贵金属或偏强，基本金属或震荡为主

Investment Rating - The report maintains an "Overweight" rating for both non-ferrous metals and precious metals [4]. Core Views - Precious metals are expected to perform strongly, while base metals are likely to experience fluctuations [1][2]. - The report highlights that copper prices may continue to fluctuate due to weak seasonal demand, while aluminum prices are expected to stabilize despite a weakening supply-demand balance [1][9]. - Lithium is anticipated to maintain a strong supply-demand dynamic, with carbonate lithium prices expected to fluctuate [1][13]. Summary by Sections Non-Ferrous Metals - Copper prices fluctuated, closing at 74,550 CNY/ton, with a year-on-year increase of 0.05 million CNY. Supply remains high, but demand may weaken as the year ends [8]. - Aluminum prices remained stable at 20,340 CNY/ton, with total inventory at 1.2316 million tons, indicating a slight decrease [9]. - Zinc prices closed at 26,160 CNY/ton, with a year-on-year increase of 0.04 million CNY, but demand is expected to weaken in December [9]. Precious Metals - Gold prices experienced fluctuations, closing at 2,632.664 USD/oz, with a slight decrease of 0.67%. The U.S. job data is expected to have a limited impact on gold prices [11]. - The report suggests that the expectation of increased tariffs and persistent inflation in the U.S. will likely support gold prices in the near term [11]. Rare Earths - Rare earth prices have seen a slight decline, with praseodymium-neodymium oxide priced at 412,000 CNY/ton. Supply constraints are expected to tighten, potentially leading to price increases [12]. Lithium - The price of battery-grade lithium carbonate decreased to 76,900 CNY/ton, with a week-on-week decline of 1.66%. However, demand remains robust due to high activity in the battery sector [13].