黄金价格高位震荡，持续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 [6]. Core Views - The report expresses a positive outlook on industrial metals, driven by the expansion of the US manufacturing PMI and favorable domestic macroeconomic policies [23][36]. - The report highlights the resilience of industrial metal prices, particularly in the context of upcoming seasonal demand increases [23]. Summary by Sections Industrial Metals - The US manufacturing PMI for February is reported at 51.6, marking a new high since June 2024 and indicating continued expansion [23]. - Domestic new home prices in China have shown an increase, particularly in second-tier cities, which enhances market expectations for macroeconomic policies [23]. - The report suggests focusing on companies such as Luoyang Molybdenum, Jincheng Mining, and Jiangxi Copper among others [23]. Copper - LME copper closed at $9,516 per ton, up 0.53% from the previous week, while SHFE copper closed at 77,020 CNY per ton, down 1.37% [27]. - The average TC price for imported copper concentrate decreased by$ 10.8 per ton, indicating ongoing supply tightness [27]. - Social copper inventory reached 357,600 tons, up 3.14% week-on-week, reflecting higher levels compared to previous years [27]. Aluminum - LME aluminum closed at $2,676 per ton, up 1.54%, and SHFE aluminum at 20,825 CNY per ton, up 0.56% [33]. - The operating rate for alumina plants is reported at 86.27%, with some plants entering a loss-making state [33]. - Domestic electrolytic aluminum social inventory reached 845,000 tons, with a week-on-week increase of 8,200 tons [33]. Zinc - LME zinc closed at$ 2,920 per ton, up 2.87%, while SHFE zinc closed at 23,980 CNY per ton, down 0.60% [8]. - Domestic zinc concentrate inventory decreased by 32,500 tons, indicating a tightening supply situation [8]. - The operating rates for galvanizing and die-casting zinc alloy industries have shown improvements [8]. Lithium - Battery-grade lithium carbonate prices are reported at 76,150 CNY per ton, with a slight decrease of 0.1% [39]. - Supply from overseas lithium mines remains high, but demand is weak due to sufficient pre-holiday stock [39]. - The report notes a lack of strong purchasing interest in the market, leading to subdued transaction volumes [39]. Nickel - The price of electrolytic nickel is reported at 126,100 CNY per ton, up 0.6% from the previous week [43]. - Nickel supply is tightening due to seasonal weather impacts in Indonesia and the Philippines [43]. - Demand from stainless steel manufacturers has weakened, contributing to a cautious market outlook [43]. Rare Earths - The Ministry of Industry and Information Technology has released new regulations for rare earth mining, which is expected to stabilize prices [14]. - The report suggests monitoring companies like Northern Rare Earth and China Rare Earth Holdings for potential investment opportunities [14]. Precious Metals - COMEX gold closed at $2,949 per ounce, reflecting a 1.93% increase, while silver prices also saw a slight rise [15]. - The report indicates that ongoing uncertainties in US policies and inflation risks are likely to support gold prices in the near term [15].