有色金属2024Q4基金持仓分析：持仓比例环比下降，持续看好铝铜黄金板块

Investment Rating - The report maintains an "Outperform" rating for the non-ferrous metals industry [7][16][48] Core Insights - In Q4 2024, funds slightly reduced their holdings in the non-ferrous metals sector, with a configuration ratio of 3.45%, down 1.96 percentage points from the previous quarter. The total market value of fund holdings in this sector was 48.498 billion yuan, a decrease of 39.131 billion yuan [3][10][21] - The top ten stocks in the non-ferrous metals sector by fund holdings in Q4 2024 included Zijin Mining, Shenhuo Co., Zhongjin Gold, China Aluminum, Yun Aluminum, Shanjin International, Western Materials, Zhongmin Resources, Shandong Gold, and Hunan Gold. New entrants to the top ten compared to Q3 2024 were Western Materials, Zhongmin Resources, and Hunan Gold [3][11][29] Summary by Sections 1. Fund Configuration in Non-Ferrous Metals - In Q4 2024, the fund configuration ratio for the non-ferrous metals sector was 3.45%, reflecting a decrease of 1.96 percentage points. The total market value of fund holdings was 48.498 billion yuan, down 39.131 billion yuan from the previous quarter [10][21][36] 2. Industrial Metals - The total market value of fund holdings in the industrial metals sector was 30.694 billion yuan, a decrease of 47.85%. The sector saw increased holdings in copper processing, aluminum, and lead-zinc, while major copper mining stocks were reduced. Notable increases in holdings included Chujiang New Materials (+60.64 million shares) and Xinbo Co. (+18.48 million shares), while significant reductions were seen in Luoyang Molybdenum (-491 million shares) and Zijin Mining (-464 million shares) [12][36][40] 3. Precious Metals - The total market value of fund holdings in the precious metals sector was 7.465 billion yuan, down 56.95%. Following Trump's election victory in November 2024, the gold price declined, leading to a reduction in gold stocks. Notable reductions included Zhongjin Gold (-149 million shares) and Shanjin International (-90.75 million shares) [13][40][42] 4. Energy Metals - The total market value of fund holdings in the energy metals sector was 5.258 billion yuan, a decrease of 13.01%. The sector is expected to see a rebound in lithium prices due to seasonal demand increases. Notable increases in holdings included Yahua Group (+46.71 million shares) and Shengxin Lithium Energy (+10.37 million shares), while reductions were seen in Huayou Cobalt (-216.5 million shares) and Tianqi Lithium (-76.7 million shares) [14][44][45] 5. Minor Metals and New Metal Materials - The total market value of fund holdings in minor metals and new metal materials was 5.081 billion yuan, down 5.65%. Significant increases were seen in Western Materials (+68.61 million shares) and Ningbo Yunsheng (+8.55 million shares), while reductions were noted in Baowu Magnesium (-34.22 million shares) and Guizhou Platinum (-28.84 million shares) [15][47][48] 6. Investment Recommendations - The report continues to favor investment opportunities in the non-ferrous metals sector, maintaining an "Outperform" rating. Recommended stocks include: 1) Industrial Metals: China Aluminum, China Hongqiao, Yun Aluminum, Shenhuo Co. 2) Copper: Zijin Mining, Luoyang Molybdenum, Jiangxi Copper, WISCO, Jincheng Copper, Tongling Nonferrous Metals 3) Precious Metals: Zhongjin Gold, Chifeng Gold, Shanjin International, and for silver, Xingye Silver Tin [16][49][50]