Investment Rating - The industry rating is maintained as "Recommended" [1] Core Views - The report highlights macroeconomic benefits driving the recovery of metal prices, particularly in aluminum, copper, and gold sectors [2][4][5] - The aluminum sector shows a slight price decline but has achieved positive average profitability due to supportive macro policies and falling alumina prices [2][24] - Copper prices are strengthening, supported by easing tariff policies and anticipated positive fiscal policies through 2025, with limited downside risk [4][44] - Gold prices are on an upward trend, bolstered by expectations of interest rate cuts and increased demand from central banks [5][19] Summary by Sections Aluminum - Aluminum prices have slightly decreased, but the industry average profitability has turned positive [2][24] - The report notes a seasonal increase in inventory due to lower downstream operating rates influenced by the Spring Festival [2][24] - Key companies to watch include Yun Aluminum and Tianshan Aluminum [2] Copper - Copper prices have shown strength, with a notable increase attributed to relaxed tariff policies and positive fiscal outlooks [4][44] - The report suggests that copper prices may continue to rise due to ongoing supply constraints and favorable market conditions [4][44] - Recommended stocks for investment include Jincheng Mining and Luoyang Molybdenum [4] Precious Metals - Gold prices have broken previous highs, with expectations of continued upward movement due to liquidity easing and inflation concerns [5][19] - The report recommends focusing on companies like Shandong Gold and Chifeng Jilong Gold [5] Lithium - The average price of lithium carbonate has slightly increased, with expectations of tight supply despite seasonal production cuts [6][19] - The report suggests monitoring companies such as Zhongjin Lingnan and Yongxing Materials for potential investment opportunities [6]
有色金属行业周报:关税压力缓和,继续看好铜铝黄金配置机会
INDUSTRIAL SECURITIES·2025-02-03 02:30