会议指出，加强战略矿产资源出口管制事关国家安全和发展利益。国家对镓、锗、锑、钨、中重稀土 等战略矿产实施出口管制以来，部分境外实体与境内不法人员相互勾结，不断翻新走私出口手法，试 图逃避打击。为避免战略矿产非法外流、遏制走私势头、切实维护国家安全，同时促进合规贸易、保 障产供链稳定，打击战略矿产走私出口成为当前迫切且重要的工作任务。 据商务部，为深入贯彻党中央、国务院决策部署，2025年5月9日，国家出口管制工作协调机制办公 室组织商务部、公安部、国家安全部、海关总署、最高人民法院、最高人民检察院、国家邮政局等部 门在广东省深圳市召开打击战略矿产走私出口专项行动现场会，部署各项具体工作。 会议要求，各部门要加强执法司法力量配备和能力建设，切实提升办案水平和打击成效；加快执法智 能化信息系统建设，强化跨部门、跨区域执法协作；加强内地与港澳海关执法合作，形成打击合力， 确保实现国家出口管制目标，坚决维护国家安全和发展利益。 会议强调，各部门要聚焦战略矿产领域，加强源头管控，形成打击合力，针对伪报瞒报、夹藏走 私、"第三国"转口等典型规避手法，重点打击战略矿产走私出口。要坚持法治思维，完善行刑衔接， 依法加快办理并 ...

Core Insights - The report emphasizes a positive outlook for the metal industry, particularly highlighting the interplay between industrial metals and strategic metals, with a focus on supply constraints and seasonal demand [1][3]. Industrial Metals - The supply of industrial metals is expected to remain tight, with a strong demand season approaching, particularly for aluminum and copper. The report notes that aluminum prices have significantly improved due to a drop in alumina prices and robust demand from sectors like photovoltaics and automotive [5][17]. - Copper supply is projected to increase only modestly, with a net addition of 380,000 tons from 36 global mining companies, which is lower than previous expectations. This, combined with favorable macroeconomic policies, is expected to support copper prices in the second quarter [5][17]. - Steel sector performance is anticipated to be strong, driven by limited production expectations and seasonal demand, particularly during the "golden three months" of March to May [5]. Strategic Metals - Strategic metals such as cobalt, tin, antimony, and titanium are highlighted as key investment opportunities due to their rising valuations amid geopolitical tensions and export controls [5]. - The report suggests that the ongoing U.S.-China rivalry will enhance the attractiveness of strategic metals, with a focus on rare earth materials and other critical resources [5]. Precious Metals - The report indicates that gold is likely to remain in a comfortable price range, supported by factors such as inflation expectations, geopolitical risks, and ongoing central bank purchases. The anticipated U.S. interest rate cuts are expected to further bolster gold prices [12][13]. - The performance of precious metal equities is expected to improve, with a focus on companies that can deliver actual growth in a strong price environment. The report notes that valuations for gold stocks have become attractive, with several companies trading below 20x earnings [15][12]. Aluminum Market - The aluminum market is experiencing a bullish trend, with prices rising significantly due to low inventory levels and strong demand from various sectors. The report notes that as of March 10, 2025, the price of aluminum on the Shanghai market was 20,760 CNY per ton, reflecting an 8% year-on-year increase [17][19]. - Global aluminum inventories are at low levels, with significant reductions observed in LME and COMEX stocks, indicating a tightening supply situation that supports higher prices [23][25].