有色金属行业周报：铜铝材出口退税取消，锂中期供需预期改善

Investment Rating - The report does not explicitly state an investment rating for the non-ferrous metals industry Core Viewpoints - The non-ferrous metals industry index decreased by 5.71% this week, with significant declines across various sub-industries, including industrial metals and precious metals [2][14] - The cancellation of export tax rebates for copper and aluminum materials is expected to impact market dynamics [4] - The lithium supply-demand outlook is improving due to the shutdown of several high-cost lithium mines in Australia, which is expected to stabilize prices [4] Market Review - As of November 15, the Shanghai Composite Index fell by 3.52% to 3,330.73 points, while the CSI 300 Index decreased by 3.29% to 3,968.83 points [2][14] - The non-ferrous metals industry index has increased by 10.28% year-to-date, compared to 11.96% for the Shanghai Composite Index and 15.67% for the CSI 300 Index [14] Price Trends - Key metal prices on the Shanghai Futures Exchange (SHFE) showed the following changes: copper at 73,860 CNY/ton (-4.41%), aluminum at 20,780 CNY/ton (-4.11%), zinc at 24,640 CNY/ton (-2.18%), lead at 16,760 CNY/ton (-0.74%), nickel at 123,140 CNY/ton (-4.96%), and tin at 243,530 CNY/ton (-6.93%) [3][27] - Precious metals prices also declined, with gold at 593.30 CNY/gram (-3.73%) and silver at 7,591 CNY/kilogram (-2.69%) [3][64] Investment Suggestions - The report suggests focusing on companies such as Ganfeng Lithium, Zhongjin Lingnan, Yongxing Materials, and Tianqi Lithium due to the expected rebound in lithium prices driven by supply constraints and increasing demand from the electric vehicle sector [4] - In the rare earth sector, companies like Northern Rare Earth, China Rare Earth, and Jinchuan Group are recommended due to potential price increases amid supply disruptions from Myanmar [4][78]