According to the CITIC Securities Research Report, since 2024, the overall performance of the upstream resource sector has been strong, benefiting from supply constraints and rising market demand for commodity investment in the context of inflation. Looking ahead to the second half of 2024, we expect the supply-side logic to continue. It is recommended to focus on varieties such as crude oil, copper, tin, phosphate ore, manganese ore, etc. that have long-term supply constraints or short-term disturbance upgrades. The aluminum sector is expected to continue to be strong in anticipation of continued introduction of domestic policies and a recovery in demand brought about by resonance at home and abroad, while profit redistribution and moderate price recovery are expected for steel and coal. Furthermore, it is expected that the game of overseas re-inflation and interest rate cut transactions will continue in the second half of the year, compounded by heightened risk aversion, and the precious metals sector is still the preferred investment direction.