有色金属与新材料周报：氧化铝或临拐点，电解铝利润有望逐步修复

Investment Rating - Industry investment rating is "Outperform the Market" [89] Core Viewpoints - Precious Metals: Gold prices may enter a volatile pattern due to rising inflation pressures in the US. As of December 13, COMEX gold futures rose by 0.41% to $2654.9 per ounce, while SPDR Gold ETF holdings decreased by 0.9% to 863.9 tons. Global gold reserves increased by 0.9% year-on-year to 36,100 tons in November [7][20] - Industrial Metals: Alumina may be at a turning point, and profits from electrolytic aluminum are expected to gradually recover. As of December 13, SHFE copper futures rose by 0.1% to 74,790 yuan per ton, with domestic copper social inventory at 122,300 tons, a decrease of 0.8% [7][11] - Tin: As of December 13, SHFE tin futures increased by 2.0% to 248,900 yuan per ton. Domestic tin social inventory reached 8,205 tons, with a year-on-year decrease in tin concentrate imports by 40.6% in October [10][11] Summary by Sections Precious Metals - Gold prices are expected to fluctuate due to inflation concerns in the US, with recent price movements indicating a potential for volatility [7][20] Industrial Metals - Copper: Domestic demand is gradually recovering, and global demand for refined copper is expected to increase due to industrialization in emerging markets. The tight supply of copper concentrate is becoming more pronounced, providing support for prices [11][83] - Aluminum: The weak supply and strong demand dynamics for electrolytic aluminum are anticipated to accelerate, leading to a potential increase in aluminum prices [11][84] - Tin: Supply issues in Myanmar are affecting tin concentrate availability, while demand from the semiconductor sector is expected to boost refined tin demand [11][85] Investment Recommendations - Focus on copper, aluminum, and tin sectors. Recommended stocks include Zijin Mining for copper, Tianshan Shares for aluminum, and Xiyang Shares for tin [11][79][84]