有色金属行业10月行业动态报告：国内政策将持续出台，利好有色景气上行

Investment Rating - The report maintains a "Recommended" rating for the non-ferrous metals industry [3]. Core Viewpoints - The domestic economy is showing signs of recovery, with the manufacturing PMI rising to 50.10% in October, indicating a return to expansion for the first time since April [15][19]. - A series of government policies aimed at stabilizing economic growth are expected to further enhance the outlook for the non-ferrous metals industry, potentially driving prices and industry sentiment upward [15][19]. - The performance of the A-share non-ferrous metals sector is expected to improve despite a slowdown in growth rates, with cumulative revenue growth of 1.86% and profit growth of 2.37% year-on-year for the first three quarters of 2024 [42]. Summary by Sections 1. Policy Initiatives and Economic Recovery - Continuous government policies are anticipated to drive the non-ferrous metals industry's recovery, with improved economic momentum leading to better demand for non-ferrous metals [15][19]. - The real estate sector, a major consumer of non-ferrous metals, is still in decline, but overall economic policies are expected to create new demand hotspots [24][39]. 2. Financial Performance of the Industry - The A-share non-ferrous metals sector's overall return on equity (ROE) decreased to 2.34% in Q3 2024, primarily due to a decline in asset turnover [42]. - Despite a decrease in quarterly performance, the overall trend of recovery remains intact, with Q3 2024 showing a 9.98% year-on-year profit growth [42]. 3. Sub-industry Dynamics - There is a divergence in the performance of different sub-industries within the non-ferrous metals sector, with some experiencing price fluctuations due to varying demand and supply conditions [39]. - The report highlights that while copper prices fell by 3.02% in October, aluminum prices increased by 0.83%, indicating mixed performance across different metals [39]. 4. Future Growth Points - The report suggests that overseas resources and new metals will become future growth points for the non-ferrous metals industry, as domestic growth potential appears limited [5][24]. - The focus on new materials and overseas mining resources is expected to drive future growth in the sector [5][24].