国内宏观利好情绪持续催化，持续关注工业金属机会

Investment Rating - Industry Rating: Recommended [2] Core Views - The report highlights a sustained positive sentiment in the domestic macroeconomic environment, which continues to catalyze opportunities in the industrial metals sector [2][12] - Precious metals are expected to reach new highs due to optimistic forecasts regarding interest rate cuts and soft landing expectations, supporting gold as a hedge against inflation [2][12][28] - Basic metals are experiencing a general price increase driven by improved macroeconomic sentiment, with copper, aluminum, zinc, and lead all showing significant price rises [4][12] Summary by Sections Precious Metals - Gold prices increased by 1.27% to $2,680.8 per ounce, while silver rose by 1.33% to $31.92 per ounce [21] - The SPDR Gold ETF holdings decreased by 110,882.37 ounces, while SLV Silver ETF holdings increased by 12,771,245 ounces [21] - The geopolitical tensions in the Middle East are contributing to rising safe-haven demand for gold, with multiple factors supporting the expectation of continued price increases [12][30] Basic Metals - Copper prices rose by 5.14% to $9,973.5 per ton on the LME, with aluminum up by 5.91% to $2,633.0 per ton, zinc up by 7.25% to $3,075.0 per ton, and lead up by 3.40% to $2,111.5 per ton [4] - Domestic policies aimed at stimulating the economy, including interest rate cuts and liquidity provisions, are expected to benefit the industrial metals sector [5][12] - The demand for copper is bolstered by the growth in the electric vehicle market, with a 63% year-on-year increase in retail sales of new energy passenger vehicles in September [6][12] Aluminum - The aluminum market is seeing stable production levels, with demand improving as the "golden September and silver October" season approaches [7][12] - The average price of alumina increased by 1.72% to 4,081 yuan per ton, while electrolytic aluminum prices rose by 1.81% to 20,250 yuan per ton [7] Lead - Lead prices are rebounding due to tight supply conditions, with many smelters undergoing maintenance and production levels remaining low [8][12] - The inventory of lead on the SHFE decreased by 20,225 tons or 33.15% to 40,779 tons [8] Zinc - Zinc prices are supported by improving sentiment in the real estate sector, with ongoing tightness in zinc supply due to smelter maintenance [9][12] - The SHFE zinc inventory decreased by 5,456 tons or 6.37% to 80,156 tons [9]