A research report indicates that heightened expectations for Federal Reserve rate cuts, combined with structural improvements in peak season demand during "Golden September Silver October," provide strong upward momentum for industrial metal prices. Cobalt raw material import supplies continue to decline, suggesting cobalt prices may enter a major uptrend. Lithium demand peak season is gradually materializing, supporting optimistic outlook for cobalt and lithium performance. Recent weak US employment data and July inflation meeting expectations have strengthened market confidence that the Fed will initiate rate cuts in September, lifting the center of gravity for gold and silver prices. Key recommendations include ZIJIN MINING (601899.SH, 02899), CMOC (603993.SH, 03993), Tibet Mineral Development (000408.SZ), and Western Gold (601069.SH).

**Industrial Metals**: Fed rate cut expectations continue rising, combined with structural improvements in "Golden September Silver October" peak season demand expectations, providing strong upward momentum for industrial metal prices. For copper, this week's SMM imported copper concentrate index (weekly) reached -40.85 USD/ton, up 0.63 USD/ton week-on-week. September electrolytic copper production decline has triggered market concerns, with the production decline mainly reflected in October. Combined with entering September consumption peak season, fundamental demand support is expected to remain strong. For aluminum, supply-side replacement capacity continues commissioning, with weekly electrolytic aluminum production growing slightly to 847,300 tons. On the demand side, holders show renewed price support and reluctance to sell, while downstream buyers replenish inventories on dips, providing demand support. Leading aluminum profile companies' operating rates increased 1 percentage point week-on-week to 53%. Domestic electrolytic aluminum social inventory stands at 626,000 tons, with weekly inventory accumulation of 6,000 tons. Key recommendations: ZIJIN MINING, CMOC, Minmetals Resources, China Nonferrous Mining, Jincheng Credit, Aluminum Corporation of China, Zhongfu Industrial, China Hongqiao, Hongchuang Holdings, Tianshan Aluminum, Yunnan Aluminum, Shenhuo.

**Energy Metals**: Cobalt raw material import supplies continue declining, suggesting cobalt prices may enter a major uptrend. Lithium demand peak season is gradually materializing, supporting optimistic outlook for cobalt and lithium performance. For lithium, the current "Golden September Silver October" traditional peak season sees enhanced procurement willingness from downstream material and battery cell manufacturers, with inventory cycles slightly extending. Meanwhile, under continuous futures price decline trends, downstream pricing activities remain active. September market enters dual supply-demand growth pattern, with demand growth expected to exceed supply, leading to periodic supply tightness and sustained strength in lithium carbonate prices. For cobalt, cobalt intermediate product prices remain strong with mainstream miners and traders showing fierce price support sentiment, while raw material shortage issues persist. Cobalt salt prices have risen significantly, with recent market procurement sentiment notably improving and purchasing willingness strengthening, plus large-scale inventory replenishment by some enterprises. With domestic cobalt industry chain inventory continuing to digest combined with peak season demand expectations, cobalt prices are expected to continue strengthening. For nickel, supply-side nickel salt plants have limited spot supply, combined with high raw material cost pressure, supporting continued upward nickel salt quotations. Demand-side has experienced downstream enterprise procurement peaks, with precursors still requiring raw materials and nickel sulfate spot tightness, expecting continued nickel salt price increases. Key recommendations: Tibet Mineral Development, Huayou Cobalt, China Northern Rare Earth, Yongxing Materials, Salt Lake, with attention to Tengyuan Cobalt, Li-Cycle Resources, Hanrui Cobalt.

**Precious Metals**: Strong Fed rate cut expectations, escalating tariff disputes, and continued central bank gold purchases support bullish gold outlook. Recent weak US employment data and July inflation meeting expectations have strengthened market confidence for Fed rate cuts beginning in September, lifting the center of gravity for gold and silver prices. Legal and economic uncertainties from Trump's tariff cases will support gold prices short-term by boosting safe-haven demand, continuing to favor gold price center elevation. Silver, driven by its industrial attributes and catch-up momentum, has repeatedly hit new highs. Long-term outlook centers on central bank gold purchases and US dollar credit weakening, continuously favoring upward gold price center movement, with gold sector welcoming right-side positioning opportunities. Key recommendations: Western Gold, Shandong Gold, Zhaojin Mining, China Gold, Chifeng Gold, Tongguan Gold, Wanguo Gold Group, Shandong Gold International, Hunan Gold, with attention to China Gold International, Lingbao Gold, etc. For silver targets: Xinye Silver & Tin, Shengda Resources.

**Risk Factors**: Demand falling short of expectations, supply exceeding expected releases, overseas geopolitical risks.