有色金属行业周报：再通胀预期升温，黄金价格继续上行

Investment Rating - The report maintains a "Recommended" rating for the non-ferrous metals industry [7]. Core Viewpoints - The expectation of re-inflation is rising, leading to an increase in gold prices. This is influenced by the upcoming US elections and geopolitical tensions, which are driving both domestic and international gold prices higher [5][43]. - The report highlights the impact of the recent geopolitical conflicts and the BRICS summit in Russia, which is accelerating the trend of de-dollarization and supporting long-term gold price increases [5]. - Domestic supply constraints in alumina production due to slow recovery in bauxite mines and environmental regulations are expected to push alumina prices higher, which will subsequently support aluminum prices [5]. Market Overview - As of October 25, the Shanghai Composite Index rose by 1.17% to 3,299.7 points, while the SW Non-Ferrous Metals Industry Index increased by 2.37% to 4,654.05 points. Year-to-date, the SW Non-Ferrous Metals Industry Index has risen by 11.22% [3][14]. - Among the five sub-sectors of the non-ferrous metals industry, the changes in performance were as follows: Industrial Metals (+0.35%), Precious Metals (-2.26%), Minor Metals (+4.92%), Energy Metals (+8.90%), and New Metal Materials (+7.60%) [3][14]. Price Trends - Key metal prices as of the report include: - Copper: 76,390 CNY/ton (-0.30%) - Aluminum: 20,760 CNY/ton (+0.78%) - Zinc: 25,030 CNY/ton (+0.24%) - Lead: 16,770 CNY/ton (+0.75%) - Nickel: 125,870 CNY/ton (-2.32%) - Tin: 254,290 CNY/ton (-0.85%) [4][21]. - Gold and silver prices also saw increases, with domestic gold at 624.72 CNY/gram (+1.04%) and silver at 8,140 CNY/kilogram (+3.29%) [4][43]. Investment Recommendations - The report suggests focusing on leading A-share gold stocks such as Shandong Gold, Zhongjin Gold, Yintai Gold, Chifeng Gold, and Hunan Gold due to the supportive environment for gold prices [5]. - For the aluminum sector, it recommends attention to companies like China Aluminum, Tianshan Aluminum, and Nanshan Aluminum, as the rising alumina prices are expected to enhance their performance [5].