金属、新材料行业周报：金价短期调整后仍偏强，基本金属需求具有韧性-20250517

Investment Rating - The report maintains a positive outlook on the metals and new materials industry, indicating a strong preference for investment opportunities in this sector [3][4]. Core Insights - The report highlights that after a short-term adjustment, gold prices remain strong, and the demand for base metals shows resilience [3][4]. - The report suggests that the current valuation of the gold sector is at the lower end of its historical range, indicating potential for recovery [4]. - The report emphasizes the importance of monitoring supply and demand dynamics in the steel sector, as well as the impact of international geopolitical changes on commodity prices [4]. Weekly Market Review - The Shanghai Composite Index rose by 0.76%, while the Shenzhen Component Index increased by 0.52%, and the CSI 300 Index saw a rise of 1.12% [5]. - The non-ferrous metals index increased by 0.61%, underperforming the CSI 300 Index by 0.51 percentage points [5]. - Year-to-date, the non-ferrous metals index has risen by 9.40%, outperforming the CSI 300 Index by 10.56 percentage points [8]. Price Changes - Industrial metals and precious metals saw varied price changes, with LME copper prices up by 0.02%, aluminum up by 2.65%, and COMEX gold down by 3.72% [4][15]. - The report notes that the price of lithium and its derivatives has shown fluctuations, with battery-grade lithium carbonate down by 0.78% [4][15]. Precious Metals - The report indicates that gold prices have declined due to influences from US-China trade talks, but the long-term outlook remains bullish due to increased central bank purchases [4][21]. - The report mentions that the Chinese central bank has resumed gold purchases, which is expected to bolster market confidence [21]. Industrial Metals - For copper, the report notes a short-term positive outlook supported by demand, despite some pressure from tariffs [4][31]. - The aluminum sector is experiencing a tightening supply-demand balance, with expectations of policy support driving demand recovery [4][48]. Steel Industry - The report highlights a decrease in steel production, but an increase in downstream demand, leading to a rise in rebar prices [4][71]. - The report emphasizes the need to monitor supply adjustments and export demand changes in the steel sector [4]. Key Company Valuations - The report provides valuations for key companies in the metals sector, indicating potential investment opportunities based on their earnings and price-to-earnings ratios [18][19].