Minsheng Securities·2025-09-21 09:03Investment Rating - The report maintains a "Buy" recommendation for several companies in the non-ferrous metals sector, including Zijin Mining, Luoyang Molybdenum, and Huayou Cobalt [4][5]. Core Views - The report highlights that the recent interest rate cut by the Federal Reserve is expected to support metal prices in the short term, with a structural improvement in demand anticipated during the "golden September and silver October" period in China [2][3]. - The supply disruptions in copper due to the ongoing closure of the Grasberg mine in Indonesia are contributing to a tightening market, which is expected to drive prices higher [2][3]. - The report is optimistic about cobalt and lithium prices due to supply constraints and increasing demand, particularly in the context of the upcoming holiday season and energy storage needs [3][4]. Summary by Sections Industrial Metals - The report notes that industrial metal prices are expected to rise due to the combination of U.S. monetary easing and seasonal demand in China. The SMM copper concentrate import index has shown a slight increase, indicating a tightening supply situation [2][3]. - Aluminum production has seen a slight increase, with downstream demand expected to rise as the holiday season approaches. However, there has been a recent accumulation of aluminum inventory [2][3][4]. Energy Metals - The report anticipates a significant increase in cobalt prices due to potential extensions of export bans from the Democratic Republic of Congo, alongside strong demand for lithium driven by seasonal purchasing and energy storage needs [3][4]. - The report emphasizes that both cobalt and lithium markets are experiencing strong demand growth, with expectations for price increases in the near term [3]. Precious Metals - Following the Fed's interest rate cut, the report expresses a bullish outlook on precious metals, particularly gold, which is expected to benefit from geopolitical tensions and increased central bank purchases [4][5]. - The report highlights that the recent increase in SPDR gold holdings indicates a growing interest from overseas investors, further supporting the bullish sentiment for gold prices [4][5]. Key Company Recommendations - The report recommends several companies for investment, including Zijin Mining, Luoyang Molybdenum, and Huayou Cobalt, based on their strong market positions and growth potential [4][5].