有色金属行业周报：美联储如期降息25BP，支撑贵金属价格

Investment Rating - The report maintains a "Buy" investment rating for gold, copper, aluminum, tin, and antimony industries, indicating a positive outlook for these sectors [7]. Core Views - The Federal Reserve's recent interest rate cut of 25 basis points is expected to support precious metal prices, particularly gold, which is anticipated to maintain an upward trend due to ongoing central bank purchases [7]. - Copper demand is showing signs of improvement, supported by a reduction in inventory levels, which may lead to a stronger price outlook [7]. - The aluminum market remains tight, with rising costs supporting aluminum prices, suggesting a bullish trend in the near term [7]. - Tin prices are expected to be supported by tight raw material supply, while antimony prices are projected to remain stable within a range due to weak demand [7]. Summary by Sections 1. Weekly Market Review - The non-ferrous metals sector saw a weekly increase of 5.56%, with nickel, silver, and magnetic materials leading the gains [20]. - The report highlights the performance of individual stocks, noting significant increases in companies like Yingluohua and Galaxy Magnetic Materials [22]. 2. Macroeconomic and Industry News - In October, China's imports decreased by 2.3% year-on-year, while exports increased by 12.7% [24]. - The U.S. reported a 0.7% decline in durable goods orders for September, with the ISM non-manufacturing index for October at 56, indicating economic resilience [24]. 3. Precious Metals Market Key Data - The London gold price was $2,691.15 per ounce, reflecting a decrease of $53.15 from the previous week [30]. - SPDR gold ETF holdings decreased by 380,000 ounces, indicating a potential shift in market sentiment [30]. 4. Industrial Metals Data - The report notes a slight recovery in copper demand, with domestic electrolytic copper social inventory at 192,500 tons, down from the previous week [2]. - Aluminum prices increased to 21,740 yuan per ton, with a notable rise in production rates among leading aluminum enterprises [3]. 5. Industry Ratings and Investment Strategies - The report recommends stocks such as Zhongjin Gold and Shandong Gold, highlighting their strong resource guarantees and market positions [8].