有色金属行业周报（2026.2.15-2026.3.1）：美伊冲突升级，持续看好贵金属+战略小金属-20260302

Investment Rating - The report maintains a positive outlook on precious metals and strategic minor metals due to geopolitical tensions and supply chain disruptions [1][2][3]. Core Insights - The escalation of the US-Iran conflict is expected to drive up gold prices as a safe-haven asset, with significant geopolitical uncertainty influencing market sentiment [1][15]. - Zimbabwe's suspension of lithium ore exports is likely to lead to an increase in lithium prices, as the country holds approximately 126 million tons of lithium resources [2][16]. - Renewed armed conflicts in northern Myanmar have raised concerns about the supply chain for tin, although immediate disruptions are not yet evident [3][17]. - The US Supreme Court ruled that tariffs imposed under the International Emergency Economic Powers Act were unlawful, but former President Trump announced plans to implement higher tariffs under a different legal framework [4][18]. Summary by Sections Market Review - The non-ferrous metals sector saw a significant increase of 9.77%, outperforming the Shanghai Composite Index by 7.79 percentage points during the reporting period [8]. Key Focus Areas & Metal Prices - Industrial Metals: Short-term fluctuations are expected, with copper prices at $13,296 per ton, up 2.56% week-on-week [19][22]. - Precious Metals: Gold prices rose to $5,296.40 per ounce, reflecting a 3.24% increase week-on-week, driven by geopolitical tensions [34][35]. - Energy Metals: Lithium carbonate prices increased to 173,700 yuan per ton, up 17% week-on-week due to Zimbabwe's export suspension [38][39]. - Strategic Metals: Prices for strategic minor metals like praseodymium oxide and tungsten have shown significant increases, indicating a potential for valuation reconstruction in the sector [41][42]. Core View Updates and Key Stock Tracking - Industrial Metals: Recommendations include companies with integrated operations like China Hongqiao and Zijin Mining, focusing on copper and aluminum sectors [48][49]. - Precious Metals: Gold remains a critical asset for long-term investment, with recommendations for stocks like Chifeng Jilong Gold Mining and Shandong Gold Mining [49]. - Strategic and Minor Metals: The report highlights opportunities in cobalt, antimony, and tungsten, with specific stock recommendations for Huayou Cobalt and Xiamen Tungsten [49].