出口管制暂缓实施，稀土涨价可期

Investment Rating - The industry is rated as "Outperforming the Market" [4] Core Views - The report highlights a favorable macroeconomic environment for industrial and precious metals due to the Federal Reserve's interest rate cuts and the suspension of export controls by the U.S. and China, which is expected to boost demand for rare earths and other metals [1][2][8] - There is an optimistic outlook for metals such as rare earths, copper, aluminum, tin, silver, cobalt, tantalum, and uranium, driven by low inventory levels and anticipated replenishment demand [1][8] Summary by Sections Precious Metals - Gold and silver prices have shown fluctuations, with COMEX gold at $3995.7/oz and silver at $48.7/oz, reflecting a -3.08% and +0.57% change respectively [2] - Global gold demand reached 1313 tons in Q3 2025, with investment demand up by 47% year-on-year [2] - The report suggests a long-term bullish trend for gold prices, supported by central bank and ETF buying [2] Industrial Metals Copper - LME copper closed at $10,892/ton, with a slight decrease of 1% from the previous week [2] - The report notes a stable supply situation with controlled production capacity and a demand-side focus on essential procurement [2][3] - Social copper inventory stood at 182,600 tons, with a slight increase, while LME inventory decreased [2] Aluminum - LME aluminum was priced at $2888.0/ton, showing a 0.33% increase [3] - The report indicates limited changes in domestic electrolytic aluminum production capacity, with overseas production cuts contributing to supply tightness [3][7] - Domestic electrolytic aluminum social inventory decreased to 619,000 tons [7] Tin - The report mentions that tin prices remained stable, with the main contract at 283,910 yuan/ton [7] - There is an expectation of increased demand from the electronics sector due to the Fed's rate cuts [7] Strategic Metals Rare Earths - Prices for praseodymium and neodymium oxides were reported at 536,500 yuan and 6,625,000 yuan respectively, with a 7% increase for praseodymium [8] - The suspension of export controls is expected to enhance demand for rare earths, leading to a potential price recovery [8] - The report anticipates a gradual bullish trend for rare earths driven by replenishment demand [8] Cobalt - Cobalt prices remain around 400,000 yuan/ton, with a tight supply situation expected to persist [8] - The report highlights a bullish outlook for cobalt prices due to ongoing supply constraints [8]