金属&新材料行业周报：金属价格普涨，重视黄金铝铜

Investment Rating - The report maintains a "Positive" outlook on the metals and new materials industry, particularly highlighting the performance of non-ferrous metals [1]. Core Insights - The report indicates a general increase in metal prices, with significant gains in aluminum and copper, driven by supply-demand dynamics and macroeconomic factors [2][5]. - The report emphasizes the importance of gold, aluminum, and copper as key investment areas, suggesting that the current market conditions favor these metals [2][17]. Weekly Market Review - The Shanghai Composite Index rose by 2.31%, while the Shenzhen Component Index increased by 3.73%. The non-ferrous metals index outperformed the CSI 300 by 2.33 percentage points, rising 4.47% [3][4]. - Among sub-sectors, precious metals increased by 3.38%, aluminum by 6.59%, and energy metals by 7.28% [5]. Price Changes - Industrial and precious metals saw price changes as follows: LME copper increased by 1.08%, aluminum by 4.39%, and nickel by 2.80%. COMEX gold rose by 0.83% [2][10]. - The report notes that the price of aluminum reached 20,340 CNY/ton, reflecting a week-on-week increase of 1.8% [34]. Supply and Demand Analysis - For copper, the report highlights low social inventory levels and a decrease in production rates ahead of the Chinese New Year, which supports price stability [25]. - In the aluminum sector, the report notes that domestic production capacity remains stable, with a utilization rate of approximately 96.3% [34]. Key Company Valuations - The report provides valuations for key companies in the non-ferrous metals sector, indicating various price-to-earnings (PE) and price-to-book (PB) ratios for companies like Zijin Mining and Yunnan Aluminum [15]. - For example, Zijin Mining has a PE ratio of 20 for 2023, while Yunnan Aluminum has a PE ratio of 18 for the same year [15]. Investment Recommendations - The report suggests focusing on companies with stable supply-demand dynamics in the new energy manufacturing sector, recommending firms such as Asia Pacific Technology and Baowu Magnesium [2]. - It also highlights potential recovery in the gold sector, suggesting stocks like Shandong Gold and Zhongjin Gold as attractive options [2][17].