金属、新材料行业周报：美联储如期降息25bp，关注金铜铝优质标的-20251102

Investment Rating - The report maintains a positive outlook on the metals and new materials industry, particularly highlighting quality targets in gold, copper, and aluminum [3][4]. Core Insights - The report indicates that the metals sector has outperformed the broader market, with the non-ferrous metals index rising by 2.56% compared to a decline in the CSI 300 index [3][4]. - The report emphasizes the impact of the Federal Reserve's interest rate cut on the precious metals market, suggesting a long-term upward trend in gold prices due to low domestic gold reserves in China and increasing central bank purchases [3][21]. - The report identifies specific companies to watch, including Zijin Mining, Shandong Gold, and others in the precious metals sector, as they are expected to benefit from the favorable market conditions [3][4]. Weekly Market Review - The Shanghai Composite Index rose by 0.11%, while the Shenzhen Component increased by 0.67%, and the CSI 300 fell by 0.43% [4]. - The non-ferrous metals index has increased by 75.90% year-to-date, outperforming the CSI 300 by 57.96% [7]. Price Changes and Company Valuations - The report details price changes for various metals, noting that copper prices have seen a 24.17% increase year-to-date, while aluminum prices have risen by 13.03% [14]. - The report provides a comprehensive valuation table for key companies in the non-ferrous metals sector, indicating expected earnings per share (EPS) and price-to-earnings (PE) ratios for 2023 to 2026 [18]. Precious Metals - The report highlights an increase in gold ETF holdings, indicating a growing confidence among investors in the precious metals market [21]. - The gold-silver ratio is noted to be at 81.9, suggesting potential for silver to catch up as demand recovers [22]. Industrial Metals - The report discusses the supply and demand dynamics for copper, noting a slight increase in domestic social inventory and a decrease in the copper treatment charge [27]. - For aluminum, the report indicates a slight decrease in the operating rate of downstream processing enterprises, while the overall supply-demand balance remains tight [39][41]. Small Metals - The report mentions the tight supply conditions for cobalt due to export restrictions from the Democratic Republic of Congo, and the strong demand for lithium in the energy storage sector [3][4].