有色金属行业报告（2025.10.20-2025.10.24）：关注铜铝的投资机遇

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Views - The report emphasizes investment opportunities in copper and aluminum, suggesting that supply disruptions may elevate price levels. It also indicates that the recent adjustments in precious metals like gold and silver present a buying opportunity at around $3950 per ounce for gold [5][6] Summary by Sections Industry Overview - The closing index for the industry is at 7224.74, with a 52-week high of 7807.9 and a low of 4280.14 [2] Price Movements - LME copper increased by 3.17%, aluminum by 2.75%, zinc by 2.72%, lead by 2.31%, and tin by 1.94% this week. In contrast, COMEX gold decreased by 3.30% and silver by 4.38% [20] Supply and Demand Dynamics - Copper prices are expected to rebound due to supply disruptions, with a forecasted tight supply-demand situation in 2026. Aluminum prices are also anticipated to rise due to supply constraints from production halts [6][8] - Cobalt prices have continued to rise, with a short-term slowdown expected as the market enters a phase of speculation. Long-term, cobalt supply is projected to remain tight [7] - Tungsten prices are rebounding due to strong supply-side support and environmental regulations affecting production [8] Investment Recommendations - The report suggests focusing on companies such as Shengda Resources, Xingye Yinxin, Chifeng Gold, Shenhuo Co., and Zijin Mining for potential investment opportunities [9]