有色金属行业周报：CSPT小组敲定25年Q1铜精矿加工费TC为25美金，矿端偏紧逻辑继续演绎

Investment Rating - The report maintains an "Outperform" rating for the industry [1] Core Views - The report indicates that the Federal Reserve's December interest rate cut of 25 basis points aligns with market expectations, but the median dot plot suggests a slowing trend in future rate cuts. This is expected to support metal prices in the long term as the supply-demand balance tightens [29][63] - The report highlights that the copper market is experiencing a tight supply-demand balance, which is expected to support copper prices. The global copper inventory stands at 517,500 tons, reflecting a decrease of 6,900 tons week-on-week and an increase of 24.88% year-on-year [63] - In the lithium market, the report notes that the oversupply situation is unchanged for 2024, with seasonal rebounds expected to be limited. It emphasizes the strategic investment opportunities in lithium stocks due to their high elasticity in the electric vehicle supply chain [12][63] Summary by Sections Investment Strategy - The report recommends focusing on gold stocks such as Zhongjin Gold, Zijin Mining, and Shandong Gold, while also highlighting undervalued stocks like Zhuzhou Smelter and Yulong Co. For silver, it suggests focusing on Xinyi Silver, Yintai Gold, and Shengda Resources [28][63] Industrial Metals - The report mentions that the CSPT group has set the Q1 2025 copper concentrate processing fee (TC) at $25. The supply side shows limited new mining capacity, while demand is softening as the end of the year approaches [19][63] New Energy Metals - The report states that lithium prices are stabilizing, with market transactions remaining active. It also notes that the rare earth market is experiencing a stable supply with a pessimistic sentiment, leading to limited price fluctuations [31][32][63] Market Review - The report highlights significant stock performances, with Dongyang Sunshine rising by 20.97% and Liyuan Precision falling by 17.44% [15][63]