美元指数上行金属价格震荡，需求预期改善锂价偏强

Investment Rating - The report maintains an "Outperform" rating for the sector [5]. Core Views - The industrial metals sector is expected to benefit from sustained growth in photovoltaic installations and ongoing fiscal support from the government [23]. - The report highlights a rebound in copper production among global mining companies, with a slight increase in operating rates, while aluminum prices are under pressure due to tight alumina supply [49][56]. - The energy metals segment shows promising developments, with SQM maintaining its production guidance and Sigma exceeding its production expectations [61]. Summary by Sections Industrial Metals - As of the end of October, China's total installed power generation capacity reached approximately 3.19 billion kilowatts, a year-on-year increase of 14.5%. Solar power generation capacity was about 790 million kilowatts, up 48.0% year-on-year [23]. - The U.S. manufacturing PMI rose to 48.8, the highest in four months, indicating a positive outlook for industrial metals prices [23]. - The report suggests focusing on companies such as Luoyang Molybdenum, Jiangxi Copper, and China Aluminum among others [23]. Copper - LME copper closed at $8,973 per ton, a slight increase of 0.02% from the previous week, while SHFE copper was at 73,760 yuan per ton, down 0.14% [49]. - Global copper production from the top fifteen mining companies was 3.116 million tons in Q3, a quarter-on-quarter increase of 3.0% [49]. - China's copper imports in October were 359,400 tons, up 11.4% month-on-month and 7.7% year-on-year [49]. Aluminum - LME aluminum closed at $2,630 per ton, down 1.00%, and SHFE aluminum at 20,420 yuan per ton, down 1.73% [56]. - Domestic alumina supply remains tight due to seasonal low levels and production disruptions [56]. - As of November 21, domestic aluminum ingot social inventory was 539,000 tons, a decrease of 26,000 tons [56]. Energy Metals - SQM's production guidance remains unchanged, with expected sales of 190,000 tons and production of 210,000 tons [61]. - Sigma's lithium concentrate production in Q3 was 60,237 tons, exceeding the target of 60,000 tons, with a 9% increase in sales [61]. Lithium - The price of battery-grade lithium carbonate was 79,100 yuan per ton, reflecting a 0.5% increase [10]. - There are significant divergences in long-term contract negotiations, impacting market dynamics [12]. Zinc - LME zinc closed at $2,972 per ton, up 0.63%, while SHFE zinc was at 25,170 yuan per ton, up 2.15% [7]. - Domestic zinc supply remains tight, with a decrease in imports [7]. Tin - LME tin closed at $28,950 per ton, up 1.47%, while SHFE tin was at 240,800 yuan per ton, down 1.12% [8]. - Domestic tin supply is constrained due to procurement difficulties [8]. Rare Earths - Rare earth prices are under pressure, with a significant decrease in imports [15]. - The market outlook remains cautious, with expectations of limited recovery in demand [15]. Precious Metals - COMEX gold closed at $2,718.2 per ounce, up 5.87%, driven by increased market risk aversion [16]. - The report maintains a positive outlook for gold prices amid ongoing geopolitical tensions [16].