Goldman Sachs's research report anticipates that the replacement plan for air conditioners, household appliances, electric vehicles, and autos in mainland China will have a significant impact on the demand for copper, aluminum, lithium, and flat steel in the coming months. On the other hand, there is no sign of improvement in the trend of construction demand, and it seems to continue on its current multi-year adjustment path, so the bullish demand for construction steel, iron ore, and cement should be limited. The bank expects that a 10% increase in the sales of air conditioners, household appliances, electric vehicles, and autos, a 10% acceleration in grid power distribution, and the possible execution of urban underground pipeline renovation plans will increase demand for copper by 4.3%, aluminum by 2.9%, lithium by 7.5%, steel by 1.4%, and cement by 1.1% in mainland China.

Goldman Sachs maintains a "buy" rating for Zijin Mining Group and Baosteel, while Ganfeng Lithium, CNBM, Conch Cement, ND Paper, and China Shenhua Energy are rated as "neutral", and Maanshan Iron and Aluminum Corporation of China are rated as "sell".