Minsheng Securities·2025-06-08 10:20Investment Rating - The report maintains a "Buy" rating for the industry and specific companies within the non-ferrous metals sector [5]. Core Views - The report expresses optimism for industrial metals due to easing tariff expectations and a favorable domestic macroeconomic environment [2]. - Industrial metal prices have shown resilience, with LME prices for aluminum, copper, zinc, lead, nickel, and tin experiencing increases of +0.12%, +1.83%, +1.25%, +0.51%, +1.21%, and +6.70% respectively [1][2]. - The report highlights a significant decrease in industrial metal inventories, particularly for copper (-11.66%) and aluminum (-2.33%), indicating tightening supply conditions [1][2]. Summary by Sections Industrial Metals - The report notes that the SMM copper concentrate import index increased by $0.27/ton, indicating a slight improvement in supply conditions [2]. - Domestic copper cable manufacturers' operating rates decreased to 76.08%, reflecting seasonal demand weakness [2]. - Aluminum prices are stabilizing after initial volatility due to geopolitical events, with domestic aluminum ingot inventories decreasing by 0.7 thousand tons [2]. Energy Metals - Lithium prices continue to decline but are approaching mining cost levels, while cobalt prices are expected to rise due to potential supply constraints from the Democratic Republic of Congo [3]. - Nickel prices have shown slight recovery, but overall demand remains weak, leading to expectations of continued price fluctuations [3]. Precious Metals - The report indicates a bullish outlook for gold prices due to expectations of U.S. interest rate cuts and ongoing geopolitical tensions [4]. - Silver prices have surged, reaching levels not seen since March 2012, driven by a favorable market environment [4]. - Key companies in the precious metals sector are recommended for investment, including Zijin Mining and Shandong Gold [4]. Key Company Earnings Forecasts - The report provides earnings per share (EPS) and price-to-earnings (PE) ratios for several companies, with recommendations for investment in companies like Zijin Mining (PE 12), Luoyang Molybdenum (PE 11), and Yunnan Aluminum (PE 6) [4].