有色金属行业周报：二次通胀预期上升，金属价格回升

Investment Rating - The industry investment rating is "Positive" [1][69]. Core Viewpoints - The report highlights an increase in inflation expectations, leading to a rebound in metal prices. The SW non-ferrous metal industry index rose by 2.00%, ranking third among A-share industries [4][18]. - The report recommends several companies for investment, including Zijin Mining, Luoyang Molybdenum, Yunnan Aluminum, Chihong Zinc & Germanium, and Yunnan Tin, all rated as "Buy" [3][65]. Summary by Sections Non-Ferrous Metal Sector Performance - The SW non-ferrous metal industry index increased by 2.00%, closing at 4,377 points. In comparison, the Shanghai Composite Index decreased by 1.34% [4][18]. - The report notes that the non-ferrous metal sector has shown a year-to-date increase of 1.37%, while the Shanghai Composite Index has decreased by 5.14% [4][18]. Base Metals - Copper prices on the LME rose by 2.02% to $9,074 per ton, while domestic copper prices increased by 2.97% to ¥75,443 per ton. The average price of copper concentrate was $4.36 per ton, down by $1.49 from the previous week [5][30]. - Aluminum prices increased by 2.99% to $2,569 per ton, with domestic prices slightly decreasing by 0.91% to ¥19,687 per ton [33]. - Zinc prices fell by 1.00% to $2,863 per ton, with domestic prices decreasing by 2.38% to ¥24,626 per ton [37]. Precious Metals - Gold prices on Comex rose by 1.59% to $2,946 per ounce, while domestic gold prices increased by 1.12% to ¥628 per gram. Silver prices also saw an increase of 2.26% to $33.72 per ounce [52][53]. Energy Metals - The average price of battery-grade lithium carbonate rose by 1.07% to ¥75,700 per ton, while battery-grade lithium hydroxide increased by 0.51% to ¥70,455 per ton. However, the price of electrolytic cobalt decreased by 2.35% to ¥166,000 per ton [57][58]. Key Recommended Companies - Zijin Mining: Buy, EPS forecast for 2025 is 1.35, PE ratio is 12.15 [65]. - Luoyang Molybdenum: Buy, EPS forecast for 2025 is 0.61, PE ratio is 11.38 [65]. - Yunnan Aluminum: Buy, EPS forecast for 2025 is 1.56, PE ratio is 10.05 [65]. - Chihong Zinc & Germanium: Buy, EPS forecast for 2025 is 0.42, PE ratio is 13.24 [65]. - Yunnan Tin: Buy, EPS forecast for 2025 is 1.35, PE ratio is 10.61 [65].