金属行业研究：有色行业年报&一季报总结:工业金属及贵金属业绩持续向好

Investment Rating - The report indicates a positive investment outlook for the non-ferrous metals sector, with a notable increase of 11.96% in Q1 2025, outperforming the CSI 300 index which declined by 1.21% [10][13]. Core Insights - The non-ferrous metals sector is experiencing significant performance differentiation, with both precious and industrial metals leading in growth rates [10][13]. - The increase in metal prices is driven by supply constraints and heightened demand due to geopolitical factors, particularly U.S. tariffs impacting export dynamics [1][2][14]. Summary by Sections Industrial Metals - Copper: Q1 2025 saw a revenue of 3550.42 billion CNY, down 7.81% quarter-on-quarter, but net profit increased by 22.34% to 194.36 billion CNY. The price rise is attributed to supply shortages and U.S. inventory hoarding [1][14]. - Aluminum: The electrolytic aluminum sector reported revenues of 1069.79 billion CNY, a decrease of 8.32% quarter-on-quarter, while net profit rose by 14.18% to 86.18 billion CNY, driven by lower alumina prices [1][28]. Precious Metals - The precious metals sector achieved revenues of 1011.43 billion CNY in Q1 2025, reflecting a 19.07% increase quarter-on-quarter, with net profit rising by 13.92% to 48.30 billion CNY, supported by rising gold prices amid economic uncertainties [2][50]. Rare Earth Materials - The rare earth sector experienced a revenue decline of 25.45% quarter-on-quarter, with net profit down 18.55%. However, the price of praseodymium oxide showed a slight increase, indicating potential recovery in demand [2][59]. Minor Metals - The minor metals sector reported a revenue decrease of 3.95% quarter-on-quarter, with net profit down 7.23%. Prices for antimony and tin continued to rise, suggesting a focus on high-elasticity niche leaders [3][80]. Lithium - The lithium sector faced pressure with revenues down 3% year-on-year and 8% quarter-on-quarter. However, net profit turned positive at 22.1 billion CNY, indicating a recovery in profitability despite ongoing price declines [3][88]. New Materials - The new materials sector saw a revenue decline of 3.14% quarter-on-quarter, but net profit improved significantly, highlighting ongoing innovation and domestic substitution trends [3][89].