2024年有色金属行业中报总结报告：工业金属、贵金属业绩向好，铝行业中期分红取得新突破

Investment Rating - The report maintains an "Outperform" rating for the non-ferrous metals industry, indicating an expected return above the benchmark index by more than 10% over the next six months [38]. Core Insights - The industrial and precious metals sectors are showing positive performance, with the aluminum industry achieving new breakthroughs in mid-term dividends [1]. - The copper and aluminum sectors continue to perform well, while energy metals have turned profitable [2]. - There remains a supply shortage in the copper and aluminum sub-sectors [3]. Market Overview - Gold and copper are leading the market, with expectations for the trend to continue [2]. - As of August 30, 2024, the performance of the non-ferrous metals sector has been relatively strong compared to other sectors [4]. Performance Metrics - In Q2 2024, the average prices for LME copper, SHFE aluminum, gold, and silver saw significant increases, with copper rising by 15.7% quarter-on-quarter and silver increasing by 25.3% [7]. - The precious metals sector has benefited from price increases, leading to continued improvement in performance [28]. Sub-sector Analysis - The report highlights ongoing supply shortages in the copper and aluminum sectors, which could impact future pricing and availability [2][3]. - The energy metals sector has shown a turnaround, moving from losses to profitability [2].