Investment Rating - The report maintains a positive outlook on the metals and new materials industry, indicating a "Buy" rating for the sector [2][4]. Core Insights - The report highlights a rebound in gold prices and a gradual increase in demand for base metals, suggesting a favorable market environment for investments in these sectors [4][11]. - The report emphasizes the importance of monitoring macroeconomic factors, including U.S. fiscal policies and central bank actions, which could influence commodity prices and investment strategies [4][23]. Weekly Market Review - The Shanghai Composite Index rose by 1.40%, while the Shenzhen Component increased by 1.25%, and the CSI 300 Index gained 1.54%. The non-ferrous metals index increased by 1.03%, underperforming the CSI 300 by 0.51 percentage points [5][11]. - Year-to-date, the non-ferrous metals index has risen by 19.21%, outperforming the CSI 300 by 18.00 percentage points [9][11]. Price Changes - Precious metals saw a weekly increase, with gold prices rising by 1.84% and silver by 2.68%. In contrast, industrial metals experienced mixed results, with copper up by 1.54% and zinc down by 1.98% [4][11][16]. - The report notes significant price fluctuations in lithium and cobalt, with lithium prices for battery-grade carbonate increasing by 2.05% [4][16]. Key Company Valuations - The report provides a detailed valuation of key companies in the metals sector, indicating potential investment opportunities. For instance, Zijin Mining is valued at a PE ratio of 25 for 2023, while Huayou Cobalt has a PE of 19 [20][21]. - The report suggests focusing on companies with stable earnings and strong dividend yields, such as Baosteel and Shandong Steel, as they may offer attractive investment returns [4][21]. Supply and Demand Analysis - The report indicates that copper supply is tightening, with domestic social inventory increasing to 131,800 tons, while the operating rates for copper products have decreased [32][48]. - In the aluminum sector, the report notes a decline in the operating rate of downstream processing enterprises, which may impact future demand [48][50]. Growth Cycle Investment Recommendations - The report recommends investing in companies within the stable supply-demand framework of the new energy manufacturing sector, highlighting firms like Huafeng Aluminum and Asia-Pacific Technology as potential candidates [4][20].
金属、新材料行业周报：金价震荡回升，基本金属需求逐步进入淡季-20250706
Shenwan Hongyuan Securities·2025-07-06 10:12