有色金属行业：中央经济工作会议点评——政策表态积极，利好有色金属景气向上

Investment Rating - The report maintains a "Recommended" rating for the non-ferrous metals industry, indicating an expected relative performance increase of over 10% compared to the benchmark index [6]. Core Viewpoints - The Central Economic Work Conference held from December 11 to 12, 2024, emphasized a proactive macroeconomic policy to stimulate domestic demand and support high-quality economic development, which is expected to positively impact the non-ferrous metals sector [2][3]. - The meeting highlighted the need for stronger counter-cyclical adjustments and a shift to a more aggressive fiscal policy, including increased fiscal deficit rates and the issuance of special bonds, which will enhance liquidity and support the demand for non-ferrous metals [3]. - Improved macroeconomic expectations are anticipated to drive up the prices of non-ferrous metals, as the domestic economic recovery is expected to accelerate, benefiting sectors such as real estate, construction, and automotive [3][4]. Summary by Sections Policy Impact - The report notes that the government's commitment to expanding domestic demand and implementing supportive policies will likely lead to a recovery in the non-ferrous metals industry, particularly in copper and aluminum [3][4]. Market Outlook - The report suggests that the combination of domestic policy support and favorable international liquidity conditions will stabilize and potentially increase non-ferrous metal prices, enhancing the overall market sentiment [3][4]. Investment Recommendations - Key investment opportunities highlighted include leading companies in the copper and aluminum sectors such as Zijin Mining (601899), Luoyang Molybdenum (603993), and Western Mining (601168), among others [4].