铜铝价格波动加大，关注钢铁政策延续

Investment Rating - The report maintains an "Outperform" rating for the non-ferrous metals industry [2][10]. Core Insights - The report highlights increased volatility in copper and aluminum prices, with a focus on the continuation of steel policies [1]. - It emphasizes the low inventory levels of copper, which may lead to sustained high volatility in prices [6]. - The macroeconomic environment is supportive for copper demand, driven by domestic market strength [6]. - For aluminum, the report notes a mixed macro outlook and stresses the importance of fundamental support for prices [6]. - The report discusses the impact of U.S. monetary policy on gold prices, indicating a slight recovery in investment demand [6]. - It also mentions the rising prices of tungsten and the weak supply-demand dynamics in the rare earth market [6]. Summary by Sections Copper - LME copper and SHFE copper prices were reported at 11,816 and 94,080 USD/ton respectively, with weekly increases of 1.5% and 1.4% [6]. - The copper concentrate treatment charge was reported at -43.0 USD/dry ton, indicating tight supply [6]. - The operating rate of refined copper rod enterprises was 64.54%, down 1.87 percentage points week-on-week [6]. Aluminum - LME aluminum and SHFE aluminum prices were reported at 2,846 and 22,170 USD/ton respectively, with weekly decreases of 0.7% and 0.8% [6]. - The operating rate of aluminum processing enterprises was 61.8%, reflecting a slight decline [6]. - Social inventory levels for aluminum ingots and rods showed a decrease, indicating some demand resilience [6]. Gold - SHFE gold and COMEX gold prices were reported at 970.7 CNY/gram and 4,329.8 USD/ounce, with weekly increases of 1.0% and 2.4% [6]. - The SPDR Gold ETF's net holdings increased by 2.9 tons, suggesting a slight recovery in investment preference for gold [6]. Small Metals - Tungsten prices rose to 373,000 CNY/ton, with a weekly increase of 6.0% [6]. - Rare earth prices showed a decline, with market supply growth slowing down [6]. - Antimony prices decreased to 172,400 CNY/ton, reflecting a week-on-week decline of 1.3% [6]. Steel - SHFE rebar and hot-rolled coil prices were reported at 3,060 and 3,232 CNY/ton respectively, with weekly declines of 3.1% and 2.7% [7]. - The total inventory of steel products decreased by 33.5% week-on-week, indicating a tightening supply [7]. - Recent policies have aimed at normalizing steel exports, which may reshape supply-demand dynamics [7]. Investment Recommendations - The report suggests focusing on companies with rich copper resources, such as Zijin Mining and China Nonferrous Mining [10]. - For gold, it recommends companies like Chifeng Jilong Gold and Shandong Gold [10]. - In the aluminum sector, it highlights companies like Shenhuo and China Aluminum [10]. - For small metals, it points to rare earth companies and tungsten producers [10]. - In the steel sector, it emphasizes companies with strong product structures and environmental capabilities [10].