金属行业2025年度策略：重估战略矿，掘金顺周期

Investment Rating - The industry investment rating is optimistic [1] Core Viewpoints - The report emphasizes the revaluation of strategic minerals and the investment opportunities in cyclical metals for 2025, driven by global political and economic uncertainties [3][4] - The cyclical style is expected to trend upwards in 2025, with a focus on strategic mineral resource revaluation and cyclical metals [3][4] - The report highlights the importance of supply chain security and the impact of geopolitical tensions on metal prices, particularly for rare earths and small metals [3][4] Summary by Sections 2024 Review - The global political and economic landscape has become increasingly volatile, with significant risks from geopolitical conflicts and supply chain disruptions [11] - The SW non-ferrous metal index showed an upward trend, with basic and precious metals performing well in the first three quarters of 2024 [11] - The report notes a divergence within the non-ferrous sector, with industrial metals experiencing two rounds of price increases and subsequent corrections [11][12] 2025 Outlook - The cyclical style is expected to improve, with strategic minerals being a key focus due to supply chain security concerns [3][4] - Strategic minerals such as rare earths, tungsten, tin, antimony, uranium, germanium, zirconium, and gallium are highlighted for their potential value revaluation [3][4] - The report anticipates a favorable environment for cyclical metals, with expected monetary easing in the US and China benefiting upstream industrial metal prices [4] Investment Recommendations - Recommended stocks include Zijin Mining, Jincheng Mining, Shenhuo Co., and China Hongqiao for industrial metals; Huayou Cobalt, Tianqi Lithium, and Yongxing Materials for energy metals; and Chifeng Jilong Gold and Zhaojin Mining for precious metals [5]