BOHAI SECURITIES·2025-11-26 10:43Industry Overview and Price Trends - The steel industry is entering a demand off-season, leading to increasing fundamental pressure on steel prices, which are expected to fluctuate at low levels in the short term [2] - Copper supply remains tight due to accidents at major overseas mines, providing support for copper prices. China's significant waste copper imports may face constraints if the EU restricts exports, potentially tightening domestic copper supply next year [2] - Aluminum prices are expected to remain volatile due to weak demand in the domestic off-season and a lack of support from the Federal Reserve's interest rate cut expectations [2] - Gold prices face upward pressure due to better-than-expected U.S. non-farm employment data and diverging opinions among Federal Reserve officials [2] - The lithium industry shows positive fundamentals, with adjustments to trading rules for lithium carbonate contracts aimed at curbing speculative behavior, leading to increased price volatility in the short term [2] - Rare earth prices are expected to fluctuate without significant improvement in downstream demand [2] Weekly Strategy - For the steel industry, the implementation of steady growth policies is expected to improve the competitive landscape and enhance profitability, with demand in shipbuilding and construction likely to increase [3] - The copper industry is anticipated to benefit from tightening global supply due to accidents at major mines, while demand is expected to rise in key sectors such as electric power grids and new energy vehicles [3] - In the aluminum sector, the release of new alumina project capacities is expected to keep alumina prices low, while demand from new energy vehicles and high-voltage power grids may support aluminum prices [4] - Gold prices will be influenced by U.S. economic data, Federal Reserve interest rate expectations, and geopolitical tensions, with long-term factors such as central bank gold purchases enhancing gold's attractiveness [4] - The rare earth industry is expected to see a revaluation of related companies due to upgraded export controls, with strategic value in resources and advancements in robotics and new energy sectors driving future demand [4] - The cobalt market is projected to remain tight due to constrained supply from the Democratic Republic of Congo, while demand from new energy vehicles and consumer electronics is expected to support prices [5] Investment Ratings - The report maintains a "positive" rating for the steel industry and the non-ferrous metals sector, with specific companies such as Luoyang Molybdenum (603993), Zhongjin Gold (600489), Huayou Cobalt (603799), Zijin Mining (601899), and China Aluminum (601600) receiving "overweight" ratings [6]