Group 1: Macro and Market Outlook - The overall tone for macro and major asset allocation in Q4 2025 is "seeking progress while maintaining stability," with a focus on three domestic policy directions: 500 billion yuan in policy financial tools, likely monetary policy easing, and forward-looking "14th Five-Year Plan" initiatives [1] - Global economic momentum is weakening, but recalibration of policies in the U.S. will provide support, with expectations of recovery driven by global liquidity and fiscal leverage in the next 1-2 quarters [1] Group 2: Precious Metals - Gold is expected to experience a strong oscillation in Q4 2025, presenting a long-term strategic allocation window, as the correlation between actual interest rates and gold prices has decreased [2] - The downtrend in U.S. actual interest rates during the easing cycle will likely support gold prices, driven by factors such as U.S. debt overexpansion and the loss of political and trade order due to de-globalization [2] Group 3: Energy and Chemical Products - The supply and demand for energy and chemical products are expected to be slightly weak in Q4 2025, with oil prices influenced by geopolitical factors and supply-demand dynamics [2] - Recent attacks on Russian energy infrastructure have led to a significant decline in oil exports and refining capacity, which may temporarily support oil prices [2] Group 4: Non-Ferrous Metals - The macro outlook is positive for basic metals like copper, aluminum, and tin, especially with the Fed's resumption of interest rate cuts and potential incremental policies in China [3] - Supply disruptions in basic metals, particularly copper, are ongoing, and while domestic demand is slightly weaker, sectors like automotive and photovoltaic components are performing better than expected [3] - The overall trend for non-ferrous metals in Q4 is expected to shift from strong to weak, with copper, aluminum, and tin showing bullish opportunities, while industrial silicon and lithium carbonate may face downward pressure [3]