宏观驱动偏积极，有色或偏强震荡

Investment Rating - The report maintains an "Overweight" rating for both non-ferrous metals and base metals [3]. Core Views - The macroeconomic environment is showing positive trends, leading to strong fluctuations in the non-ferrous sector. Precious metals are expected to experience strong price movements due to the upcoming U.S. elections and economic data releases [1][2]. - For base metals, prices are anticipated to remain strong amidst positive macroeconomic sentiment, with copper and aluminum showing potential for upward movement [1][6]. - Precious metals, particularly gold, are expected to maintain high prices in the short term, driven by increased trading activity related to the U.S. elections [7]. - Lithium prices are projected to weaken in the short term due to supply overcapacity, despite a temporary increase in demand [9]. Summary by Sections Non-Ferrous Metals - The report indicates a positive macroeconomic drive, suggesting that base metal prices may experience strong fluctuations. Copper prices were reported at 76,500 CNY/ton, showing a slight year-over-year decrease [6]. - Aluminum prices were noted at 20,500 CNY/ton, with a slight decrease in inventory levels, indicating a stable demand environment [6]. - Zinc prices fell to 25,000 CNY/ton, influenced by weak fundamentals, but there is an expectation for potential price recovery due to positive macroeconomic conditions [6]. Precious Metals - Gold prices are expected to remain high, with recent prices reaching 2,720.53 USD/oz, reflecting a 2.40% increase. The market is reacting to heightened trading activity related to the U.S. elections [7]. - Silver prices also saw an increase, with a closing price of 33.696 USD/oz, up 6.86% [7]. Lithium and Cobalt - Lithium carbonate prices are projected to weaken, currently at 73,680 CNY/ton, reflecting a 3.66% decrease. The supply side is expected to remain under pressure due to overcapacity [9][17]. - Cobalt prices are experiencing downward pressure, with demand remaining weak and new orders declining [9]. Rare Earths - Rare earth prices are expected to show weak fluctuations as the demand peak season comes to an end, with prices for praseodymium and neodymium oxide reported at 424,800 CNY/ton, reflecting a slight decrease [8]. Recommended Stocks - The report recommends Shandong Gold (H Share) as a low-valuation investment opportunity, with a target price of 20.39 CNY and an "Overweight" rating [4].