有色金属行业双周报：锡、钴供给扰动，战略小金属价值提升

Investment Rating - The report recommends a "Buy" rating for the industry, indicating that the industry index is expected to outperform the benchmark index by more than 10% [6]. Core Insights - The non-ferrous metals industry index surged by 10.89% over the past two weeks, outperforming the Shanghai and Shenzhen 300 index by 7.89 percentage points, ranking first among 31 primary industries [1][12]. - Key factors driving the market include geopolitical tensions, tariff policies, and inflation data from the U.S., which have heightened market risk aversion [4]. - Supply disruptions in cobalt and tin due to export controls and mine shutdowns in the Democratic Republic of Congo are expected to significantly impact supply dynamics [4][3]. Summary by Sections Market Review - The non-ferrous metals industry index increased by 10.89% from March 3 to March 14, 2025, with industrial metals, precious metals, and minor metals leading the gains at 12.37%, 11.45%, and 11.25% respectively [1][12]. Metal Prices - Tin prices rose by 13.40% to $35,295 per ton, while cobalt sulfate surged by 70.94% to 50,000 yuan per ton [2][19]. Important Events - The Bisie tin mine in the DRC has temporarily ceased operations, affecting approximately 6% of global tin supply [3][60]. - The DRC has announced a four-month suspension of cobalt exports to address market oversupply [3][64]. Investment Recommendations - The report suggests focusing on strategic minor metals due to expected supply constraints and rising demand, particularly in light of geopolitical factors and domestic export controls [4][35].