Ye Hao: Concentration of non-ferrous metal industry will become a wind vane

The first analyst of the non-ferrous metals industry to win the first place Huatai United Securities Ye Hao believes that the main investment in non-ferrous metal plate has the following three considerations: First, structural transformation and emerging industries, corresponding attention to small metals and metal new materials; Second, The best option for dealing with currency depreciation and inflation is the company with strong resource attributes. Third, the metal with the potential to supply rigid materials has the potential of large amounts of tungsten and molybdenum in small metals. Lead is found in large metals. The potential of zinc is worthy of attention.

Ye Xi believes that currency devaluation and inflation are the main driving forces of gold prices in the medium to long term. Now the market expects the economy to gradually recover, but once the global economy is in turmoil, the logic of "treating troubles in the world" will inevitably appear. The unique safe-haven function of precious metals will once again arouse everyone's attention.

From the analysis of the supply and demand structure of the non-ferrous industry itself, Ye Hao said that the state’s control over mineral resources has been strengthened unprecedentedly, such as the obvious concentration and monopoly of rare earth resources, and prices have also risen significantly. In addition, the future demand for energy conservation, environmental protection, and emission reduction may lead to an increase in overall production costs and industry barriers to entry. Recently, lead-zinc companies have repeatedly exposed environmental issues. These will increase industry production costs in the future and eventually lead to rigid supply. Increased concentration has led to an orderly supply. Among the base metals, the concentration of tin and copper is relatively high, while the concentration of lead and zinc is relatively low. Among the small metals, rare earths, tungsten, antimony, etc. will continue to improve with the consolidation and rectification.