Investment Rating - The report maintains a "stronger than the market" rating for the industry [5] Core Insights - The geopolitical situation remains tense, with safe-haven and stagflation trading continuing to be the core of gold trading. In the short term, the Middle East situation combined with fluctuating expectations of Federal Reserve interest rate cuts presents a pattern of easy rises and difficult declines. In the medium to long term, the uncertainty surrounding global tariff policies and geopolitical factors continues to support the long-term allocation value of gold [10][11] - For industrial metals, the report indicates that the supply of electrolytic copper is decreasing, while geopolitical disturbances are affecting the supply of electrolytic aluminum. Short-term copper prices are supported by a tight fundamental backdrop, while long-term expectations are bolstered by strong demand from the new energy sector [13][14] - In the new energy metals sector, concerns over tightening overseas raw material supplies are impacting supply, while the export of new energy vehicles is boosting demand expectations. Lithium prices are expected to continue rising if the electric vehicle and energy storage sectors maintain high growth [19][22] - The rare earth market is experiencing weak stability, with prices showing limited fluctuations but some products continuing a downward trend due to weak demand [23] Summary by Sections Precious Metals - The geopolitical situation is affecting gold trading, with a focus on safe-haven investments. Key stocks to watch include Zijin Mining, Zhongjin, and Chifeng Jilong Gold Mining [12][10] Industrial Metals - Copper prices are supported by a tight supply-demand balance, while aluminum prices are influenced by macroeconomic sentiments and geopolitical tensions. Key stocks include Zijin, Luoyang Molybdenum, and Jiangxi Copper [14][18] New Energy Metals - Lithium prices are rising due to supply concerns from Zimbabwe and strong demand from new energy vehicle exports. Key stocks include Ganfeng Lithium, Tianhua, and Yahua Chemical [19][22] Other Minor Metals - The rare earth market is experiencing weak demand, leading to price pressures. Key stocks include China Rare Earth, Northern Rare Earth, and Xiamen Tungsten [23]

Investment Rating - The report maintains a "stronger than the market" rating for the industry [5] Core Views - Precious metals are expected to maintain long-term allocation value despite short-term fluctuations due to geopolitical tensions and changing interest rate expectations [10][11] - Industrial metals, particularly aluminum, are experiencing price increases driven by geopolitical disturbances affecting supply [12][18] - The lithium market is facing a price correction, but demand from the electric vehicle and energy storage sectors remains strong, suggesting potential for future price increases [19][20] - Other minor metals like tungsten and tantalum have seen significant price increases of 13.3% and 13.6% respectively [24] Summary by Sections Precious Metals - Geopolitical tensions are elevating the long-term allocation value of precious metals, with gold being a key focus for investment [9][10] - Specific stocks to watch include Zijin Mining, Zhongjin Gold, and others in both A-shares and H-shares [11] Industrial Metals - Aluminum prices are leading the industrial metals sector due to supply disruptions from geopolitical issues, with a short-term price increase expected [12][18] - Copper prices are supported by tight fundamentals and potential increases in demand from the domestic market [17] - Key stocks in copper include Zijin, Luoyang Molybdenum, and Jiangxi Copper [18] New Energy Metals - Lithium prices have corrected due to geopolitical factors, but the market remains tight with strong demand from downstream sectors [19][20] - Companies to monitor in the lithium sector include Ganfeng Lithium and others [23] Other Minor Metals - Tungsten and tantalum have seen significant price increases, indicating strong market interest [24] - The rare earth market is stable despite some supply chain issues, with companies like China Rare Earth and Northern Rare Earth being notable [24]

Investment Rating - The industry is rated as "Outperform" relative to the market [6] Core Insights - Geopolitical risks are driving strong fluctuations in gold prices, with a focus on long-term investment value in gold due to ongoing uncertainties in global tariff policies and geopolitical situations [2][11] - Industrial metals, particularly aluminum and copper, are experiencing upward price movements driven by macroeconomic factors and post-holiday demand recovery in China [3][14] - Lithium carbonate prices are rising due to supply concerns following export suspensions from Zimbabwe, although downstream demand remains cautious [18][19] - The tungsten market is showing a strong recovery post-holiday, with tight supply conditions supporting prices [20][25] Summary by Sections 1. Investment Strategy - Precious Metals: Geopolitical risks are causing strong fluctuations in gold prices, with long-term investment value remaining intact [10] - Industrial Metals: Post-holiday recovery is pushing aluminum prices upward, while copper prices are also on the rise due to optimistic demand forecasts [13][17] - New Energy Metals: Lithium carbonate prices have increased significantly, but downstream purchasing remains cautious [18] - Other Minor Metals: The tungsten market is recovering strongly, with tight supply conditions supporting prices [20] 2. Weekly Review - The non-ferrous index increased by 9.8%, outperforming the Shanghai and Shenzhen 300 indices [26][28] - Notable stock performances include Filihua with a 40.02% increase and Yunnan Geology with a 37.77% increase [4][36] - The valuation of copper and aluminum sectors remains low, indicating potential for future growth [39] 3. Major Events - Macroeconomic indicators show stable performance in the U.S. economy, with a notable increase in non-farm employment [11] - The copper market is experiencing volatility due to macroeconomic factors and inventory assessments, with long-term supply-demand balance remaining intact [48] 4. Non-Ferrous Metal Prices and Inventory - Copper and aluminum prices have shown upward trends, with copper inventories increasing and aluminum inventories decreasing [56] - Global copper inventory stands at 1.2268 million tons, reflecting a month-on-month increase [56]

Investment Rating - The report maintains a rating of "Outperform" for the industry [6] Core Views - Precious Metals: The core of gold trading remains focused on hedging and stagflation, with long-term allocation value unchanged [1][12] - Industrial Metals: The expectation of interest rate cuts leads to fluctuations in industrial metal prices, with a tight supply-demand balance supporting copper prices [2][14] - New Energy Metals: Lithium carbonate prices have adjusted, and downstream inventory replenishment is sufficient, with potential for price increases if electric vehicle and energy storage sectors maintain high growth [3][19] - Other Minor Metals: The market activity for rare earth products has decreased due to the upcoming Spring Festival, with overall market performance expected to change post-holiday [4][21] Summary by Sections Precious Metals - The U.S. macroeconomic data and hawkish comments from Federal Reserve officials have weakened market expectations for interest rate cuts, pushing the anticipated first cut from June to July [12] - Key stocks to watch include Zijin Mining, Zhongjin Lingnan, and others in both A-shares and H-shares [13] Industrial Metals - Short-term copper prices are supported by a tight supply-demand balance, while long-term expectations are bolstered by potential interest rate cuts and strong demand from the new energy sector [2][18] - Key stocks to monitor include Zijin Mining, Jiangxi Copper, and others [18] New Energy Metals - Lithium prices are expected to rise if the electric vehicle and energy storage sectors continue to grow, despite recent price adjustments [3][19] - Key stocks include Ganfeng Lithium and others in the lithium sector [20] Other Minor Metals - The rare earth market is experiencing lower inquiry activity as the Spring Festival approaches, with price fluctuations expected to increase post-holiday [4][21] - Key stocks to consider include China Rare Earth and others in the rare earth sector [24]

Group 1 - Precious metals continue to rise, with spot gold surpassing $5200 per ounce for the first time on January 28, marking a year-to-date increase of over 20% and setting a new historical high. Spot silver has also reached $113 per ounce [1] - Huafu Securities indicates that in the short term, expectations for Federal Reserve interest rate cuts are fluctuating, leading to a market environment where prices are more likely to rise than fall. In the medium to long term, uncertainties surrounding global tariff policies and regional politics will keep safe-haven and stagflation trades at the core of gold trading, maintaining its long-term investment value [1] - As of January 28, 2026, the National Securities Nonferrous Metals Industry Index (399395) has surged by 3.95%, with constituent stocks such as silver nonferrous rising by 10.04%, China Aluminum by 10.02%, and Hunan Gold by 10.00%. Other stocks like Western Gold and Tongling Nonferrous also saw gains. The Nonferrous ETF Penghua (159880) increased by 4.09%, with the latest price at 2.52 yuan [1] Group 2 - As of December 31, 2025, the top ten weighted stocks in the National Securities Nonferrous Metals Industry Index (399395) include Zijin Mining, Luoyang Molybdenum, Northern Rare Earth, Huayou Cobalt, China Aluminum, Ganfeng Lithium, Yun Aluminum, Shandong Gold, Zhongjin Gold, and Tianqi Lithium, collectively accounting for 51.65% of the index [2] - The Nonferrous ETF Penghua (159880) is closely tracking the National Securities Nonferrous Metals Industry Index, which selects 50 securities with significant scale and liquidity in the nonferrous metals industry, reflecting the overall performance of listed companies in this sector on the Shanghai and Shenzhen stock exchanges [2]

Group 1 - The macroeconomic and regional risks are increasing, enhancing the safe-haven attributes of precious metals [1] - In the short term, expectations for interest rate cuts by the Federal Reserve are fluctuating, leading to a market that is easier to rise than to fall [1] - In the medium to long term, uncertainties surrounding global tariff policies and regional politics will keep safe-haven and stagflation trading as the core of gold trading, maintaining its long-term allocation value [1] Group 2 - On January 19, the domestic futures market saw more declines than increases, with pure benzene rising over 3% and silver rising over 2% [3] - Other commodities such as styrene, industrial silicon, and gold also saw increases of over 1%, while tin fell over 5% and lithium carbonate and synthetic rubber fell over 3% [3] - A significant number of commodities, including glass, iron ore, rapeseed meal, and live pigs, experienced declines of over 2% [3]

Group 1 - The core point of the article highlights the mixed performance of domestic futures contracts, with most contracts declining while a few saw gains, indicating a volatile market environment [3][7]. - Pure benzene increased by over 3%, while silver futures rose by more than 2%, indicating a positive trend in certain commodities [3][7]. - On the downside, tin futures dropped by over 5%, and lithium carbonate and synthetic rubber fell by more than 3%, reflecting significant declines in these sectors [3][7]. Group 2 - Huafu Securities noted that rising macro and regional risks overseas have enhanced the safe-haven attributes of precious metals, particularly gold [5]. - In the short term, expectations for interest rate cuts by the Federal Reserve are fluctuating, leading to a market that is easier to rise but harder to fall [5]. - In the medium to long term, uncertainties surrounding global tariff policies and regional politics continue to support safe-haven and stagflation trading in gold, maintaining its long-term investment value [5].

Investment Rating - The report maintains an "Outperform" rating for the industry [8] Core Views - Precious Metals: Mixed U.S. employment data supports expectations for interest rate cuts, which in turn supports rising gold prices [3][12] - Industrial Metals: Domestic copper prices are fluctuating at high levels, while aluminum prices are declining [4][14] - New Energy Metals: Carbonate lithium prices are significantly rising, with intense competition at high levels [5][19] - Other Minor Metals: Rare earth prices are declining, while tungsten prices increased by 15.3% over the week [5][24] Summary by Sections Precious Metals - U.S. non-farm payrolls increased by 64,000 in November, exceeding expectations of 50,000, but the unemployment rate rose to 4.6%, the highest in over four years, reinforcing market expectations for further interest rate cuts by the Federal Reserve [3][13] - The S&P Global U.S. Composite PMI for December fell to 53.0, the lowest since June, indicating weakened economic momentum [3][13] - Key stocks to watch include Zhaojin Mining, Zijin Mining, and others in both A-shares and H-shares [3][13] Industrial Metals - Copper prices are stabilizing due to unexpected increases in U.S. unemployment rates, which bolster expectations for interest rate cuts [4][15] - The price of copper reached 93,200 CNY/ton, up 27% year-to-date, driven by macroeconomic factors and supply constraints [4][17] - Aluminum prices are expected to remain under pressure due to seasonal demand fluctuations, but long-term demand from new energy sectors is anticipated to support prices [4][18] New Energy Metals - Carbonate lithium prices have surged, with the price reaching 111,400 CNY/ton as of December 19, reflecting a significant increase from earlier in the year [5][23] - The demand for lithium remains strong, particularly in the electric vehicle and energy storage sectors, despite some price resistance from downstream buyers [5][20] - Key stocks to consider include Ganfeng Lithium, Yahua Industrial, and others [5][23] Other Minor Metals - Rare earth prices are on a downward trend, with prices for praseodymium and neodymium decreasing [5][24] - Tungsten prices have seen a notable increase of 15.3% over the week, indicating a strong market response [5][24] - Suggested stocks include Hunan Gold, Zhongjin Lingnan, and others in the tungsten and rare earth sectors [5][24]

Investment Rating - The report maintains a "stronger than market" rating for the non-ferrous metals sector [8]. Core Views - The demand outlook in the energy storage sector remains positive, driving significant price increases in lithium chemical products [4]. - The end of the U.S. government shutdown has led to a shift in market sentiment, with expectations for interest rate cuts by the Federal Reserve becoming more uncertain [12][13]. - The overall market for precious metals is characterized by a strong performance, with gold and silver prices benefiting from geopolitical uncertainties and inflation concerns [12][74]. Summary by Sections 1. Precious Metals - The U.S. government shutdown has ended, but expectations for a rate cut in December have become more volatile, impacting market confidence [12]. - Gold prices have shown resilience, supported by geopolitical risks and inflation concerns, while silver prices have also increased significantly [74]. - Key stocks to watch include Zhaojin Mining, Zijin Mining, and others in the A-share and H-share markets [14]. 2. Industrial Metals - The market for copper remains tight, with supply disruptions contributing to price support, while aluminum prices are expected to fluctuate due to seasonal demand [15][18]. - The anticipated increase in investment and consumption due to potential Federal Reserve rate cuts is expected to further support copper prices [18]. - Notable stocks include Jiangxi Copper, Luoyang Molybdenum, and others [18]. 3. New Energy Metals - The lithium market is experiencing a tight supply situation, with strong demand from the energy storage sector driving prices higher [19]. - The production of lithium iron phosphate is expected to increase, further supporting price stability [19]. - Key stocks in this sector include Ganfeng Lithium, Yahua Industrial, and others [20]. 4. Other Minor Metals - The rare earth market is showing a mixed outlook, with price increases in raw materials but cautious purchasing behavior from separation enterprises [21][24]. - The market for antimony and tungsten is also experiencing fluctuations, with specific stocks recommended for monitoring [24]. 5. Market Review - The non-ferrous metals index increased by 1.1%, outperforming the Shanghai and Shenzhen 300 index [25][26]. - Notable stock performances include Fangyuan Co. with a 34.59% increase and Yunlu Co. with a 14.98% decrease [28]. 6. Valuation - The non-ferrous metals sector is currently valued at a PE ratio of 26.47, with aluminum expected to see valuation increases due to supply constraints and higher green metal value [35].

Investment Rating - The report maintains a "stronger than market" rating for the non-ferrous metal industry [8] Core Views - The expectation of interest rate cuts by the Federal Reserve is driving market sentiment, leading to a resurgence in domestic copper prices above 80,000 [5] - The gold market is experiencing a surge due to increased safe-haven buying driven by rising interest rate cut expectations, with prices continuing to rise [4] - The industrial metals sector is supported by a tight supply situation, particularly for copper, while aluminum prices are expected to remain stable due to strong demand from the new energy sector [5][18] Summary by Sections Precious Metals - The expectation of interest rate cuts has intensified safe-haven buying, resulting in continued increases in gold prices. The U.S. non-farm payroll report indicates a weakening labor market, raising concerns about further deterioration [4][13] - The Producer Price Index (PPI) for August showed a surprising decline of 0.1% month-on-month, with the annual inflation rate dropping to 2.6%, below the expected 3.3% [4][13] - Key stocks to watch include Zhongjin, Zijin, and Chaijin in A-shares, and Lingbao, WanGuo Gold Group, and China National Gold International in H-shares [4][13] Industrial Metals - The copper market is experiencing a tight supply situation, with domestic copper prices rising above 80,000. The expectation of interest rate cuts is expected to boost investment and consumption, further supporting copper prices [5][14] - Aluminum prices are expected to remain stable due to a combination of supply constraints and strong demand from the new energy sector [5][18] - Key stocks to focus on include Jiangxi Copper H, Tongling Nonferrous, and Huayou Cobalt in A-shares, and Minmetals and China Nonferrous in H-shares [5][18] New Energy Metals - Lithium carbonate prices have declined slightly, but downstream demand remains strong, particularly in the electric vehicle and energy storage sectors [19] - The supply side is stable, with production expected to increase slightly, while demand is showing signs of growth as the traditional peak season approaches [19] - Key stocks to consider include Zhongjin Lingnan and Canggu Lithium [19] Other Minor Metals - Tungsten prices are expected to remain strong due to tight supply and low social inventory, with prices potentially reaching 300,000 per ton [20][24] - Molybdenum prices are experiencing slight adjustments due to increased profit-taking, but high-quality supply remains tight [23][24] - Key stocks to watch include Jiajin International and Xiamen Tungsten in tungsten, and Jinchuan Group and Guocheng Mining in molybdenum [20][23]