Report Industry Investment Ratings - No specific industry investment ratings are provided in the report. Core Views - The US ADP and ISM non - manufacturing data were worse than expected, leading to a weaker US dollar index and an overall increase in global risk appetite. China's May PMI data improved, and the economy continued to expand, boosting domestic risk appetite. Short - term, the stock index may fluctuate, and it's advisable to be cautious and go long; the treasury bond may oscillate at a high level, and it's better to observe carefully. For commodities, black may rebound from a low level, and it's advisable to observe carefully; non - ferrous metals may oscillate and rebound, and it's advisable to be cautious and go long; energy and chemicals may oscillate and rebound, and it's advisable to observe carefully; precious metals may be strong at a high level, and it's advisable to be cautious and go long [2]. Summary by Related Catalogs Macro - finance - Overseas: US May ADP employment was 37,000, far lower than the expected 110,000 and the previous 62,000. The May ISM non - manufacturing index dropped to 49.9, shrinking for the first time in nearly a year. The US dollar index weakened due to these factors and the president's call for a rate cut, and global risk appetite increased. Domestic: China's May PMI data improved, the economy expanded, and short - term domestic risk appetite was boosted. Although the US tightened restrictions on China's semiconductor and aircraft engine sectors, the expected call between Chinese and US leaders this week also lifted domestic risk appetite [2]. Stock Index - Driven by sectors such as beauty care, clothing and home textiles, and metal new materials, the domestic stock market continued to rise slightly. China's May PMI data improvement and the expected call between Chinese and US leaders boosted domestic risk appetite. The market focused on US trade policies and negotiations. Short - term, it's advisable to be cautious and go long [3]. Precious Metals - Supported by a weaker US dollar and weak US data, precious metals rose slightly on Wednesday. COMEX gold August contract reached $3397 per ounce. The ISM non - manufacturing PMI dropped to 49.9, the lowest since June 2024. ADP data showed the fewest private - sector job increases in over two years. The labor market showed signs of cooling. Precious metals are expected to be strong in the short - term and have a solid long - term upward trend. It's advisable to focus on the employment report on Friday [4]. Black Metals - **Steel**: The steel spot and futures markets rebounded on Wednesday. The rebound of coking coal and coke prices improved market sentiment. The actual demand was okay, with inventory decreasing but apparent consumption slightly falling. The supply side saw a slight increase in hot - rolled coil production and a slight decrease in building materials production. Steel may oscillate in the short - term [5][6]. - **Iron Ore**: The iron ore spot and futures prices rebounded slightly on Wednesday. The iron - making molten iron output declined for three consecutive weeks, but the high profitability of steel mills led to different views on the decline path. The global iron ore shipment and arrival volumes increased this week. The delay of FMG's iron bridge project should be noted. Iron ore may oscillate in the short - term [6]. - **Silicon Manganese/Silicon Iron**: The spot prices of silicon iron and silicon manganese remained flat on Wednesday. The demand for ferroalloys decreased slightly. The production of silicon manganese increased slightly. The prices of raw materials were weak, and the market transaction was average. Silicon iron and silicon manganese may oscillate in the short - term [6]. Energy and Chemicals - **Crude Oil**: Saudi Arabia intends to increase production by at least 411,000 barrels per day in August or September, and the improvement of the Canadian wildfire situation led to a slight decline in oil prices [7]. - **Asphalt**: With the decline of oil prices, asphalt oscillated narrowly. Demand recovered to a limited extent. The basis of major consumption areas decreased, and the inventory destocking stagnated. Asphalt will follow crude oil to fluctuate at a high level in the short - term [7]. - **PX**: The PX price remained high, and PXN was around 270. Short - term maintenance was relatively high, and with the support of crude oil, PX will oscillate strongly. However, the reduction of PTA long - term contracts and the lack of gasoline - blending demand may lead to a slight decline in PX demand later [7]. - **PTA**: The PTA basis remained at +200, and the 9 - 1 structure was around 140. The downstream was in a cash - flow deficit, with weak new orders. PTA may oscillate weakly later [8][9]. - **Ethylene Glycol**: Affected by the rebound of black metals, ethylene glycol recovered. Although there is some support at 4300, the supply recovery of synthetic - gas - made ethylene glycol is certain, and the probability of a sharp rise is low. It may form a bottom, and short - term trading can be observed [9]. - **Short - fiber**: Short - fiber oscillated weakly. Terminal orders recovered slowly, and the downstream may reduce production. Short - fiber may continue to oscillate in the short - term [9]. Non - ferrous Metals - **Copper**: The possible call between Chinese and US leaders boosted market sentiment. The copper ore supply was relatively tight, while the production of electrolytic copper was high. The demand may decline as the peak season ended. Copper may oscillate in the short - term [10]. - **Aluminum**: Affected by the overall commodity market, aluminum prices rose. There is no clear market logic currently, and aluminum may oscillate in the short - term. Later, attention should be paid to the change in social inventory and the high - tariff risk [10]. - **Tin**: Affected by the slow possible resumption of production in Myanmar's Wa State, tin prices rose. The domestic tin ore supply was tight, and the demand was mixed. Tin may stabilize in the short - term, but the high - tariff risk may put pressure on prices [11]. Agricultural Products - **US Soybeans**: Supported by a weaker US dollar, CBOT soybeans and grains may maintain a range - bound market. The US soybean sowing progress was 84%, and the weather was stable, lacking continuous weather premium [12]. - **Soybean and Rapeseed Meal**: The inventory of soybean and soybean meal in oil mills may continue to recover, and soybean meal lacks a stable upward driver. The supply of rapeseed meal is uncertain, and the port inventory may decline. The market's expectation of trade tension decreased. The premium of soybean and rapeseed meal may decline if the USDA report strengthens the expectation of a US soybean bumper harvest [12][13]. - **Palm Oil**: The BMD Malaysian palm oil futures fell 0.58%. Malaysia's production and inventory are expected to increase, and the external market is weak. Indonesia's 2024/2025 palm oil production is estimated to be 48.8 million tons, and Malaysia's is estimated to be 19 million tons [13]. - **Live Pigs**: After the holiday, the supply and demand of live pigs were both weak. Pig prices may continue to decline, but there may be a short - term price increase due to the narrowing of the basis [14]. - **Corn**: The northeast corn产区 had a strong intention to support prices, and the north - south port corn inventory may continue to decline. The substitution of wheat for corn in feed may not affect the overall trend. The corn futures market was inactive, and there is no upward impetus currently [14].

Core Viewpoint - India has formally challenged the U.S. automotive tariffs at the World Trade Organization (WTO), indicating a tougher trade stance amid ongoing bilateral trade negotiations with the U.S. [1][3] Group 1: Trade Challenge - India has submitted a complaint to the WTO, claiming that the 25% tariffs on imported passenger cars, light trucks, and certain auto parts constitute "safeguard measures" that adversely affect its exporters [1][6] - The timing of India's challenge coincides with a visit from the U.S. trade team to New Delhi, aimed at advancing bilateral trade discussions [3][6] Group 2: U.S. Tariff Policy - The U.S. has labeled India's tariffs as "very unfair and high," and recently increased tariffs on steel and aluminum products from 25% to 50%, effective June 4, 2025 [3][6] - Following the announcement of the increased tariffs, Indian stock markets saw a slight uptick, with the NIFTY and SENSEX indices rising approximately 0.3% [3] Group 3: India's Trade Negotiation Strategy - India has proposed a "zero-for-zero" tariff arrangement for specific goods, including steel, auto parts, and pharmaceuticals, based on reciprocity and limited to a certain quantity of imports [3][6] - The complaint reserves all rights under the WTO agreements, allowing India to suspend equivalent trade concessions to the U.S. if no agreement is reached within 30 days of consultations [7]

Group 1 - The report highlights the price increase of chromium oxide green and the frequent safety issues in the chemical industry, emphasizing the need to focus on capacity reduction in the sector [3][4][6] - The chromium salt industry is expected to experience significant opportunities as demand shifts from traditional low-growth applications to high-growth sectors such as AI data centers and aerospace [4][5] - The supply-demand tension in the phosphate rock market is anticipated to continue, with existing production capacity facing delays and increasing demand from lithium iron phosphate batteries [4][5] Group 2 - The report emphasizes the importance of new materials in the chemical industry, which is expected to see rapid growth driven by policy support and technological breakthroughs [33][38] - Key sectors to focus on include electronic information materials, aerospace materials, and renewable energy materials, with specific companies highlighted for their strong positions in these areas [34][36][38] - The hydrogen energy sector is projected to lead global consumption in 2024, with significant advancements in renewable energy hydrogen production [39] Group 3 - The report on Li Auto indicates a slight increase in gross margin and a year-on-year profit growth, with Q1 2025 revenue reaching 25.93 billion yuan [46][47] - The company has launched new models equipped with advanced driving assistance systems, enhancing its competitive edge in the electric vehicle market [49][50] - Li Auto's delivery volume is expected to grow in Q2 2025, with projected revenue between 32.5 billion and 33.8 billion yuan [50] Group 4 - The aluminum industry is experiencing a favorable macro environment, with potential easing of tariff pressures and improved inventory management during the off-season [54][56] - The report notes stable operating capacity in the electrolytic aluminum sector, with a slight increase in production costs due to rising alumina prices [56][57] - Demand for aluminum in various sectors, including construction and automotive, is expected to remain stable, although some segments may face seasonal slowdowns [56][57]

Overall Investment Ratings No specific industry investment ratings are provided in the report. Core Views - Global trade tensions are escalating, leading to increased short - term volatility in global markets. The market has a mixed attitude towards the trade situation, with optimism about trade dialogues but also concerns about tariff hikes. In China, the May PMI data shows economic expansion, yet US trade restrictions pose a short - term dampening effect on domestic risk appetite [2][3]. - Different asset classes have different outlooks. For example, stocks are expected to be volatile in the short - term, with a cautious approach to long - positions; bonds are at a high level and should be observed carefully; various commodity sectors also have their own short - term trends and trading suggestions [2]. Summary by Categories Macro - Overseas: US "steel tariffs" and EU's potential counter - measures, along with intensified Russia - Ukraine conflict, have increased geopolitical risks and global risk aversion. However, the market remains optimistic about US trade dialogues, and the US dollar index is generally weak. - Domestic: China's May PMI data indicates economic expansion, but US restrictions in semiconductor and other fields, as well as tariff hikes, pose short - term pressure on domestic risk appetite. Asset suggestions include short - term cautious long - positions for stocks, high - level observation for bonds, and different trading stances for various commodity sectors [2]. Stocks - Affected by sectors such as controllable nuclear fusion, domestic stocks have declined slightly. The May PMI data is positive, but US trade restrictions and tariff hikes suppress domestic risk appetite. The market is focused on US trade policies and domestic incremental policies. Short - term cautious long - positions are recommended [3]. Precious Metals - Last week, precious metals showed a volatile pattern, with COMEX gold down 1.33% to $3313.1 per ounce and silver down 1.68%. Fed's cautious stance, Trump's tariff policies, and geopolitical risks have affected the market. In the short - term, precious metals are expected to be strong, and in the long - term, the upward logic remains solid. Attention should be paid to long - term layout opportunities after corrections [4]. Black Metals - **Steel**: Before the holiday, the spot market was stable, but the futures price declined. During the holiday, trade conflicts increased risk aversion. In the short - term, the steel market is expected to be weak as supply remains high while demand is affected by trade tensions [6]. - **Iron Ore**: Before the holiday, prices were weak. Although iron - water production has declined, the market is divided on its future path. Supply may increase in the second quarter, and the price is expected to be bearish in the short - term [6]. - **Silicon Manganese/Silicon Iron**: Before the holiday, prices were flat. Demand is fair, but silicon manganese is in an industry - wide loss, and silicon iron has weak downstream procurement. In the short - term, the market is expected to fluctuate within a range [7]. Energy Chemicals - **Crude Oil**: OPEC+ production increase is in line with expectations, and geopolitical risks in Ukraine and Iran, along with Canadian wildfires, have pushed up oil prices [8]. - **Asphalt**: As oil prices rise, asphalt prices are expected to follow. Demand is currently average, and inventory depletion has stagnated. It will continue to fluctuate at a high level following crude oil [8]. - **PX**: The price is high, and it is expected to be strong in the short - term, but there is a risk of a slight decline later due to potential demand reduction [9]. - **PTA**: Downstream production has decreased, and supply is expected to increase, leading to a weakening structure in the future [9]. - **Ethylene Glycol**: Supply has contracted, but downstream production cuts limit inventory depletion. The price will slightly increase [9]. - **Short - fiber**: It remains in a weak and volatile pattern, with concerns about downstream production and order release [9]. - **Methanol**: Import and port inventory are increasing, and prices are expected to decline in the medium - to - long - term [10]. - **PP**: Supply pressure is increasing, and demand is in a seasonal low. The price is likely to move downward [10]. - **LLDPE**: The supply - demand situation is expected to worsen, and the price is expected to be weakly volatile [10]. Non - ferrous Metals - **Copper**: The market expects a 50% tariff on copper, driving up prices. The copper ore supply is tight, but demand may decline in the short - term, and there is a risk of inventory accumulation [11]. - **Aluminum**: The 50% tariff on aluminum has led to a slight increase in prices. Supply is high, and demand is expected to decline, but there is still an export rush effect. It is recommended to observe [12]. - **Tin**: High tariffs, potential supply increases from Myanmar, and seasonal demand decline pose pressure on prices, but it has stabilized after a significant drop [13]. Agricultural Products - **US Soybeans**: The CBOT soybean market is supported by a weak US dollar but faces challenges such as good planting conditions in the US, high Brazilian inventory, and slow sales due to trade tensions. It may maintain a weak range - bound trend [13]. - **Soybean and Rapeseed Meal**: Oil mills' inventory is expected to recover, and the lack of upward momentum in US soybeans affects soybean meal. Rapeseed meal has supply uncertainties. The spread between soybean and rapeseed meal may shrink [14]. - **Oils and Fats**: During the holiday, oils and fats were under pressure. The energy market is expected to decline in the medium - to - long - term, and domestic oils may continue to decline after the holiday, with the soybean - palm oil spread likely to remain inverted [14]. - **Hogs**: After the Dragon Boat Festival, the supply - demand situation is weak, and pig prices may continue to decline, but there may be a short - term correction in near - month contracts [15]. - **Corn**: New wheat listing may replace some corn demand, but in the long - run, corn is likely to rise, and it will maintain a range - bound trend [15].

Group 1 - The Ontario trade representative David Paterson indicated that there is a possibility of progress in negotiations to lower high tariffs with the U.S. during the upcoming G7 summit in two weeks [2] - Paterson expressed hope for a meeting between President Trump and Prime Minister Mark Carney at the G7 summit to achieve further results on tariff reductions [2] - Despite a temporary court ruling blocking the Trump administration's emergency order to normalize tariffs, trade negotiations are ongoing [2] Group 2 - The recent court ruling does not affect tariffs on steel, aluminum, and automotive industries, which are crucial to Ontario's economy [3] - Paterson emphasized the need for Canada to solidify its position as a key trade partner with the U.S. in the short term, as other countries are also competing for bilateral trade agreements [4] - Countries like Japan, South Korea, the UK, the EU, and Vietnam are actively seeking bilateral agreements with the U.S. [6] Group 3 - The UK has reached a framework trade agreement with the U.S., serving as a model and motivation for Canada to secure its own advantageous agreements [6] - Paterson highlighted that tariffs on British-made cars entering the U.S. are lower than those on Chevrolet produced in Ontario, indicating a need for Canada to achieve more progress [6] - As a signatory of the CUSMA agreement, Canada should receive preferential treatment in the U.S. market [6] Group 4 - Paterson's role includes conveying to the Trump administration the importance of Canada as a major trade partner, as trade volumes between U.S. states and Canada exceed those with any other country [6] - A recent visit by a U.S. Senate delegation to Ottawa, led by North Dakota Republican Senator Kevin Cramer, exemplifies the recognition of Canada's significance by U.S. officials [6] - It is acknowledged that the U.S. should prioritize reducing tariffs on Canada to inject certainty into the economy [7]

Investment Rating - The industry investment rating is "Outperform the Market" [74] Core Views - Precious Metals - Gold: The U.S. International Trade Court has blocked Trump's "Day of Liberation" tariffs, leading to a slight decline in gold prices. As of May 30, the COMEX gold futures contract fell by 1.33% to $3,313.10 per ounce. The SPDR Gold ETF increased by 0.8% to 930.2 tons. Short-term uncertainties in U.S. policy, trade negotiations, and geopolitical factors continue to support safe-haven demand for gold. In the medium to long term, ongoing macro uncertainties abroad and the weakening of the dollar's credit are expected to enhance gold's monetary attributes, leading to a positive outlook for gold prices [4][7]. - Industrial Metals: Domestic metal inventories remain relatively low, with a focus on downstream demand in June [5]. As of May 30, LME copper futures fell by 1.2% to $9,497 per ton, while domestic copper social inventory reached 138,700 tons, with a slight decrease of 1,200 tons. LME copper inventory stood at 149,900 tons, indicating a positive trend in inventory reduction. The copper market shows resilience, and if downstream demand exceeds expectations, copper prices may enter an upward channel [6][7]. - Aluminum: As of May 30, LME aluminum futures fell by 0.7% to $2,448.5 per ton. Domestic aluminum social inventory reached 511,000 tons, with a reduction of 46,000 tons. The global electrolytic aluminum inventory continues to decline. Despite some seasonal weakness in downstream sectors, demand remains resilient, and the aluminum price is expected to rise in the medium to long term due to policy support and improved demand expectations [6][7]. Summary by Sections Precious Metals - Gold prices have slightly declined due to tariff uncertainties, but medium to long-term outlook remains positive due to macro uncertainties and dollar weakening [4][7]. Industrial Metals - Copper: Domestic demand is gradually recovering, with a long-term demand space opening up due to industrialization in emerging markets. The tight supply of copper concentrate is expected to support prices [6][7]. - Aluminum: The supply-demand dynamics are favorable, with expectations of rising aluminum prices due to strong demand and reduced inventory levels [6][7]. Investment Recommendations - The report suggests focusing on the gold, copper, and aluminum sectors. Specific companies to watch include Chifeng Jilong Gold Mining for gold, Zijin Mining for copper, and Tianshan Aluminum for aluminum [7].

Investment Rating - The report maintains a "Positive" investment rating for the non-ferrous and steel industry [5]. Core Viewpoints - The report highlights the impact of the US debt crisis and tariff shocks, suggesting a focus on investment opportunities in the gold sector [12]. - Steel prices are experiencing a significant decline, with the overall price index dropping by 1.90% [37]. - The supply and prices of new energy metals are both on the decline, indicating potential challenges in this sector [41]. Summary by Sections 1. Core Viewpoints - The US debt crisis and tariff shocks are leading to a focus on gold investment opportunities, with expectations of continued high gold prices due to market conditions [12]. - Steel consumption has slightly increased, but overall prices are down, with rebar prices falling to 3217 CNY/ton, a decrease of 1.94% [13][37]. 2. Steel Industry - Steel consumption for rebar reached 2.49 million tons, a slight increase of 0.63% week-on-week [17]. - Total steel inventory has decreased significantly, with a total inventory of 933 thousand tons, down 2.92% week-on-week [25]. - The profitability of long and short process rebar steel shows divergence, with long process profitability slightly increasing while short process profitability decreased [32]. 3. New Energy Metals - Lithium production in April 2025 was 70,640 tons, a year-on-year increase of 40.38%, but a slight month-on-month decrease of 0.87% [41]. - The average price of battery-grade lithium carbonate is reported at 61,000 CNY/ton, reflecting a week-on-week decline of 3.17% [50]. 4. Industrial Metals - Copper smelting fees (TC) have slightly increased, with the current fee at -43.50 USD/thousand tons, up 1.69% week-on-week [61]. - The overall production costs for electrolytic aluminum have shown mixed trends, with costs in Xinjiang decreasing by 3.79% [15].

证券研究报告：有色金属|行业周报 发布时间：2025-06-03 行业投资评级 强于大市 |维持 行业基本情况 | 收盘点位 | | 4668.39 | | --- | --- | --- | | 52 | 周最高 | 5020.22 | | 52 | 周最低 | 3700.9 | 行业相对指数表现 2024-06 2024-08 2024-10 2025-01 2025-03 2025-05 -18% -14% -10% -6% -2% 2% 6% 10% 14% 18% 有色金属 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:李帅华 SAC 登记编号:S1340522060001 Email:lishuaihua@cnpsec.com 分析师:魏欣 SAC 登记编号:S1340524070001 Email:weixin@cnpsec.com 研究助理:杨丰源 SAC 登记编号:S1340124050015 Email:yangfengyuan@cnpsec.com 近期研究报告 《黄金上行开始，持续关注黄金股投 资机会》 - 2025.05.26 有色金属行业报告 （2025.05.26- ...

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The copper market shows signs of upward momentum with a decrease in copper inventory and an increase in production rates, indicating a tightening supply situation [12][13] - The aluminum sector faces slight pressure due to the end of demand from the photovoltaic sector, with expectations of a demand test in June [12][14] - The gold market is experiencing reduced short-term safe-haven appeal due to easing inflation and fluctuating U.S. tariff policies [12][15] - The rare earth sector is expected to see a simultaneous increase in both domestic and international prices due to export controls and supply disruptions [12][36] - The antimony market is projected to recover due to resource scarcity and reduced global supply, despite recent price corrections [12][37] - Molybdenum prices are on the rise, supported by strong demand in the steel industry and low inventory levels [12][38] - Tin prices are experiencing a decline due to supply recovery expectations, but long-term demand remains positive [12][39] - Tungsten prices are increasing due to tightened supply expectations from domestic mining regulations [12][40] Summary by Sections 1. Overview of Bulk and Precious Metals Market - Copper shows a positive turning point with expected supply tightening in June [12] - Aluminum faces demand pressure as the photovoltaic installation rush ends [12] - Precious metals, particularly gold, are expected to see price increases driven by supply constraints and central bank purchases [12] 2. Bulk and Precious Metals Fundamentals Update 2.1 Copper - LME copper price decreased by 1.22% to $9,497.00 per ton, with domestic inventory continuing to decline [13] - The smelting sector shows increased production rates, indicating a robust supply chain [13] 2.2 Aluminum - LME aluminum price decreased by 0.71% to $2,448.50 per ton, with inventory levels dropping [14] - The operational rate of aluminum processing remains stable, providing some support for future demand [14] 2.3 Precious Metals - COMEX gold price decreased by 1.33% to $3,313.10 per ounce, influenced by U.S. inflation trends [15] - SPDR gold holdings increased, indicating ongoing interest despite short-term price fluctuations [15] 3. Overview of Minor Metals and Rare Earths Market - The rare earth sector is experiencing a robust upward trend due to supply constraints and regulatory changes [12][36] - Antimony prices are expected to recover as global supply tightens [12][37] 4. Minor Metals and Rare Earths Fundamentals Update 4.1 Rare Earths - Prices for various rare earth elements are increasing, driven by export controls and supply disruptions [36] 4.2 Antimony - Antimony prices are projected to recover due to resource scarcity and reduced global supply [37] 4.3 Molybdenum - Molybdenum prices are rising, supported by strong demand in the steel industry and low inventory levels [38] 4.4 Tin - Tin prices are declining due to supply recovery expectations, but long-term demand remains positive [39] 4.5 Tungsten - Tungsten prices are increasing due to tightened supply expectations from domestic mining regulations [40]

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]