CITIC Securities research: Metals-sector earnings growth accelerated in 1H2026, led by tungsten, aluminium, 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; aluminium, 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 ra

CITIC Securities research: Metals-sector earnings growth accelerated in 1H2026, led by tungsten, aluminium, 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; aluminium, 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, aluminium and lithium as key areas to watch.