Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the **gold market** and its dynamics in relation to **U.S. economic policies** and **global demand trends** for gold, particularly focusing on **gold ETFs** and **central bank purchases**. Core Insights and Arguments 1. **Gold ETF Demand and Price Movement**: In the first half of 2024, global gold ETF demand led to an increase of approximately **397 tons**, reflecting a core avoidance of U.S. tariff policy risks, especially after the April tariff adjustments [1][4] 2. **Impact of U.S. Tariff Policies**: The fluctuating U.S. gold bar tariff policies significantly affected spot trade and market sentiment, with concerns about physical delivery risks on the COMEX exchange arising in early August [1][5] 3. **Federal Reserve's Interest Rate Decisions**: The Federal Reserve is expected to consider a **preventive rate cut** in September, which may not be substantial but could influence short-term gold market dynamics [1][6][10] 4. **Speculative Positions and Inflation Expectations**: Speculative positions have less impact on gold prices this year, correlating positively with long-term U.S. inflation expectations, contrasting with previous years [1][7] 5. **Central Bank Gold Purchases**: Central bank gold purchases totaled approximately **415 tons** in the first half of the year, a **21% decrease** year-on-year, indicating a slowdown in demand that has affected price trends [1][7] 6. **Market Adjustments and Volatility**: The gold market has entered a period of adjustment and low volatility, with ETF inflows decreasing significantly in July compared to earlier months [1][4][8] Additional Important Insights 1. **Geopolitical Factors**: The Asian market has become a significant contributor to gold demand following tariff changes, but demand has cooled since May due to tariff reductions [1][4] 2. **Historical Context of Gold Demand**: The current situation mirrors past periods of heightened gold demand during geopolitical tensions, such as the COVID-19 pandemic and the Russia-Ukraine conflict [1][4] 3. **Future Outlook on Gold Prices**: The potential for further upward movement in gold prices exists if U.S. economic conditions worsen, but the sustainability of such trends remains uncertain [1][11][12] 4. **Market Sentiment and Trading Opportunities**: The current economic data and interest rate expectations may create short-term trading opportunities, but long-term risks related to U.S. economic growth need to be monitored [1][10][13] This summary encapsulates the key points discussed in the conference call, providing a comprehensive overview of the current state and future outlook of the gold market in relation to economic policies and global demand trends.

行 业 及 产 业 有色金属 行 业 研 究 / 行 业 点 评 2025 年 08 月 17 日 供需预期共振，金属投资进入新 阶段 看好 —— 金属&新材料行业周报20250811-20250815 相关研究 证 券 研 究 报 告 证券分析师 郭中伟 A0230524120004 guozw@swsresearch.com 马焰明 A0230523090003 maym@swsresearch.com 陈松涛 A0230523090002 chenst@swsresearch.com 马昕晔 A0230511090002 maxy@swsresearch.com 研究支持 郭中耀 A0230124070003 guozy@swsresearch.com 联系人 郭中耀 (8621)23297818× guozy@swsresearch.com 1．一周行情回顾 据 ifind，总体看，环比上周，上证指数上涨 1.70%，深证成指上涨 4.55%，沪深 300 上涨 2.37%，有色金属（申万）指数上涨 3.62%，跑赢沪深 300 指数 1.25 个百分点； 2025 年有色金属（申万）指数上涨 36. ...

Core Viewpoint - The recent price increase by Laopu Gold highlights the ongoing volatility in gold prices, influenced by Federal Reserve interest rate expectations and strong physical demand for gold [1][2][4]. Group 1: Price Adjustments - Laopu Gold announced a price adjustment set for August 25, marking the second price increase this year, as the company typically adjusts prices twice annually [2][3]. - The previous price adjustment in February saw increases ranging from 5% to 12% [4]. Group 2: Financial Performance - Laopu Gold's pre-earnings announcement indicated a projected sales performance of 14.3 billion yuan for the first half of 2025, representing a year-on-year increase of 252%, with adjusted net profit expected to reach 2.36 billion yuan, up approximately 292% [4]. Group 3: Market Demand and Trends - Strong physical demand has pushed domestic gold store prices above 1,000 yuan per gram, with current quotes reaching 1,012 yuan per gram [5]. - As of the end of July, China's gold reserves stood at 73.96 million ounces, reflecting a month-on-month increase of 60,000 ounces, marking nine consecutive months of accumulation [6]. Group 4: Global Central Bank Activity - The World Gold Council reported that global central bank gold purchases in the second quarter of 2024, although slowing, remained above the ten-year average by 40%, indicating a significant demand pillar for gold [8]. - The shift in household asset allocation towards gold is evident, with a notable decrease in household deposits and a corresponding increase in non-bank deposits, partially flowing into gold assets [8]. Group 5: Federal Reserve and Geopolitical Factors - Recent data showed that U.S. Producer Price Index (PPI) rose to 3.3% in July, exceeding expectations and cooling market expectations for a September interest rate cut, contributing to short-term volatility in gold prices [10]. - Geopolitical factors are creating a tug-of-war effect on gold prices, adding to the uncertainty in the market [11]. Group 6: Institutional Perspectives - Various institutions view the current environment as a favorable investment opportunity in the gold sector, with expectations of continued price increases driven by Federal Reserve policies and inflation data [12][13][14]. - However, some institutions express caution regarding potential risks in gold investments, including policy reversals and market dynamics [15].

Report Industry Investment Ratings - Gold: ★★, suggesting "Buy on Dips" [1] - Silver: ★★, recommending "Buy on Rebounds" [1] - Copper: ★★★, indicating "Hold Long Positions" [1] - Zinc: ★, "Cautiously Bullish" [1] - Lead: ★, "Rebound Under Pressure" [1] - Tin: ★★, "Rebound Under Pressure" [1] - Aluminum: ★, "Rebound Under Pressure" [1] - Nickel: ★★, "Rebound Under Pressure" [1] - Industrial Silicon: ★★, "Cautiously Bullish" [1] - Polysilicon: ★★, "Cautiously Bullish" [1] - Lithium Carbonate: ★★★, "Bullish" [1] Core Views - Gold and silver prices are affected by factors such as US - Russia summit, US policies, and central bank gold purchases. Long - term strategic allocation of gold is recommended, and silver has a long - term upward trend [1][2][3][4] - Copper prices are boosted by overseas copper concentrate disruptions, a weak US dollar, and better - than - expected domestic exports. Short - term long positions should be held, and long - term optimism is maintained [1][7][8] - Zinc shows an external - strong and internal - weak pattern. Short - term cautious bullishness is advised, and long - term opportunities to short at high prices should be grasped [1][10][11] - Aluminum prices are under pressure due to the off - season effect and weak downstream demand. Short - term shorting on rebounds is recommended [1][14][15] - Nickel prices face pressure on rebounds due to increasing supply and high inventory. Shorting on rebounds is suggested [1][18][19] - Lithium carbonate prices are supported by short - term fundamentals, funds, and sentiment. Long positions should be held [1][22][23] Summary by Related Catalogs Gold and Silver - **Market Review**: Gold prices are at a high level due to factors such as the upcoming Putin - Trump meeting and continuous central bank gold purchases [2] - **Basic Logic**: The US gold tariff issue, high global tariffs, and the upcoming US - Russia summit affect gold prices. In the long - term, the logic of a gold bull market remains unchanged [3] - **Strategy Recommendation**: In the short - term, there is clear support for gold at around 770, and silver is in a trading range of 9100 - 9350. Long - term long positions are recommended [4] Copper - **Market Review**: Shanghai copper oscillated strongly, testing the pressure level of 79,000 [7] - **Industrial Logic**: There have been continuous disruptions in copper concentrates globally, and domestic copper production has increased. The spot market is tight in the short - term, but downstream demand is weak due to the off - season and high prices [7] - **Strategy Recommendation**: Short - term long positions should be held, and long - term optimism is maintained. Shanghai copper is expected to be in the range of [78000, 80500], and London copper in the range of [9650, 9950] USD/ton [8] Zinc - **Market Review**: London zinc oscillated strongly, while Shanghai zinc traded in a narrow range [10] - **Industrial Logic**: Zinc concentrate supply is abundant in 2025, and domestic refined zinc production is expected to increase. Demand from downstream industries shows mixed performance [10] - **Strategy Recommendation**: Short - term cautious bullishness is advised, and long - term opportunities to short at high prices should be grasped. Shanghai zinc is expected to be in the range of [22400, 23000], and London zinc in the range of [2780, 2880] USD/ton [11] Aluminum - **Market Review**: Aluminum prices were under pressure, and alumina prices declined again [13] - **Industrial Logic**: The cost of electrolytic aluminum decreased in July, and inventory increased. Downstream demand is weak. Overseas bauxite imports are high, and alumina supply is expected to be loose [14] - **Strategy Recommendation**: Short - term shorting on rebounds is recommended, and attention should be paid to the inventory build - up during the off - season. The main operating range for Shanghai aluminum is [20000, 20900] [15] Nickel - **Market Review**: Nickel prices faced pressure on rebounds, and stainless steel prices rebounded and then declined [17] - **Industrial Logic**: Nickel ore prices in the Philippines are weak, and domestic refined nickel production increased. Stainless steel inventory pressure re - emerged during the off - season [18] - **Strategy Recommendation**: Shorting on rebounds for nickel and stainless steel is recommended, and attention should be paid to downstream inventory changes. The main operating range for nickel is [119000, 122000] [19] Lithium Carbonate - **Market Review**: The main contract LC2511 increased in price with increasing positions, rising by more than 5% [21] - **Industrial Logic**: Terminal demand is about to enter the peak season, and there may be a short - term supply - demand mismatch. Production increased, and inventory increased slightly [22] - **Strategy Recommendation**: Long positions should be held in the range of [75000, 81000] [23]

Investment Rating - The report maintains a positive outlook on the metals and new materials industry, indicating a "Buy" rating for the sector [1]. Core Insights - The report highlights a significant increase in metal prices, with the non-ferrous metals index rising by 5.78% over the past week, outperforming the CSI 300 index by 4.55 percentage points [4][5]. - Precious metals, particularly gold, are expected to continue their upward trend due to increased central bank purchases and a shift in market sentiment towards safety over yield [4][21]. - The report emphasizes the importance of supply-demand dynamics in the copper and aluminum markets, with expectations of price increases driven by stable demand and constrained supply [4][47]. Weekly Market Review - The Shanghai Composite Index rose by 2.11%, while the Shenzhen Component Index increased by 1.25% [5]. - The non-ferrous metals index has increased by 32.00% year-to-date, outperforming the CSI 300 index by 27.68 percentage points [8]. - Key segments such as precious metals and copper saw significant weekly gains, with precious metals up 8.04% and copper up 6.71% [9]. Price Changes - Industrial metals and precious metals experienced price increases, with LME copper, aluminum, lead, and zinc prices rising by 1.37%, 1.68%, 1.83%, and 3.67% respectively [14]. - The report notes a decrease in lithium prices, with battery-grade lithium carbonate down by 9.87% [14]. Inventory Changes - Copper inventories at LME increased by 9.95% week-on-week, while COMEX inventories rose by 1.72% [17]. - Aluminum social inventory remained stable at 56.4 thousand tons, with a slight increase in total aluminum inventory [47]. Key Company Valuations - The report provides valuations for key companies in the sector, with Zijin Mining priced at 20.54 CNY per share and a projected PE ratio of 26 for 2023 [18]. - Other notable companies include Shandong Gold at 32.88 CNY per share with a PE ratio of 63, and Huayou Cobalt at 43.81 CNY per share with a PE ratio of 22 [18]. Precious Metals Analysis - The report indicates that the SPRD+iShares gold ETF holdings increased by 0.7% to 1412 tons, reflecting growing investor confidence [21]. - The Chinese central bank's continued gold purchases are expected to support gold prices, with the current official reserve standing at 7396 tons [21]. Copper Market Insights - The report notes that the current copper spot price is 37.98 USD per dry ton, with domestic social inventory increasing to 132,000 tons [32]. - The operating rates for electrolytic copper rods and wire and cable production are reported at 68.9% and 69.9% respectively, indicating stable demand [32]. Aluminum Market Insights - The report highlights that the average price of A00 aluminum in Shanghai is 20,650 CNY per ton, reflecting a week-on-week increase of 0.63% [47]. - The operating rate for aluminum processing enterprises has risen to 58.70%, indicating a recovery in demand [47]. Steel Market Insights - The report indicates a slight decrease in rebar prices, with the current price at 3330 CNY per ton, while hot-rolled coil prices increased to 3440 CNY per ton [72].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views - Fundamentals: Since July, the cease - fire between Israel and Hamas has cooled the Middle East tension, weakening the impact of geopolitical conflicts on precious metal prices. The U.S. tariff trade policy is fickle. Trump postponed the implementation of "reciprocal tariffs" from July 9th to August 1st and sent tariff letters to trading partners. Trade progress boosts the U.S. dollar and market risk sentiment, while deadlocks in negotiations with some countries support the safe - haven appeal of precious metals. With the Fed's interest - rate cut expectation rising, precious metal prices are expected to break through the oscillation range. COMEX gold futures reached a high of $3451.7 per ounce, and COMEX silver futures hit $39.91 per ounce [3]. - Capital: Last month, COMEX gold and silver inventories increased. Global gold reserves continued to rise, with the People's Bank of China increasing its gold holdings for the eighth consecutive month. Gold and silver ETF fund inflows increased, and hedge funds increased their long - positions in gold. The global demand and reserves of gold maintained growth, and ETF investment demand remained strong, providing bottom support for precious metal prices [3]. - Strategy: As tariff sentiment eases, the impact of trade policy changes on precious metal prices will gradually weaken. The weak U.S. labor data and the rising expectation of a Fed interest - rate cut will boost precious metal prices. The Shanghai gold price is bullish in the long - term, has an upward trend in the short - term, and it is recommended to hold long or buy low and sell high in the medium - term. The Shanghai silver price shows a slight increase in the short - term, and it is advisable to pay attention to long - position opportunities and buy on dips in the medium - term [3]. 3. Summary by Directory 3.1 Market Review - Key Indicator Changes: COMEX gold futures rose 1.97% to $3416 per ounce, and COMEX silver futures increased 2.37% to $37.11 per ounce. COMEX gold inventory rose 4.5% to 3871.56 million ounces, and COMEX silver inventory increased 1.09% to 50666.16 million ounces. The speculative net long - position of COMEX gold increased 10.7% to 22.36 million lots, while that of COMEX silver decreased 6.3% to 5.94 million lots [6]. - Gold - Silver Ratio: Since July, the gold - silver ratio at home and abroad has been falling, but it is still significantly higher than the long - term average, indicating that the silver price is undervalued and has the opportunity to make up for the increase [7]. - Price Difference: The price difference between domestic and foreign markets of gold and silver has decreased compared with last month. In July, affected by tariffs and interest - rate cut expectations, precious metal prices showed an oscillating trend [10]. 3.2 Macro - environment - U.S. Dollar Index: In July, the U.S. dollar index first rose and then fell, affected by U.S. economic data and tariff policies. The strong non - farm payrolls report in early July strengthened the U.S. dollar, while the trade agreement uncertainties with Japan, the EU and other countries, along with Trump's pressure on the Fed, weakened the U.S. dollar [13]. - U.S. Treasury Yields: The real yields of 5 - year and 10 - year U.S. Treasuries first rose and then fell last month, causing precious metal prices to oscillate [15]. - Key Economic Data: In June, the U.S. core PCE price index rose 2.8% year - on - year, and the overall PCE price index rose 2.6% year - on - year. The CPI in June also rebounded. In July, the ISM manufacturing PMI was 48, below expectations, while the ISM services PMI in June was 50.8, slightly higher than expected. Retail sales in June increased 0.6% month - on - month. In July, ADP employment increased by 104,000, but the labor market cooled. Non - farm payrolls in July dropped to 73,000, and the unemployment rate rose to 4.2% [20][23][26]. - Fed's Decision: In July, the Fed kept the interest rate unchanged with a 9 - 2 vote. There are differences within the Fed, and it maintains a wait - and - see stance. The U.S. tariff trade policy is volatile, and recent trade progress has boosted the U.S. dollar and market risk sentiment [32]. - Central Bank Gold Buying: 43% of surveyed central banks plan to increase gold reserves in the next 12 months. In the second quarter of 2025, global gold demand increased 3% year - on - year. The People's Bank of China has increased its gold holdings for eight consecutive months, and global central banks' gold - buying demand will support the gold price [33]. 3.3 Position Analysis - Hedge Fund Positions: As of July 29, 2025, CMX gold speculative net long - positions increased by 2.16 million lots to 22.36 million lots, while CMX silver speculative net long - positions decreased by 0.4 million lots to 5.94 million lots [36]. - ETF Positions: As of August 1, 2025, the SPDR gold ETF holdings increased by 4.85 tons to 953.08 tons, and the SLV silver ETF holdings increased by 187.66 tons to 15056.66 tons, indicating accelerated fund inflows into gold and silver ETFs [37]. 3.4 Other Elements - Inventory: As of August 1, 2025, COMEX gold inventory increased 4.5% to 3871.56 million ounces, and COMEX silver inventory increased 1.09% to 50666.16 million ounces [41]. - Demand: In July 2025, global gold reserves increased by 31.55 tons to 36305.84 tons, and China's gold reserves increased by 1.86 tons to 2296.35 tons. In the second quarter of 2025, global gold demand increased 3% year - on - year. The global silver gap is expected to narrow by 21% in 2025, and industrial demand for silver remains strong [44]. - Outlook: As tariff sentiment eases, the impact of trade policies on precious metal prices will weaken. The U.S. labor market imbalance provides an opportunity for the Fed to cut interest rates, which will boost precious metal prices. Central banks' gold - buying strategies also support precious metal prices. However, attention should be paid to the impact of tariff implementation, economic data, and geopolitical risks [45].

Core Viewpoint - The report from ING's Ewa Manthey indicates that there is still room for gold prices to rise this year, driven by potential Federal Reserve rate cuts, ongoing central bank purchases, and inflows into gold ETFs [1] Group 1: Federal Reserve and Interest Rates - The probability of a Federal Reserve rate cut in the upcoming meeting is estimated at 93% according to traders [1] Group 2: Central Bank Purchases - Central bank purchases remain robust, with the World Gold Council reporting an increase of 166 tons in global official gold reserves during the second quarter [1] Group 3: Gold ETF Investments - Gold ETFs experienced strong investment in the second quarter, contributing to the bullish outlook for gold prices [1] Group 4: Price Forecasts - ING has raised its gold price forecast for the third quarter from $3,200 per ounce to $3,400 per ounce and for the fourth quarter from $3,200 per ounce to $3,450 per ounce [1]

Report Industry Investment Ratings - Gold: ★★, suggesting a strategy of buying on dips [1] - Silver: ★★, recommending buying on rebounds [1] - Copper: ★★, advising to try buying on dips [1] - Zinc: ★★, suggesting selling on rebounds [1] - Lead: ★, indicating that rebounds are under pressure [1] - Tin: ★★, showing rebounds are under pressure [1] - Aluminum: ★, suggesting rebounds are under pressure [1] - Nickel: ★★, indicating rebounds are under pressure [1] - Industrial Silicon: ★, showing it is under pressure [1] - Polysilicon: ★, recommending a cautious bullish view [1] - Lithium Carbonate: ★★★, suggesting a bullish view [1] Core Views of the Report - Precious metals like gold and silver are influenced by multiple factors such as US data supporting higher interest - rate cut expectations, central bank gold purchases, and geopolitical events, maintaining high levels. Long - term strategic allocation of gold is recommended, and silver also has an upward long - term trend [1][2] - Copper is affected by copper concentrate disruptions and a weak US dollar, which help it stop falling and rebound. However, the off - season demand and inventory accumulation limit the rebound space. Long - term optimism remains [1][7] - Zinc shows an external - strong and internal - weak situation. Overseas, there are issues like concentrated zinc warehouse receipts, while domestic demand is weak. Long - term, supply increases and demand decreases [1][10] - Aluminum's price rebound is under pressure due to insufficient terminal demand and inventory accumulation [1][14] - Nickel's price rebound is under pressure because of weak downstream transactions and inventory pressure [1][18] - Lithium carbonate's fundamentals have marginally improved, with total inventory starting to decline after continuous accumulation. There is a supply hype expectation, and it is recommended to try buying on dips [1][22] Summary by Variety Gold and Silver - **Market Review**: Gold prices remain high due to factors such as the expected meeting between Putin and Trump, US data supporting higher interest - rate cut expectations, and continuous central bank gold purchases [2] - **Basic Logic**: US employment is weakening, but inflation expectations are rising. Some countries' stances on tariffs are changing, and central banks are continuing to buy gold. The long - term bullish logic of gold remains unchanged [2] - **Strategy Recommendation**: Gold has clear support around 770 in the short - term. Silver is in a range of 9100 - 9350, and long - term buying is supported by fundamentals and market trends [3] Copper - **Market Review**: Shanghai copper fluctuated narrowly overnight, first rising and then falling [6] - **Industrial Logic**: There have been continuous disruptions in copper concentrates, and overseas smelters are under maintenance. Domestic copper smelting production has increased, but it is the off - season for demand, and inventories are accumulating [6] - **Strategy Recommendation**: Wait for copper to fully correct and then try buying on dips. Long - term, be bullish on copper. The range for Shanghai copper is [77500, 79500], and for LME copper is [9550, 9750] dollars per ton [7] Zinc - **Market Review**: LME zinc has stood above the 2800 mark, while Shanghai zinc fluctuated narrowly [9] - **Industrial Logic**: Zinc concentrate supply is abundant in 2025, and domestic refined zinc production is expected to increase. However, demand is weak due to high temperatures, floods, and the off - season [9] - **Strategy Recommendation**: For short - term, take profit on previous short positions and wait and see. Long - term, look for opportunities to short on rallies. The range for Shanghai zinc is [22200, 22800], and for LME zinc is [2750, 2850] dollars per ton [10] Aluminum - **Market Review**: Aluminum prices rebounded in the short - term, while alumina rebounded and then declined [12] - **Industrial Logic**: The cost of electrolytic aluminum has decreased, and inventories are rising. The demand side is weak. For alumina, overseas bauxite shipments are smooth, and inventories are accumulating [13] - **Strategy Recommendation**: Sell on short - term rebounds of Shanghai aluminum, paying attention to inventory accumulation during the off - season. The main operating range is [20000 - 20900] [14] Nickel - **Market Review**: Nickel prices' rebounds were under pressure, and stainless steel rebounded and then declined [16] - **Industrial Logic**: The price of nickel ore in the Philippines is falling, and domestic nickel supply - demand conditions have improved limitedly. Stainless steel's production cut effect is weakening, and inventory pressure has reappeared in the off - season [17] - **Strategy Recommendation**: Sell on rebounds of nickel and stainless steel, paying attention to downstream inventory changes. The main operating range for nickel is [119000 - 122000] [18] Lithium Carbonate - **Market Review**: The main contract LC2511 increased in position and rose by more than 5% [20] - **Industrial Logic**: The total inventory has stopped accumulating, and production has decreased. The compliance risk of lithium mining licenses in Jiangxi is a key point. The supply - demand situation may improve in August [21] - **Strategy Recommendation**: There is still an expectation of supply speculation. Try buying on dips in the range of [715000 - 73600] [22]

Group 1 - The core viewpoint of the article highlights the significant increase in gold prices, driven by central banks' continuous accumulation of gold reserves and strong technical factors, with gold futures for December 2025 rising by $49.3 to $3482.7 per ounce, marking a 1.44% increase [1] - Central banks' purchases of gold are identified as a key driver for the 30% increase in gold prices this year, with expectations that this trend will continue, although the pace of purchases may slow down as prices rise [1] - The article notes that the U.S. Department of Labor reported an increase in initial jobless claims to 226,000, exceeding market expectations, indicating a weakening labor market, which contributed to the rise in gold prices [1] Group 2 - On the technical side, December gold futures are noted to have a strong overall technical advantage for the bulls [1] - Silver futures for September also saw an increase, rising by 62.8 cents to $38.530 per ounce, reflecting a 1.66% gain [1]

Investment Rating - The report maintains a positive outlook on the metals and new materials industry, particularly emphasizing investment opportunities in precious metals [4]. Core Insights - The report highlights significant adjustments in U.S. employment data, suggesting a shift in focus towards precious metal investments due to increased economic uncertainty [4]. - It notes a decline in various metal prices, with precious metals experiencing a mixed performance, while industrial metals face downward pressure due to seasonal demand and tariff impacts [5][10]. - The report suggests that the central bank's continued gold purchases indicate a long-term bullish trend for gold prices, with specific companies recommended for investment [5][22]. Weekly Market Review - The Shanghai Composite Index fell by 0.94%, while the Shenzhen Component and CSI 300 Index dropped by 1.58% and 1.75%, respectively. The non-ferrous metals index underperformed, decreasing by 4.62% [6]. - Precious metals saw a 4.11% decline, with industrial metals like aluminum and copper also experiencing significant drops [10]. - Year-to-date performance shows precious metals up by 30.47%, indicating a strong recovery potential despite recent declines [10]. Price Changes and Company Valuations - The report details price changes for various metals, with copper, aluminum, and lead showing declines of 1.42%, 2.64%, and 2.11%, respectively, while gold prices increased by 2.32% [15]. - Key companies in the industry are evaluated, with specific price-to-earnings (PE) and price-to-book (PB) ratios provided for major players like Zijin Mining and Shandong Gold [19][20]. Precious Metals Analysis - The report indicates that the U.S. non-farm payrolls data has created a favorable environment for gold investments, with central bank purchases expected to support price increases [22]. - The gold ETF holdings have slightly decreased, but the overall sentiment remains positive due to ongoing purchases by the Chinese central bank [22]. Industrial Metals Overview - Copper supply is under pressure due to increased tariffs on imports, while demand remains stable with slight increases in production rates [33]. - Aluminum prices have decreased, but the report anticipates a long-term upward trend due to supply constraints and policy support [49]. Recommendations - The report recommends focusing on companies with strong fundamentals and growth potential in the metals sector, particularly those involved in gold mining and aluminum production [5][19].