有色金属行业周报：国内政策或将继续加码，金属价格有望上行

Investment Rating - The report maintains a "Recommended" rating for the non-ferrous metals industry [6]. Core Viewpoints - Domestic policies are expected to continue strengthening, leading to a potential increase in metal prices [2]. - The copper market is anticipated to remain tight, with significant implications for copper prices due to a decrease in processing fees for copper concentrate [4]. - Economic recovery indicators, such as the rise in manufacturing PMI, suggest a positive outlook for copper demand [4]. Market Review - As of December 6, the Shanghai Composite Index increased by 2.33% to 3404.08 points, while the SW Non-Ferrous Metals Index rose by 1.39% to 4636.23 points [2][14]. - Among the five sub-industries within non-ferrous metals, industrial metals and precious metals showed increases of 2.10% and 0.68%, respectively, while energy metals decreased by 1.10% [14][22]. Price Trends - The prices for key metals on the Shanghai Futures Exchange (SHFE) as of the latest week are as follows: copper at 74,730 CNY/ton (+1.30%), aluminum at 20,310 CNY/ton (-0.12%), zinc at 25,495 CNY/ton (+1.11%), lead at 17,770 CNY/ton (+2.27%), nickel at 126,320 CNY/ton (-0.67%), and tin at 243,920 CNY/ton (+2.99%) [3][29]. - Precious metals prices include gold at 615.94 CNY/gram (+0.10%) and silver at 7,823 CNY/kg (+2.79%) [65]. Investment Suggestions - The report suggests focusing on companies such as Zijin Mining, Luoyang Aluminum, Western Mining, and Jincheng Mining due to favorable market conditions for copper [4]. - For gold investments, attention is drawn to leading A-share companies like Shandong Gold, Zhongjin Gold, Yintai Gold, Chifeng Gold, and Hunan Gold, driven by global central bank gold purchases and geopolitical tensions [4].