有色金属行业报告（2026.3.23-2026.3.27）：能源担忧驱动锂价上涨

Investment Rating - The industry investment rating is "Outperform" and is maintained [2] Core Views - The report highlights that precious metals are strengthening in the long term despite market volatility, driven by ongoing geopolitical tensions and high oil prices, which are influencing market expectations for interest rate hikes by the Federal Reserve in 2026 [5] - Copper prices are under pressure due to recession expectations linked to rising oil prices, although there is potential for a rebound if prices drop below 90,000 CNY/ton [6] - Aluminum prices are expected to have long-term upward potential, supported by supply disruptions from geopolitical conflicts and increasing demand as domestic inventories begin to decline [7] - Lithium prices have surged due to energy security concerns, with expectations of strong demand from the electric vehicle sector and storage orders [9] Summary by Sections Industry Overview - The closing index for the industry is 8687.44, with a 52-week high of 11180.33 and a low of 4295.55 [2] Price Movements - LME copper decreased by 0.65%, while aluminum increased by 1.83% this week [21] - Lithium prices rose by 7.85% [22] Inventory Changes - Global visible copper inventory decreased by 22,813 tons, aluminum by 1,963 tons, zinc by 6,638 tons, lead by 6,561 tons, tin by 1,659 tons, and nickel by 1,781 tons [30][32] Investment Recommendations - The report suggests focusing on companies such as Dongfang Tantalum, Xinjing Road, Xiyu Co., Huaxi Nonferrous, Dazhong Mining, Guocheng Mining, Zhongkuang Resources, Shengda Resources, Chifeng Gold, Zijin Gold International, Shenhuo Co., and Zijin Mining [10]