Huaxin Securities·2025-07-21 14:06Investment Rating - The report maintains a "Recommended" investment rating for the gold, copper, aluminum, tin, and antimony industries [14][15]. Core Insights - The gold market is expected to maintain an upward trend due to the Federal Reserve's ongoing interest rate cuts [14]. - Short-term demand for copper and aluminum is weak, but medium to long-term supply-demand dynamics are expected to tighten [14]. - Tin prices are supported by tight supply, while antimony prices are expected to remain weak in the short term but are supported by long-term supply constraints [15]. Summary by Sections 1. Industry Performance - The non-ferrous metals sector (Shenwan) saw a weekly increase of 1.32%, ranking in the middle among all Shenwan first-level industries [24]. - The top three performing sub-sectors were lithium (+6.19%), silver (+5.44%), and tungsten (+5.23%) [24]. 2. Precious Metals Market Data - London gold price was $3355.10 per ounce, with a slight increase of $3.00 per ounce (0.09%) [34]. - London silver price reached $38.27 per ounce, up by $0.77 per ounce (2.05%) [34]. - SPDR gold ETF holdings decreased to 30.34 million ounces, down by 130,000 ounces [34]. 3. Industrial Metals Data - LME copper closed at $9720 per ton, up by $80 per ton (0.83%) [40]. - SHFE copper closed at 78,410 yuan per ton, down by 160 yuan per ton (-0.20%) [40]. - Domestic copper social inventory was reported at 143,300 tons, down by 0.04 tons from the previous week [40]. 4. Key Recommended Stocks - Gold industry recommendations include Zhongjin Gold, Shandong Gold, and Chifeng Jilong Gold [16]. - Copper industry recommendations include Zijin Mining, Luoyang Molybdenum, and Western Mining [16]. - Aluminum industry recommendations include Shenhuo Co., Yunnan Aluminum, and Tianshan Aluminum [16].