有色金属行业双周报（2025、06、20-2025、07、03）：出口审批有望加快，稀土行业或将延续景气-20250704

Investment Rating - The report maintains a "Market Weight" rating for the non-ferrous metals industry, indicating that the industry index is expected to perform within ±10% of the market index over the next six months [57]. Core Insights - The non-ferrous metals industry has seen a 7.18% increase over the past two weeks, outperforming the CSI 300 index by 3.92 percentage points, ranking third among 31 industries [3][12]. - The energy metals sector led the gains with a 9.83% increase, followed by industrial metals at 9.26%, while precious metals saw a decline of 1.09% [12][19]. - The report highlights a positive outlook for the rare earth industry, driven by recovering export demand and emerging applications in humanoid robotics [51]. Summary by Sections Market Review - As of July 3, 2025, the non-ferrous metals industry has increased by 21.14% year-to-date, outperforming the CSI 300 index by 20.30 percentage points, ranking first among 31 industries [12]. - The report notes that the industrial metals prices have rebounded due to improving global macro sentiment and dovish signals from the Federal Reserve [52][54]. Price Analysis - As of July 2, 2025, LME copper was priced at $10,010 per ton, aluminum at $2,614.50 per ton, and nickel at $15,340 per ton [24][54]. - Precious metals prices included COMEX gold at $3,368.70 per ounce and silver at $36.79 per ounce [36][50]. Industry News - The Ministry of Commerce announced an acceleration in the review of export licenses for rare earths, indicating a commitment to maintaining global supply chain stability [51]. - The Federal Reserve's Chairman Powell stated that the timing of potential interest rate cuts remains uncertain, which may impact gold prices in the short term [50][43]. Company Announcements - Companies such as China Rare Earth (000831), Jinchuan Group (300748), and Xiamen Tungsten (600549) are highlighted for their strong performance and growth potential in the rare earth sector [51][55]. - Zijin Mining (601899) is noted for its significant resource reserves and recent acquisition activities, enhancing its market position [55].