Tebon Securities·2025-08-18 14:00Investment Rating - The report maintains an "Outperform" rating for the non-ferrous metals sector [2]. Core Views - The report highlights a positive outlook for precious metals due to higher-than-expected U.S. PPI data, with expectations for continued growth in gold prices driven by potential Fed rate cuts and a weakening dollar [5]. - Industrial metal prices show mixed trends, with a notable infrastructure project in Tibet expected to boost overall demand and support metal prices [5]. - The report emphasizes the potential for long-term growth in the non-ferrous metals sector, particularly in precious metals, and recommends specific stocks such as Shandong Gold, Chifeng Jilong Gold Mining, and Zijin Mining [5]. Summary by Sections 1. Industry Data Review 1.1 Precious Metals - The report notes a 1.28% decline in Shanghai gold prices during the week, while maintaining a bullish outlook on gold due to anticipated Fed rate cuts and a weakening dollar [5]. 1.2 Industrial Metals - Prices for copper, aluminum, lead, zinc, tin, and nickel showed varied changes, with copper increasing by 0.8% and nickel decreasing by 1.0% [27]. - The report mentions a significant infrastructure project in Tibet with a total investment of approximately 1.2 trillion yuan, which is expected to enhance demand for industrial metals [5]. 1.3 Minor Metals - Prices for praseodymium-neodymium oxide increased, reflecting a growing demand driven by manufacturing recovery expectations [5][29]. 1.4 Energy Metals - Lithium concentrate prices rose, with attention on the growth of energy metal demand [5][35]. 2. Market Data - The report indicates that the non-ferrous metals sector rose by 3.62%, with specific segments like metal new materials and precious metals showing significant increases [36]. 3. Key Events of the Week - The report discusses the potential for significant Fed rate cuts as suggested by market strategist David Zervos, following the release of U.S. PPI data that exceeded market expectations [43].