金属&新材料行业周报：美元强势，金属价格承压

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the metal and new materials sector [1][5][32]. Core Insights - The report highlights that the strong US dollar is putting pressure on metal prices, with a significant decline in various metal indices over the past week [1][5]. - The report suggests a medium to long-term bullish outlook for copper and aluminum due to expected supply constraints and growing demand from the new energy sector [1][12]. - Gold is expected to rise due to the onset of a rate-cutting cycle by the Federal Reserve, which will lower real interest rates [1][12]. Weekly Market Review - The Shanghai Composite Index fell by 3.52%, while the Shenzhen Component Index dropped by 3.70%. The non-ferrous metals index decreased by 5.71%, underperforming the CSI 300 by 2.41 percentage points [5][12]. - Year-to-date, the non-ferrous metals index has increased by 10.28%, still lagging behind the CSI 300 by 5.39 percentage points [5][7]. Price Changes - Industrial and precious metals saw price changes as follows: LME copper down 4.67%, aluminum down 6.10%, and COMEX gold down 4.62% [1][12]. - Lithium carbonate prices increased by 5.26% for battery-grade and 6.16% for industrial-grade [1][12]. Supply and Demand Analysis - The report indicates that copper supply is expected to be limited in 2024-2025, with demand from the new energy sector continuing to grow [1][12]. - Aluminum production in China is nearing peak levels, with slow overseas capacity additions, providing strong cost support [1][12]. Key Company Valuations - The report provides valuations for key companies in the sector, such as Zijin Mining at 15.62 CNY per share and Luoyang Molybdenum at 7.46 CNY per share, with respective PE ratios of 11 and 15 [1][21].