Overview of Nonferrous Metals Industry - The nonferrous metals sector achieved revenue of 24,380.50 billion yuan in Q3 2025, representing a year-on-year growth of 9.33% [1] - The net profit attributable to shareholders reached 1,337.48 billion yuan, with a year-on-year increase of 41.88% [1] Market Performance - The CSI 300 Index rose by 17.9% in Q3 2025, while the CSI Nonferrous Metals Mining Theme Index surged by 50.20% [2] - The nonferrous metals index increased by 43.95% during the same period [2] - The Federal Reserve resumed interest rate cuts, leading to a rise in gold prices, which broke through previous resistance levels [2] - Industrial metals benefited from ongoing supply disruptions, with copper and aluminum prices trending upward [2] - Lithium prices increased due to expectations of supply-side reforms, while rare earth prices were supported by tightened supply and increased exports [2] Segment Performance and Outlook Precious Metals - The precious metals sector generated revenue of 1,342.10 billion yuan in Q3 2025, with a quarter-on-quarter increase of 6.03% [3] - Net profit was 67.39 billion yuan, showing a quarter-on-quarter decrease of 1.70% [3] - The gross margin was 25.92%, down by 0.61 percentage points, while the net margin increased by 5.50 percentage points to 19.82% [3] - Gold prices reached new highs due to global central bank purchases and geopolitical tensions [3] Industrial Metals - Copper mining and smelting companies reported revenue of 4,281.00 billion yuan, with a quarter-on-quarter increase of 0.14% [4] - Net profit for copper mining was 247.91 billion yuan, up by 7.92% [4] - The aluminum sector saw revenue of 1,139.26 billion yuan, with a quarter-on-quarter increase of 0.19% and net profit of 104.01 billion yuan, up by 8.33% [4] Minor Metals - The rare earth sector experienced a revenue increase of 21.18% quarter-on-quarter, with net profit rising by 34.32% [5] - The average price of praseodymium and neodymium oxide was 540,300 yuan/ton, up by 25.07% [5] - The small metals sector saw a revenue increase of 9.16% and net profit growth of 24.62% [5] Energy Metals - Lithium prices rebounded, with an average price increase of 11.91% quarter-on-quarter [6] - The lithium sector generated revenue of 28.6 billion yuan, a year-on-year increase of 23.2%, with net profit soaring by 208% to 4.78 billion yuan [6] - Cobalt prices rose by 10.88% due to ongoing export restrictions from the Democratic Republic of Congo [6] Future Focus Areas - Industrial metals (copper, aluminum) are expected to benefit from improving macroeconomic conditions and supply adjustments [7] - Gold prices are likely to remain supported in the early stages of the interest rate cut cycle [8] - The lithium sector is anticipated to see a clearer trend of improving supply-demand fundamentals [9] Investment Participation in Nonferrous Sector - Mining ETF (561330) has outperformed the nonferrous sector by over 10% this year [10] - Nonferrous 60 ETF (159881) provides comprehensive coverage of the sector [11] - As of October 31, 2025, the CSI Nonferrous Metals Mining Theme Index PB ratio is at 3.45, in the 92.16 percentile over the past decade [11]