Investment Rating - Investment rating: Positive (maintained) [4] Core Views - The aluminum price is on an upward trend, and the profitability of electrolytic aluminum continues to expand [3] - Copper prices are expected to remain volatile in the short term due to macroeconomic factors, with a potential upward cycle anticipated as supply-demand dynamics shift towards a shortage [5][25] - Lithium demand is exceeding expectations, leading to a reduction in lithium salt inventory and a rebound in lithium prices [5][77] - Cobalt prices are expected to continue rising due to a tight supply situation [5][86] Summary by Sections 1. Industry Overview - China's retail sales in October grew by 2.9%, exceeding expectations [9] - The U.S. government ended its longest shutdown, which is expected to influence market dynamics positively [9] 2. Market Performance - The non-ferrous metals sector outperformed the Shanghai Composite Index, with a weekly increase of 1.07% [11][12] - The sector's PE_TTM is 25.81, indicating a premium over the broader market [20][23] 3. Industrial Metals - Copper: Prices increased by 0.99% in London and 1.12% in Shanghai, with inventories decreasing [25] - Aluminum: Prices rose by 1.48% in Shanghai, with profitability for aluminum producers increasing by 5.40% [38] - Lead and Zinc: Lead prices increased, while zinc prices saw a slight decline [47] 4. Energy Metals - Lithium: Prices for lithium carbonate rose by 5.91% to 85,150 yuan/ton, with lithium demand remaining strong [77] - Cobalt: Prices for cobalt increased, with domestic prices reaching 397,000 yuan/ton [86]
有色金属大宗商品周报（2025/11/10-2025/11/14）：铝价持续上行，电解铝盈利延续扩张-20251116
Hua Yuan Zheng Quan·2025-11-16 06:48