Minsheng Securities·2025-09-27 23:41Investment 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][6][7]. Core Views - The report highlights that industrial metal prices are expected to continue rising due to supply disruptions and seasonal demand in China during the "Golden September and Silver October" period [2][3]. - The report emphasizes the positive outlook for energy metals like lithium and cobalt, driven by strong demand from the energy storage and electric vehicle sectors [3]. - Precious metals are anticipated to reach new highs due to increased safe-haven demand amid geopolitical uncertainties and expectations of further interest rate cuts by the Federal Reserve [4][71]. Summary by Sections Industrial Metals - Copper prices are supported by supply disruptions from the Grasberg copper mine in Indonesia, which has been shut down due to a mining accident, leading to a significant reduction in expected output [2][39]. - Aluminum demand is recovering as downstream processing companies increase their operating rates, with a notable rise in pre-holiday stockpiling [2][22]. - Zinc prices are fluctuating due to mixed signals from macroeconomic indicators and supply-demand dynamics, with a slight decrease in domestic consumption observed [45][46]. Energy Metals - The report notes that cobalt supply is tightening due to regulatory changes in the Democratic Republic of Congo, which has implemented a quota system, leading to price increases [3]. - Lithium demand remains robust, particularly in the context of energy storage and electric vehicles, with expectations of a balanced supply-demand situation [3]. Precious Metals - Gold and silver prices have surged, driven by expectations of interest rate cuts and ongoing geopolitical tensions, with gold prices reaching historical highs [4][71]. - The report suggests that central bank purchases of gold and a weakening dollar will continue to support gold prices in the medium to long term [4]. Key Companies and Their Forecasts - Zijin Mining: EPS forecast for 2024A is 1.21 CNY, with a PE ratio of 23, rated as "Buy" [4]. - Luoyang Molybdenum: EPS forecast for 2024A is 0.63 CNY, with a PE ratio of 22, rated as "Buy" [4]. - Huayou Cobalt: EPS forecast for 2024A is 2.50 CNY, with a PE ratio of 23, rated as "Buy" [4].