有色金属行业点评报告：政策持续发力，关注工业金属需求回暖

Investment Rating - The report maintains a "Recommended" investment rating for the non-ferrous metals industry [1] Core Viewpoints - The report highlights a recovery in industrial metal demand supported by ongoing policy efforts, with a focus on the resilience of the investment and industrial sectors [1] - Economic indicators show a mixed recovery, with fixed asset investment (excluding rural households) growing by 3.3% year-on-year, retail sales increasing by 3%, and industrial value-added output rising by 5.4% year-on-year [1] - The report anticipates that the combination of fiscal and monetary policies will drive industrial metal demand growth in 2025, particularly for copper and aluminum [1] Summary by Sections Economic Indicators - In November, fixed asset investment grew by 3.3% year-on-year, retail sales increased by 3%, and industrial value-added output rose by 5.4% year-on-year [1] - Real estate development investment decreased by 10.4% year-on-year, indicating challenges in that sector [1] Policy Outlook - The central economic work conference set the tone for 2025, emphasizing a more proactive fiscal policy and moderately loose monetary policy [1] - The report expects fiscal measures to include increased fiscal deficit rates and the issuance of long-term special bonds to stimulate economic growth [1] Industry Recommendations - The report suggests focusing on leading companies in the industrial metals sector, including Zijin Mining (601899.SH), Western Mining (601168.SH), Nanshan Aluminum (600219.SH), and China Aluminum (601600.SH) [1][4] - The anticipated recovery in investment and industrial sectors is expected to benefit industrial metals, with a recommendation to monitor these leading companies closely [1]