金属&新材料行业周报：制造业PMI环比回升，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][4]. Core Insights - The report highlights a rebound in the manufacturing PMI to 50.1% in October, suggesting improved manufacturing activity. The report also notes mixed price movements in metal prices, with the non-ferrous metals index outperforming the broader market indices [2][4]. - The report emphasizes the long-term bullish outlook for copper and aluminum due to supply constraints and increasing demand from the new energy sector. It also suggests that gold prices may rise due to the Fed's interest rate cuts [2][4]. Summary by Sections Market Overview - The Shanghai Composite Index fell by 0.84%, while the non-ferrous metals index rose by 1.64%, outperforming the CSI 300 by 3.32 percentage points [2][4]. - Year-to-date, the non-ferrous metals index has increased by 13.04%, slightly underperforming the CSI 300 by 0.34 percentage points [4][6]. Price Changes - Industrial and precious metals saw varied price changes: LME copper down by 0.33%, aluminum down by 2.89%, while lithium carbonate for battery-grade increased by 2.07% [2][10]. - Year-to-date performance shows significant increases in copper (28.01%) and aluminum (18.62%), while energy metals have decreased by 16.25% [8][10]. Investment Analysis - The report recommends focusing on companies with stable supply-demand dynamics in the new energy manufacturing sector, such as Huafeng Aluminum and Baowu Magnesium [2][4]. - It suggests that copper prices are expected to enter a long-term upward cycle due to limited new supply and sustained demand growth from the new energy sector [2][4]. Company Valuations - Key companies in the non-ferrous metals sector are highlighted with their respective valuations, including Zijin Mining and Luoyang Molybdenum, indicating their potential for growth based on earnings projections [2][14].