金属行业2025年度投资策略报告：看好铜铝周期品种，关注固态电池新材料

Investment Rating - The report maintains a "Neutral" rating for the steel industry and a "Positive" rating for the non-ferrous metals industry [1]. Core Insights - The report highlights a strong outlook for copper prices in 2025, driven by tight copper mine supply and increasing demand from the new energy and power grid sectors [1][3]. - The solid-state battery materials are identified as a key area of focus, with expectations for significant advancements in battery technology [1][3]. Summary by Sections 1. Industry Review - The steel industry index increased by 0.39% from December 31, 2023, to November 26, 2024, underperforming the CSI 300 index by 11.53 percentage points [20]. - The non-ferrous metals industry index rose by 8.17%, also underperforming the CSI 300 index but ranking 8th among all primary industries [20][21]. 2. Steel - Copper prices are expected to remain strong, benefiting companies with mining operations [1]. - Tight copper mine supply is anticipated, with companies positioned at the mining end likely to gain advantages [51]. - Demand from the new energy and power grid sectors is projected to drive steel demand [1][3]. 3. Aluminum - New capacity for primary aluminum is limited, leading to an expected improvement in supply-demand dynamics [1]. - Domestic contributions to alumina production are increasing, while policies restrict new primary aluminum capacity [83]. 4. Solid-State Battery Materials - Solid-state batteries are expected to surpass liquid lithium batteries in energy density, safety, and cycle life, marking a significant upgrade in battery technology [1]. - The report suggests focusing on manufacturers of oxide electrolytes, high-nickel cathodes, and silicon anodes as they progress towards commercialization [1]. 5. Key Product Data Review - Prices for antimony, tin, gold, copper, and aluminum have increased compared to the end of last year and the same period last year, with antimony showing the best performance [42][45]. - Inventory levels for copper, aluminum, cobalt, and nickel are higher than at the end of last year, while only tin and gold have seen inventory reductions [45].