有色金属行业：政策转向，有色金属迎来金融属性和基本面共振

Investment Rating - The report maintains an "Outperform" rating for the non-ferrous metals industry [1][76]. Core Views - The report highlights a series of favorable domestic macro policies that have stimulated significant price increases in industrial metals, alongside a robust fundamental performance, indicating strong investment opportunities in this sector [2]. - The report notes that the Shenyuan Nonferrous Index rose by 12.91% from September 20 to September 27, with the copper sector leading the gains [4][67]. Summary by Sections 1. Industrial Metals - The LME copper price increased by 5.1%, with prices reaching $9,974 per ton as of September 27 [2][3]. - SHFE copper inventory decreased by 14.9% week-on-week, indicating strong demand and contributing to price support [2][13]. - Recommendations include companies such as Zijin Mining, Luoyang Molybdenum, and China Aluminum [2]. 2. Energy Metals - The report mentions a delay in the production start of the Bougouni lithium project in Mali, now expected in Q1 2025 due to logistical challenges [2]. - Battery-grade lithium carbonate prices rose by 3.4% during the reporting period [2][3]. 3. Precious Metals - Gold and silver prices continued to rise, with London spot gold reaching $2,661.85 per ounce, up 2.15% [2][3]. - Recommendations for investment include companies like Shandong Gold and Zhongjin Gold [2]. 4. Rare Earths and Other Minor Metals - The price of praseodymium-neodymium oxide increased by 1.3% during the reporting period [2][3]. - Companies to watch include Northern Rare Earth and China Rare Earth [2]. 5. Important Events - Jincheng Mining plans to issue convertible bonds not exceeding 2 billion yuan to fund various projects [4][69].