CITIC Securities: Bullish on metal market, core follow copper, aluminum, rare earth

Jinshi data news on February 18, CITIC Securities research report said, we believe that the metal Bull Market that started in 2019 has not yet ended against the macro background of Liquidity and inflation. Supply constraints continue, demand recovery is not fully priced in, and multiple factors such as trading anomalies caused by trade disputes are expected to drive metal zone stock prices to new highs in 2025. We believe that industrial metals such as copper and aluminum benefit from strong supply constraints and resilient demand or have greater price discrepancies, while rare earth zones are expected to benefit from policy promotion and downstream high prosperity in emerging tracks, with the market having sustainability. Currently, we continue to be bullish on the value of the metal zone allocation, with a focus on copper, aluminum, rare earths, etc.