有色金属行业周报（20250707-20250711）：资源股持续兑现业绩-20250713

Investment Rating - The report maintains a "Buy" recommendation for resource stocks, emphasizing the continued performance of the non-ferrous metals sector [2]. Core Views - The report highlights the impact of U.S. tariffs on copper imports, which have led to a decrease in domestic copper prices by 1.63% [5]. - It notes a decline in aluminum ingot inventory and an increase in aluminum rod inventory, indicating mixed trends in the aluminum market [5]. - The report emphasizes the strong earnings growth forecasts for several companies in the sector, driven by production increases and favorable raw material prices [5][7][8]. Industry Overview - Basic Industry Data: The non-ferrous metals sector comprises 125 listed companies with a total market capitalization of 31,100.02 billion and a circulating market value of 27,077.84 billion [2]. - Performance Metrics: The sector has shown a 6.0% absolute performance over the past month and 18.7% over the past year, indicating a positive trend [3]. - Copper Market: The report discusses the implications of a 50% tariff on copper imports announced by the U.S., which has led to a significant market reaction and price adjustments [5]. - Aluminum Market: The report notes a decrease in aluminum ingot inventory and an increase in aluminum rod inventory, suggesting a complex market dynamic influenced by both supply and demand factors [5]. Company Insights - Yun Aluminum Co.: The company forecasts a 7.19% to 11.16% increase in net profit for H1 2025, attributed to full production capacity and favorable raw material prices [5]. - Zhongfu Industrial: Expected net profit growth of 53.35% to 62.37% for H1 2025, driven by cost reductions and increased sales prices [5]. - Jincheng Mining: Anticipates a net profit increase of 74.62% to 82.78% for H1 2025, supported by higher sales volumes and effective cost control measures [5]. - Hunan Gold: Projects a 40% to 60% increase in net profit for H1 2025, primarily due to rising sales prices of gold and antimony products [7]. - Huayou Cobalt: Forecasts a net profit increase of 55.62% to 67.59% for H1 2025, benefiting from integrated operations and rising cobalt prices [8]. - North Rare Earth: Expects a staggering net profit increase of 1882.54% to 2014.71% for H1 2025, driven by significant growth in production and sales of rare earth products [8].