有色金属：电解铝去库持续，中国锂盐产量环比下降

Investment Rating - The report maintains an "Outperform" rating for the industry, indicating an expected return above the benchmark index by more than 10% [1][80]. Core Insights - The report highlights a continuous destocking of electrolytic aluminum, which is favorable for aluminum prices. As of October 10, domestic electrolytic aluminum ingot social inventory was 677,000 tons, with a decrease of 7,000 tons during the week [2]. - In the energy metals sector, lithium salt production in China decreased by 6% month-on-month in September, while year-on-year growth was 38%. The report anticipates a slight recovery in production for October [2]. - Gold prices continue to rise, with recommendations for gold and silver stocks due to potential recovery opportunities. As of October 11, the London spot gold price was $2,648.80 per ounce, reflecting a 0.72% increase since September 30 [2]. Summary by Sections 1. Industrial Metals - Continuous destocking of electrolytic aluminum supports price increases. LME aluminum price rose by 1.3% from $2,605 to $2,638 per ton [5]. - LME copper price decreased by 0.6% from $9,865 to $9,803 per ton, while SHFE copper price fell by 2.0% [6][5]. 2. Energy Metals - Battery-grade lithium carbonate price dropped by 3.6% from 77,000 to 74,300 yuan per ton. Lithium hydroxide price decreased by 0.5% [5]. - In September, China's lithium hydroxide production fell by 1% month-on-month, with a year-on-year increase of 30% [2]. 3. Precious Metals - The report notes a 0.7% increase in London spot gold prices, with recommendations for companies like Shandong Gold and Zijin Mining [2][6]. - Silver prices showed a slight increase of 0.4% [5]. 4. Rare Earths and Minor Metals - The price of praseodymium-neodymium oxide increased by 0.8%, while antimony prices fell by 4.5% [2][5]. - Companies such as Northern Rare Earth and China Rare Earth are highlighted for potential investment [2]. 5. Important Events - Zijin Mining plans to acquire the Akyem gold mine project in Ghana for $1 billion, indicating strategic expansion in the gold sector [6].