1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The geopolitical pricing in the second quarter of the stock index has changed from chaos to clarity. The Middle - East situation is becoming more complex, and the war situation will affect the fundamentals of equity assets. It is expected that the US and Iran will go through a process of "war expansion - negotiation and compromise" in the second quarter. A - shares may experience a V - shaped trend in the second quarter. In the short term, the A - share bull market is tested, but in the medium term, the technology industry represented by artificial intelligence is still the main line of the A - share bull market. It is recommended to go long on the IM futures with higher technology content on dips [92] - High oil prices will lead to an increase in global energy and trade costs, and have an impact on China's imports and exports, inflation, and economic growth. The PPI and CPI are expected to rise, and the global economic growth is predicted to decline [21][53][67] - The Chinese government is taking measures to expand domestic demand and promote economic structural adjustment, such as increasing investment in infrastructure and adjusting policies on consumption and investment [79] 3. Summary by Related Catalogs 3.1 China - Iran and China - Persian Gulf Seven - Country Trade - Iran's direct trade volume with China is small, with a trade surplus of less than $4 billion. After the US sanctions in 2018, the direct trade between China and Iran decreased [5] - China's exports to the eight countries including Iran and the seven Persian - Gulf countries have been increasing in the past five years. In 2025, the total export amount to the eight countries was $169.27 billion, accounting for 4.3%. China's imports from the seven Persian - Gulf countries accounted for 6.1% of the total imports, and the trade deficit turned positive in 2025, reaching $5.7 billion [6][16] - If trade with the seven Persian - Gulf countries is interrupted, China's exports will decrease by 4.3% and imports by 6.1%. China's import dependence on these countries is mainly concentrated in crude oil, natural gas, chemical raw materials, and plastic products, and some products have a share of over 20%. The export of carpets, textiles, motor vehicles, steel products, and electromechanical products may be damaged [25][29] 3.2 Energy and Market Impact - The Strait of Hormuz is crucial for China. About 200 - 210 million barrels of crude oil pass through it every day, accounting for about 20% of the world's seaborne oil. The liquefied natural gas transportation accounts for about 20% of the world, and the methanol transportation accounts for about 35% of the world. The closure of the strait will lead to an increase in global energy and trade costs [21] - Crude oil accounts for 18.2% of China's total energy consumption, and the external dependence is about 72%. The crude oil imported from the seven Persian - Gulf countries accounts for about 40% of the total imported crude oil. China's oil reserves can support about 100 days. If the war persists and the strait is blocked, it will impact the economic growth [34] - Before the US - Iran war, the global equity assets were in a bull market. After the war, the global risk assets were under pressure, and the stock markets generally declined. In March, only the energy and mineral sectors rose, while the technology stocks and HALO assets fell significantly [38][46] 3.3 A - share Market Performance - In March, A - shares fell in line with the global stock markets. The rising sectors include energy (coal, power utilities, and new energy), defense (banks, public utilities), and AI infrastructure (communications). The falling sectors are mainly HALO heavy - hitters such as non - ferrous metals, steel, and building materials, concept stocks such as military industry, and technology stocks such as media and computer [49] - At the tertiary industry level, coal chemical industry, lithium batteries, new energy power generation, and optical communications performed well [50] 3.4 Inflation and Economic Growth - The increase in oil prices has led to an unexpected rise in PPI and CPI. In March, the PPI is expected to approach 0 year - on - year, turn positive in the second quarter, and the annual central level will rise to about 0.5%, 1.5% higher than the initial forecast. The CPI is expected to rise to about 1%, 1% higher than the initial forecast [60] - China's exports increased significantly in the first two months, but the impact of the US - Israel - Iran conflict on the global economy will be apparent from the second quarter. The OECD estimated in March that the GDP growth rate in the four quarters of this year will decline by 0.12, 0.23, 0.31, and 0.33 percentage points respectively compared with the February forecast [67] - China's economic growth is more dependent on foreign trade, and domestic demand is weak. The fiscal stimulus in 2026 is limited, and the incremental content is mainly in policy - based financial instruments and special funds for expanding domestic demand [72] 3.5 Policy and Industry Development - The government's work report in 2026 emphasizes building a strong domestic market, with a re - balance between consumption and investment, and an increase in support for fixed - asset investment. The positions of rural revitalization, new urbanization, and improving people's livelihood are advanced [79][80] - The National Development and Reform Commission will invest more than 7 trillion yuan in "six networks" and key areas this year, and the scale of artificial - intelligence - related industries will exceed 10 trillion yuan by the end of the 15th Five - Year Plan. The Ministry of Commerce focuses on service consumption, the central bank focuses on supporting domestic demand, innovation, and small and medium - sized enterprises, and the Ministry of Finance provides loan interest subsidies for individuals and enterprises [84] - Although the valuation of technology stocks is still high, their structure is relatively healthy after the profit upward revision and valuation downward revision in the fourth quarter of last year. The non - technology stocks have relatively mild changes in valuation and profit. The policy support for the technology industry is obvious [91]

1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - Gold: Focus on the switch between liquidity contraction and safe - haven trading. Gold is in a state of shock. The price range is 970 - 1050 yuan/gram. The first wave of liquidity contraction has been relatively sufficient. If the U.S. stocks accelerate their decline and there is a joint sell - off of all - market assets in the future, there may be a second - round sell - off of gold. However, the rebound of gold on Friday night when the U.S. stocks broke down may indicate the return of safe - haven sentiment. Gold has the value of the first - wave bottom - fishing, and it is mainly in a range - bound state in the medium - term, with the decline risk not fully cleared, but it already has buying cost - effectiveness [3]. - Silver: The gold - silver ratio continues to be repaired. Silver is in a state of shock. The price range is 16000 - 18500 yuan/kilogram. Silver bears greater elasticity and volatility, and the gold - silver ratio is in an upward - repair channel [3]. 3. Summary According to Relevant Catalogs 3.1 Trading Aspect (Price, Spread, Inventory, Capital, and Position) 3.1.1 Overseas Spot - Futures Spread - Gold: This week, the spread between London spot and COMEX gold main contract rebounded to 3.648 dollars/ounce, and the spread between COMEX gold continuous and COMEX gold main contract was 2.3 dollars/ounce [8][9]. - Silver: This week, the spread between London spot and COMEX silver main contract rebounded to - 0.045 dollars/ounce, and the spread between COMEX silver continuous and COMEX silver main contract was - 2.22 dollars/ounce [8][15]. 3.1.2 Domestic Spot - Futures Spread - Gold: This week, the gold spot - futures spread was - 6.21 yuan/gram, at the lower edge of the historical range [19]. - Silver: This week, the silver spot - futures spread was - 22 yuan/gram, at the upper edge of the historical range [22]. 3.1.3 Inter - month Spread - Gold: This week, the gold inter - month spread was 8.22 yuan/gram, at the upper edge of the historical range [26]. - Silver: This week, the silver inter - month spread was 51 yuan/gram, at the lower edge of the historical range [29]. 3.1.4 Cross - month Positive Arbitrage Delivery Cost - Buying TD and shorting Shanghai gold: The total cost is 20.20 yuan/gram [31]. - Buying Shanghai gold December contract and shorting June contract: The total cost is 5.93 yuan/gram [32]. - Buying TD and shorting Shanghai silver: The total cost is 354.11 yuan/kilogram [33]. - Buying Shanghai silver December contract and shorting June contract: The total cost is 341.50 yuan/kilogram [34]. 3.1.5 Delivery Direction of Deferred Fees for Gold and Silver Spot in Shanghai Gold Exchange This week, for gold, the long pays the short, indicating strong delivery power; for silver, the short pays the long, indicating strong receiving power [35]. 3.1.6 Inventory and Position - to - Inventory Ratio - Gold: This week, COMEX gold inventory decreased by 10 tons, and the registered warrant ratio rebounded to 52.4%. The domestic gold futures inventory decreased by 0.2 tons [37][43]. - Silver: This week, COMEX silver inventory decreased by 136 tons to 10211 tons, and the registered warrant ratio fell to 23.2%. The domestic silver futures inventory increased by 9.3 tons to 371 tons [39][43]. 3.1.7 CFTC Non - commercial Positions This week, the non - commercial net long position of COMEX CFTC gold rebounded slightly, and the non - commercial net long position of silver rebounded slightly [45]. 3.1.8 ETF Positions - Gold: This week, the SPDR gold ETF position decreased by 4.29 tons, and the domestic gold ETF position decreased by 12.4 tons [49]. - Silver: This week, the SLV silver ETF position increased by 150 tons [53]. 3.1.9 Gold - Silver Ratio This week, the gold - silver ratio rebounded from 62 in the previous week to 66 [55]. 3.1.10 COMEX Gold Delivery Volume and Gold - Silver Lease Rate This week, the 3 - month gold lease rate was - 0.188%, and the 3 - month silver lease rate was 2.03% [57]. 3.2 Core Drivers of Gold 3.2.1 Gold and Real Interest Rates This week, the correlation between gold and real interest rates has returned, and the 10Y TIPS continued to decline [62]. 3.2.2 Inflation and Retail Sales Performance No specific analysis conclusions are provided in the content, only relevant data charts are presented [66]. 3.2.3 Non - farm Employment Performance No specific analysis conclusions are provided in the content, only relevant data charts are presented [68]. 3.2.4 Industrial Manufacturing Cycle and Financial Conditions No specific analysis content is provided in the content. 3.2.5 Economic Surprise Index and Inflation Surprise Index No specific analysis content is provided in the content. 3.2.6 Fed Rate - cut Probability No specific content is provided in the text, only a title is given.

Macroeconomic Commentary - The Federal Reserve maintained the federal funds rate target range at 3.5%–3.75% during the March FOMC meeting, indicating limited room for future monetary easing[10] - The Fed slightly raised its inflation forecast from 2.4% to 2.7% and GDP growth from 2.3% to 2.4%, reflecting concerns about inflation driven by rising oil prices[10] - In an optimistic scenario, rate cuts may occur sooner than expected if inflation remains manageable; in a pessimistic scenario, persistent high oil prices could lead the Fed to adopt a hawkish stance[7] PPI Data Insights - The U.S. PPI rose 0.7% month-over-month in February, significantly above the expected 0.3%, and year-over-year it increased to 3.4%, surpassing the 3.0% forecast[2] - Core PPI, excluding food and energy, rose to 3.9% year-over-year, indicating persistent inflationary pressures[2] - The increase in PPI may delay expectations for Fed rate cuts and could push up U.S. Treasury yields while weighing on risk assets[2] Market Observations - U.S. stock indices fell for the fourth consecutive week, with the Dow Jones down 2.11%, S&P 500 down 1.90%, and Nasdaq down 2.07% due to hawkish Fed signals and geopolitical tensions[20] - U.S. Treasury yields rose, with the 10-year yield reaching 4.38% and the 2-year yield at 3.90%, reflecting inflation risks outweighing growth concerns[22] - Gold prices fell 10.5% to $4,490 per ounce, marking the largest weekly decline since 1983, as real interest rates increased[25] Oil and Geopolitical Impact - Oil prices closed at $104 per barrel, driven by geopolitical premiums, and are expected to remain elevated due to ongoing Middle Eastern conflicts[27] - The potential for a U.S. compromise or troop withdrawal related to midterm elections could lead to a "Taco 2.0" scenario, shifting market dynamics towards risk-on trading[27]

Group 1: Geopolitical Tensions and Market Impact - The conflict between the US, Israel, and Iran is escalating, with potential for a significant blockade of the Strait of Hormuz, impacting global supply chains and inflation expectations [2] - The market is reacting to geopolitical developments, with US Treasury yields rising and expectations for the Federal Reserve shifting towards a more hawkish stance due to inflation concerns [3] - Oil prices remain high, contributing to inflationary pressures and affecting market liquidity, leading to a shift in investor preference from large-cap tech stocks to mid and small-cap stocks [3] Group 2: Economic Indicators and Market Performance - The US stock market saw declines, with the S&P 500 and Nasdaq indices dropping by 1.9% and 2.1% respectively, driven by ongoing Middle Eastern tensions and high oil prices [3] - In China, new home sales are showing signs of recovery, with a 9.7% year-on-year decline in new home transactions narrowing, and second-hand home sales increasing by 3.2% [7] - Port activity in China is rebounding, with significant increases in cargo and container throughput, indicating a recovery in external demand [8] Group 3: Monetary Policy and Fiscal Outlook - China's monetary policy is expected to tighten, with the central bank signaling a reduced likelihood of interest rate cuts amid rising inflation risks [10][11] - Fiscal revenue in China showed a modest increase of 0.7% year-on-year in January-February, with non-tax revenue performing better than tax revenue [9] - Government spending is projected to increase, particularly in health and social security sectors, while infrastructure spending is recovering but remains under pressure [9] Group 4: Investment Strategies and Sector Focus - Investment strategies should focus on defensive sectors and energy stocks to mitigate risks associated with geopolitical tensions and inflation [3][13] - The A-share market is experiencing volatility, with a recommendation to maintain a defensive posture and focus on dividend, energy, and hard technology sectors [13][14] - The outlook for the bond market remains cautious, with expectations of rising interest rates due to inflationary pressures, while opportunities may arise as the market shifts focus from inflation to potential stagnation [12]

Core Insights - The ongoing conflict in the Middle East, particularly the U.S.-Israel-Iran tensions, has led to increased risks in global energy supply and market volatility, resulting in a dual logic of "risk aversion" and "stagflation trading" in capital markets [5][7] - Brent crude oil prices surged to $108.65 per barrel, an increase of 8.15% from the previous week and 53.37% since the onset of the conflict [5][7] - Major global stock indices have faced downward pressure, with the U.S. dollar strengthening and gold prices declining by 10.49% [8] Global Capital Market Overview A-shares and Hong Kong Market Review - The Shanghai Composite Index closed at 3957.05, down 3.38% for the week, while the Hang Seng Index fell by 0.74% to 25277.32 [15][21] - The Shenzhen Component Index decreased by 2.90%, closing at 13866.20 [15] Overseas Market Review - The Dow Jones Industrial Average fell by 2.11% to 45577.47, while the S&P 500 and Nasdaq Composite dropped by 1.90% and 2.07%, respectively [23] - European indices such as the DAX and CAC40 saw declines of 4.55% and 3.11% [24] Global Bond Market Dynamics - The yield on the 10-year U.S. Treasury bond rose to 4.39%, reflecting market concerns over inflation driven by rising oil prices and geopolitical tensions [27] Major Currency Exchange Rates - The U.S. dollar strengthened against the Japanese yen, closing at 159.25, while the dollar to Chinese yuan exchange rate was 6.89 [29] Major Commodity Prices - Brent crude oil prices increased significantly, while gold prices fell to $4491.67 per ounce, down 10.49% from the previous week [30] Important Policy Developments - The People's Bank of China emphasized the need for high-level financial market openness, aiming to enhance investment convenience and cross-border regulatory cooperation [31] - The China Securities Regulatory Commission is working on improving the stability of the capital market, focusing on long-term capital inflows and enhancing the quality of listed companies [32] - A new liquidity support mechanism for non-bank financial institutions is being explored to prevent systemic financial risks [33] - Hong Kong's regulatory body has tightened controls on investment banking practices, limiting the number of active projects for sponsors to enhance project quality [37] - South Korea announced a ban on the spin-off of subsidiaries by listed companies to protect shareholder interests and improve market valuation [38]

Investment Rating - The industry is rated as "Outperform" [5] Core Insights - Precious metals are under pressure due to rising inflation expectations and the Federal Reserve's decision to delay interest rate cuts, leading to a continued decline in gold prices [9][10] - Industrial metals, particularly copper, are facing downward pressure due to escalating geopolitical tensions and inflation warnings, resulting in significant price drops [12][13] - The lithium carbonate market is experiencing a price decline while maintaining low inventory levels, with a gradual recovery in production expected [18][21] - The tungsten market remains in a tight balance between supply and demand, with ongoing negotiations between buyers and sellers [22][23] Summary by Sections Precious Metals - Inflation expectations are rising, and the Federal Reserve has maintained interest rates, contributing to a downward trend in gold prices [9][10] - Gold prices have seen declines of approximately 10.49% to 10.57% across various markets [9] - Key stocks to watch include Zhaojin Mining, Zijin Mining, and others in both A-shares and H-shares [11] Industrial Metals - The copper market is under pressure due to geopolitical tensions and rising energy prices, leading to a significant drop in prices [12][13] - The price of copper has decreased by 5.6% this week, with concerns about supply disruptions [12] - Key stocks to monitor include Jiangxi Copper, Luoyang Molybdenum, and others [17] New Energy Metals - Lithium carbonate prices are declining, with production expected to recover steadily [18][21] - The demand for lithium remains strong, particularly in the energy storage sector, despite some market disruptions due to geopolitical issues [21] - Key stocks in this sector include Ganfeng Lithium and others [21] Other Minor Metals - The tungsten market is characterized by a tight supply-demand balance, with prices remaining stable amid ongoing negotiations [22][23] - The market is gradually shifting towards high-end and green transformation, with various segments showing differentiated development [23] - Key stocks to watch include Jinxin International Resources and others [23]

Core Viewpoint - The article discusses the recent fluctuations in gold prices, highlighting a significant decline below $5000 per ounce and the factors influencing this trend, including geopolitical tensions and market dynamics [1][5][6]. Gold Price Trends - Gold prices have entered an adjustment phase, with a year-to-date increase of only 15%. After reaching a peak of $5596.68 per ounce on January 28, the price has been on a downward trend [3]. - As of March 16, the spot gold price fell to $4997 per ounce, with a daily decline of 0.43% [2]. A-Share Gold ETF Market - A-share investors have shown increasing enthusiasm for gold investments, particularly after banks imposed purchase limits on gold. The total scale of 14 gold ETFs in the A-share market has approached 350 billion yuan [3][8]. - As of March 15, the total number of shares for gold ETFs reached 3.176 billion, with a market value of 345.33 billion yuan, reflecting a weekly increase of 5.03 million shares and a monthly increase of 1.9 billion shares [9]. Market Dynamics and Influences - The escalation of the U.S.-Iran conflict has led to unexpected volatility in gold prices, with a notable drop of 4.11% on March 3. This has raised questions about gold's safe-haven status [5]. - Morgan Stanley's report attributes the recent gold sell-off to multiple factors, including rising energy prices, inflation expectations, and a strong U.S. dollar, which have collectively pressured gold prices [6]. Future Outlook - Morgan Stanley maintains a bullish outlook on gold, predicting an average price of $5100 per ounce in Q1 2026, rising to $6300 per ounce by Q4 2026 [6]. - The article notes that the ongoing geopolitical tensions and their impact on inflation and economic growth could lead to a significant shift in gold's macroeconomic backdrop, potentially driving prices higher [6].

Core Viewpoint - The article discusses the complex and evolving situation in Iran and its impact on global markets, highlighting the dual characteristics of "risk-off" and "stagflation" trading, with recent signs of "risk-on" and liquidity recovery [3][5]. Group 1: Market Reactions to the Iran Situation - Following military strikes by the US and Israel against Iran, geopolitical risks in the Middle East surged, causing Brent crude oil prices to spike from approximately $70 per barrel to nearly $120 per barrel, an increase of over 70% [3]. - The oil transportation through the Strait of Hormuz, which accounts for 20% of global supply, could significantly affect oil prices and the global market if disrupted for an extended period [3]. - Initially, the global market exhibited "risk-off" and "stagflation" characteristics, with a strong dollar and rising oil prices leading to a sharp decline in global stock markets [3]. - As the conflict continued, concerns about rising oil prices leading to inflation risks grew, resulting in a shift where gold prices turned from rising to falling, while the dollar remained strong and bonds faced downward pressure [3]. Group 2: Potential Scenarios and Market Lines - Three potential scenarios for the Middle East situation are outlined: 1. **Negotiation or "Cold Peace"**: If the conflict cools through third-party mediation, oil prices may retreat, and the market could shift to a typical "risk-on" trading environment, with global stocks and bonds rebounding [6]. 2. **Low-Intensity Confrontation**: Continued airstrikes by the US and Israel may lead to a sustained high oil price environment, resulting in ongoing pressure on stocks and bonds, while the dollar remains strong [7]. 3. **Escalation of Conflict**: If the conflict escalates and the Strait of Hormuz is closed, global oil supply would be severely impacted, potentially leading to uncontrolled oil price surges and significant declines in global stock and bond markets [9]. Group 3: Economic Implications - If the Iran situation does not escalate further, the macroeconomic impact may lead to a phase of stagflation characterized by rising inflation and declining growth [10]. - The rise in energy prices typically translates into higher transportation and production costs, which historically correlates strongly with increases in the Consumer Price Index (CPI) [10]. - The article predicts that the inflationary effects of rising oil prices will not be reflected in February's CPI data but will significantly impact March's CPI readings, with expectations of a nominal CPI increase to 0.27% [12]. Group 4: Comparison with Previous Conflicts - The current geopolitical situation is compared to the 2022 Russia-Ukraine conflict, noting that the macroeconomic and policy contexts differ significantly, which may result in lower inflation peaks this time [21]. - Key differences include improved global supply chain conditions, weaker economic demand, lower inflation levels prior to the conflict, and a lower probability of aggressive monetary tightening compared to 2022 [21][24][32]. - The article suggests that even if oil prices rise to $140 per barrel, the US CPI may only reach around 4%, significantly lower than the 9.1% peak observed during the previous conflict [24]. Group 5: Investment Recommendations - The company recommends maintaining commodity positions as a hedge against geopolitical risks and suggests accumulating gold and Chinese stocks on dips [34]. - It is anticipated that if the Iran situation cools, it would benefit both domestic and foreign stock and bond valuations, with historical data indicating that markets typically recover from geopolitical shocks within approximately 60 days [36]. - The potential for gold to rebound is highlighted, driven by easing inflation concerns, rising risk aversion, and renewed interest in easing monetary policy [37].

Core Viewpoint - During the Spring Festival holiday, overseas markets were dominated by risk-averse trading due to Middle East geopolitical risks and uncertainties surrounding FOMC monetary policy. Major asset prices showed varied performances, with most global stock indices rising, while major currencies like the yen and pound experienced significant declines [2][4]. Group 1: Overseas Asset Performance - Global stock indices mostly rose, with the Korean Composite Index, French CAC40, and FTSE 100 leading the gains, increasing by 5.5%, 2.5%, and 2.3% respectively from February 16 to 20. The Hang Seng Index and Nikkei 225 fell by 0.6% and 0.2% respectively [4][14]. - Global 10-year government bond yields mostly declined, with Japanese, French, British, and Italian bonds decreasing by 6.1bps, 3.8bps, 2.7bps, and 2.3bps respectively, while the 10-year US Treasury yield rose by 4.0bps [4][14]. - Most major commodities saw price increases, with Brent crude oil and WTI crude oil rising by 5.9% and 5.7% respectively during the same period [4][14]. - Among major currencies, the yen and pound experienced significant declines, falling by 1.5% and 1.3% respectively, while the US dollar index rose by 0.9% [4][14]. Group 2: Key News Events - The US-Iran crisis escalated, with indirect negotiations taking place in Geneva. The US is increasing military presence in the region, leading to a rise in oil prices, with WTI crude increasing from approximately $62.33 to $66.39, marking a 6.5% increase [5][25]. - The FOMC meeting minutes indicated a neutral but hawkish stance, with most members agreeing that current rates are appropriate. The market expects a potential rate cut of about 60 basis points later this year, reflecting a slight easing compared to previous expectations [6][30]. - The US Supreme Court ruled against Trump's large-scale tariffs, stating that the International Emergency Economic Powers Act did not authorize such actions. This decision led to a decrease in supply chain costs and a rise in the Nasdaq index by 0.90% [7][36]. - Japanese Prime Minister Kishi Sanae was re-elected, promoting a fiscal policy focused on significant tax cuts and public investment, which is expected to boost Japan's GDP growth forecast for 2026 [9][39].

Investment Rating - The report maintains a rating of "Outperform" for the industry [7] Core Views - Precious metals are experiencing significant price volatility, with silver prices retreating from highs due to profit-taking and macroeconomic factors [3][14] - Industrial metals, particularly copper and aluminum, are undergoing price corrections influenced by macroeconomic conditions, with copper prices showing signs of recovery despite inventory accumulation [4][20] - In the new energy metals sector, lithium carbonate prices have sharply declined, but strong demand signals from downstream industries may support a rebound in prices post-holiday [22][27] - Other minor metals, such as rare earths, are showing mixed price movements, with some products experiencing upward pressure due to supply constraints [24][27] Summary by Sections Precious Metals - Silver prices have seen a significant drop, with fluctuations driven by market sentiment and macroeconomic news, including the nomination of Kevin Warsh as the next Federal Reserve Chair [3][14] - Key stocks to watch include Zijin Mining, Zhongjin Lingnan, and others in the gold sector [15] Industrial Metals - Copper prices have corrected, but market activity has increased, with strong buying sentiment noted despite the holiday season affecting production schedules [4][20] - Aluminum prices have experienced volatility, with a notable drop followed by a brief recovery, although the overall supply-demand structure remains weak [20][21] New Energy Metals - Lithium carbonate prices have decreased significantly, but robust demand from downstream sectors indicates potential for price recovery in the near future [22][27] - Key stocks in the lithium sector include Ganfeng Lithium and others [23] Other Minor Metals - The rare earth market has shown mixed price trends, with some products like praseodymium-neodymium oxide experiencing upward price movements due to supply constraints [24][27] - Stocks to monitor include Hunan Gold and others in the minor metals sector [27]