降息预期升温叠加逼仓，白银迎来历史性突破

Investment Rating - The report maintains a "Buy" rating for several companies in the non-ferrous metals sector, including Shandong Gold, Zijin Mining, and others [5]. Core Views - The precious metals market is experiencing a historic breakthrough in silver prices due to rising expectations of interest rate cuts and inventory depletion, with silver prices reaching new highs [1][36]. - The copper industry is seeing a deepening of the anti-involution trend in smelting, with a consensus reached among CSPT members to reduce copper production capacity by over 10% by 2026 [2]. - The lithium market is characterized by mixed factors, with prices fluctuating and strong demand expectations, particularly in energy storage [3]. Summary by Sections Precious Metals - The market is betting on a 12% interest rate cut in December, with the probability rising from 71% to 86.4% [1]. - Silver inventory on the Shanghai Futures Exchange dropped to 559 tons by November 30, down 633 tons from October 8, leading to a risk of short squeeze [1][36]. Industrial Metals - Copper: Global copper inventory decreased by 0.8 thousand tons, with Chinese inventory down by 3.1 thousand tons [2]. - Aluminum: New production capacity in Xinjiang is coming online, while demand remains stable despite high prices [2]. - Nickel: The nickel market is experiencing a rebound after a period of decline, with supply remaining relatively loose [2]. Energy Metals - Lithium: Prices for battery-grade lithium carbonate rose by 3.5% to 96,000 yuan/ton, with production slightly down by 1% [3]. - Cobalt: Cobalt prices are high due to delays in export approvals from the Democratic Republic of Congo, with domestic prices for electrolytic cobalt rising to 403,000 yuan/ton [3]. Key Companies to Watch - Companies such as Shandong Gold, Zijin Mining, and others are highlighted as key investment opportunities in the precious metals sector [1][8].