Changjiang Securities·2025-11-24 05:06Investment Rating - The report maintains a "Positive" investment rating for the industry [6] Core Viewpoints - The report highlights that the short-term fluctuations in lithium carbonate do not alter the long-term positive outlook for the lithium industry, with a supply inflection point and a new demand cycle expected by 2026 [4][10] - The report emphasizes the strategic metals like rare earths and tungsten are poised for a value reassessment due to government policies and market dynamics [4] - The report notes that despite short-term volatility in copper and aluminum prices, the long-term trends remain favorable due to macroeconomic factors and supply-demand dynamics [4][10] Summary by Sections Energy Metals & Minor Metals - Lithium is expected to see a supply inflection point and a new demand cycle, with domestic power demand and energy storage needs driving growth. The supply side faces uncertainties, but the long-term outlook remains positive [4] - Strategic metals such as rare earths and tungsten are highlighted for their potential value reassessment, with government policies supporting demand recovery [4] - Tungsten prices are expected to rise due to tight supply and increased demand from downstream sectors [4] Precious Metals - The report indicates that the fluctuations in interest rate expectations are the main drivers for gold price recovery, maintaining a positive outlook for gold investments [4] - The report suggests that gold prices are likely to remain volatile but are not expected to peak in the early stages of a rate cut cycle [4] Industrial Metals - The report notes that copper and aluminum prices have experienced short-term declines due to increased risk aversion, but the long-term outlook remains optimistic due to economic recovery and supply adjustments [4] - The report provides data showing that copper inventories have increased significantly, while aluminum inventories have shown a mixed trend [4][10]