实际利率下行趋势叠加海外财政与关税压力推升避险情绪，贵金属续创新高

Core Viewpoint - The non-ferrous metal sector has shown strong performance, with a 4.44% increase in the week from October 3 to October 10, ranking first among all primary industries [1][2]. Industry Summary Non-Ferrous Metals Sector Performance - The non-ferrous metals sector's performance includes a 5.35% increase in the industrial metals segment, a 4.64% rise in the small metals segment, a 4.44% increase in the metal new materials segment, a 4.00% rise in the precious metals segment, and a 1.29% increase in the energy metals segment [1][2]. Industrial Metals - Industrial metal prices continued their upward trend from before the National Day holiday, but the "Tariff War 2.0" has raised concerns about potential downward pressure on prices in the short term [2][3]. - As of October 10, copper prices were reported at $10,374 per ton, down 3.05% week-on-week, while domestic copper prices were at 85,910 yuan per ton, up 3.37% week-on-week [3]. Aluminum - As of October 10, LME aluminum was priced at $2,746 per ton, up 1.63% week-on-week, and domestic aluminum was at 20,980 yuan per ton, up 1.45% week-on-week [4][5]. - The theoretical operating capacity of China's electrolytic aluminum industry decreased by 30,000 tons to 44.135 million tons due to maintenance in Shanxi [4]. Precious Metals - Gold prices reached $4,035.50 per ounce, up 3.15% week-on-week, while domestic gold was priced at 901.56 yuan per gram, up 5.48% week-on-week [6]. - The ongoing trend of declining real interest rates and rising concerns over fiscal pressures have contributed to increased demand for gold as a safe-haven asset [6].