Morgan Stanley Fund stated that looking forward to 2025, based on the pricing logic of supply and demand relationships, the overall demand for copper and aluminum is expected to maintain growth, while supply constraints remain strong. Therefore, they are relatively optimistic about industrial metals such as aluminum and copper, followed by precious metals like gold. They predict that energy prices, such as crude oil and coal, will overall be weak. Reflecting on 2024, in the first half of the year, the commodity market was strong, with industrial metals, precious metals, and crude oil experiencing a temporary rise. This was mainly driven by the simultaneous temporary rebound in March of the manufacturing PMI in China and the U.S., the stimulus policies in China in May, and expectations of interest rate cuts overseas. However, in the second half of the year, due to weak macroeconomic demand and slower rate cut expectations, commodity prices experienced various degrees of adjustment, showing a bottoming out phase. In 2025, the supply and demand for copper and aluminum may remain tight. Regarding aluminum, domestically, the utilization rate of aluminum capacity is already at a high level. According to Morgan Stanley Fund research, they anticipate limited additional capacity in 2025, combined with high costs for restarting production overseas, resulting in tight supply constraints. As for demand, concerns about the drag from the real estate sector on aluminum demand are present, but the proportion of aluminum's overall demand from real estate has decreased to around 20%, and is expected to decrease further. On the other hand, demand for aluminum is growing rapidly in sectors like transportation and power electronics, providing strong support for demand growth. Additionally, the profit in the aluminum industry chain in 2025 is expected to shift towards the electrolytic aluminum segment due to supply constraints, which will help improve the profitability of aluminum companies with high exposure to electrolytic aluminum. For copper in 2025, the supply and demand are similarly tight. In recent years, global copper mine capital expenditures have slowed down, and the decline in global copper resources suggests that copper supply will gradually release over the medium to long term. It is expected that copper production growth will gradually slow down in the next three years, and the significant decline in domestic smelting fees also confirms the scarcity of ore. On the demand side, downstream demand for copper is expected to continue growing, with domestic demand mainly driven by policies like the replacement of old appliances and cars, and overseas growth in emerging markets and investments in electric grids in Europe and the U.S. will steadily increase copper demand. For precious metals like gold, considering the concerns about the weakening of the U.S. dollar credit and the continuous support from the purchasing behavior of various central banks in recent years, gold prices may have an upward trend in the medium to long term. In the short term, based on the judgment of the strong resilience of the U.S. economy, gold prices may remain high and volatile, with continued focus required on the pace of interest rate cuts by the Federal Reserve and changes in macroeconomic data.