有色金属行业周报：增量财政政策将陆续出台，工业金属价格有支撑

Investment Rating - The report maintains a "Recommended" investment rating for the gold, copper, aluminum, tin, and antimony sectors [11]. Core Insights - Incremental fiscal policies will be introduced, providing support for industrial metal prices [2]. - The report highlights that the gold price is expected to maintain an upward trend due to anticipated interest rate cuts in November [5]. - Copper and aluminum prices are expected to remain strong due to fiscal policy stimulation and supply constraints [6][7]. - Tin prices are projected to experience high-level fluctuations due to tight supply conditions [9]. - Antimony prices may face short-term weakness due to negative demand feedback, although long-term supply issues persist [10]. Summary by Sections 1. Weekly Market Review - The non-ferrous metals sector saw a weekly decline of 6.41%, with copper and lithium experiencing the largest drops of 8.25% and 9.59%, respectively [20]. 2. Macroeconomic and Industry News - The Chinese Ministry of Finance plans to roll out targeted fiscal policies to stabilize growth and expand domestic demand [28]. - U.S. inflation data shows a core CPI increase of 3.3% year-on-year, slightly above expectations [29]. 3. Precious Metals Market Key Data - The report indicates that gold prices are expected to rise as interest rate cuts are anticipated [11]. 4. Industrial Metals Data - Copper prices are underpinned by supply constraints, with domestic production expected to decline [6][7]. - Aluminum prices are projected to remain strong due to ongoing inventory reductions [7][8]. 5. Industry Ratings and Investment Strategies - The report maintains a "Recommended" rating for gold, copper, aluminum, tin, and antimony sectors, citing strong price support and favorable macroeconomic conditions [11]. 6. Key Stock Recommendations - The report recommends several companies, including Zhongjin Gold and Zijin Mining, highlighting their strong market positions and growth potential [12].