有色金属行业周报：电解铝库存去化叠加下游需求向好，铝价偏强看待

Investment Rating - The report maintains a "Buy" investment rating for the gold, copper, aluminum, tin, and antimony industries [11]. Core Views - The report highlights that the aluminum price is expected to remain strong due to inventory depletion and favorable downstream demand [1]. - The gold market is anticipated to benefit from the Federal Reserve's ongoing rate cuts, supporting a bullish outlook for gold prices [11]. - Copper prices are expected to experience short-term adjustments, but the downside is limited [11]. - Tin prices are projected to trend upwards due to supply disruptions [11]. - Antimony prices are expected to continue rising due to tight raw material supplies [11]. Summary by Sections Industry Performance - The non-ferrous metals sector (Shenwan) showed a monthly increase of 8.7%, a quarterly increase of 13.0%, and a yearly increase of 7.4% [2]. Market Data - As of March 27, 2025, domestic electrolytic copper social inventory was 334,500 tons, down 11,900 tons from March 13, 2025 [6]. - The LME aluminum inventory was reported at 466,050 tons, a decrease of 17,875 tons from March 21, 2025 [8]. Key Recommendations - For the gold industry, recommended stocks include Zhongjin Gold, Shandong Gold, Chifeng Gold, and Shanjin International [12]. - For the copper industry, recommended stocks include Zijin Mining, Luoyang Molybdenum, Jincheng Mining, Western Mining, HeSteel Resources, and Cangge Mining [12]. - For the aluminum industry, recommended stocks include Shenhuo Co., Yun Aluminum, and Tianshan Aluminum [12]. - For the tin industry, recommended stocks include Xiyang Co., Huaxi Nonferrous, and Xingye Silver Tin [12]. - For the antimony industry, recommended stocks include Hunan Gold and Huaxi Nonferrous [12].