有色金属行业周报：氧化铝或维持偏强走势，关注铝产业链上游价值

Investment Rating - The report maintains a "Recommended" investment rating for the aluminum, copper, gold, tin, and antimony industries [9]. Core Views - The report highlights that central banks worldwide are expected to continue increasing their gold reserves, supporting a bullish outlook for gold prices [2][9]. - The aluminum market is anticipated to remain tight in supply, with a projected increase in demand driven by new energy and photovoltaic sectors [5][9]. - Copper prices are expected to be supported by a decrease in production intensity at smelters, indicating a strong supply-side logic [9]. - Tin prices are likely to remain firm due to tight raw material supplies, while antimony prices may experience weakness in the short term due to negative demand feedback [9]. Summary by Sections 1. Weekly Market Review - The non-ferrous metals sector saw a weekly increase of +3.61%, with gold leading the sub-sectors at +8.51% [17]. 2. Macroeconomic and Industry News - China's social financing scale increased by 256,600 million RMB from January to September, with new RMB loans at 160,200 million RMB [25]. - The M2 money supply in China grew by 6.8% year-on-year in September, up from 6.3% [25]. 3. Precious Metals Market Key Data - The report indicates that gold prices are expected to rise due to ongoing purchases by central banks and a supportive monetary policy environment [9]. 4. Industrial Metals Data - The report notes that domestic aluminum prices are at 20,480 RMB/ton, with a slight decrease of 1.40% [4]. - Copper prices on the LME closed at 9,603 USD/ton, reflecting a decrease of 1.31% [3]. 5. Industry Ratings and Investment Strategies - The report maintains a "Recommended" rating for gold, copper, aluminum, tin, and antimony industries, citing strong fundamentals and market conditions [9]. 6. Key Stock Recommendations - Recommended stocks include Zhongjin Gold, Shandong Gold, and Zijin Mining, among others, highlighting their strong market positions and growth potential [10].