Market Overview - On June 9, the A-share market saw all three major indices close higher, with the Shanghai Composite Index rising by 0.43% to 3399.77 points, the Shenzhen Component Index increasing by 0.65% to 10250.14 points, and the ChiNext Index up by 1.07% to 2061.29 points. The total trading volume in the Shanghai and Shenzhen markets reached 128.64 billion yuan, an increase of 13.44 billion yuan compared to the previous trading day [1]. Industry Performance - The pharmaceutical sector exhibited the strongest performance on June 9, with chemical pharmaceuticals reaching a nearly four-year high, immunotherapy hitting a two-year high, and weight-loss drugs achieving a one-and-a-half-year high. Other segments such as generic drugs and hepatitis treatments also reached new highs for the year [2]. - In May, at least six domestic innovative pharmaceutical companies announced business development (BD) transactions, primarily involving cross-border cooperation with foreign pharmaceutical companies. Additionally, at the recent ASCO conference, 73 research projects from China were selected for oral presentations, including 11 significant research abstracts [2]. Company Insights - Lingpai Technology, a notable stock on June 9, saw its share price increase by over 10%. The company specializes in the research, production, and sales of new environmentally friendly surface engineering chemicals. In Q1 2025, Lingpai reported an earnings per share of -0.15 yuan and a net profit attributable to shareholders of -26.63 million yuan, with a year-on-year growth rate of 14.54%. The company has completed the research and development of the NCM811 battery chemical system and is actively involved in the new energy vehicle, energy storage, and engineering machinery sectors [4].

Group 1: Rare Earths - Recent price increases for rare earth elements, with neodymium oxide rising 4.66% to 449,000 CNY/ton, dysprosium oxide up 0.31% to 1,630,000 CNY/ton, and terbium oxide increasing 1.69% to 7,200,000 CNY/ton [1][2] - Significant price surges in overseas markets due to China's export restrictions on seven types of medium and heavy rare earth products, with dysprosium oxide in Europe rising from 250-310 USD/kg to 700-1000 USD/kg (204% increase) and terbium oxide from 930-1000 USD/kg to 2000-4000 USD/kg (211% increase) [1][2] - Domestic prices may follow the trend of antimony prices once companies obtain export licenses, leading to potential further increases in rare earth prices [2] Group 2: Molybdenum - Molybdenum prices have increased, with molybdenum concentrate rising 6.33% to 3,865 CNY/ton and molybdenum iron (Mo60) up 4.01% to 246,500 CNY/ton [3] - Supply-side contraction signals are emerging, while demand remains steady, supporting price increases [3] Group 3: Tungsten - Tungsten prices have reached new highs, with black tungsten concentrate rising 4.88% to 172,000 CNY/ton and ammonium paratungstate up 4.33% to 253,000 CNY/ton [3] - Supply constraints due to reduced mining quotas and stable domestic demand are driving prices higher [3] Group 4: Tin - Tin prices are experiencing fluctuations, with SHFE tin down 0.38% to 263,600 CNY/ton and LME tin down 0.98% to 32,400 USD/ton [4] - Current supply is tight due to low operating rates in Yunnan and the resumption of production at the Bisie tin mine in the Democratic Republic of Congo [4] Group 5: Antimony - Antimony prices are adjusting downward, with antimony ingot prices down 3.37% to 215,000 CNY/ton and antimony concentrate down 3.85% to 187,500 CNY/ton [4] - Supply improvements from logistics recovery at the China-Myanmar border and a 30% increase in imports are contributing to price adjustments [4] Group 6: New Materials - A window for export recovery in new materials has emerged following the easing of tariffs between China and the U.S., with potential for recovery in companies with high export exposure [5] - The agreement includes the cancellation of significant tariffs on Chinese goods, which may benefit new material companies [5] Group 7: Nuclear Fusion Materials - The commercialization of controlled nuclear fusion is accelerating, with upstream materials expected to benefit significantly [6] - Major advancements in both domestic and international nuclear fusion projects indicate a high growth phase for related materials [6]

| 投资评级 | | | --- | --- | | 行业评级 | 强于大市（维持评级） | | 上次评级 | 强于大市 | 作者 刘奕町 分析师 SAC 执业证书编号：S1110523050001 liuyiting@tfzq.com 曾先毅 分析师 行业报告 | 行业研究周报 2025 年 06 月 08 日 SAC 执业证书编号：S1110524060002 zengxianyi@tfzq.com 胡十尹 分析师 SAC 执业证书编号：S1110525010002 hushiyin@tfzq.com 吴亚宁 联系人 wuyaning@tfzq.com 金属与材料 证券研究报告 小非农惨淡推升降息预期，地缘冲突共振利好金价上行 基本金属：铜铝价格走势分化，铜价小幅上行。1）铜：本周铜价延续窄幅震荡，沪铜收于 78620元/吨。 随着宏观对铜价影响再度提升，铜价波动率本周有明显提升，进入下周后价格仍有望延续当前相对较强的 波动表现，价格起伏有进一步扩大表现。基本面上，目前铜社会库存去库暂时休止，市场消费呈现下滑趋 势，部分下游企业也表现出对短期消费的悲观预期，市场的高升水、高月差在本周铜价上涨之后有所转弱。 ...

行业定期报告 hyzqdatemark 2025 年 06 月 08 日 证券研究报告 小金属 证券分析师 田源 SAC：S1350524030001 tianyuan@huayuanstock.com 张明磊 SAC：S1350525010001 zhangminglei@huayuanstock.com 郑嘉伟 SAC：S1350523120001 zhengjiawei@huayuanstock.com 田庆争 SAC：S1350524050001 tianqingzheng@huayuanstock.com 项祈瑞 SAC：S1350524040002 xiangqirui@huayuanstock.com 板块表现： 小金属价格分化显著：稀土/钨/钼上涨，锡/锑震荡调整 投资评级： 看好（维持） ——小金属＆新材料双周报（2025/5/26-2025/6/6） 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 稀土：国内价格小幅上涨，等待出口窗口期落地稀土价格有望突破。近两周，氧化 镨钕上涨 4.66%至 44.9 万元/吨，氧化镝上涨 0.31%至 163 万元/吨，氧化铽上涨 1.69%至 ...

Investment Rating - Industry Rating: Recommended [4] Core Views - The macro sentiment has eased following the dialogue between the US and China, leading to a strong fluctuation in industrial metals [1][6] - Precious metals have seen a decline in safe-haven demand, with gold and silver prices experiencing slight increases this week [1][25] - The report highlights the impact of US economic indicators, including manufacturing and employment data, on market sentiment and metal prices [1][40] Summary by Sections Precious Metals - Gold prices increased by 0.54% to $3,331.00 per ounce, while silver prices rose by 9.24% to $36.13 per ounce this week [1][25] - SPDR Gold ETF holdings increased by 129,023.13 troy ounces, and SLV Silver ETF holdings rose by 13,038,422.40 ounces [1][25] - The gold-silver ratio fell by 7.96% to 92.19, indicating a shift in market dynamics [1][25] Base Metals - In the LME market, copper prices rose by 1.83% to $9,670.50 per ton, aluminum by 0.12% to $2,451.50 per ton, zinc by 1.25% to $2,662.50 per ton, and lead by 0.51% to $1,974.00 per ton [6][46] - SHFE market showed similar trends with copper up by 1.71% to ¥78,930.00 per ton and zinc up by 0.72% to ¥22,385.00 per ton [6][46] - The report notes a significant decrease in LME copper registered warehouse stocks, down 17.5% to 54,700 tons, the lowest level since July 2023 [44] Copper - Chile's copper exports in May reached 181,234 tons, with 32,721 tons exported to China [7][67] - Domestic copper rod enterprises' operating rates increased to 75.90%, reflecting a recovery in demand [7][67] - The report anticipates a long-term positive outlook for copper prices due to ongoing macroeconomic policies and infrastructure investments in China [8][68] Aluminum - The report indicates that aluminum demand is under pressure, with production costs decreasing and seasonal demand weakening [9][10] - The average cost of electrolytic aluminum in China fell to ¥16,374 per ton, while the average profit margin increased to ¥3,703 per ton [44] - The outlook for aluminum prices remains cautiously optimistic, supported by ongoing demand in the electric vehicle and power sectors [10][18] Zinc - The report highlights ongoing uncertainties due to tariffs and increased imports, leading to sustained supply pressures in the zinc market [11] - Domestic zinc ingot inventories increased by 0.43% to 79,300 tons, indicating a buildup in supply [11] Lead - Lead consumption is currently in a seasonal downturn, with inventories expected to continue rising [12] - The report notes that lead battery markets are experiencing reduced production, leading to cautious procurement strategies among downstream enterprises [12] Minor Metals - Magnesium prices have seen a decline of 3.25% to ¥17,590 per ton, with cautious purchasing behavior observed in the market [13][14] - Molybdenum prices have increased, supported by strong raw material prices, while vanadium prices have softened due to weak demand [15]

Market Overview - The three major A-share indices opened with mixed results, with the Shanghai Composite Index up by 0.01% and the ChiNext Index down by 0.04% [1] - Sectors such as small metals, military equipment restructuring concepts, and communication services showed notable gains [1] Institutional Insights - China Galaxy predicts that the market may continue to exhibit a volatile pattern in the short term, with technology remaining the main focus for medium to long-term allocation [1] - The firm emphasizes the importance of external tariff changes and the pace of domestic policy implementation, suggesting limited adjustment space for the market [1] - Significant financial policies are expected to be announced during the Lujiazui Forum from June 18 to 19, which may support market expectations [1] - The central government's push for long-term capital inflow into the A-share market is expected to provide a more solid foundation for stable market operations [1] Investment Strategies - Three main lines of investment opportunities are identified: 1. Assets with high safety margins, particularly dividend-paying sectors that offer stable returns amid external uncertainties [2] 2. The "technology narrative" in the A-share market, with revised restructuring methods facilitating early-stage tech companies' participation in mergers and acquisitions [2] 3. The consumer sector boosted by policy support, with recent data showing the effectiveness of consumption upgrade policies [2] Market Trends - According to招商证券, the broad market index is likely to experience a volatile trend in June, with large-cap and quality indices expected to outperform [3] - The current economic fundamentals are stable, and while external changes may impact exports, domestic demand policies are still gaining momentum [3] - The firm notes a decline in corporate financing demand and a downward trend in capital expenditure, suggesting that strategies based on cash flow and return on equity (ROE) may continue to perform well [3] Sector Focus - 东方证券 indicates a shift in market focus towards the broader technology sector, suggesting that significant policy or technological catalysts could present ideal opportunities for increased allocation [4] - The recent decline in the new consumption sector in Hong Kong and the adjustment in A-share consumer stocks highlight the risks of crowded investment themes reaching their peak [4] - Strong performance in technology-related sectors such as CPO, components, AI PCs, copper cables, and drones suggests a potential market shift towards technology [4]

Group 1 - The A-share small metal sector experienced an initial rise, with Haotong Technology and Xingye Silver Tin both increasing by over 6% [1] - Other companies such as Guiyan Platinum Industry, Xianglu Tungsten Industry, Guangsheng Nonferrous, Yian Technology, and Zhangyuan Tungsten Industry also saw gains [1]

Investment Rating - The report maintains a rating of "Outperform" for the industry [3] Core Viewpoints - The report highlights that the easing of US-China tariffs may lead to a recovery in the copper sector, driven by improved export and macroeconomic expectations, alongside tight copper supply [5] - The aluminum sector is expected to see a rebound in exports, although attention must be paid to downstream production changes [5] - The gold sector is positioned for potential recovery due to rising risk aversion stemming from increased US fiscal concerns and new tariffs on EU imports [5] - Small metals like tungsten and rare earths are showing price increases overseas, which may gradually transmit to domestic markets [5] - The steel sector is anticipated to benefit from urban renewal projects and a favorable cost environment, leading to improved profitability expectations [6] Summary by Relevant Sections Copper Sector - Recent LME copper price was $9,595 per ton, with a week-on-week change of +0.6% - SHFE copper price was 77,790 RMB per ton, with a week-on-week change of -0.4% - Copper social inventory recorded 139,900 tons, up 7900 tons week-on-week, indicating initial stockpiling in the off-season [5] Aluminum Sector - LME aluminum price was $2,437 per ton, with a week-on-week change of -1.5% - SHFE aluminum price was 20,155 RMB per ton, with a week-on-week change of +0.1% - The aluminum processing enterprise operating rate fell to 61.4%, indicating a mixed demand landscape [5] Gold Sector - SHFE gold price was 780 RMB per gram, with a week-on-week change of +3.8% - COMEX gold price was $3,358 per ounce, with a week-on-week change of +4.8% - Increased concerns over US fiscal risks and new tariffs are expected to elevate gold prices [5] Small Metals Sector - Rare earth prices for praseodymium and neodymium oxides were 429,000 RMB per ton, with a week-on-week change of -1.0% - Tungsten prices for tungsten concentrate were 165,000 RMB per ton, with a week-on-week change of +0.9% [5] Steel Sector - SHFE rebar price was 3,046 RMB per ton, with a week-on-week change of -1.2% - SHFE hot-rolled coil price was 3,189 RMB per ton, with a week-on-week change of -1.1% - The National Development and Reform Commission plans to launch approximately 3 trillion RMB in quality projects this year, enhancing demand expectations [6]

Investment Rating - The report maintains a "Hold" recommendation for the non-ferrous metals industry [7] Core Insights - The non-ferrous metals index increased by 1.88% over the past two weeks, outperforming the CSI 300 index and ranking seventh among 31 first-level industries [2][13] - Precious metals showed strong performance due to heightened market risk aversion influenced by global geopolitical conflicts and inflation data [5] - The report highlights the importance of strategic minor metals investment opportunities amid intensified international market purchasing [5] Summary by Sections Market Review - The non-ferrous metals industry index rose by 1.88% from May 12 to May 23, 2025, with industrial metals and precious metals leading the gains at 2.87% and 2.45% respectively [2][13] Precious Metals - As of May 23, COMEX gold closed at $3,357.70 per ounce, reflecting a 4.75% increase over the past week and a 25.70% rise year-to-date [21][23] - COMEX silver closed at $33.64 per ounce, up 3.73% over the past week and 12.19% year-to-date [21][26] Industrial Metals - LME copper settled at $9,595 per ton, up 1.15% over the past two weeks and 10.47% year-to-date [30] - LME aluminum closed at $2,437 per ton, increasing by 1.50% over the past two weeks but down 3.90% year-to-date [30][32] Minor Metals - The price of antimony ingots (99.65%) was reported at 225,000 yuan per ton, down 5.32% over the past two weeks but up 58.65% year-to-date [36][37] - Black tungsten concentrate (≥65%) was priced at 164,500 yuan per ton, down 1.79% over the past two weeks and up 15.24% year-to-date [36] Rare Earths - The rare earth price index stood at 177.95, up 0.55% over the past two weeks and 8.65% year-to-date [47] - Praseodymium-neodymium oxide was priced at 429,000 yuan per ton, up 1.42% over the past two weeks [47] Energy Metals - Electrolytic cobalt averaged 235,850 yuan per ton, down 2.54% over the past two weeks but up 38.33% year-to-date [51] - Sulfuric cobalt (≥20.5%) averaged 49,000 yuan per ton, down 0.71% over the past two weeks and up 83.52% year-to-date [51] Major Events - China issued export licenses for rare earths to at least four producers, marking the first such issuance since export controls were implemented in April [4][58]

Group 1 - The small metal sector is experiencing a downturn, with Dongfang Tantalum Industry (000962) dropping over 7% [1] - Other companies such as Huayang New Materials (600281), Yian Technology (300328), Guangsheng Nonferrous Metals (600259), and Western Materials (002149) are also following the downward trend [1]