Huaxin Securities·2026-01-28 02:45Investment Rating - The report maintains a "Recommended" investment rating for the gold, copper, aluminum, tin, and antimony industries [10]. Core Views - The report highlights a recovery in downstream operating rates for copper and aluminum, with an increased acceptance of high prices [5][7]. - The gold market is supported by the Federal Reserve's expected interest rate cuts, which are anticipated to bolster gold prices further [5]. - The copper market is characterized by tight supply conditions, which are expected to maintain upward price pressure [10]. - The aluminum market shows stable production with a gradual increase in operating rates among downstream enterprises, indicating a recovery in demand [8]. - Tin prices are under pressure due to high costs suppressing demand, necessitating close monitoring of market conditions [9]. - Antimony prices are supported by tight supply conditions, despite recent price declines [9]. Summary by Sections 1. Industry Performance - The non-ferrous metals sector (Shenwan) has shown significant performance with a 1-month increase of 24.5%, a 3-month increase of 37.5%, and a 12-month increase of 131.2% [3]. 2. Macroeconomic and Industry News - China's real estate development investment decreased by 17.2% year-on-year, while industrial value-added increased by 5.2% in December [26]. - The U.S. GDP growth for Q3 was revised to an annualized rate of 4.4%, with initial jobless claims at 200,000 [5][26]. 3. Precious Metals Market Data - Gold prices reached $4,946.25 per ounce, up 7.27% from the previous week, while silver prices increased to $99.00 per ounce, up 9.03% [4]. 4. Industrial Metals Data - Copper prices on the LME closed at $12,980 per ton, reflecting a 0.43% increase, while SHFE copper prices rose to ¥101,050 per ton, a 0.46% increase [6]. - Aluminum prices in China were reported at ¥24,130 per ton, with LME aluminum inventory at 507,275 tons [8]. 5. Key Recommended Stocks - Recommended stocks in the gold sector include Zhongjin Gold, Shandong Gold, and China National Gold [11]. - In the copper sector, recommended stocks include Zijin Mining and Western Mining [11]. - For aluminum, recommended stocks include Shenhuo Co. and Yunnan Aluminum [11]. - In the tin sector, recommended stocks include Tin Industry Co. and Huaxi Nonferrous [11].