China Galaxy Securities: Policy efforts drive expectations for the non-ferrous industry to rebound; the mid-term logic for rising gold prices has not changed

China Galaxy Securities released a research report indicating that in 2025, there will be strengthened counter-cyclical policy adjustments, which will benefit the recovery of the non-ferrous metals industry. The mid-term logic of rising gold prices remains unchanged. The Federal Reserve is expected to cut interest rates by 25 basis points in December 2024. Although this may suppress non-ferrous metal prices, Trump's tax reduction policy could trigger credit devaluation, stimulating an increase in gold prices. The domestic market is entering a downstream off-season, leading to a decline in industry prosperity, but policy adjustments will help the industry's recovery