According to the CITIC Securities Research Report, in the first quarter of 2025 and 2026, the metal industry's performance growth generally accelerated, with tungsten, lithium, lead-zinc, and rare earth magnetic materials leading the way, while aluminum, copper, nickel, cobalt, tin, antimony, and gold performed weakly since the beginning of the year. Currently, the valuation of the metal sector is still at a reasonable level. The valuations of aluminum, copper, nickel, cobalt, tin and antimony, and gold are relatively low, and a recovery in valuation can still be expected. Industry dividends have declined slightly, but some individual stocks still forecast dividend rates of 5% or more. Looking ahead to 2026, liquidity shocks will ease, supply disruptions will occur frequently, and individual downstream sectors will continue to be booming. It is recommended to continue to focus on allocation opportunities in the lithium, copper, rare earths, strategic metals, aluminum, and gold sectors.

According to the CITIC Securities Research Report, in the first quarter of 2025 and 2026, the metal industry's performance growth generally accelerated, with tungsten, lithium, lead-zinc, and rare earth magnetic materials leading the way, while aluminum, copper, nickel, cobalt, tin, antimony, and gold performed weakly since the beginning of the year. Currently, the valuation of the metal sector is still at a reasonable level. The valuations of aluminum, copper, nickel, cobalt, tin and antimony, and gold are relatively low, and a recovery in valuation can still be expected. Industry dividends have declined slightly, but some individual stocks still forecast dividend rates of 5% or more. Looking ahead to 2026, liquidity shocks will ease, supply disruptions will occur frequently, and individual downstream sectors will continue to be booming. It is recommended to continue to focus on allocation opportunities in the lithium, copper, rare earths, strategic metals, aluminum, and gold sectors.