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有色金属行业周报：美联储降息节奏将放缓，金属价格短期承压
2024-12-23 06:02

Investment Rating - The report does not explicitly state an investment rating for the non-ferrous metals sector. Core Insights - The non-ferrous metals sector index decreased by 3.09% this week, while the Shanghai Composite Index fell by 0.70% and the CSI 300 Index by 0.14%. Year-to-date, the non-ferrous metals sector index has increased by 6.46% compared to 13.21% for the Shanghai Composite Index and 14.47% for the CSI 300 Index [5][16]. - The report highlights that the Federal Reserve's interest rate cuts are expected to slow down, which may put short-term pressure on metal prices [16][18]. Price Trends - Basic metals prices on the Shanghai Futures Exchange (SHFE) for copper, aluminum, zinc, lead, nickel, and tin were reported at 73,820 CNY/ton, 19,975 CNY/ton, 25,155 CNY/ton, 17,360 CNY/ton, 122,410 CNY/ton, and 242,620 CNY/ton respectively, with weekly changes of -1.22%, -2.04%, -2.10%, -0.43%, -5.34%, and -2.58% [14][17]. - London Metal Exchange (LME) prices for the same metals were reported at 8,944 USD/ton, 2,542 USD/ton, 2,973 USD/ton, 1,981 USD/ton, 15,350 USD/ton, and 28,660 USD/ton, with weekly changes of -1.20%, -2.42%, -3.97%, -1.44%, -3.23%, and -1.50% [14][17]. Subsector Performance - Among the five secondary industries within the non-ferrous metals sector, industrial metals, precious metals, minor metals, energy metals, and new metal materials experienced weekly changes of -3.47%, -5.67%, -2.40%, -3.16%, and +2.32% respectively [5][16]. - The top five performing stocks in the non-ferrous metals sector this week were *ST Xinke (+47.67%), Walden Nuclear Materials (+21.11%), Lianrui New Materials (+20.36%), Western Materials (+16.91%), and Pengxin Resources (+14.46%) [11][16]. Investment Recommendations - The report suggests focusing on companies such as Shandong Gold (600547), Zhongjin Gold (600489), Yintai Gold (000975), and Chifeng Gold (600988) due to expected increases in gold holdings driven by global ETF demand and potential inflationary pressures from U.S. fiscal policies [18].