有色金属行业报告：美债替代逻辑强化，黄金主升浪来临

Industry Investment Rating - The industry investment rating is maintained at "Outperform the Market" [1] Core Viewpoints - The report highlights a significant rebound in precious metals, with COMEX gold prices increasing by 8.54% and silver by 7.01% due to easing liquidity issues caused by tariffs [4] - Copper prices on LME rose by 4.94%, confirming a bottom around $8000, with future expectations set between $8500 and $9500 [5] - Aluminum prices increased by 1.22%, supported by stable domestic supply and potential demand recovery [5] - Rare earth prices are stable, with specific price adjustments announced by major companies, indicating limited downside [6] - Tin prices have faced downward pressure due to macroeconomic concerns, but supply uncertainties in Myanmar and Indonesia may limit further declines [7][8] - Investment suggestions include companies like Zhongjin Gold, Zijin Mining, and others [9] Summary by Sections Section 1: Market Performance - The non-ferrous metals sector experienced a decline of 4.45%, ranking 14th among sectors [17] Section 2: Prices - Basic metals saw LME copper up by 4.94%, aluminum up by 1.22%, zinc up by 0.32%, lead up by 1.03%, and tin down by 4.22% [20] - Precious metals experienced significant gains, with gold up by 8.54% and silver up by 7.01% [20] Section 3: Inventory - Global visible inventories showed a decrease in copper by 19,767 tons, aluminum by 33,408 tons, and zinc by 11,645 tons, while lead and tin inventories increased slightly [33]