有色金属行业报告（2025.11.24-2025.11.28）：白银突破上行，看好贵金属表现

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Views - Precious metals are showing upward momentum, with COMEX gold rising by 4.77% and COMEX silver increasing by 14.95%. The recent liquidity disruptions due to CME's temporary halt have created a short squeeze scenario. Long-term trends indicate that the process of de-dollarization will continue, and investors are advised to hold positions despite volatility [4] - Copper prices are expected to rise due to supply disruptions, with LME copper increasing by 3.69%. The anticipated supply-demand tightness in 2026, driven by production cuts from Freeport and Teck Resources, suggests that price adjustments should be viewed as buying opportunities [5] - Aluminum prices have increased by 2.03% this week, supported by rigid supply despite the end of the peak season. Domestic aluminum ingot inventory is reported at 446,000 tons, showing a slight decrease [5] - Tin prices have risen above 300,000 yuan/ton due to supply disruptions from the conflict in the Democratic Republic of the Congo, indicating potential short squeeze risks [6] - Lithium prices have seen a slight increase, with domestic production rising by 3% month-on-month and 49% year-on-year. The market remains tight, and investors are advised to buy on dips [6] Summary by Sections Industry Overview - The closing index for the industry is at 7396.64, with a weekly high of 7829.42 and a low of 4280.14 [2] Price Movements - Basic metals: LME copper up 3.69%, aluminum up 2.03%, zinc up 1.97%, lead down 0.40%, tin up 6.30% - Precious metals: COMEX gold up 4.77%, silver up 14.95%, NYMEX palladium up 8.27%, platinum down 1.60% - New energy metals: LME nickel up 1.50%, cobalt up 0.50%, lithium carbonate up 1.57% [19] Inventory Levels - Global visible inventory changes: copper increased by 5,705 tons, aluminum decreased by 11,298 tons, zinc decreased by 855 tons, lead decreased by 3,370 tons, tin increased by 432 tons, nickel increased by 334 tons [34][36] Investment Recommendations - Recommended stocks include Xingye Silver Tin, Tin Industry Co., Huaxi Nonferrous, New Jinlu, Dazhong Mining, Guocheng Mining, Zhongkuang Resources, Shengda Resources, Chifeng Gold, Zijin Gold International, Zhaojin Gold, Shenhuo Co., and Zijin Mining [8]