金属行业周报：临近节假日需求平淡，关注宏观事件和消息影响

Investment Ratings - Steel industry: Neutral [5] - Non-ferrous metals industry: Positive [5] Core Views - The report suggests that the steel price is facing insufficient support due to accumulating inventory as downstream enterprises begin to close for the Spring Festival. Attention should be paid to domestic and international macroeconomic events affecting steel prices [2][17]. - For copper, the report anticipates weak consumption and increasing inventory as more downstream enterprises close for the holiday, leading to a potential weak fluctuation in copper prices [2][34]. - The aluminum market is expected to experience weak fluctuations due to declining demand as downstream enterprises close for the holiday, alongside a downward trend in alumina prices [2][41]. - The lithium market is projected to see wide fluctuations in carbonate prices due to nearing end-of-year inventory preparations and supply-demand dynamics [2][47]. - The report highlights a positive outlook for the tin industry driven by the recovery of the global semiconductor sector and demand from AI and new energy developments [3][67]. Summary by Sections Industry Situation and Product Price Trends - Steel: Inventory continues to accumulate, with steel prices lacking support. Attention is needed on macroeconomic influences [2]. - Copper: Anticipated weak consumption and increasing inventory leading to potential price fluctuations [2]. - Aluminum: Expected weak fluctuations due to declining demand and alumina price trends [2]. - Lithium: Price fluctuations expected due to inventory levels and supply-demand relationships [2]. Weekly Strategy - Copper/Aluminum: Supply disruptions are supporting copper prices, while aluminum profits are expected to expand with new project capacity releases. Positive signals from central government meetings suggest focusing on these sectors [3][67]. - Gold: Recent price increases are linked to risk aversion and macroeconomic data, with long-term factors favoring gold prices [3][67]. - Tin: Positive outlook due to semiconductor recovery and demand from new technologies [3][67]. Key Stock Recommendations - Maintain "Buy" ratings for companies including Luoyang Molybdenum (603993), Zhongjin Gold (600489), Shandong Gold (600547), Tin Industry Co. (000960), Zijin Mining (601899), and China Aluminum (601600) [3][5].