1. Report Industry Investment Ratings - Gold: Long position recommended (★★) [1] - Silver: Long position recommended (★★★) [1] - Copper: Hold long positions (★) [1] - Zinc: Rebound and short sell (★) [1] - Lead: Under pressure (★) [1] - Tin: Under pressure (★) [1] - Aluminum: Under pressure (★) [1] - Nickel: Rebound (★★) [1] - Industrial silicon: Rebound (★) [1] - Polysilicon: Bullish (★★★) [1] - Lithium carbonate: Wide - range fluctuation (★) [1] 2. Core Views of the Report - **Precious metals**: Multiple factors such as interest - rate cut expectations, strong fundamentals, and tariff events have pushed silver to a 14 - year high. Gold is expected to benefit from global monetary easing, the decline of the US dollar's credit, and the reconstruction of the geopolitical pattern in the long run. Both gold and silver are in an upward long - term trend [2][3]. - **Copper**: The supply of copper concentrate is tight, and the demand is expected to pick up with the arrival of the peak season. The overall copper supply and demand are in a tight balance. It is recommended to hold long positions and wait for dips to enter the market [4][5][6]. - **Zinc**: The supply of zinc concentrate is increasing, but the demand is weak during the off - season. There is no clear one - sided driving force. It is recommended to wait and see in the short term and adopt a short - selling strategy on rebounds in the long term [8][9]. - **Aluminum**: The supply of bauxite is relatively abundant, and the inventory is still increasing. The upward movement of aluminum prices is under pressure. It is recommended to go long on dips in the short term [10][12][13]. - **Nickel**: Political instability in Indonesia has raised concerns about nickel ore supply. The supply and demand within the domestic nickel industry chain are divided. It is recommended to take profits and wait and see, paying attention to downstream inventory changes [14][16][17]. - **Lithium carbonate**: The total inventory has declined for three consecutive weeks, but the decline is less than expected. The market is waiting for new driving forces, and the price is in a wide - range fluctuation. It is recommended to pay attention to the support near the annual line [18][20][21]. 3. Summaries According to Related Catalogs 3.1 Gold and Silver 3.1.1 Market Review - Multiple factors such as interest - rate cut expectations, strong fundamentals, and tariff events have pushed silver to a 14 - year high [2]. 3.1.2 Basic Logic - The European Central Bank may not cut interest rates as inflation is near the target and the economy is stable. Global manufacturing in many countries is recovering, and the market's expectation of a Fed rate cut in September is rising. The US Geological Survey's proposal to include silver in the 2025 "critical minerals list" and the obvious supply - demand gap in the silver market, along with continuous capital inflows into global ETFs for 7 months, support the rise of silver. In the long run, gold will benefit from global monetary easing, the decline of the US dollar's credit, and the reconstruction of the geopolitical pattern [2]. 3.1.3 Strategy Recommendation - Gold has support around 770 in the short term, and attention should be paid to the performance at recent highs of 803 and 810. Silver has support around 9530 after breaking through the historical high. The long - term upward trend of gold and silver remains unchanged [3]. 3.2 Copper 3.2.1 Market Review - Shanghai copper is oscillating narrowly at a high level, testing the pressure at the 80,000 - yuan mark [5]. 3.2.2 Industrial Logic - The supply of copper concentrate is tight, and the processing fee TC is deeply inverted. The domestic electrolytic copper production may decline in September due to smelter maintenance. With the arrival of the peak season, the demand is expected to pick up. Overseas copper inventories are accumulating, but domestic exchange copper inventories are decreasing. The domestic copper social inventory is at a low level in the same period of history, and the spot circulation is tight [5]. 3.2.3 Strategy Recommendation - Hold existing long positions, and new entrants can wait for dips to enter the market. Enterprises for selling hedging can wait for high - price opportunities to lock in profits. Pay attention to the US August non - farm payroll data and beware of the risk of copper prices falling from high levels. In the long term, copper is optimistic due to its strategic importance and the growth of green copper demand [6]. 3.3 Zinc 3.3.1 Market Review - Shanghai zinc is oscillating narrowly [9]. 3.3.2 Industrial Logic - In 2025, the supply of zinc concentrate is abundant, and the processing fee is rising. Although a smelter in Guangxi will conduct maintenance, the overall supply is increasing. It is the off - season for demand, and the domestic social inventory of zinc ingots is accumulating while the LME inventory is decreasing, with the risk of a soft squeeze still remaining [9]. 3.3.3 Strategy Recommendation - Temporarily wait and see, waiting for more macro - data guidance. In the long term, adopt a short - selling strategy on rebounds [9]. 3.4 Aluminum 3.4.1 Market Review - Aluminum prices are under pressure to rebound, and alumina shows a relatively weak trend [11]. 3.4.2 Industrial Logic - The supply of bauxite from Guinea is relatively abundant. The domestic electrolytic aluminum production is increasing slightly, and the inventory is also rising. The demand side shows a slight improvement. The supply of alumina is expected to be loose in the short term [12]. 3.4.3 Strategy Recommendation - Go long on dips in the short term, paying attention to the changes in the downstream processing enterprises' operating rates [13]. 3.5 Nickel 3.5.1 Market Review - Nickel prices are rebounding from a low level, and stainless steel is also showing a rebound trend [15]. 3.5.2 Industrial Logic - There are expectations of interest - rate cuts overseas. Political instability in Indonesia has raised concerns about nickel ore supply. The domestic nickel industry chain has a supply - demand divide, with a large supply surplus of refined nickel and a relatively tight supply of nickel sulfate. The stainless - steel inventory is gradually decreasing, but the effect of steel - mill production cuts is weakening [16]. 3.5.3 Strategy Recommendation - Take profits and wait and see, paying attention to downstream inventory changes [17]. 3.6 Lithium Carbonate 3.6.1 Market Review - The main contract LC2511 opened low and closed lower, with an intraday decline of more than 3% [19]. 3.6.2 Industrial Logic - The renewal of a mining license in Jiangxi has alleviated market concerns about supply. The production and inventory of lithium carbonate are both decreasing slightly, and the demand side is improving with the approaching peak season [20]. 3.6.3 Strategy Recommendation - Pay attention to the support near the annual line in the range of 74,500 - 76,700 yuan/ton [21].