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Investment Rating - Industry Rating: Outperforming the market (maintained rating) [7] Core Views - The report emphasizes a bullish outlook on non-ferrous metals due to the dovish stance of Powell and the dual easing of fiscal and monetary policies, which are expected to support the sector [1] - The copper market is currently in a state of relative weakness, with prices expected to rebound in September due to seasonal demand increases, despite short-term price weakness [2][14] - Aluminum prices are under pressure due to increased supply and demand concerns, with a forecasted range for aluminum prices between 20,300 and 21,000 yuan/ton [19][20] - Precious metals are experiencing downward pressure, but the dovish signals from the Jackson Hole meeting may lead to a rebound in gold prices [23][24] - Tungsten prices are on the rise, supported by tight supply, although demand from downstream sectors remains weak [54][55] - The rare earth sector is seeing improvements in supply management, with expectations for significant price elasticity and potential for volume and price increases in the third quarter [5] Summary by Sections Base Metals & Precious Metals - Copper prices have slightly decreased, with the current price at 79,110 yuan/ton, and the market is expected to remain relatively weak in the short term [2][14] - Aluminum prices have dropped to 20,775 yuan/ton, influenced by increased supply and concerns over demand, particularly in the real estate sector [19][20] - Gold prices have decreased to 767.33 yuan/gram, with expectations for a rebound due to renewed interest in rate cuts [23][24] - Lead and zinc prices are also under pressure, with lead prices at 16,783 yuan/ton and zinc prices at 22,248 yuan/ton, reflecting weak demand [27][35] Minor Metals - Lithium prices are rising, driven by strong cost support, with current prices around 73,000-76,000 yuan/ton [39] - Cobalt prices are experiencing slight fluctuations, with current prices for electrolytic cobalt at 257,000-275,000 yuan/ton [43][44] - Tin prices are supported by low inventory levels, with current prices at 33,775 USD/ton [49][50] Tungsten - Tungsten prices have increased, with black tungsten concentrate averaging 224,000 yuan/ton, reflecting tight supply conditions [54][55] Rare Earths - The release of new regulations is expected to optimize supply in the rare earth sector, with light rare earth prices rising to 622,500 yuan/ton [5]