有色金属行业周报：中国央行重启黄金购买，金价支撑边际变强

Investment Rating - The report maintains a "Buy" investment rating for the gold, copper, aluminum, tin, and antimony sectors, indicating a positive outlook for these industries [9][10]. Core Insights - The People's Bank of China has resumed gold purchases, strengthening the support for gold prices [9]. - The U.S. economic indicators show mixed signals, with the ISM manufacturing index at 48.4, slightly above expectations, while the unemployment rate increased to 4.2% [34]. - The report highlights a general optimism among businesses regarding future demand, despite a slight growth in economic activity [34]. Summary by Sections 1. Market Performance - The non-ferrous metals sector saw a weekly increase of 2.48%, with nickel (+9.10%), silver (+5.49%), and aluminum (+4.80%) leading the gains, while gold (+0.27%) and lithium (-1.50%) lagged [27]. 2. Macroeconomic and Industry News - China's November Caixin Manufacturing PMI was reported at 51.5, up from 50.3, indicating expansion [34]. - In the U.S., the November ISM non-manufacturing index was 52.1, below expectations, suggesting a slowdown in service sector growth [34]. 3. Precious Metals Market Data - The report notes that gold prices are expected to maintain an upward trend due to the ongoing interest rate cuts by the Federal Reserve [9]. - The report emphasizes that the resumption of gold purchases by the People's Bank of China injects significant momentum into the gold market [9]. 4. Industrial Metals Data - Copper prices are expected to rise due to continuous inventory depletion and stable demand from end-users [9]. - Aluminum supply remains tight, with prices expected to trend upwards as demand persists [9]. 5. Industry Ratings and Investment Strategies - The report recommends maintaining a "Buy" rating for gold, copper, aluminum, tin, and antimony sectors, citing strong fundamentals and favorable market conditions [9][10]. 6. Key Stock Recommendations - The report highlights several companies for investment, including Zhongjin Gold, Shandong Gold, and Zijin Mining, which are expected to benefit from the favorable market conditions in gold and copper [12].