Minsheng Securities·2025-11-02 07:49Investment Rating - The report maintains a "Buy" rating for the industry, highlighting several companies as key investment opportunities [4][8]. Core Insights - The report emphasizes that the easing of China-US trade tensions will drive demand for industrial metals, leading to a positive outlook for prices [2][4]. - It identifies a strong demand for lithium and cobalt, particularly in the electric vehicle and energy storage sectors, while also noting supply constraints for cobalt due to logistical issues in the Democratic Republic of Congo [3][4]. - The report suggests that gold and silver prices may stabilize in a range due to reduced safe-haven demand, but long-term trends remain positive due to central bank purchases and weakening dollar credit [4][71]. Summary by Sections Industrial Metals - The report indicates that copper prices have recently surpassed $11,000 per ton, driven by positive signals from China-US trade talks and macroeconomic factors [2][43]. - Aluminum supply is tightening due to production cuts in overseas smelters, while domestic demand remains resilient despite some environmental restrictions [2][21]. - The report notes fluctuations in industrial metal prices, with aluminum up by 1.10%, copper down by 0.51%, and zinc up by 1.01% during the week [1][11]. Energy Metals - Lithium demand continues to exceed expectations, supported by growth in the electric vehicle and energy storage markets, leading to a bullish outlook for lithium prices [3][4]. - Cobalt supply remains tight due to export delays from the Democratic Republic of Congo, which is expected to maintain upward pressure on cobalt prices [3][4]. - Nickel prices are projected to remain strong despite some inventory accumulation in downstream sectors [3][4]. Precious Metals - The report anticipates that gold prices will enter a consolidation phase, with potential upward movement driven by central bank purchases and a weakening dollar [4][71]. - Recent geopolitical developments have reduced safe-haven demand for precious metals, leading to a technical adjustment in prices [4][71]. - The report recommends several companies in the precious metals sector, including Zijin Mining and Shandong Gold, as strong investment candidates [4][71].