金属&新材料行业周报：节前金属价格相对平稳，重视黄金铝铜板块

Investment Rating - The report maintains a positive outlook on the metals and new materials sector, particularly highlighting opportunities in gold and aluminum [1]. Core Views - The report indicates that gold prices are expected to rise due to increased central bank purchases and a shift in market sentiment towards safety over yield [2][15]. - The aluminum sector is projected to experience upward price trends in 2025, supported by a tightening supply-demand balance [2][32]. Summary by Sections Market Overview - The report notes that the Shanghai Composite Index rose by 0.33%, while the non-ferrous metals index fell by 0.91%, underperforming the CSI 300 by 1.44 percentage points [2][3]. - Year-to-date, the non-ferrous metals index has increased by 4.94%, outperforming the CSI 300 by 7.54 percentage points [3]. Price Changes - Industrial metals and precious metals saw varied price movements, with copper down by 1.06% and gold up by 1.36% [2][8]. - The report highlights that the average price of aluminum was reported at 20,190 CNY/ton, reflecting a weekly decrease of 0.7% [32]. Sector Performance - Precious metals have shown a year-to-date increase of 9.14%, while aluminum has risen by 7.10% [4]. - The report identifies key stocks to watch, including Zijin Mining and Yunnan Aluminum, due to their favorable market positions [2][4]. Inventory and Supply - Copper inventories have increased, with LME copper stock down by 0.94% and COMEX stock up by 1.48% [10]. - The report notes that aluminum production capacity is currently at 43.4 million tons, with a weekly production of 832,400 tons [32][39]. Company Valuations - The report provides a valuation table for key companies in the non-ferrous metals sector, indicating various price-to-earnings (PE) and price-to-book (PB) ratios [13]. - For instance, Zijin Mining has a PE ratio of 20 for 2023, while Yunnan Aluminum has a PE ratio of 19 for the same year [13]. Investment Recommendations - The report suggests focusing on companies with stable supply-demand dynamics in the new energy manufacturing sector, recommending stocks like Asia Pacific Technology and Baowu Magnesium [2][4].