有色金属行业周报：基本面偏紧预期仍在演绎，价格易涨难跌

Investment Rating - The report maintains an "Outperform" rating for the non-ferrous metals industry [5] Core Views - Precious Metals: China continues to increase its gold reserves, with a total of 73.45 million ounces by the end of January 2025, indicating ongoing long-term investment value [15] - Industrial Metals: The expectation of a tight supply-demand balance continues, with prices likely to rise [16] - New Energy Metals: There is an expectation of oversupply in lithium carbonate, leading to weak price performance [21] - Other Minor Metals: Supply is tightening while demand remains stable, with expectations for rare earth prices to remain firm [23] Summary by Sections Investment Strategy - Precious Metals: Continued accumulation of gold by China suggests long-term investment value remains unchanged [14] - Industrial Metals: Tight supply-demand dynamics are expected to support price increases, particularly for copper and aluminum [16][20] - New Energy Metals: The lithium carbonate market is expected to experience weak pricing due to oversupply [21] - Other Minor Metals: Supply is tightening, and demand remains stable, particularly for rare earth elements [23] Weekly Review - The non-ferrous metals index fell by 1.52%, underperforming the CSI 300 index [30] - Notable stock performances include Boqian New Materials with a 32.25% increase and Wanshun New Materials with a 7.25% decrease [30] Major Events - Macroeconomic indicators show that China's LPR remained unchanged in February, and the Eurozone manufacturing PMI has rebounded [40] - Industry-specific news includes a decline in copper production in Peru and stable production in Kazakhstan [43] Non-Ferrous Metal Prices and Inventory - Industrial metals are maintaining weak stability, with seasonal inventory accumulation observed in copper and aluminum [47] - Price changes for various metals include copper down by 1.4% and aluminum down by 2.5% [47]