有色金属行业周报：经济和需求预期悲观致有色转弱，以旧换新和设备更新有望提振需求预期

Investment Rating - The report maintains an "Outperform" rating for the non-ferrous metals industry [2]. Core Insights - The report highlights a pessimistic economic outlook affecting demand in the non-ferrous metals sector, with potential demand recovery driven by policies supporting equipment upgrades and trade-in programs [2]. - Precious metals are expected to see price increases post-adjustment, with gold prices projected to rise due to ongoing monetary easing and geopolitical uncertainties [13]. - Industrial metals are under pressure from weak macroeconomic indicators, but supportive policies may stabilize prices [14]. - The lithium market anticipates a demand recovery in August, with expectations for inventory replenishment as prices decline [17]. - The rare earth market shows signs of warming, with slight price increases noted [18]. Summary by Sections 1. Investment Strategy - Precious Metals: The report notes that profit-taking has led to a pullback in gold and silver prices, but anticipates a continued upward trend in gold prices post-adjustment due to monetary easing and geopolitical uncertainties [13]. - Industrial Metals: The report indicates that industrial metals are under pressure due to weak demand, but government policies may improve demand outlook. Copper prices are expected to stabilize as supply constraints emerge [14]. - New Energy Metals: The lithium market is experiencing price fluctuations, but there is strong anticipation for demand recovery in the coming months as prices decline [17]. - Other Minor Metals: The rare earth market is showing improved transaction volumes and slight price increases, indicating a potential recovery [18]. 2. Weekly Review - The non-ferrous metals index fell by 7.08%, underperforming the Shanghai and Shenzhen 300 index [22]. - Notable stock performances included a 11.28% increase in Rui Xin Technology and a 16.11% decrease in Hua Yu Mining [22]. - The valuation of the copper and aluminum sectors remains low, suggesting potential for future growth [27]. 3. Major Events - The report discusses significant collaborations in the copper industry, including Codelco's partnership with Freeport-McMoRan for the El Abra copper mine expansion [36].