1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - The macro - situation shows that from October 25th to 26th local time, China - US economic and trade negotiators reached a preliminary consensus on multiple important economic and trade issues, and will go through respective domestic approval procedures. By 2035, China's economic, technological, national defense, comprehensive national strength and international influence will be greatly enhanced, and the per - capita GDP will reach the level of moderately developed countries. The industrial data last week was decent, with the apparent demand for steel products rebounding, driving inventory down. Rebar had good inventory reduction, while hot - rolled coils still faced inventory pressure due to stable steel production. Considering the above factors, steel prices are expected to fluctuate mainly [1][4][5]. 3. Summary by Relevant Catalogs 3.1 Transaction Data | Contract | Closing Price | Change | Change Rate (%) | Total Trading Volume (lots) | Total Open Interest (lots) | Price Unit | | --- | --- | --- | --- | --- | --- | --- | | SHFE Rebar | 3046 | 9 | 0.30 | 5713284 | 2644571 | Yuan/ton | | SHFE Hot - rolled Coil | 3250 | 46 | 1.44 | 2311059 | 1501678 | Yuan/ton | | DCE Iron Ore | 771.0 | 0.0 | 0.00 | 1404210 | 561141 | Yuan/ton | | DCE Coking Coal | 1248.5 | 69.5 | 5.89 | 5960825 | 939022 | Yuan/ton | | DCE Coke | 1757.5 | 81.5 | 4.86 | 116416 | 49180 | Yuan/ton | [2] 3.2 Market Review - Last week, steel futures showed a fluctuating trend. Affected by the relatively strong performance of coking coal and coke during the week, steel futures rebounded slightly. After the release of supply - demand data, steel prices fluctuated and adjusted. In the spot market, the price of Tangshan billets was 2950 (+30) Yuan/ton, Shanghai rebar was quoted at 3220 (+30) Yuan/ton, and Shanghai hot - rolled coils were at 3300 (+20) Yuan/ton [4]. 3.3 Industry News - From January to September, the added value of large - scale industrial enterprises nationwide increased by 6.2% year - on - year; fixed - asset investment was 371535 billion Yuan, a year - on - year decrease of 0.5%; total retail sales of consumer goods were 365877 billion Yuan, a year - on - year increase of 4.5% [6][7]. - In September 2025, China's crude steel output was 7349 million tons, a year - on - year decrease of 4.6%; pig iron output was 6605 million tons, a year - on - year decrease of 2.4%; steel output was 12421 million tons, a year - on - year increase of 5.1% [7]. - From January to September, national real - estate development investment was 67706 billion Yuan, a year - on - year decrease of 13.9%. The floor area under construction of real - estate development enterprises was 648580 million square meters, a year - on - year decrease of 9.4%. The floor area of newly started buildings was 45399 million square meters, a decrease of 18.9%. The floor area of completed buildings was 31129 million square meters, a decrease of 15.3% [7]. - From January to September, national fixed - asset investment (excluding rural households) was 371535 billion Yuan, a year - on - year decrease of 0.5%. In the secondary industry, industrial investment increased by 6.4% year - on - year. Among them, mining investment increased by 3.7%, manufacturing investment increased by 4.0%, and investment in the production and supply of electricity, heat, gas and water increased by 15.3%. In the tertiary industry, infrastructure investment (excluding the production and supply of electricity, heat, gas and water) increased by 1.1% year - on - year. Among them, water - transport investment increased by 12.8%, railway - transport investment increased by 4.2%, and water - conservancy management investment increased by 3.0% [7]. - The Fourth Plenary Session of the 20th Central Committee of the Communist Party of China put forward the main goals for economic and social development during the 15th Five - Year Plan period: significant achievements in high - quality development, a substantial increase in the level of scientific and technological self - reliance, new breakthroughs in further comprehensive deepening of reforms, a significant improvement in social civilization, continuous improvement in people's living standards, new and major progress in the construction of a beautiful China, and a more solid national security barrier. By 2035, China's economic, technological, national defense, comprehensive national strength and international influence will be greatly enhanced, and the per - capita GDP will reach the level of moderately developed countries [7]. - From October 25th to 26th local time, China - US economic and trade negotiators reached a preliminary consensus on multiple important economic and trade issues, and will go through respective domestic approval procedures [1][4][7]. - The Ministry of Industry and Information Technology solicited public opinions on the "Implementation Measures for Capacity Replacement in the Iron and Steel Industry (Draft for Comment)". The draft pointed out that in key areas, the total steel production capacity should not be increased, and the transfer of steel production capacity from non - key areas to key areas and between different key areas is prohibited. The capacity - replacement ratio for iron - making and steel - making in each province (region, municipality) should not be less than 1.5:1 [7]. 3.4 Relevant Charts - The report provides multiple charts including the trends of rebar and hot - rolled coil futures and their monthly spreads, basis trends, spot regional price - difference trends, steel - mill profit trends, daily average pig - iron output of 247 steel mills, blast - furnace operating rates, production, inventory, and apparent consumption of rebar and hot - rolled coils [10][11][13] etc.

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - Last week, the main contract of Shanghai lead futures broke through and rose strongly. The smooth progress of China-US economic and trade consultations provided a good macro - atmosphere. The slow resumption of refineries, better - than - expected downstream demand, and vehicle control due to environmental protection in Henan intensified the short - term supply - demand mismatch. The social inventory dropped to a low level, triggering a soft squeeze on near - month contracts. Although refineries are resuming production and the lead ingot import window is open, it takes time. Before the market supply is effectively alleviated, the lead price is expected to remain volatile and strong [3][7]. Group 3: Summary by Related Catalogs Transaction Data - From October 17th to October 24th, the SHFE lead price increased from 17,075 yuan/ton to 17,595 yuan/ton, up 520 yuan/ton; the LME lead price rose from 1,971 dollars/ton to 2,016.5 dollars/ton, up 45.5 dollars/ton; the Shanghai - London ratio increased from 8.66 to 8.73, up 0.06. The上期所库存 decreased by 5,368 tons to 36,333 tons, and the LME inventory decreased by 15,025 tons to 235,375 tons. The social inventory decreased by 0.57 million tons to 3.19 million tons, and the spot premium remained unchanged at - 215 yuan/ton [4]. Market Review - The main contract of Shanghai lead futures PB2512 had an intraday abnormal movement on Thursday, breaking through 17,500 yuan/ton and continuing to rise. The main contract price increased with increased positions. On Thursday night, the market sentiment was digested, and on Friday, the lead price fluctuated and consolidated at a high level, finally closing at 17,595 yuan/ton, with a weekly increase of 1%. LME lead fluctuated strongly. The easing of China - US trade relations improved market risk appetite, and the slight decline in LME inventory led to a small rebound after stabilization, returning above the 2,000 dollars/ton level, finally closing at 2,016.5 dollars/ton, with a weekly increase of 2.28%. In the spot market, as of October 24th, the price of lead in Shanghai market was 17,490 - 17,550 yuan/ton, at par with the SHFE 2511 contract. The high - level consolidation of Shanghai lead made the sellers' enthusiasm for selling average, with few and firm quotes. Due to the expanded price difference between futures and spot, traders preferred to deliver to the warehouse, and the spot circulation in the retail market further decreased. Downstream enterprises were more wait - and - see, and the high price of lead made them cautious in purchasing, mostly relying on long - term contracts or digesting existing inventories [5]. Industry News - In November, the average domestic lead concentrate processing fee was 350 yuan/metal ton, a month - on - month decrease of 50 yuan/ton, and the import ore processing fee was - 125 dollars/dry ton, a month - on - month decrease of 10 dollars/dry ton. From January to August 2025, the global lead market had a supply surplus of 51,000 tons, compared with a supply shortage of 17,000 tons in the same period last year. Hebei will control incoming vehicles, affecting the transportation of waste materials and lead ingots of local recycling lead and lead battery enterprises. An East China small recycling lead refinery postponed its resumption of production. Silvercorp's lead production in the second quarter of 2025 was 14.2 million pounds, an 8% year - on - year increase. In September, the import volume of lead concentrate was 150,600 tons, a month - on - month increase of 1.72% and a year - on - year decrease of 7.21%. A Jiangxi recycling lead smelter suspended production in late October [8][9]. Related Charts - The report provides charts showing the prices of SHFE and LME lead, the Shanghai - London ratio, SHFE and LME inventories, 1 lead premium and discount, LME lead premium and discount, the price difference between primary lead and recycled refined lead, waste battery prices, recycling lead enterprise profits, lead ore processing fees, electrolytic lead production, recycled refined lead production, lead ingot social inventory, and refined lead import profit and loss [10][14][16][18][20][22][24][28].

1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints of the Report - Last week, the main contract price of Shanghai zinc futures showed a weak rebound. The inflation data was lower than expected, strengthening the expectation of the Federal Reserve to cut interest rates. The Sino - US economic and trade consultations reached a basic consensus, and the market risk appetite continued to recover. Domestically, the probability of achieving the annual GDP growth target of 5% was high, and mild policy support at the end of the year was still expected [3][4]. - Fundamentally, the LME zinc inventory continued to decline, and the LME0 - 3 spot premium soared to $300, raising concerns about a soft squeeze in the overseas market and strongly supporting zinc prices. The decline in the Shanghai - London ratio strengthened the expectation of zinc ingot exports, and the supply growth of refined zinc was limited due to the narrowing profit of smelters. On the demand side, the start - up rate of primary enterprises decreased slightly, and downstream demand was mainly for rigid procurement. Recently, there were small - scale zinc ingot exports, and the weekly inventory decreased slightly [4]. - Overall, the improvement in Sino - US economic and trade consultations, the lower - than - expected US inflation supporting the Fed's interest - rate cut, and the expected mild policy support in China at the end of the year led to the recovery of market risk appetite. The fundamental contradiction centered around the low overseas inventory and strong market structure, as well as domestic zinc ingot exports. It was expected that the zinc price would continue its weak rebound in the short term, but the upside space was cautiously optimistic. The upside space was expected to open up after the large - scale export of zinc ingots [4][11]. 3. Summary by Relevant Catalogs 3.1 Transaction Data | Contract | Price on Oct 17 | Price on Oct 24 | Change | Unit | | --- | --- | --- | --- | --- | | SHFE zinc | 21,815 | 22,355 | +540 | yuan/ton | | LME zinc | 2939.5 | 3019.5 | +80 | US dollars/ton | | Shanghai - London ratio | 7.42 | 7.40 | - 0.02 | - | | SHFE inventory | 109,627 tons | 109,168 tons | - 459 tons | tons | | LME inventory | 38,025 tons | 37,600 tons | - 425 tons | tons | | Social inventory | 16.53 million tons | 16.21 million tons | - 0.32 million tons | million tons | | Spot premium | - 40 yuan/ton | - 60 yuan/ton | - 20 yuan/ton | yuan/ton | [5] 3.2 Market Review - The main contract price of Shanghai zinc futures, ZN2512, rebounded weakly from a low level, with a weekly increase of 3.48%, and fluctuated narrowly at night on Friday. LME zinc stabilized and trended stronger, breaking through the $3000/ton mark again, with a weekly increase of 2.62% [6]. - In the spot market, after the slight rebound of the futures price, downstream procurement became more cautious, mainly for rigid demand, and most transactions were between traders. The spot premium remained weak [7]. - In terms of inventory, as of October 24, the LME zinc inventory decreased by 425 tons to 37,600 tons, and the SHFE inventory decreased by 459 tons to 109,168 tons. As of October 23, the social inventory decreased by 0.32 million tons to 16.21 million tons. The opening of the export window led to some exports [8]. - Macroscopically, the US CPI in September was 3.0% year - on - year, lower than the expected 3.1% and higher than the previous value of 2.9%. The core CPI was 3.0% year - on - year, lower than the expected and previous value of 3.1%. From October 24 to 25, 2025, the fifth round of Sino - US economic and trade consultations was held in Kuala Lumpur, Malaysia. China's GDP in the third quarter of 2025 was 4.8% year - on - year, and some economic indicators in September were weak [8][9]. 3.3 Industry News - SMM data showed that the average domestic zinc concentrate processing fee in November was 3000 yuan/metal ton, a decrease of 650 yuan/ton month - on - month; the average imported ore processing fee was $105.54/dry ton, an increase of $18.03/dry ton month - on - month [12]. - ILZSG reported that from January to August 2025, the global zinc market had a surplus of 154,000 tons, compared with a surplus of 138,000 tons in the same period last year. The global refined zinc production from January to August was 9.152 million tons, and the consumption was 8.998 million tons [12][13]. - MMG's zinc ore production in the third quarter of 2025 was 58,700 tons, a year - on - year increase of 26%. Boliden's overall output of lead - zinc concentrates in the third quarter of 2025 increased quarter - on - quarter, but the Tara mine's production ramp - up was slower than expected, and the Odda smelter's refined zinc output decreased [13]. - Vedanta's zinc concentrate metal output in the third quarter of 2025 was 318,000 tons, a year - on - year increase of 6%. Customs data showed that in September, the imported zinc concentrate was 505,400 tons, a month - on - month increase of 8.15% and a year - on - year increase of 24.94%. The imported refined zinc was 22,700 tons, a month - on - month decrease of 11.6% and a year - on - year decrease of 57%. The exported refined zinc was 2500 tons, and the exported galvanized sheet was 1.2262 million tons, a month - on - month increase of 11.73% and a year - on - year increase of 2.27% [14]. 3.4 Relevant Charts The report provides multiple charts, including the price trends of Shanghai and LME zinc, the ratio of domestic and foreign markets, spot premiums, inventory changes, zinc ore processing fees, zinc ore import profits and losses, domestic refined zinc production, refined zinc net imports, and the start - up rate of downstream primary enterprises [15][18][22][23][24][26].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The macro - environment shows the introduction of China's 15th Five - Year Plan and the easing of Sino - US relations, improving market sentiment. On the demand side, last week, steel mill开工率 declined, maintenance increased slightly, and hot metal production adjusted slightly, which is expected to peak and decline in the medium term. The supply of iron ore is at a high level, with last week's overseas shipments rising month - on - month and arrivals falling, both at the highest levels in the past three years. It is expected that iron ore will show a volatile and pressured trend [3][8]. 3. Summary by Relevant Catalogs Transaction Data | Contract | Closing Price | Change | Change Rate (%) | Total Trading Volume (Lots) | Total Open Interest (Lots) | Price Unit | | --- | --- | --- | --- | --- | --- | --- | | SHFE Rebar | 3046 | 9 | 0.30 | 5713284 | 2644571 | Yuan/ton | | SHFE Hot - Rolled Coil | 3250 | 46 | 1.44 | 2311059 | 1501678 | Yuan/ton | | DCE Iron Ore | 771.0 | 0.0 | 0.00 | 1404210 | 561141 | Yuan/ton | | DCE Coking Coal | 1248.5 | 69.5 | 5.89 | 5960825 | 939022 | Yuan/ton | | DCE Coke | 1757.5 | 81.5 | 4.86 | 116416 | 49180 | Yuan/ton | [4] Market Review - **Demand Side**: Last week, the blast furnace开工率 of 247 steel mills was 84.71%, an increase of 0.44 percentage points from the previous week and 2.57 percentage points from the same period last year. The blast furnace iron - making capacity utilization rate was 89.94%, a decrease of 0.39 percentage points from the previous week but an increase of 1.46 percentage points from the same period last year. The steel mill profitability rate was 47.62%, a decrease of 7.79 percentage points from the previous week and 17.32 percentage points from the same period last year. The daily average hot metal production was 239.9 tons, a decrease of 1.05 tons from the previous week but an increase of 4.21 tons from the same period last year [6]. - **Supply Side**: Last week, the global iron ore shipments totaled 3333.5 tons, an increase of 126.0 tons from the previous week. The total shipments from Australia and Brazil were 2825.0 tons, an increase of 94.0 tons from the previous week. The inventory of imported iron ore at 47 ports nationwide was 15109.49 tons, an increase of 147.62 tons from the previous week, and the daily average port clearance volume was 322.07 tons, a decrease of 7.25 tons [7]. - **Market Outlook**: It is expected that iron ore will show a volatile and pressured trend [8]. Industry News - From January to September, the added value of industrial enterprises above the designated size nationwide increased by 6.2% year - on - year; fixed - asset investment was 371535 billion yuan, a year - on - year decrease of 0.5%; and total retail sales of consumer goods were 365877 billion yuan, a year - on - year increase of 4.5% [9]. - In September 2025, China's crude steel production was 7349 tons, a year - on - year decrease of 4.6%; pig iron production was 6605 tons, a year - on - year decrease of 2.4%; and steel production was 12421 tons, a year - on - year increase of 5.1% [9]. - From January to September, national real estate development investment was 67706 billion yuan, a year - on - year decrease of 13.9%. The housing construction area of real estate development enterprises was 648580 million square meters, a year - on - year decrease of 9.4%. The new housing construction area was 45399 million square meters, a decrease of 18.9%. The housing completion area was 31129 million square meters, a decrease of 15.3% [9]. - The Fourth Plenary Session of the 20th Central Committee of the Communist Party of China put forward the main goals for economic and social development during the 15th Five - Year Plan period [9]. - From October 25th to 26th, the Chinese and US economic and trade leaders held consultations in Kuala Lumpur, Malaysia, and reached preliminary consensus on multiple important economic and trade issues [9]. - President Xi Jinping will attend the 32nd APEC Economic Leaders' Meeting in South Korea from October 30th to November 1st [9]. - The Ministry of Industry and Information Technology solicited public opinions on the "Implementation Measures for Capacity Replacement in the Iron and Steel Industry (Draft for Comment)", stating that in key areas, the total iron and steel production capacity shall not be increased, and the transfer of iron and steel production capacity from non - key areas to key areas or between different key areas is prohibited. The capacity replacement ratio for iron - making and steel - making in each province (region, city) shall not be less than 1.5:1 [9]. Related Charts The report includes multiple charts showing the trends of futures and spot prices, basis, steel mill profits, production, inventory, and other aspects of rebar, hot - rolled coils, iron ore, etc [12][14][17].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - Macro aspect: US inflation pressure is lower than expected, and the market anticipates two more Fed rate cuts this year. A US lending company, PrimaLend, declared bankruptcy due to debt default, increasing market risk - aversion and causing the US dollar index to rise. Sino - US trade talks are ongoing, with a new round to start in Malaysia over the weekend after limited results from the first round [3]. - Fundamental aspect: The Surigao mining area in the Philippines is entering the rainy season, leading to weaker shipments. Nickel ore supply in Indonesia remains abundant, with APNI slightly raising the domestic benchmark price. The stainless - steel market is still sluggish, with steel mills reducing production, and raw - material market price - pressing for inventory, squeezing the profit of nickel - iron plants. The popularity of nickel sulfate continues, while the fundamental situation of pure nickel remains weak, with inventory accumulating both at home and abroad [3]. - Future outlook: The nickel market lacks clear guidance and will continue to fluctuate within a range. Attention should be paid to the RKAB approval quota scale. Indonesian mining companies have submitted their 2026 production plans, and the Indonesian Ministry of Energy and Mineral Resources may announce next year's nickel - ore approval quota scale after review. If the approved quota deviates from market expectations, nickel - price volatility may intensify. Indonesia is tightening control over nickel resources, so the cost is unlikely to drop significantly, providing strong support for the nickel price. However, the fundamental situation shows no significant improvement, with the traditional consumer market remaining sluggish and the actual demand boost from the power - battery end limited, so it's difficult for the fundamentals to drive price changes. Although macro - narratives still affect nickel prices, the current nickel price is mostly insensitive to regular narratives, with limited fluctuation range [3][12][13]. 3. Summary by Relevant Catalogs 3.1 Last Week's Market Important Data | Index | 2025/10/24 | 2025/10/17 | Change | Unit | | --- | --- | --- | --- | --- | | SHFE Nickel | 122150 | 121160 | 990 | Yuan/ton | | LME Nickel | 15361 | 15126 | 235 | US dollars/ton | | LME Inventory | 250854 | 250530 | 324 | Tons | | SHFE Inventory | 26810 | 27042 | - 232 | Tons | | Jinchuan Nickel Premium | 2550 | 2450 | 100 | Yuan/ton | | Russian Nickel Premium | 650 | 550 | 100 | Yuan/ton | | High - nickel Pig Iron Average Price | 947 | 947 | 0 | Yuan/nickel point | | Stainless - steel Inventory | 85.3 | 86.5 | - 1.11 | Million tons | [4] 3.2 Market Review - **Macro**: US September CPI growth was lower than expected, and the Fed is expected to cut rates twice this year. Due to government shutdowns, inflation data release was delayed, and the next - month data may not be released. Sino - US trade talks are progressing, with a new round in Malaysia after the first round was fruitless [5]. - **Nickel Ore**: The FOB price of 1.5% laterite nickel ore in the Philippines rose from $49/wet ton to $50/wet ton, while that in Indonesia remained at $38.55/wet ton. Indonesia announced the October (Phase II) domestic benchmark price for laterite nickel ore, with a 0.27% increase. The Surigao mining area in the Philippines is entering the rainy season, and future shipments are expected to decline [5]. - **Pure Nickel**: In September, China's refined - nickel production was 35,600 tons, a 13.07% year - on - year increase, with a capacity of about 54,198 tons and a 66% operating rate. Profitability improved, with MHP profit margin rising from 3.2% to 4.4% and integrated high - matte nickel profit margin rising from - 4% to - 2.6%. In September, China imported 28,367 tons of refined nickel, a significant 378.86% year - on - year increase, mainly from Russia. Exports were about 14,112 tons, a 33.21% year - on - year increase. As of October 23, the spot import profit and loss of refined nickel was - 645.74 Yuan/ton, with a slightly reduced loss [6]. - **Nickel Iron**: The price of high - nickel pig iron (10% - 12%) dropped from 938 Yuan/nickel point to 930.5 Yuan/nickel point, a 0.08% weekly decline. In September, China's nickel - pig - iron production was 22,930 metal tons, a 0.09% month - on - month decrease, while Indonesia's was 139,900 nickel tons, a 0.14% year - on - year and 0.01% month - on - month increase. As of October 15, the nickel - iron physical - ton inventory was 253,100 tons, a slight increase of about 1,200 tons. In September, China imported about 1.0853 million tons of nickel iron, a 47.19% year - on - year increase, mainly from Indonesia [7][8]. - **Stainless Steel**: In September, China's 300 - series stainless - steel production was about 1.79 million tons, a 100,000 - ton increase from last year and flat month - on - month. Indonesia's production was about 430,000 tons, a 30,000 - ton increase. In October, China's 300 - series stainless - steel production is expected to decrease by 70,000 tons. As of October 23, the domestic 300 - series stainless - steel inventory was 557,300 tons, a decrease of about 4,900 tons. The supply contraction alleviated inventory pressure, but weak terminal consumption dragged down nickel - iron consumption and prices [9]. - **Nickel Sulfate**: The battery - grade nickel - sulfate price remained at 28,550 Yuan/ton, and the electroplating - grade price at 30,750 Yuan/ton. In September, nickel - sulfate production was 33,971 tons (metal content), a 4.75% year - on - year and 11.45% month - on - month increase. The ternary - material production was about 75,360 tons, a 31.5% year - on - year and 2.6% month - on - month increase. As of October 24, the high - matte nickel to nickel - sulfate process profit margin was 5.4%, with a slight decline, while other raw - material process profit margins were negative [10]. - **New Energy**: From October 1 - 19, new - energy vehicle retail sales were 632,000 units, a 5% year - on - year and 2% month - on - month increase, with a 56.1% penetration rate. However, due to changes in the new - energy vehicle purchase - tax policy in 2026 and subsidy - policy adjustments, the actual demand may be affected, but there may be a release of pent - up demand at the end of the year [10]. - **Inventory**: The current six - location social inventory of pure nickel is 48,802 tons, an increase of 1,094 tons. SHFE inventory is 26,810 tons, a decrease of 232 tons, and LME nickel inventory is 250,854 tons, an increase of 3,242 tons. The total inventory of the two major global exchanges is 277,664 tons, an increase of 92 tons [11]. 3.3 Industry News - Indonesia announced the October (Phase II) domestic benchmark price for nickel ore, with a 0.27% increase from the October (Phase I) price [14]. - Norilsk Nickel (Nornickel) reported a 18.40% quarter - on - quarter increase in nickel production in Q3 2025, mainly due to increased raw - material processing and higher production at the Kola production base [14]. - The LME received a listing application for the "PTENICO" nickel brand from PT Eternal Nickel Industry, with an annual production capacity of 50,000 tons [14]. 3.4 Relevant Charts - The report includes charts on domestic and international nickel - price trends, spot premium trends, LME 0 - 3 nickel premium, nickel domestic - to - foreign ratio, nickel - futures inventory, nickel - ore port inventory, high - nickel - iron price, 300 - series stainless - steel price, and stainless - steel inventory [16][18][20][22][24]

Report Title - Weekly Report on Soybean Meal [1] Report Date - October 27, 2025 [3] Core Viewpoints - Last week, the CBOT November soybean contract rose 20.75 to close at 1041.75 cents per bushel, a 2.03% increase; the soybean meal 01 contract rose 65 to close at 2933 yuan per ton, a 2.27% increase; the South China soybean meal spot price rose 40 to 2940 yuan per ton, a 1.38% increase; the rapeseed meal 01 contract rose 19 to 2325 yuan per ton, a 0.82% increase; the Guangxi rapeseed meal spot price rose 20 to 2470 yuan per ton, a 0.82% increase [5][8] - The U.S. soybeans fluctuated and closed higher. On one hand, the U.S. government shutdown continued, and the suspension of report data release led to a lack of market guidance. On the other hand, the optimistic sentiment of the China-U.S. negotiation heated up, and there was an expectation of an increase in U.S. soybean export sales. Pay attention to whether the U.S. soybean purchase agreement can be reached. The soybean meal stopped falling and stabilized. As the U.S. soybeans strengthened, the crushing profit continued to deteriorate, the procurement of soybeans for the December - January shipment slowed down, and the import cost was supported. As the soybean arrival volume decreased month - on - month, the domestic soybean meal may start a slow destocking rhythm, short - sellers reduced their positions, and the soybean meal rebounded significantly from the low level [5][8] - The sowing of Brazilian soybeans is going smoothly. Precipitation returned at the end of October, and the weather is suitable. The China - U.S. - Malaysia economic and trade negotiations reached a basic consensus on resolving the respective concerns of both sides. Regarding the soybean procurement trade agreement, details are awaited. As the external market rebounded and strengthened, the import crushing profit of Brazilian old - crop soybeans deteriorated, and the pace of ship purchases slowed down, which supported the domestic Dalian soybean meal. The operating rate of domestic oil mills rebounded significantly, the提货 demand increased significantly, and the feed enterprises' inventory increased slightly. It is expected that the domestic soybean meal will enter a low - level volatile operation in the short term [5][12] Market Data | Contract | 10/24 | 10/17 | Change | Change Rate | Unit | | --- | --- | --- | --- | --- | --- | | CBOT Soybean | 1041.75 | 1021.00 | 20.75 | 2.03% | Cents per bushel | | CNF Import Price: Brazil | 487.00 | 481.00 | 6.00 | 1.25% | US dollars per ton | | CNF Import Price: U.S. Gulf | 470.00 | 454.00 | 16.00 | 3.52% | US dollars per ton | | Brazilian Soybean Crushing Profit on the Futures Market | -204.80 | -177.89 | -26.90 | | Yuan per ton | | DCE Soybean Meal | 2933.00 | 2868.00 | 65.00 | 2.27% | Yuan per ton | | CZCE Rapeseed Meal | 2325.00 | 2306.00 | 19.00 | 0.82% | Yuan per ton | | Soybean Meal - Rapeseed Meal Price Difference | 608.00 | 562.00 | 46.00 | | Yuan per ton | | Spot Price: East China | 2940.00 | 2890.00 | 50.00 | 1.73% | Yuan per ton | | Spot Price: South China | 2940.00 | 2900.00 | 40.00 | 1.38% | Yuan per ton | | Spot - Futures Price Difference: South China | 7.00 | 32.00 | -25.00 | | Yuan per ton | [6] Market Analysis and Outlook - The U.S. soybeans fluctuated and closed higher due to the government shutdown and optimistic China - U.S. negotiation sentiment. The soybean meal stopped falling and rebounded with factors like deteriorating crushing profit and reduced soybean arrivals [5][8] - Analysts expect the U.S. soybean harvest rate as of October 19, 2025, to be 73%, with a forecast range of 61% - 82%. As of the week of October 21, about 39% of the U.S. soybean planting areas were affected by drought, the same as the previous week and lower than 68% in the same period last year [9] - As of the week of October 17, 2025, the U.S. soybean crushing gross profit was 2.38 dollars per bushel, down from 2.72 dollars per bushel in the previous week [9] - As of the week of October 18, 2025, the planting rate of Brazilian soybeans in the 2025/26 season was 21.7%, up from 11.1% in the previous week, higher than 17.6% in the same period last year but lower than the five - year average of 27.7% [10] - Abiove predicts that Brazil's soybean production in the 2025/26 season will reach a record high of 178.5 million tons, the crushing volume will reach 60.5 million tons, and the export volume in 2026 will reach 111 million tons [10] - As of the week of October 17, 2025, the main oil mills' soybean inventory was 768.7 million tons, an increase of 2.94 million tons from the previous week and 165.75 million tons from the same period last year; the soybean meal inventory was 97.62 million tons, a decrease of 10.29 million tons from the previous week and an increase of 3.9 million tons from the same period last year; the unexecuted contracts were 500.7 million tons, a decrease of 82.6 million tons from the previous week and an increase of 41.95 million tons from the same period last year [11] - As of the week of October 24, 2025, the daily average trading volume of soybean meal in China was 108,360 tons, including 86,560 tons of spot trading and 21,800 tons of forward trading; the daily average pickup volume was 200,700 tons; the main oil mills' crushing volume was 2.3674 million tons; the feed enterprises' soybean meal inventory days were 7.95 days [11] Industry News - In September 2025, the U.S. renewable fuel blending quantity increased compared with August, with the ethanol renewable fuel identification code (D6) generation quantity reaching about 1.23 billion and the biodiesel renewable fuel identification code (D4) generation quantity increasing by 20.9% to 660 million [13] - As of the week of October 16, 2025, the sowing rate of Brazilian soybeans in the 2025/26 season reached 24%, and the sowing area of the first - crop corn in the 2025/26 season in Brazil reached 51% of the planned planting area in the central and southern regions [13] - In September 2025, the rapeseed crushing volume of the EU 27 countries + the UK was 1.576 million tons, the soybean crushing volume was 1.062 million tons, and the total oilseed crushing volume was 3.006 million tons [14] - Canada's AAFC made minor adjustments to the supply - demand data of major grains and oilseeds. The estimated ending inventory of Canadian rapeseed in the 2025/26 season remains at 2.5 million tons, with expected exports of 7 million tons and domestic use of 12.226 million tons [14] - The EU Commission proposed to further relax the anti - deforestation law, reducing the reporting burden on many small farmers and enterprises [15] - As of the week of October 15, 2025, Argentine farmers sold 478,400 tons of soybeans in the 2024/25 season, with cumulative sales reaching 37.9862 million tons. The cumulative export sales registration quantity of soybeans in the 2024/25 season was 12.259 million tons, and that in the 2025/26 season was 1.746 million tons [15] - The IGC's latest monthly report shows that the global soybean production in the 2025/26 season is expected to decrease by 1 million tons to 428 million tons year - on - year, the trade volume will increase by 2 million tons to 187 million tons, the consumption will decrease by 1 million tons to 430 million tons, and the ending inventory will decrease by 4 million tons to 79 million tons [15] Related Charts - The report includes charts such as the trend of the U.S. soybean continuous contract, the CNF arrival price of Brazilian soybeans, the RMB spot exchange rate trend, the regional crushing profit, the soybean meal main contract trend, etc. [16][20][23]

Group 1: Report Investment Rating - No information provided Group 2: Core Views - Last week, the fundamental improvement drove the spread of bullish sentiment, and lithium carbonate prices showed a strong upward trend. Terminal demand was hot due to the reduction of purchase tax incentives in 2026, while supply only had a small increase due to tight mica ore, leading to a decline in total lithium carbonate inventory. The widening of the C - structure of near - month contracts and the market's bet on the non - resumption of production of Zhenxiawo lithium mine also drove the price to break through and rise [4]. - In the short term, bullish sentiment may still push the price up, but the upside space is limited. The pressure on national subsidy funds is increasing, and the consumption boom driven by the reduction of purchase tax incentives in 2026 may face a cooling risk. The market has already priced in the supply gap caused by the shutdown of 8 lithium mines in Jiangxi in mid - August, and currently only Ningde Times' Zhenxiawo mine has not resumed production, so the upside space is expected to be limited [4][11]. Group 3: Summary by Directory 1. Market Data - From October 17th to October 24th, 2025, the prices of imported lithium raw ore (1.3% - 2.2%), imported lithium concentrate (5.5% - 6%), and domestic lithium concentrate (5.5% - 6%) increased, with changes of +4.58%, +5.33%, and +5.33% respectively. The battery - grade lithium carbonate spot price and the main contract price also rose by 4.94% and 4.81% respectively. The prices of cobalt - acid lithium, ternary materials (811 and 622) increased, while the price of phosphoric acid iron lithium remained unchanged and the exchange rate of the US dollar against the RMB slightly decreased by 0.05%. The total lithium carbonate inventory remained unchanged [5]. 2. Market Analysis and Outlook Last Week's Market Analysis - **Regulatory and Delivery**: As of October 24, 2025, the total warehouse receipt scale of the Guangzhou Futures Exchange was 28,699 lots, with the latest matching transaction price of 73,480 yuan/ton. The position scale of the main contract 2601 was 431,100 lots [7]. - **Supply Side**: As of October 24, the weekly output of lithium carbonate was 23,170 tons, an increase of 405 tons from the previous period. The import of lithium spodumene increased significantly, but the production increase of spodumene - to - lithium factories needed a further increase in lithium prices. Mica - to - lithium production faced a shortage of raw materials due to the shutdown of Zhenxiawo mine. Short - term supply remained high but was difficult to increase significantly [7]. - **Lithium Salt Import**: In September, the import volume of lithium carbonate was 19,597 tons, a month - on - month decrease of 10.3% and a year - on - year increase of 20%. The import volume from Chile decreased by 22.5% year - on - year, accounting for about 55.2%, and the import volume from Argentina increased by 242.9% year - on - year, accounting for about 35.5% [7]. - **Lithium Ore Import**: In September, the total import of lithium ore was about 711,000 tons, a month - on - month increase of 14.8%. The import from Australia increased by 64.1% month - on - month, the import from Zimbabwe decreased by 7.8% month - on - month, and the import from Nigeria increased by 14.4% month - on - month. The import from South Africa increased significantly [7]. - **Demand Side** - **Downstream Cathode Materials**: As of October 24, the production of phosphoric acid iron lithium was about 83,503 tons, with an operating rate of 73.49% (an increase of 5.6 percentage points from the previous period) and a decrease in inventory by 2,000 tons. The production of ternary materials was about 19,084 tons, with an operating rate of 49.94% (an increase of 0.34 percentage points from the previous period) and a decrease in inventory by 150 tons. The prices of ternary materials and phosphoric acid iron lithium increased [8]. - **New Energy Vehicles**: From October 1st to 19th, the retail sales of new energy vehicles in the national passenger car market were 632,000, a year - on - year increase of 5% and a month - on - month increase of 2%. The penetration rate was 56.1%. The consumption boom driven by the reduction of purchase tax incentives in 2026 may face a cooling risk due to the shortage of subsidy funds [9]. - **Inventory**: As of October 24, the total lithium carbonate inventory decreased by about 1,044 tons from the previous period. Factory inventory decreased by about 1,040 tons, market inventory decreased by about 13,194 tons, and exchange inventory decreased by 1,987 lots [10]. This Week's Outlook - Short - term bullish sentiment may still push the price up, but the upside space is limited because of the increasing pressure on national subsidy funds and the market's previous pricing of the supply gap [11]. 3. Industry News - Kodal's Bougouni project in Mali shipped its first batch of 30,000 tons of lithium concentrate on October 20, which will be transported to Hainan Yangpu Port to provide raw materials for Hainan Mining's lithium salt processing project [12]. - In Q3 2025, EVE Energy achieved both volume and profit growth. Its revenue was 16.832 billion yuan, a year - on - year increase of 35.85%, and its net profit was 1.211 billion yuan, a year - on - year increase of 15.13% [12]. - Pilgangoora produced 224,800 tons of lithium concentrate in Q3 2025, a 1.6% increase from the previous quarter, and sold 214,000 tons, a 0.9% decrease from the previous quarter. Its FOB operating cost decreased by 12.8% quarter - on - quarter, but it is expected to face cost - rising pressure in the remaining time of this fiscal year [12]. 4. Related Charts - The report provides charts on lithium carbonate futures prices, battery - grade lithium hydroxide prices, import lithium concentrate prices, lithium carbonate production, etc. [14][16][18][21][23][25]

铜周报 2025 年 10 月 27 日 降息预期抬升，铜价震荡向上 核心观点及策略 投资咨询业务资格 沪证监许可【2015】84 号 李婷 021-68555105 li.t@jyqh.com.cn 从业资格号：F0297587 投资咨询号：Z0011509 黄蕾 huang.lei@jyqh.com.cn 从业资格号：F0307990 投资咨询号：Z0011692 高慧 gao.h@jyqh.com.cn 从业资格号：F03099478 投资咨询号：Z0017785 王工建 wang.gj@jyqh.com.cn 从业资格号：F03084165 投资咨询号：Z0016301 赵凯熙 zhao.kx@jyqh.com.cn 从业资格号：F03112296 投资咨询号：Z0021040 敬请参阅最后一页免责声明 1 / 10 ⚫ 上周铜价震荡向上，主因美国9月CPI环比增速为三个月以 来最低值，市场降息预期再度升温，此外市场积极预期中 美双方能够延续此前友好对话合作共赢的谈判基础，二十 届四中全会宣布目标要建设现代化产业体系和强大的内 循环市场，并公布了五年的发展规划尤其是加快绿色转型 的速度和全面性，铜的绿 ...

2025 年 10 月 27 日 内外消息助推 铝价偏好 核心观点及策略 投资咨询业务资格 沪证监许可【2015】84 号 李婷 从业资格号：F0297587 投资咨询号：Z0011509 黄蕾 从业资格号：F0307990 投资咨询号：Z0011692 高慧 从业资格号：F03099478 投资咨询号：Z0017785 王工建 从业资格号：F3084165 投资咨询号：Z0016301 赵凯熙 从业资格号：F031122984 投资咨询号：Z00210404 何天 从业资格号：F03120615 投资咨询号：Z0022965 敬请参阅最后一页免责声明 1 / 7 铝周报 ⚫ 宏观面，周末中美贸易谈判达成共识，市场风险偏好 回升。国内四中全会发布公报，本次会议公报围绕十 五五规划作出战略部署，对外部形势判断更严峻，但 经济韧性强、信心足，基调延续"稳中求进"态度。 基本面，供应端国内开工产能持稳，但海外世纪铝业 旗下的冰岛铝厂出现减产，涉及产能约20万吨。消费 端下游消费仍处季节性旺季，但板块间表现比较分 化，大部分板块开工率稳定上行，但铝板带箔开工率 有不同程度下滑，拖累整体铝加工开工率小幅回落 0.1%至 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Overseas risk appetite has declined, and the A - share market has seen a shrinking - volume weak oscillation. In the short - term, the stock market is expected to be weak, while in the long - term, it is cost - effective to buy on dips. The bond market oscillated and rebounded, and a wait - and - see approach is still recommended [2][3]. - Precious metals are in a stage of adjustment. Even if there are short - term rebounds due to economic data, the medium - term adjustment trend remains unchanged [4]. - Copper prices are oscillating. Before the Sino - US leaders' meeting, the market is cautious. The overseas macro environment is unstable, and the fundamentals show that supply is constrained and consumption is slightly suppressed, so copper prices are expected to remain high and oscillate in the short - term [5][6]. - Aluminum prices are expected to perform well. Overseas supply is affected, and the domestic market follows the upward trend of the overseas market [7][8]. - Alumina prices are expected to remain weak and stagnant at a low level. Supply is in an oversupply state, but there is cost support at the futures end [9][10]. - Zinc prices are experiencing a weak rebound. Overseas squeeze - out support exists, but the domestic high - inventory pressure remains [11][12]. - Lead prices are oscillating at a high level. Transportation control and production adjustment of some refineries support the price in the short - term, but there is downward pressure in the future [13][14][15]. - Tin prices are in a narrow - range consolidation. Supply and demand are both weak, and there are few new contradictions [16]. - Industrial silicon prices are weakly oscillating. Supply is stable, and demand is mixed. The market is waiting for policies in the polysilicon industry [17][18]. - Lithium carbonate prices may see a short - term upward trend driven by bulls, but the upside is not expected to be overly high [19][20]. - Nickel prices may have a technical rebound due to cost support [21]. - For soda ash and glass, the strategy of widening the price difference can be gradually stopped, and the market will be in an oscillating and wait - and - see state later [22]. - Steel prices are under oscillating pressure. Spot trading is stable, but terminal demand is weak [23][24]. - Iron ore prices are expected to oscillate and adjust. Supply is high, and demand is weakening [25]. - Soybean and rapeseed meal prices are weakly oscillating. The market is waiting for the outcome of Sino - US trade negotiations [26][27]. - Palm oil prices are expected to have a wide - range oscillation. Pay attention to the lower support range [28][29]. 3. Summaries According to Relevant Catalogs 3.1 Metal Main Varieties Yesterday's Trading Data - The report provides the closing prices, price changes, price change percentages, total trading volumes, total open interests, and price units of various metal futures contracts such as SHFE copper, LME copper, SHFE aluminum, etc. [30] 3.2 Industry Data Perspective - For copper, it shows the price changes of SHFE copper and LME copper, as well as data on warehouse receipts, inventories, spot quotes, and other aspects from October 21st to 22nd [31]. - For nickel, it presents the price changes of SHFE nickel and LME nickel, and related data on warehouse receipts, inventories, and premiums from October 21st to 22nd [31]. - Similar data summaries are provided for zinc, lead, aluminum, alumina, tin, precious metals, steel, iron ore, coke, coking coal, lithium carbonate, industrial silicon, and soybean meal, including price changes, warehouse receipt and inventory data, and other relevant information [33][34][35][36][37][38]