数据中心“抢电”引发供给担忧，利好铝价偏强震荡

Investment Rating - The report maintains a "Buy" rating for the non-ferrous metals sector, indicating a positive outlook for investment opportunities in this industry [3]. Core Insights - Concerns over supply due to data centers "grabbing electricity" are expected to support aluminum prices in the short term [1]. - Liquidity concerns and tariff rulings are gradually exhausting bearish factors for precious metals, with a focus on the developments regarding U.S. government operations and tariff decisions [1]. - The copper market remains tight due to supply disruptions and internal competition among smelters, which is expected to support copper prices [1]. - The lithium market is experiencing fluctuations, with production expectations from the Jiangxia Mine impacting prices, while strong demand from downstream sectors is providing upward pressure [2]. - Nickel prices are under pressure due to reduced purchasing sentiment from downstream buyers, leading to a weaker market outlook [2]. Summary by Sections Precious Metals - The liquidity concerns stemming from the U.S. government shutdown have led to a significant increase in cash balances, impacting market liquidity [1]. - The U.S. Supreme Court's hearings on tariff rulings have not yet provided a resolution, with expectations that tariffs will remain in place regardless of the court's decision [1]. Industrial Metals - Copper: The market is facing a tight supply situation due to disruptions in mining and smelting operations, with a notable increase in global copper inventories [1]. - Aluminum: The industry is stable with no significant production changes, but concerns over electricity supply are expected to keep prices strong [1]. - Nickel: The market is experiencing a downturn due to oversupply and reduced demand from traditional sectors [1]. Energy Metals - Lithium: Prices are fluctuating with production increases and strong demand from the battery sector, indicating a balanced market [2]. - Cobalt: The supply gap remains rigid, with prices expected to stabilize at high levels due to ongoing demand [2]. Key Companies to Watch - Companies such as Xinyi Silver, Shengda Resources, and Zijin Mining are highlighted as potential investment opportunities within the sector [1].