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Investment Rating - The report maintains a "Buy" rating for several companies in the non-ferrous metals sector, including 山金国际, 赤峰黄金, 洛阳钼业, 中国宏桥, and 中钨高新 [6][7]. Core Views - The report expresses a positive outlook on the precious metals sector, particularly gold and silver, following the Federal Reserve's interest rate cut, which is expected to support prices due to increased liquidity [1][38]. - For industrial metals, the report highlights that copper prices are supported by liquidity easing and seasonal demand, while aluminum prices are expected to fluctuate as demand recovers [2][3]. - In the energy metals segment, lithium prices are anticipated to remain stable due to low factory inventories and increasing demand from the electric vehicle market [3]. Summary by Sections Precious Metals - The Federal Reserve's recent interest rate cut of 25 basis points is expected to boost gold and silver prices, with historical trends indicating that such cuts typically lead to price increases in these metals [1][38]. - Recommended companies in this sector include 兴业银锡, 盛达资源, and 山东黄金 [1]. Industrial Metals - Copper: Prices are supported by easing liquidity and seasonal demand, despite a slight pullback due to profit-taking. Global copper inventories increased by 0.83 million tons, with Chinese inventories rising by 0.82 million tons [2]. - Aluminum: The report notes stable production capacity in China's aluminum sector, with a theoretical capacity of 44.085 million tons. Short-term price fluctuations are expected as demand recovers [2]. Energy Metals - Lithium: The report indicates that factory inventories have dropped to historical lows, with lithium carbonate prices rising by 3.4% to 73,000 yuan/ton. Demand from the electric vehicle sector remains strong [3]. - Silicon Metal: The report anticipates price stability in the short term due to increased supply pressures and rising demand ahead of the upcoming holidays [3]. Key Companies - The report highlights several key companies with "Buy" ratings, including: - 山金国际: EPS forecasted to increase from 0.78 yuan in 2024 to 1.75 yuan in 2027 [6]. - 赤峰黄金: EPS expected to rise from 0.93 yuan in 2024 to 2.01 yuan in 2027 [6]. - 洛阳钼业: EPS projected to grow from 0.63 yuan in 2024 to 0.95 yuan in 2027 [6].