有色金属行业周报：黄金向上动能较强，工业金属预期回暖-2025-03-31

Investment Rating - The report maintains a "Recommended" investment rating for the non-ferrous metals industry [3][5]. Core Insights - The report highlights strong upward momentum for gold prices, with expectations of a recovery in industrial metals due to improved economic indicators and fiscal policies [5][30]. - The U.S. inflation continues to exceed expectations, with the core PCE price index rising to 2.8% year-on-year, prompting upward adjustments in gold price forecasts [5][21]. - Industrial production in China shows signs of recovery, with a 5.9% year-on-year increase in industrial value added for January-February, indicating a potential rise in demand for industrial metals [30]. Summary by Sections Recent Market Trends - From March 24 to March 28, the Shenwan Non-ferrous Metals Index decreased by 0.22%, with industrial metals down by 0.17% and precious metals down by 2.04% [10]. - The report notes significant fluctuations in individual stock performances, with top gainers and losers identified [11]. Precious Metals - Gold prices have surpassed $3000 per ounce, continuing to rise amid persistent inflation and debt concerns in the U.S. [5][21]. - The report emphasizes the strong momentum in gold prices, driven by a combination of economic uncertainty and inflationary pressures [5][21]. Industrial Metals - Recent data from the National Bureau of Statistics indicates a 5.9% year-on-year growth in industrial value added, suggesting a recovery in the industrial sector [30]. - The report anticipates a rebound in demand for industrial metals as fiscal policies take effect and industrial activity increases [30]. Key Companies and Earnings Forecasts - The report provides earnings forecasts for key companies in the sector, including Zijin Mining, Chifeng Jilong Gold Mining, and Hunan Gold, with varying ratings based on their projected performance [6].