有色金属2024Q3基金持仓分析：Q3持仓比例环比下降，机构小幅减持工业金属

Investment Rating - The report maintains an "Outperform" rating for the non-ferrous metals sector [3]. Core Insights - In Q3 2024, funds slightly reduced their holdings in the non-ferrous metals sector, with a configuration ratio of 5.41%, down by 0.70 percentage points from the previous quarter [2][6]. - The total market value of fund holdings in the non-ferrous metals sector was 876.29 billion, a decrease of 30.51 billion from the previous quarter [2][6]. - The top ten stocks in the non-ferrous metals sector by fund holdings include Zijin Mining, Luoyang Molybdenum, and Zhongjin Gold, among others [2][9]. Summary by Sections 1. Fund Configuration in Non-Ferrous Metals - The fund configuration ratio for the non-ferrous metals sector decreased to 5.41% in Q3 2024, with an overweight ratio of 2.03% compared to the overall A-share market [2][6]. - The total market value of fund holdings in this sector was 876.29 billion, reflecting a decline of 30.51 billion [2][6]. 2. Industrial Metals - The total market value of fund holdings in the industrial metals sector was 588.59 billion, down by 3.89% [15]. - Stocks in aluminum processing and tin saw increases in holdings, while copper stocks were reduced [15]. 3. Precious Metals - The market value of fund holdings in the precious metals sector was 173.40 billion, a decrease of 7.82% [17]. - Many gold stocks were reduced as investors anticipated uncertainty in gold prices following the Federal Reserve's interest rate cuts [17]. 4. Energy Metals - The energy metals sector saw an increase in fund holdings to 60.44 billion, up by 23.68% [19]. - The lithium sector rebounded due to improved market conditions in the new energy supply chain [19]. 5. Small Metals and New Metal Materials - The total market value of fund holdings in small metals and new metal materials was 57.36 billion, down by 6.11% [9]. - Tungsten and molybdenum sectors received increased investments, while titanium and magnetic materials faced reductions [9]. 6. Investment Recommendations - The report continues to be optimistic about investment opportunities in the non-ferrous metals sector [4].