Group 1 - The core viewpoint of the news highlights a significant rebound in precious metal prices, with gold surpassing $4,800 per ounce and silver increasing over 10% to exceed $85, driven by strong investor demand and expectations of future price increases [1][2] - The precious metals ETF (512400) rose by 3.23%, with a trading volume of 1.379 billion yuan, reflecting positive market sentiment [1] - Morgan Stanley predicts that gold prices could reach $6,300 per ounce by the end of 2026, supported by ongoing demand from central banks and investors [1] Group 2 - Eastern Securities suggests that the market's liquidity expectations are stabilizing, leading to potential recovery opportunities for undervalued assets [2] - The recent nomination of Walsh as the next Federal Reserve Chairman is expected to support interest rate cuts without aggressive monetary easing, alleviating concerns about the Fed's independence [2] - The industrial metals sector is experiencing a slowdown in inventory accumulation, with downstream processing activity showing signs of recovery, which may enhance price acceptance [2]

Investment Rating - The report maintains a positive outlook on the non-ferrous metals industry [6] Core Viewpoints - Liquidity expectations are rebounding, and there are opportunities for recovery in mispriced assets. The recent nomination of Waller as the next Federal Reserve Chair has led to significant price fluctuations in metals due to optimistic short-term expectations for precious metals. It is recommended to focus on recovery opportunities for mispriced varieties [3][9] Summary by Sections 1. Cycle Judgment - The liquidity expectations are rebounding, and there are opportunities for recovery in mispriced assets. The market anticipates that Waller will support interest rate cuts but will not adopt aggressive monetary easing policies. This has alleviated concerns about the independence of the Federal Reserve, leading to significant price fluctuations in metals. The accumulation of copper and aluminum inventories has slowed, and downstream processing rates are beginning to recover, indicating an increase in acceptance of higher prices [9][13] 2. Industry and Stock Performance - The non-ferrous metals sector rose by 3.37% in the week ending January 30, ranking third among all industries [20][21] 3. Precious Metals - The narrative of monetary easing has faced setbacks, leading to increased short-term volatility in precious metals. For the week ending January 30, SHFE gold rose by 4.10% to 1,161.42 CNY per gram, while COMEX gold fell by 1.14% to 4,879.60 USD per ounce. The total gold reserves of the People's Bank of China increased by 30,000 ounces to 7,415,000 ounces, marking the 14th consecutive month of expansion [14][31] 4. Copper - For the week ending January 30, SHFE copper rose by 2.31% to 103,680 CNY per ton, while LME copper increased by 0.32% to 13,157.5 USD per ton. The supply side remains tight, with ongoing disruptions from strikes in Chile affecting copper concentrate supply. The processing rate for copper rods was 69.54%, reflecting a 1.56 percentage point increase [17][29] 5. Aluminum - For the week ending January 30, SHFE aluminum rose by 1.11% to 24,560 CNY per ton, while LME aluminum fell by 0.79% to 3,144 USD per ton. The average profit per ton of aluminum is approximately 8,548 CNY, supported by rising aluminum prices [16][87]