CITIC Securities: Metal industry performance expected to accelerate in growth in the first half of 2026

CITIC Securities research report states that in the first half of 2026, the metals industry’s performance growth will continue to accelerate, with tungsten, aluminum, lead-zinc, and other rare metals leading the gains. Copper, rare earth magnetic materials, gold, nickel-cobalt-tin-antimony have also achieved outstanding growth, and the lithium sector has turned losses into profits. Currently, the valuation of the metals sector remains at a reasonable level, with the valuations of aluminum, copper, lithium, nickel-cobalt-tin-antimony being relatively low. The valuation recovery opportunities in these sub-sectors are worth paying attention to. Industry positions have returned to average levels, the dividend ratio has slightly declined, but the dividend yield in some sectors is still significantly higher than 5%. Looking forward to the second half of the year, liquidity shocks are expected to ease, signs of supply disruption are gradually emerging, and demand is maintaining steady growth. It is recommended to continue focusing on opportunities in gold, copper, strategic metals, rare earths, aluminum, and lithium sectors.