有色金属行业行业点评报告：美国总统大选点评-特朗普当选，对有色金属行业影响几何

Investment Rating - The report rates the non-ferrous metals industry as "Neutral" [11] Core Viewpoints - The election of Trump is expected to put short-term pressure on gold prices, while industrial metals are viewed as more neutral, and energy metals are likely to face downward pressure. Certain rare metals may be revalued positively due to their potential as countermeasures in a trade war between China and the U.S. [3][2] - Trump's proposed policies, including tax cuts and increased fiscal spending, could lead to higher consumption of industrial metals like copper and aluminum, despite concerns over potential trade wars and tariffs [2][3] - The potential for a new trade war, particularly with increased tariffs on Chinese goods, raises concerns for the non-ferrous metals market, but the actual impact may be mitigated by the current trade dynamics [2][3] Summary by Sections Impact of Trump's Election - Trump's election is anticipated to change the inflation outlook in the U.S., leading to upward pressure on the dollar and U.S. Treasury yields, which may suppress gold prices in the short term [1] - The market's expectations for interest rate cuts by the Federal Reserve have been adjusted downward following Trump's victory, impacting the outlook for gold [1] Industrial Metals Outlook - Concerns about potential tariffs on industrial metals, particularly copper and aluminum, are present, but the actual impact may be limited due to changes in export dynamics since the 2018 trade war [2] - Trump's focus on traditional energy and potential cuts to renewable energy subsidies may negatively affect the demand for energy metals like lithium and nickel [2] Investment Recommendations - The report suggests focusing on rare metals that may benefit from being viewed as countermeasures in a trade war, recommending companies involved in rare earth materials and tungsten [3]