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Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Report's Core View - The report presents the average prices and price changes of various non - ferrous metals and related products on September 4, 2025, including copper, aluminum, lead, zinc, tin, nickel, silicon, and lithium [1]. 3. Summary by Metals Copper - SMM 1 electrolytic copper average price is 80,190, down 330; SMM flat - water copper premium is 75, down 30 [1]. Aluminum - SMM A00 aluminum average price is 20,610, down 120; SMM A00 aluminum premium is - 20, up 10. Alumina (Shanxi) price is 3,140, down 15; Australian alumina FOB average price is 368 (USD), unchanged [1]. Lead - SMM 1 lead ingot average price is 16,725, down 25; SMM 1 lead ingot premium to the current - month futures at 10:15 is - 70, up 30. Recycled refined lead average price is 16,700, down 25; the price difference between refined and scrap lead is 25, unchanged [1]. Zinc - SMM 0 zinc ingot average price is 21,970, down 270; SMM 0 zinc ingot premium to the current - month futures at 10:15 is - 45, down 15 [1]. Tin - SMM 1 tin average price is 272,200, down 900; SMM 1 tin premium to the current - month futures at 10:15 is 570, up 170. 40% tin concentrate (Yunnan) average price is 260,200, down 900; the ratio of 40% tin concentrate (Yunnan) to SMM 1 tin is 95.59% [1]. Nickel - 1 imported nickel average price is 121,400, down 375; 1 imported nickel premium to the Shanghai nickel contract is 350, unchanged. 1 Jinchuan nickel average price is 123,100, down 425; 1 Jinchuan nickel premium to the Shanghai nickel contract is 2,050, down 50 [1]. Silicon - Oxygen - permeable 553 (Xinjiang) average price plus 800, with a regional discount of 200 for quality impurity removal, is 9,500, unchanged; 553 spot premium to the current - month futures at 10:15 is 1,015, unchanged. 421 silicon (Kunming) average price is 9,650. The average price of polycrystalline silicon dense material is 0, the average price of granular silicon is 0, and the average price of N - type polycrystalline silicon material is 51.5 [1]. Lithium - Battery - grade lithium carbonate average price is 75,000, down 900; battery - grade lithium carbonate premium to the current - month futures at 10:15 is 2,240, down 760. Industrial - grade lithium carbonate average price is 72,700; the price difference between battery - grade and industrial - grade lithium carbonate is 2,300, unchanged [1]. 4. Analyst Information - Xiao Jing, Chief Analyst, studies copper and tin, with qualification number F3047773 and investment consulting number Z0014087 [1]. - Liu Dongbo, Senior Analyst, studies aluminum, alumina, and gold, with qualification number F3062795 and investment consulting number Z0015311 [1]. - Wu Jiang, Senior Analyst, studies nickel, stainless steel, silver, and lithium carbonate, with qualification number F3085524 and investment consulting number Z0016394 [1]. - Sun Fangfang, Intermediate Analyst, studies aluminum and zinc, with qualification number F03111330 and investment consulting number Z0018905 [1]. - Zhang Xiurui, Intermediate Analyst, studies industrial silicon, with qualification number F03099436 and investment consulting number Z0021022 [1].