Key investment points:
Market review. As of April 29, 2022, Shenwan nonferrous metals industry fell by 0.47% this week, underperforming the CSI 300 index by 0.55 percentage points, ranking seventh among Shenwan 31 industries; Shenwan nonferrous metals industry fell 11.65% this month, losing 6.76 percentage points to the Shanghai and Shenzhen 300 index, ranking 18th among Shenwan 31 industries; Shenwan nonferrous metals sector has fallen 19.24% year to date, 0.54% lower than the CSI 300 index, ranking 16th among Shenwan 31 industries.
As of April 29, 2022, among the sub sectors of nonferrous metals industry this week, precious metals fell 8.55%, industrial metals fell 11.43%, energy metals fell 12.81%, new metal materials fell 13.50% and small metals fell 14.04%.
Zhou’s view on the nonferrous metals industry. Industrial metals. The 11th meeting of the central financial and Economic Commission stressed the need to comprehensively strengthen infrastructure construction, vigorously support the construction of traditional and new infrastructure, and develop clean energy, which is expected to stimulate the demand for industrial metals, new metal materials and rare earths. The meeting of the Political Bureau of the CPC Central Committee held on April 29 once again stressed the need to adhere to housing without speculation and support all localities to improve real estate policies, which will effectively promote the steady and healthy development of the real estate market, benefit the industrial metal sector related to real estate, and support the overall economic recovery. It is suggested to pay attention to Yunnan Aluminium Co.Ltd(000807) ( Yunnan Aluminium Co.Ltd(000807) ), Henan Shenhuo Coal&Power Co.Ltd(000933) ( Henan Shenhuo Coal&Power Co.Ltd(000933) ), Henan Mingtai Al.Industrial Co.Ltd(601677) ( Henan Mingtai Al.Industrial Co.Ltd(601677) ), Guangdong Jiayuan Technology Co.Ltd(688388) ( Guangdong Jiayuan Technology Co.Ltd(688388) ). noble metal. From May 3 to 4, the Fed’s interest rate meeting will discuss the issue of raising interest rates and shrinking the table. In addition, this week, the European Central Bank and the Bank of Canada issued hawkish signals, the risk aversion brought by the geopolitical situation has weakened, and the upward pressure of gold is an inevitable trend. Energy metals. As of April 29, the average price of battery grade lithium carbonate was 460000 yuan / ton, the price of industrial grade lithium carbonate was 425000 yuan / ton, and the price of lithium hydroxide was 460000 yuan / ton, all of which were lower than that of last week. On April 27, Pilbara, an Australian lithium miner, held the first lithium concentrate auction in 2022, and the final transaction price was US $5650 / ton, another record high. At present, the major lithium salt manufacturers are accelerating the construction of lithium salt projects, enhancing their own resource supply rate, actively distributing new lithium battery materials, and continuously optimistic about the long-term development and stability of the lithium battery sector. It is suggested to pay attention to Chengxin Lithium Group Co.Ltd(002240) ( Chengxin Lithium Group Co.Ltd(002240) ), Tianqi Lithium Corporation(002466) ( Tianqi Lithium Corporation(002466) ), Tibet Summit Resources Co.Ltd(600338) ( Tibet Summit Resources Co.Ltd(600338) ).
Risk tip: macroeconomic growth is less than expected; The monetary policy tightening of the Federal Reserve and the European central bank exceeded expectations; Prices of energy metals and rare earths fell; The downstream demand of nonferrous metals is lower than expected; The impact of the uncertainty of the situation in Russia and Ukraine on the fluctuation of industrial metal prices.
