有色金属：碳酸锂价格大幅上涨，锂盐厂积极采矿

Investment Rating - The report maintains an "Outperform" rating for the industry [4] Core Views - The report highlights a significant increase in lithium carbonate prices, with lithium salt plants actively mining [2] - The short-term outlook for lithium shows a continued increase in both supply and demand, while long-term projections indicate that energy storage will become a major growth driver for lithium [2] - In the precious metals sector, the report notes a decrease in interest rate cut expectations from the Federal Reserve, while global central banks continue to show strong demand for gold [11] - For industrial metals, the report indicates that copper prices have a solid support at the bottom, with expectations of price increases driven by potential Federal Reserve rate cuts and strong demand from the new energy sector [12][13] Summary by Sections Precious Metals - The report discusses the cautious stance of the Federal Reserve regarding interest rate cuts, which limits the price increase of gold. However, long-term value remains intact due to geopolitical uncertainties and inflation concerns [10][11] - Key stocks to watch include Zhaojin Mining, Zijin Mining, and others in both A-shares and H-shares [11] Industrial Metals - Copper prices are expected to rise due to a tightening supply and strong demand from the new energy sector. The report notes a recent accident in a Congolese copper mine that has raised supply concerns [12][13] - Aluminum prices are expected to remain stable in the short term, with a potential for increases in the long term due to supply constraints and strong demand [16] New Energy Metals - Lithium carbonate prices have surged, with strong production from lithium salt plants. The report anticipates a continued high demand for lithium, particularly in energy storage applications [2][17] - Key companies in the lithium sector include Ganfeng Lithium, Yahua Industrial, and others [18] Other Minor Metals - The report notes a stable market for antimony, with a significant increase in exports in October. The outlook for antimony prices remains stable [19][21] - Other minor metals such as tungsten and molybdenum are also highlighted, with specific companies recommended for investment [21]