Group 1: Market Performance - The liquidity of rare metal ETFs showed a turnover of 5.01% with a transaction volume of 44.04 million yuan [3] - As of July 11, the average daily transaction volume of rare metal ETFs over the past week was 44.67 million yuan, ranking first among comparable funds [3] - The net value of rare metal ETFs increased by 28.79% over the past year [3] Group 2: Price Trends - In the past two weeks, the price of black tungsten concentrate rose by 0.58% to 172,000 yuan per ton, while ammonium paratungstate increased by 0.40% to 253,000 yuan per ton [3] - SHFE tin prices increased by 2.57% to 267,300 yuan per ton, and LME tin prices rose by 4.24% to 33,800 USD per ton [3] - The operating rate of tin smelting enterprises in Yunnan remains low due to a shortage of raw materials from Myanmar, leading to a tight supply of spot goods [3] Group 3: Strategic Insights - According to CITIC Securities, the price center of strategic minor metals has significantly increased due to resource scarcity and rigid supply, benefiting from developments in new energy, new materials, manufacturing upgrades, and military industries [4] - The report emphasizes the importance of strategic metal investment opportunities as key mineral resources become a new battleground for countries [4] Group 4: Key Stocks - As of June 30, 2025, the top ten weighted stocks in the CSI Rare Metals Theme Index accounted for 54.07% of the index, including Salt Lake Co., Northern Rare Earth, and others [4] - The weight and performance of key stocks are as follows: Salt Lake Co. (2.29%, 9.04%), Northern Rare Earth (2.29%, 8.25%), and Ganfeng Lithium (3.80%, 5.47%) [6] Group 5: Investment Opportunities - Investors can participate in the rare metals sector through the Rare Metal ETF linked fund (014111) [7]

Group 1 - The core viewpoint of the articles highlights the strong performance of the non-ferrous metal sector, particularly in light of increasing gold reserves and heightened market risk aversion due to global conflicts and inflation data [1][2] - As of May 30, 2025, the top ten weighted stocks in the non-ferrous metal industry index accounted for 51.92% of the total index, indicating a concentration of investment in key players such as Zijin Mining and Northern Rare Earth [2] - The China Central Bank has increased its gold reserves to 7.383 million ounces as of the end of May, marking the seventh consecutive month of gold accumulation, which reflects a strategic move amidst global economic uncertainties [1] Group 2 - The non-ferrous ETF fund closely tracks the non-ferrous metal industry index, which includes 50 securities that are prominent in terms of scale and liquidity, providing a benchmark for the overall performance of listed companies in the sector [1] - The article suggests focusing on investment opportunities in strategic minor metals such as gallium, germanium, tungsten, and antimony, as their price trends are showing divergence [1]

Core Viewpoint - The non-ferrous metals industry index has shown strong performance, increasing by 2.43% over the past two weeks, outperforming the CSI 300 index by 1.46 percentage points, ranking eleventh among 31 first-level industries in the Shenwan classification [1][2]. Industry Performance - The non-ferrous metals industry index rose by 2.43% from April 14 to April 25, 2025, outperforming the CSI 300 index [2]. - Energy metals (4.34%), industrial metals (3.84%), and precious metals (1.74%) led the gains, while minor metals and new metal materials saw declines of -1.66% and -1.78%, respectively [1][2]. Metal Prices - As of April 25, 2025, gold prices reached a closing price of $3,330.2 per ounce, up 2.31% over the past two weeks [3]. - Silver closed at $33.34 per ounce, increasing by 3.56% [3]. - LME copper settled at $9,364 per ton, up 2.00% [3]. - LME aluminum closed at $2,412 per ton, rising by 5.56% [3]. - Other metals such as tungsten and antimony saw price declines of -1.74% and -1.04%, respectively [3]. Important Events - A medium-sized gold mine was discovered in Xinjiang, with proven gold reserves of 5,857.68 kg and an average grade of 1.60 grams per ton [4]. - Integral Metals is advancing two rare earth projects in North America to support self-sufficiency in supply chains [4]. Market Influences - Global geopolitical conflicts, tariff policies, and U.S. inflation data have heightened market risk aversion, leading to strong performance in precious and industrial metals [5]. - Domestic export control policies on strategic metals like rare earths, gallium, germanium, tungsten, and antimony are expected to reshape supply and demand dynamics, highlighting investment opportunities in strategic minor metals [5].

Investment Rating - The report maintains a positive investment rating for the non-ferrous metals industry, highlighting strong performance in precious and industrial metals [5][7]. Core Insights - The report emphasizes the recent surge in gold prices, reaching new highs, and suggests focusing on strategic minor metal investment opportunities due to geopolitical tensions and supply chain dynamics [5][23]. - The non-ferrous metals index increased by 2.43% over the past two weeks, outperforming the Shanghai and Shenzhen 300 index by 1.46 percentage points [2][13]. Summary by Sections Market Review (April 14 - April 25, 2025) - The non-ferrous metals industry index rose by 2.43%, ranking 11th among 31 sectors, with energy metals (4.34%), industrial metals (3.84%), and precious metals (1.74%) leading the gains [2][13]. Precious Metals - As of April 25, COMEX gold closed at $3,330.20 per ounce, up 2.31% over two weeks and 24.67% year-to-date. COMEX silver closed at $33.34 per ounce, up 3.56% over two weeks and 11.19% year-to-date [3][22]. - The report notes that geopolitical risks and monetary policy changes are driving gold prices, with a recent peak above $3,400 per ounce [23][24]. Industrial Metals - LME copper settled at $9,364 per ton, up 2.00% over two weeks and 7.81% year-to-date. LME aluminum closed at $2,412 per ton, up 5.56% over two weeks but down 4.89% year-to-date [30][33]. - The report attributes copper's recent price increase to easing tariff policies and strong demand from the renewable energy sector [30][34]. Minor Metals - Black tungsten concentrate (≥65%) was priced at 146,000 CNY per ton, up 1.74% over two weeks and 2.28% year-to-date. LME tin was priced at $31,975 per ton, up 1.52% over two weeks and 12.35% year-to-date [37][41]. - Antimony prices are experiencing high volatility due to supply constraints and strong demand from the photovoltaic sector [38][39]. Rare Earths - The rare earth price index was 171.62, down 5.28% over two weeks but up 4.79% year-to-date. Prices for praseodymium-neodymium oxide fell by 5.14% over two weeks [50][51]. - The report indicates that recent export control policies are impacting market dynamics, with demand from new energy sectors remaining strong [51]. Energy Metals - Cobalt prices are stable, with electrolytic cobalt averaging 240,500 CNY per ton, up 2.78% over two weeks and 41.06% year-to-date. Sulfuric cobalt (≥20.5%) averaged 49,375 CNY per ton, up 0.05% over two weeks [58][59]. - The report highlights cobalt's critical role in electric vehicle batteries and renewable energy technologies [58]. Investment Recommendations - The report suggests focusing on strategic minor metals due to changing supply dynamics and geopolitical factors, recommending companies involved in these sectors [5][51].