Investment Rating - The report maintains a "Positive" investment rating for the non-ferrous and steel industry [5] Core Viewpoints - The report suggests that gold and rare earths may see a resurgence, while it also highlights opportunities for copper investments during market dips [8][13] - The report emphasizes that the deterioration of fiat currency credit and the need for safe-haven assets are driving gold prices upward, with gold stabilizing above $4,000 [8][13] - The upgrade of export controls on rare earths is seen as a strategic catalyst, potentially enhancing the value of the sector [14] - The report expresses confidence in the mid-term rise of copper prices due to fundamental supply-demand changes, recommending investors to look for opportunities in the copper sector [15][16] Summary by Sections 1. Non-Ferrous Metals - Gold prices are expected to rise due to deteriorating fiat currency credit and increased demand for safe-haven assets [8][13] - The rare earth sector is poised for a strategic boost following the upgrade of export controls, which may lead to higher domestic prices [14] - The copper market is anticipated to experience a mid-term price increase driven by supply constraints and rising demand from sectors like electric vehicles and data centers [15][16] 2. Steel Industry - The steel industry's profitability is under short-term pressure, with costs providing some support for steel prices [17] - Iron and steel production has seen slight declines, with traditional peak season demand yet to be validated [19] - Overall steel inventories are rising, indicating a potential oversupply situation [22] - Steel prices are maintaining a weak and stable trend, with notable price differentiation among various steel products [36] 3. New Energy Metals - Lithium production in August 2025 saw a significant year-on-year increase of 46.54%, indicating strong supply growth [40] - The demand for new energy vehicles remains robust, with production and sales showing substantial year-on-year growth [44] - Prices for lithium and cobalt are stable, while nickel prices have shown slight increases [50][51]