有色金属与钢铁行业双周报（2025、03、14-2025、03、27）：美国关税预期扰动铜价，金价接连刷新历史高点-2025-03-28
Dongguan Securities·2025-03-28 08:52

Investment Rating - The report maintains a standard rating for the non-ferrous metals and steel industry [2] Core Insights - The report highlights that copper prices are influenced by the expectation of US tariffs, while gold prices continue to reach historical highs [2][3] - The non-ferrous metals sector has shown a mixed performance, with precious metals increasing significantly, while energy metals have declined [6][19] - The report suggests focusing on specific companies such as Zijin Mining and Luoyang Molybdenum for copper, and Chifeng Jilong Gold and Shandong Gold for gold investments [6][19] Market Overview - As of March 27, 2025, the non-ferrous metals industry has decreased by 0.43% over the past two weeks, underperforming the CSI 300 index by 0.96 percentage points, ranking 19th among 31 industries [13] - The steel industry has seen a decline of 2.36% in the same period, ranking 25th among the industries [13] - Year-to-date, the non-ferrous metals industry has increased by 13.15%, outperforming the CSI 300 index by 13.21 percentage points, ranking 2nd [13] Subsector Performance - Within the non-ferrous metals sector, the precious metals segment rose by 4.42% in the last two weeks, while energy metals fell by 5.12% [19] - Year-to-date performance shows precious metals up by 19.98%, industrial metals up by 14.74%, and energy metals up by 7.39% [19] Price Analysis - As of March 27, 2025, LME copper price is at $9,846.50 per ton, while gold is at $3,099.20 per ounce, reflecting significant increases [29][38] - The report notes that the steel composite price index (CSPI) is at 94.86 points, with iron ore prices at 802 RMB per ton [44][48] Company Announcements - Shandong Gold reported a net profit of 2.952 billion RMB for 2024, a 26.8% increase year-on-year [53] - Yunnan Copper's net profit for 2024 was 1.265 billion RMB, a decrease of 19.9% [55] - Luoyang Molybdenum announced a 64.03% increase in net profit for 2024, reaching 13.532 billion RMB [57]