20260322周报：钨市供需维持紧平衡，买卖双方博弈持续：有色金属-20260322

Investment Rating - The industry is rated as "Outperform" [5] Core Insights - Precious metals are under pressure due to rising inflation expectations and the Federal Reserve's decision to delay interest rate cuts, leading to a continued decline in gold prices [9][10] - Industrial metals, particularly copper, are facing downward pressure due to escalating geopolitical tensions and inflation warnings, resulting in significant price drops [12][13] - The lithium carbonate market is experiencing a price decline while maintaining low inventory levels, with a gradual recovery in production expected [18][21] - The tungsten market remains in a tight balance between supply and demand, with ongoing negotiations between buyers and sellers [22][23] Summary by Sections Precious Metals - Inflation expectations are rising, and the Federal Reserve has maintained interest rates, contributing to a downward trend in gold prices [9][10] - Gold prices have seen declines of approximately 10.49% to 10.57% across various markets [9] - Key stocks to watch include Zhaojin Mining, Zijin Mining, and others in both A-shares and H-shares [11] Industrial Metals - The copper market is under pressure due to geopolitical tensions and rising energy prices, leading to a significant drop in prices [12][13] - The price of copper has decreased by 5.6% this week, with concerns about supply disruptions [12] - Key stocks to monitor include Jiangxi Copper, Luoyang Molybdenum, and others [17] New Energy Metals - Lithium carbonate prices are declining, with production expected to recover steadily [18][21] - The demand for lithium remains strong, particularly in the energy storage sector, despite some market disruptions due to geopolitical issues [21] - Key stocks in this sector include Ganfeng Lithium and others [21] Other Minor Metals - The tungsten market is characterized by a tight supply-demand balance, with prices remaining stable amid ongoing negotiations [22][23] - The market is gradually shifting towards high-end and green transformation, with various segments showing differentiated development [23] - Key stocks to watch include Jinxin International Resources and others [23]