Core Viewpoint - The metal sector is expected to maintain strong performance with profit growth accelerating in the first half of 2025, particularly in rare metals like rare earths and tungsten, as well as nickel, cobalt, tin, antimony, and copper [1][2] Market Review - The metal market has seen a comprehensive increase, with the CITIC Nonferrous Metals Index rising by 52.5% year-to-date, outperforming the CSI 300 Index by 34.8 percentage points [1] - From the beginning of 2025 to August 29, the best-performing sub-sectors include rare earth magnetic materials, tungsten, and nickel-cobalt-tin-antimony, with increases of 123%, 91%, and 67% respectively [1] Performance and Valuation Analysis - The overall revenue of the nonferrous metal industry grew by 6.7% year-on-year in the first half of 2025, with net profit attributable to shareholders increasing by 37.5% [2] - The sub-sector of rare earths and magnetic materials, gold, and copper showed significant profit growth, with net profits increasing by 624.1%, 58.8%, and 40.2% respectively [2] - As of August 29, 2025, the nonferrous metal sector's price-to-earnings ratio (TTM) is at 21.2 times, while the price-to-book ratio is at 2.8 times, indicating a high valuation since 2022 but still below the 2021 peak [2] Holdings and Dividend Analysis - As of the end of Q2 2025, the market value of fund holdings in the nonferrous metal sector reached 127 billion yuan, ranking 9th among 30 industries [3] - The overall dividend payout ratio for the metal industry in the first half of 2025 was 15.0%, an increase of 5.6 percentage points year-on-year [3] Market Outlook - The outlook for the metal sector remains positive, with expectations for gold prices to reach new highs following interest rate cuts, potentially hitting $4,000 per ounce [4] - Copper prices are anticipated to benefit from strong fundamentals, potentially reaching $10,500 per ton [4] - The strategic value of rare earths and tungsten remains significant, and the aluminum sector is expected to see a positive correlation between profitability and valuation [4]

Group 1: Trade Agreement and Tariffs - The United States and the European Union have reached a framework agreement on trade, reaffirming a 15% tariff cap on most EU goods, including automobiles, pharmaceuticals, semiconductors, and timber [1][2] - Since the beginning of the year, the U.S. has gradually increased tariffs on European goods, with most EU products facing a 15% baseline tariff as of August, significantly higher than the previous average of less than 5% [2][3] - The EU's exports to the U.S. have seen a year-on-year decline of over 10%, reflecting the severe impact of the U.S. tariff measures [1][3] Group 2: Impact on European Industries - The automotive industry is under significant pressure, with German and French manufacturers heavily reliant on the U.S. market, facing uncertainty in long-term planning due to tariff fluctuations [3][4] - The metal industry is experiencing severe challenges, with steel and aluminum products subjected to a 50% tariff, leading to a sharp reduction in orders from major exporting countries like Germany and Italy [3][4] - The wine and spirits industry is also affected, with French wines and Italian spirits facing a 15% tariff, potentially leading to a 30% increase in financial burdens for the industry [3][4] Group 3: Corporate Strategies and Adjustments - European companies are actively seeking strategies to cope with high tariffs, including price increases to pass on costs to consumers, as seen with brands like BMW and Mercedes [4][5] - Some companies are accelerating localization efforts and considering expanding production capacity in the U.S. to mitigate tariff risks, with Volkswagen planning attractive investment initiatives [4][5] - Smaller exporters are shifting their market focus to Southeast Asia and the Middle East to reduce dependence on the U.S. market [5] Group 4: Economic Indicators and Future Outlook - The eurozone's industrial output fell by 1.3% month-on-month in June, indicating pressure on the manufacturing sector, despite positive GDP growth in Q2 [6] - Economists warn that if automotive tariffs are not reduced soon, eurozone exports may face further pressure in Q3, potentially impacting corporate profits and overall economic growth [6]

Group 1 - The core viewpoint of the articles highlights a significant drop in New York COMEX copper prices, which fell over 20%, marking the largest single-day decline on record due to unexpected tariff policies announced by the White House [1] - The U.S. government announced a 50% tariff on imported semi-finished copper products effective August 1, while exempting refined copper and scrap copper, leading to market confusion and a sharp sell-off [1] - Analysts describe the impact of the tariff announcement as "earthquake-level," indicating severe consequences for those who had already shipped copper to the U.S. [1] Group 2 - The price difference between COMEX and LME copper has narrowed to 2%-3%, suggesting potential for re-export of copper from the U.S. if the market conditions allow [2] - If U.S. copper is re-exported, it could exacerbate a temporary oversupply situation, putting additional downward pressure on copper prices [2]

Group 1 - LME copper prices fell to a near one-week low due to a stronger dollar and increasing concerns over global economic growth, with three-month copper down by $40.5 or 0.42% to $9,615 per ton [1][2] - Other base metals also experienced declines, with three-month aluminum down by $25.5 or 1% to $2,521.5 per ton, while zinc saw a slight increase of $4 or 0.15% to $2,640.5 per ton [2] - LME copper has rebounded 19% since hitting a near 19-month low of $8,105 in April [3] Group 2 - Concerns over regional tensions have strengthened the dollar, which typically weakens the prices of dollar-denominated commodities, leading to a cautious stance among funds [4] - A decrease in trading activity was noted as U.S. traders were absent due to the June holiday [4] - LME copper inventories decreased by 4,025 tons to 103,325 tons, marking the lowest level in over a year [7] Group 3 - The U.S. market has seen an influx of copper due to expectations of tariffs on copper imports, resulting in a premium for copper in the U.S. [8] - The aluminum market in the U.S. is experiencing a decline in premiums, with a drop of over 7% in consumer purchases, amid speculation of potential tariff reductions on Canadian aluminum imports [9] - The global lead market is projected to shift to a surplus of 6,900 tons by April 2025, contrasting with a shortage of 11,900 tons in March [9]

Core Viewpoint - The company, Xiyes Co., Ltd., is demonstrating confidence in the market by announcing a share buyback plan of 100 million to 200 million RMB, aimed at reducing registered capital and enhancing shareholder value [1][2]. Group 1: Share Buyback Plan - Xiyes Co., Ltd. plans to repurchase shares at a price not exceeding 21.19 RMB per share, with a total investment between 100 million and 200 million RMB, potentially acquiring approximately 471,920 to 943,840 shares, which represents 0.29% to 0.57% of the total share capital [2]. - The buyback is seen as a strategy to boost stock prices, as the current market price is 14.48 RMB per share, which is 46% lower than the buyback price cap [2]. Group 2: Financial Performance - In Q1 2025, Xiyes Co., Ltd. reported a revenue of 9.729 billion RMB, a year-on-year increase of 15.82%, and a net profit attributable to shareholders of 499 million RMB, up 53.08% [1][4][5]. - The company has shown a consistent improvement in its financial health, with a decrease in the debt-to-asset ratio from 61.53% in 2020 to 40.22% in Q1 2025 [3]. Group 3: Research and Development - Xiyes Co., Ltd. is committed to innovation, with R&D expenses increasing significantly over the years, reaching 75.22 million RMB in Q1 2025, a year-on-year rise of 9.12% [5]. - The company plans to invest 270 million RMB in collaboration with Yunnan Tin Holdings and New Materials Company to enhance the Tin-Indium Laboratory, which focuses on comprehensive research and development across the tin-indium industry chain [5][6].

Report Industry Investment Rating No relevant content provided. Core View of the Report Based on macro - fundamental and technical analysis, the report predicts the trend of various futures on June 10, 2025, including股指期货,国债 futures, precious metals futures, base metals futures, energy futures, and chemical futures, and gives resistance and support levels [2][3]. Summary by Directory 1. Futures Market Outlook - **Stock Index Futures**: IF2506, IH2506, IC2506, and IM2506 are expected to oscillate strongly on June 10, 2025, with specific resistance and support levels provided. For the whole of June 2025, they are also expected to have a generally strong - oscillating trend [2][19]. - **Treasury Bond Futures**: The ten - year T2509 and thirty - year TL2509 are likely to oscillate strongly on June 10, 2025, with corresponding resistance and support levels [3][39]. - **Precious Metals Futures**: Gold futures AU2508 are expected to oscillate and consolidate on June 10, 2025, while silver futures AG2508 are likely to oscillate strongly and may hit a new high. For June 2025, gold futures are expected to have a wide - range strong - oscillating trend, and silver futures are expected to oscillate strongly and break through key resistance levels [3][45][50]. - **Base Metals Futures**: Copper (CU2507), aluminum (AL2507) futures are expected to oscillate strongly on June 10, 2025, while alumina (AO2509), zinc (ZN2507), nickel (NI2507), rebar (RB2510), hot - rolled coil (HC2510), iron ore (I2509) futures are likely to oscillate weakly. Different resistance and support levels are given for each [3][4][5]. - **Energy Futures**: Crude oil futures SC2507 are expected to oscillate strongly on June 10, 2025, with specific resistance and support levels. For June 2025, it is expected to have a wide - range strong - oscillating trend [5][95]. - **Chemical Futures**: PTA (TA509) futures are expected to oscillate and consolidate on June 10, 2025, while PVC (V2509), methanol (MA509), and natural rubber (RU2509) futures are likely to oscillate weakly, with corresponding resistance and support levels [7][101][103]. 2. Macro Information and Trading Tips - **Sino - US Economic and Trade Consultation**: The first meeting of the Sino - US economic and trade consultation mechanism was held in London on June 9 and continued on June 10 [8]. - **Domestic Policies**: The General Offices of the CPC Central Committee and the State Council issued an opinion on improving people's livelihood, and the State Council carried out a special study on promoting the integration of scientific and technological innovation and industrial innovation [8][9]. - **Economic Data**: In May, China's CPI decreased both month - on - month and year - on - year, and PPI was still at a low level. In the first five months, China's total import and export value increased by 2.5% year - on - year, with exports growing by 7.2% and imports decreasing by 3.8% [8][9]. - **International News**: The US Senate Republicans plan to propose a revised tax and healthcare bill, the US may hit the debt ceiling between mid - August and late September, and consumer inflation expectations in the US decreased in May [10]. 3. Commodity Futures - Related Information - **International Futures Market**: On June 9, international precious metals futures closed mixed, and international oil prices strengthened. The first recycled metal futures option, cast aluminum alloy, was listed on the Shanghai Futures Exchange on June 10 [12]. - **Exchange - Rate Information**: Hong Kong will maintain the linked exchange rate system, and the on - shore RMB against the US dollar rose on June 9. The US dollar index fell, and non - US currencies generally rose [12][13][14]. 4. Futures Market Analysis and Outlook - **Stock Index Futures**: On June 9, IF2506, IH2506, IC2506, and IM2506 all showed a trend of opening higher, rising and then falling back, with different degrees of increase. The A - share market oscillated and rebounded, and the Hong Kong stock market was strong [14][15][16][17]. - **Treasury Bond Futures**: On June 9, the ten - year T2509 and thirty - year TL2509 both showed a trend of opening higher, rising and then falling back, with different degrees of increase. The central bank carried out 1738 billion yuan of 7 - day reverse repurchase operations, resulting in a net investment of 1738 billion yuan [36][41]. - **Precious Metals Futures**: On June 9, gold futures AU2508 fell, while silver futures AG2508 rose and hit a new high [45][50]. - **Base Metals Futures**: On June 9, copper, aluminum, alumina, zinc, nickel, rebar, hot - rolled coil, and iron ore futures showed different trends of rise and fall [54][59][63][68][71][77][80][83]. - **Energy Futures**: On June 9, crude oil futures SC2507 rose [95]. - **Chemical Futures**: On June 9, PTA, PVC, methanol, and natural rubber futures showed different trends of rise and fall [101][103][105][108].

Core Viewpoint - The metal industry is expected to see steady profit growth in 2024 and the first quarter of 2025, with gold, nickel, cobalt, tin, antimony, rare earth magnetic materials, and copper leading the sector [1] Industry Summary - The current valuation of the metal industry remains relatively low, with aluminum, copper, nickel, cobalt, tin, and antimony at comparatively low levels, indicating potential for valuation recovery [1] - The trend of increasing dividend returns in the industry continues, with some individual stocks offering dividend yields exceeding 5%, reflecting an ongoing enhancement in shareholder return capabilities [1] - Looking ahead to the second half of 2025, the industry should focus on investment opportunities in gold, rare earths, copper, aluminum, tin, and tungsten, particularly in the context of trade disputes and the gradual implementation of liquidity and fiscal policies [1]

Group 1 - The Trump administration is considering a two-step tariff strategy, which includes imposing emergency tariffs before completing investigations on trade partners [1][2] - The proposed plan aims to establish a solid legal framework for reciprocal tariffs while generating funds for Trump's planned tax cuts [1][2] - The administration is discussing the use of the International Emergency Economic Powers Act or a lesser-known provision of the 1930 Tariff Act, which could impose tariffs as high as 50% on trade partners [1][2] Group 2 - Trump has promised to announce new tariff policies on April 2, referred to as "Liberation Day," leading countries to lobby for exemptions [2][4] - The internal debate within the administration reflects differing views on the purpose of tariffs, with some officials focusing on revenue generation for tax cuts rather than using tariffs as negotiation tools [2][3] - The U.S. Trade Representative is increasingly taking on a legal planning role, advocating for investigations of trade partners before imposing tariffs, which may take up to six months [3] Group 3 - The White House is committed to creating a fair competitive environment for U.S. businesses and workers, with plans to advance the tariff strategy on April 2 [4] - The upcoming tariff policy is seen as an evolution of Trump's previous proposals to impose tariffs on U.S. exporters, which have been inconsistent and often reversed under corporate pressure [4] - Since taking office, Trump has imposed a uniform 25% tariff on all steel and aluminum imports, with threats of retaliatory tariffs on French wine and other products following the EU's response to U.S. metal tariffs [4]