有色金属行业周报：中央经济工作会议明确政策发力方向，关注工业金属需求回暖

Investment Rating - The report maintains a "Recommended" investment rating for the non-ferrous metal sector, indicating a positive outlook based on recent economic policies and market conditions [1]. Core Insights - The Central Economic Work Conference has clarified policy directions, emphasizing a more proactive fiscal policy and moderately loose monetary policy to support stable economic growth. This is expected to boost demand for industrial metals [1]. - The People's Bank of China has increased its gold reserves to 72.96 million ounces, up by 160,000 ounces from October, which supports upward pressure on gold prices [1]. - The report highlights that the macroeconomic environment is likely to improve, leading to a recovery in investment and consumption demand, which will directly benefit industrial metals such as copper and aluminum [1]. Summary by Sections 1. Industry Weekly Review - From December 9 to December 13, the Shenwan Non-Ferrous Metals Index fell by 0.84%. Among sub-industries, industrial metals decreased by 0.16%, while precious metals increased by 0.89% [14]. - Key individual stocks showed significant fluctuations, with top gainers including Yitong New Materials (up 15%) and Guocheng Mining (up 14%) [16]. 2. Precious Metals - The report notes that geopolitical events and strong economic data in the U.S. may lead to fluctuations in gold prices, but the long-term trend remains upward [29]. 3. Industrial Metals - The Central Economic Work Conference emphasized maintaining stable economic growth and increasing residents' income, which is expected to enhance the demand for industrial metals [42]. - The report suggests that the implementation of more aggressive fiscal policies and moderate monetary easing will likely lead to a recovery in the industrial sector, benefiting metals like copper and aluminum [46].