有色金属与新材料周报：美联储降息符合市场预期，金价或进入震荡格局

Investment Rating - The industry investment rating is "Outperform the Market (Maintain)" [20] Core Viewpoints - The industrial metals sector is experiencing a potential turning point with alumina prices, and the profits from electrolytic aluminum are expected to gradually recover [33] - The report suggests focusing on the copper and aluminum sectors due to recovering domestic demand and tightening supply of copper concentrate [25][99] - The report indicates that the aluminum market is characterized by weak supply and strong demand, which may accelerate price increases [88] Summary by Sections 1. Copper - As of December 20, the SHFE copper main contract fell by 1.3% to 73,820 CNY/ton, with domestic copper social inventory at 98,700 tons, a decrease of 23,600 tons [23] - The report highlights that the global copper resource supply will remain tight, providing long-term support for copper prices [23][99] 2. Aluminum - The SHFE aluminum main contract decreased by 1.8% to 19,975 CNY/ton, with domestic aluminum social inventory at 528,000 tons, down by 29,000 tons [34] - The report notes that the operating capacity of electrolytic aluminum reached 43.68 million tons, with a significant portion of the industry experiencing losses [34] 3. Lithium - The report mentions a decline in lithium concentrate prices, indicating a potential shift in the lithium market dynamics [6] 4. Tin - The report provides insights into the domestic tin social inventory and LME tin inventory trends, indicating fluctuations in supply and demand [10] 5. Investment Recommendations - The report recommends focusing on Zijin Mining in the copper sector and Tianshan Co. in the aluminum sector due to their favorable market positions [25][88]