有色金属与钢铁行业双周报（2025、05、23-2025、06、05）：资源博弈加剧，稀土产业链地位凸显-20250606

Investment Rating - The report maintains a standard rating for the non-ferrous metals and steel industry [2] Core Insights - The report highlights the intensifying resource competition and the prominent position of the rare earth industry chain, driven by changes in national tariff policies and the demand from emerging sectors such as humanoid robots and low-altitude economy [7][54] - The non-ferrous metals sector has shown resilience, with the metal new materials and small metals sub-sectors experiencing significant growth, while the steel sector has faced declines [14][17] - The report suggests focusing on specific companies within the rare earth and gold sectors due to their strong market positions and growth potential [55][56] Market Review - As of June 5, 2025, the non-ferrous metals industry has increased by 0.02% over the past two weeks, outperforming the CSI 300 index by 0.95 percentage points, ranking 19th among 31 industries [14] - The steel industry has decreased by 1.72% in the same period, underperforming the CSI 300 index by 0.79 percentage points, ranking 25th [14] - Year-to-date, the non-ferrous metals industry has risen by 10.87%, while the steel industry has only increased by 0.52% [14] Sub-sector Performance - Within the non-ferrous metals sector, the metal new materials sub-sector rose by 4.60% in the last two weeks, while the industrial metals sub-sector fell by 1.59% [17] - The gold market has seen a significant increase, with COMEX gold prices reaching $3,376.10 per ounce, up $127.80 since early May [36][55] - The aluminum sector is facing supply constraints due to a production cap and varying demand across different applications, particularly in the renewable energy sector [56] Company Focus - The report recommends monitoring companies such as China Rare Earth (000831) and Kinglong Permanent Magnet (300748) for their strong performance and strategic positioning in the rare earth market [55][57] - In the gold sector, companies like Chifeng Jilong Gold Mining (600988) and Zijin Mining (601899) are highlighted for their robust revenue growth and market strategies [55][57]