Changjiang Securities·2025-06-02 11:45Investment Rating - The report maintains a "Positive" investment rating for the industry [10] Core Views - Short-term risk preferences are fluctuating, causing gold prices to oscillate, while the medium-term outlook continues to support a bullish market due to recession and interest rate cuts, alongside gold stocks being at a cyclical low, suggesting an increase in allocation during pullbacks [6][7] - Industrial metals are experiencing weakness due to a rebound in the US dollar and economic sluggishness, with copper and aluminum prices reflecting this trend [7] - Strategic metals such as rare earths and tungsten are expected to see a revaluation, with tungsten prices rising due to supply constraints and demand recovery [8] Summary by Sections Precious Metals - Gold prices have slightly declined this week, influenced by reduced risk aversion following tariff delays by the US. Economic data indicates weak personal consumption and inflation, sustaining expectations for interest rate cuts [6] - The report emphasizes that gold stocks are currently undervalued, suggesting a focus on companies like Chifeng Jilong Gold Mining, Zhaojin Mining, and Shandong Gold [6] Industrial Metals - Economic expectations are driving short-term fluctuations in copper and aluminum prices, with recent data showing a decrease in industrial profits and ongoing concerns about real estate and tariffs impacting demand [7] - The report notes a reduction in copper and aluminum inventories, indicating potential supply tightness, while suggesting that long-term monetary easing could support price recovery [7] Energy and Strategic Metals - The report highlights the importance of strategic metals, particularly rare earths and tungsten, which are poised for value reassessment due to supply control measures and rising demand [8] - Tungsten prices are expected to continue their upward trend due to limited new mining projects and a decrease in existing mine outputs [8] - The report also discusses cobalt and nickel, noting supply disruptions from Congo and the Philippines, which could support price stability [8]