短期宏观情绪反复，不改有色金属长牛

Investment Rating - The report maintains a "Buy" rating for several companies in the non-ferrous metals sector, including companies like Zijin Mining, China Hongqiao, and Chalco [11]. Core Views - The report highlights that despite short-term fluctuations in macro sentiment, the long-term bullish trend for non-ferrous metals remains intact. The Chinese central bank's increased gold purchases in January have provided a strong boost to precious metals [2][41]. - The report emphasizes the strategic importance of copper reserves, suggesting that the Chinese government is looking to expand its copper strategic reserve system [3]. - The aluminum market is experiencing short-term price fluctuations due to geopolitical tensions and macroeconomic policies, with a stable production capacity but increasing social inventory [4]. - Nickel prices are under pressure due to a cooling macro sentiment, with significant price drops observed in recent weeks [5]. - The report notes that tin prices are expected to remain volatile, influenced by macroeconomic sentiment and supply-demand dynamics [8]. - Lithium prices have seen a decline, with ongoing inventory reduction, while cobalt prices are also under pressure as trading activity weakens ahead of the holiday season [9][10]. Summary by Sections Precious Metals - In January, the People's Bank of China increased its gold purchases from 0.93 tons to 1.24 tons, injecting confidence into the precious metals market. The largest silver ETF also saw a significant increase in holdings, indicating long-term investor confidence [2][41]. Industrial Metals - Copper: The report stresses the importance of copper strategic reserves, with a recent increase in global copper inventories. The Chinese government is exploring commercial reserve mechanisms [3]. - Aluminum: The aluminum market is facing short-term price volatility due to geopolitical issues and macroeconomic policies, with production capacity remaining stable but social inventories increasing [4]. - Nickel: Nickel prices have dropped significantly, with SHFE nickel falling 5.8% to 132,000 CNY/ton due to cooling macro sentiment [5]. - Tin: The tin market is experiencing a supply-demand imbalance, with prices expected to remain volatile [8]. Energy Metals - Lithium: The report indicates a decline in lithium prices, with carbonate prices dropping 13.2% to 138,000 CNY/ton. Inventory levels are also decreasing [9]. - Cobalt: Cobalt prices are under pressure, with a 6.3% drop in domestic electrolytic cobalt prices to 410,000 CNY/ton as trading activity slows [10].