CITIC Securities: Focus on opportunities to allocate gold, rare earths, copper, aluminum, tin, and tungsten sectors.

CITIC Securities pointed out that in the first quarter of 2024 and 2025, the overall profitability of the metal industry will remain stable and increase. The leading sectors will be gold, nickel-cobalt-tin-antimony, rare earth magnetic materials, and copper plates, while battery metals and other varieties will be under pressure at the bottom. Currently, the valuation of the metal industry remains at a relatively low level, with the valuations of aluminum, copper, nickel-cobalt-tin-antimony at relatively low levels, and the industry valuation repair is worth anticipating. In addition, the industry's dividend return continues to improve, with some stocks having a dividend yield of over 5% and the shareholder return capacity continuing to increase. Looking ahead to the second half of 2025, CITIC Securities believes that under the background of trade disputes, with the gradual implementation of liquidity and fiscal policies, it is important to focus on gold, rare earths, copper, aluminum, tin, and tungsten plate opportunities.