Group 1: Report Industry Investment Ratings - No specific industry investment ratings are provided in the reports. Group 2: Core Views of the Report - Gold is in a high - level adjustment. Short - term tariff risks have subsided, but long - term gold has a bullish logic due to factors like the Fed's interest - rate cut expectations, accelerated debt issuance, central bank gold purchases, and global order reshaping [1][2]. - Silver is under high - level pressure. It follows the adjustment of gold and copper. Although its fundamentals have little change, economic demand provides support, and its long - term upward trend remains unchanged [1]. - Copper is in a situation where bulls and bears are competing at a key psychological level. It is recommended to try long positions on dips, and there is long - term confidence in copper [1][6]. - Zinc is under pressure and is expected to have a supply increase and demand decrease in the long - term. It is advisable to short on rallies [1][9]. - Lead is under pressure due to factors such as the slow recovery of domestic primary lead smelters, the resumption of production of secondary lead enterprises, and weak downstream consumption [1]. - Tin is under pressure as the domestic tin smelting industry is in a state of weak supply and demand, and terminal consumption has entered the off - season [1]. - Aluminum is under pressure because of high - level imports of overseas bauxite, inventory accumulation during the off - season, and a weakening开工率 in the aluminum processing industry [1][11]. - Nickel is weak. Overseas nickel ore prices are stable, but downstream stainless - steel production cuts have slowed, and there is still pressure during the terminal consumption off - season [1][13]. - Industrial silicon is in a correction due to factors such as a decline in the "anti - involution" trading sentiment and the impact of a limit - down in coking coal prices [1]. - Polysilicon is in high - level oscillation. The statement of "sales price not lower than cost" provides strong support, but the spot trading volume is limited [1]. - Lithium carbonate is in a weak downward trend. The overall inventory is accumulating, and the market sentiment may return to the fundamentals after reaching a peak [1][15]. Group 3: Summaries According to Related Catalogs Gold and Silver - **行情回顾**: Due to the agreement on tariffs between the US and Europe, the risk - aversion sentiment subsided, leading to an adjustment in both domestic and foreign gold and silver [2]. - **基本逻辑**: The US and the EU reached a trade agreement, and China and the US are in negotiations. The short - term tariff risk has subsided, but factors such as the Fed's interest - rate cut expectations, accelerated debt issuance, central bank gold purchases, and global order reshaping support the long - term bullish logic of gold [2]. - **策略推荐**: Pay attention to the support around 760 for gold and 9050 for silver. Treat silver's short - term adjustment as a trading idea [3]. Copper - **行情回顾**: Shanghai copper stopped falling and rebounded, returning to the 79,000 - yuan mark [5]. - **产业逻辑**: The tight situation of copper concentrates persists. Although the production of electrolytic copper is increasing, the demand has mixed performances. There are concerns about the impact of a potential 50% import tariff on US copper in August on China's copper and copper product exports [5]. - **策略推荐**: The signing of the US - EU trade agreement and China - US negotiations have eased tariff concerns. The US dollar index has risen, putting pressure on copper prices. It is recommended to try long positions on dips, and the long - term outlook for copper is positive. The attention range for Shanghai copper is [78,000, 80,000] yuan/ton, and for London copper is [9,700, 9,900] US dollars/ton [6]. Zinc - **行情回顾**: Shanghai zinc fell under pressure [8]. - **产业逻辑**: In 2025, the supply of zinc concentrates is abundant. Domestic new smelting capacities are being released, and the production of refined zinc is increasing. On the demand side, although the rebound of black steel prices has boosted galvanizing demand confidence, it is currently the off - season, and enterprise开工率 is weak [8]. - **策略推荐**: The cooling of the "anti - involution" sentiment, abundant supply, and inventory accumulation during the off - season have put pressure on zinc prices. In the long - term, supply will increase and demand will decrease. It is advisable to short on rallies. The attention range for Shanghai zinc is [22,400, 22,800] yuan/ton, and for London zinc is [2,650, 2,850] US dollars/ton [9]. Aluminum - **行情回顾**: Aluminum prices were under pressure, and alumina showed a downward trend [10]. - **产业逻辑**: For electrolytic aluminum, the domestic market sentiment has changed, production capacity has increased, and inventory has accumulated. For alumina, the supply - demand pattern is loose, and attention should be paid to overseas bauxite changes [11]. - **策略推荐**: It is recommended to short on rallies for Shanghai aluminum, paying attention to changes in aluminum ingot inventory. The main operating range for Shanghai aluminum is [20,000, 20,800] yuan/ton, and alumina is expected to be under pressure [11]. Nickel - **行情回顾**: Nickel prices weakened significantly, and stainless steel fell under pressure [12]. - **产业逻辑**: Overseas nickel ore prices are falling, and domestic nickel supply and demand are still weak. Stainless - steel production cuts have slowed, and there is still inventory pressure during the off - season [13]. - **策略推荐**: It is recommended to short on rallies for nickel and stainless steel, paying attention to inventory changes. The main operating range for nickel is [120,000, 123,000] yuan/ton [13]. Lithium Carbonate - **行情回顾**: The main contract LC2509 significantly reduced its positions and hit the limit - down [14]. - **产业逻辑**: The overall inventory is accumulating, and the price increase has led to inventory transfer from upstream to the middle. Although there are production cuts in some areas, the production still shows an upward trend. The new - energy vehicle market has a sales decline, and the "anti - involution" policy expectation has become a focus. The supply surplus for the whole year will narrow. The market may return to fundamentals after the sentiment peak [15]. - **策略推荐**: It is advisable to take a wait - and - see approach with the price range of [70,000, 73,000] yuan/ton [15].