有色金属周报：有色等行业稳增长方案即将出台，产业格局有望加速优化-20250720

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [1] Core Viewpoints - The report indicates that a stable growth plan for the non-ferrous metals industry is about to be introduced, which is expected to accelerate the optimization of the industrial structure [6][7] - The report highlights that the Ministry of Industry and Information Technology will continue to implement high-quality development plans for copper, aluminum, and gold industries, focusing on both supply and demand to promote consumption upgrades and cultivate new consumption markets [6] - The report suggests that the implementation of these policies is likely to improve the supply-side capacity structure, eliminate outdated capacity, and enhance the efficiency of resource, smelting, and demand interactions [6] Summary by Sections Non-Ferrous Metals Index Trends - As of July 18, 2025, the non-ferrous metals index closed at 5730.54 points, up 2.0% month-on-month [10] - The precious metals index rose 1.6%, while the industrial metals index increased by 1.0% [10] Precious Metals - Gold - The report notes that the expectation of a Federal Reserve interest rate cut has diminished, leading to a positive outlook for gold in the medium to long term [6] - As of July 18, the COMEX gold futures contract decreased by 0.44% to $3355.5 per ounce, while global gold ETFs increased by $38 billion in the first half of the year [6] Industrial Metals - Copper - As of July 18, LME copper futures rose 1.4% to $9794.5 per ton, with domestic copper social inventory at 143,300 tons, a decrease of 400 tons [6] - The report anticipates that copper prices will benefit from macroeconomic and fundamental resonance, with a medium-term upward trend expected [6] Industrial Metals - Aluminum - As of July 18, LME aluminum futures increased by 1.4% to $2638 per ton, with domestic aluminum social inventory at 492,000 tons, an increase of 26,000 tons [6] - The report expects aluminum prices to rise further due to a strong demand-supply imbalance [6] Investment Recommendations - The report recommends focusing on the gold, copper, and aluminum sectors, highlighting specific companies such as Chifeng Jilong Gold Mining, Zijin Mining, and Tianshan Aluminum [7][6]