China Merchants Securities released a research report saying that insufficient supply flexibility in the non-ferrous industry, relatively low inventories, and the cashing out of corporate profits form realistic support, while macroeconomic uncertainty and declining risk appetite suppress equity valuations. Early adjustments have released some of the risks, and the value of leading allocations with sustainable profit and reasonable valuation has gradually become apparent. Looking ahead to the fourth quarter, use profit resilience to grasp allocation certainty, and capture repair flexibility through macro-level improvements. If the easing of macroeconomic pressure resonates with fundamentals, the sector is expected to usher in an increase in profit expectations and a correction in valuation. In terms of allocation, priority is given to gold and copper, followed by varieties such as tantalum and tungsten. The focus is on screening enterprises with outstanding cost advantages, high resource reserves, clear output growth, and stable shareholder returns.

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