有色金属与钢铁行业双周报（2025/04/04-2025/04/17）：多方因素共振，国际金价突破3300美元-20250418

Investment Rating - The report maintains a standard rating for the non-ferrous metals and steel industry [2] Core Views - Multiple factors have converged, leading to international gold prices surpassing $3,300 [2] - The non-ferrous metals sector has seen a decline of 3.33% over the past two weeks, underperforming the CSI 300 index by 1.02 percentage points, ranking 16th among 31 sectors [6][13] - The steel sector has experienced a decline of 6.60% over the same period, underperforming the CSI 300 index by 4.29 percentage points, ranking 27th [6][13] - Gold prices have risen significantly due to geopolitical tensions, a weakening US dollar, and increased demand for gold investments [6][54] - The rare earth industry is expected to see growth due to new demand from emerging technologies and ongoing structural reforms in supply [6][55][56] - The aluminum industry is facing mixed demand, with strong growth in electric vehicles and photovoltaics, while construction demand remains weak [6][56] Summary by Sections Market Review - As of April 17, 2025, the non-ferrous metals industry has decreased by 5.27% this month, while the steel industry has dropped by 5.33% [13] - The gold price on COMEX reached $3,341.30 per ounce, marking a $192.8 increase since the beginning of the month [33][54] - The LME aluminum price is reported at $2,385 per ton, down approximately $120 since the start of the year [6][56] Industry News - The Ministry of Commerce and the General Administration of Customs announced export controls on certain heavy rare earth items, enhancing China's position in the global supply chain [45][55] - The Ministry of Industry and Information Technology initiated a program for energy conservation and carbon reduction diagnostics across various industries, including steel and aluminum [46] Company Announcements - Zijin Mining reported a net profit of 10.167 billion yuan for Q1 2025, a 62.39% increase year-on-year [48] - Shandong Gold expects a net profit increase of 35.74% to 61.45% for Q1 2025 [52] - Tianshan Aluminum anticipates a 46% increase in net profit for Q1 2025 [47] Weekly Insights - The report suggests focusing on companies such as Chifeng Jilong Gold Mining, Shandong Gold, and Zijin Mining due to their strong performance amid rising gold prices [54]