Tebon Securities·2025-05-19 04:48Investment Rating - The report maintains an "Outperform" rating for the non-ferrous metals industry [2]. Core Viewpoints - Precious metals are expected to remain strong in the long term despite recent fluctuations in gold prices, which saw a slight decline of 0.38% during the week of May 12-16. The easing of international trade tensions is contributing to this outlook, although uncertainties remain [4]. - Industrial metal prices have mostly declined, with notable changes in aluminum prices due to regulatory actions in Guinea affecting mining rights [4]. - The report highlights a positive outlook for small metals, particularly in the context of increasing demand for tungsten driven by manufacturing recovery [4]. - Energy metals, particularly lithium, have seen price declines, prompting a focus on future demand growth in this sector [4]. - The report recommends investment in the non-ferrous metals sector, particularly in companies like Shandong Gold, Chifeng Jilong Gold Mining, and Zijin Mining, as the Federal Reserve enters a rate-cutting cycle [4]. Summary by Sections 1. Industry Data Review 1.1 Precious Metals - Gold prices are expected to be supported by long-term trends despite short-term volatility [4]. 1.2 Industrial Metals - SHFE prices for copper, aluminum, lead, zinc, tin, and nickel showed changes of 0.4%, 3.4%, 1.0%, 1.3%, 1.4%, and -0.3% respectively [27]. 1.3 Small Metals - Prices for praseodymium-neodymium oxide have increased, reflecting a positive trend in demand [28]. 1.4 Energy Metals - Lithium prices have decreased, with a focus on the future demand for energy metals [34]. 2. Market Data - The non-ferrous metals sector saw a 0.61% increase, with specific segments like metal new materials and small metals performing well [35]. 3. Important Events Review - Guinea's government has reclaimed mining rights for 51 mining licenses, impacting aluminum and other metal prices [42].