Investment Rating - The report maintains an "Outperform" rating for the non-ferrous metals sector [3] Core Views - The report highlights that the U.S. December core CPI slightly fell below expectations, which has alleviated inflation concerns and positively impacted precious metal prices [8] - The report anticipates a favorable investment environment for non-ferrous metals due to expected monetary easing by the Federal Reserve and supportive domestic fiscal policies [11] Summary by Sections 1. Industry Data Review - Precious Metals: Gold prices increased, with the Shanghai Gold Exchange's Au9999 closing at 638 CNY/g, a weekly change of 0.6% and a yearly change of 33.6% [18] - Industrial Metals: Prices showed divergence, with SHFE copper price at 76,540 CNY/ton, up 1.7% weekly and 13.0% yearly [41][42] - Aluminum prices rose to 20,470 CNY/ton, with a weekly increase of 1.6% and a yearly increase of 8.7% [55] 2. Market Performance - The report notes a significant increase in gold ETF holdings, which rose to 1,431 tons, indicating strong investor interest in precious metals [27] - The report also mentions that the copper market is experiencing tight supply conditions, which supports price stability [10] 3. Investment Recommendations - The report suggests a positive outlook for precious metals, recommending investments in companies like Shandong Gold and Zhongjin Gold [11] - For industrial metals, it recommends companies such as Zijin Mining and China Hongqiao, highlighting aluminum as having the greatest price elasticity [11] 4. Key Events - The report discusses the impact of geopolitical events on market sentiment, particularly the ceasefire agreement in Gaza, which has influenced precious metal prices positively [8] - It also notes the expected increase in investment from China's State Grid, which is projected to exceed 650 billion CNY, potentially boosting demand for copper and steel [10]
有色金属行业周报：美国12月核心CPI小幅低于预期，黄金价格上涨
Tebon Securities·2025-01-19 05:23