Core Viewpoint - The A-share market has shown resilience with the three major indices achieving five consecutive monthly gains, indicating that the bull market is not over yet [1][2]. Market Performance - Recent market trends show a significant rise in brokerage stocks, suggesting continued bullish sentiment [2]. - The market is currently characterized by structural opportunities, with rare metals experiencing substantial gains while oil and gas prices are declining [3]. Rare Metals Sector - The surge in rare metals is attributed to two main factors: policy support and supply chain tightening [4]. - Policy support comes from a joint initiative by eight government departments, including the Ministry of Industry and Information Technology, which outlines a growth plan for the non-ferrous metals industry from 2025 to 2026, focusing on the development of domestic resources and encouraging applications in emerging industries [4]. - Supply chain concerns are heightened by export bans and quota systems in major producing countries, particularly for cobalt, which has seen its price rise due to fears of supply shortages [5]. Oil and Gas Sector - The decline in oil and gas prices is primarily driven by market concerns regarding potential production increases by OPEC+, which could exacerbate the oversupply situation in the global oil market [5]. Market Outlook - The market is expected to maintain a "strong oscillation" state, with the bull market entering a critical phase that tests the fundamentals and style shifts, particularly in November [5]. Investment Opportunities - Investors are encouraged to seize opportunities during pullbacks in the rare metals sector, with several themed funds showing significant year-to-date returns [6]. - The top-performing rare metals-themed funds include: - Huaan Zhongzheng Nonferrous Metals Mining Index A: 66.13% [7] - Bosera Zhongzheng Nonferrous Metals Mining Index A: 65.09% [7] - Guotai Zhongzheng Nonferrous Metals Mining ETF: 63.84% [7]