GOLDEN SUN SECURITIES·2025-08-10 13:24Investment Rating - The industry maintains a "Buy" rating [4] Core Views - The gold market is experiencing disruptions due to tariffs and shadow Fed policies, potentially opening a breakthrough window for gold prices [1] - The long-term bullish trend for gold remains intact amid concerns over global monetary credit, public debt, and geopolitical tensions [1] - The copper processing fee is recovering amid expectations of reduced smelting, while aluminum prices are expected to fluctuate due to domestic and international favorable policies [2] - Lithium prices are rebounding strongly due to ongoing supply disruptions, while silicon prices are expected to remain volatile without significant improvements in the fundamentals [2] Summary by Sections Precious Metals - Gold has been included in the category of imported goods subject to tariffs, leading to a temporary price surge above $3,500 per ounce on COMEX [1] - The U.S. government is expected to clarify that imported gold bars should not be subject to tariffs, which may stabilize the market [1] - The price difference between COMEX gold and London gold has narrowed to $4.9 per ounce as of August 8 [1] Industrial Metals - Copper: Global copper inventories increased by 35,400 tons, with significant production increases in China [2] - Aluminum: The theoretical operating capacity of China's electrolytic aluminum industry reached 44.05 million tons, with mixed production trends in the aluminum rod industry [2] Energy Metals - Lithium: Prices for battery-grade lithium carbonate rose by 8.9% to 75,000 yuan per ton, driven by supply disruptions and increased production [2] - Silicon: The average cost of metal silicon is 10,028.9 yuan per ton, with a slight increase in production but overall supply exceeding demand [2] Key Stocks - Recommended stocks include: - Xinyi Silver Tin - Shengda Resources - Zijin Mining - Shandong Gold - Chifeng Jilong Gold Mining - Yintai Gold - Zhaojin Mining [1][2]