SINOLINK SECURITIES·2025-05-11 14:23Group 1: Copper Industry - The investment rating for the copper industry is currently neutral, with LME copper prices increasing by 0.89% to $9,439.00 per ton and Shanghai copper prices rising by 0.30% to 77,500 yuan per ton [1][13]. - Supply-side data indicates that the import copper concentrate processing fee index has dropped to -$43.11 per ton, while Codelco's copper production increased by 14.8% year-on-year to 123,200 tons in March [1][13]. - Domestic copper rod enterprises' operating rates have decreased to 62.79%, down 17.10 percentage points week-on-week, primarily due to high copper prices leading to a significant reduction in new orders [1][13]. Group 2: Aluminum Industry - The investment rating for the aluminum industry is neutral, with LME aluminum prices decreasing by 0.66% to $2,418.00 per ton and Shanghai aluminum prices falling by 1.63% to 19,600 yuan per ton [2][14]. - Domestic electrolytic aluminum ingot inventory stands at 620,000 tons, a decrease of 16,000 tons compared to earlier in the week, while aluminum oxide weekly operating rates have been adjusted down by 0.07 percentage points to 79.67% [2][14]. - Downstream demand remains weak, with companies primarily adopting a wait-and-see approach and purchasing based on demand [2][14]. Group 3: Gold Industry - The investment rating for the gold industry is positive, with COMEX gold prices decreasing by 0.43% to $3,329.10 per ounce, influenced by international trade tensions and geopolitical conflicts [3][15]. - The Federal Reserve has maintained the federal funds rate at 4.25% to 4.5%, indicating increased uncertainty in the U.S. economic outlook [3][15]. - SPDR gold holdings have decreased by 1.45 tons to 937.94 tons, reflecting market dynamics amid geopolitical developments [3][15]. Group 4: Rare Earth Industry - The investment rating for the rare earth industry is positive, with prices rising due to export controls and supply disruptions from Myanmar [4][32]. - The price of praseodymium and neodymium oxide has increased by 3.65% to 423,300 yuan per ton, while dysprosium oxide has risen by 9.87% to 1,670,000 yuan per ton [4][32]. - The overall supply-demand situation is improving, with expectations of moderate quota growth and increased focus on rare earth resources amid global geopolitical shifts [4][32]. Group 5: Lithium and Cobalt Industries - The investment rating for the lithium industry is neutral, with lithium carbonate prices decreasing by 3.35% to 66,000 yuan per ton [5]. - Cobalt prices remain stable, with the price of cobalt at 242,000 yuan per ton, reflecting steady demand in the market [5]. - Nickel prices have increased by 2.7% to $15,800 per ton, indicating a positive trend in the nickel market [5].