Orient Securities·2025-12-31 02:15Investment Rating - The industry investment rating is maintained as "Positive" [5] Core Viewpoints - The report indicates that gold and silver prices are expected to experience short-term fluctuations but may trend upwards in the medium term, with the average prices of gold and silver likely to rise gradually. This suggests that the equity sector related to precious metals may outperform the commodity sector [8] - The report highlights that the processing fees for copper concentrate have been finalized, and there are pessimistic expectations for the smelting sector, indicating potential challenges ahead [7] Summary by Sections Industry Overview - The report focuses on the non-ferrous and steel industries, providing a dynamic tracking of market conditions and price movements [1][5] Investment Recommendations - The report recommends focusing on companies with substantial resource reserves and expected production increases, such as Zijin Mining (601899, Buy) and Chifeng Jilong Gold Mining (600988, Buy). Other companies mentioned include Zhongjin Gold (600489, Not Rated) and Shandong Gold International (000975, Not Rated) [3] Market Trends - The report notes significant price volatility in silver, with a sharp decline of 9.08% on December 29, 2025, while gold also saw a decrease of 4.42%. Despite this, the report anticipates that gold prices may maintain a low volatility range and have the potential for medium-term growth [8] - The report emphasizes that the equity sector has lagged behind the commodity sector in terms of price increases, but as gold and silver prices stabilize, companies with strong performance in precious metals are expected to catch up [8]