Investment Rating - The industry investment rating is "Outperform the Market" [51] Core Views - Precious Metals - Gold: The expectation of a Federal Reserve rate cut in September has increased, driving up gold prices. As of August 22, the COMEX gold futures contract rose by 1.03% to $3,417.20 per ounce. The SPDR Gold ETF decreased by 0.9% to 956.77 tons. The market's expectation of a 90% probability for a rate cut is seen as a core driver for current gold prices, with long-term macro uncertainties likely to sustain gold's safe-haven appeal [4][6]. - Industrial Metals: The approach of the consumption peak season is strengthening the fundamentals. As of August 22, the LME copper futures contract rose by 0.4% to $9,796.50 per ton. Domestic copper social inventory reached 131,700 tons, with a slight increase. The demand side is expected to enter a destocking cycle as domestic consumption gradually recovers [5][6]. - Aluminum: As of August 22, the LME aluminum futures contract rose by 0.7% to $2,622 per ton. Domestic aluminum social inventory reached 596,000 tons, with a slight increase. The demand is expected to improve as the peak season approaches, with a decrease in inventory pressure [6]. Summary by Sections 1. Nonferrous Metal Index Trends - As of August 22, 2025, the nonferrous metal index closed at 6,580.17 points, up 1.8% [10]. 2. Precious Metals - Gold prices are expected to remain strong due to macro uncertainties and the Federal Reserve's potential rate cuts, enhancing gold's monetary attributes [4][7]. 3. Industrial Metals - **Copper**: The fundamentals are improving with domestic demand recovery and tight supply of copper concentrate. The long-term outlook for copper prices remains positive [6][7]. - **Aluminum**: The supply-demand dynamics are expected to favor price increases as the peak season approaches, despite short-term seasonal weakness [6][7]. 4. Investment Recommendations - The report suggests focusing on gold, copper, and aluminum sectors. Specific companies to watch include Chifeng Jilong Gold Mining for gold, Luoyang Molybdenum for copper, and Tianshan Shares for aluminum [7][48].