GOLDEN SUN SECURITIES·2025-06-15 08:21Investment Rating - The report maintains a "Buy" rating for several companies in the non-ferrous metals sector, including Zijin Mining, Shandong Gold, and Chifeng Jilong Gold Mining [6]. Core Views - The report highlights that gold prices have rebounded strongly due to expectations of interest rate cuts and rising geopolitical tensions, particularly following the breakdown of negotiations between the U.S. and Iran [1][34]. - Industrial metals, particularly copper, are experiencing price fluctuations due to weakening demand and ongoing negotiations between mining companies and smelters, with significant declines in processing fees [1][2]. - The lithium market is characterized by a stalemate in supply and demand, with prices showing slight fluctuations but overall remaining under pressure [2]. Summary by Sections Non-Ferrous Metals - Gold: Strong rebound in prices driven by lower inflation expectations and geopolitical tensions, with gold reaching new highs [1][34]. - Copper: Demand is weakening, leading to price stabilization; global copper inventory is at 515,000 tons, down by 22,400 tons week-on-week [1][2]. - Aluminum: Improved trading atmosphere due to eased trade tensions, with social inventory continuing to decline, supporting aluminum prices [1][2]. Energy Metals - Lithium: Prices are fluctuating within a range, with slight increases in supply but weak demand from downstream manufacturers [2]. - Metal Silicon: The market remains oversupplied, with prices under pressure due to high inventory levels and reduced production costs [2]. Key Companies to Watch - Gold Sector: Recommended companies include Zijin Mining, Shandong Gold, Chifeng Jilong Gold Mining, and others [1]. - Industrial Metals: Companies such as Luoyang Molybdenum, China Hongqiao, and Nanshan Aluminum are highlighted for potential investment [1][2]. - Energy Metals: Companies like Ganfeng Lithium and Tianqi Lithium are noted for their positions in the lithium market [2][6].