有色行业周报：美联储9月降息50BP，金价续创历史新高

Investment Rating - The report maintains an "Overweight" rating for precious metals [2][11]. Core Views - The Federal Reserve's decision to cut interest rates by 50 basis points has initiated a downward cycle, which is expected to support a long-term upward trend in gold prices [2][9]. - The report highlights that geopolitical conflicts remain unresolved, and with the Fed's rate cut cycle underway, gold prices are anticipated to stay high, with positive performance expected for related assets [2][20]. Summary by Sections 1. Precious Metals - The report indicates that the recent Fed rate cut is the first in four years, with expectations of an additional 50 basis points cut by the end of 2024 [2][9]. - Gold prices are projected to maintain high levels, with a current price of 2647.1 USD/oz, reflecting a 1.57% increase from the previous week [20][22]. 2. Industrial Metals - Copper and aluminum prices have shown slight increases, with copper prices at 75770 CNY/ton, up 2.25% from the previous week [24][25]. - The report notes that the demand for copper remains stable, with inventory levels decreasing, while aluminum production rates have remained steady [10][24]. 3. Minor Metals and New Materials - The report recommends focusing on investment opportunities driven by price increases in minor metals, with prices for rare earth elements such as praseodymium-neodymium oxide rising by 2.18% to 421000 CNY/ton [11][31]. - The report emphasizes that the price increases in minor metals are expected to enhance profitability for companies in this sector [11][31]. 4. Market Performance - The non-ferrous metals index has shown a weekly increase of 5.21%, ranking second among 31 sectors [12][14]. - The report lists top-performing stocks in the non-ferrous metals sector, including Pengxin Resources (+20%) and Jincheng Mining (+16.21%) [17][19].