Everbright Securities: Rate hike expectations largely priced in; bullish on upward copper and gold prices.

Everbright Securities released a research report stating that rising oil prices have strengthened expectations of interest rate hikes, and the current market has basically priced in one more rate hike within 2026; the central bank continues to increase its gold holdings and is bullish on gold price upside. Global copper mines remain tight; the U.S. copper tariff policy has still not been implemented, and COMEX copper inventories continue to hit new highs. Global copper mine supply remains tight, with China's electrolytic copper smelting operating rate in September hitting a new low for the same period since 2014; domestic wire and cable operating rates rebounded month-on-month, and Q4 power grid and air conditioning demand is expected to improve, while the supply-demand tightness in 2026 remains unchanged.