Goldman Sachs's research report expects the scrappage schemes for air conditioning, home appliances, electric vehicles, and autos to significantly impact the demand for copper, aluminum, lithium, and flat steel in mainland China in the coming months. On the other hand, the trend in construction demand has not shown signs of improvement yet and seems to continue its current multi-year adjustment path. As a result, the bullish outlook on demand for construction steel, iron ore, and cement is expected to be limited. The bank estimates that for every 10% increase in sales of air conditioning, home appliances, electric vehicles, and autos, a 10% acceleration in grid distribution, and the possible implementation of urban underground pipeline renovation plans, mainland China's demand for copper could increase by 4.3%, aluminum by 2.9%, lithium by 7.5%, steel by 1.4%, and cement by 1.1%. Goldman Sachs maintains Buy ratings on Zijin Mining Group and Baosteel, while assigning Neutral ratings to Ganfeng Lithium, cnbm, Conch Cement, nd Paper, and China Shenhua Energy, with Maanshan Iron and Aluminum Corporation of China rated as "Sell."