有色金属行业双周报：反内卷行情持续发酵，金属价格普涨-20250721

Investment Rating - The report maintains a "Hold" rating for the non-ferrous metals industry [7] Core Insights - The non-ferrous metals industry index increased by 2.85% over the past two weeks, outperforming the CSI 300 index and ranking 14th among 31 first-level industries [2][14] - The report highlights a broad increase in metal prices, driven by various factors including global geopolitical tensions and supply shortages [5] - Key investment opportunities are identified in industrial metals and rare earths [5] Summary by Sections Market Review - The non-ferrous metals industry index rose by 2.85% from July 7 to July 18, 2025, with small metals, new metal materials, and energy metals leading the gains at 13.93%, 7.71%, and 5.01% respectively [2][14] - Precious metals and industrial metals showed minimal changes, with precious metals up by 0.15% and industrial metals down by 0.56% [14] Metal Prices - As of July 18, 2025, COMEX gold closed at $3,355.50 per ounce, up 0.58% over two weeks; COMEX silver closed at $38.43 per ounce, up 3.74% [3][21] - Black tungsten concentrate (≥65%) price rose to 180,000 CNY per ton, up 4.05% [21] - The rare earth price index reported at 192.24, up 5.17% over two weeks [3][47] Important Events - The Ministry of Industry and Information Technology announced ongoing efforts to implement high-quality development plans for the copper, aluminum, and gold industries, focusing on stabilizing growth and promoting transformation [4][63] Investment Recommendations - The report suggests focusing on industrial metals and rare earth investment opportunities due to rising prices and market demand [5]