有色金属行业月报：国内外利好叠加，金属价格普遍上涨

Investment Rating - The report maintains a "market perform" rating for the non-ferrous metals industry, suggesting to focus on investment opportunities in gold, copper, and aluminum sectors [4][9]. Core Insights - The non-ferrous metals sector has seen a significant price increase due to favorable domestic and international conditions, with a notable rise in metal prices across various categories [4][9]. - The report highlights the impact of the Federal Reserve's unexpected 50 basis point rate cut, which has contributed to the upward trend in metal prices, particularly in the base metals and precious metals sectors [4][9]. - The report emphasizes the importance of monitoring the improvement in the fundamental conditions of the industry, particularly in the copper and aluminum segments [4][9]. Summary by Sections 1. Non-Ferrous Sector Market Review - In September, the CSI 300 index rose by 20.97%, while the non-ferrous sector increased by 20.00%, ranking 22nd among 30 industries [4][9]. - Lithium (28.72%), nickel-cobalt-tin-antimony (23.94%), and aluminum (23.62%) were among the top-performing sub-sectors [4][9]. 2. Metal Prices and Inventory Changes - Base metals: LME and SHFE metal prices generally increased, with copper rising by 6.82% on LME and 6.51% on SHFE [17][18]. - Precious metals: Gold prices surged, with COMEX gold up by 5.61% and SHFE gold up by 3.82% [25][26]. - Minor metals: Lithium carbonate prices increased by 1.45%, while cobalt rose by 0.52% [27]. - Rare earths: Prices for rare earth oxides generally increased, with terbium oxide rising by 12.28% [29]. 3. Downstream Industry Demand - Real estate: The real estate price index continued to show negative growth, with new residential prices down by 5.7% year-on-year [31]. - Automotive: Cumulative production and sales of automobiles showed a year-on-year increase, with new energy vehicles maintaining rapid growth [39]. - Home appliances: Production of air conditioners, freezers, and refrigerators showed significant year-on-year growth, with air conditioner production up by 7.80% [41].