降息预期落地，金属价格小幅回落

Investment Rating - The industry investment rating is maintained at "Overweight" [3][13][17]. Core Insights - The report highlights that the expectation of interest rate cuts has materialized, leading to a slight decline in metal prices. The macroeconomic environment appears favorable, with signs of recovery in the manufacturing sector [7][13][47]. - The industrial metal prices have shown a general decline, with specific weekly changes noted for LME and SHFE metals [5][27]. - The report emphasizes that the basic metals sector is experiencing a seasonal recovery, particularly in aluminum and copper, despite some pressures on prices and demand [11][48]. Summary by Sections Market Overview - The A-share market has declined, with the non-ferrous metal sector underperforming compared to the Shanghai Composite Index, which fell by 1.30% [20][24]. - The non-ferrous metal index closed at 6522.39 points, down 4.02% week-on-week, lagging behind the Shanghai Composite Index by 2.71 percentage points [6][20]. Macroeconomic Factors - China's industrial value-added growth slowed to 5.2% year-on-year in August, down from 5.7% previously, with non-ferrous metal smelting and rolling showing a growth of 9.1% [8][37]. - The U.S. Federal Reserve cut interest rates by 25 basis points to a target range of 4.00%-4.25%, marking the first rate cut of 2025, aimed at addressing weak employment and inflation pressures [7][41]. - The Eurozone's ZEW economic sentiment index rose to 26.10 in September, indicating improved economic outlook [9][45]. - The global manufacturing PMI returned to expansion territory in August, rising to 50.9, the largest increase since June 2024 [10][47]. Basic Metals Analysis - Aluminum: The electrolytic aluminum industry maintained production capacity at 44.085 million tons, with a weekly production of 845,500 tons. The current aluminum price is 20,840 CNY/ton, with a slight decrease of 1.00% [11][50]. - Alumina: The market remains oversupplied, with spot prices continuing to decline. The current alumina price is 3,033 CNY/ton, down 1.30% [13][14]. - Copper: Supply remains stable, but demand is weak, leading to global inventory accumulation. Domestic electrolytic copper production is 238,000 tons, with a slight year-on-year increase [15][16]. - Zinc: Processing fees have risen, but domestic inventories continue to accumulate, with a weekly production of 129,600 tons [16][17]. Investment Recommendations - The report maintains an "Overweight" rating for the industry, suggesting that the seasonal recovery in basic metals, particularly in copper and aluminum, is expected to strengthen prices despite current fluctuations [13][17][48].