CITIC Securities' research report pointed out that there are two traditional understandings of the copper demand structure that urgently need to be reshaped: firstly, the continued development of lithium-ion batteries, wind and solar energy storage will promote the transformation of terminal demand from traditional areas leading to energy transformation areas; secondly, China's actual demand ratio cannot be considered absolute dominance, and the potential of Europe, America, and emerging markets should not be underestimated. The stagnation of domestic demand was caused by the previous stage of terminal deceleration and high copper prices. Currently, overseas demand has already recovered first, and it is expected that with the resonance of both domestic and overseas demand and the expected peak season of domestic consumption, the demand in the real estate and cable sectors is expected to transform from deceleration to stabilization, and the recovery of terminals is expected to catalyze the strong operation of copper prices. The fluctuation range of copper prices is expected to be between $9,500 and $12,000/ton in the second half of 2024. Looking further ahead, the development of new energy, new economy and emerging markets is expected to drive copper demand from cyclical to growth. Bullish on the continuous improvement of the supply-demand pattern for the boost effect on copper prices, it is recommended to allocate value to the copper sector.