大宗及贵金属周报：工业金属旺季去库加速，金价格上涨带动需求增长-20250901

Investment Rating - The report indicates a positive investment outlook for the non-ferrous metals sector, with a notable performance exceeding the CSI 300 index by 5.50% in Q2 2025 [12]. Core Insights - The non-ferrous metals sector has shown strong performance driven by rising prices in industrial and precious metals, leading to increased corporate earnings [12]. - The copper segment is experiencing a supply shortage coupled with a new wave of electrical demand, resulting in a price rebound [18]. - The aluminum segment demonstrates resilience in pricing supported by fundamental factors, despite temporary price drops due to tariff disputes [33]. - Precious metals, particularly gold and silver, have seen significant price increases, driven by heightened risk aversion and central bank purchases [59]. - The rare earth materials sector is benefiting from price increases and supply reforms, indicating a dual boost in valuation and performance [67]. - The small metals segment is witnessing widespread price increases, with strategic applications in various high-tech industries [82]. - The lithium sector is under pressure with declining prices, but some companies are showing improved profitability [89]. - The nickel-cobalt segment is experiencing revenue growth and improved profitability due to rising cobalt prices [98]. Summary by Sections Industrial Metals - Copper: Q2 2025 revenue reached 427.20 billion, up 20.41% quarter-on-quarter; net profit was 22.97 billion, up 18.19% [18]. - Aluminum: Q2 2025 revenue for the electrolytic aluminum segment was 1137.10 billion, up 6.29%; net profit was 96.01 billion, up 11.40% [33]. Precious Metals - The precious metals sector reported Q2 2025 revenue of 1265.78 billion, up 25.15%; net profit was 68.56 billion, up 41.93% [59]. Rare Earth Materials - The rare earth segment saw Q2 2025 revenue increase by 3.94% quarter-on-quarter, with net profit up 14.57% [67]. Small Metals - The small metals sector reported Q2 2025 revenue growth of 20.46% quarter-on-quarter, with notable price increases in molybdenum, tungsten, antimony, and tin [82]. Lithium - The lithium segment's Q2 2025 revenue was 25 billion, down 6.2% year-on-year; net profit was 1.99 billion, up 21% [89]. Nickel-Cobalt - The nickel-cobalt segment reported Q2 2025 revenue of 31.2 billion, up 28% year-on-year; net profit was 2.65 billion, up 16% [98]. New Materials - The new materials sector experienced a revenue increase of 12.53% quarter-on-quarter, with net profit up 25.86% [4].