东方证券：持续关注黄金与钢铁板块投资机会

Group 1: Gold Investment Opportunities - The Federal Reserve's decision to keep interest rates unchanged aligns with expectations, with guidance indicating two rate cuts within the year, which is favorable for gold prices [1] - The market anticipates improved dollar liquidity and potential rate cuts, suggesting a positive outlook for the gold sector [1] - The COMEX gold price has shown a slight increase of 1.16% week-on-week, reaching 3028.2 USD/ounce, with a significant rise in non-commercial net long positions by 9.25% [3] Group 2: Steel Sector Insights - The steel sector has experienced a three-year correction, and current levels present high potential for investment [1] - Recent data indicates a 4.19% week-on-week increase in national rebar consumption, totaling 2.43 million tons, while the overall price index for common steel has decreased by 1.17% [1] - The profitability and stability of leading steel companies have improved, and changes in upstream iron ore supply dynamics may lead to a recovery in domestic steel industry profitability [1] Group 3: Industrial Metals Outlook - The LME aluminum settlement price has decreased by 2.25% week-on-week, indicating market volatility [2] - The copper smelting fee has dropped significantly by 44.65%, reaching -2.3 USD/thousand tons, suggesting tightening supply conditions [2] - The demand for copper is expected to rise due to growth in solar energy, electric vehicles, and AI applications, leading to a potential increase in copper prices [2]