宏观内外利好共振，看好工业金属价格弹性

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" for the non-ferrous metals industry [2]. Core Viewpoints - The report highlights a positive outlook for industrial metal prices driven by favorable macroeconomic policies both domestically and internationally, including interest rate cuts and supportive fiscal measures [1][39]. - The report suggests focusing on specific companies such as Luoyang Molybdenum, Jincheng Mining, and Jiangxi Copper, among others, as potential investment opportunities [1]. Summary by Sections Industrial Metals - Domestic policies announced include a reserve requirement ratio cut, interest rate reductions, and new tools to support the stock market, indicating a proactive macroeconomic stance [1][39]. - Internationally, the U.S. jobless claims have decreased, and GDP growth aligns with market expectations, contributing to a favorable environment for industrial metals [1][39]. - Copper prices have increased, with LME copper at $9,974 per ton (+5.14%) and SHFE copper at ¥78,780 per ton (+3.88%) [41]. - The copper supply is tightening due to operational disruptions at key mines, while demand is rising as major copper rod enterprises increase their operating rates [41]. - Aluminum prices have also risen, with LME aluminum at $2,633 per ton (+5.91%) and SHFE aluminum at ¥20,455 per ton (+1.92%) [46]. - Zinc prices have strengthened, with LME zinc at $3,075 per ton (+7.25%) and SHFE zinc at ¥24,990 per ton (+3.39%) [6]. - Tin prices are fluctuating due to supply constraints from Myanmar, with LME tin at $32,830 per ton (+2.12%) [7]. Energy Metals - The report notes that the Bougouni lithium project in Mali may face slight delays due to adverse weather and logistical issues, while Huayou Cobalt and Qingshan Holding are advancing lithium mining projects in Zimbabwe [49]. - Lithium prices have shown a rebound, with battery-grade lithium carbonate priced at ¥75,550 per ton (+1.8%) [50]. Market Performance - The non-ferrous metals index has increased by 13.40% over the week, outperforming major indices such as the Shanghai Composite and Shenzhen Composite [35]. - Specific stocks have shown significant gains, with Hanrui Cobalt up 30.78% and Tianqi Lithium up 28.31% [35].