证券日报网讯 12月22日，格林美在互动平台回答投资者提问时表示，截至2025年12月19日，公司股东 总户数423216户。 （文章来源：证券日报） ...

Core Viewpoint - Greeenmei has established the world's largest recycling base for key metals such as nickel, cobalt, and tungsten, significantly enhancing its position in the global competition for these resources [1] Group 1: Company Achievements - The company has achieved an annual recycling capacity of cobalt resources that exceeds 350% of China's original cobalt mining output [1] - The annual recycled nickel resources account for 20% of China's original nickel mining output [1] - The annual recycled tungsten resources represent 10% of China's original tungsten mining output [1] Group 2: Production and Sales Data - By the third quarter of 2025, the company's nickel resource projects produced 6,534 tons of cobalt metal (including equity production capacity) [1] - Cobalt recovery exceeded 6,000 tons, while nickel-cobalt precursor shipments reached over 120,000 tons [1] - The shipment of cathode materials amounted to 17,000 tons, and the recycled tungsten resource shipment reached 5,590 tons (measured in WC) [1]

12月22日，国内多个贵金属期货品种价格再度集体暴涨，引起市场广泛关注。 多个贵金属期货品种大涨钯和铂期货再度涨停 12月22日，国内多个贵金属期货品种价格集体暴涨，部分品种的涨势有加速之势。 长江期货近日的研究观点还认为，美国经济数据趋势性走弱，市场对美国财政情况和美联储独立性存在担忧，央行购金和去美元化并未改变，工业需求拉 动下，白银现货维持紧张，黄金白银中期价格运行中枢上移。欧盟调整放宽原本将从2035年起有效禁止内燃机汽车的规则，预计铂钯价格将延续偏强震 荡。 另一贵金属——铂的期货价格也大涨。12月22日，广期所铂期货主力合约也以涨停价收盘，收盘涨幅达6.99%，报568.45元/克，创出广期所铂期货品种上 市以来新高。今年12月以来，广期所铂期货主力合约累计涨幅已高达30.86%。 贵金属价格暴涨之下多家上市企业回应 值得注意的是，在多种贵金属价格暴涨的大背景下，一些上市企业也回应了相关影响。 行情数据显示，当天广期所钯期货主力合约以涨停收盘，报508.45元/克，创出广期所钯期货品种上市以来新高，收盘涨幅达7%。今年12月以来，广期所 钯期货主力合约累计涨幅已高达36.22%。 在钯和铂的期货价 ...

在钯和铂的期货价格大涨之余，同样作为贵金属的金、银期货价格也进一步上行。12月22 日，上期所白银期货主力合约涨势加速，当天收盘大涨6.06%，报16210元/千克，盘中一度 触及16282元/千克，刷新历史新高；当天上期所黄金期货主力合约重新突破1000元/克，逼 近前期历史高点，收盘涨幅达2.10%。 对于贵金属价格走势，长江期货近日的研究观点认为，美国11月失业率超预期上升，降息预 期升温，贵金属价格延续偏强。具体来看，美联储12月议息会议如期降息25基点，并启动准 备金管理型扩表。特朗普对美联储独立性影响显现，美国就业形势放缓。美联储主席鲍威尔 表示，不断变化的经济风险让美联储有了更充分的降息理由，降息进程还将延续。 12 月 22 日，国内多个贵金属期货品种价格再度集体暴涨，引起市场广泛关注。 多个贵金属期货品种大涨 钯和铂期货再度涨停 12月22日，国内多个贵金属期货品种价格集体暴涨，部分品种的涨势有加速之势。 行情数据显示，当天广期所钯期货主力合约以涨停收盘，报508.45元/克，创出广期所钯期货 品种上市以来新高，收盘涨幅达7%。今年12月以来，广期所钯期货主力合约累计涨幅已高达 36.22% ...

Core Viewpoint - The company maintains a long-term stable partnership with South Korean clients, adhering to international business standards and market rules, which is expected to positively impact its operations [1] Group 1 - The company believes that enhanced bilateral economic liquidity and currency stability policies will create a more convenient and stable financial environment for trade settlements and capital flows with South Korean clients [1] - The company will continue to monitor relevant policy developments and actively seize market opportunities to promote the steady implementation of its internationalization strategy [1] - Specific project settlement arrangements will be determined through friendly negotiations with partners based on commercial rationality and actual needs [1]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The nickel price is in a volatile state. Recently, affected by the strengthened expectation of fundamental surplus, the Shanghai nickel futures market has dropped rapidly, hitting a new low of 111,700 yuan/ton this year. The spot price has also faced increased pressure to decline. Short - term production cuts of refined nickel have not changed the surplus situation, and with the decline in nickel sulfate price and insufficient motivation for nickel plate enterprises to switch production, the production of pure nickel in December is expected to increase month - on - month. In the long - term, the contradiction of "strong supply and weak demand" will gradually accumulate, and the center of nickel price will further decline. [3][4] 3. Summary According to Different Catalogs Nickel and Stainless Steel Market Overview - The price of nickel has shown a volatile downward trend, while the stainless steel market has seen marginal improvement in fundamentals but still faces challenges such as high inventory. [3][4][82] Industry News - Russia's Nornickel has doubled its forecast for nickel supply surplus this year and more than doubled the forecast for 2026, expecting a surplus of 240,000 tons this year and 275,000 tons in 2026. [7] - Greenmei stated that its Indonesian Qingmeibang nickel resource project is in normal production, and the production plan for December is normal, unaffected by local social unrest. [7] - Indonesia's ESDM has simplified the regulatory rules for RKAB, reducing the number of projects from 30 to 10 to speed up project planning, exploration, and approval processes. [7] - In November, some nickel wet - process projects in Indonesian industrial parks may be affected by safety inspections, with an estimated impact on production of about 6,000 nickel metal tons. [7] - In September 2025, the global refined nickel production was 325,500 tons, consumption was 308,400 tons, with a supply surplus of 17,100 tons. From January to September 2025, the global refined nickel production was 2,876,900 tons, consumption was 2,602,400 tons, with a supply surplus of 274,500 tons. [7] Market Price - The Shanghai nickel main contract 2601 opened at 117,900 yuan/ton and closed at 115,590 yuan/ton last week, down 1.87% week - on - week. [9] - As of December 12, the spot price of electrolytic nickel decreased by 1,850 yuan/ton to 118,200 yuan/ton week - on - week, a decrease of 1.54%. The price of Jinchuan nickel decreased by 1,750 yuan/ton to 120,800 yuan/ton, a decrease of 1.43%, and its premium increased by 300 yuan/ton to 5,200 yuan/ton. The price of imported nickel decreased by 2,050 yuan/ton to 116,000 yuan/ton, a decrease of 1.74%, and its premium remained unchanged at 400 yuan/ton. [15] - As of December 12, the LME nickel price decreased by 350 US dollars/ton to 14,620 US dollars/ton week - on - week, a decrease of 2.34%. The LME nickel 0 - 3 spot premium increased by 4.53 US dollars/ton to - 186.45 US dollars/ton. The import profit and loss of electrolytic nickel increased by 70.57 yuan/ton to - 926.73 yuan/ton, and the export profit and loss decreased by 52.06 US dollars/ton to - 673.37 US dollars/ton. [20] - As of December 12, the average price of 8 - 12% high - nickel pig iron increased by 7.5 yuan/nickel point to 889 yuan/nickel point week - on - week, an increase of 0.85%. The premium of high - nickel pig iron over electrolytic nickel increased by 28 yuan/nickel point to - 271 yuan/nickel point. The average price of battery - grade nickel sulfate decreased by 40 yuan/ton to 27,490 yuan/ton, and the average price of electroplating - grade nickel sulfate remained unchanged at 31,250 yuan/ton. The premium of battery - grade nickel sulfate over primary nickel plate increased by 1,868.19 yuan/ton to 8,954.55 yuan/ton. [28] Supply - **Nickel Ore**: As of December 12, the CIF prices of Philippine laterite nickel ore with grades of 0.9%, 1.5%, and 1.8% remained unchanged at 29, 57, and 78.5 US dollars/wet ton respectively week - on - week. The domestic arrival prices of Indonesian Ni1.2% and Ni1.6% nickel ore remained unchanged at 22.5 and 51.9 US dollars/wet ton respectively. The port inventory of nickel ore decreased by 120,000 wet tons to 9.29 million wet tons, a decrease of 1.28%. In October 2025, the national nickel ore import volume was 4.6828 million tons, a decrease of 23.41% month - on - month and an increase of 10.97% year - on - year. [33][36] - **Intermediate Products**: As of December 12, the MHP FOB price decreased by 72 US dollars/ton to 13,001 US dollars/ton, a decrease of 0.55%, and the high - grade nickel matte FOB price decreased by 73 US dollars/ton to 13,259 US dollars/ton, a decrease of 0.55%. In November 2025, the Indonesian MHP production decreased by 24,000 tons to 386,000 nickel tons, a decrease of 5.85%, and the high - grade nickel matte production increased by 70,000 tons to 292,000 tons, an increase of 31.53%. In October 2025, the MHP monthly import volume was 151,300 metal tons, a decrease of 20.62% month - on - month and an increase of 26.52% year - on - year; the high - grade nickel matte monthly import volume was 28,300 metal tons, a decrease of 50.06% month - on - month and a decrease of 13.33% year - on - year. [42] - **Refined Nickel**: In November 2025, China's electrolytic nickel monthly production decreased by 10,100 tons to 25,800 tons, a decrease of 28.13% month - on - month and 16.28% year - on - year. In October 2025, China's refined nickel monthly export volume was 13,700 tons, a decrease of 3.15% month - on - month and 0.76% year - on - year; the monthly import volume was 9,700 tons, a decrease of 65.66% month - on - month and 5.67% year - on - year. From January to October 2025, China's refined nickel cumulative export volume was 150,100 tons, a cumulative increase of 55.2%; the cumulative import volume was 197,400 tons, a cumulative increase of 168.23%. As of December 12, the SHFE nickel warehouse receipts increased by 486 tons to 35,300 tons, an increase of 1.40%, and the LME nickel warehouse receipts decreased by 84 tons to 253,000 tons, a decrease of 0.03%. The pure nickel social inventory (including the SHFE) increased by 2,122 tons to 59,000 tons, an increase of 3.73%. [50][51] - **Nickel Sulfate**: In November 2025, China's nickel sulfate monthly production increased by 438 tons to 36,700 nickel tons, an increase of 1.21%. In October 2025, China's nickel sulfate monthly import volume was 22,100 tons, a decrease of 25.32% month - on - month and an increase of 114.15% year - on - year; the monthly export volume was 1,058.24 tons, an increase of 31.23% month - on - month and a decrease of 53.20% year - on - year. [64] - **Nickel Iron**: In November 2025, the national nickel pig iron production (metal content) decreased by 900 tons to 27,200 tons, a decrease of 3.23%. The Indonesian nickel pig iron production decreased by 300 tons to 148,800 nickel tons. As of October 2025, China's nickel iron monthly import volume was 905,100 tons (equivalent to 111,300 tons of metal content), a decrease of 18.40% month - on - month and an increase of 30.31% year - on - year. [75] - **Stainless Steel**: In November 2025, China's stainless steel crude steel production decreased by 20,700 tons to 3.4931 million tons, a decrease of 0.59% month - on - month and an increase of 5.26% year - on - year. The estimated crude steel production in December is 3.2258 million tons, a decrease of 7.65% month - on - month and 6.29% year - on - year. In October 2025, China's stainless steel monthly import volume was 124,100 tons, an increase of 3.18% month - on - month and a decrease of 21.56% year - on - year; the monthly export volume was 358,100 tons, a decrease of 14.43% month - on - month and 14.2% year - on - year. [87] Demand - The demand for nickel in traditional fields is weak, unable to boost the price. The demand for nickel sulfate has slowed down after the peak season, and the procurement volume of ternary enterprises for nickel salts has declined. The demand for stainless steel is affected by factors such as high inventory and tight corporate funds at the end of the year, which restricts the upward movement of the market. [3][4] Cost - In November 2025, the SMM average production cost of electrolytic nickel decreased by 170 US dollars/ton to 13,208 US dollars/ton, a decrease of 1.27%. The production costs of integrated MHP and high - grade nickel matte for producing electrowon nickel increased by 216 yuan/ton and decreased by 4,667 yuan/ton respectively to 111,026 yuan/ton and 124,817 yuan/ton; the profit margins decreased by 0.5 and increased by 3.3 percentage points respectively to 9.0% and - 3.0%. [57] - In the cost of nickel sulfate production, as of December 12, the profit margins of MHP, nickel beans, high - grade nickel matte, and yellow slag for producing nickel sulfate increased by 1.7, 1.5, 1.8, and 1.1 percentage points respectively to 0.9%, - 0.5%, 6.1%, and - 3.1%. [68] - In the cost of nickel pig iron production, as of December 12, the cash cost of RKEF production in Fujian decreased by 14.03 yuan/nickel point to 951.13 yuan/nickel point, and the production profit margin increased by 2.15 percentage points to - 6.44%. [81] - In the cost of stainless steel production, the cost of 304 cold - rolled stainless steel increased by 22 yuan/ton to 12,490 yuan/ton week - on - week, an increase of 0.18%. [94] Inventory - The pure nickel social inventory (including the SHFE) increased to 59,000 tons as of December 12. The stainless steel social inventory decreased by 16,700 tons to 1.0636 million tons, a decrease of 1.55%, and the stainless steel warehouse receipts decreased by 1,816 tons to 59,800 tons, a decrease of 2.95%. [51][90]

Core Viewpoint - The battery sector is experiencing significant growth driven by surging demand for energy storage solutions, with the Battery 50 ETF showing strong performance and capital inflow [1][3][21]. Group 1: Market Performance - As of December 22, the Battery 50 ETF (159796) rose by 1.63%, with a trading volume exceeding 1.4 billion yuan, indicating strong market interest [1]. - The ETF has seen a net inflow of 1.28 billion yuan on the latest trading day, with a total of 4.15 billion yuan in net inflows over the past five trading days [1]. Group 2: Stock Performance - Key stocks within the Battery 50 ETF saw significant gains, with Enjie Technology rising over 9% and multiple other stocks like Molybdenum and Xiwangda increasing by over 2% [3]. - The top ten constituent stocks of the ETF include major players like Ningde Times and Sunshine Power, with varying performance metrics [3]. Group 3: Lithium Price Trends - Lithium carbonate futures surged over 4%, with recent adjustments to trading limits on lithium contracts by the Guangxi Futures Exchange [3]. - Morgan Stanley has raised the target price for lithium carbonate to $18,000 per ton for Q4 2026, significantly above the current spot price of approximately $13,500 per ton [5]. Group 4: Demand Drivers - The growth in lithium demand is primarily driven by energy storage systems (ESS) and electric commercial vehicles (CV), with demand growth exceeding market expectations [5]. - The domestic energy storage market is experiencing a substantial increase in project bidding, with a year-on-year growth of 118% in capacity [10]. Group 5: Industry Outlook - The battery industry is expected to see a significant increase in demand, with projections indicating a global lithium battery demand of 2,721 GWh by 2026, reflecting a 30% year-on-year growth [15]. - The supply-demand balance is expected to improve, particularly in the electrolyte and separator segments, as industry capacity utilization rates exceed 75% [19][20]. Group 6: Investment Strategy - The Battery 50 ETF is highlighted as a strategic investment vehicle, with a high concentration in energy storage and solid-state battery technologies, making it well-positioned to benefit from market trends [21][23]. - The ETF's management fee is notably low at 0.15% per year, enhancing its attractiveness for investors [26].

Group 1: Market Strategy and Economic Outlook - The report suggests that the market is entering a cyclical transition, similar to Japan in 1978, with a recommendation to continue investing in sectors that are expected to reach new highs [1][10] - The anticipated "spring rally" in the A-share market is supported by favorable economic policies and the return of cross-border capital, which could lead to a "Davis Double" effect in the consumer sector [3][21] - The report emphasizes the importance of cyclical recovery in the economy, with a focus on sectors such as non-ferrous metals, new consumption, and high-end manufacturing [10][21] Group 2: Company-Specific Insights - The report on Ecovacs (科沃斯) forecasts revenues of 18.923 billion, 21.973 billion, and 24.919 billion CNY for 2025, 2026, and 2027 respectively, with corresponding net profits of 1.954 billion, 2.306 billion, and 2.777 billion CNY, indicating significant growth potential [2][13] - Ecovacs is expected to benefit from improvements in its cleaning business, the development of its consumer robotics matrix, and synergies from its supply chain layout [13] - The report highlights the potential for the liquid cooling industry to experience significant growth in 2026, with a focus on companies that have technological barriers and can enter major domestic and international supply chains [4][26] Group 3: Industry Trends and Projections - The liquid cooling market is projected to reach a conservative estimate of 6.9 billion to an optimistic 9.7 billion USD by 2026, driven by advancements in GPU technology and increasing demand for efficient cooling solutions [23][24] - The report indicates that the domestic liquid cooling server market is expected to exceed 10 billion USD by 2028, with a compound annual growth rate of 47.6% from 2023 to 2028 [25] - The consumer electronics sector is experiencing a recovery, with a focus on innovative products and market expansion, particularly in the context of the upcoming CES 2026 [32][34]

1. Report Industry Investment Ratings No relevant content provided. 2. Core Views of the Report - The stock index futures are expected to have upward momentum at the beginning of the week, but face integer - level pressure. The conversion of contract months may lead to an expansion of basis. The bond market for treasury futures is cautiously optimistic in the short - term, with short - term trading opportunities in the TL contract [21][23]. - Agricultural products have different trends. Protein meal prices are under pressure, sugar is expected to bottom - oscillate, and the cotton - cotton yarn market is strong due to factors such as good sales of new cotton [27][32][54]. - Black metals show different characteristics. Steel prices are range - bound, coking coal and coke may rebound from the bottom, and iron ore prices are volatile [58][61][64]. - Non - ferrous metals also vary. Precious metals like gold and silver are likely to continue their strong trend, while base metals such as copper, aluminum, and zinc have different price trends due to various factors [70][84][91]. - Energy and chemical products have diverse situations. Crude oil prices are bottom - oscillating, asphalt has support, and fuel oil is weakly - oscillating [116][120][124]. 3. Summary by Relevant Catalogs 3.1 Financial Derivatives Stock Index Futures - **Investment Logic**: The market was first down then up last week. The Shanghai Composite Index faces the 3900 - point decision. There may be a style switch, and the acquisition plan of Shenhua may drive large enterprises. Futures contracts' basis may expand after the contract - month change, and short - selling forces have increased [21]. - **Trading Strategy**: Adopt a high - selling and low - buying strategy for unilateral trading; wait for the basis to expand for IM\IC long 2603 + short ETF cash - and - carry arbitrage; use a double - buying strategy for options [21]. Treasury Futures - **Investment Logic**: The bond market is less sensitive to weak economic data. The capital supply is loose, increasing the market's expectation of interest - rate cuts. The short - and medium - term bonds are relatively stable, while the long - term bonds' recovery is uncertain [23]. - **Trading Strategy**: Short - term, buy low and sell high for the TL contract [23]. 3.2 Agricultural Products Protein Meal - **Investment Logic**: The global soybean supply is abundant. Domestic soybean meal has an uncertain supply, and rapeseed meal is expected to oscillate [27]. - **Trading Strategy**: Adopt a bearish view for unilateral trading; narrow the MRM spread for arbitrage; sell a wide - straddle strategy for options [28]. Sugar - **Investment Logic**: Internationally, the Brazilian sugar supply pressure is easing, and the northern hemisphere is in an increasing - production cycle. Domestically, new sugar production is increasing, but there is cost support [31][32]. - **Trading Strategy**: For unilateral trading, watch for the support at previous lows; for arbitrage, go long on the January contract and short on the May contract; for options, wait and see [32]. Oilseeds and Oils - **Investment Logic**: Domestic soybean oil inventory is decreasing, but the overall supply is sufficient. There is a lack of positive drivers for oils, but the downward space is limited [35]. - **Trading Strategy**: For unilateral trading, go long on palm oil after it stops falling and rebounds, and wait and see for soybean oil and rapeseed oil; for arbitrage and options, wait and see [35]. 3.3 Black Metals Steel - **Investment Logic**: The steel price is range - bound. The replenishment expectation has not been fulfilled, and the cost has support, but the upward space is limited [58]. - **Trading Strategy**: For unilateral trading, maintain the oscillating trend; for arbitrage, short the coil - coal ratio and hold the short position in the coil - rebar spread; for options, wait and see [59]. Coking Coal and Coke - **Investment Logic**: The coking coal auction situation has improved, but the price increase is not widespread. The coking coal supply may improve in the future, but the price fluctuation is large [61]. - **Trading Strategy**: For unilateral trading, wait and see or go long lightly at low prices; for arbitrage and options, wait and see [62]. Iron Ore - **Investment Logic**: The iron ore supply is abundant, and the demand is weak. The price increase space is limited [64]. - **Trading Strategy**: For unilateral trading, the price is oscillating; for arbitrage and options, wait and see [65]. 3.4 Non - ferrous Metals Precious Metals - **Investment Logic**: The obstacles to interest - rate cuts have decreased, and gold and silver are likely to continue their strong trend [70]. - **Trading Strategy**: For unilateral trading, hold long positions in gold and silver based on the 5 - day moving average; for arbitrage, wait and see; for options, buy out - of - the - money call options [72]. Base Metals - **Investment Logic**: Different base metals have different price trends due to factors such as supply and demand, cost, and policies [79][85][91]. - **Trading Strategy**: Each metal has different trading strategies, including unilateral trading, arbitrage, and options trading, mainly depending on its specific situation [79][85][91]. 3.5 Energy and Chemical Products Crude Oil - **Investment Logic**: Geopolitical factors cause frequent disturbances, and the oil price is bottom - oscillating. The supply - demand surplus pressure is significant [116]. - **Trading Strategy**: For unilateral trading, the price is weakly oscillating; for arbitrage, the domestic gasoline is neutral, the diesel is weak, and the oil - price spread is weak; for options, wait and see [117]. Asphalt - **Investment Logic**: The raw - material risk is difficult to prove false, and the asphalt price has support. The supply - demand fundamentals may weaken [120]. - **Trading Strategy**: For unilateral trading, the price is oscillating; for arbitrage and options, wait and see [120]. Fuel Oil - **Investment Logic**: The fundamentals of high - and low - sulfur fuel oils are weakly oscillating. The supply is increasing, and the demand is weakening [124]. - **Trading Strategy**: For unilateral trading, go short; for arbitrage, the low - sulfur and high - sulfur crack spreads are weak; for options, wait and see [124].

Summary of Key Points from Conference Call Records Industry Overview - **Metals Sector Performance**: The metals sector has shown strong performance recently, both in commodities and stocks, supported by lower-than-expected inflation data and expectations of interest rate cuts by the Federal Reserve in 2026 [2][21]. - **Liquidity Expectations**: Enhanced liquidity expectations due to central bank gold purchases and rising ETF holdings are supporting gold prices, with a favorable outlook for precious metals like silver, platinum, and palladium [1][4]. Precious Metals - **Silver Price Surge**: Silver prices have surpassed $66 due to inventory disruptions, positively impacting gold, platinum, and palladium prices [3][10]. - **Market Dynamics**: The European Central Bank's decision to maintain interest rates and Japan's recent rate hike have contributed to price increases in tungsten, which is crucial for military and aerospace applications [3][13]. Industrial Metals - **Copper and Tin Outlook**: Copper prices are expected to remain strong due to macroeconomic factors and seasonal influences, with a tightening supply situation anticipated in the long term. Tin prices are also projected to rise despite current pressures from high prices and increased inventories [12][16]. - **Steel Industry Positioning**: Leading companies in the steel sector are well-positioned for a potential upward trend, with high potential for stock investments as the industry enters a strategic layout phase [6][20]. Energy Metals - **Lithium Market Dynamics**: Lithium prices are influenced by supply disruptions, particularly from key mines in Jiangxi. If production resumes quickly, prices may decline; otherwise, they could remain elevated due to inventory pressures [5][11]. - **Nickel and Cobalt Trends**: Nickel prices are under pressure from anticipated policy changes in Indonesia, while cobalt prices remain strong due to robust downstream demand and supply disruptions [8][9]. Rare Earths - **Price Trends**: The rare earth market is experiencing a decline in prices, particularly in medium and heavy rare earths, due to seasonal demand drops. However, long-term demand from emerging industries like electric vehicles is expected to support price increases [16][18]. - **Supply Constraints**: Domestic quotas for rare earth mining and separation are expected to grow at a slower pace, indicating tighter supply in the future [17]. Recommendations - **Investment Opportunities**: Recommended stocks include Zijin Mining, Jiangxi Copper, and leading steel companies like Baosteel and CITIC Special Steel, which are expected to perform well in the current market environment [12][22]. - **Focus on Strategic Resources**: Emphasis on investing in companies involved in tungsten and rare earths due to their strategic importance and expected demand growth in high-tech applications [13][18]. Conclusion - **Positive Outlook for Metals Sector**: The overall outlook for the metals sector remains optimistic, driven by improving liquidity, demand recovery, and strategic investments in industrial metals, precious metals, and energy metals [21].