Investment Rating - The report maintains a "Buy" recommendation for the non-ferrous metals sector, highlighting the strengthening of gold's safe-haven attributes and further management of the rare earth industry [1]. Core Views - The report emphasizes the impact of trade tariff concerns on gold's safe-haven demand, while silver prices are accelerating due to spot market shortages and warehouse squeezes [7]. - The rare earth industry is seeing enhanced management policies, ensuring the strategic security of China's rare earth industry [7]. - The cobalt market is expected to experience upward price pressure due to the announced export quotas from the Democratic Republic of Congo [7]. Industry Overview - **Industrial Metals**: The report notes that trade tariff concerns are increasing gold's safe-haven demand, with silver prices rising due to market shortages. The SPDR Gold ETF saw a decrease in holdings by 2.3 tons to 1013.44 tons, while iShares Silver ETF increased by 35.28 tons to 15443.76 tons [7]. - **Rare Earths**: Recent announcements from the Ministry of Commerce regarding export controls on rare earth materials are expected to enhance the management of the industry, ensuring strategic security [7]. - **Cobalt**: The Democratic Republic of Congo's export quota policy is likely to support cobalt prices, with the average price of electrolytic cobalt rising by 4.8% to 349,500 CNY/ton [9]. Stock Recommendations - The report recommends focusing on companies in the precious metals sector such as Zhongjin Gold, Chifeng Jilong Gold, and Shandong Gold, as well as silver companies like Xingye Silver and Shengda Resources [2]. - For cobalt, companies such as Huayou Cobalt, Luoyang Molybdenum, and Tengyuan Cobalt are highlighted as potential beneficiaries of rising cobalt prices [10].

Group 1 - The core viewpoint of the article highlights the recent investigation by Zhongrui Heyin into a listed company, specifically focusing on Northern Rare Earth, in light of the new Rare Earth Management Regulations set to take effect on October 1, 2024 [1] - The new regulations aim to standardize the management of the rare earth industry, ensuring rational resource development, promoting healthy growth, and protecting ecological and resource safety [1] - The company is committed to adhering to national policies, with export controls primarily affecting medium and heavy rare earths, while the impact on lanthanum and cerium product exports is minimal [1] - Northern Rare Earth mainly exports light rare earth products, which constitute a small proportion of its total exports [1] - The first total control indicators under the new regulations have been issued this year, taking into account market conditions, production, and supply-demand situations [1] - Product prices are influenced by supply and demand dynamics, with a brief price decline observed in April and May, but an expected price increase as policies become clearer [1] Group 2 - Zhongrui Heyin, originally established as Chengdu Xinlanrui Investment Management Co., Ltd. in 2007, has evolved into a prominent asset management institution [2] - The company transitioned its operations to Tibet Zhongrui Heyin Investment Management Co., Ltd. in 2012, with a focus on investment management and advisory services [2] - The current team consists of 32 members, including 16 in research and investment, primarily based in Chengdu [2] - Zhongrui Heyin emphasizes a corporate culture of "knowledge and action in unity," prioritizing investor interests and aiming to become a respected asset management institution [2]