金属行业2024年中报总结：工业金属和贵金属利润明显提升，继续看好上游资源板块

Investment Rating - The report maintains an "Outperform" rating for the non-ferrous metals industry [2][4]. Core Insights - The non-ferrous metals sector has benefited from rising commodity prices, leading to improved profits for upstream companies. In H1 2024, the sector achieved a total revenue of 1,706.1 billion yuan, a year-on-year increase of 3.64%, while net profit attributable to shareholders decreased by 3.32% to 69.0 billion yuan [2][15]. - Industrial metals saw a significant profit increase of 41% in H1 2024, with total revenue reaching 1,212.2 billion yuan, up 11.4% year-on-year, and net profit of 505.5 billion yuan, up 40.6% year-on-year [2][18]. - Precious metals are expected to experience price fluctuations upward due to anticipated interest rate cuts, with H1 2024 revenue at 148.3 billion yuan, down 8.9% year-on-year, but net profit increased by 53.1% to 5.8 billion yuan [2][18]. - Energy metals faced a decline in prices, with H1 2024 revenue dropping by 33.1% to 81.2 billion yuan, resulting in a net loss of 0.37 billion yuan [2][18]. - Small metals showed improved profitability, with H1 2024 revenue of 122.2 billion yuan, up 9.9% year-on-year, and net profit of 6.6 billion yuan, up 94.9% year-on-year [2][18]. Summary by Sections Market Review - The non-ferrous metals index outperformed the Shanghai Composite Index by 3.01 percentage points in H1 2024, with a gain of 3.18% compared to a 0.17% increase in the composite index [2][12]. Industrial Metals - Industrial metals prices rose significantly in H1 2024, with copper prices increasing by 19.27% year-on-year and aluminum by 12.37% [9][10]. - The sector's revenue and net profit growth were driven by strong demand and supply constraints [2][18]. Precious Metals - The precious metals sector is expected to benefit from a potential interest rate cut, with gold prices showing a year-on-year increase of 23.81% in Q2 2024 [9][10]. - The overall performance of the precious metals sector in H1 2024 was mixed, with revenue declining but net profit increasing significantly [2][18]. Energy Metals - The energy metals sector continued to face price declines, with significant year-on-year drops in revenue and net profit [2][18]. Small Metals - Small metals experienced a strong recovery in profitability, with substantial year-on-year increases in both revenue and net profit [2][18].