有色金属行业周报：财税总局取消铜材、铝材出口退税，或影响铜铝内外盘价差

Investment Rating - The report maintains a "Buy" investment rating for gold, copper, aluminum, tin, and antimony industries [14][16][17]. Core Insights - The report highlights that the U.S. Federal Reserve is expected to continue its interest rate cuts, which will support gold prices. Additionally, central banks globally are increasing their gold reserves, indicating a bullish outlook for gold [14]. - The cancellation of export tax rebates for copper and aluminum by the Chinese government may impact the price differential between domestic and international markets for these metals [8][14]. - The report expresses confidence in the ongoing decline of U.S. inflation, which is expected to positively influence the overall economic environment [5][14]. Summary by Sections 1. Market Overview - The non-ferrous metals sector experienced a weekly decline of 4.8%, ranking low among all sectors [32]. - The top-performing sub-sectors included lithium (+0.91%) and gold (-3.45%), while nickel (-8.77%) and silver (-11.76%) faced significant declines [32]. 2. Macroeconomic and Industry News - China's social financing increased by 27.06 trillion RMB from January to October, with new RMB loans at 16.52 trillion RMB [39]. - U.S. October CPI was reported at 2.6%, aligning with expectations, while core CPI remained at 3.3% [39]. 3. Precious Metals Market Data - Gold prices fell to $2571.80 per ounce, a decrease of 4.43% from the previous week, while silver prices dropped to $30.66 per ounce, down 2.82% [44]. 4. Industrial Metals Data - LME copper closed at $9166 per ton, down 3.07%, while SHFE copper was at 73710 RMB per ton, a decline of 4.33% [6][7]. - Domestic aluminum prices fell to 20890 RMB per ton, a decrease of 3.91% [9]. 5. Industry Ratings and Investment Strategies - The report maintains a "Buy" rating for gold, copper, aluminum, tin, and antimony, citing strong demand and favorable market conditions [14][16][17]. 6. Key Recommended Stocks - Recommended stocks include Zhongjin Gold, Shandong Gold, and Zijin Mining, among others, highlighting their strong market positions and growth potential [17].