金属、新材料行业周报：金价调整不改长期趋势，基本金属需求仍具韧性-20250426

Investment Rating - The report maintains a positive outlook on the metals and new materials industry, indicating a "Buy" recommendation for the sector [1]. Core Insights - The report highlights that despite recent adjustments in gold prices, the long-term trend remains intact, and the demand for base metals continues to show resilience [1]. - The report emphasizes the importance of monitoring macroeconomic indicators and central bank policies, particularly regarding gold purchases by the Chinese central bank, which are expected to support gold prices in the long term [21]. Weekly Market Review - The Shanghai Composite Index rose by 0.56%, while the Shenzhen Component Index increased by 1.38%, and the non-ferrous metals index outperformed the CSI 300 by 1.12 percentage points [4][5]. - Precious metals saw a decline of 2.52%, while aluminum, energy metals, and copper experienced increases of 3.26%, 2.93%, and 1.79%, respectively [9]. Price Changes - Industrial metals and precious metals showed varied price movements, with copper, aluminum, and zinc prices increasing by 2.02%, 2.64%, and 2.70%, respectively, while gold prices decreased by 0.33% [14]. - The report notes that the average price of aluminum reached 20,070 CNY/ton, reflecting a week-on-week increase of 1.2% [43]. Key Company Recommendations - The report suggests focusing on companies such as Zijin Mining, Luoyang Molybdenum, and Zhongjin Lingnan, which are expected to benefit from the stable supply-demand dynamics in the copper and aluminum markets [18][19]. - For the steel sector, companies like Baosteel and Hesteel are highlighted for their stable performance and dividend attributes [19]. Growth Cycle Investment Analysis - The report recommends investing in the new energy manufacturing sector, particularly in companies like Asia Pacific Technology and Baowu Magnesium Industry, which are expected to benefit from favorable supply-demand conditions [4].