有色金属行业周报：短期事件催化，主要金属价格震荡

Investment Rating - The report maintains a "Recommended" rating for the non-ferrous metal sector [4][5]. Core Viewpoints - The report indicates that the short-term events are causing fluctuations in major metal prices, with industrial metal demand expected to gradually recover due to early signs of manufacturing sector improvement in China [3][45]. - The macroeconomic environment in China is stabilizing, with the manufacturing PMI showing signs of expansion, which is likely to stimulate industrial metal demand [3][45]. - The report highlights the impact of geopolitical events and changes in U.S. monetary policy on metal prices, suggesting that while short-term volatility may occur, long-term industrial metal prices are expected to remain stable [3][5]. Summary by Sections 1. Industry Weekly Review - From November 25 to November 29, the Shenwan Non-ferrous Metal Index fell by 0.61%, with industrial metals showing a slight increase of 0.05% while precious metals decreased by 3.35% [19]. - The report notes significant fluctuations in individual stock performances, with top gainers and losers identified [21]. 2. Major Metal Prices and Inventory Changes - As of December 1, 2024, LME copper is priced at $9,015 per ton, showing a weekly increase of 0.47% but a monthly decrease of 5.60% [26]. - LME aluminum is priced at $2,599 per ton, reflecting a weekly decrease of 1.18% and a monthly decrease of 2.29% [26]. - The report provides detailed inventory changes for various metals, indicating trends in supply and demand dynamics [29]. 3. Industrial Metals - China's comprehensive PMI for November stands at 50.8%, indicating economic stabilization, with manufacturing PMI at 50.3%, showing a 0.2 percentage point increase from the previous month [45]. - The report notes that China's electrolytic copper production for October was 979,800 tons, with a slight year-on-year decrease [46]. - The report discusses the cancellation of export tax rebates for aluminum and copper products in China, which may affect global metal supply chains [45]. 4. Precious Metals - The report highlights that COMEX gold prices are currently at $2,674 per ounce, with a weekly decrease of 1.63% but a year-on-year increase of 29.46% [26]. - The report emphasizes the resilience of the U.S. economy, with third-quarter GDP growth revised to 2.8%, which supports the ongoing inflation expectations [5][34].