美联储降息预期升温，白银价格刷新历史新高：有色金属

Investment Rating - The report maintains a "stronger than market" rating for the industry [7] Core Views - The report highlights that the market is experiencing a tug-of-war between macroeconomic benefits and risk appetite recovery, particularly in the gold market, influenced by expectations of a Federal Reserve rate cut and geopolitical tensions [3][14] - The silver price has surged by 15% to $57.1 per ounce, driven by rising risk aversion and a weakening dollar [3] - The copper market is expected to see price increases due to tightening supply and anticipated Federal Reserve rate cuts, which will boost investment and consumption [4][19] - Lithium demand is shifting from electric vehicles to energy storage, supporting lithium prices in the short term, with long-term growth expected from solid-state technologies [21] Summary by Sections Precious Metals - The report notes that gold prices are stable amidst mixed market signals, with the Federal Reserve's potential shift to a looser monetary policy reshaping asset pricing logic [3][14] - Key stocks to watch include WanGuo LingBao, ZhongJin, ZiJin, ZhaoJin, ChiFeng, and XiJin in the A-share market, and TongGuan, ShanJin, ZhaoKuang, and JiHai in the H-share market [15] Industrial Metals - Copper prices are expected to rise due to a tight supply situation and the anticipated impact of Federal Reserve rate cuts on investment and consumption [4][19] - Aluminum prices are supported by reduced overseas supply and a potential decrease in social inventory [20] - Key stocks to monitor include LuoMo, CangGe, TongLing, JinChengXin, BeiTong in the copper sector, and TianShan, YunAluminum, ShenHuo, HongChuang, HuaTong, HongQiao, and ZhongFu in the aluminum sector [20] New Energy Metals - Lithium prices are supported by strong energy storage demand, with expectations of significant growth in the sector by 2026 [21] - Key stocks to focus on include DaZhong, ShengXin, GuoCheng, and YaHua for lithium, and LiQin, HuaYou, TengYuan, HanRui, and GreenMei for cobalt [22] Other Minor Metals - Tungsten prices are expected to rise due to strong demand in the hard alloy sector and a tight supply situation [26] - Key stocks to watch include ZhongTung GaoXin, JiaXin International, Xiamen Tungsten, and ZhangYuan Tungsten for tungsten, and HuaXi and HuaYu for antimony [27] Market Review - The non-ferrous index increased by 3.37%, with tungsten showing the largest gains among sub-sectors [30][31] - Notable stock performances include JinYinHe with a 22.15% increase and RongJie with an 8.80% decrease [36]