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 NewsHSBC Research Adds CHINAHONGQIAO (01378.HK) TP to $18.5, Keeps Rating at BuyTherefore, BofA Securities downgraded XINYI SOLAR (00968.HK) +0.100 (+4.184%) Short selling $62.05M; Ratio 20.432% from Buy to Neutral, and dropped its target price from $3.7 to $2.6; and upgraded CMOC (03993.HK) 0.000 (0.000%) Short selling $71.31M; Ratio 20.325% from Neutral to Buy. Top picks are ZIJIN MINING (02899.HK) -0.450 (-2.195%) Short selling $171.60M; Ratio 22.992% , SD GOLD (01787.HK) -0.650 (-2.330%) Short selling $65.19M; Ratio 11.661% (600547.SH) +0.140 (+0.440%) and CHINAHONGQIAO (01378.HK) +0.080 (+0.447%) Short selling $78.05M; Ratio 17.466% .Company │ Rating │ TP (HKD)ZIJIN MINING (02899.HK) -0.450 (-2.195%) Short selling $171.60M; Ratio 22.992% │ Buy │ 19→23 CMOC (03993.HK) 0.000 (0.000%) Short selling $71.31M; Ratio 20.325% │ Neutral→ Buy │ 6.5→8.5 JIANGXI COPPER (00358.HK) -0.120 (-0.781%) Short selling $40.93M; Ratio 16.145% │ Underperform │ 10→11 SD GOLD (01787.HK) -0.650 (-2.330%) Short selling $65.19M; Ratio 11.661% │ Buy │ 26→32 ZHAOJIN MINING (01818.HK) -0.050 (-0.244%) Short selling $55.57M; Ratio 10.408% │ Buy │ 21.5→24 CHALCO (02600.HK) -0.052 (-0.975%) Short selling $9.99M; Ratio 4.815% │ Buy │ 5→6.3 CHINAHONGQIAO (01378.HK) +0.080 (+0.447%) Short selling $78.05M; Ratio 17.466% │Buy│ 16→20 GANFENGLITHIUM (01772.HK) -0.250 (-1.085%) Short selling $24.39M; Ratio 15.943% │ Underperform │ 15→17 TIANQI LITHIUM (09696.HK) -0.200 (-0.686%) Short selling $12.77M; Ratio 17.929% │ Underperform │ 18→21 XINYI SOLAR (00968.HK) +0.100 (+4.184%) Short selling $62.05M; Ratio 20.432% │ Buy → Neutral │ 3.7→2.6(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2025-06-30 16:25.) (A Shares quote is delayed for at least 15 mins.)