金属、非金属与采矿行业周报：各有千秋，百花齐放

Investment Rating - The report maintains a "Positive" investment rating for the metal sector [56]. Core Viewpoints - The lithium industry has passed its darkest hour, with a clear trend of improvement in supply-demand fundamentals expected by 2025. The price center for lithium is projected to be between 80,000 to 100,000 yuan per ton, with potential for optimistic price elasticity [4]. - The report emphasizes that the performance of equities may outperform commodities, and the current valuation of the sector presents significant investment opportunities [4]. - For industrial metals, the report suggests that the macroeconomic environment will increasingly influence commodity prices, with copper and aluminum expected to perform well in 2025 [4]. - In precious metals, the report remains optimistic about gold prices, anticipating a third wave of price increases even amid a soft landing scenario for the economy [4]. Summary by Sections Lithium and Energy Metals - The lithium sector is expected to see improved fundamentals, with a significant increase in direct procurement demand due to domestic and overseas power demand [4]. - Key companies to watch include Ganfeng Lithium, Tianqi Lithium, and Yongxing Materials, among others [4]. Industrial Metals - The report notes a decline in copper and aluminum prices due to macroeconomic uncertainties, with LME copper down 1.2% and aluminum down 2.8% [31]. - The report highlights that the industrial sector's performance will be crucial, with a focus on the recovery of demand in 2025 [4]. Precious Metals - The report indicates that gold may enter a bullish phase, with a significant increase in central bank purchases and a shift away from the US dollar [4]. - Recommended stocks in the precious metals sector include Zhaojin Mining and Shandong Gold [4]. Market Performance - The report notes that the Shanghai Composite Index fell by 0.70%, with the metal materials and mining sector ranking 22 out of 32 industries [58]. - The basic non-ferrous metals sector saw a decline of 2.83%, while the energy metals sector dropped by 3.79% [58].