Industry Investment Rating - The industry investment rating is maintained at "Outperform the Market" [1] Core Insights - The report suggests that the recent adjustments in risk preferences have led to a pullback, recommending to accumulate positions in the non-ferrous metal sector on dips [4] - Precious metals are advised to be held firmly, with COMEX gold rising by 2.42% and silver by 5.59%, despite short-term adjustments [4] - Copper prices have shown volatility due to market adjustments, with LME copper down by 0.96%, but a supply-demand tightness is expected in 2026 [5] - Aluminum prices are supported by low inventory levels, with LME aluminum down by 0.88% [5] - Tin prices have surged past 330,000 yuan/ton, driven by supply chain concerns and market optimism [6] - Tungsten prices continue to rise, with black tungsten concentrate reaching 370,000 yuan/ton, amid supply constraints [7] - Investment suggestions include companies such as Shengda Resources, Xingye Silver Tin, Chifeng Gold, Shenhuo Co., and Zijin Mining [8] Summary by Sections Market Performance - The non-ferrous metal sector experienced a weekly decline of 0.51%, ranking 14th among sectors [16] - The top five gainers in the sector were Xibu Materials, Zhongzhou Special Materials, Yinbang Co., Huaguang New Materials, and Xinxin Co. [18] Prices - Basic metals saw LME copper down by 0.96%, aluminum down by 0.88%, zinc up by 1.31%, lead down by 2.14%, and tin up by 2.36% [20] - Precious metals experienced increases with COMEX gold up by 2.42% and silver up by 5.59% [20] Inventory - Global visible inventory changes included a copper increase of 18,742 tons, aluminum decrease of 6,323 tons, zinc decrease of 2,897 tons, lead decrease of 8,184 tons, tin increase of 1,146 tons, and nickel increase of 402 tons [36]
有色金属行业报告（2025.12.08-2025.12.12）：风偏调整引发回调，建议逢低增配有色板块
China Post Securities·2025-12-15 02:53