关税风云反复，重视金价上行趋势下黄金板块投资机会

Investment Rating - Industry Rating: Outperform the market (maintained rating) [6] Core Views - The report emphasizes the investment opportunities in the gold sector due to the upward trend in gold prices amidst tariff disturbances and rising risk aversion [2][21] - Basic metals like copper and aluminum are experiencing price declines due to tariff impacts, with copper prices expected to remain volatile in the short term [1][17] - The rare earth sector is seeing significant price increases for medium and heavy rare earths due to export controls, indicating a strategic opportunity in this area [4] Summary by Sections Basic Metals & Precious Metals - Copper prices have declined significantly, with the current price at 75,710 CNY/ton, influenced by macroeconomic disturbances and tariff issues, while domestic inventory is decreasing [1][13] - Aluminum prices have also dropped, with the current price at 19,690 CNY/ton, as external market prices decline and domestic demand remains cautious [1][17] - Gold prices have increased to an average of 731.70 CNY/gram, driven by tariff concerns and a shift towards the dollar as a safe haven [2][21] Small Metals - Tin prices have sharply declined, with the current price at 37,650 USD/ton, due to negative market sentiment and tariff disturbances [3][50] - The rare earth market is experiencing price increases for medium and heavy rare earths, with prices for neodymium oxide at 42.8 million CNY/ton and dysprosium oxide at 1.695 million CNY/ton [4][39] Market Predictions - The report predicts that copper prices will remain volatile, with expected ranges of 74,200-76,500 CNY/ton for domestic prices and 8,600-9,400 USD/ton for LME prices [14][17] - Aluminum prices are expected to fluctuate within the range of 19,100-20,100 CNY/ton in the coming week [18] - Gold prices are forecasted to range between 700-750 CNY/gram domestically and 2,900-3,200 USD/ounce on COMEX [21]