金属&新材料行业周报：25年铜精矿长单TC/RC敲定，重视顺周期及优质成长

Investment Rating - The report maintains a positive outlook on the non-ferrous metals industry, indicating an "Overweight" rating, suggesting that the industry is expected to outperform the overall market [1][29]. Core Insights - The report highlights the importance of cyclical trends and quality growth in the non-ferrous metals sector, particularly focusing on copper and aluminum due to supply constraints and increasing demand from the new energy sector [1][4]. - It notes that the copper processing fees for long-term contracts have been set at $21.25 per ton and 2.125 cents per pound for 2025, reflecting a stable pricing environment [1][4]. - The report emphasizes the potential for a long-term upward trend in copper prices driven by limited new supply and sustained demand growth in the new energy sector, alongside expectations of interest rate cuts [1][4]. Weekly Market Review - The Shanghai Composite Index rose by 2.33%, while the Shenzhen Component Index increased by 1.69%. The non-ferrous metals index rose by 1.39%, underperforming the CSI 300 Index by 0.05 percentage points [4][9]. - Year-to-date, the non-ferrous metals index has increased by 10.79%, lagging behind the CSI 300 Index by 5.01 percentage points [6][9]. - Among sub-sectors, precious metals rose by 0.68%, aluminum by 3.57%, while energy metals fell by 1.10% [9][10]. Price Changes - The report provides detailed price changes for various metals, indicating a 1.24% increase in LME copper prices and a 0.37% increase in aluminum prices week-on-week [9][10]. - Year-to-date performance shows copper prices up by 19.97% and aluminum prices up by 17.24% [9][10]. Inventory Changes - LME copper inventory decreased by 0.44% week-on-week, while COMEX copper inventory increased by 2.46% [15]. - Shanghai Futures Exchange copper inventory saw a significant decrease of 10.13% [15]. Valuation of Key Companies - The report includes valuations for key companies in the non-ferrous metals sector, with specific EPS and PE ratios provided for companies like Zijin Mining and Luoyang Molybdenum [18]. - For instance, Zijin Mining's stock price is noted at 15.69 with an expected EPS of 1.24 for 2024 [18]. Investment Recommendations - The report suggests focusing on companies with stable supply-demand dynamics in the new energy manufacturing sector, recommending stocks such as Huafeng Aluminum and Yatai Technology [1][4]. - It also highlights the potential for gold prices to rise due to expected interest rate cuts and ongoing central bank purchases [1][4].