[Table_Main] 行业研究|有色金属 证券研究报告 有色金属行业双周报 2025 年 11 月 25 日 [Table_Title] 贵金属价格持续震荡，锑价回涨明显 ——有色金属行业双周报 [Table_Summary] 报告要点： 行情回顾：近 2 周申万有色金属指数下降 5.76% 近 2 周（2025.11.10-2025.11.21），有色金属行业指数下降 5.76%， 跑输沪深 300 指数，在 31 个申万一级行业中排名第 22。从细分领域 看，能源金属（-2.70%）和工业金属（-6.85%）、金属新材料（-10.20%）、 贵金属（-0.65%）、小金属（-6.43%）、均有不同程度下降。 金属价格：锑价回升，钴价涨幅领跑 截至 11 月 21 日，COMEX 黄金收盘价为 4062.80 美元/盎司，近 2 周 上涨 1.37%；COMEX 白银收盘价为 49.66 美元/盎司，近 2 周上涨 2.98% LME 铜现货结算价为 10,685.50 美元/吨，近 2 周下跌 0.32%； LME 铝现货结算价为 2,766 美元/吨，近 2 周下跌 2.66%；黑钨精矿 （≥65% ...

Investment Rating - The report maintains a positive investment rating for the non-ferrous metals industry, suggesting a focus on "resources + growth" investment opportunities following the recent interest rate cuts by the Federal Reserve [5]. Core Insights - The non-ferrous metals industry index rose by 11.89% over the past two weeks, significantly outperforming the CSI 300 index, ranking first among 31 primary industries [2][12]. - Precious metals continue to show strength, with gold prices reaching $4,035.50 per ounce, up 6.48% in two weeks, and year-to-date gains of 51.07% [3][21]. - The report highlights the impact of geopolitical factors and supply chain dynamics, particularly the recent export control measures on rare earth elements by the Chinese government, which are expected to influence market conditions [4][46]. Summary by Sections 1. Market Review (2025.9.29-2025.10.10) - The non-ferrous metals industry index increased by 11.89%, with energy metals up 12.75% and industrial metals up 13.34% [12][20]. 2. Precious Metals - Gold and silver prices have shown significant increases, with gold up 6.48% and silver up 2.48% over the past two weeks [3][21]. - The report suggests focusing on companies like Shandong Gold and Zhongjin Gold due to their strong performance in the precious metals sector [21][24]. 3. Industrial Metals - Copper prices rose to $10,735 per ton, up 6.02% in two weeks, driven by supply disruptions from the Grasberg mine in Indonesia [28]. - Companies such as Zijin Mining and Jiangxi Copper are highlighted as key players to watch in this sector [28]. 4. Minor Metals - Tungsten prices have seen a slight decline, while tin prices have increased by 2.72% over the past two weeks [36]. - The report emphasizes the strategic importance of tungsten and suggests monitoring companies like Xiamen Tungsten and Huaxiang Nonferrous Metals [36]. 5. Rare Earths - The rare earth price index decreased by 0.81% recently, influenced by new export control policies from the Chinese government [46]. - Companies such as China Rare Earth and Northern Rare Earth are recommended for investment consideration [46]. 6. Energy Metals - Cobalt prices surged, with electrolytic cobalt averaging 349,500 yuan per ton, up 12.74% in two weeks [52]. - The report suggests focusing on companies involved in cobalt production due to the strong price performance [52].