Tebon Securities·2025-06-09 07:53Investment Rating - The report maintains an "Outperform" rating for the non-ferrous metals industry [2]. Core Viewpoints - Precious metals are expected to perform well in the long term, with gold prices rising by 1.42% recently due to increasing geopolitical tensions [5]. - Industrial metal prices have mostly increased, influenced by easing trade tensions between China and the U.S. [5]. - The report highlights a positive outlook for the non-ferrous metals sector, particularly in precious metals, driven by anticipated monetary easing from the Federal Reserve and domestic fiscal policies [5]. Summary by Sections 1. Industry Data Review 1.1 Precious Metals - Gold prices have shown a slight increase, with a focus on long-term growth potential due to geopolitical instability [5]. 1.2 Industrial Metals - Prices for copper, aluminum, lead, zinc, tin, and nickel have varied, with copper increasing by 1.4% and tin by 2.6% [27]. 1.3 Minor Metals - Prices for rare earth metals, particularly praseodymium-neodymium oxides, have risen, indicating a recovery in manufacturing demand [29]. 1.4 Energy Metals - Lithium prices have decreased, while nickel prices have shown some resilience, suggesting a need to monitor future demand growth [34]. 2. Market Data - The non-ferrous metals sector has outperformed the broader market, with a 3.74% increase compared to the Shanghai Composite Index's 1.13% rise [36]. 3. Important Events Review - Recent geopolitical events, including tensions involving the U.S. and Russia, have influenced market sentiment and commodity prices [43].