智通财经网·2026-02-10 09:01Core Viewpoint - The performance growth of key companies in the non-ferrous metal sector for Q4 2025 is expected to vary, with precious metals showing potential for recovery and industrial metals like copper and aluminum likely to see price increases due to supply-demand dynamics [1][2]. Non-Ferrous Metals Sector Overview - The precious metals sector is currently valued at the lower end of its historical range, indicating potential for sustained recovery [1][3]. - Copper supply is relatively inelastic, with expectations for a continued increase in price levels due to solid fundamentals and increased investment in infrastructure [4]. - The aluminum supply-demand balance is tightening, suggesting a long-term upward price trend [4]. Company Performance Forecasts - Companies expected to see over 50% year-on-year growth in Q4 2025 include Zijin Mining, Shandong Gold, and Huayou Cobalt, among others [2]. - Companies projected to achieve 20-50% growth include Jincheng Mining and CITIC Special Steel, while those with 0-20% growth include Luoyang Molybdenum and Tianshan Aluminum [2]. - Companies expected to turn profitable include Zhongfu Industrial and Guocheng Mining [2]. Precious Metals Insights - The Federal Reserve's decision to maintain interest rates and the nomination of Kevin Walsh as the next Fed Chair may impact precious metal prices, which have recently declined due to overbought conditions [3]. - The long-term outlook for gold prices remains positive, driven by central bank purchases and a declining real interest rate environment [3]. Industrial Metals Insights - The Chinese government is considering expanding its copper strategic reserves, which may support copper prices in the short term [4]. - The aluminum market is expected to remain tight due to production capacity limits, with recommendations for companies with integrated operations [4]. Minor Metals Insights - Nickel prices are expected to rise due to supply disruptions from Indonesia and stable demand [5]. - Lithium prices are projected to increase as supply tightens, with a shift from surplus to balance anticipated by 2026 [5]. - Cobalt prices are expected to remain strong due to export controls from the Democratic Republic of Congo and low inventory levels [5].