有色行业周报：国内刺激政策接连推出，金属价格走强

Investment Rating - The report maintains an "Overweight" rating for precious metals [10][13]. Core Views - Gold prices have reached historical highs, and with the Federal Reserve entering a rate-cutting cycle, a medium to long-term upward trend in gold prices is expected. The market anticipates rate cuts of 50 basis points in November and 25 basis points in December [10][22]. - Economic stimulus policies are being continuously introduced, leading to strong performance in metals. The focus will be on the implementation of these policies and their impact on demand [11][25]. - The report highlights investment opportunities driven by price increases that improve industry and company profitability, particularly in rare earths and small metals [12][30]. Summary by Sections 1. Core Views and Investment Recommendations - The report emphasizes the importance of monitoring U.S. economic data, as it will directly influence the Federal Reserve's rate-cutting decisions. Geopolitical conflicts remain unresolved, and gold prices are expected to stay high [10][22]. 2. Weekly Sector Performance Review - The non-ferrous metals index increased by 12.91% during the week of September 23-27, 2024, ranking 24th among 31 sectors [15]. - Sub-sectors such as aluminum and other metals showed significant gains, with aluminum rising by 14.09% [17]. 3. Price and Inventory Performance 3.1 Precious Metals - As of September 27, 2024, COMEX gold closed at $2680.8 per ounce, up 1.27% from the previous week, while silver closed at $31.915 per ounce, up 1.33% [22][23]. - The gold-silver ratio reached 84, a slight decrease of 0.06% [22]. 3.2 Industrial Metals - LME copper and aluminum prices increased by 4.95% and 5.35%, respectively, while SHFE copper and aluminum prices rose by 3.73% and 1.42% [25][26]. - The report notes a decrease in copper and aluminum inventories, indicating stable demand [29]. 3.3 Energy Metals - Lithium carbonate prices rose by 1.89%, while cobalt prices increased by 1.78%. Nickel prices remained stable [30][31]. 4. Key News of the Week - The People's Bank of China announced a 0.5% reserve requirement ratio cut and a 20 basis point reduction in policy interest rates, indicating a commitment to support economic growth [11][25]. 5. Key Company Announcements - The report lists several companies as potential investment targets in various metal sectors, including Zhongjin Gold, Zijin Mining, and Hunan Gold [12][14].