Huatai Securities: Anti-involution sets the stage, opportunities in the metal industry continue to grow.

Huatai Securities research report indicates that the domestic anti-"overwork" measures are continuously increasing, combined with the recent overseas financial and monetary easing atmosphere, the overall performance of the metal sector is relatively good: polysilicon prices have successfully continued to recover, giving the market greater confidence, and this trend has now spread to lithium carbonate and alumina. From a cost perspective, lithium, cobalt, and rare earth elements have all found the price bottom, and recent independent factors triggering price increases include a stricter trend in lithium ore rights audits, a ban on cobalt exports from the Congo, and strategic improvements and shortage expectations for rare earth elements. In the rising trend of basic metals, the focus is on dividends for aluminum and growth prospects for copper; it is also recommended to pay attention to the processing sector. The trading logic for steel may shift from focusing on furnace materials to a combination of supply contraction and falling furnace materials to improve industry sentiment.