20230415-中邮证券-有色金属行业周报_海外通胀持续降温_贵金属创下近期新高_15页_955kb

报告摘要

Industry index closed at 515,425 with a 4% weekly drop. Investment rating: "Stronger than Market." Top gainers: Eastern锆业, Yunliao Shares, Xingye Mining, Yunnan Aluminum, Jin Chengxin; top losers: Houma New Materials, Weifusi Group, Shengdexintai, Youyan Powder, Guangzhi Technology.

Copper: Prices rose 2.6% due to strong Chinese export data and supply enhancements from Zongji Mining's copper mine, with ongoing consumer demand recovery.
Aluminum: Downstream demand improved, with increasing production capacity and inventory declines (e.g., SMM electrolysis aluminum stock down 72,000 tonnes, alumnium rods down 0.49%).
Precious Metals: Gold prices surged amid inflation cooling but fell slightly on Fed commentary; long-term bullish outlook due to potential rate cuts. Silver prices rose as ratios suggested undervaluation.
Magnesium: Prices jumped 25.74% from supply constraints due to policy changes in Shaanxi, impacting production; demand growth in automotive and renewable energy sectors.
Lithium: Prices dropped 8.1% amid cost pressures and weak demand but expected to stabilize soon.
Tin: Demand mixed, with support from green energy and real estate consumption; however, some冶炼 issues and weaker 3C demand.

Yunnan Copper: 2022 annual performance showed revenue and profit growth driven by higher TC/RC and sulfur prices.
Jimo Molybdenum: Expected profit surge in Q1 due to high钼 product prices.
Zinc Corporation: Plans stock issuance to repay debt, maintaining control.
Antai Technology: Announced potential equity transfer in a subsidiary, triggering review procedures.
Zhongfu Industries: Awarded stock incentives for employees.

Focus on companies like Xingye Mining, South Chemical Industry Shares, Platinum Composite New Materials, Zhonggang Tianyuan, Long Magnet Technology, Tianshan Aluminum Shares, Hunan Gold Shares, Zhongkong Resources.