有色金属行业报告：黄金继续新高，继续看多年内表现

Industry Investment Rating - The report does not explicitly state the investment rating for the non-ferrous metals industry [1]. Core Views - Gold prices continue to reach new highs, driven by the European Central Bank's interest rate cuts and ongoing geopolitical tensions, with COMEX gold rising by 2.65% and silver by 8.04% in the recent week [4]. - Copper prices are in a rebound phase rather than a reversal, with LME copper down by 0.26% and a slight inventory decrease of 5,345 tons, indicating a stable market [4][16]. - Uranium prices have seen a slight increase due to AI demand driving nuclear power investments, with significant commitments from companies like Amazon [4]. - Aluminum prices remain stable, with a slight increase in production and demand, while macroeconomic factors are expected to drive prices in Q4 [4]. - The alumina market remains strong, with current prices at 4,680 RMB/ton, and expectations of high prices continuing due to supply constraints [5]. Summary by Sections 1. Market Performance - The closing index for the non-ferrous metals sector is at 4,437.03, with a 52-week high of 4,979.91 and a low of 3,437.51 [1]. 2. Prices - LME copper price decreased by 0.26%, aluminum increased by 0.67%, while other base metals like zinc and lead saw slight declines [16]. - COMEX gold and silver prices increased significantly, with gold up 2.65% and silver up 8.04% [16]. 3. Inventory - Global visible copper inventory decreased by 5,345 tons, while aluminum and other metals saw increases in inventory [25].