持续看好锂板块投资价值，铜铝长期可期

Investment Rating - The report maintains a "Positive" investment rating for the industry [8]. Core Views - The lithium sector is expected to see significant investment value, while copper and aluminum have long-term potential [4]. - The industrial metal prices have strengthened due to macroeconomic fluctuations, with copper and aluminum showing resilience despite volatility in precious metals [2][6]. - The lithium industry is entering a new demand cycle, with supply constraints expected to lead to a supply decline from 2026 to 2028 [4]. - Strategic metals like rare earths and tungsten are poised for value reassessment, driven by government policies and demand recovery [4]. - The cobalt and nickel markets are facing supply restrictions, which could lead to price increases in the coming years [4]. Summary by Sections Energy Metals & Minor Metals - The lithium industry is recovering from its lowest point, with demand from domestic power and energy storage sectors expected to grow significantly by 2026 [4]. - Supply-side challenges are anticipated due to increased uncertainty in overseas resource development and low lithium prices affecting profitability [4]. - Rare earths are expected to see a demand recovery, with government policies enhancing control over resources and refining processes [4]. - Tungsten prices are on an upward trend due to tight supply and increased demand from downstream sectors [4]. Precious Metals - Short-term fluctuations in gold prices are driven by changing interest rate expectations, with a focus on long-term trends rather than immediate volatility [5]. - The report suggests a continued allocation to gold, emphasizing the importance of long-term value and potential price increases following interest rate cuts [5]. Industrial Metals - Copper and aluminum prices have shown strength, with recent data indicating a slight increase in copper inventories and a decrease in aluminum inventories [6]. - The report highlights the long-term outlook for copper and aluminum, suggesting that despite short-term fluctuations, a strong economic recovery and supply-demand optimization will drive prices higher [6]. - Key companies in the copper sector are expected to benefit from growth attributes, while aluminum companies may see increased dividends as capital expenditures decrease [6].