有色金属行业：江苏德龙被申请破产，镍行业出现破产出清信号

Industry Investment Rating - The report maintains an "Outperform" rating for the industry [1] Core Views - The bankruptcy application of Jiangsu Delong signals a potential industry-wide clearing in the nickel sector, indicating that persistently low nickel prices are affecting the health of industrial enterprises [2] - The market has fully priced in a September rate cut by the Fed, with gold and silver prices showing mixed performance: London spot gold and silver prices were $2,386.10/oz and$27.76/oz respectively, with weekly changes of -0.72% and -4.64% [2] - Industrial metals are expected to perform well due to favorable macro policies, with LME copper, aluminum, and tin prices down by -2.3%, -2.9%, and -4.3% respectively [2] - Energy metals saw declines, with battery-grade lithium carbonate, lithium hydroxide, LME nickel, and Yangtze cobalt prices down by -2.0%, -2.5%, -2.4%, and -1.6% respectively [2] - Rare earth and minor metals showed mixed performance, with antimony prices up by 0.6% and praseodymium-neodymium oxide prices up by 1.0% [2] Sub-Sector Performance - The Shenwan Nonferrous Metals Index fell by 7.08% from July 19 to July 26 [6][9][13][18][22][25][28] - Energy metals: Battery-grade lithium carbonate prices fell by 2.0% from July 19 to July 26 [6][9][13][18][22][25][28] - Industrial metals: LME copper prices fell by 2.3% from July 19 to July 26 [6][9][13][18][22][25][28] - Precious metals: London spot gold prices fell by 0.72% from July 19 to July 26 [6][9][13][18][22][25][28] - Rare earth and minor metals: Antimony prices rose by 0.6% from July 19 to July 26 [6][9][13][18][22][25][28] Key Company Updates - Asia-Pacific Technology reported a 6.86% YoY increase in net profit attributable to shareholders for the first half of 2024, reaching 245 million yuan [26] - Tibet Summit Resources reported a 152.28% YoY decrease in net profit attributable to shareholders for the first half of 2024, with a loss of 215 million yuan [26]