有色金属2024年报及2025一季报点评报告：避险情绪提振贵金属价格，小金属战略性凸显

Investment Rating - The report maintains an "Outperform" rating for the industry [6] Core Views - Precious metals, particularly gold, have shown significant price increases, with annual gains of +27.2% for London gold and +27.6% for Shanghai gold, indicating strong long-term investment value despite short-term fluctuations due to economic concerns [3][18] - Industrial metals like copper and aluminum are expected to experience price stability in the short term, with a tight supply-demand balance supporting upward price movements [4][36] - The lithium market is facing a weak supply-demand dynamic, with limited support for price recovery despite some short-term fluctuations [4][36] Summary by Sections Precious Metals - Gold prices have risen significantly, supported by market uncertainty and geopolitical risks, with a long-term investment value remaining intact [3][18] - Recommended stocks include Zhongjin Gold, Shandong Gold, and Chifeng Jilong Gold, with a focus on undervalued companies like Zhuhai Huajun and Yulong Shares [3] Industrial Metals - Copper prices are supported by a tight supply-demand situation, with expectations of increased demand from sectors like electric vehicles and renewable energy [4][36] - Recommended stocks include Zijin Mining and Luoyang Molybdenum, with a focus on companies like Western Mining and Jiangxi Copper [4] Lithium and New Energy Metals - The lithium market is characterized by oversupply, with limited price recovery potential despite some short-term demand spikes [4] - Recommended stocks include Salt Lake Co., Zangge Mining, and Yongxing Materials, with a focus on companies like Jiangte Motor and Tianqi Lithium [4] Other Metals - Rare earth prices are expected to remain strong due to stable demand, while antimony prices are stabilizing after a period of weakness [4] - Recommended stocks in rare earths include China Rare Earth and Northern Rare Earth, while for antimony, focus on Hunan Gold and Huaxi Nonferrous [4]