社库持续去化，支撑铝价短期偏强运行

Investment Rating - Industry Rating: Outperform the market (maintained rating) [1] Core Viewpoints - The report highlights that geopolitical conflicts have intensified, leading to an increase in gold prices due to its safe-haven appeal, while the strong performance of the US dollar has exerted pressure on gold prices [5][23] - The basic metals sector is experiencing mixed trends, with copper prices remaining stable amid weak domestic demand, while aluminum prices have risen due to geopolitical tensions and inventory reductions [4][18][19] - Precious metals, particularly gold, are supported by safe-haven buying, but face pressure from a strong dollar [5][23] - The report suggests a cautious outlook for various metals, with specific recommendations for companies in the sector [14][22] Summary by Sections 1. Base Metals & Precious Metals - Copper: Prices are fluctuating within a high range, with domestic consumption weakening and inventory levels increasing [12][13] - Aluminum: Prices have increased due to geopolitical tensions and ongoing inventory reductions, with current prices at 20,490 CNY/ton [18][19] - Precious Metals: Gold prices have risen to an average of 786.42 CNY/gram, while silver prices have also seen a slight increase [5][23] 2. Minor Metals - Tungsten: Prices are mixed, with some products seeing slight increases while overall market activity remains subdued [6][56] - Rare Earths: Prices for light and heavy rare earths have increased, indicating a potential recovery in the sector [7] 3. Recommendations - Companies to watch include Zijin Mining, Luoyang Molybdenum, and China Hongqiao in the aluminum sector, as well as Shandong Gold and Zhongjin Lingnan in the precious metals sector [14][22]