有色金属周报：紧缩周期尾声，长期配置价值支撑金银价格

Investment Rating - The report maintains an "Outperform" rating for the non-ferrous metals sector [1] Core Viewpoints - The tightening cycle is nearing its end, supporting the long-term value of gold and silver prices [1] Summary by Sections Market Performance - Gold prices have increased, with Shanghai Gold Exchange's Au9999 closing at 528 CNY/gram, a weekly change of +3.2% [9][13] - COMEX silver prices rose by 1.0% to 25.1 USD/ounce [9] - Industrial metal prices generally increased, with SHFE copper, aluminum, lead, zinc, tin, and nickel futures closing at +0.3%, +1.6%, +3.6%, -1.3%, +0.5%, and -2.8% respectively [4] Precious Metals - Gold's spot price rose, with a weekly change of +3.2% and a monthly change of +9.9% [13] - The gold ETF holdings decreased, indicating a shift in investor sentiment [13] Industrial Metals - Copper prices increased to 72,530 CNY/ton, with a weekly change of +0.3% and a monthly change of +5.5% [25] - Aluminum prices rose to 19,710 CNY/ton, with a weekly change of +1.6% and a monthly change of +4.9% [35] - Lead prices increased to 16,815 CNY/ton, with a weekly change of +3.6% [49] - Zinc prices decreased to 20,945 CNY/ton, with a weekly change of -1.3% [53] - Tin prices rose to 228,100 CNY/ton, with a weekly change of +0.5% [57] - Nickel prices fell to 130,920 CNY/ton, with a weekly change of -2.8% [62] Rare Earths and Tungsten - Prices for praseodymium and neodymium oxides decreased by 0.6% [71] Energy Metals - Lithium concentrate prices increased slightly by 0.7%, while lithium carbonate prices fell [5] Investment Recommendations - The report suggests that the non-ferrous metals sector may yield excess returns as the global monetary environment shifts from tight to loose, with a focus on precious metals, industrial metals, and new materials [5]