有色金属行业周报：降息预期偏慢金价承压，短期供给宽松铝价偏弱运行

Investment Rating - The report maintains a "Buy" rating for the industry [3]. Core Insights - The report highlights that gold prices are under pressure due to slow interest rate cut expectations, while aluminum prices are weak due to short-term supply easing [2]. - The macroeconomic environment shows resilience in U.S. inflation and a recovering job market, which may reduce the urgency for the Federal Reserve to cut rates in the short term, impacting gold prices negatively [2]. - The report suggests a positive outlook for gold as an inflation hedge and a substitute for dollar assets [2]. Summary by Sections 1. Weekly Data Tracking - The overall performance of the non-ferrous metals sector saw a decline of 0.6% this week, with industrial metals up by 0.1% and precious metals down by 3.3% [23][24]. - The report notes that the copper inventory decreased by 29,100 tons globally, with domestic inventory down by 25,700 tons [2]. 2. Industrial Metals - Copper: The report anticipates copper price resilience due to macroeconomic expectations and demand, despite short-term pressure from reduced urgency for rate cuts [2]. - Aluminum: Short-term supply-demand easing is expected to limit aluminum price increases, with domestic supply remaining rigid [2]. 3. Energy Metals - Lithium: The report indicates that lithium prices are expected to fluctuate in the short term due to production increases and seasonal demand [2]. - Silicon Metal: Supply reduction expectations due to pollution control measures in Xinjiang may impact silicon prices, which are expected to remain stable in the short term [2]. 4. Recommendations - The report recommends focusing on companies such as Zijin Mining, Shandong Gold, and Chalco for potential investment opportunities in the gold and aluminum sectors [2]. - For lithium and silicon, companies like Ganfeng Lithium and Tibet Mining are highlighted as key players to watch [2]. 5. Price and Inventory Changes - The report provides detailed price changes for various metals, noting that gold prices have decreased by 1.6% over the week, while copper prices have seen a slight increase of 0.1% [33][34]. - The report also tracks inventory changes, indicating a significant increase in zinc inventory by 263% year-on-year [40].