1. Report Industry Investment Rating No specific industry - wide investment rating is provided in the report. 2. Core Views of the Report - Gold is expected to trade in a high - level range due to factors such as high US tariffs, potential Fed monetary easing, and continued gold purchases by central banks [1]. - Silver is likely to have a strong - level range. Trump's tariff on Mexico impacts silver mine costs, and fiscal stimulus boosts industrial demand [1][3]. - Copper is expected to fluctuate. Although there may be short - term inventory and demand issues, long - term prospects are positive due to global copper shortages [1][6]. - Zinc is under pressure. Zinc concentrate processing fees are rising, and there are uncertainties in global economy and demand [1][9]. - Lead is under pressure because of increased supply and insufficient downstream consumption [1]. - Tin is under pressure as the slow复产 of mines and the off - season of consumption lead to inventory accumulation [1]. - Aluminum is under pressure due to high production capacity, inventory build - up, and weakening terminal consumption [1][11]. - Nickel is in a weak position. Overseas nickel ore prices are weakening, and there is inventory build - up in nickel and stainless steel [1][13]. - Industrial silicon may rebound, but high inventory restricts the upside [1]. - Polysilicon is expected to trade in a high - level range, with policy expectations and price feedback loops driving the market [1]. - Lithium carbonate is in a high - level range. Market rumors and warehouse receipt contradictions drive up the price, but inventory build - up remains a concern [1][14]. 3. Summary by Variety Gold - **Core View**: High - level range [1] - **Main Logic**: High US tariffs, possible Fed monetary easing, and continued gold purchases by central banks. Future uncertainties are high, suitable for strategic allocation [1]. - **Price Range**: [765 - 795] [1] Silver - **Core View**: Strong - level range [1] - **Main Logic**: Trump's 30% tariff on EU and Mexican goods from August 1st affects Mexican silver mines. Silver's industrial use in solar panels also provides support [1][3]. - **Price Range**: [9000 - 9375] [1] Copper - **Core View**: Fluctuate [1] - **Main Logic**: The impact of US copper import tariffs is fading. There are short - term inventory and demand issues, but long - term supply shortages are expected due to global copper mine tensions [1][6]. - **Price Range**: Shanghai copper [77500, 79500]; London copper [9600, 9800] dollars/ton [6] Zinc - **Core View**: Under pressure [1] - **Main Logic**: Zinc concentrate processing fees are rising. There are uncertainties in global economy and demand, and LME zinc inventory has increased significantly [1][9]. - **Price Range**: Shanghai zinc [21800, 22400]; London zinc [2680, 2780] dollars/ton [9] Lead - **Core View**: Under pressure [1] - **Main Logic**: Increased supply of primary and recycled lead in July, insufficient downstream consumption, and inventory accumulation [1]. - **Price Range**: [16700 - 17300] [1] Tin - **Core View**: Under pressure [1] - **Main Logic**: Slow复产 of mines in Myanmar's Wa State and the off - season of consumption lead to inventory accumulation [1]. - **Price Range**: [260000 - 269000] [1] Aluminum - **Core View**: Under pressure [1] - **Main Logic**: High production capacity, inventory build - up, and weakening terminal consumption [1][11]. - **Price Range**: [20000 - 20600] [1] Nickel - **Core View**: Weak [1] - **Main Logic**: Overseas nickel ore prices are weakening, and there is inventory build - up in nickel and stainless steel [1][13]. - **Price Range**: [118000 - 121000] [1] Industrial Silicon - **Core View**: Rebound [1] - **Main Logic**: Rumors of canceled electricity subsidies and复产 cancellation are positive, but high inventory restricts the upside [1]. - **Price Range**: [8530 - 8800] [1] Polysilicon - **Core View**: High - level range [1] - **Main Logic**: Policy expectations and price feedback loops drive the market, but high prices and margin hikes on the exchange increase volatility [1]. - **Price Range**: [40900 - 42500] [1] Lithium Carbonate - **Core View**: High - level range [1] - **Main Logic**: Market rumors and warehouse receipt contradictions drive up the price. Although the fundamentals are improving marginally, inventory build - up continues [1][14]. - **Price Range**: [65300 - 67000] [1]