周内上证综指下跌 2.17%，32 个长江行业分类有 1 个行业上涨；其中金属材料及矿业 (长江)下跌 2.39%，排名第 12 位（12/32），跑输上证综指 0.22 个百分点。在全部长江 行业中，环保（+1.33%）、油气石化（-0.06%）、农产品（-0.10%）排名前三。周内金 属材料及矿业中有色金属类细分子行业以下跌为主。其中，基本有色金属板块下跌 0.91%，能源金属板块下跌 4.36%，贵金属板块上涨 4.50%，稀土磁材板块下跌 6.33%， 海外有色龙头方面，周内嘉能可（LSE）上涨 2.43%，五矿资源（SEHK）上涨 4.38%。。

年内第二季度级别增配点已至，建议逢调增配，盈亏比较高。对行情模式的认知？作为典型周期，23 年黄金股已处牛市中继，不同于 22 年处底部，当前择时的把握或重于一味强调趋势。为什么当前是配置点？金价或仍是反弹，但从周期的位置来看，黄金的锚—美债利率 4.2%，处于过去一年震荡箱体上沿，负向定价较充分，盈亏比大幅提升。若不降息，亦可做箱体交易，若降息则锦上添花。

The equipment described in this report are primarily defined by its title since the title is generally long and includes most of the criteria used to differentiate the equipment from other similar equipment. The equipment descriptions are sourced from the U.S. Census. Additionally descriptions can be collected from the manufacturing industry descriptions that each equipment is categorized. The U.S. Census manufacturing industry descriptions for equipment are listed below

Barnes Reports' Global Manufacturing & Makets report series provide estimates of the size and characteristics of the largest equipment, materials and consumables by manufacturing industries in the largest 140 global countries. These estimates are produced by a proprietary economic model that is based on a number of sources and factors

上周贵金属及工业金属价格继续下跌，稀土价格持续回暖，能源金属价格跌幅收窄。随着美联储后续加息空间不断压缩，我们判断金价下调的空间有限。全球铜供应扰动有抬头趋势，铝产品低库存对铝价形成支撑。推荐紫金矿业、山东黄金、中金黄金、洛阳铜业、金诚信、西部矿业、云铝股份、中国铝业。建议关注五矿资源和锡业股份。我们预计短期内稀土供应维持稳定，稀土价格反弹趋势明确，建议关注北方稀土、盛和资源、广晨有色、宁波韵升。