有色金属行业周报：大选落地，财政政策有望发力提振基本金属需求

Investment Rating - The report maintains a "Recommended" investment rating for the non-ferrous metals industry [1] Core Views - The report highlights that the domestic aluminum ingot inventory remains at a low level compared to the same period in the past five years, with rising aluminum prices driving a recovery in industry profitability [1] - The report notes that the issuance of antimony oxide export licenses by China is expected to narrow the price gap between domestic and international markets [2] - The acquisition of Peruvian gold and copper resources by Zijin Mining is seen as beneficial for the company's production targets over the next five years [1][2] Summary by Sections Industrial Metals - Domestic aluminum ingot inventory is at 563,000 tons as of November 7, 2024, with a decrease of 34,000 tons from the previous week [1] - The average cost of domestic electrolytic aluminum is approximately 20,256 CNY/ton, up 558 CNY/ton from the previous week, while the average profit in the aluminum industry is about 1,215 CNY/ton, an increase of 132 CNY/ton [1] - The report indicates that the aluminum inventory is 122,000 tons lower than the same period last year, primarily due to transportation disruptions caused by adverse weather in Xinjiang [1] New Energy Metals and Minor Metals - The issuance of export licenses for antimony oxide is expected to support prices and reduce the price gap between domestic and international markets [2] - The report emphasizes that the supply of antimony remains tight due to the lack of a recycling industry, which will continue to support prices as demand grows from downstream industries [2] Company Insights - Zijin Mining's acquisition of Pan American Silver Corp.'s La Arena project for $245 million, along with potential future payments, is viewed positively for enhancing the company's resource reserves and production capabilities [1] - The report suggests that this acquisition aligns with the company's strategic development and will help achieve its production targets over the next five years [1] Stock Insights - The report recommends stocks in the basic metals sector, including Shenhuo Co., Tianshan Aluminum, Nanshan Aluminum, Zijin Mining, and others, based on strong fundamentals and positive macroeconomic expectations [1]