有色金属行业周报：美国多项政策变动推动黄金逼近3000美元，金价或高位震荡

Investment Rating - The industry investment rating is maintained as "Recommended" [2][4]. Core Insights - Multiple favorable policies are driving gold prices close to $3000, with expectations of high volatility in the short term [4][21]. - The demand for industrial metals is expected to improve, supported by recent data indicating a significant increase in the Producer Price Index (PPI) for the non-ferrous metal mining sector [30]. Summary by Sections Recent Market Trends - From February 17 to February 21, 2025, the Shenwan Non-ferrous Metals Index fell by 1.52%, with industrial metals down by 2.93% and precious metals down by 4.38% [8]. - The top five gainers in individual stocks included Boqian New Materials (32%) and Liyuan Co. (24%), while the top five losers included Wanshun New Materials (-7%) and Zijin Mining (-6%) [9]. Precious Metals - President Trump announced plans to audit the gold reserves at Fort Knox, which holds approximately 147.3 million ounces of gold, valued at about $435 billion at a price of $2950 per ounce [21]. - As of February 23, 2025, COMEX gold closed at $2949.6 per ounce, remaining stable between $2900 and $3000, indicating strong support at high levels despite entering a period of consolidation [21]. Industrial Metals - According to the National Bureau of Statistics, the PPI for the non-ferrous metal mining sector increased by 18.9% year-on-year, while the PPI for the midstream non-ferrous metal smelting and rolling processing industry rose by 9.3% year-on-year [30]. - The data suggests that product prices in the non-ferrous industry have significantly increased, with upstream mining prices rising more than midstream smelting prices, indicating improving downstream demand expectations [30]. Key Companies and Earnings Forecast - The report highlights key companies such as Zijin Mining (601899.SH), Shandong Gold (600547.SH), and Chifeng Jilong Gold (600988.SH) with varying earnings per share (EPS) forecasts for 2025 [5]. - Shandong Gold's EPS is projected to be 1.12 yuan, while Chifeng Jilong Gold's is expected to be 0.8 yuan, indicating a potential for growth in the sector [5].