一周行情回顾：上周，沪深300 指数上涨1.21%，有色板块上涨11.36%，跑赢沪深300 指数10.15 个百分点。有色金属板块中，非金属新材料和铅锌板块涨幅居前，分别为23.71%和14.47%；黄金和磁性材料板块涨幅居后，分别为3.51%和7.52%。上周，由于新冠疫情的影响和经济下行的压力，市场预期流动性维持宽松，有色金属价格连续性上涨，带动板块普遍走强。

1． 本周观点及投资建议 .......................................................................... 3

2． 一周行情回顾 ................................................................................ 3

2.1 流动性维持宽松，有色板块普涨 ···································································································································· 3

2.2 有色板块估值持续走高，或有一定调整压力 ················································································································ 4

3． 行业资讯及重点公司公告 ...................................................................... 5

3.1 行业资讯 ············································································································································································ 5

3.2 重要公司公告 ···································································································································································· 6

4． 有色金属价格及库存 .......................................................................... 8

4.1. 有色金属价格 ··································································································································································· 8

4.2. 基本金属库存 ··································································································································································· 9

5． 风险提示 ................................................................................... 11