CITIC Securities: Bullish on the allocation value of precious metals, industrial metals, battery metals, and strategic metals sectors.

CITIC Securities pointed out that after experiencing a significant increase in 2025, the momentum of rising prices in non-ferrous metals and stock markets is still strong. Supply disruptions, local high demand, and hoarding behaviors provide strong support for metal prices. The increase in trading activity due to loose liquidity and the strengthening of risk aversion sentiment due to geopolitical conflicts are expected to amplify the price elasticity of metals. It is optimistic about the allocation value of precious metals, industrial metals, battery metals, and strategic metals sectors.