Group 1: Report Industry Investment Ratings - No specific industry investment ratings are provided in the report. Group 2: Core Views of the Report - Gold is expected to oscillate and surge due to factors such as the extension of US - EU tariff exemptions, geopolitical tensions, and central bank gold purchases. It has high strategic allocation value in the long - term [1]. - Silver is likely to have a range - bound oscillation, being greatly influenced by gold and base metals [1]. - Copper is expected to rebound in the short - term, with a focus on the pressure level of 79,000 yuan. Long - term optimism remains [1][4][5]. - Zinc is under pressure. In the short - term, supply concerns have subsided, and in the long - term, supply is increasing while demand is weak [1][6][7]. - Lead is under pressure due to supply tightening and cautious downstream procurement [1]. - Tin is under pressure as overseas tin ore supply recovers and domestic inventories accumulate [1]. - Aluminum is expected to rebound in the short - term as overseas bauxite disturbances weaken and inventories decline [1][8][9]. - Nickel is under pressure as the cost support weakens and downstream inventory pressure persists [1][10][11]. - Industrial silicon is bearish due to unchanged fundamentals, approaching the wet season, and weak downstream demand [1]. - Lithium carbonate is in a low - level oscillation with supply surplus and weak demand [1][12][13]. Group 3: Summary by Related Catalogs Gold and Silver - **Market Review**: European tariff attitude has softened, but long - term factors such as geopolitics and disorder still support the gold price, with limited decline [2]. - **Basic Logic**: Some European countries want to reach a tariff agreement with the US; the European Central Bank is likely to cut interest rates again; geopolitical issues in Russia - Ukraine and the Middle East remain unresolved; long - term trends of reducing dollar dependence and fiscal - monetary easing will support gold [2]. - **Strategy Recommendation**: In the short - term, go long on the gold futures market and control positions for long - term investment. Silver may continue to oscillate in the range of [8200, 8390] [3]. Copper - **Market Review**: Overnight copper opened higher and traded sideways with a narrow range [4]. - **Industrial Logic**: Overseas copper mine supply is tight, and there is a risk of a soft squeeze on LME copper. Terminal green copper demand in power, automotive, and home appliances is strong, offsetting the weakness in traditional demand [4]. - **Strategy Recommendation**: In the short - term, copper is oscillating strongly. Pay attention to the 79,000 - yuan pressure level and hold long positions cautiously. In the long - term, be optimistic about copper. Short - term Shanghai copper focuses on the range [78000, 79500], and LME copper focuses on [9400, 9800] dollars/ton [5]. Zinc - **Market Review**: Zinc is under pressure and oscillating weakly [6]. - **Industrial Logic**: In 2025, the zinc ore supply will be looser. Supply concerns have arisen due to smelter and mine over - maintenance. Supply is expected to increase, while downstream demand is weakening [6]. - **Strategy Recommendation**: In the short - term, supply concerns have subsided. With the approaching Dragon Boat Festival, market risk aversion is rising. It is recommended to wait and see. In the long - term, short on rallies. Shanghai zinc focuses on the range [22200, 22800], and LME zinc focuses on [2680, 2780] dollars/ton [7]. Aluminum - **Market Review**: Aluminum price rebounds under pressure, and alumina shows a downward trend [8]. - **Industrial Logic**: The overseas macro - trade environment has eased. Aluminum ingot and aluminum rod inventories are decreasing, but downstream demand is further differentiating. Alumina supply is in surplus, and the impact of overseas bauxite disturbances is weakening [9]. - **Strategy Recommendation**: It is recommended to wait and see for Shanghai aluminum, focusing on inventory changes. The main operating range is [19800 - 20500]. Alumina operates in a low - level range [9]. Nickel - **Market Review**: Nickel price is under pressure, and stainless steel has a significant decline [10]. - **Industrial Logic**: The overseas macro - environment has eased. The increase in Philippine nickel ore shipments weakens cost support. Domestic refined nickel production is increasing, and stainless steel inventory pressure still exists [11]. - **Strategy Recommendation**: It is recommended to short on rallies for nickel and stainless steel, focusing on downstream consumption. The main operating range for nickel is [120000 - 129000] [11]. Lithium Carbonate - **Market Review**: The main contract LC2507 opened low and rebounded slightly [12]. - **Industrial Logic**: The supply surplus continues. Upstream smelters have high inventory pressure, and demand is weak. The cost of lithium ore is still falling, and the negative feedback cycle persists [13]. - **Strategy Recommendation**: Take profit on short positions in the range of [60000 - 61500] [13].

1. Report Industry Investment Rating No information provided in the content. 2. Core Views of the Report - Gold is expected to oscillate and rise. The main drivers for the long - term bull market are the change in international order and the strategic allocation value is high. The price range is [766 - 787] [1]. - Silver is likely to have range - bound oscillations. The global economic demand may decline in 2025, and it is greatly affected by gold and base metals. The price range is [8200 - 8390] [1]. - Copper is predicted to rebound. In the short - term, it should pay attention to the pressure level at 79,000. In the long - term, it remains optimistic about copper. The short - term price range for SHFE copper is [78000, 79500] [1]. - Zinc is expected to rebound. In the short - term, the rebound space may be limited, and it is recommended to wait and see. In the long - term, it has an oversupply situation. The price range for SHFE zinc is [22400, 23000] [1]. - Lead is under pressure. The supply is expected to tighten slightly, but the downstream procurement is cautious, so the price rebound is under pressure. The price range is [16300 - 17000] [1]. - Tin is predicted to rebound. Overseas tin ore supply is gradually recovering, and the domestic inventory is accumulating. The price range is [263000 - 269000] [1]. - Aluminum is facing pressure in its rebound. The alumina price is falling, and the downstream demand is differentiating. The price range is [19800 - 20300] [1]. - Nickel is under pressure. The cost support is weakening, and the terminal demand is weakening. The price range is [120000 - 125000] [1]. - Industrial silicon has a bearish outlook. The supply and demand surplus concern remains. The price range is [7500 - 7780] [1]. - Lithium carbonate is bearish. The supply surplus situation has not been reversed. The price range is [59000 - 61000] [1]. 3. Summaries According to Related Catalogs Gold and Silver Market Review - The progress of the US - EU negotiation is repeated, and geopolitical issues in the Middle East and between Russia and Ukraine continue, providing support for gold [2]. Basic Logic - The US extended the deadline for imposing a 50% tariff on EU goods to July 9, boosting market confidence. Japan's inflation has rebounded, and the UK's retail sales have increased significantly. The cease - fire in the Middle East is uncertain. The long - term trend of reducing dependence on the US dollar and the dual - loose fiscal and monetary policies will support gold [3]. Strategy Recommendation - Short - term long positions can be arranged in the gold market, and control the position for long - term investment. Silver may continue to have range - bound oscillations in the short - term [8200, 8390] [4]. Copper Market Review - Overnight, copper opened lower and then rose, with an oscillatory recovery [6]. Industrial Logic - Overseas copper mine supply is tight, and the processing fee of copper concentrate is - 44.25 dollars/ton. The uncertainty of Trump's copper import tariff policy is reducing copper inventories outside the US. The demand for green copper in power, automotive, and home appliance sectors is strong, offsetting the weak demand in traditional sectors [6]. Strategy Recommendation - In the short - term, copper is oscillating strongly. Pay attention to the pressure level at 79,000. Long positions should be held cautiously. In the long - term, it is optimistic about copper. The short - term price range for SHFE copper is [78000, 79500], and for LME copper is [9400, 9800] dollars/ton [7]. Zinc Market Review - Zinc rose by more than 2% overnight [8]. Industrial Logic - In 2025, the zinc ore supply is expected to be loose. Recently, the unexpected extended maintenance of a smelter in South China and the maintenance of a mine in the Southwest have worried the market about supply disruptions. The downstream demand is weakening [8]. Strategy Recommendation - In the short - term, zinc rebounds due to mine and smelter maintenance, but the rebound space may be limited. It is recommended to wait and see. In the long - term, short positions can be taken on rebounds. The price range for SHFE zinc is [22400, 23000], and for LME zinc is [2680, 2780] dollars/ton [9]. Aluminum Market Review - The aluminum price rebounds under pressure, and the alumina price is falling [10]. Industrial Logic - The overseas macro - trade environment has eased. The inventory of electrolytic aluminum has increased slightly, and the demand is differentiating. The supply of bauxite is high, and the alumina supply surplus situation continues [11]. Strategy Recommendation - It is recommended to wait and see for SHFE aluminum, focusing on inventory changes. The price range for the main contract is [19800 - 20500]. Alumina is operating in a low - level range [11]. Nickel Market Review - The nickel price is under pressure, and stainless steel rebounds and then falls [12]. Industrial Logic - The overseas macro - environment has eased. The increase in nickel ore shipments from the Philippines and the price cut in Indonesia have weakened the cost support. The domestic refined nickel production is increasing, and the inventory is at a relatively high level. The stainless steel inventory has decreased, but the overall supply - demand surplus pressure still exists [13]. Strategy Recommendation - It is recommended to short on rebounds for nickel and stainless steel, focusing on downstream consumption. The price range for the main nickel contract is [120000 - 129000] [13]. Lithium Carbonate Market Review - The main contract LC2507 opened lower and fell, breaking through the 60,000 mark [14]. Industrial Logic - The supply surplus situation continues. The upstream smelter has high inventory pressure, and the demand is weak. The cost of lithium ore is still falling, and the negative feedback cycle continues [15]. Strategy Recommendation - Hold short positions. The price range is [59000 - 61000] [15].

Group 1: Report's Overall Industry Investment Ratings and Core Views - The report does not explicitly mention an overall industry investment rating. - The core view is a comprehensive analysis of various non - ferrous metals and new energy metals, with specific views and strategies for each metal [1] Group 2: Gold and Silver Core View - Gold: Expected to oscillate and surge; silver: Expected to have an interval adjustment [1] Main Logic - Gold: Short - term price increase due to failed Russia - Ukraine negotiations and China's large - scale gold imports. Long - term strategic value is high due to international order changes [1][3] - Silver: Affected by gold and base metals, with sensitive financial and commodity attributes, and the price center moves up due to the sharp rise of gold [1] Strategy - For gold, short - term long positions can be arranged, and for long - term investment, control the position; silver may continue to oscillate in the interval [8130, 8350] [3] Group 3: Copper Core View - Expected to rebound [1] Main Logic - Overseas geopolitical risks increase, the US dollar index declines, COMEX copper drains global copper inventories. The high copper price suppresses demand, but terminal green copper demand is strong [1][5] Strategy - Hold long positions and take partial profits at high levels. Be vigilant against the risk of a high - level decline. In the long - term, be confident in the rise of copper prices. Short - term, focus on the Shanghai copper range [78000, 79000] and the LME copper range [9400, 9800] dollars/ton [6][7] Group 4: Zinc Core View - Expected to rebound [1] Main Logic - In 2025, the zinc ore supply will be looser. Domestic zinc ingot production is high, but downstream demand is weak [8] Strategy - Hold previous short positions. In the long - term, take short positions on rallies. Focus on the Shanghai zinc range [22400, 22800] and the LME zinc range [2680, 2780] dollars/ton [9] Group 5: Aluminum Core View - Expected to rebound, but the upward movement is under pressure [1] Main Logic - For electrolytic aluminum, inventory changes and weakening demand; for alumina, overseas bauxite supply is disturbed, and the supply is in an over - supply pattern [11] Strategy - Temporarily wait and see, focus on inventory changes. The main operating range of Shanghai aluminum is [19800 - 20500]; alumina is expected to be stable [11] Group 6: Nickel Core View - The rebound is under pressure [1] Main Logic - The supply of nickel ore increases, the cost support weakens, and the stainless - steel industry still has an over - supply pressure [12] Strategy - Short on rebounds, focus on downstream consumption. The main operating range of nickel is [120000 - 129000] [12] Group 7: Industrial Silicon Core View - Bearish [1] Main Logic - The fundamentals change little, the supply may increase, and the downstream demand is weak [1] Group 8: Carbonate Lithium Core View - Bearish [1] Main Logic - The supply is sufficient, the demand is about to enter the off - season, and the inventory is increasing [14] Strategy - Appropriate profit - taking for short positions. The range is [60000 - 62500] [14]