有色金属行业周报：PMI升至50以上，氧化铝价格维持强势

Investment Rating - The report maintains an "Outperform" rating for the non-ferrous metals sector [1]. Core Insights - The October PMI in China rose to 50.1%, indicating an expansion in manufacturing activity, supported by increased policy measures and economic recovery [2][4]. - The aluminum market shows strong pricing trends, with domestic prices for alumina increasing by 5.00% to 4962.04 CNY/ton [4][6]. - The report highlights a positive outlook for the non-ferrous metals sector, driven by anticipated demand growth and favorable monetary policies [5][6]. Summary by Sections 1. Industry Data Review - Precious Metals: Gold prices increased, with the Shanghai Gold Exchange closing at 628 CNY/gram, a weekly change of 1.0% [18]. - Industrial Metals: Prices are showing divergence, with copper prices rising by 0.2% on SHFE and 0.4% on LME [25]. - Aluminum: SHFE aluminum price reached 20795 CNY/ton, with a weekly increase of 0.2% [34]. - Lead: Lead prices increased, with SHFE lead at 16840 CNY/ton, reflecting a weekly change of 0.4% [39]. 2. Market Trends - The report notes a significant increase in alumina prices due to supply constraints and environmental regulations affecting production [4][6]. - The energy metals segment is seeing a rebound in lithium carbonate prices, indicating potential growth in demand [5][6]. 3. Investment Recommendations - The report suggests a favorable investment environment for non-ferrous metals, particularly in gold and aluminum sectors, with specific company recommendations including Shandong Gold and China Hongqiao [5][6].