美联储降息预期与避险需求推动，黄金价格强势上涨

Investment Rating - The report indicates a positive investment outlook for precious metals, particularly gold, driven by expectations of Federal Reserve interest rate cuts and increased demand for safe-haven assets [3][11]. Core Insights - The report highlights that the U.S. July PCE data met market expectations, showing moderate inflation without signs of runaway prices, which bolstered confidence in the Fed's potential rate cuts in September. This has led to a rise in gold and silver prices [3][12]. - The report emphasizes that geopolitical uncertainties and global tariff policies continue to support the long-term investment value of gold, despite short-term fluctuations [3][12]. - For industrial metals, the report notes that the combination of traditional consumption peaks and Fed rate cut expectations is likely to push copper prices higher, while aluminum prices are expected to remain stable due to supply constraints and strong demand from the new energy sector [4][13][17]. Summary by Sections Precious Metals - Gold prices are expected to rise due to Fed rate cut expectations and safe-haven demand, with specific stocks recommended for investment including Zhongjin, Zijin, and Chaijin in A-shares, and Lingbao and China Gold International in H-shares [3][12]. - Silver prices are also projected to increase, with recommended stocks including Shengda Resources and Hunan Silver [3][12]. Industrial Metals - Copper prices are supported by tight supply conditions and are expected to rise in the medium to long term due to increased investment and consumption following Fed rate cuts [4][13]. - Aluminum prices are anticipated to remain stable due to supply constraints and strong demand from the new energy sector, with recommended stocks including Yunnan Aluminum and Tianshan Aluminum [4][17]. Other Metals - Molybdenum prices are expected to rise due to strong demand from steel mills, while tungsten prices are also projected to increase due to tight supply and low social inventory [4][19][22]. - The report suggests monitoring stocks such as Jiajin International and Xiamen Tungsten for tungsten investments, and Jinmoly and Guocheng for molybdenum [4][19][22]. Market Review - The report notes a 2.12% increase in the non-ferrous index, with West Gold and Tiantong shares showing significant gains of 49.7% and 27.37% respectively [5][28]. - The report also highlights that the copper and aluminum sectors are currently undervalued, suggesting potential for future growth [30].