有色金属行业周报：央行连续六月增持黄金，金价波动加剧

Investment Rating - The report maintains a "Buy" rating for the industry, indicating a positive outlook for investment opportunities in the non-ferrous metals sector [5]. Core Insights - The report highlights that the People's Bank of China has increased its gold reserves for six consecutive months, with a total of 7.377 million ounces (approximately 2294.51 tons) as of the end of April, reflecting a month-on-month increase of 70,000 ounces (approximately 2.18 tons) [32]. - The macroeconomic environment is showing signs of improvement, particularly for copper, which is expected to have resilient supply and demand dynamics limiting its downside potential [2]. - The report suggests that the aluminum market is supported by favorable national policies and energy prices, leading to a short-term expectation of price fluctuations [2]. - Lithium prices are expected to stabilize in the short term due to an increase in inventory and a significant rise in production for power batteries [3]. - The report emphasizes the importance of monitoring geopolitical factors and trade policies, particularly regarding tariffs, which could impact market dynamics [32]. Summary by Sections Non-Ferrous Metals - The non-ferrous metals sector has experienced a general increase in prices, with specific attention to gold, copper, and aluminum [12]. - The report notes that the COMEX gold average price for April was $3,236 per ounce, with a high of $3,510 and a low of $2,970, which may serve as future price support levels [32]. Industrial Metals - Copper: The global copper inventory stands at 581,000 tons, with a slight decrease of 1,000 tons week-on-week. The supply side is under pressure due to tightening raw material availability, while demand remains resilient with a 24.8% year-on-year increase in power grid investment [2]. - Aluminum: The theoretical operating capacity of the electrolytic aluminum industry is stable at 43.835 million tons, with mixed signals in production adjustments across different regions [2]. Energy Metals - Lithium: The report indicates a 27% month-on-month increase in lithium carbonate production, with a total output of 18,300 tons. The demand for electric vehicles is also rising, with a 37% year-on-year increase in sales [3]. - Metal Silicon: The report highlights high inventory levels and weak demand, leading to a challenging price environment for metal silicon [3]. Key Stocks - The report recommends several stocks for investment, including Zijin Mining, Shandong Gold, and Chalco, among others, based on their performance and market positioning [7].