金属行业周报：金价重拾涨势，关注贵金属板块配置机会-20250525

Investment Rating - The report maintains a strong recommendation for gold and suggests focusing on the rare earth magnetic materials sector [1][6]. Core Views - The metal market is shifting towards a neutral stance due to the arrival of the off-season and declining exports, with macroeconomic issues dominating the recent trends [1]. - There is a strong recommendation for investment in gold and related sectors, including autonomous control technologies and materials for robotics and nuclear fusion [1]. Industry Overview - The industry consists of 235 listed companies with a total market capitalization of 4,031.9 billion and a circulating market value of 3,749.0 billion [2]. - The non-ferrous metal index increased by 1.26% this week, ranking third among sectors, with precious metals showing the highest growth at 5.58% [6]. Price Movements - The report notes a 4.78% increase in molybdenum prices due to tight supply and strong demand from steel companies [6]. - Conversely, silicon metal prices fell by 3.16% due to increased supply and weak demand from downstream industries [6]. Key Metal Insights - Copper inventory increased by 0.79 thousand tons to 139.9 thousand tons, indicating a dual weakness in supply and demand [6]. - Aluminum inventory decreased by 24 thousand tons, with ongoing concerns about the impact of Guinea's mining rights revocation on alumina prices [7]. Precious Metals - Gold prices rose to 3,343 USD/ounce, up 5.0%, driven by concerns over U.S. government debt sustainability and geopolitical tensions [7]. - Silver prices also increased by 3.0% to 33.10 USD/ounce [7]. New Materials and Technologies - The report highlights ongoing developments in controlled nuclear fusion, with significant projects underway globally, suggesting investment opportunities in related companies [7]. - The demand for neodymium-iron-boron magnets is expected to rise due to geopolitical tensions and the strategic value of these metals [7].