有色金属行业周报：美元指数走强，压制金属短期运行

Investment Rating - The report maintains an "Outperform" rating for the non-ferrous metals industry [2] Core Views - The report highlights that the strong US dollar is suppressing metal prices in the short term, particularly after the US CPI data met expectations, leading to a notable pullback in gold prices [2][17] - In the medium to long term, the report anticipates a trend of global monetary easing, which will maintain the long-term allocation value of precious metals [17] - The report emphasizes that supply-demand tightness is supporting the continued rise in alumina prices, while copper prices are expected to be supported by a balanced supply-demand situation [18][19] Summary by Sections 1.1 Precious Metals - The report notes that gold prices have significantly retreated due to market concerns over inflation following Trump's election victory and a stronger dollar [2][17] - Key statistics include the US October core CPI year-on-year at 3.3%, matching expectations, and core PPI at 3.1%, exceeding expectations [17] - Recommended stocks include Zhongjin Gold, Zijin Mining, Shandong Gold, and Chifeng Jilong Gold [17] 1.2 Industrial Metals - The report indicates that macroeconomic disturbances are increasing volatility, with supply-demand tightness supporting alumina prices [18] - Copper supply remains uncertain due to limited new mining capacity, while demand may increase due to domestic economic policies [19] - Recommended stocks include Zijin Mining and Luoyang Molybdenum [19] 1.3 New Energy Metals - The report states that the lithium market is experiencing a phase of supply-demand improvement, with lithium prices showing slight increases [23] - It suggests that the overall surplus situation for lithium will not change in 2024, and strategic investment opportunities should be considered [23][24] 1.4 Other Minor Metals - The report notes that rare earth prices are expected to improve due to new management regulations and policies [25] - Recommended stocks include Hunan Gold and Huaxi Yinhui [27] Weekly Market Review - The non-ferrous index increased by 3.47%, with lithium chemical products showing the largest gains among sub-sectors [28] - Top-performing stocks include Youyan New Materials and Tian Nai Technology, with gains of 42.61% and 24.98% respectively [32] Valuation - As of November 15, the non-ferrous industry PE (TTM) valuation stands at 19.49 times, indicating relatively low valuations for copper and aluminum sectors [37]