证券研究报告：有色金属|行业周报 2025 年 3 月 8 日 行业投资评级 强于大市 |维持 行业基本情况 | 收盘点位 | | 4804.5 | | --- | --- | --- | | 52 | 周最高 | 4979.91 | | 52 周最低 | | 3700.9 | 行业相对指数表现 2024-03 2024-05 2024-07 2024-10 2024-12 2025-03 -13% -10% -7% -4% -1% 2% 5% 8% 11% 14% 17% 20% 有色金属 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:魏欣 SAC 登记编号:S1340524070001 Email:weixin@cnpsec.com 分析师:李帅华 SAC 登记编号:S1340522060001 Email:lishuaihua@cnpsec.com 研究助理:杨丰源 SAC 登记编号:S1340124050015 Email:yangfengyuan@cnpsec.com 近期研究报告 《锑行业深度：海内外价差或收敛， 关注锑相关标的》 - 2025.03.05 有色金属行业报告 （202 ...

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Views - The report indicates that the weakening US dollar has led to a general increase in metal prices, with specific attention to gold and silver as protective investments during potential stagflation [5] - The report highlights that copper prices are under pressure due to concerns over global demand amid trade barriers, while aluminum prices are steadily rising due to increased production and demand [6] - The report notes significant price increases in antimony and cobalt, driven by supply constraints and market dynamics, while tin prices are recovering due to seasonal demand [7][9] Summary by Sections Industry Overview - The closing index for the industry is at 4804.5, with a 52-week high of 4979.91 and a low of 3700.9 [2] Price Movements - Basic metals saw price increases: LME copper up 2.57%, aluminum up 3.26%, zinc up 3.00%, lead up 1.46%, and tin up 4.26% [21] - Precious metals also experienced gains: COMEX gold up 1.76%, silver up 3.82%, NYMEX palladium up 4.42%, and platinum up 1.06% [21] Inventory Changes - Global visible inventories showed a decrease: copper down 5792 tons, aluminum down 11189 tons, zinc down 5964 tons, lead down 7712 tons, and tin down 168 tons, while nickel saw an increase of 2569 tons [28]