1. Report Industry Investment Rating The provided content does not mention the industry investment rating. 2. Core Views of the Report - The change in the Sino - US trade relationship has eased, risk appetite has recovered, and non - ferrous metals have slightly recovered. Due to fundamental differences, non - ferrous metal trends are somewhat differentiated, with copper remaining significantly stronger [11]. - China's economic data shows that the economy has both resilience and pressure. The real - estate related areas continue to show pressure, while the manufacturing industry performs well [11]. - The report provides investment suggestions for various non - ferrous metals based on their supply - demand fundamentals, price trends, and macro - economic factors [3][4][5][6][7][8]. 3. Summary by Directory 3.1 First Part: Non - ferrous Metals Operation Logic and Investment Suggestions - **Macro Logic**: Sino - US trade relations have eased, risk appetite has risen, and non - ferrous metals have slightly recovered. Copper is relatively strong. China's economic data shows mixed results in different sectors [11]. - **Investment Suggestions for Each Metal** - **Copper**: Try to gradually go long on Shanghai copper at low prices. The short - term upper pressure range is 89,000 - 90,000 yuan/ton, and the lower support range is 83,000 - 84,000 yuan/ton. Consider selling near - month slightly out - of - the - money put options [3][13]. - **Zinc**: Temporarily wait and see the technical support. If it holds, consider a bull spread or sell out - of - the - money put options. The upper pressure is around 22,500 - 22,600, and the lower support is around 21,700 - 21,800 [4][13]. - **Aluminum Industry Chain**: Temporarily wait and see the pressure at the integer - level. Buy out - of - the - money options for protection. For alumina, adopt a bearish approach and buy out - of - the - money call options for protection. For recycled aluminum alloy, wait and see and buy out - of - the - money put options for protection [5][14]. - **Tin**: Add short positions moderately at high prices. The upper pressure range is 290,000 - 300,000, and the lower support range is 260,000 - 270,000. Consider buying out - of - the - money put options [6][14]. - **Lead**: Continue to consider the option double - selling strategy in a wider range. The short - term lower support is 16,700 - 16,800, and the upper pressure is 17,000 - 17,200 [7]. - **Nickel and Stainless Steel**: For nickel, be slightly bullish at low prices. The upper pressure is 125,000 - 128,000 yuan, and the lower support is 118,000 - 120,000 yuan. For stainless steel, it continues to fluctuate weakly in a range. The support is 12,500 - 12,600, and the upper pressure is 13,000 - 13,200 [8][15]. 3.2 Second Part: Non - ferrous Metals Market Review - The report provides the closing prices and price changes of various non - ferrous metals, such as copper closing at 85,380 with a 1.17% increase, zinc at 21,855 with a 0.18% increase, etc. [16] 3.3 Third Part: Non - ferrous Metals Position Analysis - The report shows the latest position analysis of the non - ferrous metal sector, including the net long - short strength comparison, net long - short position differences, changes in net long and short positions, and influencing factors for each variety [18] 3.4 Fourth Part: Non - ferrous Metals Spot Market - The report presents the spot prices and price changes of non - ferrous metals, like the Yangtze River spot copper price at 86,000 yuan/ton with a 1.27% increase, and the Yangtze River 0 zinc spot average price at 21,880 yuan/ton with a 0.18% increase [19] 3.5 Fifth Part: Non - ferrous Metals Industry Chain - The report provides various charts related to the industry chain of different non - ferrous metals, such as copper inventory changes, zinc inventory and processing fee changes, etc. [24][27] 3.6 Sixth Part: Non - ferrous Metals Arbitrage - The report shows charts related to non - ferrous metal arbitrage, including copper's Shanghai - London ratio change, zinc's Shanghai - London ratio change, etc. [59][61] 3.7 Seventh Part: Non - ferrous Metals Options - The report provides charts related to non - ferrous metal options, such as copper option historical volatility, zinc option weighted implied volatility, etc. [77][79]

Core Insights - Recent surge in gold prices has made it a topic of widespread discussion, with China maintaining its position as the world's largest gold producer for 15 consecutive years, projected to produce 380.2 tons in 2024 [1] - Despite being the largest producer, China does not have any gold mines among the top 30 globally, which collectively are expected to produce 2,694.3 tons in 2024, a slight increase of 0.4% year-on-year [1] Group 1: Major Gold Mines - The Olimpiada mine in Russia, the largest in the country, produced 45.9 tons in the previous year, a 1% decrease, while its parent company, Polyus, expects a 49% increase in EBITDA to $5.7 billion in 2024 [3] - Grasberg mine in Indonesia, the second-largest, saw a 6% decrease in production to 57.9 tons, facing challenges such as aging equipment and operational difficulties [5] - Muruntau mine in Uzbekistan, the largest globally, is projected to increase production by 5% to 65.1 tons in 2024, with significant investments made to expand capacity [7] Group 2: Production Data and Rankings - The top three gold mines for 2024 are: 1. Muruntau mine (Uzbekistan) - 65.1 tons, up 5% 2. Grasberg mine (Indonesia) - 57.9 tons, down 6% 3. Olimpiada mine (Russia) - 45.9 tons, down 1% [8] - The overall production from the top 30 mines reflects a diverse geographical distribution, with North America having 8 mines, Africa 7, and Asia, Europe, and Oceania each having 4 [1]

Core Viewpoint - This week is significant for earnings reports from major tech and industrial companies, including Tesla, Netflix, Intel, and others, indicating a pivotal moment for stock performance [1]. Earnings Reports Schedule - **Monday**: No notable reports [4] - **Tuesday**: - Netflix (NFLX) expected move: 7.9% - Coca-Cola (KO) expected move: 2.9% - General Motors (GM) expected move: 6.5% - General Electric (GE) expected move: 6.5% - Capital One Financial (COF) expected move: 6.4% - Texas Instruments (TXN) expected move: 7.36% - Philip Morris (PM) expected move: 5.9% [4] - **Wednesday**: - Tesla (TSLA) expected move: 7.9% - Boston Scientific (BSX) expected move: 4.9% - AT&T (T) expected move: 4.4% - Vertiv (VRT) expected move: 11.4% - IBM expected move: 7.2% - Lam Research (LRCX) expected move: 7.8% - Genworth Financial (GEV) expected move: 8.4% - Kinder Morgan (KMI) expected move: 3.4% [5] - **Thursday**: - Intel (INTC) expected move: 12.1% - Ford (F) expected move: 6.1% - Freeport McMoRan (FCX) expected move: 5.5% - Newmont Mining (NEM) expected move: 7.1% - Blackstone (BX) expected move: 5.6% [6] - **Friday**: - Procter & Gamble (PG) expected move: 3.4% [6] Trading Strategies - Traders can utilize expected moves to structure trades: - Bearish traders may consider selling bear call spreads outside the expected range - Bullish traders can sell bull put spreads outside the expected range or opt for naked puts for higher risk tolerance - Neutral traders might look into iron condors, ideally keeping short strikes outside the expected range [6]. - It is advisable to employ risk-defined strategies and maintain small position sizes when trading options over earnings [7].

Upgrades - Baird upgraded Zions Bancorp (ZION) to Outperform from Neutral with an unchanged price target of $65, advising investors to take advantage of the selloff in shares [2] - Stifel upgraded International Paper (IP) to Buy from Hold with an unchanged price target of $57.80, noting that initial exuberance following the CEO's appointment has been replaced by more realistic expectations [2] - HSBC upgraded Freeport-McMoRan (FCX) to Buy from Hold with a price target of $50, up from $43, citing record-high precious metal prices and copper's outperformance due to supply disruptions [2] - KeyBanc upgraded AppFolio (APPF) to Overweight from Sector Weight with a $285 price target, indicating renewed confidence in the company's momentum following customer conversations at its annual conference [3] - UBS upgraded Deere (DE) to Buy from Neutral with a price target of $535, down from $545, expecting 2026 to be the last year of earnings downturn before recovery in 2027 [4] Downgrades - TD Cowen downgraded Booz Allen (BAH) to Hold from Buy with a price target of $105, down from $125, anticipating a reduction in fiscal 2026 guidance [5] - Barclays double downgraded AST SpaceMobile (ASTS) to Underweight from Overweight with an unchanged price target of $60, citing excessive stock valuation despite attractive opportunities [5] - Raymond James downgraded Bank OZK (OZK) to Market Perform from Outperform without a price target, reducing next year's EPS forecast by roughly 12% due to softer loan growth expectations and higher expenses [5] - Raymond James downgraded Graphic Packaging (GPK) to Market Perform from Outperform without a price target, indicating that recent share weakness limits differentiation [5] - Raymond James downgraded Silgan Holdings (SLGN) to Outperform from Strong Buy with a price target of $53, down from $60, while still constructive on the company, taking a more conservative approach due to caution from Q2 items [5]

Core Viewpoint - Bragar Eagel & Squire, P.C. is investigating potential claims against Freeport-McMoran Inc. regarding possible violations of federal securities laws and unlawful business practices affecting stockholders [1][2]. Investigation Details - The law firm is reaching out to investors who purchased or acquired Freeport shares and suffered losses, encouraging them to discuss their legal rights and options [1][2]. - There is no cost or obligation for investors to inquire about these claims [2]. Company Background - Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, South Carolina, and California, representing individual and institutional investors in various complex litigations [3]. Recent Events - On September 9, 2025, Freeport announced the suspension of mining activities at its Grasberg Block Cave operation in Indonesia due to a blockage caused by wet material, which trapped seven workers [5]. - Following this announcement, Freeport's stock price dropped by $2.80 per share, or 5.99%, closing at $43.87 per share on the same day [5].

Group 1 - Freeport-McMoRan Inc. (NYSE:FCX) is highlighted for its significant Indonesian copper and gold mine, alongside increasing copper demand and rising gold prices [1] - The stock has been perceived as risky due to concerns over potential expropriation of its Indonesian mine, but there is a belief that the stock remains stable [1] - Despite a 25% increase in copper prices for the year, Freeport is viewed more as a trading vehicle rather than a long-term investment [1] Group 2 - The company produces a variety of metals including copper, gold, molybdenum, and silver [1] - There is a suggestion that certain AI stocks may present better investment opportunities with higher upside potential and lower downside risk compared to Freeport [1]

Group 1 - Freeport-McMoRan plans to exit the benchmark pricing system for copper concentrate to protect smelter profitability [2] - The TC/RC fees, crucial for smelter operations, typically account for nearly one-third of smelter revenue [2] - Historical low TC/RC fees are expected to continue into 2026, with predictions of a potential negative pricing scenario [2][3] Group 2 - Javier Targhetta, responsible for large supply agreements for over 30 years, expresses concern over the sharp decline in processing fees [3] - China, as the largest copper consumer, faces three major challenges: rising dependence on foreign resources, overcapacity in the midstream processing sector, and suppressed downstream demand due to high copper prices [3]

Freeport plans to break away from the benchmark pricing system underpinning global sales of mined copper ores to protect the profitability of smelters, the company’s top commercial executive said in an interview https://t.co/XxFD79XC64 ...

麦克莫兰铜金(FCX.US)跌超3%，报41.45美元。消息面上，受Grasberg铜矿发生的泥石流事故影响，麦 克莫兰铜金公司可能在10月底被迫暂停Manyar冶炼厂运营，原因是铜精矿供应短缺。印尼矿业部官员 Tri Winarno表示，Grasberg铜精矿库存预计仅能维持到本月底，麦克莫兰铜金将在10月底面临供应不 足，预计将暂时停产。(格隆汇) ...

Group 1: FactSet Research Systems Inc. - FactSet reported fourth-quarter sales of $596.9 million, exceeding analyst expectations of $593.5 million, marking a 6.2% year-over-year increase [2] - Adjusted earnings per share for the quarter were $4.05, which fell short of the expected $4.13 [2] - FactSet shares increased by 1% to close at $285.99, with a market cap of $10.88 billion, trading significantly below its 52-week high of $499.87 [4] - The company's P/E ratio stands at 18.39, indicating a potentially attractive valuation, while the dividend yield is 1.54% [4] Group 2: Freeport-McMoRan Inc. - Freeport-McMoRan is set to release its third-quarter earnings on October 23, with analysts expecting earnings of 41 cents per share, up from 38 cents in the previous year [3] - Projected quarterly revenue for Freeport is $6.71 billion, slightly down from $6.79 billion a year earlier [3] - Freeport-McMoRan shares surged 4.7% to close at $42.78, with a market cap nearing $60 billion [4] - The stock has fluctuated within a 52-week range of $27.66 to $50.28, reflecting a strong recovery amid evolving global demand for copper and other metals [4]