非农大幅低预期，金银再创新高

Investment Rating - The report maintains an "Overweight" rating for the non-ferrous metals industry [4] Core Views - The report highlights a significant increase in gold and silver prices due to lower-than-expected non-farm payroll data, leading to heightened expectations for interest rate cuts in the U.S. [1][34] - The outlook for gold and silver prices remains strong, with expectations of rising inflation and declining employment in the U.S. economy [1][34] - The report emphasizes the importance of upcoming economic data releases, particularly the CPI data on September 11 and the FOMC meeting on September 17 [1] Summary by Sections Precious Metals - Gold prices reached a historical high, while silver prices hit a yearly high due to increased interest rate cut expectations following disappointing U.S. employment data [1][34] - The U.S. non-farm payroll for August was reported at 22,000, significantly below the expected 75,000, with an unemployment rate of 4.3% [1][34] - The market's expectation for a 50 basis point rate cut rose to 86% after the employment data release [1][34] - Key companies to watch include: Xinyi Silver Tin, Shengda Resources, and Zijin Mining [1] Industrial Metals - Copper prices are expected to rise due to macroeconomic easing and seasonal demand in September and October [2] - Global copper inventories increased by 43,800 tons, with notable increases in China and LME [2] - Chile's copper exports for August were reported at 176,430 tons, with significant exports to China [2] - The aluminum market is experiencing fluctuations due to domestic and international policies, with a theoretical operating capacity of 44.085 million tons in China [2] - Companies to focus on include: Luoyang Molybdenum, Nanshan Aluminum, and China Hongqiao [2] Energy Metals - Lithium prices are experiencing a downward trend, with industrial-grade lithium carbonate at 73,000 yuan/ton, down 6.3% [3] - Lithium production increased by 2% to 19,400 tons, with a utilization rate of 48% [3] - The demand for electric vehicles is expected to rise, with August sales of 1.1 million electric vehicles [3] - Companies to monitor include: Ganfeng Lithium, Tianqi Lithium, and Xizang Mining [3] Key Companies - The report lists several companies with investment ratings, including: - Shanjin International (Buy) [7] - Chifeng Jilong Gold Mining (Buy) [7] - Luoyang Molybdenum (Buy) [7] - China Hongqiao (Buy) [7] - Zhongtung High-tech (Buy) [7]