有色金属：全球政治经济扰动频繁，金银价格中枢有望抬升

Investment Rating - The report maintains an "Outperform" rating for the industry, indicating an expected return above the benchmark index by more than 10% [77]. Core Views - The report highlights that global political and economic disturbances are likely to elevate the price center for gold and silver [1]. - Industrial metals are showing signs of stable growth, positively impacting copper and aluminum prices [2]. - The energy metals sector is experiencing accelerated lithium resource development in Sichuan, with significant mining permits obtained [2]. - The report notes that geopolitical uncertainties are supporting safe-haven assets like gold and silver [2]. Summary by Sections 1. Industry Index Performance - The Shenwan Nonferrous Index increased by 1.85% from October 11 to October 18, with the gold sector leading the gains [33]. 2. Major Subsector Tracking (October 11 - October 18) 2.1 Industrial Metals - LME copper price decreased by 1.8%, while SHFE copper price showed a slight decline of 0.3% [33]. 2.2 Energy Metals - Battery-grade lithium carbonate price fell by 2.6% during the same period [33]. 2.3 Gold and Silver - London spot gold price rose by 2.4%, reaching 2712.50 USD/oz, while silver increased by 3.0% to 32.13 USD/oz [33]. 2.4 Rare Earths and Other Minor Metals - The price of praseodymium-neodymium oxide dropped by 3.0% [33]. 3. Important Events - Zijin Mining's Juno copper mine project has completed internal project approval, with an estimated total investment of approximately 83.93 billion CNY [69].