The domestic copper mining sector is poised for synchronized growth in both earnings and valuation. Over the past three years, the sector's price-to-earnings (PE) ratio has remained stable within the range of 10-15 times. However, this year, amid decelerating supply growth and robust domestic demand, the sector's valuation has continued its upward trajectory. Looking ahead, the dynamics of supply and demand are anticipated to further strengthen, with the peak season effect and macroeconomic recovery potentially propelling copper prices to reach $10,500 per ton in the third to fourth quarters of 2025. This anticipated rise in copper prices will fortify corporate earnings expectations. Furthermore, the notable valuation disparity resulting from differing perceptions of supply and demand within and outside China is expected to diminish in the future. As perceptions of supply and demand align and copper prices escalate, the valuation of the domestic copper mining sector is projected to climb to 15-20 times.