铜行业周报：线缆企业本周开工率+4pct，2025年2月空调、冰箱排产同比+32%、+49%

Investment Rating - The report maintains a "Buy" rating for the copper industry, recommending specific companies such as Zijin Mining, Luoyang Molybdenum, Western Mining, and Jincheng Mining, while also suggesting to pay attention to Minmetals Resources [6][7]. Core Insights - The demand for copper remains strong, with expectations for copper prices to rise due to tightening supply and improving demand conditions [6][8]. - As of November 29, 2024, SHFE copper price is 73,830 CNY/ton, reflecting a 0.1% increase week-on-week, while LME copper price is 9,015 USD/ton, up 0.5% from the previous week [1][24]. - The report highlights a significant increase in production for household air conditioners and refrigerators in February 2025, with year-on-year growth rates of 32% and 49% respectively [5][6]. Summary by Sections Macroeconomic Overview - The report notes that the end of the Trump trade era and a decline in the US dollar are contributing to a gradual return of copper prices to fundamental pricing [1][39]. Supply Dynamics - In September 2024, China's copper concentrate production was 147,000 tons, showing a 1.6% month-on-month increase and a 4.5% year-on-year increase [2][50]. - The price difference between refined copper and scrap copper remains low, with a current differential of 855 CNY/ton, which is significantly below the average from 2013 to 2023 [2][53]. Demand Insights - The cable industry, which accounts for approximately 31% of domestic copper demand, reported a week-on-week increase in operating rates by 4.1 percentage points, reaching 94.37% [5][6]. - The report anticipates a continued high growth in production for household appliances, particularly air conditioners and refrigerators, in early 2025 [5][6]. Investment Recommendations - The report suggests that tightening supply and improving demand conditions will support further increases in copper prices, recommending specific companies for investment [6][7].