周报：钨精矿周内暴涨，稀土供应端整体偏紧格局不变-20250831

Investment Rating - The report maintains an "Outperform" rating for the industry [7]. Core Insights - The report highlights that the precious metals sector is expected to perform strongly due to rising expectations for interest rate cuts by the Federal Reserve, driven by political pressures and potential changes in monetary policy [3][12]. - Industrial metals are anticipated to see price increases supported by traditional consumption peaks and ongoing supply constraints, particularly for copper [14][17]. - The lithium market is experiencing short-term disruptions but has strong long-term fundamentals, making it a strategic investment opportunity [18]. - Tungsten prices have surged significantly, while rare earth elements have stabilized after a decline, indicating a mixed outlook for these sectors [19]. Summary by Sections 1. Precious Metals - The report discusses the impact of political events, such as President Trump's actions against the Federal Reserve, which could lead to a crisis in the dollar credit system and boost demand for precious metals [3][12]. - Key stocks to watch include A-shares like Zhaojin Mining and Zijin Mining, and H-shares like WanGuo and LingBao [3]. 2. Industrial Metals - The report notes that copper prices are supported by a tight supply situation, with a projected increase in demand due to seasonal consumption patterns [14][17]. - Key stocks recommended include Jiangxi Copper and Tongling Nonferrous [17]. 3. New Energy Metals - Lithium prices are expected to remain strong due to resilient demand, despite short-term supply disruptions [18]. - Recommended stocks include Tianqi Lithium and Ganfeng Lithium [18]. 4. Other Minor Metals - Tungsten prices have increased by 16.7% recently, while rare earth prices have stabilized after a decline [19]. - Key stocks to monitor include China Rare Earth and North Rare Earth [19]. 5. Market Review - The report indicates that the non-ferrous index rose by 7.2%, outperforming the broader market, with notable gains in stocks like Jinli Permanent Magnet and China Rare Earth [5][25]. - The report also highlights that the copper and aluminum sectors are currently undervalued [33]. 6. Major Events - The report mentions significant macroeconomic events, including Trump's dismissal of a Federal Reserve board member, which could influence market dynamics [41]. - It also notes that China's copper production has increased by 9.4% year-on-year for the first seven months of the year [46].