金属&新材料行业周报：美国大选落地，金价短期回调

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the sector [2][3][18] Core Viewpoints - The report highlights a short-term price correction in gold following the U.S. presidential election results, while maintaining a positive long-term outlook for metals and new materials [2][3] - The report emphasizes the expected supply contraction and growth in demand for copper and aluminum, suggesting a bullish price trend in the medium to long term [2][3] - The report notes that the Federal Reserve's interest rate cuts are likely to support gold prices, while silver is expected to benefit from both monetary and industrial demand [2][3] Weekly Market Review - The Shanghai Composite Index rose by 5.51%, the Shenzhen Component increased by 6.75%, and the CSI 300 Index gained 5.50%. The non-ferrous metals index rose by 3.47%, underperforming the CSI 300 by 2.04 percentage points [3][4] - Year-to-date, the non-ferrous metals index has increased by 16.96%, also underperforming the CSI 300 by 2.66 percentage points [3][4] Price Changes - Industrial metals and precious metals saw varied price changes: LME copper decreased by 1.33%, aluminum increased by 0.79%, and COMEX gold rose by 1.97% [2][6] - Energy materials showed a mixed performance with battery-grade lithium carbonate increasing by 2.07% while industrial-grade lithium carbonate rose by 2.16% [2][6] Sector Performance - Among sub-sectors, precious metals fell by 3.66%, aluminum rose by 8.11%, and energy metals increased by 6.98% [2][6] - Year-to-date performance shows precious metals up by 20.37%, aluminum up by 28.24%, while energy metals are down by 10.41% [5][6] Investment Recommendations - The report recommends focusing on companies with stable supply-demand dynamics in the new energy manufacturing sector, such as Huafeng Aluminum and Asia Pacific Technology [2][3] - Specific companies to watch include Zijin Mining, Luoyang Molybdenum, and Zhongjin Gold, which are expected to benefit from the anticipated price increases in their respective metals [2][3]