Group 1: Report Industry Investment Rating - Not provided in the given content Group 2: Core View of the Report - On November 4, the main contract of lithium carbonate futures fluctuated downward. The spot market remained bearish, and the basis changed from a discount to a premium. Currently, both supply and demand are strong. The news of the resumption of production of lithium mines in Jiangxi is inconsistent, but the production of lithium carbonate remains high. High prices have increased the wait - and - see sentiment among downstream players. The inflection point may be approaching. If the weakening of demand is verified, there is still room for the price to fall. It is expected that the lithium price will fluctuate widely. The recommended trading strategy is to hold short positions and partially take profits after the downward trend stabilizes [1] Group 3: Summary by Relevant Data Futures Price and Trading Volume - On November 4, 2025, the closing prices of lithium carbonate futures contracts decreased compared with the previous day. For example, the closing price of the near - month contract was 77,160 yuan/ton (-3,460 yuan/ton), and the closing price of the active contract was 78,560 yuan/ton (-3,720 yuan/ton). The trading volume of the active contract was 975,978 hands (+389,310 hands), and the open interest was 457,374 hands (-67,810 hands) [1] Inventory and Basis - The inventory on November 4, 2025, was 26,490 tons (-800 tons). The basis (SMM battery - grade lithium carbonate average price - lithium carbonate active contract closing price) changed from - 1,280 yuan/ton on November 3 to 2,340 yuan/ton on November 4, an increase of 3,620 yuan/ton [1] Raw Material Prices - On November 4, 2025, the average price of lithium spodumene concentrate (6%, CIF China) was 931 US dollars/ton (-10 US dollars/ton), and the average price of lithium mica (Li2O: 1.5% - 2.0%) was 1,315 yuan/ton (-35 yuan/ton) [1] Downstream Product Prices and Output - The prices of some downstream products such as lithium iron phosphate, ternary materials, and electrolyte changed. In terms of output, last week, the output of lithium iron phosphate increased, the output of ternary materials increased, and the output of power batteries increased. In November, the production schedule of cobalt - lithium increased, and the production schedule of manganese - lithium decreased [1] Terminal Market Conditions - In October, the year - on - year growth rate of new energy vehicle production and sales slowed down; the 3C shipments were average; the production schedule of energy - storage batteries increased in November [1] Supply - related News - The lithium spodumene concentrate of the Bougouni lithium project of Kodal Minerals has been shipped to the port of San Pedro, Côte d'Ivoire, with a cumulative shipment of over 10,000 tons, and the shipment progress meets market expectations [1]

Report Industry Investment Rating No relevant information provided. Core Viewpoints - Short - term pressure on precious metal prices due to factors like tightened inter - bank liquidity in the US, increased CMBS default rate, and reduced probability of Fed rate cut in December; long - term support from geopolitical risks and central bank gold purchases [1] Summary According to Related Catalogs Market Data - **Shanghai Gold**: Closing price on 2025 - 11 - 04 was 912.42 yuan/gram, down 4.52 from the previous day; trading volume was 64372, and open interest was 255692 [1] - **Shanghai Silver**: Closing price on 2025 - 11 - 04 was 11242 yuan/ten - grams, down 200 from the previous day; trading volume was 605454, and open interest was 4270780 [1] - **COMEX Gold Futures**: Closing price on 2025 - 11 - 04 was 3941.30, down 72.40 from the previous day; trading volume was 244620, and open interest was 327592 [1] - **International Gold**: London gold spot price on 2025 - 11 - 04 was 4025.25 dollars/ounce, down 74.15 from the previous day; SPDR gold ETF holding was 1041.78, down 3.15 [1] - **COMEX Silver Futures**: Closing price on 2025 - 11 - 04 was 47.91, up 1.08 from the previous day; trading volume was 60177, and open interest was 19 [1] - **International Silver**: London silver spot price on 2025 - 11 - 04 was 47.76 dollars/ounce, down 1.02 from the previous day; iShare silver ETF holding was 15167.64, down 22.18 [1] Important Information - The fate of Trump's tariffs depends on three Supreme Court justices appointed by him; the US Senate failed to pass the appropriation bill, leading to a potential record - breaking government shutdown [1] - US job openings in October dropped to the lowest since April 2021, and the office real estate crisis accelerated with the CMBS default rate exceeding 11.8% [1] Trading Strategy - Hold previous short positions; for London gold, focus on support around 3580 - 3860 and resistance around 4180 - 4384; for Shanghai gold, support around 830 - 860 and resistance around 950 - 1000; for London silver, support around 39 - 42 and resistance around 50 - 55; for Shanghai silver, support around 9400 - 10000 and resistance around 11600 - 12400 [1]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The silicon market has weak supply and demand, with limited improvement on the demand side. 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 RMB 9,300 - 9,500 per ton. [1] - Due to supply - side disturbances, the polysilicon market has risen again. Considering the limited willingness of downstream enterprises to replenish inventory, there is significant pressure for the spot price to continue rising, which will limit the upward space of the market. [1] Summary by Related Catalogs Industrial Silicon - **Price Changes**: On November 5, 2025, the average price of non - oxygen - blown 553 (East China) remained unchanged at RMB 9,300 per ton, and the average price of 421 (East China) also remained unchanged at RMB 9,700 per ton. The closing price of the futures main contract decreased by 2.79% to RMB 8,885 per ton. [1] - **Supply and Demand Situation**: In October, the southwest production area entered the high - cost dry season. Some silicon enterprises stopped production at the end of October, and production significantly declined. In Yunnan, only integrated enterprises or those with long - term order demand were still in production. In the north, the number of open furnaces increased steadily. After offsetting the increase and decrease, the industrial silicon output in November is expected to fall below 400,000 tons. On the demand side, polysilicon enterprises maintained a production - cut state, silicone enterprises were mostly in a state of reduced load or maintenance, and silicon - aluminum alloy enterprises purchased as needed. The overall willingness of downstream enterprises to stock up at low prices was limited. [1] - **Investment Strategy**: Adopt an interval - trading strategy. Continuously monitor industrial policy changes and the production dynamics of silicon enterprises. [1] Polysilicon - **Price Changes**: On November 5, 2025, the price of N - type dense material remained unchanged at RMB 51 per kilogram; the price of N - type re - feed material decreased by 0.10% to RMB 52.2 per kilogram; the price of N - type mixed material remained unchanged at RMB 50.5 per kilogram; the price of N - type granular silicon remained unchanged at RMB 50.5 per kilogram. The closing price of the futures main contract decreased by 4.19% to RMB 53,715 per ton. [1] - **Supply and Demand Situation**: On the supply side, polysilicon enterprises maintained a production - cut state, and some polysilicon plants might have new production capacity put into operation. After offsetting the increase and decrease, the output in October is expected to increase slightly, and the output in November may decline. On the demand side, the polysilicon market transactions were relatively light, with few new transactions. Downstream enterprises were highly resistant to high - priced resources, and the market was waiting for industry policy guidance. [1] - **Investment Strategy**: Before the implementation of supply - side reform policies, investors can try to go long on dips with a light position. Continuously monitor the establishment of the polysilicon platform and the evolution of macro - sentiment. [1] Policy Information - The Hebei Provincial Development and Reform Commission and the North China Regulatory Bureau of the National Energy Administration jointly issued the "Implementation Rules for the Development and Construction Management of Distributed Photovoltaic Power Generation in Hebei Province", which clearly stipulates the grid - connection management of distributed photovoltaics. For projects relying on public institutions, the self - consumption ratio of distributed photovoltaics should not be less than 30%, and for those relying on industrial and commercial factories, it should not be less than 50%. For projects with annual self - consumption electricity lower than the specified ratio, the part of the excess grid - connected electricity settlement will be deducted by the power grid enterprise in the following year, and the deducted electricity charges will be shared by all industrial and commercial users. [1] - The policy sets a transition period for existing projects. Projects that were filed before January 23, 2025, and connected to the grid before May 1, 2025, will still be implemented according to the original policy. For general industrial and commercial distributed projects that were filed before the release of the rules and connected to the grid before December 31, 2025, there is no requirement for the self - consumption electricity ratio. [1]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoint The Sino-US reached a one-year economic and trade agreement, and there are production disturbances in multiple overseas copper mines. However, due to the Fed's more hawkish stance on interest rate cuts, the strengthening of the US dollar index and the tightening of liquidity may lead to an adjustment in the price of Shanghai copper [2]. 3. Summary by Relevant Catalogs Market Data - **Shanghai Copper**: On November 4, 2025, the closing price was 85,740, a decrease of 1,560 compared to the previous day. The trading volume was 166,742 lots, an increase of 16,145 lots. The open interest was 227,549 lots, a decrease of 21,213 lots. The inventory was 41,147 tons, an increase of 1,081 tons [2]. - **LME Copper**: On November 4, 2025, the 3 - month copper futures closing price (electronic trading) was 10,649, a decrease of 170 compared to the previous day. The LME copper futures 0 - 3 - month contract spread was -30.45, a decrease of 4.75 [2]. - **COMEX Copper**: On November 4, 2025, the closing price of the active copper futures contract was 4.9255, a decrease of 0.19 [2]. Supply - Demand - Inventory Analysis - **Supply**: There are production disturbances in multiple domestic and foreign copper mines, resulting in a continuous negative import index of copper concentrates in China, leading to a tight supply - demand expectation of domestic copper concentrates. 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 [2]. - **Demand**: The capacity utilization rates of refined copper rods, copper wires and cables, and copper enameled wires have decreased compared to last week, while the capacity utilization rates of recycled copper rods, copper strips, and copper tubes have increased [2]. - **Inventory**: The social inventory of electrolytic copper in China has increased compared to last week. The inventory of electrolytic copper in the London Metal Exchange has decreased compared to last week, and the inventory of COMEX copper has increased compared to last week [2]. Trading Strategy - Short - term: Lightly short the main contract on rallies. Pay attention to the support level of 81,000 - 83,000 and the resistance level of 86,000 - 89,000 for Shanghai copper. For LME copper, the support level is around 10,200 - 10,500 and the resistance level is around 11,500 - 12,000. For US copper, the support level is around 4.5 - 4.8 and the resistance level is around 5.5 - 6.0 [2].

Report Summary 1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core View - The methanol market continues to show a weak and volatile trend. The price of methanol is relatively high compared to upstream coal and downstream polyolefins, and the short - term upward driving force is limited due to high port inventory pressure and insufficient downstream restocking drive. The inventory turning point may occur around mid - November, and the subsequent driving force may come from possible supply reductions, such as the gas - restriction expectation in Iran. It is recommended to wait before going long on methanol, and the current trading strategy is to stay on the sidelines [1]. 3. Summary by Related Catalogs 3.1 Price and Basis - **Futures Prices**: MA01 dropped from 2180 yuan/ton on October 31st to 2143 yuan/ton on November 3rd, a decrease of 1.70%; MA05 decreased from 2260 yuan/ton to 2239 yuan/ton, a decrease of 0.93%; MA09 declined from 2240 yuan/ton to 2228 yuan/ton, a decrease of 0.54% [1]. - **Spot Prices**: Prices in most regions declined, with the largest drop in Taicang, from 2157.50 yuan/ton to 2097.50 yuan/ton, a decrease of 2.78%. Prices in Sichuan - Chongqing and Hubei remained unchanged [1]. - **Basis**: The basis of Taicang spot - MA decreased from - 22.50 yuan/ton to - 45.50 yuan/ton, a decrease of 23 yuan/ton [1]. 3.2 Raw Material Prices - **Coal Prices**: The prices of coal with different calorific values increased. The price of Ordos Q5500 increased by 3.14%, Datong Q5500 by 2.35%, and Yulin Q6000 by 1.59% [1]. - **Natural Gas Prices**: The industrial natural gas prices in Hohhot and Chongqing remained unchanged [1]. 3.3 Profit Situation - **Methanol Production Profit**: The profit of coal - based methanol decreased by 14.24% from 210.70 yuan/ton to 180.70 yuan/ton, while the profit of natural - gas - based methanol remained at - 1100 yuan/ton [1]. - **Downstream Profit**: The profit of Northwest MTO decreased by 666.67%, while the profit of East China MTO increased by 12.80%. The profits of most downstream products such as acetic acid, MTBE, formaldehyde, and erquying increased [1]. 3.4 Important Information - **Domestic**: The main methanol contract MA2601 weakened, opening at 2182 yuan/ton, closing at 2143 yuan/ton, down 59 yuan/ton, with trading volume of 1186632 lots and open interest of 1400566, showing increasing volume and open interest [1]. - **Foreign**: A 2.3 - million - ton methanol plant in a Middle - Eastern country is under maintenance, and the overall methanol plant operating load in this country is maintained at 74.45%. As of November 2nd, about 80,000 tons of methanol are scheduled to be shipped from this country in November [1].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - Nickel: The fundamentals of nickel are weak with inventory reduction pressure, but the valuation is at a low level. It is expected that the nickel price will fluctuate at a low level. The recommended trading strategy is to wait and see [2]. - Stainless steel: The fundamentals are loose, and the cost support is weak. It is expected that stainless steel will fluctuate weakly. The recommended trading strategy is to hold short positions [2]. Summary by Related Catalogs Nickel Market Data - **Futures Contracts**: On November 3, 2025, for Shanghai nickel futures, the closing prices of near - month, consecutive - one, consecutive - two, and consecutive - three contracts were 122060.00 yuan/ton, 120590.00 yuan/ton, 121180.00 yuan/ton, and 121360.00 yuan/ton respectively. The trading volume of the active contract was 97352.00 hands (-1139), and the open interest was 108671.00 hands (-3846) [2]. - **Spot Prices**: The average price of SMM 1 electrolytic nickel was 123050.00 yuan/ton, and the average price of 1 Jinchuan nickel was 124300.00 yuan/ton [2]. - **LME Market**: The official spot price of LME 3 - month nickel was 15175.00 dollars/ton (-65), the closing price of the electronic disk was 15250.00 dollars/ton, and the closing price of the physical trading was 15226.00 dollars/ton. The trading volume was 5178.00 hands. The total LME nickel inventory was 251238.00 tons (648) [2]. Stainless Steel Market Data - **Futures Contracts**: On November 3, 2025, for Shanghai stainless steel futures, the closing prices of near - month, consecutive - one, consecutive - two, and consecutive - three contracts were 12610.00 yuan/ton, 12630.00 yuan/ton, 12685.00 yuan/ton, and 12705.00 yuan/ton respectively. The trading volume of the active contract was 107662.00 hands (-12218), and the open interest was 77047.00 hands (-4967) [2]. - **Spot Prices**: The average price of 304/2B coil - trimmed edge (Wuxi) was 13450.00 yuan/ton (-50), and the average price of 316L/2B coil (Wuxi) was 25150.00 yuan/ton (-150) [2]. - **Inventory**: The total stainless steel spot inventory was 904700.00 tons, including 2200.00 tons of 200 - series, 613600.00 tons of 300 - series (+900), and 116800.00 tons of 400 - series (-2000) [2]. Industry News - Ambatovy project in Madagascar, operated by Sumitomo Corp, is running smoothly despite recent political unrest. The project aims to produce about 35,000 tons of nickel this fiscal year, with about 15,000 tons produced in the first half - year, similar to the same period last year. Equipment maintenance is planned for November [2]. - In September 2025, the nickel ore export volume of the Philippines was 7.7698 million tons, including 5.57155 million tons to China and 2.19825 million tons to Indonesia [2]. Market Logic - **Nickel**: On November 3, the main contract of Shanghai nickel fluctuated within a range. The spot market trading was weak, and the basis premium narrowed. On the supply side, nickel ore prices were flat, port inventories decreased, nickel - iron plants' losses deepened, and nickel - iron stocks accumulated. On the demand side, ternary production, stainless steel production, and alloy and electroplating demand increased. Overall, the nickel fundamentals are weak with inventory reduction pressure, but the price is at a low level [2]. - **Stainless Steel**: On November 3, the main contract of stainless steel fluctuated downward. The spot market trading was weak, and the basis premium narrowed. The supply increased in October, and the 300 - series production decreased. The terminal demand was weak, and the prices of high - carbon ferrochrome and high - nickel pig iron fell. The fundamentals are loose, and the cost support is weak [2]. Trading Strategies - **Nickel**: The recommended trading strategy is to wait and see [2]. - **Stainless Steel**: The recommended trading strategy is to hold short positions [2].

Report Industry Investment Rating - Not provided in the document Core View - The current sentiment of urea has improved, but a reversal may not be imminent from a supply - demand perspective. The current urea valuation is at a relatively low level, reflecting the pattern of strong supply and weak demand. The spot price in Shanxi has temporarily stabilized after hitting a near - five - year low. If prices continue to fall, it may lead to a further decline in upstream production willingness and accelerate corporate clearance. In the short term, there is insufficient upward drive for urea due to large supply and inventory pressures, and downstream buyers are mainly making cautious restocking at low prices. The potential future drivers are the update and transformation of old chemical equipment on the supply side and the issuance of new export quotas [1] Summary by Relevant Catalogs 1. Price Information - **Futures Prices**: UR01 closed at 1630 yuan/ton on November 4, up 7 yuan or 0.43% from the previous day; UR05 closed at 1710 yuan/ton, up 1 yuan or 0.06%; UR09 closed at 1740 yuan/ton, down 2 yuan or - 0.11% [1] - **Domestic Spot Prices (Small - Granule)**: Prices in Shandong and Henan increased by 10 yuan/ton, while prices in Shanxi, Hebei, Northeast China, and Jiangsu remained unchanged [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 prices of compound fertilizer (45%S) in Shandong and Henan remained unchanged. The price of melamine in Shandong decreased by 11 yuan/ton to 5073 yuan/ton, while the price in Jiangsu remained unchanged at 5150 yuan/ton [1] 2. Basis and Spread - The basis of Shandong spot - UR increased by 9 yuan/ton to - 140 yuan/ton, and the spread between 01 and 05 increased by 6 yuan/ton to - 80 yuan/ton [1] 3. Futures Contract Details - The opening price of the urea futures main contract 2601 was 1624 yuan/ton, the highest price was 1638 yuan/ton, the lowest price was 1615 yuan/ton, the closing price was 1630 yuan/ton, and the settlement price was 1625 yuan/ton. The持仓量 was 272271 hands [1] 4. Trading Strategy - Sell out - of - the - money put options and hold [1]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The current supply and demand of lithium carbonate are both strong. Although the resumption of production of lithium mines in Jiangxi is fluctuating, the production of lithium carbonate remains at a high level. High prices have intensified the wait - and - see sentiment of downstream buyers. If the weakening of demand is verified, there is still room for further price correction. It is recommended to hold short positions [3]. 3. Summary According to Related Contents 3.1 Market Data - **Futures Market**: On November 3, 2025, the main contract of lithium carbonate futures fluctuated within a range. The trading volume was 586,668 lots (-328,577), and the open interest was 525,184 lots (-14,744). The price difference between near - month and consecutive - one contracts was - 1480 yuan/ton, the price difference between consecutive - one and consecutive - two contracts was 120 yuan/ton, and the price difference between consecutive - two and consecutive - three contracts was 0 yuan/ton. The basis widened, reaching - 1280 yuan/ton [3]. - **Spot Market**: The average price of battery - grade lithium carbonate (99.5%, domestic) was 81,000 yuan/ton (+450), the average price of industrial - grade lithium carbonate (99.2%, domestic) was 78,800 yuan/ton (+450), and the price difference between battery - grade and industrial - grade lithium carbonate was 2200 yuan/ton [3]. - **Raw Material Market**: The average price of lithium spodumene concentrate (6%, CIF China) was 941 US dollars/ton (-3), the average price of lithium mica (Li2O: 1.5% - 2.0%) was 1350 yuan/ton (-30), and the average price of lithium mica (Li2O: 2.0% - 2.5%) was 2150 yuan/ton (-30) [3]. - **Downstream Product Market**: The average price of lithium hexafluorophosphate (99.95%, domestic) was 113,500 yuan/ton (+3000), the average price of ternary precursor 523 (polycrystalline/consumer - type) was 104,850 yuan/ton (+500), and the average price of ternary material 523 (single - crystal/power - type) was 139,450 yuan/ton (+150) [3]. 3.2 Supply and Demand Analysis - **Supply Side**: Last week, the production of lithium carbonate decreased, mainly due to a slight decline in the production of lithium carbonate from lithium spodumene. The Argentine subsidiary of the French mining company Eramet, Eramine, successfully resumed its lithium extraction project. The Centenario Ratones lithium carbonate plant produced 2080 tons of lithium carbonate equivalent (LCE) in the third quarter, almost three times the output of 710 tons in the January - June period. The company plans to reach full - load production in the next 6 - 9 months, with a designed production capacity of 24,000 tons/year of battery - grade lithium carbonate [3]. - **Demand Side**: Last week, the production of lithium iron phosphate increased, the production of ternary materials increased, and the production of power batteries increased. In November, the production of cobalt - lithium batteries increased, and the production of manganese - lithium batteries decreased. The production and sales growth rate of new energy vehicles slowed down in September, the 3C shipments were average, and the production of energy - storage batteries increased in November [3]. 3.3 Inventory Situation The registered warehouse receipts were 27,290 tons (-331), the social inventory decreased, the inventory of smelters and downstream decreased, and the inventory of other parts increased [3].

1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report The slow resumption of tin mines in Wa State, Myanmar, has led to an expectation of tight supply and demand. However, due to the hawkish shift in the Fed's interest - rate cut expectations, the strengthening of the US dollar index, and tight liquidity, the Shanghai tin price may be adjusted. It is recommended that investors try short - selling the main contract at high levels with a light position in the short term, and pay attention to the support and resistance levels of Shanghai tin and London tin [3]. 3. Summary by Relevant Catalogs 3.1 First Part: Spread and Inventory Situation - The Shanghai tin basis is positive and the monthly spread is negative, both within the reasonable range. This is due to the slow resumption of tin mines in Wa State, Myanmar, leading to an expected tight supply, and a decline in the total inventory of refined tin at home and abroad. However, with the hawkish shift in the Fed's future interest - rate cut expectations, the strengthening of the US dollar index, tight liquidity, and the arrival of the domestic traditional consumption off - season, investors are advised to temporarily wait and see for arbitrage opportunities [7][9]. - The LME tin (0 - 3) and (3 - 15) contract spreads are positive and within the reasonable range. The Shanghai - London tin price ratio is lower than the 50% quantile of the past five years. This is because the manufacturing PMI in Europe and the US in October was weak, and the inventory of refined tin in the LME is increasing but still at a relatively low level. It is recommended to temporarily wait and see for arbitrage opportunities in the LME tin (0 - 3) and (3 - 15) contract spreads [11]. - The inventory of refined tin in the Shanghai Futures Exchange has increased compared to last week; the social inventory of tin ingots in China has decreased compared to last week; the inventory of refined tin in the LME has increased compared to last week; the total inventory of refined tin at home and abroad has decreased compared to last week [13]. 3.2 Second Part: Mid - upstream Supply Situation - The daily processing fee of domestic tin ore has decreased, indicating an expected tight supply of domestic tin ore [19][20]. - The production (import) volume of domestic tin ore in November may increase month - on - month. Reasons include the closure of 1000 illegal tin mines in Bangka Belitung by the Indonesian president, the commissioning of the second concentrator of the Uis mine in Namibia, the resumption of mining in Wa State, Myanmar, the phased resumption of the Bisie tin mine in the DRC, and the suspension of the transit export of Myanmar tin ore through Thailand [22][24]. - The production volume of recycled tin in China in November may increase month - on - month [25][26]. - The capacity utilization rate of refined tin in Yunnan and China (Jiangxi) has decreased (remained flat) compared to last week; the production (inventory) volume of refined tin in China in November may increase (decrease) month - on - month [29]. - The import volume of refined tin in China in November may increase month - on - month. The export volume of refined tin from Indonesia is expected to increase, which may lead to an increase in China's refined tin imports [30][32]. 3.3 Third Part: Downstream Demand Situation - The daily processing fee of photovoltaic solder strips has decreased month - on - month, which may lead to an increase in the capacity utilization rate (inventory) of tin solder in China in November [36]. - The import (export) volume of solder strips in China in November may decrease (increase) month - on - month [37][39]. - The production (import, export) volume of tin - plated sheets in China in November may decrease (decrease, increase) month - on - month [40]. - The capacity utilization rate of lead - acid batteries in China has decreased compared to last week. Since tin is an important additive in lead - acid batteries, this may affect the demand for tin [42][44].

Report Title - "Non-ferrous Metals Weekly - Nickel and Stainless Steel" [1] Report Date - November 4, 2025 [3] Report Analysts - Wu Jinheng, Research Institute [3] Investment Ratings - Nickel: Hold [4][92] - Stainless Steel: Hold Short Position [5][117] Core Views - Nickel market shows weak supply - demand fundamentals and large inventory pressure, with low valuation, expected to fluctuate at a low level [4][92] - Stainless steel market has weak demand, loose fundamentals, and weakening cost support, expected to fluctuate weakly [5][118] Summary by Section 1. Nickel 1.1 Nickel Market Review - Last week, SHFE nickel oscillated downward, with a weekly decline of 1.14%, trading volume increased to 592,700 lots (+150,500), and open interest decreased to 112,500 lots (-89,000) [9] - LME nickel had a weekly decline of 0.72%, and trading volume increased to 30,300 lots (+32,000) [9] - The basis premium was 1,050 yuan/ton [11] 1.2 Supply Side - **Nickel Ore**: Last week, prices of 0.9%, 1.5%, and 1.8% nickel ores remained flat, and shipping prices from the Philippines to China were unchanged; in September, Philippine nickel ore exports decreased, and China's nickel ore imports reached 6.11 million tons, a 3.7% MoM decrease and 33.9% YoY increase; last week, nickel ore arrivals increased by 391,400 tons, and port inventories decreased by 180,000 wet tons [18][23][25] - **Nickel Pig Iron**: 8 - 12% high - nickel pig iron price dropped by 5.5 yuan/nickel point, 1.5 - 1.7% nickel pig iron price fell by 100 yuan/ton; in September, China's nickel pig iron imports were 1.085 million tons, a 24.2% MoM and 47.2% YoY increase, expected to decline in October; in November, domestic nickel pig iron production and capacity utilization decreased, while those in Indonesia increased; nickel pig iron inventory accumulated [30][33][41][43] - **Electrolytic Nickel**: In November, refined nickel production and capacity utilization decreased; electrolytic nickel export profit expanded; in September, electrolytic nickel imports increased and exports decreased [47][51][55] 1.3 Demand Side - **Stainless Steel**: In November, stainless steel production decreased, with 300 - series production remaining basically flat; in September, stainless steel exports decreased by 6.6% MoM and 8.7% YoY, imports increased by 2.7% MoM and 0.4% YoY, and October's imports and exports are expected to be similar to September's [60][106][109] - **New Energy**: Nickel sulfate price remained flat while pure nickel price dropped, and the premium of nickel sulfate over pure nickel expanded; in November, ternary precursor production decreased by 0.1% MoM and increased by 20.4% YoY, ternary material production increased by 1.4% MoM and 39.8% YoY, and nickel sulfate production increased by 4.8% MoM and 23.4% YoY [69][74][76] 1.4 Inventory Side - Last week, SHFE and LME nickel inventories increased; Shanghai bonded area pure nickel inventory decreased by 800 tons, and six - region social total inventory decreased by 698 tons [83][88] 1.5 Electrowon Nickel Cost - The cost of producing electrowon nickel from externally purchased nickel sulfate, nickel matte, and MHP decreased; the cost of producing electrowon nickel from integrated MHP was significantly lower than that from integrated nickel matte [91] 1.6 Market Outlook - Strategy: Hold; Operating range: 115,000 - 125,000 yuan/ton; Due to loose fundamentals, large inventory pressure, and low valuation, nickel prices are expected to fluctuate at a low level [4][92] 2. Stainless Steel 2.1 Market Review - Last week, stainless steel futures oscillated downward, with a weekly decline of 1.03%, and the basis widened to 850 yuan/ton; trading volume decreased to 574,200 lots (-64,700), and open interest decreased to 82,000 lots (-62,200) [95] 2.2 Cost and Profit - High - nickel pig iron and high - carbon ferrochrome prices dropped, weakening cost support; 200 - series profit increased, 300 - series loss widened, and 400 - series loss narrowed [98][102] 2.3 Fundamentals - In November, stainless steel production decreased, mainly due to 200 - series production cuts, and 300 - series production remained basically flat; in September, stainless steel exports decreased and imports increased, and October's imports and exports are expected to be similar to September's [106][109] 2.4 Inventory Side - Domestic stainless steel social inventory increased; 200 - series and 300 - series inventories increased, while 400 - series inventory decreased [115] 2.5 Market Outlook - Strategy: Hold short position; Operating range: 12,000 - 13,000 yuan/ton; Due to weak demand, loose fundamentals, and weakening cost support, stainless steel prices are expected to fluctuate weakly [5][117][118]