Investment Rating - The report maintains an "Outperform" rating for the industry [1] Core Insights - The rare earth industry may have entered a new cycle due to favorable supply and demand dynamics [1] - The report highlights the ongoing aluminum ore crisis, which is driving up alumina prices and supporting aluminum prices [2] - The report suggests that the geopolitical uncertainties are supporting gold prices [2] Summary by Sections 1. Industry Index Performance - The Shenwan Nonferrous Index increased by 2.37% from October 18 to October 25, with the magnetic materials sector leading the gains [6][7] 2. Key Subsector Tracking (October 18 - October 25) 2.1 Industrial Metals - LME copper price decreased by 0.6% [6][33] 2.2 Energy Metals - Battery-grade lithium carbonate price fell by 2.7% [6][22] 2.3 Precious Metals - London spot gold price rose by 0.7% [6][34] 2.4 Rare Earths and Minor Metals - Praseodymium-neodymium oxide price increased by 1.0% [6][43] 3. Important Events - Western Mining's controlling shareholder and concerted parties plan to increase their shareholding in the company [6][51]
有色金属行业：供需向好，稀土行业新周期或已开启
Haitong Securities·2024-10-28 02:14