$ZIJIN MINING (02899.HK)$ In the US interest rate hike cycle, non-ferrous metals have no performance-supporting logic. However, for powerful enterprises, large-scale mergers and acquisitions during the period of falling prices of non-ferrous mineral resources are rational corporate practices to prepare for significant asset growth when the next upward cycle of non-ferrous metals begins. However, as a capital investor in the secondary market, speculating at the end of the downward cycle for non-ferrous metals is certainly the most rational approach, but the time has not yet arrived. At least until the end of the US dollar rate hike, the time window for speculative non-ferrous metals companies will open. Zijin should continue to bottom out in the fourth quarter. The rebound is in place, and individuals will wait and see.