有色金属行业2024Q3业绩前瞻：黄金铜铝价格仍处于高位，黄金公司业绩或受益于价格上涨

Investment Rating - The report maintains an "Outperform" rating for the non-ferrous metals industry [1][39]. Core Insights - In Q3 2024, gold and silver prices continue to rise, while copper and aluminum prices experience slight declines. Notably, antimony prices see significant increases. The quarter-on-quarter average price changes for copper, aluminum, gold, and silver are -5.6%, -4.8%, +6.4%, and +2.4% respectively, indicating that overall prices remain high [2][5]. - The lithium mining sector leads in stock price performance, with the non-ferrous metals industry rising by 2.9% in Q3 2024, underperforming the broader market by 4.3 percentage points. The lithium index, rare earth index, aluminum, gold, and magnetic materials show increases of 11.1%, 7.5%, 3.9%, 2.3%, and 1.1% respectively, while copper sees a slight decline of 0.2% [2][29]. - The report suggests that the initiation of a Federal Reserve interest rate cut cycle, along with domestic monetary easing policies, supports the rise in non-ferrous metal prices. It recommends focusing on companies in the copper, aluminum, and gold sectors that have high resource self-sufficiency and strong growth potential [2][3]. Summary by Sections Price Trends - Gold and silver prices are on the rise, while antimony prices have increased significantly. The average prices for key metals in Q3 2024 show a mixed trend, with copper and aluminum declining, but gold and silver increasing [2][5]. Market Performance and Historical Review - The non-ferrous metals sector has shown a 2.9% increase in Q3 2024, lagging behind the overall market performance. The lithium mining sector has outperformed, with significant gains noted in various indices [2][29]. Quarterly Report Disclosure - The report outlines the expected disclosure dates for major companies in the non-ferrous metals sector, indicating a structured timeline for upcoming financial results [23][24].