——金属&新材料行业周报20250105-20260109：金属板块景气持续，看好春季行情-20260111

Investment Rating - The report maintains a positive outlook on the metal and new materials industry, indicating a favorable spring market [1]. Core Insights - The metal sector has shown strong performance, with the non-ferrous metal index rising by 8.56%, outperforming the CSI 300 index by 5.77 percentage points [4][6]. - Key metals such as gold, aluminum, and lithium have experienced significant price increases, reflecting robust demand and supply dynamics [8][16]. - The report highlights the importance of monitoring supply chain disruptions and inventory levels, particularly in copper and aluminum, which are expected to influence future price trends [29][15]. Summary by Sections Market Performance - The Shanghai Composite Index increased by 3.82%, and the Shenzhen Component Index rose by 4.40% week-on-week [4]. - The non-ferrous metal index's performance indicates a strong recovery in the sector, with various sub-sectors such as precious metals and aluminum showing notable gains [8]. Price Changes - Industrial metals and precious metals have seen price increases, with copper up by 4.24%, aluminum by 4.00%, and lithium compounds experiencing even higher increases, such as lithium carbonate rising by 17.95% [14][16]. - The report notes that the price of gold has also increased by 4.07%, reflecting ongoing demand amid economic uncertainties [14]. Supply and Demand Dynamics - The report indicates that copper production is facing disruptions due to labor negotiations in Chile, which may impact supply and pricing in the short term [29]. - The demand for lithium remains strong, driven by the energy storage sector, with prices for lithium hydroxide and carbonate continuing to rise [16]. Company Valuations - Key companies in the sector, such as Zijin Mining and Shandong Gold, are highlighted for their strong earnings potential and favorable valuations, with projected PE ratios indicating growth opportunities [17]. - The report suggests that companies with integrated operations and cost advantages, such as Tianshan Aluminum and China Hongqiao, are well-positioned for future growth [17].