Presentation：美联储降息周期开启，看好有色金属行业机会

Industry Investment Rating - The report is optimistic about the metals industry, particularly industrial metals, energy metals, and precious metals, driven by the Fed's 50BP rate cut and improving market sentiment [1][3] Core Views - Industrial metals such as copper and aluminum are expected to benefit from the Fed's rate cut, with copper prices supported by recovering global demand and seasonal stocking ahead of holidays [3] - Energy metals face delays in new projects, such as the Northvolt lithium refinery, which may be postponed to 2028, leading to tighter supply and increased uncertainty in capital expenditure [3] - Precious metals, particularly gold and silver, are expected to see price recovery opportunities due to the Fed's rate cut and weaker retail sales data in the US [3] - Rare earth and minor metals, such as praseodymium-neodymium oxide, have shown price increases, indicating potential investment opportunities in this segment [3] Key Data and Trends Industrial Metals - LME copper prices increased by 2.5% from September 13 to September 20, reaching $9,486/ton, while SHFE copper prices also rose by 2.5% to RMB 75,800/ton [3][4] - LME aluminum prices rose by 0.5% to $2,486/ton, and SHFE aluminum prices increased by 1.6% to RMB 20,100/ton [3][4] - Domestic and London copper inventories decreased by 11.1% and 2.6% week-on-week, respectively, reflecting stronger market demand [3] Energy Metals - Battery-grade lithium carbonate prices remained flat at RMB 74,500/ton, while LME nickel prices increased by 3.5% to $16,500/ton [3][4] - The Northvolt lithium refinery project in Portugal, expected to produce 35,000 tons of lithium hydroxide annually, may be delayed to 2028 [3] Precious Metals - London spot gold prices rose by 1.19% to $2,605.85/ounce, while silver prices increased by 4.51% to $31.32/ounce [3][4] - Shanghai Gold Exchange gold prices increased by 0.99% to RMB 588.30/gram, and silver prices rose by 1.50% to RMB 7.51/gram [3][4] Rare Earth and Minor Metals - Praseodymium-neodymium oxide prices increased by 2.5% to RMB 422,700/ton, while antimony prices remained unchanged at RMB 161,100/ton [3][4] Recommended Companies - Industrial metals: Zijin Mining Group, China Molybdenum, Aluminum Corporation of China, Tianshan Aluminum Group, Yunnan Aluminium, China Nonferrous Mining Corporation, JCHX Mining Management, Tongling Nonferrous Metals [3] - Energy metals: Ganfeng Lithium, Tianqi Lithium, Yongxing Materials, JSMC, China Mineral Resources, ZHEJIANG HUAYOU COBALT, GEM [3] - Precious metals: Shandong Gold Mining, ZHAOJIN MINING INDUSTRY, Zhongjin Gold, Chifeng Jilong Gold Mining, Shengda Metal Resources, Hunan Gold [3] - Rare earth and minor metals: China Northern Rare Earth (Group) High-Tech, China Rare Earth Ltd, Hunan Gold, Jinduicheng Molybdenum [3]