金属&新材料行业周报：海外降息在即，金属价格窄幅震荡

Investment Rating - The industry investment rating is "Overweight" [2][20] Core Viewpoints - The report indicates that metal prices are experiencing narrow fluctuations as overseas interest rate cuts are imminent [2] - The report highlights a preference for gold due to expectations of declining real interest rates and strategic positioning, alongside a positive outlook for copper driven by supply constraints and low dependency on real estate demand [2][3] Weekly Market Review - The Shanghai Composite Index decreased by 0.43%, while the Shenzhen Component increased by 2.04%. The non-ferrous metals index rose by 1.06%, outperforming the CSI 300 Index by 1.23 percentage points [3] - The report notes that precious metals fell by 8.08%, while aluminum rose by 2.96%, and energy metals increased by 5.98% [8] Price Changes - Industrial metals and precious metals saw price changes as follows: LME copper down 0.58%, aluminum down 3.74%, and COMEX gold up 0.50% [2][10] - The report also details that lithium carbonate prices increased by 2.74% for battery-grade and 2.13% for industrial-grade [2][12] Inventory Changes - LME copper inventory increased by 1.70% week-on-week, while Shanghai Futures Exchange copper inventory decreased by 3.71% [11] - The report indicates that LME aluminum inventory decreased by 4.40% week-on-week [11] Key Company Valuations - The report provides valuations for key companies in the non-ferrous metals sector, including Zijin Mining with a price of 16.00 and a projected EPS of 0.97 for 2024 [14] - Other notable companies include Luoyang Molybdenum with a price of 7.49 and projected EPS of 0.48 for 2024 [14]