美联储如期降息，看好金属价格上涨弹性

Investment Rating - The report maintains a "Buy" rating for several companies in the non-ferrous metals sector, including Shandong Gold, Zijin Mining, and others [3][6]. Core Views - The report highlights that the Federal Reserve's interest rate cut and balance sheet expansion are favorable for precious metals, with expectations of further rate cuts in 2026 [1][35]. - For industrial metals, the report notes that copper inventories are increasing in the U.S., while non-U.S. regions face supply tightness, which could lead to a short squeeze [2]. - The aluminum market is supported by positive macroeconomic policies and low inventory levels, leading to a strong price floor [2]. - Nickel prices are expected to remain low due to seasonal demand weakness [2]. - Lithium prices are experiencing fluctuations due to supply disruptions, while cobalt supply is set to increase with the resumption of exports from the Democratic Republic of Congo [2]. Summary by Sections Precious Metals - The Federal Reserve's recent actions are expected to boost liquidity and support precious metal prices [1][35]. - The market anticipates two rate cuts in 2026, which could influence precious metal investments positively [1][35]. Industrial Metals - Copper: U.S. copper inventories are rising, while low inventories in non-U.S. regions raise concerns about supply [2]. - Aluminum: The aluminum market is experiencing a strong price support due to positive economic data and low inventory levels [2]. - Nickel: Nickel prices are projected to remain low as demand enters a seasonal downturn [2]. Energy Metals - Lithium: Prices are fluctuating due to supply disruptions, with recent increases in lithium carbonate prices [2]. - Cobalt: The resumption of cobalt exports from the Democratic Republic of Congo is expected to stabilize supply and maintain high price levels [2]. Key Companies to Watch - The report suggests monitoring companies such as Shandong Gold, Zijin Mining, and others for potential investment opportunities [1][2][6].