CMS·2025-09-21 11:35Investment Rating - The report maintains a positive outlook on non-ferrous metal stocks, suggesting to buy on dips [2][3]. Core Views - The report indicates that the recent decline in metal prices has ended, leading to increased purchasing activity from downstream buyers. It emphasizes a long-term bullish view on non-ferrous resources, particularly copper, gold, silver, aluminum, rare earths, tungsten, antimony, and cobalt [1][3]. Industry Overview - The non-ferrous metal sector has seen a significant performance with a 1-month absolute return of 5.9%, a 6-month return of 24.7%, and a 12-month return of 88.3% [3]. - The report highlights the recent fluctuations in metal prices, with copper inventory increasing by 0.46 thousand tons to 148.9 thousand tons, while LME copper inventory decreased by 5,075 tons to 148 thousand tons [3][6]. - The report notes that the price of gallium has increased by 3.74% due to tight supply and demand dynamics, while molybdenum prices have decreased by 2.40% due to weakened demand [3][6]. Key Metal Insights - Copper: The report anticipates a decrease in copper inventory due to pre-holiday stocking, supporting copper prices in the medium to long term. Key companies to watch include Zijin Mining, China Nonferrous Mining, and Jiangxi Copper [3][6]. - Aluminum: The report indicates a slight increase in aluminum inventory but expects a positive trend in aluminum prices and profits due to improved downstream consumption [3][6]. - Cobalt: The report mentions that the Democratic Republic of Congo is considering extending its cobalt export ban for two more months, which could lead to a supply shortage and price increases for cobalt intermediates [6][3]. Stock Performance - The report identifies the top-performing stock in the non-ferrous sector as Boqian New Materials, which saw a weekly increase of 14.76%, while Xianglu Tungsten experienced the largest decline at -12.66% [3][6].