Presentation：美联储降息周期开启，看好有色金属行业机会 Fed Rate Cut Cycle Begins: Opportunities in the Metals Industry

Investment Rating - The report maintains a positive outlook on the metals industry, particularly industrial metals, energy metals, and precious metals, following the Fed's 50 basis point rate cut [3][75]. Core Insights - The Fed's rate cut has improved market sentiment, supporting copper and aluminum prices. LME copper prices increased by 2.5% from September 13 to September 20, reaching 9486 USD/ton, while SHFE copper prices also rose by 2.5% [3][75]. - Global copper demand is recovering, with domestic and London copper inventories down by 11.1% and 2.6% week-on-week, indicating increased market demand [3][75]. - Seasonal pre-holiday stocking further reduced market supply, providing support for copper prices. Aluminum prices are bolstered by tight alumina supply and strong downstream consumption [3][75]. - The Northvolt lithium refinery project in Portugal has been delayed to 2028, impacting the energy metals sector. Battery-grade lithium carbonate prices remained stable, while nickel prices increased by 3.5% [3][75]. - The Fed's rate cut presents opportunities for gold and silver stocks, with London spot gold and silver prices rising by 1.19% and 4.51%, respectively [3][75]. Summary by Sections 1. Industrial Metals - LME copper prices increased by 2.5% to 9486 USD/ton, with SHFE copper prices also rising by 2.5% [3][75]. - The report suggests focusing on companies such as Zijin Mining Group, China Molybdenum, and Aluminum Corporation of China due to expected demand improvements during the peak season [3][75]. 2. Energy Metals - The Northvolt lithium refinery project has been postponed to 2028, affecting supply dynamics in the lithium market [3][75]. - Suggested companies in this sector include Ganfeng Lithium and Tianqi Lithium, as the industry faces tightening capital expenditure and increased uncertainty for new projects [3][75]. 3. Precious Metals - Following the Fed's rate cut, gold and silver prices have shown positive movement, with London spot gold at 2605.85 USD/ounce and silver at 31.32 USD/ounce [3][75]. - Recommended companies include Shandong Gold Mining and Zhongjin Gold, as they are expected to benefit from the favorable market conditions [3][75]. 4. Rare Earths and Minor Metals - Prices for Praseodymium-Neodymium Oxide rose by 2.5%, indicating a positive trend in this segment [3][75]. - Companies to watch include China Northern Rare Earth and Jinduicheng Molybdenum [3][75].