金属&新材料行业周报：需求临近淡季，金属价格涨跌互现

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the metal and new materials sector [2][3]. Core Insights - The report highlights that metal prices are fluctuating as demand approaches the off-season, with various metals showing mixed performance [2][3]. - The report suggests a bullish sentiment for copper and aluminum due to expected supply contractions and growing demand from the new energy sector, recommending specific companies for investment [2][3]. - The report notes that gold prices are expected to rise due to the Federal Reserve's interest rate cuts, enhancing its strategic positioning [2][3]. Weekly Market Review - The Shanghai Composite Index rose by 1.17%, the Shenzhen Component increased by 2.53%, and the CSI 300 Index gained 0.79%. The non-ferrous metals index increased by 2.37%, outperforming the CSI 300 by 1.57 percentage points [3][5]. - Year-to-date, the non-ferrous metals index has risen by 11.22%, underperforming the CSI 300 by 4.09 percentage points [3][5]. Price Changes - Industrial and precious metals showed varied price changes: copper decreased by 0.24%, aluminum increased by 2.51%, and energy metals rose by 8.90% [2][6]. - Year-to-date performance indicates precious metals have increased by 27.00%, while energy metals have decreased by 16.38% [6]. Supply and Demand Analysis - The report indicates that the supply of copper is expected to be limited in 2024-2025, with demand from the new energy sector continuing to grow, suggesting a long-term bullish trend for copper prices [2][3]. - For aluminum, domestic production is nearing peak levels, and slow overseas capacity additions are expected to support prices [2][3]. Key Company Recommendations - The report recommends关注 (focus on) companies such as Zijin Mining, Luoyang Molybdenum, and others for copper and aluminum investments [2][3]. - For gold, companies like Zijin Mining and Zhongjin Gold are highlighted as potential beneficiaries of rising prices [2][3]. Inventory Changes - LME copper inventory decreased by 2.61% week-on-week, while COMEX copper inventory increased by 9.21% [8]. - Shanghai Futures Exchange aluminum inventory showed a slight increase of 0.03% week-on-week [8]. Valuation of Key Companies - The report provides valuations for key companies in the non-ferrous metals sector, indicating their earnings per share (EPS) and price-to-earnings (PE) ratios for 2024 and 2025 [11].