China Post Securities·2025-08-12 09:21Industry Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Views - The report highlights the recent performance of precious metals, with gold rising by 1.24% and silver by 3.79% due to the easing of panic following weaker non-farm data [5] - Copper prices increased by 1.40% this week, benefiting from improved economic sentiment in the US [6] - The lithium market is experiencing a significant price surge due to potential supply constraints, with expectations of prices reaching 65,000 to 90,000 yuan per ton in the near future [7] - Cobalt prices are expected to rise as procurement of high-priced raw materials increases among manufacturers [8] - The rare earth market is showing signs of improvement, with exports increasing by 21.4% year-on-year in July [8] Summary by Sections Section 1: Market Performance - The non-ferrous metal sector saw a weekly increase of 5.24%, ranking third among sectors [17] - The top five stocks in the sector this week included Huaguang New Materials and Ningbo Yunsheng [18] Section 2: Prices - Basic metals saw price increases: LME copper up 1.40%, aluminum up 1.69%, zinc up 3.83%, lead up 1.49%, and tin up 1.17% [20] - Precious metals also saw gains: COMEX gold up 1.24% and silver up 3.79% [20] Section 3: Inventory - Global visible copper inventory increased by 19,482 tons, while aluminum inventory rose by 2,716 tons [33]