According to the CITIC Securities Research Report, copper prices have continued to rise since March 2024, and recently surpassed 9,500 US dollars/ton. Looking forward to the future, CITIC Securities believes that the copper supply and demand pattern may turn into a shortage as the mining side continues to be tight and production cuts on the smelting side are expected to be implemented, and the time point of the active inventory replenishment cycle at home and abroad is approaching. In terms of financial attributes, copper's trading logic transitioned from previous interest rate cut expectations to inflation expectations, providing support for copper prices in terms of demand and cost. It is recommended to allocate the domestic copper sector according to the dimensions of “growth, value and combination”.