基础材料行业周报(第五十一周)：贵金属或偏强，基本金属或震荡为主

Investment Rating - The report maintains an "Overweight" rating for non-ferrous metals and basic metals and processing [8][9]. Core Views - Precious metals are expected to perform strongly, while basic metals are likely to experience fluctuations [8][9]. - The recent Federal Reserve meeting resulted in a 25 basis point rate cut, but the hawkish tone from Powell has put pressure on metal prices [8][9]. - Copper supply and demand remain strong, with a decrease in inventory, suggesting that copper prices may continue to fluctuate in the short term [13]. - Aluminum prices are expected to stabilize due to cost support from overseas alumina prices [27]. - Gold prices are anticipated to remain strong despite recent fluctuations, influenced by central bank actions and purchasing power in the Asia-Pacific region [15][9]. Summary by Sections Non-Ferrous Metals - Copper prices fluctuated, closing at 73,900 CNY/ton, with supply remaining high and demand robust [13]. - Zinc prices showed resilience, with domestic and LME inventories decreasing, indicating strong downstream consumption [14]. - Aluminum prices are under pressure due to falling overseas alumina prices, but a stabilization is expected [27]. Precious Metals - Gold prices are expected to remain strong, influenced by market dynamics and central bank policies [15][9]. - The report highlights the potential for continued strength in gold prices despite recent volatility [15]. Lithium and Rare Earths - Lithium prices are expected to fluctuate, with strong demand from the energy storage and automotive sectors [30]. - Rare earth prices are projected to weaken due to declining demand, particularly as year-end policies affect procurement [29]. Key Companies - Shandong Gold (1787 HK) is recommended with a target price of 18.77 CNY and an "Overweight" rating [25].