有色金属行业跟踪周报：美欧日国债各期限收益率均录得上行，贵金属估值进一步提升-20260126

Investment Rating - The report maintains an "Overweight" rating for the non-ferrous metals sector [1] Core Views - The non-ferrous metals sector saw a weekly increase of 6.03%, ranking it among the top sectors [14] - Precious metals experienced significant price increases, with gold prices rising due to geopolitical tensions and concerns over sovereign currency credit [4][52] - The report highlights the impact of rising global bond yields on the valuation of both industrial and precious metals [27][50] Summary by Sections Market Review - The Shanghai Composite Index rose by 0.84%, with the non-ferrous metals sector outperforming the index by 5.20 percentage points [14] - Precious metals led the sector with an 18.46% increase, followed by small metals at 8.68% and energy metals at 6.01% [14] Industrial Metals - Copper: Prices are expected to remain strong despite seasonal demand weakness, with LME copper closing at $13,129 per ton, up 2.54% week-on-week [2][33] - Aluminum: Prices are supported by a high copper-aluminum ratio, with LME aluminum at $3,174 per ton, up 1.26% week-on-week [3][39] - Zinc: Prices showed mixed results, with LME zinc at $3,269 per ton, up 1.87% week-on-week, while SHFE zinc fell by 0.67% [44] - Tin: Prices surged due to macroeconomic sentiment and supply constraints, with LME tin at $56,605 per ton, up 17.97% week-on-week [49] Precious Metals - Gold prices increased significantly, with COMEX gold closing at $4,983.10 per ounce, up 7.85% week-on-week [50][53] - The rise in bond yields across the US, Europe, and Japan has further enhanced the valuation of precious metals, leading to increased demand for physical assets [4][52]