储能领域需求预期持续向好，锂电化学品板块涨幅居前：有色金属20251116周报-20251116

Investment Rating - The report maintains a "stronger than market" rating for the non-ferrous metals sector [8]. Core Views - The demand outlook in the energy storage sector remains positive, driving significant price increases in lithium chemical products [4]. - The end of the U.S. government shutdown has led to a shift in market sentiment, with expectations for interest rate cuts by the Federal Reserve becoming more uncertain [12][13]. - The overall market for precious metals is characterized by a strong performance, with gold and silver prices benefiting from geopolitical uncertainties and inflation concerns [12][74]. Summary by Sections 1. Precious Metals - The U.S. government shutdown has ended, but expectations for a rate cut in December have become more volatile, impacting market confidence [12]. - Gold prices have shown resilience, supported by geopolitical risks and inflation concerns, while silver prices have also increased significantly [74]. - Key stocks to watch include Zhaojin Mining, Zijin Mining, and others in the A-share and H-share markets [14]. 2. Industrial Metals - The market for copper remains tight, with supply disruptions contributing to price support, while aluminum prices are expected to fluctuate due to seasonal demand [15][18]. - The anticipated increase in investment and consumption due to potential Federal Reserve rate cuts is expected to further support copper prices [18]. - Notable stocks include Jiangxi Copper, Luoyang Molybdenum, and others [18]. 3. New Energy Metals - The lithium market is experiencing a tight supply situation, with strong demand from the energy storage sector driving prices higher [19]. - The production of lithium iron phosphate is expected to increase, further supporting price stability [19]. - Key stocks in this sector include Ganfeng Lithium, Yahua Industrial, and others [20]. 4. Other Minor Metals - The rare earth market is showing a mixed outlook, with price increases in raw materials but cautious purchasing behavior from separation enterprises [21][24]. - The market for antimony and tungsten is also experiencing fluctuations, with specific stocks recommended for monitoring [24]. 5. Market Review - The non-ferrous metals index increased by 1.1%, outperforming the Shanghai and Shenzhen 300 index [25][26]. - Notable stock performances include Fangyuan Co. with a 34.59% increase and Yunlu Co. with a 14.98% decrease [28]. 6. Valuation - The non-ferrous metals sector is currently valued at a PE ratio of 26.47, with aluminum expected to see valuation increases due to supply constraints and higher green metal value [35].