有色金属行业周报：关税阴影笼罩，黄金长线仍为主线

Investment Rating - The report maintains an "Outperform" rating for the non-ferrous metals sector [2]. Core Viewpoints - The report emphasizes a positive outlook for the non-ferrous metals sector, driven by the expectation of a Fed rate cut and supportive domestic monetary and fiscal policies. Precious metals are anticipated to experience a long-term bull market, with domestic demand-related varieties expected to show greater elasticity [9]. Summary by Sections 1. Market Performance - The non-ferrous metals sector has shown a performance of -15% to +29% over the specified periods, compared to the CSI 300 index [3]. 2. Precious Metals - Gold prices have decreased, with the Shanghai Gold Exchange's Au9999 closing at 683 CNY per gram, reflecting a weekly change of -0.5%. In contrast, the COMEX gold futures price is at 2950 USD per ounce, with a weekly change of +1.9% [16][19]. 3. Industrial Metals - Copper prices have declined, with SHFE copper at 77020 CNY per ton, down 1.4% weekly, while LME copper is at 9494 USD per ton, down 3.2% weekly. The report notes a divergence in metal prices, with aluminum prices increasing [36][37][48]. 4. Rare Earths and Tungsten - Prices for praseodymium and neodymium oxides have risen, while tungsten concentrate prices have fallen. The report suggests that the recovery in manufacturing may boost tungsten demand in the medium to long term [10]. 5. Energy Metals - Lithium carbonate prices have decreased, while the report highlights the need to monitor future demand growth for energy metals [10]. 6. Investment Recommendations - The report recommends focusing on companies in the precious metals sector such as Shandong Gold and Zijin Mining, as well as industrial metals companies like China Hongqiao and Yunnan Copper [9]. 7. Economic Indicators - The report mentions that the U.S. CPI for January was 3.00% year-on-year, while China's CPI was 0.50% year-on-year, indicating differing inflationary pressures [28]. 8. Supply Chain Dynamics - The report discusses the impact of U.S. tariffs on imports, which may disrupt global supply chains and affect the recovery of the global economy [7]. 9. Future Outlook - The report anticipates that the Fed's monetary policy will support the non-ferrous metals sector, with industrial metal prices expected to rebound due to favorable economic policies [9].