有色金属行业2025年三季报总结：三季度有色板块盈利延续提升，能源金属业绩大幅改善

Investment Rating - The industry investment rating is maintained at "Overweight" [2] Core Insights - The non-ferrous metal industry has significantly outperformed the benchmark, with a cumulative increase of 65.71% year-to-date as of November 21, 2025, surpassing the Shanghai and Shenzhen 300 index by 52.53 percentage points [4][15] - The revenue and profit growth rates in the non-ferrous metal sector have gradually stabilized since the beginning of the year, with notable improvements in the performance of energy metals [4][56] - The first three quarters of 2025 saw the non-ferrous metal sector achieve a total revenue of 2.82 trillion yuan, a year-on-year increase of 9.5%, and a net profit attributable to shareholders of 151.29 billion yuan, up 40.9% year-on-year [4][36] Summary by Sections 1. Industry Performance Overview - The non-ferrous metal index has shown strong performance, ranking second among the first-level industries in the first three quarters of 2025, with a quarterly increase of 41.82% in Q3 [15][18] - The nickel sector recorded the highest growth in the first three quarters, while the silver sector led in Q3 [4][22] 2. Copper Sector - The copper sector achieved a revenue of 1.42 trillion yuan in the first three quarters of 2025, with a year-on-year growth of 5.01%, and a net profit of 69.01 billion yuan, up 46.17% year-on-year [5][65] 3. Precious Metals Sector - The precious metals sector reported a revenue of 299.54 billion yuan in the first three quarters, reflecting a year-on-year increase of 35.02%, and a net profit of 14.73 billion yuan, up 62.64% year-on-year [6][11] 4. Rare Earth Sector - The rare earth sector saw a positive revenue growth rate, with significant improvements in performance, and a net profit growth that outpaced revenue growth [6][11] 5. Tungsten Sector - The tungsten sector achieved a revenue of 50.25 billion yuan in the first three quarters, with a year-on-year increase of 20.38%, and a net profit of 2.87 billion yuan, up 28.58% year-on-year [7][11] 6. Investment Recommendations - The report suggests focusing on the energy metals sector due to supply constraints and increasing demand from domestic grid investments and new energy sectors, as well as the precious metals sector, which is expected to benefit from a long-term bullish trend in gold prices [8]