-on-year increase in gold prices, while basic metals like copper and aluminum also experienced significant profit growth [2] - The report highlights a favorable outlook for industrial metals, particularly copper and aluminum, driven by expectations of a global economic recovery and increased demand from AI data centers [3] Group 2 - The energy metals sector is expected to benefit from improved supply-demand dynamics, particularly for lithium and cobalt, with domestic demand for lithium in the electric vehicle sector showing strong growth [3] - The report recommends several companies in the non-ferrous metals sector, including Luoyang Molybdenum, Zijin Mining, and China Aluminum, indicating a positive investment outlook [3][4] - For precious metals, the report suggests a long-term bullish outlook on gold prices, supported by a declining dollar credit cycle and increased central bank purchases [3][4]