24Q3有色金属行业基金持仓分析：能源金属持仓回升，铜铝持续获增持

Investment Rating - The report maintains an "Outperform" rating for the non-ferrous metals industry, indicating an expected return above the benchmark index by more than 10% [19]. Core Insights - The report highlights a recovery in the market value of energy metals holdings, with copper and aluminum continuing to see increased investment [2][18]. - The non-ferrous metals sector underperformed the market by 6.9 percentage points in Q3 2024 [2]. - The report emphasizes the importance of focusing on leading companies in copper and aluminum, as well as monitoring the reversal in energy metals [2][18]. Summary by Sections 1. Non-Ferrous Metals Industry - The market value of energy metals holdings has rebounded, while copper and aluminum have seen sustained increases in investment [2][10]. - As of the end of Q3 2024, the net asset value of funds reached 31.3 trillion yuan, with stock holdings valued at 7.0 trillion yuan, marking a 3.6 percentage point increase from Q2 [4][5]. 2. Key Stocks - Zijin Mining is identified as the largest holding in the non-ferrous metals sector, with a market value share of 45% [13][15]. - The top five stocks in the sector have shown significant changes in their market values, with Zijin Mining gaining 56.1 billion yuan in holdings [15][16]. - The report notes that the market values of copper, aluminum, and rare earth holdings have consistently increased, with respective quarterly growth rates of 8%, 9%, and 14% [10][12]. 3. Fund Holdings Analysis - The report indicates that the fund's heavy holdings in the non-ferrous metals sector account for approximately 4.8%, reflecting a decrease of 0.62 percentage points [5][6]. - Industrial metals fund holdings increased by 8%, while energy metals saw a 24% rise in holdings [6][10]. - Lithium and cobalt holdings have also rebounded, with increases of 12% and 52%, respectively [10][12].