Industry Investment Rating - The report does not explicitly state the investment rating for the non-ferrous metals industry [1]. Core Insights - The report highlights a positive outlook for industrial metals driven by fiscal and monetary policy support, with expectations of continued price increases for metals like aluminum and copper [4][5]. - Precious metals are also expected to perform well due to improved soft landing expectations for the U.S. economy, with gold and silver prices rising [4]. - The report notes that while lithium prices show short-term recovery potential, medium-term pressures remain due to supply-demand imbalances [4]. Summary by Sections 1. Market Performance - The closing index for the non-ferrous metals sector is at 4425.15, with a 52-week high of 4979.91 and a low of 3437.51 [1]. 2. Price Movements - LME copper prices increased by 5.14%, aluminum prices rose by 5.91%, and zinc prices went up by 7.25% during the week [13]. - Precious metals saw COMEX gold prices rise by 1.27% and silver prices by 1.33% [13]. 3. Supply and Inventory - The report indicates a trend of inventory reduction for copper, aluminum, zinc, lead, and tin, while nickel inventories increased [30]. - Global visible inventories for aluminum decreased by 28,848 tons, and for zinc by 10,289 tons [30]. 4. Company Announcements - Jin Chengxin plans to distribute at least 10% of its distributable profits in cash over the next three years, ensuring a minimum cash dividend ratio of 80% for mature companies without major capital expenditures [11]. - Pengxin Resources is in the process of renewing mining rights for its subsidiary, with positive feedback received from the Congolese mining authority [11]. 5. Investment Recommendations - The report suggests focusing on companies such as Zhongjin Gold, Zijin Mining, and Xinyi Silver Tin for potential investment opportunities [5].
有色金属行业报告：财政+货币政策齐发力，看好工业金属后续表现
China Post Securities·2024-09-30 02:30