有色金属行业周报：政策持续发力，地方化债、地产回稳利好工业金属

Investment Rating - The report maintains a "Recommended" investment rating for the non-ferrous metals sector [1]. Core Insights - Continuous policy support, including local debt and stabilization of the real estate market, is expected to benefit industrial metals. The Ministry of Finance has announced significant measures to alleviate local government debt pressure, which is likely to boost related investments [1][20]. - The report highlights that the U.S. inflation data for September showed fluctuations, which may affect the pace of interest rate cuts by the Federal Reserve, potentially putting pressure on commodity prices [1][15]. Summary by Sections 1. Industry Weekly Review - From October 8 to October 11, the Shenwan Non-Ferrous Metals Index fell by 6.24%, with industrial metals down by 5.61% and precious metals down by 6.77% [5]. 2. Major Metal Prices and Inventory Changes - Key industrial metal prices as of October 13, 2024: - LME Copper: $9,803/ton, down 1.54% week-on-week, up 22.52% year-on-year - LME Aluminum: $2,638/ton, down 0.96% week-on-week, up 19.18% year-on-year - SHFE Copper: ¥77,220/ton, down 2.04% week-on-week, up 15.37% year-on-year [9]. 3. Key Listed Company Announcements - Shandong Gold expects a net profit of ¥1.68 billion to ¥1.73 billion for the first three quarters of 2024, a year-on-year increase of 50.22% to 54.69% [13]. - Zijin Mining announced a $1 billion acquisition of the Akyem gold mine project in Ghana, which is expected to enhance its asset portfolio significantly [13]. 4. Industrial Metals - The report indicates that the central government is increasing fiscal policy efforts to support economic development, focusing on local debt and stabilizing the real estate market, which is expected to benefit major industrial metals like copper and aluminum [20]. - As of September 2024, China's electrolytic copper monthly production was 1.0044 million tons, with a slight year-on-year increase [21].