Investment Rating - The industry investment rating is maintained as "Recommended" [1] Core Views - The report highlights that the EU's anticipated increase in defense spending is expected to support the prices of minor metals and rare earth materials [2] - Gold prices are projected to continue rising, potentially reaching $3000 per ounce, following a brief correction [3] - Aluminum prices are strengthening due to a turning point in inventory reduction and warming demand [4] - Copper prices are experiencing fluctuations, with a focus on whether end-user demand can effectively drive prices upward [5] - Lithium carbonate prices have slightly decreased, but the demand remains high [6] Summary by Sections 1. Weekly Market Performance Review - The non-ferrous metal sector increased by 7.08%, outperforming the Shanghai Composite Index by 5.52 percentage points [19] 2. Industrial Metal Fundamentals Tracking Aluminum - Inventory is at a turning point with demand recovering, pushing aluminum prices higher [4][30] - The average price of A00 aluminum ingots has increased [29] Copper - Copper prices are showing a strong trend with significant volatility [5][43] - The average price of electrolytic copper has risen [46] Zinc - Zinc prices have seen a slight increase [55] Tin - Tin prices have strengthened due to tightening supply [4] 3. Precious Metal Fundamentals Tracking Gold - Gold prices are supported by uncertainties around tariffs and a weakening dollar [3] 4. Energy Metals and Rare Earth Fundamentals Tracking Lithium - The average price of lithium carbonate has decreased slightly, but production is expected to increase [6] Cobalt and Nickel - Cobalt exports from the Democratic Republic of Congo have been paused, which may lead to a rise in global cobalt prices [2] 5. Industry Weekly Dynamics - The report indicates a positive sentiment in the non-ferrous metals sector, driven by macroeconomic factors and policy expectations [2][4]