有色金属行业周报：取消铜、铝等产品出口退税，氧化铝价格维持强势

Investment Rating - The report maintains an "Outperform" rating for the non-ferrous metals sector [2]. Core Insights - The core insight of the report highlights the cancellation of export tax rebates for copper and aluminum products starting December 1, 2024, which may impact market dynamics [4]. - The report notes that the price of alumina remains strong, with a recent increase in average domestic prices [5]. Market Performance - The non-ferrous metals sector has shown a decline of 22% compared to the Shanghai Composite Index [3]. - Recent price movements indicate a downward trend in various metals, with copper and aluminum prices decreasing by 4.2% [5][57]. Key Data Points - As of November 15, 2024, the SHFE copper price is 73,860 CNY/ton, down 4.2% week-on-week, while LME copper is at 9,055 USD/ton, down 2.9% [57]. - The average price of domestic alumina is reported at 5,567 CNY/ton, reflecting a week-on-week increase of 5.21% [5]. - The report indicates that the total capacity for electrolytic aluminum in China is 45.01 million tons, with an operating capacity of 43.76 million tons, resulting in a utilization rate of 97.45% [75]. Investment Recommendations - The report suggests a positive outlook for the non-ferrous metals sector, particularly in precious metals and industrial metals, with specific stock recommendations including Shandong Gold and Zijin Mining for gold and copper respectively [7]. - It emphasizes the potential for price recovery in industrial metals driven by policy support and economic expectations [7].