市场风偏变化，能源金属板块表现亮眼

Investment Rating - Industry Rating: Outperform the market (maintained rating) [6] Core Views - The basic metals sector is experiencing upward price movements, particularly in copper, driven by macroeconomic factors and supply concerns [10][13] - Precious metals are benefiting from geopolitical risks and expectations of interest rate cuts, leading to price increases in gold and silver [26][27] - The small metals sector is seeing price fluctuations, with significant increases in antimony prices due to upstream influences [3][42] Summary by Sections Basic Metals & Precious Metals - Copper prices have risen, with the current price at 86,680 RMB/ton, supported by improved market confidence following the end of the U.S. government shutdown and expectations of economic data releases [10][13] - Aluminum prices initially increased but later declined, with the current price at 21,795 RMB/ton, influenced by stable supply and increased production of aluminum products [19][20] - Gold and silver prices have risen, with gold averaging 957.82 RMB/gram and silver at 11,884 RMB/kg, driven by geopolitical tensions and expectations of U.S. interest rate cuts [26][27] Small Metals - Antimony prices have significantly increased, with high-bismuth antimony ingots priced at 166,000 RMB/ton, driven by upstream market dynamics and improved export confidence due to eased U.S.-China relations [3][42] - Lithium prices are on the rise, with industrial-grade lithium carbonate averaging 85,000 RMB/ton, supported by strong demand [42][43] - Cobalt prices are stable, with electrolytic cobalt averaging 404,000 RMB/ton, influenced by tight supply from the Democratic Republic of Congo [45][46] Rare Earths - The suspension of export controls on rare earths is expected to boost exports and price recovery, with light rare earth prices at 545,000 RMB/ton [4][10] Other Metals - Lead prices have increased, with LME lead averaging 2,034 USD/ton, supported by stable supply-demand dynamics [31] - Zinc prices are experiencing a strong upward trend, with current prices at 22,602 RMB/ton, bolstered by improved macroeconomic sentiment [38] - Tungsten prices are rising, with black tungsten averaging 316,000 RMB/ton, driven by tight supply and high production costs [64][65]