金属行业周报：政策密集出台，期待实施效果

Investment Rating - Steel: Neutral [1] - Non-ferrous Metals: Positive [1] Core Views - The steel industry shows signs of demand improvement driven by the peak season, with domestic favorable policies boosting market confidence. Future demand is expected to continue improving [2][11]. - Copper prices are likely to remain strong due to overseas interest rate cuts and domestic stimulus policies, despite ongoing supply disruptions [2][26]. - The aluminum market is expected to perform well, supported by favorable domestic policies and seasonal demand [2][29]. - The lithium industry faces significant supply surplus pressure, leading to anticipated price fluctuations in the short term [2][37]. Summary by Sections Industry News - The State Council announced new policies to enhance market transaction volumes and improve financing conditions for enterprises [10]. - Chile's Codelco reported a 10.1% year-on-year increase in copper production for August [10]. - A new agreement between India and the US aims to strengthen the supply chain for critical minerals [10]. Industry Data Steel - As of October 11, the capacity utilization rate for blast furnaces was 87.51%, up 1.90 percentage points from October 4 [16]. - Total steel inventory decreased by 2.07% from the previous week, with a year-on-year decline of 18.31% [18]. - The average steel price index was 3,869.78 yuan/ton, down 2.46% from the previous week [22]. Copper - On October 11, the copper smelting fee was reported at $8.90/ton, an increase of 20.27% from the previous week [26]. - LME copper prices were $9,600/ton, down 0.23% from the previous week [28]. Aluminum - On October 11, the average price of alumina was 4,255 yuan/ton, up 3.38% from the previous week [29]. - LME aluminum prices increased by 2.96% to $2,600/ton [29]. Lithium - On October 11, the price of battery-grade lithium carbonate was 77,900 yuan/ton, down 0.76% from the previous week [37]. Company Announcements - Ganfeng Lithium signed a supplementary investment cooperation agreement to enhance project collaboration [49]. - Zangge Mining received approval for its potassium salt exploration report and resource certification in Laos [49]. Market Review - From October 8 to October 14, the steel sector saw a decline of 6.29%, while the non-ferrous metals sector dropped by 5.70% [50][52]. - As of October 14, the steel industry's P/E ratio was 35.11, with a premium of 191.90% over the CSI 300 index [54].