Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - Nickel: On October 16, the nickel market showed a complex situation. The nickel futures had certain price changes, and the spot market had a fair trading volume with a narrowing basis premium. The supply side had stable nickel ore prices, increased arrivals last week, and rising inventories. Nickel - iron plants had deeper losses, and production schedules in October increased both in China and Indonesia. The production schedule of domestic electrolytic nickel in October also increased, and export profits decreased. The demand side saw an increase in ternary production, an increase in stainless - steel plant production schedules, and stable alloy and electroplating demand. In terms of inventory, LME inventory increased, while SHFE inventory decreased, and social inventory increased. Overall, the nickel fundamentals are weak with inventory pressure, but the valuation is low, so nickel prices are expected to fluctuate at a low level [1][2]. - Stainless steel: On October 16, the stainless - steel futures had a range - bound movement, and the spot market trading was weak with a narrowing basis premium. The SHFE inventory decreased, and the 300 - series social inventory increased last week. In terms of supply, the stainless - steel production schedule in October increased, but the 300 - series production schedule decreased. The demand side had weak terminal demand. The cost side saw a decline in high - nickel pig iron and high - carbon ferrochrome prices. Overall, the fundamentals are loose, inventory is piling up, and cost support is weakening, so stainless - steel prices are expected to fluctuate weakly [1][2]. 3. Summary by Related Information Nickel - related Data - **Futures Prices**: The closing prices of SHFE nickel near - month, consecutive - one, consecutive - two, and consecutive - three contracts on October 16 were 121,270 yuan/ton, 121,420 yuan/ton, 121,660 yuan/ton, and 121,900 yuan/ton respectively, showing an upward trend compared to the previous day. The trading volume of the active SHFE nickel contract was 67,146 lots (- 16,615), and the open interest was 66,228 lots (- 2,453). The LME 3 - month nickel official price was 15,150 US dollars/ton (- 60), the electronic - disk closing price was 15,230 US dollars/ton (+ 80), and the on - site closing price was 15,267 US dollars/ton (+ 73). The trading volume was 5,500 lots (- 709) [2]. - **Spot Prices**: The average price of SMM 1 electrolytic nickel was 122,150 yuan/ton (- 150), the average price of 1 Jinchuan nickel was 123,400 yuan/ton (- 100), and the average price of 1 imported nickel (Russian nickel) was 121,350 yuan/ton (- 100) [2]. - **Inventory**: The SHFE nickel inventory decreased by 84 tons, the LME registered warehouse receipts were 0 tons, and the total LME nickel inventory was 250,344 tons (+ 3,588). The SMM Chinese port nickel ore total inventory was 971 (in ten thousand wet tons), the SMM Shanghai bonded - area nickel inventory was 3,100 tons, and the SMM pure nickel social inventory was 43,694 tons (+ 2,866) [2]. Stainless - steel - related Data - **Futures Prices**: The closing prices of SHFE stainless - steel near - month, consecutive - one, consecutive - two, and consecutive - three contracts on October 16 were 12,585 yuan/ton, 12,615 yuan/ton, 12,700 yuan/ton, and 12,750 yuan/ton respectively. The trading volume of the active SHFE stainless - steel contract was 125,870 lots (+ 12,654), and the open interest was 201,245 lots (+ 7,755) [2]. - **Spot Prices**: The average price of 304/2B coil - trimmed (Wuxi) was 13,550 yuan/ton (unchanged), the average price of 304/No.1 coil (Wuxi) was 12,700 yuan/ton (- 50), the average price of 316L/2B coil (Wuxi) was 25,500 yuan/ton (unchanged), and the average price of 316L/NO.1 coil (Wuxi) was 3,750 yuan/ton (unchanged) [2]. - **Inventory**: The SHFE stainless - steel inventory was 83,231 tons (- 776), and the 300 - series social inventory last week was 619,400 tons (+ 33,900) [2]. Industry News In Indonesia, the selling prices of domestic mining products, especially those currently prohibited from export, are still lower than the Mineral Reference Price (HPM). This situation puts mining practitioners in a dilemma, especially with limited smelter capacity in the country. The mining enterprises have weak bargaining power, and there is a mismatch between the actual transaction price and the tax - paying obligation. So far, the government has not imposed sanctions on smelters [2]. Trading Strategies - Nickel: It is recommended to take a wait - and - see approach [2]. - Stainless steel: It is recommended to short at high prices [2].

Group 1: Report Information - Report Name: Aluminum Industry Chain Daily Review 20251017: Uncertainty of Tariff Imposition and Expectation of Fed Rate Cut Affect Aluminum Prices [1] Group 2: Industry Price and Market Data Alumina - National average alumina price on 2025-10-16 was 2942.48 yuan/ton, down 11.84 yuan from the previous day; prices in Shanxi, Shandong, and Henan decreased by 10 yuan/ton, while those in Guizhou decreased by 5 yuan/ton [2] - Australian alumina FOB price was 323 US dollars/ton, unchanged [2] - Alumina futures closing price was 2797 yuan/ton, down 7 yuan; trading volume was 241,190 lots, down 37,670 lots; open interest was 336,453 lots, up 5,113 lots; inventory was 217,032 tons, down 599 tons [2] Electrolytic Aluminum - SMM A00 aluminum semi-average price was 20,950 yuan/ton, up 30 yuan; prices in various regions showed different changes [2] - Electrolytic aluminum futures closing price was 20,980 yuan/ton, up 65 yuan; trading volume was 179,878 lots, down 16,299 lots; open interest was 194,298 lots, up 11,135 lots; inventory was 71,394 tons, down 148 tons [2] Aluminum Alloy - SMM ADC12 (primary aluminum) average price was 22,100 yuan/ton, up 50 yuan; prices of various types of ADC12 showed different changes [2] - Cast aluminum alloy futures closing price (active contract) was 20,540 yuan/ton, up 80 yuan; trading volume was 3,638 lots, up 143 lots; open interest was 12,716 lots, down 53 lots [2] Overseas Aluminum - LME 3-month aluminum futures closing price (electronic trading) was 10,576 US dollars/ton, up 44 US dollars [2] - LME aluminum futures 0 - 3 month contract spread was 27.94 US dollars/ton, down 11.16 US dollars; 3 - 15 month contract spread was -43.74 US dollars/ton, up 127.75 US dollars [2] - Shanghai-London aluminum price ratio was 7.6189, down 0.12 [2] Group 3: Core Views and Trading Strategies Alumina - Domestic alumina production is at a loss, but supply-demand is expected to be loose, making prices likely to fall rather than rise [2] - Trading strategy: mainly short when prices rise to high levels, pay attention to support levels around 2,600 - 2,800 yuan/ton and resistance levels around 3,300 - 3,600 yuan/ton (view score: -1) [2] Electrolytic Aluminum - Fed's future rate cut and end of balance sheet reduction are expected, but uncertainty about Sino-US trade tariffs remains; prices may be weak first and then strong [2] - Trading strategy: mainly long when prices fall, pay attention to support levels around 20,300 - 20,600 yuan/ton and resistance levels around 21,300 - 22,000 yuan/ton; for LME aluminum, support levels are around 2,600 - 2,700 US dollars/ton and resistance levels are around 2,900 - 3,000 US dollars/ton (view score: 0) [2] Aluminum Alloy - Fed's future rate cut and end of balance sheet reduction are expected, but uncertainty about Sino-US trade tariffs remains; prices may be weak first and then strong [2] - Trading strategy: mainly long when prices fall, or lightly short the spread between electrolytic aluminum and aluminum alloy on rallies, pay attention to support levels around 20,000 - 20,200 yuan/ton and resistance levels around 20,800 - 21,000 yuan/ton (view score: 0) [2]

| 贵金属日评20251017: 美国出现局部信贷危机或支撑贵金属价格 | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 交易日期 | 较昨日变化 | 较上周变化 | 2025-10-16 | 2025-10-15 | 2025-10-10 | 收盘价 | 966. 42 | 960. 34 | 901. 56 | 6.08 | 64. 86 | | | | | 成交重 | 420246.00 | 24.627.00 | 459193.00 | 434566.00 | 38, 947. 00 | 期货活跃合约 | 持仓重 | 225159.00 | 230686. 00 | 238522. 00 | -5, 527. 00 | -13, 363. 00 | | | | 库存(十克) | 5.862.00 | 10, 233. 00 | 80961.00 | 75099.00 | 70728.00 | 上海黄金 | ...

| 贵金属日评20251017: 美国出现局部信贷危机或支撑贵金属价格 | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 交易日期 | 较昨日变化 | 较上周变化 | 2025-10-16 | 2025-10-15 | 2025-10-10 | 收盘价 | 966. 42 | 960. 34 | 901. 56 | 6.08 | 64. 86 | | | | | 成交重 | 420246.00 | 24.627.00 | 459193.00 | 434566.00 | 38, 947. 00 | 期货活跃合约 | 持仓重 | 225159.00 | 230686. 00 | 238522. 00 | -5, 527. 00 | -13, 363. 00 | | | | 库存(十克) | 5.862.00 | 10, 233. 00 | 80961.00 | 75099.00 | 70728.00 | 上海黄金 | ...

Report Summary 1) Report Industry Investment Rating No investment rating is provided in the report. 2) Core Viewpoint The rebound of the urea futures market is mainly due to short - term profit - taking by short - sellers. The spot market remains dull, and the previously expected upward drivers (chemical anti - involution and exports) have not materialized. If there is no further change in exports and domestic agricultural demand weakens, domestic demand may struggle to absorb high supply pressure, and urea prices may continue to fluctuate at low levels. However, considering the current low valuation of urea, it is not advisable to continue short - selling. The recommended trading strategy is to wait and see [1]. 3) Summary by Related Catalogs a) Price Changes - **Urea Futures Prices**: On October 16, compared with October 15, UR01 decreased by 4 yuan/ton (0.25%), UR05 decreased by 6 yuan/ton (0.36%), and UR09 decreased by 2 yuan/ton (0.12%) [1]. - **Domestic Spot Prices (Small - Granule)**: Shandong decreased by 10 yuan/ton (0.65%), Shanxi increased by 10 yuan/ton ( - 0.68%), Henan decreased by 10 yuan/ton (0.65%), while prices in Hebei, Northeast, and Jiangsu remained unchanged [1]. - **Basis and Spreads**: The spread between Shandong spot and UR increased by 4 yuan/ton, and the 01 - 05 spread decreased by 2 yuan/ton [1]. - **Upstream Costs**: The prices of anthracite coal in Henan and Shanxi remained unchanged at 1000 yuan/ton and 880 yuan/ton respectively [1]. - **Downstream Prices**: The prices of compound fertilizer (45%S) in Shandong and Henan remained unchanged at 2900 yuan/ton and 2500 yuan/ton respectively. The price of melamine in Shandong decreased by 17 yuan/ton ( - 0.33%), while that in Jiangsu remained unchanged [1]. b) Important Information On the previous trading day, the opening price of the main urea futures contract 2601 was 1599 yuan/ton, the highest price was 1610 yuan/ton, the lowest price was 1577 yuan/ton, the closing price was 1604 yuan/ton, and the settlement price was 1597 yuan/ton. The position volume of 2601 was 315,491 lots [1]. c) Trading Strategy The recommended trading strategy is to wait and see, with a view score of 0 [1].

风险提示：期市有风险，投资需谨慎！ 祁玉蓉（F03100031, Z0021060），联系电话：010-8229 5006 2025/10/17 单位 今值 变动 近期趋势 SMM1#铅锭平均价格 元/吨 16,950.00 0.30% 期货主力合约收盘价 元/吨 17,100.00 -0.06% 沪铅基差 元/吨 -150.00 60.00 升贴水-上海 元/吨 -10.00 -10.00 升贴水-LME 0-3 美元/吨 -44.99 -0.90 升贴水-LME 3-15 美元/吨 -88.30 2.60 沪铅近月-沪铅连一 元/吨 -30.00 -120.00 沪铅连一-沪铅连二 元/吨 -5.00 15.00 沪铅连二-沪铅连三 元/吨 -10.00 -5.00 期货活跃合约成交量 手 32,242.00 -21.85% 期货活跃合约持仓量 手 41,899.00 -4.84% 成交持仓比 / 0.77 -17.87% LME库存 吨 0.00% 252,000.00 沪铅仓单库存 吨 0.00% 32,007.00 LME3个月铅期货收盘价（电子盘） 美元/吨 1,971.50 -0.73% 沪伦铅 ...

| | 期 日 | 位 单 | 值 现 | 品 2025/10/17 | 种 | | 新 更 | | 值 前 | 幅) 跌( 涨 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 吨 元/ | 545.50 | 脑 石 价): 间 中 价( 货 现 | CF 油: | 本 日 R | 2025/10/16 | 美 | 549.00 | -0.64 | | | | 吨 元/ | 786.00 | 烯: 乙 数: 指 格 价 纤 化 | 亚 北 东 | | 2025/10/16 | 美 | 786.00 | | | | | 吨 元/ | 6150.00 | 烷: 乙 氧 环 价: 均 厂 出 本 成 游 上 | 地 东 华 | 区 | 2025/10/17 | | 6150.00 | % 0.00 | | | | 吨 元/ | 2317.50 | A M 醇 甲 价: 货 现 | | | 2025/10/16 | | 2317.50 | % 0.00 | | | | 吨 元/ | 290.00 | 煤( 褐 税) ...

| 工业硅&多晶硅日评20251017：关注供给端变动 | | | | | | | --- | --- | --- | --- | --- | --- | | 指标 | 2025/10/17 | 单位 | 今值 | 变动 | 近期趋势 | | 不通氧553#（华东）平均价格 | | 元/吨 | 9,300.00 | 0.00% | | | 期货主力合约收盘价 | 工业硅期现价格 | 元/吨 | 8,605.00 | 0.41% | | | 基差（华东553#-期货主力） | | 元/吨 | 695.00 | -35.00 | | | N型多晶硅料 | | 元/千克 | 51.25 | 0.00% | | | 期货主力合约收盘价 | 多晶硅期现价格 | 元/吨 | 52,575.00 | 3.36% | | | 基差 | | 元/吨 | -1,325.00 | -1,710.00 | | | 不通氧553#（华东）平均价格 | | 元/吨 | 9,300.00 | 0.00% | | | 不通氧553#（黄埔港）平均价格 | | 元/吨 元/吨 | 9,350.00 | 0.00% | | | 不通氧553#（ ...

Report Summary 1. Report Industry Investment Rating No investment rating for the industry is provided in the report. 2. Core View of the Report The current supply and demand are both strong, the upstream inventory pressure is not significant, the expectation of lithium ore supply contraction has weakened, the downstream inventory build - up has peaked, and the demand peak may have arrived. It is expected that the lithium carbonate price will fluctuate at a low level. Attention should be paid to the situation after the Jiangxi mine end submits the output report. The recommended trading strategy is to wait and see [1]. 3. Summary by Relevant Content 3.1 Carbonate Lithium Futures and Spot Market - **Futures Market**: On October 15, 2025, the main contract of lithium carbonate futures fluctuated within a range. The trading volume was 225,238 lots (- 45,089), and the open interest was 188,523 lots (- 4,408). The inventory was 35,180 tons. The spreads between different contracts also showed certain changes, such as the spread between the near - month and the first - continuous contract being - 60 [1]. - **Spot Market**: The trading in the spot market was weak, and the basis premium narrowed. The average price of SMM battery - grade lithium carbonate was 73,000 yuan/ton, and there were also price data for other lithium - related products such as lithium hydroxide, lithium hexafluorophosphate, etc. [1]. 3.2 Supply and Demand Situation - **Supply Side**: Last week, the output of lithium carbonate increased. The prices of lithium spodumene concentrate and lithium mica remained stable [1]. - **Demand Side**: Last week, the output of lithium iron phosphate and ternary materials increased. In October, the production of lithium carbonate and lithium hydroxide increased, and the output of power batteries increased last week. In terms of terminal demand, the year - on - year growth rate of new energy vehicle production and sales slowed down in September, the 3C shipments were average, and the production plan of energy - storage batteries increased in October [1]. 3.3 Inventory Situation The registered warehouse receipts were 33,076 (- 2,004) tons. The social inventory decreased, the smelters' inventory increased, and the downstream and other inventories decreased [1]. 3.4 Industry News The National Development and Reform Commission and other departments issued the "Three - Year Doubling" Action Plan for the Service Capacity of Electric Vehicle Charging Facilities (2025 - 2027), aiming to achieve a doubling of charging service capacity by the end of 2027 [1].

1. Report Industry Investment Rating - No information provided in the document. 2. Core View of the Report - Uncertainties in Sino - US trade, concerns about the weakening US employment market, the Fed's potential future interest - rate cuts and possible halt to balance - sheet reduction, the unresolved US federal government shutdown crisis, uncertainties about mutual tariff imposition between China and the US, the expansion of fiscal deficits in many countries, geopolitical risks in regions like Russia - Ukraine and the Middle East, and continuous gold purchases by central banks of many countries will support precious metal prices in the medium and long term [1]. 3. Summary by Relevant Content 3.1 Precious Metal Market Data 3.1.1 Gold - Shanghai Gold: The closing price was 958.50 yuan/gram, with a change of 18.55 yuan compared to a previous period; trading volume was 55,176.00, and the position volume was 234,136.00 [1]. - Spot Shanghai Gold T + D: The trading volume was 55,176.00, and the position volume was 234,136.00 [1]. - COMEX Gold Futures: The closing price was 4007.90, the trading volume was 301,947.00, and the position volume was 370,287.00; inventory was 39,285,218.72 troy ounces [1]. - London Gold Spot: The price was 4204.60 US dollars/ounce; SPDR Gold ETF holdings were 1013.15, and iShare Gold ETF holdings were 487.42 [1]. 3.1.2 Silver - Shanghai Silver: The closing price was 11,961.00 yuan/ten grams, the trading volume was 2,421,975.00, and the position volume was 10,117.00; inventory was 1,030,429.00 (in ten - gram units) [1]. - Spot Shanghai Silver T + D: The trading volume was 1,699,552.00, and the position volume was 452,782.00 [1]. - COMEX Silver Futures: The closing price was 52.53, the trading volume was 21,002.00, and the position volume was 126,571.00; inventory was 515,632,550.48 troy ounces [1]. - London Silver Spot: The price was 52.59 US dollars/ounce; US iShare Silver ETF holdings were 15,422.61 [1]. 3.2 Important Information - The US court temporarily prohibited Trump from large - scale layoffs during the government shutdown, and earlier, the White House "steward" said that government layoffs during the shutdown could exceed 10,000. Trump - appointed Fed governor Milan said that trade uncertainties made interest - rate cuts more urgent [1]. - The Fed's Beige Book showed that US economic activity had changed little since the last report in early September, tariffs had pushed up prices, and consumers had felt the impact [1]. 3.3 Trading Strategy - It is advisable to mainly lay out long positions after price corrections. For London Gold, pay attention to the support level around 3600 - 3800 and the resistance level around 4383 - 4778; for Shanghai Gold, the support level is around 790 - 810 and the resistance level is around 1000 - 1100. For London Silver, the support level is around 40 - 47 and the resistance level is around 57 - 68; for Shanghai Silver, the support level is around 9000 - 11000 and the resistance level is around 13000 - 14800 [1].