政策博弈落地，有色金属价格或震荡

Investment Rating - The investment rating for Shandong Gold (H-share) is "Buy" with a target price of 18.77 local currency [4]. Core Insights - The report indicates that the policy dynamics have settled, leading to potential fluctuations in non-ferrous metal prices. The macroeconomic environment is driving both bullish and bearish sentiments in the market, particularly for copper and aluminum [1][6]. - Gold prices are expected to remain strong in the short term, influenced by macroeconomic factors and the recent U.S. election results [9]. - The lithium market is experiencing a stable demand with limited downside for carbonate lithium prices, although long-term supply remains excessive [11]. Summary by Sections Industry Overview - The report discusses the impact of recent U.S. election results and Federal Reserve interest rate cuts on the metals market, suggesting a period of price fluctuations for both base and precious metals [1][2]. Base Metals - Copper prices have shown a slight increase, with a current price of 77,440 CNY/ton, reflecting a year-over-year increase of 0.1 CNY [6][19]. - Aluminum prices are reported at 21,740 CNY/ton, with a week-on-week increase of 0.1 CNY [7][19]. - Zinc prices have strengthened to 25,620 CNY/ton, with a year-on-year increase of 17.47% [8][19]. Precious Metals - Gold prices are currently at 612.87 CNY/gram, with a year-to-date increase of 27.71% [19]. - The report notes that gold and silver prices have experienced slight declines recently, but the long-term outlook remains positive due to inflationary pressures [9]. Lithium and Rare Earths - The lithium carbonate price is reported at 73,300 CNY/ton, with a slight week-on-week decrease of 0.48% [11][20]. - Rare earth prices are stable, but supply concerns due to geopolitical issues in Myanmar may lead to price increases [10]. Key Recommendations - The report recommends investing in Shandong Gold due to its undervaluation and potential for price appreciation in the current market environment [4].