有色金属：央行政策&中央政治局会议点评-宏观预期改善，奠定有色金属上涨行情

Investment Rating - The report rates the non-ferrous metals industry as "Recommended" [3] Core Viewpoints - The recent macroeconomic policies and the Central Political Bureau meeting have set a positive tone for economic recovery, which is expected to support the upward trend in non-ferrous metal prices [1][2] - The improvement in macroeconomic expectations has been crucial for the non-ferrous metals industry and price trends, with domestic economic recovery and reduced recession risks in the U.S. contributing to price stabilization and rebound [1][7] - The industry fundamentals have shown significant improvement, with copper and aluminum inventories starting to decline, indicating a better demand outlook [1][10][13] Summary by Sections Macroeconomic Policies - On September 24, the People's Bank of China announced a series of significant policies, including a 50 basis point reduction in the reserve requirement ratio and a 20 basis point cut in policy interest rates, aimed at stabilizing the economy [1][5] - The Central Political Bureau emphasized the need for counter-cyclical adjustments in fiscal and monetary policies to boost the real estate market and capital markets [1][5] Industry Fundamentals - Since the third quarter, the copper and aluminum sectors have seen a notable improvement in fundamentals, with inventory levels decreasing [10][14] - The downstream processing rates for copper and aluminum have increased, indicating a marginal improvement in demand [13][14] Investment Recommendations - The report suggests focusing on leading companies in the copper and aluminum sectors, such as Zijin Mining, Luoyang Copper, and China Aluminum, as they are expected to benefit significantly from the improving economic conditions [2][17]