煤炭开采：俄乌和谈启动，重建有望拉动铜铝钢需求

Investment Rating - The report maintains an "Outperform" rating for the coal mining industry, indicating an expectation of returns exceeding the overall market by more than 10% [2][8]. Core Insights - The report highlights that the ongoing negotiations between the US and Russia may lead to a reconstruction demand in Ukraine, estimated at $700 billion, which is expected to boost the demand for copper, aluminum, and steel [5]. - It notes that the reconstruction efforts in Ukraine will significantly increase global steel demand, with China's steel exports projected to rise by 25.21% year-on-year in 2024, reaching 74.66 million tons [5]. - The report anticipates that the easing of trade restrictions on Russia could enhance China's supply of electrolytic aluminum, potentially stabilizing the market [5]. - It emphasizes that the post-war reconstruction in Ukraine will drive up copper demand, with a corresponding increase in copper prices, benefiting Chinese copper manufacturers [5]. Summary by Sections Market Performance - The report provides a comparative performance analysis showing a decline of 26% in the non-ferrous metals sector against the CSI 300 index [3]. Related Research - Several related reports are referenced, indicating ongoing trends and market conditions affecting the non-ferrous metals sector, including geopolitical tensions and their impact on metal prices [4]. Investment Recommendations - Specific investment recommendations include: - Copper: Zijin Mining, Luoyang Molybdenum, Tongling Nonferrous Metals, Jincheng Mining, and Western Mining, with a focus on Yunnan Copper [5]. - Aluminum: Yunnan Aluminum, Shenhuo Group, China Hongqiao, Tianshan Aluminum, and Nanshan Aluminum, with attention to China Aluminum and Jiaozuo Wanfang [5]. - Steel: Recommendations include China Steel International, Baosteel, and Hualing Steel [5].