BofA Securities issued a research report saying that its top pick was gold in its annual report published at the beginning of the year, followed by aluminum and copper, while polysilicon, coking coal and lithium were the most bearish. BofA Securities expected industry leaders to continue to lead and the laggards to lag further. After a sharp rise in gold prices in 1H25, and worries about the performance of solar energy, the broker was most bullish on copper and most bearish on solar energy materials in 2H25. Related NewsCiti Expects Gold Prices to Consolidate Around US$3,100-US$3,500 in 3QTherefore, BofA Securities downgraded XINYI SOLAR (00968.HK) +0.270 (+10.843%) Short selling $111.27M; Ratio 11.248% from Buy to Neutral, and dropped its target price from $3.7 to $2.6; and upgraded CMOC (03993.HK) +0.350 (+4.386%) Short selling $176.47M; Ratio 24.062% from Neutral to Buy. Top picks are ZIJIN MINING (02899.HK) +0.550 (+2.743%) Short selling $485.77M; Ratio 31.056% , SD GOLD (01787.HK) +1.550 (+5.688%) Short selling $67.62M; Ratio 11.153% (600547.SH) +0.730 (+2.192%) and CHINAHONGQIAO (01378.HK) +0.160 (+0.890%) Short selling $102.88M; Ratio 16.089% .Company │ Rating │ TP (HKD)ZIJIN MINING (02899.HK) +0.550 (+2.743%) Short selling $485.77M; Ratio 31.056% │ Buy │ 19→23 CMOC (03993.HK) +0.350 (+4.386%) Short selling $176.47M; Ratio 24.062% │ Neutral→ Buy │ 6.5→8.5 JIANGXI COPPER (00358.HK) +0.340 (+2.231%) Short selling $28.48M; Ratio 9.722% │ Underperform │ 10→11 SD GOLD (01787.HK) +1.550 (+5.688%) Short selling $67.62M; Ratio 11.153% │ Buy │ 26→32 ZHAOJIN MINING (01818.HK) +0.450 (+2.206%) Short selling $51.37M; Ratio 18.411% │ Buy │ 21.5→24 CHALCO (02600.HK) +0.120 (+2.273%) Short selling $41.11M; Ratio 10.514% │ Buy │ 5→6.3 CHINAHONGQIAO (01378.HK) +0.160 (+0.890%) Short selling $102.88M; Ratio 16.089% │Buy│ 16→20 GANFENGLITHIUM (01772.HK) +0.900 (+3.947%) Short selling $30.32M; Ratio 9.598% │ Underperform │ 15→17 TIANQI LITHIUM (09696.HK) +0.300 (+1.036%) Short selling $18.05M; Ratio 15.527% │ Underperform │ 18→21 XINYI SOLAR (00968.HK) +0.270 (+10.843%) Short selling $111.27M; Ratio 11.248% │ Buy → Neutral │ 3.7→2.6(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2025-07-02 16:25.) (A Shares quote is delayed for at least 15 mins.)