有色金属行业定期报告：小金属行情热度不减，铜周内开启去库

Investment Rating - The report maintains a positive outlook on the precious metals sector, particularly gold and silver, due to inflation concerns and geopolitical tensions [12][11][1] Core Views - Precious Metals: The report highlights that U.S. inflation has cooled more than expected, leading to a rise in gold prices. The market anticipates potential interest rate cuts by the Federal Reserve, which supports precious metal prices in the short term. In the medium to long term, the report emphasizes the continued investment value of precious metals due to geopolitical conflicts and central bank policies [12][11][1] - Industrial Metals: The report notes that copper prices have begun to stabilize as the U.S. CPI for February was lower than expected. The supply-demand balance for copper remains tight, providing strong support for prices. The report is optimistic about copper prices in the medium to long term, driven by strong demand from the renewable energy sector and potential monetary easing [14][13][1] - New Energy Metals: The report indicates that lithium carbonate production growth is slowing, but demand remains strong. The report suggests that lithium remains a key investment opportunity in the electric vehicle supply chain [18][19][1] - Other Minor Metals: The report mentions that rare earth prices are expected to remain stable and potentially increase due to tightening supply and growing demand from sectors like electric vehicles and robotics [20][21][1] Summary by Sections Precious Metals - U.S. inflation has decreased, positively impacting gold prices. The market is reacting to potential interest rate cuts, which could lead to price fluctuations in the short term. However, the long-term outlook remains strong due to geopolitical tensions and central bank policies [12][11][1] - Recommended stocks include Zhongjin Gold, Zijin Mining, Shandong Gold, and Chifeng Jilong Gold [12][11][1] Industrial Metals - The report notes a decrease in copper TC prices and an increase in copper demand, although purchasing remains cautious. Global copper inventory stands at 808,100 tons, with a slight decrease from the previous period [14][13][1] - The report is optimistic about copper prices due to a tight supply-demand balance and strong demand from the renewable energy sector [14][13][1] - Recommended stocks include Zijin Mining and Luoyang Molybdenum [14][13][1] New Energy Metals - Lithium carbonate production growth is slowing, but demand remains robust. The report suggests that lithium is a strategic investment opportunity in the electric vehicle supply chain [18][19][1] - Recommended stocks include Salt Lake Potash and Tianqi Lithium [19][18][1] Other Minor Metals - Rare earth prices are expected to remain stable, with supply tightening and demand increasing from various sectors [20][21][1] - Recommended stocks include Northern Rare Earth and Hunan Gold [23][20][1]