Report Industry Investment Rating - Not provided in the given content Core Views of the Report - Gold and silver are recommended for long - positions. Gold is expected to benefit from global monetary easing, dollar credit decline, and geopolitical restructuring in the long - term, while silver has strong demand and limited supply growth in the medium - to - long - term [1][2][3] - Copper is recommended to hold long positions. It is an important strategic resource in the China - US game, with tight copper concentrate supply and booming green copper demand [1][5][6] - Zinc is recommended for short - selling on rebounds. There is a lack of demand and inventory accumulation in the short - term, and supply will increase while demand decreases in the long - term [1][9] - Lead shows a trend of being under pressure on rebounds due to the recovery of primary lead production, more shutdowns of secondary lead enterprises, and average performance in the downstream battery consumption peak season [1] - Tin is under pressure because of the slow resumption of tin mines in Myanmar, routine maintenance of large domestic smelters, and the off - season of downstream traditional consumption [1] - Aluminum is under pressure on rebounds. Although the downstream processing industry has slightly recovered, the supply of bauxite is relatively abundant and inventory is accumulating [1][12] - Nickel is in a weak trend. The supply of refined nickel is high, and the de - stocking rhythm of downstream stainless steel may slow down [1][16] - Industrial silicon is cautiously recommended for long - positions. Supply pressure increases, but it can be treated with a low - buying strategy after stabilization [1] - Polysilicon is recommended for long - positions. There is an expected increase in production in September, but enterprises will limit sales, and downstream inventory - building demand is increasing [1] - Lithium carbonate is cautiously recommended for long - positions. Total inventory has declined for three consecutive weeks, and the expectation of inventory reduction supports the price [1][20][21] Summary by Related Catalogs Gold and Silver - **Market Review**: Affected by factors such as the slowdown of US employment data and the challenge to the Fed's independence, the gold price soared and then fluctuated. Silver followed the gold market and adjusted more sharply [1][2] - **Basic Logic**: US employment indicators have slowed down significantly, and a September interest rate cut is imminent. The Trump administration has increased pressure on the Fed. In the long - term, gold will benefit from global monetary easing, dollar credit decline, and geopolitical restructuring [2] - **Strategy Recommendation**: The long - term upward trend of gold and silver remains unchanged. In the short - term, gold has support around 804, and silver has support around 9630. A low - buying strategy is recommended [3] Copper - **Market Review**: Shanghai copper prices were under pressure and fell back, testing the support of moving averages [5] - **Industrial Logic**: Copper concentrate supply is tight, and production may decline in September. With the arrival of the peak season, demand will gradually pick up, and the overall supply - demand is in a tight balance [5] - **Strategy Recommendation**: It is recommended to hold existing long positions, and some can take profits. Enterprises can actively arrange selling hedging. In the long - term, copper is highly regarded [6] Zinc - **Market Review**: Shanghai zinc prices were under pressure and fluctuated narrowly [9] - **Industrial Logic**: Zinc concentrate supply is abundant, and smelter production enthusiasm is high. However, it is the off - season for demand, and domestic inventory is accumulating [9] - **Strategy Recommendation**: It is recommended to hold existing short positions and pay attention to the support at 22,000. In the long - term, a short - selling strategy on rebounds is maintained [9] Aluminum - **Market Review**: Aluminum prices were under pressure on rebounds, and alumina showed a relatively weak trend [11] - **Industrial Logic**: The supply of electrolytic aluminum is increasing slightly, and inventory is accumulating. The demand side has slightly recovered. The supply of alumina is expected to remain loose in the short - term [12] - **Strategy Recommendation**: It is recommended to try long positions at low prices for Shanghai aluminum, paying attention to the changes in downstream processing enterprise start - up rates [13] Nickel - **Market Review**: Nickel prices were under pressure and fell back, and stainless steel also showed a downward trend [15] - **Industrial Logic**: There is an expectation of interest rate cuts overseas. The supply of refined nickel is excessive, and the de - stocking effect of stainless steel is weakening [16] - **Strategy Recommendation**: It is recommended to focus on short - selling on rebounds for nickel and stainless steel, paying attention to changes in downstream inventory [17] Lithium Carbonate - **Market Review**: The main contract LC2511 opened low and went high, rising more than 2% during the session [19] - **Industrial Logic**: The export of lithium carbonate from Chile to China decreased in August. Domestic production is stable, and terminal demand is approaching the peak season, with inventory showing a downward trend [20] - **Strategy Recommendation**: A low - buying strategy after stabilization is recommended within the range of 73,000 - 75,000 [21]