有色金属周报：美对华关税政策缓和，工业金属价格持续反弹

Investment Rating - The report maintains a "Buy" rating for the industry and specific companies within the non-ferrous metals sector [5][6]. Core Viewpoints - The easing of US tariffs on China and rising expectations for interest rate cuts have led to a sustained rebound in industrial metal prices. Domestic demand remains strong, particularly in the context of seasonal demand and trade arbitrage opportunities [2][3]. - Key recommendations include companies such as Luoyang Molybdenum, Zijin Mining, and Western Mining, among others, indicating a positive outlook for these stocks [2][5]. Summary by Sections Industrial Metals - The report highlights a significant tightening in copper supply due to an accident at the Antamina copper mine, with the SMM import copper concentrate index reported at $42.52 per ton, down $7.81 week-on-week. Domestic copper cable enterprises have a utilization rate of 91.23%, up 3.53 percentage points, indicating strong demand [2][3]. - Aluminum production capacity remains stable, with a weekly inventory reduction of 62,000 tons. The report notes a decline in orders due to the end of the photovoltaic installation rush, but the overall decrease is manageable [2][3]. Energy Metals - Cobalt prices are expected to enter a new upward phase due to ongoing supply tightness from the Democratic Republic of Congo's export ban. Lithium prices are projected to remain volatile as some lithium salt manufacturers reduce production amid high supply levels [3]. - Key recommendations include Huayou Cobalt and Tianqi Lithium, with a focus on the potential for cobalt prices to rise as inventory levels decrease [3]. Precious Metals - The report notes a short-term pullback in gold prices due to easing tariff tensions, but maintains a long-term bullish outlook on gold driven by a weakening dollar and de-dollarization trends. Silver prices are expected to rebound more robustly than gold if economic recovery occurs [4]. - Recommended companies in the precious metals sector include Shandong Gold and Zijin Mining, with a focus on their potential for growth in the current market environment [4]. Company Earnings Forecasts - The report provides earnings per share (EPS) forecasts for various companies, with Zijin Mining projected to have an EPS of 1.21 yuan in 2024, and Luoyang Molybdenum at 0.63 yuan. The price-to-earnings (PE) ratios for these companies indicate strong investment potential [5][6].