有色金属行业周报：美宣布对进口钢铁和铝征收25%的关税，黄金价格上涨

Investment Rating - The report maintains an "Outperform" rating for the non-ferrous metals sector [2]. Core Views - The report highlights that the U.S. has imposed a 25% tariff on imported steel and aluminum, which is expected to increase trade tensions and impact market dynamics [5]. - Precious metals are experiencing a surge in demand due to the tariffs, with gold prices reaching historical highs [5]. - Industrial metals are showing price differentiation, with copper prices rising amidst a recovering market sentiment [5]. Summary by Sections 1. Industry Data Review - Precious Metals: Gold prices have increased, with the Shanghai Gold Exchange's Au9999 closing at 687 CNY/g, reflecting a weekly change of 2.6% and a yearly change of 43.2% [15]. - Industrial Metals: Prices are mixed; SHFE copper rose by 1.1% to 78,090 CNY/ton, while LME copper increased by 5.6% to 9,812 USD/ton [35][37]. - Aluminum: SHFE aluminum price reached 20,710 CNY/ton, up 0.5%, with LME aluminum at 2,662 USD/ton, up 0.9% [49]. - Lead: SHFE lead price decreased by 0.3% to 17,130 CNY/ton, while LME lead fell by 1.5% to 1,951 USD/ton [59]. - Zinc: SHFE zinc price increased by 0.5% to 24,125 CNY/ton, with LME zinc at 2,845 USD/ton, up 1.0% [66]. 2. Market Performance - The report notes a significant increase in copper inventory, with SHFE copper stocks rising by 110.6% [38]. - The report also indicates a mixed performance in the lead market, with a notable increase in lead inventory [60]. 3. Investment Recommendations - The report suggests a positive outlook for the non-ferrous metals sector, particularly in precious metals, with recommendations for companies such as Shandong Gold and Zijin Mining [5]. - For industrial metals, the report recommends companies like Tianshan Aluminum and China Hongqiao, emphasizing the expected recovery in demand [5].