有色调整点评：产业趋势不改，短期调整带来中长期布局时点

Group 1 - The report indicates that the non-ferrous metal sector is expected to continue benefiting from the resonance between financial attributes and industrial trends, with short-term adjustments potentially providing a good opportunity for medium to long-term positioning [2][3] - Recent significant adjustments in the non-ferrous sector were influenced by overnight declines in international gold and silver prices, leading to substantial drops in both A-shares and Hong Kong stocks within the sector [2][3] - The nomination of Kevin Warsh as the next Federal Reserve Chairman, who holds hawkish policy views, has reversed market expectations for continued liquidity easing, strengthening the dollar and suppressing dollar-denominated precious metals [2][3] Group 2 - Looking ahead, the non-ferrous sector is expected to experience increased short-term volatility, but the long-term re-evaluation logic remains unchanged. The sector will benefit from the continued demand driven by AI data centers, grid upgrades, and new energy fields, leading to a tightening supply-demand dynamic [2][3] - The report highlights that while the market reassesses the weight of "trend" versus "volatility" in the non-ferrous sector, the hawkish stance of Warsh could temporarily alter expectations for a weak dollar, increasing price volatility across all non-ferrous metals [2][3] - Despite short-term fluctuations, the long-term industrial logic remains intact due to the anticipated trend of interest rate cuts and rigid supply-side factors, suggesting that current pullbacks may present better positioning opportunities from a medium to long-term perspective [2][3]