有色金属行业周报：国内宏观政策持续加码，商品价格偏强震荡

Investment Rating - The report does not explicitly state an investment rating for the industry, but it highlights potential opportunities in precious metals, industrial metals, and new energy metals based on current market conditions and macroeconomic factors [3][11][12]. Core Insights - The report emphasizes that geopolitical risks in the Middle East are increasing demand for safe-haven assets like gold, suggesting a bullish outlook for gold prices in the short to medium term [11]. - Industrial metals are experiencing price increases due to a combination of domestic and international macroeconomic factors, including a significant interest rate cut by the Federal Reserve [12][13]. - The lithium market is showing volatility influenced by macroeconomic sentiments, with supply and demand dynamics expected to stabilize in the long term [16]. Summary by Sections Precious Metals - Geopolitical tensions in the Middle East are driving up safe-haven demand, particularly for gold, which is expected to continue rising due to ongoing uncertainties and Fed rate cuts [11]. - Key stocks to watch include Zhongjin Gold, Zijin Mining, and Shandong Gold, with a focus on undervalued companies like Zhuhai Mining and Yulong Co [11]. Industrial Metals - The report notes a dual boost in industrial metal prices from both domestic and international macroeconomic policies, particularly following a 50 basis point rate cut by the Fed [12][13]. - Copper prices are supported by a tight supply-demand balance, with global copper inventories reported at 470,000 tons, showing a year-on-year increase of 24,330 tons [13]. - Recommended stocks include Zijin Mining and Luoyang Molybdenum for copper, and China Aluminum and China Hongqiao for aluminum [15]. New Energy Metals - Lithium prices are fluctuating due to changing macroeconomic sentiments, with supply constraints from certain producers and increased production from others [16]. - Current lithium production is reported at 13,171 tons per week, with a slight increase in supply from spodumene and a decrease from salt lakes [16]. - Suggested stocks include Salt Lake Co, Cangge Mining, and Yongxing Materials, with a focus on strategic positioning in the lithium market [16]. Other Minor Metals - The report indicates a slight increase in rare earth prices, with specific products like praseodymium-neodymium oxide seeing a 3.1% increase [17]. - The overall sentiment in the rare earth market is cautiously optimistic, with expectations of improved supply-demand dynamics in the coming years [17]. Market Review - The non-ferrous index fell by 6.24%, underperforming the CSI 300 index, with notable stock performances including Silver Bond Co rising by 30.59% [21][24]. - The report highlights that the copper and aluminum sectors are currently undervalued, suggesting potential for future price increases [25].