有色金属行业：国内制造业回暖有望助推工业金属需求

Investment Rating - The report indicates a positive outlook for industrial metals due to the recovery of domestic manufacturing, suggesting potential investment opportunities in this sector [2]. Core Insights - The recovery in domestic manufacturing is expected to boost the demand for industrial metals, with specific attention to companies like Zijin Mining, Luoyang Molybdenum, and China Aluminum [2]. - Energy metals are seeing renewed interest in resource acquisitions, particularly lithium, as evidenced by Tianhua New Energy's bidding for a lithium mine in Jiangxi [2]. - The report expresses optimism for gold and silver prices, anticipating a potential increase due to adjusted interest rate expectations [2]. - The prices of rare earth elements and other minor metals have shown slight increases, indicating a stable market [2]. Summary by Sections Industrial Metals - The report notes a slight increase in the manufacturing PMI to 50.3%, indicating a modest expansion in manufacturing activity. LME copper prices rose by 0.5% to $9015 per ton, while aluminum prices fell by 1.2% to $2599 per ton. Zinc prices increased by 4.6% to $3109 per ton [2][4][30]. - The domestic electrolytic copper inventory continues to decline, and supply tightness persists due to ongoing maintenance at smelting plants [2]. Energy Metals - The report highlights a 0.1% decrease in battery-grade lithium carbonate prices, while the acquisition of lithium resources is gaining traction, as seen with Tianhua New Energy's recent activities [2][47]. Precious Metals - Gold and silver prices have decreased, with London spot gold at $2651.05 per ounce and silver at $30.70 per ounce, reflecting a weekly decline of 1.6% and 1.8% respectively. The report suggests that the market has adequately adjusted to interest rate expectations, with potential for price increases [2][66]. Rare Earths and Minor Metals - The price of praseodymium-neodymium oxide increased by 0.9%, indicating a stable demand for rare earth elements. The report recommends monitoring companies involved in this sector [2][82].