Tebon Securities·2025-05-14 02:25Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [2] Core Viewpoints - The report highlights a significant reduction in bilateral tariffs between China and the US, which is expected to improve demand for industrial metals and support price recovery [6] - Copper prices are anticipated to rise due to declining inventory levels and improved demand forecasts, with SHFE copper inventory dropping approximately 55.9% to 80,705 tons as of May 9, 2025 [6] - The aluminum market is expected to see price increases driven by limited supply and improving demand, particularly in transportation and power sectors [6] - The report emphasizes the recovery of export channels for coal, coke, and steel, with a notable indirect export of steel products to the US [6] Summary by Sections Market Performance - The report indicates a market performance comparison showing a 29% increase in the non-ferrous metals sector compared to the CSI 300 index [3] Related Research - The report references several related studies, including a weekly report on non-ferrous metals and specific company analyses, indicating a positive outlook for gold and silver prices [4][5] Investment Recommendations - Recommended stocks for copper include Zijin Mining, Luoyang Molybdenum, Tongling Nonferrous Metals, and Western Mining, while for aluminum, Yunnan Aluminum, Shenhuo Group, and China Hongqiao are suggested [6]