Dongguan Securities·2026-01-30 08:58Investment Rating - The industry investment rating is "Standard Allocation" [65] Core Views - The non-ferrous metal industry has shown significant performance, with a 17.64% increase over the past two weeks, outperforming the CSI 300 index by 17.59 percentage points, ranking first among 31 industries [16] - The precious metals sector has surged by 50.93%, while industrial metals and minor metals have increased by 18.14% and 14.96%, respectively, indicating a growing divergence within the sector [22] - The report highlights the potential for further price increases in industrial metals due to improving supply-demand dynamics and the ongoing global interest rate cuts [59] Summary by Sections Market Review - As of January 29, 2026, the non-ferrous metal industry has risen by 32.96% this month, leading all sectors [16] - The precious metals sector has seen a remarkable increase of 75.88% this month, while industrial metals have risen by 32.98% [22] Price Analysis - As of January 29, 2026, key prices include: - LME Copper: $13,705/ton - LME Aluminum: $3,233.50/ton - LME Lead: $2,011/ton - LME Zinc: $3,453/ton - LME Nickel: $18,520/ton - LME Tin: $54,500/ton [28] Precious Metals - As of January 29, 2026, COMEX Gold is priced at $5,410.80/oz, up $1,068.9 since the beginning of January, while COMEX Silver is at $115.79/oz, up $44.81 [38] Energy Metals - As of January 29, 2026, Lithium carbonate futures are priced at ¥164,800/ton, up ¥43,200 since early January, while Cobalt is at ¥446,100/ton, down ¥16,000 [43] Minor Metals - As of January 29, 2026, the rare earth price index is at 258.08, up 41.06 since early January, with Neodymium Oxide averaging ¥744/kg, up ¥136.5 [45] Company Announcements - Zijin Mining's second phase of the Giant Dragon Copper Mine has commenced production, expected to significantly increase copper output [55] - Ganfeng Lithium anticipates a net profit of ¥369 million to ¥553 million for 2025, marking a turnaround from previous losses [54]