Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Views - The report emphasizes a bullish outlook on copper, driven by warehouse cancellations and supply-demand dynamics, suggesting that adjustments in price should be seen as buying opportunities [6] - The report also highlights the performance of precious metals, particularly silver, which has shown volatility but is expected to perform well in the long term due to ongoing de-dollarization trends and ETF inflows [5] - The aluminum market is following copper's upward trend, although it is experiencing seasonal demand weakness [7] - Tin prices are influenced by geopolitical factors, with expectations of long-term supply tightness despite recent price corrections [8] - Tungsten prices are reaching new highs due to supply constraints and export controls, indicating a persistent upward trend in the industry [9] - Investment suggestions include companies such as Shengda Resources, Xingye Silver Tin, Chifeng Gold, Shenhuo Co., and Zijin Mining [10] Summary by Sections Industry Performance - The non-ferrous metals sector saw a weekly increase of 4.30%, ranking second among industry sectors [18] Prices - LME copper rose by 4.38%, aluminum by 1.24%, zinc by 1.56%, lead by 1.41%, and tin by 2.23% during the week [21] Inventory - Global visible copper inventories increased by 8,709 tons, while aluminum saw a decrease of 10,852 tons, indicating varied inventory trends across metals [35][37]

Core Insights - The 2025 China Internet Conference highlighted the importance of domestic chip production, emphasizing that while there is a gap between domestic products and those from companies like NVIDIA, consistent usage of domestic products is essential for improvement [1][2]. Group 1: Domestic Chip Production - The founder of 360 Group, Zhou Hongyi, stated that the industry must transition towards domestic chips, acknowledging the existing performance gap with NVIDIA but stressing the necessity of usage for improvement [1]. - Zhou emphasized the saying in the industry, "eat your own dog food," indicating that companies should use their own products to ensure quality and drive enhancements [1]. Group 2: NVIDIA H20 and Market Position - Zhou expressed skepticism about the NVIDIA H20, noting its awkward market positioning due to high performance expectations and regulatory challenges from the U.S. government [2]. - He pointed out that while the H20 is better suited for inference tasks, it is less capable for training models, which require higher performance chips [2]. - Zhou believes there are significant opportunities for domestic chips in inference applications, as they are simpler and do not require high-speed interconnects, making them more cost-effective compared to the H20 [2].