有色金属行业周报：降息预期降温，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 [3] Core Viewpoints - The report highlights that the expectations for interest rate cuts have cooled, while alumina prices continue to remain strong [3][10] - The overall outlook for the non-ferrous metals sector is positive, driven by supportive monetary and fiscal policies in China [10] Summary by Sections Market Performance - The non-ferrous metals sector has shown a performance decline of 22% compared to the CSI 300 index [5] Precious Metals - Gold prices have decreased, with the Shanghai Gold Exchange's Au9999 closing at 615 CNY per gram, down 1.4% week-on-week [41] - COMEX gold futures closed at 2674 USD per ounce, reflecting a 1.6% weekly decline [41] Industrial Metals - Domestic metal prices are showing divergence, with alumina prices remaining strong. The average price of domestic alumina is 5704.76 CNY per ton, up 1.26% from the previous week [8] - SHFE copper prices increased by 0.1%, while aluminum prices decreased by 0.1% [8][10] - Lead prices rose by 2.5%, and zinc prices also saw an increase of 0.1% [8][10] Rare Earths and Tungsten - Prices for praseodymium and neodymium oxides have increased, while tungsten concentrate prices remain stable [9] Energy Metals - Lithium carbonate prices have declined, while cobalt prices have increased. Nickel prices for nickel metal and nickel beans have risen [9] Investment Recommendations - The report suggests a favorable outlook for the non-ferrous metals sector, particularly in precious metals and industrial metals, with specific stock recommendations including Shandong Gold, Zijin Mining, and others [10]