有色金属脉动跟踪：仍需关注降息预期+“特朗普交易”

Investment Rating - The report maintains a positive outlook on the non-ferrous metals sector, indicating a "Buy" rating for the industry overall [9][13]. Core Insights - Precious metals are influenced by interest rate expectations and geopolitical factors, particularly the "Trump trade" [42]. - Industrial metals show signs of recovery, with copper prices expected to stabilize as macroeconomic conditions improve [43]. - The aluminum market is experiencing rising alumina prices, while electrolytic aluminum faces significant losses [44]. - Zinc prices are fluctuating due to ongoing supply issues and processing fee challenges [45]. - Tin prices are under pressure from increased production in Africa, despite some demand recovery [47]. - Nickel prices are affected by Indonesian policies, leading to a weak market outlook [55]. - The rare earth industry is expected to regain value due to multiple supportive factors [48]. Summary by Sections Precious Metals - Interest rate cuts and geopolitical tensions are key factors affecting gold prices, with a potential for long-term investment value [42]. Industrial Metals - Copper: Domestic macroeconomic expectations are improving, with a potential turning point anticipated [43]. - Aluminum: Alumina prices are rising, and electrolytic aluminum is facing losses exceeding 700 RMB per ton, with a long-term price increase expected [44]. - Lead and Zinc: Prices are fluctuating, with ongoing supply challenges and processing fees remaining low [45]. - Tin: Increased production from Africa is putting downward pressure on tin prices, despite some demand recovery [47]. - Nickel: Prices are weak due to Indonesian policies, with a focus on cost stability in the market [55]. Strategic Minor Metals - Tungsten: Prices are stable, with demand remaining weak [57]. - Antimony: Prices are rising overseas, while domestic demand remains weak [59]. - Molybdenum: Prices are stable with steady demand from the steel sector [63]. - Rare Earths: The industry is expected to see a value return due to several supportive factors [48]. - Titanium: Demand is stable, but profits for sponge titanium remain under pressure [67].