有色金属行业周报：PMI升至荣枯线之上，铜铝或迎来偏强走势

Investment Rating - The report maintains a "Buy" investment rating for gold, copper, aluminum, tin, and antimony industries [11]. Core Views - The report indicates that central banks will continue to purchase gold, and with the onset of a rate cut cycle by the Federal Reserve, gold prices are expected to maintain upward momentum [3][11]. - For copper, although the supply-demand dynamics are weak, there is a slight improvement in demand from the cable industry, suggesting a potential for price stability [11]. - The aluminum market is characterized by tight supply, which is expected to support aluminum prices [11]. - Tin prices are supported by tight raw material supply, while antimony prices are expected to remain stable within a range due to weak supply-demand conditions [11]. Summary by Sections 1. Weekly Market Review - The non-ferrous metals sector (Shenwan) saw a weekly increase of +4.23%, ranking among the top in performance across Shenwan's primary industries [23]. - The top-performing sub-sectors included magnetic materials (+18.58%), rare earths (+14.80%), and tungsten (+8.81%), while nickel (-1.85%), silver (-0.56%), and aluminum (-0.23%) faced declines [23]. 2. Macroeconomic and Industry News - China's official manufacturing PMI for October was reported at 50.1, up from 49.8 in the previous month [27]. - In the U.S., the ADP employment change for October was 233,000, significantly above the expected 111,000, while the unemployment rate remained stable at 4.1% [27]. 3. Precious Metals Market Key Data - The London gold price for the week was $2,744.30 per ounce, reflecting a weekly increase of $12.85, or 0.47% [32]. - The SPDR gold ETF holdings decreased by 40,000 ounces to 28.57 million ounces [32]. 4. Industrial Metals Data - Copper prices on the LME closed at $9,558 per ton, with a slight increase of $38 per ton from the previous week [3]. - Aluminum prices in China were reported at 20,740 yuan per ton, down by 50 yuan per ton [6]. 5. Industry Ratings and Investment Strategies - The report recommends maintaining a "Buy" rating for gold, copper, aluminum, tin, and antimony industries, citing strong fundamentals and market conditions [11]. 6. Key Recommended Stocks - The report highlights several stocks for investment, including Zhongjin Gold, Shandong Gold, and Zijin Mining, emphasizing their strong market positions and growth potential [12].