有色金属行业周报：金铜铝价格逐步走高，关注滞涨股票修复机会

Investment Rating - The report maintains an "Overweight" rating for the non-ferrous metals sector, with specific companies such as Jincheng Mining, Luoyang Molybdenum, and China Aluminum receiving "Buy" recommendations [1][2]. Core Views - The report highlights that precious and base metal prices are gradually rising, while corresponding stocks have lagged behind due to a weak overall equity market and significant doubts about mid-term commodity prices. It is expected that gold prices will continue to rise, aiding in the valuation recovery of gold stocks. For copper and aluminum, the report notes that previous recession trades and liquidity shocks led to rapid price adjustments, but with pessimism fading, commodity prices are rebounding from their lows. The report suggests focusing on companies like Luoyang Molybdenum, Jincheng Mining, and China Aluminum for potential investments [2][3]. Summary by Sections 1. Market Performance Review - The non-ferrous metals sector experienced a slight decline of 0.39%, outperforming the Shanghai Composite Index by 0.48 percentage points [6]. 2. Industrial Metals Fundamentals Tracking 2.1 Aluminum: Continued Price Increase - Aluminum prices have continued to rise, with average profitability per ton reaching 1,403 RMB. Domestic electrolytic aluminum production capacity is approximately 43.42 million tons, expected to remain stable. The demand is anticipated to improve slightly as the peak season approaches, with inventory levels beginning to decrease [2][3]. 2.2 Copper: Continued Price Rebound - Copper prices have rebounded, influenced by market expectations of interest rate cuts. Domestic smelting output is facing supply concerns due to a shortage of scrap copper, while downstream demand remains stable. The report suggests that copper prices will have limited downside potential in the medium term, with companies like Luoyang Molybdenum and Jincheng Mining recommended for investment [3][14]. 2.3 Zinc: Slight Price Increase - Zinc prices have seen a slight increase, with the report indicating a stable outlook for the zinc market [44]. 2.4 Tin: Continued Price Rebound - Tin prices have also continued to rebound, reflecting positive market sentiment [44]. 3. Precious Metals Fundamentals Tracking 3.1 Gold: New Highs in Price - Gold prices have reached new historical highs, driven by expectations of interest rate cuts and macroeconomic factors. The report suggests focusing on companies like Chifeng Jilong Gold Mining and Shandong Gold for investment opportunities [3][2]. 4. Energy Metals and Rare Earths Fundamentals Tracking 4.1 Lithium: Slight Price Decline - The average price of lithium carbonate has slightly decreased, with production expected to decline by 5.57% week-on-week. Despite this, the report suggests monitoring companies like Yongxing Materials and Zhongmin Resources for potential investment [2][3]. 5. Industry Dynamics - The report emphasizes the importance of monitoring domestic policy guidance and changes in overseas economic expectations in the fourth quarter, as these factors will significantly impact the non-ferrous metals sector [2][3].