有色金属周报：特朗普或施压美联储降息，黄金价格上涨

Investment Rating - The report maintains an "Outperform" rating for the non-ferrous metals industry [2]. Core Viewpoints - The report highlights that Trump may pressure the Federal Reserve to lower interest rates, which could positively impact precious metals [5]. - The report notes a mixed performance in industrial metals, with copper prices declining while other metals show varied trends [5]. - The overall outlook for the non-ferrous metals sector is optimistic due to supportive monetary policies and potential demand recovery [5]. Summary by Sections 1. Industry Data Review - Precious Metals: Gold prices increased, with the Shanghai Gold Exchange's spot price at 646 CNY per gram, reflecting a weekly change of 1.2% and a yearly change of 35.0% [14]. - Industrial Metals: Prices are mixed, with SHFE copper down 0.9% and LME copper up 0.9% [33]. - Rare Earths & Tungsten: Prices for praseodymium-neodymium oxide rose, while tungsten concentrate prices remained stable [79]. - Small Metals: Prices for manganese and magnesium increased [84]. - Energy Metals: Lithium carbonate prices remained stable, with a focus on future demand growth [97]. 2. Market Performance - The non-ferrous metals sector underperformed the broader market, with a decline of 0.91% compared to the Shanghai Composite Index's increase of 0.33% [109]. 3. Important Events Review - Trump expressed intentions to advocate for lower interest rates during a speech at the World Economic Forum, which could influence market dynamics [112]. 4. Earnings Forecast - The report includes earnings forecasts for various companies, indicating a generally positive outlook for the sector [114][115].