金属&新材料行业周报：中央经济工作会议释放积极信号，重视顺周期及优质成长

Investment Rating - The report gives an "Overweight" rating for the metal and new materials industry, indicating a positive outlook for the sector [1]. Core Insights - The report highlights a recent Central Economic Work Conference that emphasizes proactive macro policies, including increased fiscal deficit and a focus on domestic demand and consumption [1][4]. - The report notes that the LME copper price decreased by 0.77%, while aluminum increased by 0.06%, indicating mixed performance across different metals [1][9]. - The report suggests a bullish outlook for copper and aluminum due to supply constraints and growing demand from the new energy sector, with specific companies recommended for investment [1][4]. Weekly Market Review - The Shanghai Composite Index fell by 0.36%, while the non-ferrous metals index decreased by 0.84%, outperforming the CSI 300 by 0.17 percentage points [4][6]. - Year-to-date performance shows the non-ferrous metals index up by 9.86%, lagging behind the CSI 300 by 4.77 percentage points [4][6]. Price Changes - Industrial metals and precious metals saw varied price changes, with copper down by 0.77% and gold up by 0.41% [1][9]. - Lithium prices remained stable, while battery-grade lithium carbonate saw a slight increase of 0.66% [1][9]. Investment Analysis - The report recommends focusing on companies like Zijin Mining, Luoyang Molybdenum, and others in the copper and aluminum sectors due to expected price increases driven by supply constraints and demand growth [1][4]. - For gold, the report anticipates price increases due to falling real interest rates and ongoing central bank purchases [1][4]. Growth Cycle Investment Recommendations - The report suggests investing in stable supply-demand dynamics within the new energy manufacturing sector, recommending companies such as Huafeng Aluminum and Baowu Magnesium [1][4].