Group 1 - The core viewpoint of the articles highlights that geopolitical uncertainties are driving an increase in risk aversion, which supports the rise in precious metal prices, particularly gold and silver [1] - The gold stock ETF (517400) has risen over 1.1%, reflecting the strengthening of precious metals due to heightened risk aversion [1] - The SSH Gold Stock Index (931238), tracked by the gold stock ETF, includes companies involved in gold mining, smelting, and sales, providing a representative performance of the gold industry chain [1] Group 2 - The Federal Reserve's decision to maintain the benchmark interest rate has led to continued fluctuations in industrial metal prices, with strong long-term support for copper prices [1] - In the energy metals sector, cobalt prices are expected to continue rising, while strategic metals like neodymium oxide have seen a price recovery from a low point [1] - The black tungsten concentrate price has reached a historical high, indicating a potential revaluation opportunity for strategic minor metals like antimony and tungsten amid supply chain autonomy trends [1]

A股能源金属板块走高，腾远钴业涨超10%，赣锋锂业、天齐锂业、永杉锂业、融捷股份、盛新锂能等 跟涨。消息面上，刚果金政府宣布延长3个月钴的临时禁令，全球钴供应量或将大幅下降。 ...

Group 1: Key Insights from Social Services Sector - The offline sector is expected to enter a new development cycle after adjustments, while online platforms continue to face competition [4] - Consumer willingness is gradually recovering, and industry penetration rates are on the rise [4] - Structural opportunities exist between offline and online sectors, with a gradual easing of competition in the e-commerce landscape [4] Group 2: Key Insights from Fixed Income Market - Investors are advised to focus on long-term and ultra-long-term non-active bonds, as well as 20-year local government bonds for yield spread opportunities [5] - The market sentiment has shifted towards bullishness on long-term bonds, with expectations of accelerated market activity if key benchmarks drop [5] - The bond market is experiencing a "running ahead" trend, indicating a proactive investment approach [5] Group 3: Key Insights from A-Share Strategy - The market is expected to continue in a volatile pattern, with the current weight index in a "bullish divergence" state [6][7] - The strategy emphasizes maintaining a portfolio structure centered around large financial institutions, particularly banks, as a stabilizing force [6][7] - The geopolitical situation and new consumer trends are influencing market adjustments [6][7] Group 4: Key Insights from Energy Metals Sector - The lithium industry is showing signs of bottoming out, with companies' price-to-book ratios reaching low levels [8] - Supply-demand balance in the lithium sector is expected to improve significantly by 2026, making it a favorable time to invest in companies with low costs and high growth potential [8] - The cobalt sector presents investment opportunities driven by policy catalysts, with specific companies recommended for attention [8] Group 5: Key Insights from Aviation and Airport Sector - The aviation supply-demand relationship is on the verge of reversal, with expectations for a strong summer travel season [9][10] - Despite short-term pressures from rising oil prices, the long-term outlook for the aviation industry remains positive, with demand expected to grow steadily [9][10] - The industry is projected to experience a significant improvement in supply-demand dynamics by 2025, leading to enhanced profitability [9][10] Group 6: Key Insights from Taotao Automotive - Taotao Automotive has entered a strategic partnership with K-Scale, focusing on humanoid robotics [11] - The collaboration aims to leverage K-Scale's AI capabilities and Taotao's local manufacturing strengths in North America [11] - Potential investment opportunities arise from exceeding order expectations and optimizing competitive dynamics in the robotics sector [11]

Market Overview - A-shares experienced a downward trend with major indices declining, including the Shanghai Composite Index down 0.86%, Shenzhen Component Index down 1.01%, and ChiNext Index down 1.1% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 805.8 billion, an increase of 43.2 billion compared to the previous trading day [1] Sector Performance - Over 4600 stocks in the market showed negative performance [1] - The energy metals sector opened high but fell back, while media and gaming stocks also saw a retreat after initial gains [1] - The controllable nuclear fusion sector led the decline, with companies like Hezhong Intelligent hitting the daily limit down, and others like Haheng Huaton, Guoguang Electric, and China Nuclear Technology experiencing significant losses [1] - The multi-financial sector also faced declines, with Ruida Futures down over 7% and Hongye Futures and New Power Financial following suit [1] Notable Stocks - Oil and gas stocks saw a rebound, with Huai Oil shares hitting the daily limit up and Zhongman Petroleum rising over 9% [1] - The solid-state battery sector was the top performer, with companies like Nord Shares, Xiangtan Electric, and Fengyuan Shares all hitting the daily limit up [1]

A股能源金属板块再度拉升，盛新锂能涨停，远航精密、永杉锂业、赣锋锂业、融捷股份、腾远钴业等 纷纷走高。 ...

Investment Rating - The report maintains an "Outperform" rating for the non-ferrous metals industry [2]. Core Insights - Precious metals are expected to perform well in the long term, with gold prices rising by 3.74% recently due to escalating geopolitical tensions, particularly between Israel and Iran [5]. - Industrial metal prices showed mixed results, with copper and nickel prices declining by 0.2% and 2.2% respectively, while aluminum and lead prices increased by 1.8% and 1.6% [5]. - The report highlights a positive outlook for small metals, particularly praseodymium-neodymium oxide, which saw price increases, driven by a recovery in manufacturing demand [5]. - Energy metals, particularly lithium, have seen price declines, with lithium carbonate prices dropping, indicating a need to monitor future demand growth in this sector [5]. - The report suggests a favorable investment environment for the non-ferrous metals sector, driven by anticipated monetary easing from the Federal Reserve and supportive domestic fiscal policies [5]. Summary by Sections 1. Industry Data Review 1.1 Precious Metals - Gold prices are projected to continue rising due to geopolitical instability and a weakening dollar [5]. 1.2 Industrial Metals - Recent price changes include copper at 78,010 CNY/ton (-0.2%), aluminum at 20,440 CNY/ton (+1.8%), and nickel at 119,920 CNY/ton (-2.2%) [28]. 1.3 Small Metals - Prices for praseodymium-neodymium oxide increased by 0.7% week-on-week, reflecting a 22.2% annual increase [30]. 1.4 Energy Metals - Lithium prices have decreased significantly, with lithium carbonate at 5,350 CNY/ton, down 37.6% year-on-year [35]. 2. Market Data - The non-ferrous metals sector rose by 3.79%, outperforming the Shanghai Composite Index, which fell by 0.25% [36]. 3. Key Events Review - The report notes a framework agreement reached in U.S.-China trade talks, which may positively influence industrial metal prices [43].

丨证券研究报告丨 行业研究丨行业周报丨金属、非金属与采矿 [Table_Title] 产业与宏观共振，资源品全面开花 报告要点 [Table_Summary] 本周是关键节点，美元下破"箱体"+地缘冲突升级共振，金价重回上升通道，权益恢复弹性， 重视突破新高前的配置际遇。本周核心两点触发黄金重回上升通道：1）美元指数破过去 2 年 震荡箱体进一步走弱。对应周三公布 5 月 CPI 低预期，联储担忧滞胀并未到来，降息概率回 升。美国经济在"滞胀"和"衰退"或走向后者。传统框架/衰退路径是今年驱动金价进一步新 高的重要因子。我们依旧维持金价延续上涨至第二轮第一次降息落地；2）以伊地缘冲突再起， 催生避险情绪进一步助力金价向上弹性；同时我们欣喜看到黄金股摆脱过去 1 个月对金价弱化 的弹性，在周五出现显著修复。我们认为第二波贵金属股行情或启动。 分析师及联系人 [Table_Author] SFC：BQT626 SFC：BUT918 王鹤涛 肖勇 叶如祯 王筱茜 肖百桓 SAC：S0490512070002 SAC：S0490516080003 SAC：S0490517070008 SAC：S04905190800 ...

Investment Rating - The industry rating is "Recommended" [3] Core Views - The report indicates that the price of tin in Shanghai has increased week-on-week, supported by expectations of tight overseas supply [10][16] - Nickel prices have decreased due to an oversupply of pure nickel, with domestic production expected to decline but still not improving the oversupply situation [21][23] - Cobalt prices are under pressure with low operating rates at smelters and weak demand from downstream manufacturers [24][29] - Antimony prices have decreased domestically while maintaining historical highs in Europe, with significant price differences between domestic and overseas markets [30][34] - Lithium carbonate prices have increased slightly, but the market is expected to remain weak due to high inventory levels and cautious demand from downstream manufacturers [7][8] Summary by Sections Tin Industry Update - The price of tin in Shanghai has risen to 264,400 CNY/ton, with a decrease in inventory levels [10][11] - Supply constraints are expected due to transportation bans and production issues in Myanmar [10][16] Nickel Industry Update - The LME nickel price is reported at 14,970 USD/ton, with a decrease in inventory levels [21] - The Philippines is considering a ban on nickel ore exports, which could tighten supply for Chinese smelters [21][23] Cobalt Industry Update - Electrolytic cobalt prices are at 234,500 CNY/ton, with weak demand and low smelter operating rates [24][29] - The market is cautious due to uncertainties in Congo's export policies [29] Antimony Industry Update - Domestic antimony ingot prices are at 207,500 CNY/ton, with a significant price gap compared to European prices [30][34] - Export controls from China are expected to impact global supply and pricing dynamics [30][34] Lithium Industry Update - Battery-grade lithium carbonate prices have increased to 60,700 CNY/ton, but the market outlook remains weak due to high inventory levels [7][8] - Supply from lithium mines is stable, but demand from downstream manufacturers is cautious [7][8]

Investment Rating - The report maintains a "Buy" rating for several companies in the non-ferrous metals sector, including Zijin Mining, Luoyang Molybdenum, and China Nonferrous Mining [4]. Core Views - The report highlights that geopolitical tensions are driving up precious metal prices, with gold increasing by 3.65% and silver by 0.66% during the week [1]. - Industrial metals are expected to perform well due to ongoing export demand and significant production cuts from mines, particularly in copper [2]. - The lithium market is stabilizing, with prices expected to hold steady in the short term, while cobalt prices may see upward movement due to inventory depletion [3]. - The report emphasizes the importance of central bank gold purchases and the weakening of the US dollar as key factors supporting gold prices in the medium to long term [4]. Summary by Sections 1. Industry and Stock Performance - The SW Nonferrous Index rose by 3.35% during the week, while the Shanghai Composite Index and CSI 300 both fell by 0.25% [1]. 2. Base Metals 2.1 Price and Stock Correlation - The report notes fluctuations in base metal prices, with aluminum prices increasing by 2.10% and copper decreasing by 0.24% [1][12]. 2.2 Industrial Metals - Copper supply remains tight, with the SMM import copper concentrate index down by $44.75 per dry ton, a decrease of $1.46 [2]. - Domestic aluminum social inventory decreased by 44,000 tons, indicating a strong demand despite a seasonal slowdown [2]. 3. Precious Metals and Minor Metals 3.1 Precious Metals - Gold prices are expected to continue rising due to geopolitical tensions and central bank purchases, with a focus on companies like Zijin Mining and Shandong Gold [4]. - Silver prices are supported by industrial demand and are expected to perform well alongside gold [4]. 3.2 Energy Metals - Lithium prices are stabilizing, with production increasing due to prior market rebounds, while cobalt prices are anticipated to rise as inventory levels decrease [3]. - Nickel prices are under pressure due to weak downstream demand and increased production capacity, with expectations of further price declines [3][56].

Core Insights - The A-share market indices collectively rose on Wednesday, with the Shanghai Composite Index increasing by 0.52%, the Shenzhen Component Index by 0.83%, and the ChiNext Index by 1.21%. The total market turnover was 12,866 billion, a decrease of 1,646 billion from the previous day, with over 3,400 stocks rising across the market. The sectors with the highest gains included rare earth permanent magnets, energy metals, and automotive parts, while the CRO concept sector saw declines [3][7]. Important News - The first meeting of the China-U.S. economic and trade consultation mechanism took place on June 9-10, 2025, in London. The Chinese lead, Vice Premier He Lifeng, and the U.S. lead, Treasury Secretary Yellen, along with other officials, engaged in candid and in-depth discussions on economic and trade issues of mutual concern. They reached a principled consensus on the framework for implementing the important consensus from the June 5 call between the two heads of state and made progress in addressing each other's economic and trade concerns [4][8].