Summary of Conference Call on Non-Ferrous Metals Industry Industry Overview - The non-ferrous metals industry, including gold, copper, aluminum, and small metals like tungsten and lithium, is experiencing a positive outlook with strong market confidence despite some concerns regarding price fluctuations and supply-demand dynamics [2][14]. Key Points and Arguments Gold Market - Gold prices are expected to find strong support between $3,900 and $4,000, with an adjustment period of 2 to 4 weeks, potentially leading to consolidation until early next year. Inflation may drive future price increases [1][4][15]. - Companies involved in gold production are projected to have a compound annual growth rate (CAGR) of gold output between 10% to 20% from 2026 to 2029, indicating strong investment potential despite price fluctuations [1][5]. Copper Market - The price of copper is anticipated to be influenced more by supply-demand fundamentals rather than movements in gold prices. A significant price increase is expected in 2026, potentially exceeding $11,000, driven by global liquidity easing [1][7][15]. - Supply shortages are projected for copper due to production guidance reductions from several mines, which could lead to a supply shortfall of approximately 2% in 2026 [8]. Aluminum Market - The electrolytic aluminum sector has outperformed expectations, with domestic production peaking and no significant increases in overseas supply. The demand for aluminum alloys and rods is improving, leading to a favorable supply-demand balance [1][9][10]. - Aluminum is characterized by low absolute and relative valuations, with a strong dividend trend, making it a valuable investment opportunity [16]. Small Metals Market - Recent price increases have been observed in small metals such as tungsten, lithium carbonate, and magnesium. Cobalt prices may rise above 400,000 yuan due to supportive supply-demand fundamentals [1][11]. - Tungsten is experiencing a strategic shortage, while lithium's demand is currently strong but supply has not yet caught up, indicating potential for future price increases [11][17]. Steel Market - The steel market faces short-term export pressures but is not expected to collapse. Profit margins for steel companies remain around 55%, although many are operating at minimal profits [3][13]. - Strategic investments in low-valuation, high-dividend steel companies are recommended, especially as some regions begin to reduce production to maintain prices [3][13]. Additional Important Insights - The overall sentiment in the non-ferrous metals sector remains optimistic, with concerns primarily focused on gold price volatility and potential unexpected changes in aluminum supply [2][14]. - The market dynamics for copper and aluminum are largely independent of gold price movements, emphasizing the importance of individual supply-demand fundamentals [6][14]. This summary encapsulates the key insights from the conference call regarding the non-ferrous metals industry, highlighting the positive outlook and investment opportunities across various segments.