——金属&新材料行业周报20260202-20260206：价格波动较大，向好趋势不改-20260209

Investment Rating - The report indicates a positive long-term outlook for the metals and new materials industry, suggesting a potential upward trend in valuations following interest rate cuts [5][10]. Core Insights - The report highlights significant price fluctuations in the metals sector, with a notable decline in various metal prices over the past week, including a drop of 17.38% in precious metals and 9.51% in copper [5][10]. - Despite recent price declines, the long-term outlook for precious metals remains optimistic due to expected increases in central bank gold purchases and a potential shift in monetary policy [5][10]. - The report emphasizes the importance of supply-demand dynamics, particularly in copper and aluminum, where supply constraints and increasing demand from sectors like AI and renewable energy are expected to support price increases [5][10]. Weekly Market Review - The Shanghai Composite Index fell by 1.27%, while the Shenzhen Component Index decreased by 2.11%. The non-ferrous metals index dropped by 8.51%, underperforming the CSI 300 Index by 7.18 percentage points [6][10]. - Year-to-date, the non-ferrous metals index has risen by 12.16%, outperforming the CSI 300 Index by 11.87 percentage points [6][10]. Price Changes - Industrial metals and precious metals saw varied price changes, with copper prices down by 1.24% and aluminum down by 1.88% week-on-week. Lithium prices showed mixed results, with battery-grade lithium carbonate down by 7.65% [5][10]. - The report notes that the price of iron ore increased by 0.89%, indicating some resilience in the black metals sector [5][10]. Key Company Valuations - The report provides a detailed valuation table for key companies in the non-ferrous metals sector, indicating projected earnings per share (EPS) and price-to-earnings (PE) ratios for 2024 to 2027 [19][20]. - Companies such as Zijin Mining and Shandong Gold are highlighted for their strong performance and potential for future growth, with PE ratios expected to decrease over the forecast period [19][20]. Investment Recommendations - The report recommends focusing on companies with stable supply-demand dynamics in the new energy manufacturing sector, such as Huafeng Aluminum and Baowu Magnesium [5][10]. - It suggests monitoring companies like Zijin Mining, Luoyang Molybdenum, and Shandong Gold for potential investment opportunities due to their favorable market positions and growth prospects [5][10].