GOLDEN SUN SECURITIES·2025-08-17 09:25Investment Rating - The report maintains an "Accumulate" rating for the industry [5] Core Views - The report highlights that the supply expectations for copper are further tightening, leading to a robust performance in copper prices. Additionally, the gold market is expected to benefit from rising inflation expectations in the U.S. due to tariff disturbances [1][38] Summary by Sections 1. Weekly Data Tracking - The non-ferrous metal sector has generally seen an increase this week [13] - Price fluctuations among non-ferrous metals varied, with some prices rising while others fell [23] 2. Industrial Metals - Copper: Supply expectations are tightening, with global copper inventories increasing by 0.84 thousand tons. Chile's copper production growth forecast for 2025 has been significantly reduced [2] - Aluminum: The aluminum market is experiencing short-term fluctuations due to macroeconomic sentiments, with a slight increase in supply and moderate demand [2] 3. Energy Metals - Lithium: Supply disruptions are causing lithium prices to rebound strongly, with prices for battery-grade lithium carbonate rising by 15% to 83,000 CNY/ton [3] - Metal Silicon: The market remains stable with no significant changes in the fundamentals, and prices are expected to fluctuate in the short term [3] 4. Precious Metals - The gold market is influenced by U.S. inflation data, with a notable increase in the PPI to 3.7% in July, leading to expectations of continued upward pressure on gold prices [1][38] 5. Key Stocks - The report suggests focusing on specific stocks such as Zijin Mining, Shandong Gold, and others, which are expected to perform well in the current market conditions [1][2][3]