reelpennslammeriii4500| Citi: Aluminum, copper and gold stocks are expected to continue to outperform top choices China Hongqiao, Chinalco, Luo Mo and Zijin

Citigroup issued a report thatReelpennslammeriii4500Given the current demand for real estate in the mainland, the strong rebound in copper, aluminum, gold and coal stocks surprised the market. Many people think that current prices already reflect positive factors, and the positive factors for this year may have come to an end. The bank said that it agrees that some positive macro sentiment has been reflected, but it is believed that metal resources stocks are still strong and may usher in the next wave of fundamental surprises. Citi expects potential replenishment demand in the manufacturing sub-sector to be the main driver of resource stocks over the next three to four quarters, supported by the equipment renewal cycle. Supply restrictions on copper and aluminium mean that prices and profit margins will remain high for a longer time. The order of resource stocks is aluminum, copper, gold, coal, lithium, steel and cement.

Citi expects aluminium, copper and gold stocks to continue to outperform. Reiterate that copper and aluminum are the best investment targets in China's resources sector this year, and gold prices are likely to continue to rise due to geopolitical tensions, inflation and other factors. China Hongqiao, Chinalco, Luomo and Zijin are preferred. Shenhua was removed from the preferred list after a rise in share prices since the beginning of the year. The bank believes that as manufacturing demand improves, market sentiment is likely to shift from state-owned enterprise reform to higher metal investment. The bank remains bullish on the strong free cash flow of coal companies and maintains a "buy" rating on Shenhua.

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