有色金属行业周报：降息预期回升，金属价格上涨

Investment Rating - The industry investment rating is "Positive" [1][66]. Core Viewpoints - The report highlights a rebound in metal prices due to rising expectations of interest rate cuts, with significant weekly gains in the non-ferrous metals sector [1][5]. - The report indicates that the SW non-ferrous metals industry index increased by 4.47%, ranking 9th among A-share industries [18][19]. - The report emphasizes a bullish outlook on gold prices in the long term, driven by weakening U.S. core inflation and geopolitical factors [5][52]. Summary by Sections Non-Ferrous Metals Sector Review - The SW non-ferrous metals industry index rose by 4.47% to 4573 points during the week [18]. - The sector's performance is attributed to a recovery in metal prices, with energy metals, small metals, industrial metals, new metal materials, and precious metals showing weekly increases of +7%, +5%, +4%, +4%, and +3% respectively [19][21]. Base Metals - Copper prices increased by 1.19% to $9,182 per ton, while domestic copper spot prices rose by 1.27% to ¥76,402 per ton [29]. - Aluminum prices rose by 4.36% to $2,681 per ton, with domestic aluminum spot prices increasing by 2.69% to ¥20,217 per ton [33]. - Zinc prices increased by 2.86% to $2,945 per ton, while domestic zinc spot prices decreased by 1.71% to ¥24,204 per ton [37]. Precious Metals - Comex gold prices rose by 1.20% to $3,017 per ounce, and domestic gold spot prices increased by 1.52% to ¥637 per gram [52]. - Comex silver prices increased by 1.72% to $34.70 per ounce, with domestic silver spot prices rising by 1.32% to ¥7,821 per kilogram [52]. Energy Metals - Battery-grade lithium carbonate prices rose by 2.84% to ¥77,850 per ton, while battery-grade lithium hydroxide prices increased by 0.66% to ¥70,923 per ton [56][57]. - The report notes a strong pricing intention in the industry due to low inventory levels and expectations of production cuts in high-cost capacities [57]. Recommended Companies - The report recommends several companies with a "Buy" rating, including Zijin Mining, Luoyang Molybdenum, Yun Aluminum, Chihong Zn & Ge, and Yunnan Tin [3][64].