有色金属大宗金属周报：国内政策宽松超预期，工业金属价格大涨

Investment Rating - The report maintains a "Positive" outlook on the non-ferrous metals sector, indicating a favorable investment environment [4]. Core Views - The report highlights that the domestic policy easing has exceeded expectations, leading to significant price increases in industrial metals. The anticipated interest rate cuts by the Federal Reserve are expected to further support metal prices, particularly gold and copper [4][5][36]. Summary by Sections 1. Precious Metals - Gold prices have reached historical highs, with London spot gold rising by 2.15% to a peak of $2,685 per ounce. The market anticipates a 50 basis point rate cut by the Federal Reserve in November, contributing to the bullish sentiment in gold [4][21]. - Silver prices also saw increases, with London spot silver up by 1.92% [21]. 2. Copper - Copper prices surged, with London copper increasing by 4.83% and Shanghai copper by 3.88%. The report notes a significant reduction in copper inventories, with Shanghai copper stocks down by 14.87% [5][28]. - The report indicates that the copper smelting profit margin has narrowed, with a loss of 1,236 RMB per ton, reflecting improved market conditions [28]. 3. Aluminum - Aluminum prices rose, with London aluminum up by 4.75% and Shanghai aluminum by 1.42%. The report mentions a decrease in aluminum inventories and an increase in alumina prices, which supports the profitability of aluminum producers [5][36]. - The profit margin for aluminum companies increased to 2,849 RMB per ton, indicating a positive trend in the sector [36]. 4. Minor Metals - The report notes mixed price movements in minor metals, with some prices increasing, such as germanium and silicon manganese, while others like titanium and molybdenum saw declines. The report suggests monitoring specific companies in this sector for potential investment opportunities [6]. 5. Market Performance - The report states that the non-ferrous metals sector outperformed the Shanghai Composite Index, with a weekly increase of 12.91% compared to the index's 12.81% rise [14][15]. 6. Valuation Changes - The report indicates that the TTM PE ratio for the non-ferrous metals sector is 19.44, reflecting a 2.24 increase, while the PB ratio stands at 2.09, up by 0.24 [19][20]. 7. Economic Indicators - The report discusses macroeconomic indicators, including a lower-than-expected PMI in the U.S. and a decrease in initial jobless claims, which may influence market sentiment and investment decisions in the metals sector [11][12]. 8. Policy Impacts - The report emphasizes the impact of recent monetary policy changes in China, including interest rate cuts and liquidity support measures, which are expected to bolster demand for metals [11][12].