Dongguan Securities·2025-07-18 14:49Investment Rating - The report maintains a standard rating for the non-ferrous metals industry [2] Core Views - The non-ferrous metals industry has shown a mixed performance, with the small metals sector rising by 6.58% and the industrial metals sector declining by 3.49% in the past two weeks [3][12] - The rare earth and magnetic materials sector is experiencing a significant profit increase, driven by improved supply-demand dynamics and price recovery [5][65] - Lithium prices continue to decline due to oversupply, but leading companies are expected to recover as high-cost production is phased out [66] Industry Performance Overview - As of July 17, 2025, the non-ferrous metals industry has decreased by 0.87% over the past two weeks, underperforming the CSI 300 index by 2.55 percentage points [12] - Year-to-date, the industry has increased by 20.08%, outperforming the CSI 300 index by 17.55 percentage points, ranking first among 31 industries [12] - The small metals sector has shown a year-to-date increase of 24.87%, while the industrial metals sector has increased by 16.89% [18] Price Trends - As of July 17, 2025, LME copper is priced at $9,678 per ton, LME aluminum at $2,589 per ton, and LME nickel at $15,065 per ton [24] - The rare earth price index has risen to 192.03, with significant increases in prices for praseodymium-neodymium oxide and dysprosium oxide [42][65] - Lithium carbonate prices are stabilizing, with battery-grade lithium carbonate at 64,800 yuan per ton [40][66] Company Performance Highlights - Northern Rare Earth expects a net profit increase of 1,882.54% to 2,014.71% for the first half of 2025 [56] - Ningbo Yunsheng anticipates a net profit increase of 133.55% to 250.33% for the same period [57] - Xiamen Tungsten's revenue for the first half of 2025 is projected at 19.178 billion yuan, with a net profit of 972 million yuan, a decrease of 4.41% year-on-year [52][67]