有色金属行业周报：多头重新主导定价，黄金价格快速反弹

Investment Ratings - The report maintains a "Buy" investment rating for gold, copper, aluminum, tin, and antimony industries, indicating a positive outlook for these sectors [14][17]. Core Insights - The gold market is experiencing a rebound as bullish sentiment regains control over pricing, supported by a cautious stance from the Federal Reserve regarding interest rate cuts [4][14]. - Copper and aluminum prices are supported by ongoing inventory reductions, although demand remains moderate [5][9]. - Tin prices are underpinned by tight raw material supplies, while antimony prices are expected to remain weak due to sluggish demand [11][13]. Summary by Sections 1. Weekly Market Review - The non-ferrous metals sector saw a weekly increase of 3.4%, with silver, magnetic materials, and tungsten leading the gains, while aluminum, molybdenum, and cobalt faced declines [33]. 2. Macroeconomic and Industry News - In November, China's one-year Loan Prime Rate (LPR) remained at 3.1%, while the five-year LPR also held steady at 3.6% [41]. - U.S. economic indicators showed a decline in building permits and new housing starts, while the Markit Services PMI exceeded expectations, indicating a mixed economic outlook [41][42]. 3. Precious Metals Market Key Data - The report highlights the recent fluctuations in gold prices and the impact of ETF and futures positions on market stability, with a noted shift from short to long positions in the gold market [4][14]. 4. Industrial Metals Data - Copper prices are currently at $8,950 per ton, reflecting a 2.35% decrease, while aluminum prices are at 20,600 RMB per ton, down 1.39% [5][9]. - Inventory levels for copper and aluminum are being closely monitored, with LME and SHFE stocks showing varying trends [7][9]. 5. Industry Ratings and Investment Strategies - The report recommends maintaining a "Buy" rating across various metals, citing favorable supply-demand dynamics and potential price increases in the near term [14][17]. 6. Key Stock Recommendations - The report lists several companies as key investment opportunities, including Zhongjin Gold, Shandong Gold, and Zijin Mining, highlighting their strong market positions and growth potential [18][20].