1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Zinc prices are under pressure from above and supported from below, with no clear direction. The short - term is expected to maintain range consolidation. Unilateral strategies should focus on high - selling and low - buying, and arbitrage strategies can consider going long on the Shanghai - London ratio [3][65][66]. - The tight pattern of the zinc ore end is expected to continue until the first quarter of next year. The TC has changed from rising to falling, and the industrial chain profit has shifted from the smelter end to the ore end again. The inventory trends at home and abroad are diverging [2][62][63]. 3. Summary by Directory 3.1 Total Overview - In August 2025, the global zinc market supply surplus expanded to 47,900 tons. From January to August 2025, the global refined zinc supply surplus was 154,000 tons. From July to August 2025, the global zinc concentrate cumulative output was 2.1712 million tons, a year - on - year increase of 11.57%. From January to August 2025, the global refined zinc output was 9.1482 million tons, basically the same as the cumulative output of last year [11]. - The statistical sample of this report shows that the zinc concentrate output in the third quarter of 2025 was 1.4424 million tons, a quarter - on - quarter decrease of 0.95% and a year - on - year increase of 8.20%. The cumulative output in the first three quarters was 4.254 million tons, a cumulative year - on - year increase of 6.31% [11]. 3.2 Glencore - In 2025, Glencore's zinc concentrate production guidance was adjusted to 94 - 980,000 tons. In the third quarter, the zinc concentrate output was 244,200 tons, a quarter - on - quarter decrease of 2.94% and a year - on - year increase of 7.86%. The cumulative output in the first three quarters was 709,400 tons, a cumulative year - on - year increase of 10.22% [19]. 3.3 Teck - In 2025, Teck's zinc concentrate production guidance was 525,000 - 575,000 tons. In the third quarter, the zinc concentrate output was 150,500 tons, a quarter - on - quarter decrease of 10.68% and a year - on - year decrease of 4.59%. The cumulative output in the first three quarters was 456,400 tons, a cumulative year - on - year decrease of 2.81% [24]. 3.4 Boliden - In the third quarter of 2025, Boliden's zinc concentrate output was 108,000 tons, a quarter - on - quarter increase of 5.08% and a year - on - year increase of 17.75%. The cumulative output in the first three quarters was 317,600 tons, a cumulative year - on - year increase of 21.12% [27]. 3.5 Vedanta - In the third quarter of 2025, Vedanta's zinc concentrate output was 262,000 tons, a quarter - on - quarter increase of 1.16% and a year - on - year increase of 8.26%. The cumulative output in the first three quarters was 785,000 tons, a cumulative year - on - year increase of 5.65% [32]. 3.6 Nexa - In 2025, Nexa's zinc concentrate production guidance was 300,000 - 336,000 tons. In the third quarter, the zinc concentrate output was 83,700 tons, a quarter - on - quarter increase of 13.88% and a year - on - year increase of 1.21%. The cumulative output in the first three quarters was 224,500 tons, a cumulative year - on - year decrease of 11.05% [37]. 3.7 MMG - In 2025, MMG's zinc concentrate production guidance was 215,000 - 240,000 tons. In the third quarter, the zinc concentrate output was 58,700 tons, a quarter - on - quarter increase of 4.58% and a year - on - year increase of 26.49%. The cumulative output in the first three quarters was 166,700 tons, a cumulative year - on - year increase of 6.85% [44]. 3.8 Newmont Goldcorp - In 2025, Newmont's zinc concentrate production guidance was 236,000 tons. In the third quarter, the zinc concentrate output was 59,000 tons, a quarter - on - quarter decrease of 11.52% and a year - on - year increase of 2.42%. The cumulative output in the first three quarters was 184,700 tons, a cumulative year - on - year increase of 2.30% [47][48]. 3.9 BHP - In the 2025 fiscal year, BHP's zinc concentrate production guidance was 90,000 - 110,000 tons. In the third quarter, the zinc concentrate output was 36,000 tons, a quarter - on - quarter decrease of 10.95% and a year - on - year increase of 85.77%. The cumulative output in the first three quarters was 102,400 tons, a cumulative year - on - year increase of 91.03% [49]. 3.10 South32 - In the 2026 fiscal year, South32's zinc concentrate production guidance was 40,000 tons, a decrease compared with the 2025 fiscal year. In the third quarter of 2025, the zinc concentrate output was 8,300 tons, a quarter - on - quarter decrease of 21.70% and a year - on - year decrease of 31.40%. The cumulative output in the first three quarters was 29,900 tons, a cumulative year - on - year decrease of 31.74% [50][51]. 3.11 Grupo Mexico - SCC - In 2025, SCC's zinc concentrate production guidance was 174,700 tons, a slight increase compared with the previous period. In the third quarter, the zinc concentrate output was 45,500 tons, a quarter - on - quarter decrease of 0.89% and a year - on - year increase of 46.42%. The cumulative output in the first three quarters was 130,800 tons, a cumulative year - on - year increase of 50.55% [52]. 3.12 Industrials Pelones - In the third quarter of 2025, Pelones' zinc concentrate output was 63,200 tons, a quarter - on - quarter increase of 5.02% and a year - on - year decrease of 11.33%. The cumulative output in the first three quarters was 181,000 tons, a cumulative year - on - year decrease of 13.68% [54]. 3.13 Fresnillo plc - In 2025, Fresnillo plc's zinc concentrate production guidance was 93,000 - 103,000 tons. In the third quarter, the zinc concentrate output was 24,700 tons, a quarter - on - quarter decrease of 12.91% and a year - on - year decrease of 23.41%. The cumulative output in the first three quarters was 78,400 tons, a cumulative year - on - year decrease of 10.61% [57]. 3.14 Market Outlook - The tight pattern of the ore end is expected to continue until the first quarter of next year. The TC has changed from rising to falling, and the industrial chain profit has shifted from the smelter end to the ore end again. The domestic and foreign inventory trends are diverging. Zinc prices are under pressure from above and supported from below, with no clear direction [62][63][65].

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - Multiple Fed officials' hawkish remarks and the end of the US government shutdown may lead to short - term adjustments in precious metal prices, but long - term factors such as global debt expansion, central bank gold purchases, and geopolitical risks will support precious metal prices [1] 3. Summary by Relevant Catalogs 3.1 Precious Metal Market Data - **Gold**: Shanghai gold futures' closing price was 961.22, with a change of 15.46 compared to the previous day and 39.96 compared to the previous week; COMEX gold futures' closing price was 4174.50, with a change of - 26.90 compared to the previous day and 184.10 compared to the previous week; London gold spot price was 3968.20, with a change of 227.45 compared to the previous day and 58.90 compared to the previous week [1] - **Silver**: Shanghai silver futures' closing price was 12588.00, with a change of 515.00 compared to the previous day and 1104.00 compared to the previous week; COMEX silver futures' closing price was 52.23, with a change of 4.37 compared to the previous day and - 1.00 compared to the previous week; London silver spot price was 53.87, with a change of 2.34 compared to the previous day and 6.26 compared to the previous week [1] - **Price Ratios**: The ratio of Shanghai gold futures to Shanghai silver futures was 76.36, with a change of - 3.86 compared to the previous day and - 1.98 compared to the previous week; the ratio of London gold spot to London silver spot was 83.35, with a change of - 2.39 compared to the previous day and - 5.46 compared to the previous week [1] 3.2 Important Information - The US House of Representatives passed a temporary appropriation bill, ending the government shutdown, and it is estimated that the shutdown caused 60,000 job losses; multiple Fed officials made hawkish remarks before the release of important economic data [1] 3.3 Multi - Empty Logic - Short - term: Multiple Fed officials' remarks reduced the probability of a December rate cut to around 45%, and the end of the government shutdown is expected to lead to the release of a large amount of economic data, which may cause short - term adjustments in precious metal prices [1] - Long - term: Global debt expansion, central bank gold purchases, and geopolitical risks will support precious metal prices [1] 3.4 Trading Strategy - Hold previous long positions; for London gold, pay attention to the support level around 3850 - 3950 and the resistance level around 4180 - 4384; for Shanghai gold, pay attention to the support level around 870 - 890 and the resistance level around 960 - 1000; for London silver, pay attention to the support level around 38 - 45 and the resistance level around 55 - 60; for Shanghai silver, pay attention to the support level around 9500 - 10500 and the resistance level around 12400 - 13000 [1]

Report Investment Rating - No investment rating for the industry was mentioned in the report [1] Core View - Multiple Fed officials signaled a cautious approach or opposition to a December rate cut, reducing the probability of a December rate cut to around 45%. Along with the end of the US government shutdown and expectations of a large amount of economic data release, precious metal prices may adjust in the short term. However, factors such as global debt expansion, fiscal deficit, central bank gold - buying, and geopolitical risks will support precious metal prices in the medium and long term [1] Summary by Relevant Content Precious Metal Market Data - **Shanghai Gold**: On November 14, 2025, the futures active - contract closing price was 961.22 yuan/gram, up 15.46 yuan from the previous day and 39.96 yuan from last week. The spot Shanghai Gold T + D closing price was 944.31 yuan/gram, up 14.36 yuan from the previous day [1] - **Shanghai Silver**: The futures active - contract closing price was 12,588 yuan/ten - grams, up 515 yuan from the previous day and 1,104 yuan from last week. The spot Shanghai Silver T + D closing price was 12,563 yuan/ten - grams, up 471 yuan from the previous day [1] - **COMEX Gold**: The futures active - contract closing price was 4,174.50 dollars/ounce, down 26.90 dollars from the previous day but up 184.10 dollars from last week. The London Gold Spot price was 3,968.20 dollars/ounce, up 227.45 dollars from the previous day [1] - **COMEX Silver**: The futures active - contract closing price was 52.23 dollars/ounce, up 4.37 dollars from the previous day. The London Silver Spot price was 53.87 dollars/ounce, up 2.34 dollars from the previous day [1] Price Ratios - The price ratio of Shanghai Gold Futures to Shanghai Silver Futures was 76.36, down 3.86 from the previous day and 1.98 from last week. The ratio of London Gold Spot to London Silver Spot was 83.35, down 2.39 from the previous day [1] Other Market Data - **Crude Oil**: INE Crude Oil was 463.70 yuan/barrel, down 16.70 yuan from the previous day and 14.20 yuan from last week. ICE Brent Crude was 63.11 dollars/barrel, up 0.43 dollars from the previous day and down 0.44 dollars from last week [1] - **Copper and Steel**: Shanghai Copper Futures was 86,840 yuan/ton, up 710 yuan from the previous day and 1,610 yuan from last week. Shanghai Rebar was 3,046 yuan/ton, up 8 yuan from the previous day and 12 yuan from last week [1] Important Information - The US House of Representatives passed a temporary appropriation bill, ending the government shutdown. Trump's chief economic advisor estimated that the shutdown caused 60,000 job losses [1] - Fed officials signaled a hawkish stance before important economic data release. Some officials advocated caution, while others opposed the previous month's rate cut and said December's action would depend on data [1] Trading Strategy - Hold existing long positions. For London Gold, focus on support around 3,850 - 3,950 dollars/ounce and resistance around 4,180 - 4,384 dollars/ounce. For Shanghai Gold, focus on support around 870 - 890 yuan/gram and resistance around 960 - 1,000 yuan/gram. For London Silver, focus on support around 38 - 45 dollars/ounce and resistance around 55 - 60 dollars/ounce. For Shanghai Silver, focus on support around 9,500 - 10,500 yuan/ten - grams and resistance around 12,400 - 13,000 yuan/ten - grams [1]

1. Report Industry Investment Rating - No relevant information provided. 2. Core View of the Report - Trump's government can appoint more Fed officials, which may raise expectations of future interest rate cuts by the Fed. The possible end of the US federal government shutdown and the Fed's provision of liquidity, along with the expansion of fiscal policies globally and central banks' continuous gold - buying, as well as geopolitical risks, may support precious metal prices [1]. 3. Summary by Relevant Catalogs 3.1 Market Data 3.1.1 Gold - **Shanghai Gold**: The closing price was 944.31 yuan/gram, with a change of - 2.19 compared to the previous day and 26.80 compared to last week. The trading volume was 51666.00, down 11382.00 from the previous day. The inventory (in ten - gram units) was 89616.00, with no change from the previous day but an increase of 1800.00 compared to last week [1]. - **COMEX Gold Futures**: The closing price was 4133.20 dollars/ounce, with a change of 68.20 compared to the previous day and 260.10 compared to last week. The trading volume was 278020.00, up 33400.00 from the previous day. The inventory (in troy ounces) was 37575139.58, down 338082.64 from the previous day [1]. - **London Gold Spot**: The price was 4136.75 dollars/ounce, with a change of 13.45 compared to the previous day and 185.65 compared to last week. SPDR Gold ETF holdings were 1046.36 tons, with a change of 0.28 compared to the previous day [1]. 3.1.2 Silver - **Shanghai Silver**: The closing price was 12092.00 yuan/ten - gram, with a change of 227.00 compared to the previous day and 671.00 compared to last week. The trading volume was 870430.00, up 145316.00 from the previous day. The inventory (in ten - gram units) was 583060.00, down 56880.00 from the previous day [1]. - **COMEX Silver Futures**: The closing price was 53.23 dollars/ounce, with a change of 2.15 compared to the previous day and 6.33 compared to last week. The trading volume was 69857.00, up 41384.00 from the previous day. The inventory (in troy ounces) was 478191872.10, down 366186.53 from the previous day [1]. - **London Silver Spot**: The price was 51.54 dollars/ounce, with a change of 3.78 compared to the previous day and 0.29 compared to last week. iShare Silver ETF holdings were 482.31 tons, with a change of 1.29 compared to the previous day [1]. 3.1.3 Price Ratios - The ratio of Shanghai gold futures to Shanghai silver futures was 78.34, with a change of - 1.54 compared to the previous day and - 1.98 compared to last week. The ratio of New York gold futures to New York silver futures was 80.92, with a change of - 5.12 compared to the previous day and - 1.99 compared to last week [1]. 3.2 Important Information - The Atlanta Fed President who advocates "no rate cut in December" will retire in February next year. The "third - in - command of the Fed" said the Fed may soon restart bond purchases to manage liquidity. US Treasury Secretary mentioned Trump's plan to issue $2000 tax refunds to families with annual incomes below $100,000 and "gradual" adjustment of US debt issuance [1]. 3.3 Trading Strategy - For silver, it is advisable to lay out long positions when prices fall. For London gold, pay attention to the support level around 3850 - 3950 and the resistance level around 4180 - 4384. For Shanghai gold, the support level is around 870 - 890 and the resistance level is around 960 - 1000. For London silver, the support level is around 38 - 45 and the resistance level is around 55 - 60. For Shanghai silver, the support level is around 9500 - 10500 and the resistance level is around 12400 - 13000 [1].

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core View - Multiple Fed officials turning hawkish on a December rate cut may put pressure on copper prices. The supply side has production disruptions in multiple copper mines at home and abroad, leading to a negative China copper concentrate import index and a tight domestic copper concentrate supply - demand expectation. The supply of scrap copper has increased, and the processing fees for domestic crude copper or anode plates have risen. The maintenance capacity of copper smelters in November has decreased month - on - month. On the demand side, the capacity utilization rates of various copper products have increased, but high copper prices suppress downstream purchasing willingness. In the inventory end, the inventories of electrolytic copper in China, LME, and COMEX have all increased compared to last week. Therefore, the price of Shanghai copper may be adjusted [3]. 3. Summary by Relevant Catalogs 3.1 Market Data - **Shanghai Copper Futures Active Contract**: On November 13, 2025, the closing price was 87,550, the trading volume was 102,298 lots, the open interest was 201,007 lots, and the inventory was 43,957 tons. The basis was - 340, and the SMM 1 electrolytic copper - semi - average price was 87,210 [3]. - **LME 3 - month Copper Futures**: On November 13, 2025, the closing price (electronic trading) was 10,859, the 0 - 3 - month contract spread was - 5.96, and the 3 - 15 - month contract spread was 123.33 [3]. - **COMEX Copper**: On November 13, 2025, the closing price of the active contract was 5.0575, and the total inventory was 379,439 [3]. 3.2 Supply - Demand Analysis - **Supply**: Multiple copper mines at home and abroad have production disruptions, making the China copper concentrate import index negative and the domestic copper concentrate supply - demand expectation tight. The supply of scrap copper has increased, and the processing fees for domestic crude copper or anode plates have risen. The maintenance capacity of copper smelters in November has decreased month - on - month [3]. - **Demand**: The capacity utilization rates of refined copper rods, recycled copper rods, copper wires and cables, copper enameled wires, copper strips, copper tubes, and brass rods have increased compared to last week, but high copper prices suppress downstream purchasing willingness [3]. 3.3 Inventory Analysis - The social inventory of electrolytic copper in China, the inventory of electrolytic copper in the London Metal Exchange, and the inventory of COMEX copper have all increased compared to last week [3]. 3.4 Trading Strategy - For long positions established earlier, take profits when the price rises. Pay attention to the support level around 82,000 - 84,000 and the resistance level around 88,000 - 90,000 for Shanghai copper. For London copper, the support level is around 10,300 - 10,500, and the resistance level is around 11,000 - 11,500. For US copper, the support level is around 4.5 - 4.8, and the resistance level is around 5.2 - 5.5 [3].

Report Industry Investment Rating No information provided in the content. Core Viewpoints - The silicon market has weak supply and demand, with limited improvement in demand. The industrial silicon market remains in an oversupply situation, which may put pressure on the upper limit of the market. Attention should be paid to the pressure level of 9,300 - 9,500 yuan/ton. [1] - The downstream replenishment willingness of polysilicon is limited, and there is significant pressure for further price increases in the spot market, which restricts the upward space of the market. Investors with existing long positions should protect their profits. [1] Summary by Related Catalogs Industrial Silicon - **Price Information**: The average price of non-oxygenated 553 (East China) remained flat at 9,350 yuan/ton, and the average price of 421 (East China) remained flat at 9,750 yuan/ton. The closing price of the futures main contract decreased by 0.54% to 9,145 yuan/ton. [1] - **Supply and Demand**: In October, the southwest production area entered the high-cost dry season, and some silicon enterprises shut down their furnaces. In November, the industrial silicon production is expected to drop below 400,000 tons. Downstream demand is weak, with polysilicon enterprises reducing production, organic silicon enterprises operating at reduced capacity or under maintenance, and silicon-aluminum alloy enterprises purchasing on demand. [1] - **Investment Strategy**: Adopt an interval trading strategy. Pay attention to the pressure level of 9,300 - 9,500 yuan/ton and monitor industrial policy changes and silicon enterprise production dynamics. [1] Polysilicon - **Price Information**: The prices of N-type dense material, N-type re-feeding material, N-type mixed material, and N-type granular silicon remained unchanged. The closing price of the futures main contract increased by 1.37% to 54,195 yuan/ton. [1] - **Supply and Demand**: Silicon material enterprises are reducing production, but some new production capacities may be put into operation. In November, production is expected to decline. The polysilicon market has light trading, and downstream resistance to high-priced resources is strong. [1] - **Investment Strategy**: Before the implementation of supply-side reform policies, investors can try to go long on dips with a light position. Monitor the launch of the polysilicon platform and macro sentiment changes. [1] Other Information - **Silicon Coal Price**: In Gansu, the silicon coal price increased slightly by 30 yuan/ton, with the average price of silicon mixed coal reaching 930 yuan/ton and the average price of granular coal reaching 1,050 yuan/ton. [1] - **Italian Agricultural Photovoltaic Project**: Italy's first-round agricultural photovoltaic plan has selected 747 projects, with a total installed capacity of 2 GW, supported by 1.7 billion euros (1.9 billion US dollars) from the European Recovery Fund. [1]

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core View of the Report - The current bottom of urea prices may gradually become clear. Urea's low valuation is a result of the market's consensus on the pressure of supply - demand surplus, but from a driving perspective, the price is supported at a low level [1] Group 3: Summary by Related Catalogs 1. Price Changes - Urea futures prices: UR01 in Shanxi closed at 1658 yuan/ton on November 13, up 3 yuan (0.18%) from the previous day; UR05 closed at 1731 yuan/ton, up 3 yuan (0.17%); UR09 closed at 1754 yuan/ton, up 6 yuan (0.34%) [1] - Domestic spot prices (small - granular): In Hebei, it was 1640 yuan/ton on November 13, up 10 yuan (0.61%); in Jiangsu, it was 1590 yuan/ton, down 10 yuan (- 0.63%) [1] - Upstream costs: The prices of anthracite coal in Henan and Shanxi remained unchanged at 1030 yuan/ton and 930 yuan/ton respectively [1] - Downstream prices: The price of compound fertilizer (45%S) in Shandong remained unchanged at 2980 yuan/ton; the price of melamine in Shandong was 5093 yuan/ton on November 13, up 17 yuan (0.33%) [1] 2. Important Information - The opening price of the main urea futures contract 2601 was 1652 yuan/ton, the highest price was 1661 yuan/ton, the lowest price was 1640 yuan/ton, the closing price was 1658 yuan/ton, and the settlement price was 1652 yuan/ton [1] 3. Multi - empty Logic - From a valuation perspective, although urea has rebounded recently, the strength is limited, and the valuation is still relatively low, reflecting the current pattern of strong supply and weak demand. From a driving perspective, a new round of export quotas will relieve the supply pressure in the fourth quarter to some extent, and winter reserve demand will support the price, and low prices may stimulate storage enterprises to enter the market [1] 4. Trading Strategy - Stop profit on sold options and pay attention to long - buying opportunities on dips in the medium - to - long term [1]

Report Summary 1. Report Industry Investment Rating - Not provided 2. Core View - The short - term judgment on methanol is low - level oscillation. Methanol's absolute price and relative valuation are already relatively low, so it is not recommended to continue short - selling from a valuation perspective. However, the short - term upward drive for methanol is limited. It is mainly restricted by two factors: Iran's winter gas restrictions are less than expected, imports may remain high, and port inventory pressure is difficult to reduce; the current raw material methanol inventory of MTO enterprises is about 710,000 tons, which is relatively high in the past five years, and the downstream restocking power is temporarily insufficient [1]. 3. Summary by Relevant Catalogs 3.1 Methanol Price and Related Data - **Methanol Futures Prices**: On November 13, 2025, MA01 was 2,103 yuan/ton, down 5 yuan or 0.24% from the previous day; MA05 was 2,208 yuan/ton, down 3 yuan or 0.14%; MA09 was 2,231 yuan/ton, down 2 yuan or 0.09% [1]. - **Methanol Spot Prices**: Spot prices in Shandong, Guangdong, Shaanxi, Sichuan - Chongqing, Hubei, and Inner Mongolia remained unchanged on November 13, 2025 compared to the previous day. The basis of Taicang spot - MA was - 35.50 yuan/ton, up 2.50 yuan [1]. - **Coal and Natural Gas Prices**: As of November 13, 2025, the price of Ordos Q5500 coal remained at 610 yuan/ton, Datong Q5500 coal was 700 yuan/ton, down 2.50 yuan or 0.36%, and Yulin Q6000 coal remained at 680 yuan/ton. Industrial natural gas prices in Hohhot and Chongqing remained unchanged [1]. - **Methanol Profit**: As of November 13, 2025, the profit of coal - to - methanol remained at 100.30 yuan/ton, the profit of natural - gas - to - methanol remained at - 1,310 yuan/ton, the profit of Northwest MTO remained at 41.20 yuan/ton, the profit of East China MTO was - 561.07 yuan/ton, down 23.50 yuan or 4.37%. The profit of acetic acid was 423.22 yuan/ton, down 5.50 yuan or 1.28%, the profit of MTBE remained unchanged, and the profit of formaldehyde was - 260.60 yuan/ton, up 5 yuan or 1.88% [1]. 3.2 Important Information - **Domestic Information**: The main methanol contract MA2601 fluctuated within a range, opening at 2,106 yuan/ton, closing at 2,103 yuan/ton, up 1 yuan/ton, with a trading volume of 1,038,707 lots and an open interest of 1,382,830, showing increased volume and decreased open interest [1]. - **Foreign Information**: Currently, a total of 11 methanol plants in a Middle - Eastern country are operating at their existing loads, with an overall average operating load of 75.82%. As of the previous day, the overall methanol loading volume in this Middle - Eastern country was 275,000 tons, and the loading speed was relatively slow. Attention should be paid to the later natural gas supply and local plant operating conditions [1]. 3.3 Trading Strategy - Sell out - of - the - money put options and hold them (viewpoint score: 0) [1].

Report Industry Investment Rating - No investment rating provided in the report Core Viewpoints - For lead, due to high lead prices, downstream purchasing enthusiasm has weakened. Meanwhile, refinery profits are good, and refinery operations have rebounded, improving the tight supply situation. As a result, lead prices face upward pressure [1]. - For zinc, overseas structural risks have diminished, and there is insufficient upward momentum for zinc prices. Zinc prices are under pressure. In the medium - term, the fourth - quarter zinc ore supply will tighten, and TC is likely to fall, which will support zinc prices to some extent [1]. Summary by Relevant Catalogs Lead Price and Market Data - SMM1 lead ingot average price was 17,500.00 yuan/ton, up 1.01% [1]. - Shanghai lead futures main contract closing price was 17,650.00 yuan/ton, down 0.06% [1]. - LME3 - month lead futures closing price (electronic trading) was 2,092.00 dollars/ton, unchanged [1]. - The ratio of Shanghai - London lead prices was 8.44 [1]. Fundamental Information - In the central China region, large lead smelters are affected by environmental control, with raw material arrivals slightly affected and the disassembly volume of waste lead - acid batteries declining. If environmental control is lifted on Saturday, the disassembly volume may increase slightly next week [1]. - There is no expected increase in lead concentrate imports, and processing fees are likely to rise. Some smelters have maintenance plans, and the operation of primary lead has a small - scale fluctuation [1]. - The operation of secondary lead has recovered to over 50%, with supply increasing, mainly for delivering previous scattered orders, and the inventory accumulation of refineries is not obvious [1]. - Terminal markets have improved, and the operation of lead - battery enterprises is okay, with demand increasing [1]. Trading Strategy - Hold previous short positions [1]. Zinc Price and Market Data - SMM1 zinc ingot average price was 22,560.00 yuan/ton, up 0.09% [1]. - Shanghai zinc futures main contract closing price was 22,740.00 yuan/ton, up 0.26% [1]. - LME3 - month zinc futures closing price (electronic trading) was 3,072.00 dollars/ton, unchanged [1]. - The ratio of Shanghai - London zinc prices was 7.40, up 0.26% [1]. Fundamental Information - Refineries have sufficient raw material stocks, and zinc ore processing fees are rising. In October, domestic TC may still decline. Refinery profits and production enthusiasm have improved, and monthly production is expected to be around 600,000 tons [1]. - There is no significant improvement in demand. With the continuous deterioration of the Shanghai - London ratio, the zinc ingot export window is expected to open [1]. Trading Strategy - Lightly short at high levels [1].

Report Industry Investment Rating - Not provided in the content Core View of the Report - On November 13, the main contract of lithium carbonate futures fluctuated widely. The spot market had light trading, and the basis discount widened. With supply and demand both showing certain trends, the news of the resumption of lithium mines in Jiangxi was inconsistent, lithium carbonate production remained high, high prices intensified the downstream wait - and - see sentiment, the spot market trading was light, there was an expectation of weakening in power demand, and the long - short game intensified. It is expected that lithium prices will fluctuate widely. Production enterprises can conduct sell - hedging at high levels, and speculators can try short positions lightly after the upward trend encounters resistance [1] Summary by Related Content Futures Market - On November 13, the closing price of the near - month contract was 86,400 yuan/ton (+1,480 compared to the previous day), the closing price of the continuous - one contract was 87,660 yuan/ton (+1,160), the closing price of the continuous - two contract was 87,620 yuan/ton (+1,340), the closing price of the continuous - three contract was 87,620 yuan/ton (+1,340), and the closing price of another contract was 87,840 yuan/ton (+1,260). The trading volume of the active contract was 1,106,011 lots (-39,318), and the open interest was 536,514 lots (+7,548). The inventory was 27,508 tons (-779) [1] - The spread between the near - month and continuous - one contracts was - 1,260 yuan/ton (+320), the spread between the continuous - one and continuous - two contracts was 40 yuan/ton (-180), the spread between the continuous - two and continuous - three contracts was 0 yuan/ton (unchanged), and the basis was - 3,490 yuan/ton (-210) [1] Spot Market - Lithium spodumene concentrate (6%, CIF China) average price was 1,001 US dollars/ton (+17), lithium mica (Li2O: 1.5% - 2.0%) average price was 1,450 yuan/ton (+30), lithium mica (Li2O: 2.0% - 2.5%) average price was 2,280 yuan/ton (+35), phospho - lithium - aluminum stone (Li2O: 6% - 7%) average price was 8,085 yuan/ton (+205), phospho - lithium - aluminum stone (Li2O: 7% - 8%) average price was 9,510 yuan/ton (+215) [1] - Battery - grade lithium carbonate (99.5%, domestic) average price was 84,350 yuan/ton (+1,050), industrial - grade lithium carbonate (99.2%, domestic) average price was 82,000 yuan/ton (+900), battery - grade lithium hydroxide (56.5%, CIF China, Japan and South Korea) average price was 10.15 US dollars/kg (+0.15), battery - grade lithium hydroxide (56.5%, coarse - grained, domestic) average price was 76,180 yuan/ton (+200), battery - grade lithium hydroxide (56.5%, micronized, domestic) average price was 81,050 yuan/ton (+150) [1] - The spread between battery - grade lithium hydroxide and battery - grade lithium carbonate was - 8,170 yuan/ton (-850), the spread between battery - grade and industrial - grade lithium carbonate was 2,350 yuan/ton (+150), the spread between CIF China, Japan and South Korea battery - grade lithium hydroxide and SMM battery - grade lithium hydroxide was - 4,252.03 yuan/ton (+894.97) [1] - Lithium hexafluorophosphate (99.95%, domestic) average price was 131,000 yuan/ton (+5,500), ternary precursor 523 (polycrystalline, consumer - type) average price was 105,500 yuan/ton (+100), ternary precursor 523 (single - crystal, power - type) average price was 95,025 yuan/ton (+50), ternary precursor 622 (polycrystalline, consumer - type) average price was 88,275 yuan/ton (+25), ternary precursor 811 (polycrystalline, power - type) average price was 106,850 yuan/ton (+25) [1] - Ternary material 523 (single - crystal, power - type) average price was 141,650 yuan/ton (+500), ternary material 523 (polycrystalline, consumer - type) average price was 154,325 yuan/ton (+1,000), ternary material 622 (polycrystalline, consumer - type) average price was 143,075 yuan/ton (+3,500), ternary material 811 (polycrystalline, power - type) average price was 160,350 yuan/ton (+100) [1] - Lithium iron phosphate (power - type) average price was 36,960 yuan/ton (+355), lithium iron phosphate (mid - high - end energy - storage type) average price was 35,510 yuan/ton (+255), lithium iron phosphate (low - end energy - storage type) average price was 32,180 yuan/ton (+250), cobalt acid lithium (60%, 4.35V, domestic) average price was 377,000 yuan/ton (unchanged) [1] - Artificial graphite (high - end, ≥355mAh/g) average price was 0 yuan/ton (unchanged), electrolyte (for ternary power) average price was 27,500 yuan/ton (unchanged), electrolyte (for lithium iron phosphate) average price was 25,750 yuan/ton (unchanged), electrolyte (for cobalt acid lithium) average price was 0 yuan/ton (unchanged), electrolyte (for manganese acid lithium) average price was 20,250 yuan/ton (unchanged) [1] - Electrolytic cobalt (≥99.8%, Jinchuan) average price was 394,000 yuan/ton (+1,250), cobalt sulfate (≥20.5%, domestic) average price was 88,500 yuan/ton (+100), cobalt tetroxide (≥72.8%, domestic) average price was 342,500 yuan/ton (unchanged) [1] Inventory - SMM lithium carbonate inventory: smelters had 28,270 tons (-2,445 compared to the previous week), downstream had 48,772 tons (-3,236), others had 43,430 tons (+2,200), and the total was 120,472 tons (-3,481) [1] Industry News - Atlantic Lithium, an Australian - based company, announced that the mining lease for its flagship Ewoyaa lithium project in Ghana has been submitted to the Ghanaian Parliament for review and approval. The lease was initially granted in October 2023 for 15 years and is renewable. Once approved, the company can proceed with financing and off - take agreements for Ghana's first lithium mine [1] - Rio Tinto, the world's second - largest mining company, has put its controversial Jadar lithium project in Serbia on hold. The project, with an investment of $2.95 billion, will enter the "maintenance" state. The project has faced local community opposition, political difficulties, and slow permit approvals [1] Supply and Demand - Supply: Last week, lithium carbonate production was flat month - on - month. Production from spodumene and lithium mica decreased, while production from salt lakes and recycling increased [1] - Demand: Last week, lithium iron phosphate production increased, ternary material production decreased. In November, cobalt acid lithium production is planned to increase, manganese acid lithium production is planned to decrease. Last week, power battery production increased. In October, the growth rate of new energy vehicle production and sales slowed down month - on - month. 3C shipments were average. In November, energy - storage battery production is planned to increase [1]