节后需求复苏时点渐近，看好工业金属价格弹性

Investment Rating - The report maintains an investment rating of "Outperform the Market-A" for the non-ferrous metals industry [4]. Core Views - The report highlights a recovery in demand for industrial metals as the post-holiday period approaches, supported by a loose domestic monetary policy and ongoing overseas tariff policy negotiations [1][23]. - The report suggests focusing on specific companies such as Luoyang Molybdenum, Jincheng Mining, and Jiangxi Copper among others, indicating potential investment opportunities [1]. Summary by Sections Industrial Metals - Domestic monetary policy remains accommodative, while overseas tariff negotiations continue, impacting industrial metal prices positively [1][23]. - Copper prices have shown strength, with LME copper closing at $9,465 per ton, up 0.26$2,635 per ton, up 0.27%, and SHFE aluminum at ¥20,710 per ton, up 0.53% [35]. - Zinc prices have shown slight fluctuations, with LME zinc at $2,839 per ton, down 0.12$32,615 per ton, up 5.11% [7]. Energy Metals - The Mariana lithium salt lake project has commenced production, with a planned annual capacity of 20,000 tons of lithium chloride [39]. - The outlook for solid-state batteries is positive, with significant developments expected by 2027 [39]. Lithium - Battery-grade lithium carbonate prices are at ¥76,250 per ton, down 1.4% week-on-week, while battery-grade lithium hydroxide is at ¥70,500 per ton, down 0.1% [42]. - Supply remains tight due to low import volumes, while demand from downstream sectors is cautious [42]. Nickel - Nickel prices are under pressure, with electrolytic nickel priced at ¥125,400 per ton, down 2.5% [11]. - The supply of nickel ore from the Philippines is affected by seasonal weather, but overall supply remains ample [11]. Cobalt - Cobalt prices are declining, with electrolytic cobalt at ¥162,500 per ton, down 0.6% [12]. - Demand remains weak as downstream purchasing activity is slow [12]. Rare Earths - Supply of rare earth raw materials is tight, leading to fluctuations in prices, particularly for praseodymium and neodymium [13]. Precious Metals - Gold prices remain strong amid ongoing tariff negotiations and inflation risks, with COMEX gold closing at $2,893.7 per ounce, up 0.26% [14].