能源金属与轻稀土领涨，市场呈现结构性分化

Investment Rating - The report maintains a positive investment rating for the non-ferrous metals industry, focusing on energy metals, minor metals, and rare earth investment opportunities [5][7]. Core Insights - The non-ferrous metals industry index increased by 1.78% over the past two weeks, outperforming the CSI 300 index and ranking 11th among 31 sectors [2][13]. - Energy metals and minor metals showed significant gains, with increases of 6.32% and 6.17% respectively, while precious metals experienced a notable decline of 4.31% [2][19]. - The report highlights the impact of geopolitical tensions and tariff policies on market sentiment, suggesting a continuation of weak fluctuations in the short term [5]. Summary by Sections Market Review (2025.7.21-2025.8.01) - The non-ferrous metals industry index rose by 1.78%, outperforming the CSI 300 index [2][13]. - Energy metals and minor metals led the gains, while precious metals saw a decline [2][19]. Metal Prices - COMEX gold closed at $3,416.00 per ounce, up 1.80% over two weeks; COMEX silver fell to $37.11 per ounce, down 3.44% [3][20]. - Black tungsten concentrate prices rose by 7.78% to 194,000 CNY per ton, while LME tin prices decreased by 0.42% to $33,215 per ton [3][20]. Important Events - The U.S. imposed a 50% tariff on imported copper semi-finished products, leading to a significant drop in copper prices [4][29]. Investment Recommendations - Investors are advised to focus on energy metals, minor metals, and rare earths due to potential opportunities and policy shifts [5][7].