Background: The dollar's liquidity is rampant, and the medium and long-term weaknesses are favorable for large metals. The Fed's implementation of QE2 has resulted in the proliferation of liquidity. U.S. unemployment remains high, and before the U.S. economy is significantly improved, QEx continues to roll out. It is expected that the US dollar will continue to oscillate downwards, and the situation of continued weakening will continue for a long time.
Large metals: demand remains strong China's stable economic growth will give big metal demand "to force", urbanization, affordable housing construction, high-speed rail construction, consumption upgrades and other factors will support the global demand for large metals, and the future total of domestic ten metals Control and energy conservation and emission reduction will reduce the supply of some large metals. "One increase and one decrease" will be beneficial to the sound development of the non-ferrous industry. Liquidity enlarges the financial attributes of large metals, and changes in supply and demand lead to differentiation.
Small metals: Resource scarcity boosts prices The “seven†strategic emerging industries will guide the development of rare metals and are expected to guide the long-term investment direction of the market. China's rare earth, tungsten, antimony, molybdenum, and other small metals that have the advantages of resource and pricing rights will benefit from the continued "policy dividend" and give birth to small metal investment opportunities.
Precious metals: The gold bubble is still early, and the liquidity of the US dollar caused by QEx is expected to increase in the medium to long-term, and global inflation will rise. The trend of the spread of the European debt crisis and the uncertainty of its resolution, as well as the outbreak of regional conflicts such as the recent war between Korea and South Korea may exist. The safe-haven and hedging functions of gold will be highlighted. Gold should be the best species for anti-inflation and hedging. The strong pattern of gold prices in the future will likely be more lasting.
Reiterate that the industry is "stronger than the market" rating The basic investment strategy of the non-ferrous metal industry in 2011 is: "Large than small, not as rare as small". We are strongly optimistic about the varieties with resource self-sufficiency and the large metal varieties with deep processing and industrial upgrading capabilities. Look for rare metal species that have China's resource advantages, enjoy the policy "dividend", grasp the pricing discourse, and benefit from the "12th Five-Year Plan" emerging industries. Featured key stocks are Tongling Nonferrous Metals, Xiamen Tungsten Industry, Chenzhou Mining, Western Mining, Liyuan Aluminum and Xinjiang Zhonghe.
risk warning:
The global economy bottomed out a second time and a large-scale debt crisis reappeared.
China has experienced hyperinflation and economic growth has been greatly affected.
Large metals: demand remains strong China's stable economic growth will give big metal demand "to force", urbanization, affordable housing construction, high-speed rail construction, consumption upgrades and other factors will support the global demand for large metals, and the future total of domestic ten metals Control and energy conservation and emission reduction will reduce the supply of some large metals. "One increase and one decrease" will be beneficial to the sound development of the non-ferrous industry. Liquidity enlarges the financial attributes of large metals, and changes in supply and demand lead to differentiation.
Small metals: Resource scarcity boosts prices The “seven†strategic emerging industries will guide the development of rare metals and are expected to guide the long-term investment direction of the market. China's rare earth, tungsten, antimony, molybdenum, and other small metals that have the advantages of resource and pricing rights will benefit from the continued "policy dividend" and give birth to small metal investment opportunities.
Precious metals: The gold bubble is still early, and the liquidity of the US dollar caused by QEx is expected to increase in the medium to long-term, and global inflation will rise. The trend of the spread of the European debt crisis and the uncertainty of its resolution, as well as the outbreak of regional conflicts such as the recent war between Korea and South Korea may exist. The safe-haven and hedging functions of gold will be highlighted. Gold should be the best species for anti-inflation and hedging. The strong pattern of gold prices in the future will likely be more lasting.
Reiterate that the industry is "stronger than the market" rating The basic investment strategy of the non-ferrous metal industry in 2011 is: "Large than small, not as rare as small". We are strongly optimistic about the varieties with resource self-sufficiency and the large metal varieties with deep processing and industrial upgrading capabilities. Look for rare metal species that have China's resource advantages, enjoy the policy "dividend", grasp the pricing discourse, and benefit from the "12th Five-Year Plan" emerging industries. Featured key stocks are Tongling Nonferrous Metals, Xiamen Tungsten Industry, Chenzhou Mining, Western Mining, Liyuan Aluminum and Xinjiang Zhonghe.
risk warning:
The global economy bottomed out a second time and a large-scale debt crisis reappeared.
China has experienced hyperinflation and economic growth has been greatly affected.