金属及金属新材料行业投资策略周报：化债改善需求，金属价格受益

Investment Rating - The industry investment rating is "Buy" [4] Core Viewpoints - The report indicates that industrial metal prices are expected to fluctuate upwards due to improved demand from debt reduction policies and macroeconomic factors, despite short-term pressures from dollar fluctuations [1][2] - The report suggests focusing on specific companies such as Luoyang Molybdenum (A+H), Western Mining, and China Aluminum (A+H) for potential investment opportunities [1][2] Summary by Sections Basic Metals - Industrial metal prices are anticipated to gradually rise amidst a backdrop of tight supply in upstream minerals like copper and aluminum [1] - The report highlights the importance of domestic fiscal policies in supporting demand [1] Steel - Demand recovery is noted, with steel prices and costs remaining stable, although profitability is expected to decline [2] - The report emphasizes the need to monitor the effectiveness of economic stabilization policies [2] Precious Metals - The report notes that the U.S. interest rate cut cycle remains unchanged, with gold prices expected to experience high-level fluctuations [2] - It mentions a decrease in short-term risk demand following the U.S. elections, which may affect gold prices negatively [2] Energy Metals - Orders for lithium continue to exceed expectations, with lithium prices showing resilience [2] - The report suggests monitoring companies like Shengxin Lithium Energy and Rongjie Co. for investment opportunities [2] Minor Metals - Rare earth prices are expected to remain high, while tungsten and molybdenum prices are projected to stabilize [3] - The report advises keeping an eye on the impact of the situation in Myanmar on rare earth production and imports [3]