Investment Rating - The investment rating for the non-ferrous metals sector is "Recommended (Maintain)" [1]. Core Insights - The People's Bank of China has increased its gold reserves for the first time in six months, with a total of 72.96 million ounces as of the end of November, supporting upward pressure on gold prices [1][25]. - The U.S. economy shows resilience, with a revised annualized GDP growth of 2.8% for Q3, and core PCE inflation rising by 2.1%, indicating potential for renewed inflation expectations [1][25]. - The manufacturing PMI in China remains stable at 50.8%, with industrial metal demand expected to recover as the economy stabilizes [1][45]. - The report suggests that industrial metals may benefit from increased investment in the real economy, particularly in companies like Zijin Mining, Tongling Nonferrous Metals, and Western Mining [1]. Summary by Sections 1. Industry Weekly Review - The Shenyin Wanguo Non-Ferrous Metals Index rose by 1.39% from December 2 to December 6, with industrial metals increasing by 2.1% [13]. - Key individual stock performances included significant gains for Liyuan Co. (33%) and Luoping Zinc & Electricity (20%) [15]. 2. Precious Metals - The People's Bank of China increased its gold reserves by 160,000 ounces in November, supporting gold prices [25]. - COMEX gold price was reported at $2,655 per ounce, with a year-on-year increase of 29.93% [20]. 3. Industrial Metals - China's comprehensive PMI recorded at 50.8%, with manufacturing PMI at 50.3%, indicating a gradual economic recovery [45]. - Industrial output increased by 5.3% year-on-year in October, while fixed asset investment grew by 3.4% [45]. - The report anticipates that the removal of export tax rebates on aluminum and copper will impact metal prices in the short term, but long-term price stability is expected [45].
有色金属行业周报:人民银行时隔6个月增持黄金,金价高位震荡
CHINA DRAGON SECURITIES·2024-12-09 12:57