A股能源金屬板塊盤初調整，融捷股份跌停，雅化集團、永興材料、天齊鋰業、盛新鋰能、贛鋒鋰業、西藏礦業等跟跌。

摩根大通：將雪佛龍(CVX.N)目標價從224美元下調至190美元。

Huatai Securities research: the recent deep selloff in A‑share nonferrous metals leaders primarily reflects valuation compression, not earnings damage. As of July 6, iFind consensus 2026E EPS for related companies has been revised up over the past ~180 days, indicating intact earnings outlooks. As of July 3, China Securities gold, aluminum and copper subindex PE‑TTM sit at the 11.7%/5.1%/42.1% percentiles since 2020; relative to All‑A PE‑TTM they are at the 0.2%/0.0%/0.1% percentiles. With easing US‑Iran tensions and marginally firmer risk appetite, Huatai says commodity fundamentals remain strong while valuations are at historic lows; downside for A‑share metals leaders may be limited and upside optionality notable — a high‑reward trade window relative to offshore pricing.