有色钢铁行业周观点（2025年第7周）：欧洲引领非美市场制造业前景改善，关注铜矿股投资机会

Investment Rating - The report maintains a "Positive" investment rating for the non-ferrous and steel industry [5] Core Viewpoints - The report highlights that Europe is leading the improvement in the manufacturing outlook for non-US markets, with a focus on investment opportunities in copper mining stocks [2][15] - It notes a slight decline in the overall prices of common steel products, with specific data indicating a significant drop in rebar consumption [16][20] - The report emphasizes the tightening supply and demand for copper, suggesting a potential for sustained price increases in the medium term [18][19] Summary by Sections Macro Overview - The announcement of a 25% tariff on all steel and aluminum imports to the US has led to a spike in COMEX copper prices, reaching a historical premium over LME copper [8][15] - The focus is expected to shift towards the European Central Bank's continued interest rate cuts, which have stabilized the manufacturing PMI in the Eurozone [15] Steel Industry - Rebar consumption has significantly decreased to 640,000 tons, a 51.22% drop week-on-week, while showing a year-on-year increase of 118.86% [16][20] - The overall steel price index has slightly decreased by 1.02%, with rebar prices at 3,444 CNY/ton, down 1.14% week-on-week [40][41] Industrial Metals - The LME copper settlement price is reported at 20,770 USD/ton, with a week-on-week increase of 0.87% [18] - The report indicates a deepening negative TC/RC, suggesting a tightening supply for copper, which may lead to further price increases [18][19] Precious Metals - COMEX gold prices have slightly increased to 2,893.7 USD/ounce, with a week-on-week rise of 0.26% [18] - The report anticipates continued global central bank purchases of gold, which may support rising gold prices [18] New Energy Metals - Lithium production in China saw a significant year-on-year increase of 51.51% in December 2024, reaching 63,680 tons [46] - The report notes a substantial rise in the production and sales of new energy vehicles in China, indicating strong demand for related metals [50]