CITIC Securities research: Metals-sector earnings growth accelerated in 1H2026,
led by tungsten, aluminum, lead‑zinc and other rare metals. Copper, rare‑earth
magnetic materials, gold and nickel‑cobalt‑tin‑antimony also posted strong
gains; lithium swung to profitability. Sector valuations remain broadly
reasonable; aluminum, copper, lithium and nickel‑cobalt‑tin‑antimony trade at
relatively low multiples and offer re‑rating potential. Industry positioning has
returned to neutral and payout ratios slipped, though some sub-sectors still
yield above 5%. Looking to H2, the firm expects liquidity shocks to ease, supply
disruptions to rise and demand to sustain mild growth; it flags gold, copper,
strategic metals, rare earths, aluminum and lithium as key areas to watch.
