BOHAI SECURITIES·2025-06-27 07:15Group 1 - The report highlights that the gold market is expected to maintain upward momentum due to ongoing geopolitical tensions, anticipated interest rate cuts by the Federal Reserve, and sustained central bank gold purchases [3][6][62] - The performance of the metal industry in H1 2025 shows that the steel sector underperformed with a 0.62% increase, while the non-ferrous metal sector outperformed with a 15.34% increase [18][19] - Key metals such as gold, cobalt, antimony, and praseodymium-neodymium oxide have shown significant price increases compared to the end of last year and the same period last year, with gold prices rising by 25.24% year-to-date [2][41] Group 2 - The report indicates that the demand for rare earth exports is expected to recover due to relaxed export controls and growing needs in the new energy and robotics sectors [7][10] - The solid-state battery industry is progressing rapidly, with several domestic automakers planning small-scale applications by 2026-2027, and key manufacturers establishing production lines for solid-state battery materials [8][10] - Investment strategies recommend focusing on companies with rich gold resources, strong cost control, and potential for production growth, as well as those in the rare earth and solid-state battery materials sectors [9][10]