有色金属行业周报：俄乌冲突加剧，金银价格走高，氧化铝价格继续维持强势

Investment Rating - The report maintains an "Outperform" rating for the non-ferrous metals sector [2]. Core Views - The escalation of the Russia-Ukraine conflict has led to a rise in safe-haven asset prices, particularly gold and silver, with gold prices increasing by 5.4% domestically and silver prices rising by 3.5% [3][4]. - The report highlights that the domestic aluminum price remains strong, with the average price of domestic alumina increasing by 2.82% to 5633.53 CNY/ton [4]. - The report suggests that the non-ferrous metals sector is expected to benefit from favorable monetary policies and economic recovery, particularly in precious metals and industrial metals [9]. Summary by Sections Precious Metals - Gold prices have risen significantly, with the Shanghai Gold Exchange closing at 624 CNY/gram, reflecting a weekly change of 5.4% and an annual increase of 34.0% [41]. - COMEX gold futures closed at 2718 USD/ounce, with a weekly increase of 5.9% [41]. Industrial Metals - Domestic metal prices have shown mixed trends, with copper prices declining by 0.1% to 73760 CNY/ton, while aluminum prices decreased by 1.7% to 20420 CNY/ton [56][67]. - The report notes that the aluminum industry is facing profit pressures, with the cost of electrolytic aluminum at 21096 CNY/ton and a profit margin of -396 CNY/ton [70]. Rare Earths and Tungsten - Prices for praseodymium and neodymium oxides have decreased, while tungsten concentrate prices have increased, indicating a potential recovery in demand for tungsten in manufacturing [5]. Energy Metals - Lithium carbonate prices have rebounded, with a focus on the growth of energy metal demand in the future [5]. - The report recommends monitoring companies such as China Minmetals, Ganfeng Lithium, and Tianqi Lithium for potential investment opportunities [5].