Guolian Minsheng Securities·2025-12-13 14:33Investment Rating - The report maintains a "Buy" rating for all key companies listed, including Zijin Mining, Luoyang Molybdenum, and Huayou Cobalt [2][4]. Core Views - The report highlights that the metal prices are expected to continue rising due to the resonance of domestic and foreign fiscal and monetary policies, with a focus on the upcoming economic growth under the "14th Five-Year Plan" [8][21]. - The report emphasizes the strong demand in the lithium battery sector and the ongoing supply constraints in cobalt, indicating a bullish outlook for energy metals [8][83]. Summary by Sections Industry and Stock Performance - The report notes a decline in the Shanghai Composite Index by 0.34% and a 1.10% drop in the SW Nonferrous Index during the week [8]. - Key stocks in the nonferrous metal sector showed varied performance, with significant recommendations for companies like Zijin Mining and Luoyang Molybdenum [2][11]. Base Metals - Aluminum prices decreased by 0.88% to $2875 per ton, while copper prices fell by 0.96% to $11552.5 per ton, with zinc prices increasing by 1.31% to $3139 per ton [12][21]. - The report indicates that the domestic aluminum production capacity is stable at 44.39 million tons, with a slight increase in operational capacity due to high profits [21][23]. Precious Metals - Gold prices increased by 2.42% to $4329.80 per ounce, and silver prices rose by 5.59% to $62.09 per ounce, driven by the Federal Reserve's interest rate cuts [12][68]. - The report suggests a bullish outlook for gold and silver prices, supported by central bank purchases and weakening dollar credit [68][69]. Energy Metals - The lithium market is experiencing stable growth in supply, while demand from the energy storage sector continues to rise, leading to a positive outlook for lithium prices [8][83]. - Cobalt supply remains tight, with the Congo's cobalt export quotas expected to impact the market dynamics positively [8][83]. Other Minor Metals - The report discusses the fluctuations in prices for minor metals, including molybdenum and tungsten, with significant price increases noted for tungsten [15][83]. - The overall sentiment in the minor metals market remains cautious, with a focus on supply-demand dynamics and policy changes [55][85].