Huachuang Securities·2025-10-19 11:43Investment Rating - The report maintains a recommendation for the non-ferrous metals industry, highlighting ongoing uncertainties regarding tariffs and record high prices for gold and silver [2][3]. Core Views - The report emphasizes that while short-term tariff uncertainties persist, precious metals are expected to trend upward in the long term due to factors such as geopolitical risks and central bank gold purchases [6][8]. - The performance of companies like Zijin Mining and Huayou Cobalt is noted, with both showing strong revenue growth and profitability in their recent quarterly reports [6][8]. Industry Overview - Basic Industry Data: The non-ferrous metals sector comprises 125 listed companies with a total market capitalization of approximately 45,379.37 billion yuan and a circulating market value of about 39,608.97 billion yuan [3]. - Price Performance: The absolute performance over the last 12 months is reported at 69.1%, with a relative performance of 50.0% [4]. Precious Metals - Market Trends: Gold futures closed at 999.8 yuan per gram, up 10.9% week-on-week, while silver futures rose 10.53% to 12,249 yuan per kilogram [6]. - Company Performance: Zijin Mining reported a total revenue of 2,542.0 billion yuan for the first three quarters of 2025, a year-on-year increase of 10.33%, with net profit rising by 55.45% to 378.64 billion yuan [6][8]. New Energy Metals - Cobalt Market: The report notes that cobalt prices are on the rise, with the average price for electrolytic cobalt reaching 381,000 yuan per ton, a 9.01% increase from the previous week [8]. - Company Insights: Huayou Cobalt's revenue for the first three quarters of 2025 was 589.41 billion yuan, up 29.57% year-on-year, with net profit increasing by 39.59% to 42.16 billion yuan [8]. Stock Recommendations - The report recommends focusing on the performance of precious metals stocks, particularly companies like Zhongjin Gold and Chifeng Jilong Gold Mining, as well as silver stocks such as Xingye Silver Tin [7][8].