有色金属行业报告（2025.07.12-2025.07.18）：宏观预期向好叠加“反内卷”交易，金属价格普涨

Investment Rating - The industry investment rating is maintained at "Outperform the Market" [1] Core Insights - The macroeconomic outlook is improving, coupled with "anti-involution" trading, leading to a general rise in metal prices [4] - Precious metals are under temporary pressure due to improved U.S. economic data, but long-term expectations remain positive due to fiscal policies [4] - Copper prices are adjusting as the impact of tariffs is already priced in, with future movements expected to be influenced by trade and macroeconomic factors [5] - Aluminum prices are expected to rise despite seasonal inventory accumulation, driven by strong export logic [5] - Light rare earth prices are on an upward trend due to active bidding sales, while heavy rare earth prices remain stable [6] - Tungsten prices continue to reach new highs due to supply constraints and increased demand from the military sector [6] Summary by Sections Industry Performance - The non-ferrous metals sector saw a weekly increase of 1.7%, ranking 11th among sectors [12] Price Movements - LME copper rose by 1.42%, aluminum by 2.13%, zinc by 4.53%, lead by 0.52%, and tin by 0.29% [19] - COMEX gold increased by 0.75%, silver by 1.16%, while platinum decreased by 8.91% [19] Inventory Changes - Global visible copper inventory increased by 4,379 tons, aluminum by 10,445 tons, while lead saw a decrease of 1,359 tons [27]