有色、基本金属行业周报：11月全球央行净购金60吨，中国央行增持16万盎司，金价或仍处于上行通道

Investment Rating - Industry Rating: Recommended [4] Core Views - In November, global central banks net purchased 60 tons of gold, with the People's Bank of China increasing its holdings by 160,000 ounces, indicating a potential upward trend in gold prices [2][18][20]. - The U.S. economy shows no immediate risks, with positive employment data supporting expectations of a soft landing, which may lead to rising inflation expectations and lower interest rates, making gold an effective hedge against potential inflation in 2025 [2][20]. - Silver prices are expected to perform well due to its dual role as an industrial and safe-haven asset, amidst a structural supply shortage that has persisted for four years [3][48]. Summary by Sections Precious Metals - In November, COMEX gold prices fell by 0.71% to $2,654.9 per ounce, while COMEX silver rose by 1.24% to $31.49 per ounce. SHFE gold decreased by 0.46% to ¥615.94 per gram, and SHFE silver increased by 1.64% to ¥7,823.0 per kilogram [2][30]. - The gold-silver ratio fell by 1.92% to 84.32, indicating a shift in market dynamics [33]. - The SPDR Gold ETF holdings decreased by 212,368.99 ounces, while SLV Silver ETF holdings increased by 756,044.80 ounces [33]. Base Metals - In the LME market, copper prices rose by 0.86% to $9,092.5 per ton, aluminum increased by 0.33% to $2,607.5 per ton, while zinc and lead prices fell by 1.17% to $3,072.0 per ton and 0.72% to $2,066.5 per ton, respectively [9][52]. - In the SHFE market, copper prices increased by 1.22% to ¥74,730.0 per ton, while aluminum decreased by 0.39% to ¥20,310 per ton [9][52]. - The supply of copper is expected to remain tight, with significant production increases anticipated from major mining projects [51][53]. Investment Opportunities - Beneficiaries in the gold sector include companies such as Yulong Co., Chifeng Jilong Gold Mining, and Shandong Gold Mining, among others [20][48]. - In the silver market, companies like Shengda Resources and Xingye Silver Tin are positioned to benefit from the expected price increases [48][49]. - For base metals, companies such as Zijin Mining and Western Mining are likely to gain from the anticipated copper price increases due to supply constraints [21][50].