Group 1 - The core viewpoint of the article highlights the deepening and improvement of management policies in the rare earth industry, ensuring China's position in this sector [1] - Announcement No. 56 strengthens the regulation of rare earth processing equipment and raw materials [1] - Announcement No. 57 expands the scope of export controls on medium and heavy rare earths, adding five new elements: holmium, erbium, thulium, europium, and ytterbium, thus all medium and heavy rare earth elements and related items are now regulated [1] Group 2 - Announcement No. 61 addresses regulatory gaps by requiring foreign organizations or individuals exporting products containing Chinese-origin rare earth items or using Chinese technology to apply for export licenses [1] - Announcement No. 62 includes key technologies and related carriers for rare earth exploration, mining, selection, smelting, separation, and deep processing under regulation, marking the first time that rare earth recycling technology is included in the control scope [1] - The policies enhance the autonomous controllability of the entire rare earth industry chain [1] Group 3 - Concerns over increased trade tariffs have strengthened gold's safe-haven attributes, while silver prices have surged due to spot market shortages and warehouse congestion [1] - The mining ETF (561330) tracks the non-ferrous mining index (931892), which selects securities from companies involved in the development of copper, aluminum, lead-zinc, and rare metals to reflect the overall performance of the non-ferrous metal mining industry [1] - The mining ETF (561330) has an excess return of over 10% compared to the CSI non-ferrous index, with a higher concentration of leading companies and a greater proportion of gold, copper, and rare earths [1]

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].

Core Viewpoint - The report from AIB indicates that while Ireland's economy shows resilience against short-term trade and foreign direct investment shocks, permanent tariffs or changes in U.S. tax laws could significantly reduce Ireland's attractiveness for foreign direct investment, leading to greater long-term challenges [1] Economic Growth Projections - Domestic demand in Ireland is expected to grow by 2.3% this year, 2% in 2026, and 2.6% in 2027 [1] - The labor market is projected to continue growing, but employment growth is expected to slow down, with rates of 2.7% in 2024, 2% in 2025, 1.5% in 2026, and 1.8% in 2027 [1] Consumer Behavior and Investment - Households in Ireland are anticipated to reduce spending, and some business sectors may delay planned investments, particularly in export-oriented industries [1] - Recent strong consumer spending, along with low overall debt levels in public and private sector balance sheets and high savings rates, are noted as mitigating factors [1] Risks from U.S. Tariffs and Tax Policies - The main downside risks to the Irish economy stem from U.S. tariffs and future U.S. tax policies [1] - Certain domestic export sectors, such as agriculture, are affected by U.S. tariffs, but the primary risks are concentrated in sectors dominated by multinational corporations [1] - Negative spillover effects from the multinational sector could harm domestic output and employment [1] Tax Base Concerns - A key medium-term risk for the Irish economy is the concentration of the tax base in corporate taxes and income taxes from the multinational sector [1]