Guolian Minsheng Securities·2026-02-25 13:25Investment Rating - The report maintains a "Buy" rating for several companies in the non-ferrous metals sector, including Zijin Mining, Luoyang Molybdenum, and Huayou Cobalt, among others [3][5]. Core Views - The report highlights that the U.S. non-farm payroll data for January exceeded expectations, with 130,000 jobs added, leading to a decrease in unemployment to 4.3%. This has resulted in a cooling of interest rate cut expectations [2]. - The report expresses a positive long-term outlook for gold prices, driven by central bank purchases and a weakening U.S. dollar credit [2]. - The silver market is expected to remain weak due to pressure from photovoltaic demand and rising costs in silver paste [2]. Summary by Sections Industry and Stock Performance - The report notes that the SW Non-ferrous Index increased by 1.67% during the week, while the COMEX gold price rose by 1.51% and COMEX silver fell by 0.33% [9][12]. - The report provides a detailed analysis of stock performance, highlighting the top gainers and losers in the non-ferrous metals sector [12]. Base Metals - The report discusses the price movements of various base metals, indicating that aluminum prices have shown a slight decline of 0.63% to $3,091 per ton, while copper prices decreased by 0.98% to $12,932 per ton [14][25]. - It mentions that the domestic aluminum production is expected to decline due to the upcoming Spring Festival, leading to weaker demand [26]. Precious Metals and Minor Metals - The report indicates that gold prices are expected to rise, with the current average price at 1,101.52 CNY per gram, while silver prices have decreased significantly [74]. - It also highlights the ongoing geopolitical tensions affecting precious metal prices, particularly in the context of U.S.-Iran relations [2][78]. Energy Metals - The report emphasizes a clear shortage in the energy metals sector, particularly lithium and cobalt, with expectations for price increases post-holiday due to recovering demand [2][60]. - It notes that the nickel market is likely to see upward price movement due to Indonesia's mining quota policies [2][60]. Company Recommendations - The report recommends several companies for investment, including Zijin Mining, Huayou Cobalt, and China Nonferrous Mining, among others, based on their strong earnings forecasts and favorable market conditions [3][5].