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]

证券研究报告|行业研究周报 [Table_Date] 2025 年 5 月 25 日 本周沪锡价格小幅下跌，Bisie 首批锡精矿已 进入物流环节 [Table_Title2] 有色-能源金属行业周报 [Table_Summary] 报告摘要: ►本周沪镍价格环比下跌，沪镍持续去库 截止到 5 月 23 日，LME 镍现货结算价报收 15,205.00 美 元/吨，较 5 月 16 日下跌 1.49%，LME 镍总库存为 198,636.00 吨，较 5 月 16 日增加 1.75%；沪镍报收 12.31 万元/吨，较 5 月 16 日下跌 1.25%，沪镍库存为 26,955.00 吨，较 5 月 16 日 减少 2.84%；截止到 5 月 16 日，硫酸镍报收 28,900.00 元/吨， 较 5 月 16 日价格持平。根据 SMM 周报，硫酸镍方面，需求 端表现方面，经过 5 月行业去库存后，部分前驱体生产企业 6 月排产计划趋于乐观，对硫酸镍的询价活跃度显著提升，且 企业对镍盐价格的接受度有所增强。供应端来看，部分镍盐生 产企业受需求增长及原料库存紧张影响，上调了产品报价系 数，另有部分企业报价维持稳 ...

Group 1: Consumption Trends - Consumption has led the market since April and year-to-date, with personal care products, animal health, feed, snacks, and cosmetics showing the highest gains[1] - Recommended consumption sectors include apparel, automobiles (including two-wheeled electric vehicles), retail, food, beauty care, aquaculture, feed, and snacks since the Spring Strategy Outlook on February 12[1] Group 2: Fiscal Impact on Consumption - Retail sales growth is highly elastic to fiscal spending cycles, with elasticity increasing during fiscal expansion periods[2] - The expected fiscal deficit rate for 2025 is around 4%, up from approximately 3% in 2024, indicating a significant increase in central government spending[21] - Local government debt pressures have historically suppressed consumption, but debt relief efforts are expected to drive internal recovery in consumption, particularly in high-debt provinces[2] Group 3: Investment Strategy - The investment strategy suggests focusing on domestic consumption sectors, technology growth, cost improvement drivers, and structural opportunities abroad[32] - Recommended sectors include domestic consumption (apparel, automobiles, retail, food, beauty care), technology (AI, robotics, semiconductors), and cost-driven sectors (aquaculture, energy metals)[32]

证券研究报告 有色金属 行业定期报告 hyzqdatemark 2025 年 05 月 18 日 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 联系人 陈轩 板块表现： 中美关税"降级"催化，成本支撑叠加库存去化，铝价大涨 投资评级： 看好（维持） ——有色金属 大宗金属周报（2025/5/12-2025/5/16） 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 铜：铜价维持震荡，等待后续宏观催化。本周伦铜/沪铜/美铜涨跌幅分别为 +0.86%/+0.89%/-1.34%，本周一中美发布经贸会谈联合声明，实现对等关税"降级"， 受此催化全球商品价格反弹，沪铜一度反弹至 7.9 万元/吨，后续逐步回落至 7.8 万 元/吨。基本 ...

Investment Rating - The report maintains an investment rating of "Recommended" for the non-ferrous metals industry [5][8]. Core Insights - In 2024, the prices of major metals such as gold and copper significantly increased, leading to substantial growth in the performance of related listed companies. Precious metal prices rose over 20% compared to 2023, with major companies experiencing a net profit growth rate exceeding 40%. Copper and aluminum prices increased by 7.89% and 7.53% respectively, while industrial metal companies saw a net profit growth of over 30% [5][16][24]. - The energy metals sector faced a sharp decline, with battery-grade lithium carbonate and lithium hydroxide prices dropping over 60%, resulting in a staggering 97.88% decrease in net profits for the sector [5][6][8]. Summary by Sections 1. Revenue and Profit - The non-ferrous metals industry achieved a total revenue of 3.47 trillion yuan in 2024, a 5.86% increase from 3.28 trillion yuan in 2023. The net profit reached 138.41 billion yuan, a slight increase of 1.77% from 136.01 billion yuan in 2023 [17][24]. 2. Precious Metals - The precious metals sector saw a revenue increase of 23.55% to 2909.62 billion yuan in 2024, with net profits rising by 48.24% to 122.85 billion yuan. The average LME gold price for 2024 was 2381.9 USD/oz, up 22.6% from 1942.89 USD/oz in 2023 [31][32][39]. 3. Industrial Metals - The industrial metals sector generated a revenue of 2.66 trillion yuan in 2024, an 8.17% increase from 2.46 trillion yuan in 2023, with net profits growing by 30.58% to 1083.61 billion yuan. The average LME copper price was 9146.79 USD/ton, a 7.89% increase from 8477.77 USD/ton in 2023 [43][44][56]. 4. Energy Metals - The energy metals sector's revenue fell to 155.07 billion yuan in 2024, a decline of 26.21% from 210.14 billion yuan in 2023, with net profits plummeting by 97.88% to 5.1 billion yuan. The average prices for battery-grade lithium carbonate and lithium hydroxide dropped by 65.02% and 68.93% respectively [61][70][71]. 5. Investment Recommendations - The report recommends leading companies in the industry such as Shandong Gold, Zhongjin Gold, Zijin Mining, and Ganfeng Lithium, highlighting their potential for growth and recovery in performance [8].

[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 05 月 13 日 [Table_Title] 贵金属价格小幅回调，进一步加强战略矿产出口管制 ——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跌 0.68% 近 2 周（2025.4.28-2025.5.09），有色金属行业指数下跌 0.68%，沪 深 300 指数上涨 1.64%。从细分领域看，金属新材料（5.78%）、小金 属（4.30%）和能源金属（2.56%）涨幅居前，工业金属和贵金属分别 下跌为-0.91%、-10.42%。 金属价格：贵金属价格小幅下调，铜价受供需格局影响上涨 截至 5 月 9 日，COMEX 黄金收盘价为 3329.1 美元/盎司，近 2 周下 降 0.03%；COMEX 银收盘价为 32.88 美元/盎司，近 2 周下降 0.42%； LME 铜现货结算价为 9486 美元/吨，近 2 周上涨 1.30%；LME 铝现 货结算价为 2401 美元/吨，近 2 周下降 0.46%。LME 锡 31,790 美元 /吨，近两周下跌 ...

业 绩 综 有色金属行业 标配（维持） 有色金属行业 2024 年及 2025Q1 业绩综述： 板块业绩表现分化，2024 年有色金属行业稳中有升 2025 年 5 月 12 日 投资要点： 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 业 研 究 资料来源：东莞证券研究所，iFind 分析师：许正堃 SAC 执业证书编号： S0340523120001 电话：0769-23320072 邮箱： xuzhengkun@dgzq.com.cn 贵金属、工业金属表现亮眼，2024年有色金属行业逆势增长。2024年申 万有色金属行业141家上市公司合计实现营业收入34705.25亿元，同比增 长5.86%，其中98家公司营收同比正增长；实现归母净利润1384.09亿元， 同比+1.78%，其中86家公司归母净利润同比正增长。申万有色金属行业 2024年全年上涨3.19%，涨跌幅在申万31个行业中排名第17。总体来看， 贵金属、工业金属板块表现亮眼，而能源金属及小金属领域因需求低迷， 产品价格下跌，致使板块业绩下滑 ...

有色金属 证券研究报告 供给端存收紧预期，氧化铝价格底部反弹 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 行业定期报告 hyzqdatemark 2025 年 05 月 11 日 陈轩 chenxuan01@huayuanstock.com 板块表现： 投资评级： 看好（维持） ——有色金属 大宗金属周报（2025/5/5-2025/5/9） 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 铜：铜价窄幅震荡，等待后续宏观催化。本周伦铜/沪铜/美铜涨跌幅分别为 +0.80%/+0.30%/-0.93%，沪铜在 7.7-7.8 万之间窄幅震荡，正如我们前期所判断的 美国关税造成的流动性冲击缓解后铜价迎来反弹修复，铜价波动率逐步下降 ...

Investment Rating - The report maintains an "Outperform" rating for the non-ferrous metals industry [2]. Core Viewpoints - Precious metals, particularly gold, are expected to perform well in the long term despite recent price fluctuations. The report notes a slight increase of 0.33% in domestic spot gold prices and highlights improving international trade conditions, which may influence gold's safe-haven appeal [5]. - Industrial metal prices have mostly declined, with specific changes noted in copper, aluminum, lead, zinc, tin, and nickel prices. However, demand from the renewable energy sector is expected to offset declines in traditional industries [5]. - The report emphasizes the potential for investment opportunities in the non-ferrous metals sector, particularly in precious metals, as the Federal Reserve enters a rate-cutting cycle and domestic monetary policies strengthen [5]. Summary by Sections 1. Industry Data Review 1.1 Precious Metals - Domestic gold prices have shown a slight increase, while international trade issues are showing signs of improvement [5]. 1.2 Industrial Metals - Prices for copper, aluminum, lead, zinc, tin, and nickel have varied, with copper prices slightly increasing by 0.3% [27]. 1.3 Minor Metals - Prices for rare earth elements like praseodymium-neodymium oxide have increased, indicating a potential rise in demand due to manufacturing recovery [30]. 1.4 Energy Metals - Lithium carbonate and hydroxide prices have decreased, with a focus on future demand growth for energy metals [34]. 2. Market Data - The report includes various tables summarizing price changes for different metals, indicating overall market trends [36]. 3. Important Events Review - Notable events include the resumption of production at a major nickel plant in Indonesia and the discovery of a significant copper deposit by Lundin Mining in South America [41][42].

Investment Rating - The report maintains an "Accumulate" rating for the company [1][5] Core Views - The company has shown significant growth in its cobalt and copper product sales, with a year-on-year increase in shipments and a diversified product range [3][8] - The company reported a net profit of 202 million RMB for 2024, representing a 45.85% increase year-on-year, and a net profit of 43 million RMB for Q1 2025, up 39.77% year-on-year [8] Financial Summary - The company’s revenue for 2024 is projected to be 5,950 million RMB, a 24.2% increase from 2023, with a net profit of 202 million RMB, reflecting a 45.9% growth [7][9] - For Q1 2025, the company achieved a revenue of 1,501 million RMB, a 14.56% increase compared to Q1 2024, with a net profit of 43 million RMB, up 39.77% [10] - The company’s earnings per share (EPS) for 2025 is adjusted to 0.99 RMB, with projected P/E ratios of 33.4, 25.3, and 19.9 for 2025, 2026, and 2027 respectively [5][11] Product and Market Development - The company has expanded its copper and cobalt production capacity, with copper production reaching 53,300 tons and cobalt production increasing by 94.78% to 16,200 tons in 2024 [8] - The company is also developing nickel resources, with a new project in Indonesia aimed at producing 20,000 tons of nickel annually, enhancing its position in the new energy materials sector [8]