有色金属脉动跟踪：核电新时代，小金属锆有大作为

Investment Rating - The report rates the non-ferrous metals industry as "Positive" [1] Core Insights - Precious metals are expected to perform strongly during the interest rate cut cycle, with gold showing greater certainty [2] - The copper market is nearing the end of its traditional peak season, with slightly relaxed import standards for recycled copper [2] - High profitability in aluminum is expected to continue, with potential differentiation in green aluminum [2] - Lead and zinc prices are experiencing fluctuations, with attention on the progress of smelting reductions [2] - Tin prices are rebounding as domestic macro policies accelerate inventory destocking [2] - Nickel prices are retreating from high levels, approaching cost support [2] - The tungsten market is stable with subdued trading activity [2] - Antimony shows strength externally but weakness internally, with a focus on export progress [2] - Molybdenum prices have slightly increased, with September steel procurement volumes reaching new highs [2] - Rare earth prices are rising, with key varieties expected to continue their upward trend [2] - The titanium market is seeing a recovery in demand, although prices remain low [2] Summary by Sections Section 1: Special Topic - Nuclear Power Era and Zirconium's Role - Zirconium alloys are primarily used in nuclear fuel cladding tubes, which are critical for protecting nuclear fuel from oxidation and corrosion [11] - Zirconium is recognized as the "first metal of the atomic age" due to its excellent chemical stability and low neutron absorption, making it ideal for nuclear applications [11] - The global nuclear power sector is entering a high prosperity cycle, with increasing demand for zirconium in nuclear applications projected to grow at a CAGR of 4.0% from 2022 to 2030 [4][22] Section 2: Updates on Key Metals - Precious Metals: Gold is expected to perform well during the interest rate cut cycle, driven by geopolitical tensions and economic factors [24] - Industrial Metals: - Copper: Prices are under pressure as the peak season ends, but long-term demand remains strong due to renewable energy and AI [26] - Aluminum: High profitability is expected to persist, with potential price differentiation based on energy sources [27] - Lead and Zinc: Prices are fluctuating, with a focus on smelting reductions and supply adjustments [28] - Tin: Prices are rebounding due to macroeconomic policies and inventory adjustments [29] - Nickel: Prices are declining, nearing cost support, with supply pressures from Indonesia [30] - Strategic Minor Metals: - Tungsten: The market is stable with low trading activity [32] - Antimony: Prices are rising internationally while domestic demand remains weak [33] - Molybdenum: Prices are increasing with strong steel procurement [34] - Rare Earths: Prices are rising, with key varieties expected to continue their upward trend [35] - Titanium: Demand is recovering, but prices remain low [37] Section 3: Macro Trends and Industry Dynamics - Global macro trends indicate a gradual recovery in manufacturing PMI, with inflation levels returning to reasonable ranges [38] - In China, manufacturing PMI remains below 50, indicating ongoing pressure, while fixed asset investment is fluctuating at low levels [39]