Summary of Key Points from Conference Call Records Industry or Company Involved - **Shenzhen Inovance Technology Co. Ltd** (China) [7] - **MediaTek Inc.** (Taiwan) [5][6] - **EDP/EDPR** (Portugal) [4] - **Minth** (China) [8] - **Antofagasta** (United Kingdom) [12] - **Scentre Group** (Australia) [13][14] Core Insights and Arguments Shenzhen Inovance Technology Co. Ltd - Management reaffirmed full-year guidance despite underwhelming 3Q25 results, citing NEV drag and margin pressure [7] - Expecting approximately 20% year-over-year sales growth in both 4Q25 and 2026, driven by product expansion and overseas market penetration [7] - Introduction of Digital Energy Solutions as a strategic growth engine, enhancing focus on energy storage and digitalization [7] MediaTek Inc. - Anticipated 3Q25 revenues to be in line with expectations, with 4Q25 guidance expected to be flat to slightly down due to seasonal corrections [6] - The stock has underperformed recently, down 9% compared to TWSE's 18% increase, attributed to weaker ASIC expectations [6] - Key positive catalysts include resetting ASIC revenue expectations and potential breakthroughs with new projects [6] EDP/EDPR - Downgraded EDP from Overweight to Neutral due to limited upside after a 49.7% YTD total return [4] - Concerns over overestimated earnings growth expectations for EDPR and conservative guidance from management [4] - Estimated 2028E net income for EDP at €1.43 billion, with potential conservative guidance leading to profit-taking [4] Minth - Share price surged 143% YTD, with a recent correction of 14% due to share sales and geopolitical tensions [8] - Earnings forecast raised by 14-23% for 2026/27, reflecting stronger expectations in battery housing and auto components [8] - Anticipated valuation re-rating driven by new TAM from AI liquid cooling and humanoid robotics [8] Antofagasta - Q3'25 copper production increased by 2%, but sales decreased by 11% due to weather conditions [12] - 2025 copper production guidance lowered to the lower end of the range (660-700kt) [12] - Revised 2025E/26E EBITDA forecasts down by 3% and 7%, respectively, while maintaining an Overweight rating [12] Scentre Group - Placed on Positive Catalyst Watch ahead of FY26 earnings growth guidance, expected to exceed market expectations [13] - Anticipated strong like-for-like NOI growth of 4.0%, driving approximately 7% FFO growth [13] - Favorable conditions for top-tier malls, with minimal vacancy and strong population growth [14] Other Important but Possibly Overlooked Content - The global corporate capex survey indicates a bullish outlook for data centers and associated infrastructure, with a projected 10% year-over-year increase in global capex for 2025 [3] - The broader industrial sector is expected to see a 12% year-over-year increase, while sectors like Autos and Chemicals are experiencing declines [3] - Polish banks are expected to show sequential improvement in ROTE, with a projected average of 23.5% for 3Q25 [11] This summary encapsulates the key insights and developments from the conference call records, highlighting the performance and outlook of various companies and industries.

Report Summary 1. Report Industry Investment Rating - No information provided on the industry investment rating. 2. Core View of the Report - The report presents the latest copper fundamentals data, including prices, trading volumes, inventories, spreads, etc., and also lists recent macro and industry news, with a copper trend strength of 0, indicating a neutral view [1][3]. 3. Summary by Relevant Catalogs a. Copper Fundamentals Data - **Prices and Changes**: The closing price of the Shanghai Copper main contract yesterday was 88,710 with a daily increase of 1.99%, and the night - session closing price was 89,130 with a night - session increase of 0.47%; the closing price of the LME Copper 3M electronic disk yesterday was 11,090 with a daily increase of 0.55% [1]. - **Trading Volume and Position**: The trading volume of the Shanghai Copper Index yesterday was 347,234, a decrease of 49,131 from the previous day, and the position was 617,144, an increase of 22,023; the trading volume of the LME Copper 3M electronic disk was 29,130, an increase of 7,363, and the position was 328,000, an increase of 4,765 [1]. - **Inventory and Changes**: The Shanghai Copper inventory was 35,745, a decrease of 101; the LME Copper inventory was 135,350, an increase of 775, and the注销仓单 ratio was 10.84%, an increase of 2.54% [1]. - **Spreads**: The LME copper spread was - 19.54, an increase of 4.30 from the previous day; the Shanghai 1 bright copper price was 78,600, a decrease of 300; the spot - to - near - month futures spread was - 60, a decrease of 5 [1]. b. Macro and Industry News - **Macro News**: The Fed cut interest rates by 25 basis points as expected and ended QT, but Powell's hawkish remarks on the December interest - rate cut led the market's probability of a December rate cut to drop from 95% to 65%. Also, Xi Jinping will meet with US President Trump [1]. - **Industry News**: Antofagasta's copper production in Q3 2025 was 161,800 tons, a 1% increase quarter - on - quarter, and the annual production is expected to be at the lower end of the 660,000 - 700,000 - ton guidance range; Indonesia may allow Amman Mineral International to export copper concentrates; Trump overturned a pollution - prevention regulation on copper smelters; Anglo American's Q3 copper production this year was 184,000 tons, higher than the same period last year, but the production in the first three quarters decreased by 9% year - on - year to 526,000 tons; Glencore's copper production in the first three quarters decreased by 17% due to lower ore grades at some mines [1][3]. c. Trend Intensity - The copper trend intensity is 0, indicating a neutral view, with the range of trend intensity being integers in the [- 2,2] interval, where - 2 means most bearish and 2 means most bullish [3].

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - Gold is expected to continue to decline, while silver is expected to rebound with fluctuations. Copper's price increase is restricted by the hawkish outlook on interest rate cuts. Zinc is expected to have a slight rebound. Lead's price is supported by the continuous decrease in inventory. Tin's performance is subject to macro - economic impacts. Aluminum is expected to trade within a range, alumina is expected to have a slight rebound, and cast aluminum alloy will follow the trend of electrolytic aluminum. Nickel prices will fluctuate narrowly due to the game between smelting inventory accumulation and nickel ore concerns, and stainless steel has limited downward potential but lacks upward driving force [2]. Summary by Relevant Catalogs Gold - **Price and Performance**: The closing price of Shanghai Gold 2512 yesterday was 910.88 with a daily increase of 1.05%, and the night - session closing price was 910.92 with a night - session increase of 0.69%. Comex Gold 2512 decreased by 0.67% yesterday. The trend strength is - 1, indicating a bearish outlook [4]. - **Inventory and Other Data**: SPDR Gold ETF's holdings decreased by 3, Comex gold inventory (in troy ounces, from the day before yesterday) decreased by 232,686, and Shanghai gold inventory increased by 801 [4]. - **Macro and Industry News**: The leaders of China and the United States will meet in Busan, South Korea on Thursday. The Fed cut interest rates by 25 basis points in October, ended balance - sheet reduction in December, and Powell dampened the market's expectation of an interest rate cut at the end of the year [4][7]. Silver - **Price and Performance**: The closing price of Shanghai Silver 2512 yesterday was 11338 with a daily increase of 2.54%, and the night - session closing price was 11265.00 with a night - session increase of 0.64%. Comex Silver 2512 increased by 0.29% yesterday. The trend strength is - 1 [4]. - **Inventory and Other Data**: SLV Silver ETF's holdings remained unchanged, Comex silver inventory (in troy ounces, from the day before yesterday) decreased by 4,494,628, and Shanghai silver inventory decreased by 3599 [4]. Copper - **Price and Performance**: The closing price of the Shanghai copper main contract was 88,710 with a daily increase of 1.99%, and the night - session closing price was 89130 with a night - session increase of 0.47%. The LME copper 3M electronic disk increased by 0.55%. The trend strength is 0 [8]. - **Inventory and Other Data**: Shanghai copper inventory decreased by 101, and LME copper inventory increased by 775. The注销仓单 ratio of LME copper increased by 2.54% [8]. - **Macro and Industry News**: Despite the Fed's interest rate cut and end of QT, Powell's hawkish remarks on the December interest rate cut reduced the market's probability of a December rate cut from 95% to 65%. Antofagasta's Q3 copper production increased by 1% quarter - on - quarter, and Anglo American's Q3 copper production was higher than the same period last year, but the cumulative production in the first three quarters decreased by 9% year - on - year. Glencore's copper production in the first three quarters decreased by 17% [8][10]. Zinc - **Price and Performance**: The closing price of the Shanghai zinc main contract was 22430 with a 0.54% increase, while the LME zinc 3M electronic disk decreased by 0.07%. The trend strength is 0 [11]. - **News**: The leaders of China and the United States will meet, which is considered important for stabilizing Sino - US relations [11]. Lead - **Price and Performance**: The closing price of the Shanghai lead main contract remained unchanged at 17355, and the LME lead 3M electronic disk increased by 0.07%. The trend strength is 0 [14]. - **Inventory and Other Data**: Shanghai lead inventory decreased by 100, and LME lead inventory decreased by 4800 [14]. - **News**: The Fed's hawkish remarks on the December interest rate cut reduced the market's probability of a December rate cut from 95% to 65%, and the leaders of China and the United States will meet [15]. Tin - **Price and Performance**: The closing price of the Shanghai tin main contract was 286,720 with a 1.25% increase, and the night - session closing price decreased by 0.29%. The LME tin 3M electronic disk decreased by 0.61%. The trend strength is 0 [17]. - **Inventory and Other Data**: Shanghai tin inventory increased by 73, and LME tin inventory increased by 130 [17]. - **Macro and Industry News**: Similar to gold and silver, including Sino - US leader meeting, Fed's interest rate decision, etc. [18]. Aluminum, Alumina, and Cast Aluminum Alloy - **Price and Performance**: Aluminum is expected to trade within a range, alumina is expected to have a slight rebound, and cast aluminum alloy will follow the trend of electrolytic aluminum. The trend strengths of aluminum, alumina, and aluminum alloy are all 0 [21][23]. - **Inventory and Other Data**: Domestic aluminum ingot social inventory remained unchanged at 61.60 million tons, and LME aluminum ingot inventory decreased by 0.29 million tons [21]. - **Comprehensive News**: The Fed continued to cut interest rates by 25 basis points in October and will end balance - sheet reduction in December. South Korea and the United States reached a trade agreement, with South Korea promising to invest $350 billion in the United States [23]. Nickel and Stainless Steel - **Price and Performance**: Nickel prices will fluctuate narrowly due to the game between smelting inventory accumulation and nickel ore concerns, and stainless steel has limited downward potential but lacks upward driving force. The trend strengths of nickel and stainless steel are both 0 [24]. - **Industry News**: Indonesia's forestry working group took over a 148 - hectare nickel mining area, expected to affect nickel ore production by about 600 metal tons per month. China suspended an unofficial subsidy for copper and nickel imports from Russia. Indonesia imposed sanctions on 190 mining companies and issued a new regulation on mining business plans and budgets [24][25].

1. Report Industry Investment Rating - No information provided in the document 2. Core Viewpoints of the Report - On October 29, Eastern Time, the Fed cut the federal funds rate target range by 25 basis points to 3.75%-4.00%, and decided to end the balance - sheet reduction plan in December. However, Powell poured cold water on the year - end rate - cut expectation [7]. - The domestic Fourth Plenary Session and the draft of the "15th Five - Year Plan" have a positive attitude towards economic growth in the next five years, which is conducive to the stability of macro - expectations. The upcoming meeting between Chinese and US presidents at the APEC meeting and the easing of the geopolitical environment have improved risk appetite [9]. 3. Summary by Relevant Catalogs 3.1 Fed Interest Rate Decision - The Fed cut the federal funds rate by 25 basis points from 4.00% - 4.25% to 3.75% - 4.00% on October 29, 2025, and will end balance - sheet reduction in December. Powell said that a December rate cut is not a certainty, and the government shutdown poses challenges due to missing economic data [7]. 3.2 Sector Recommendations by the Director 3.2.1 Index Futures - With the gradual landing of positive factors, the index futures may oscillate and wait for new drivers. Domestic policies and the upcoming Sino - US summit have boosted market sentiment, but the Fed's hawkish remarks led to a decline in US stocks. Future upward movement of the index will depend on new positive news, and there may be oscillations around the 4000 - point mark [9][10]. 3.2.2 Coking Coal - Supported by the tightening upstream fundamentals and the expected third - round price increase of coke, the coking coal spot price is strong. Macro expectations and anti - involution themes also boost the market. However, the shrinking profit of downstream steel mills and the price of thermal coal may limit its upward space [12][14]. 3.2.3 Container Freight Index (European Line) - There is a risk of a pull - back after a surge. The market is optimistic due to Maersk's surcharge announcement and the expectation of the US softening its stance on China's tariffs. Attention should be paid to the impact of port congestion on supply and the support of December's shipping capacity on prices [13][15]. 3.2.4 Live Pigs - In the short - term, the spot price may oscillate and adjust. But from the perspective of the production cycle, the pressure will increase in the future as the profit recovers, and the far - end hedging willingness will increase [16]. 3.3 Commodity Research Morning Report 3.3.1 Precious Metals - Gold continues to decline, and silver rebounds oscillatingly. The trend intensity of both is - 1, indicating a relatively bearish view [19][22][24]. 3.3.2 Base Metals - Copper: The hawkish outlook on rate cuts restricts price increases. The trend intensity is 0 [26]. - Zinc: It rebounds slightly, with a trend intensity of 0 [29]. - Lead: The continuous reduction of inventory supports the price, and the trend intensity is 0 [32]. - Tin: Attention should be paid to macro - impacts, and the trend intensity is 0 [35]. - Aluminum: It oscillates within a range. Alumina rebounds slightly, and cast aluminum alloy follows electrolytic aluminum. The trend intensity of all three is 0 [39][41]. - Nickel: The accumulation of smelting inventory and concerns about nickel ore lead to a narrow - range oscillation of nickel prices. Stainless steel has limited downward space but lacks upward drivers. The trend intensity of both is 0 [42]. 3.3.3 Energy and Chemicals - Lithium Carbonate: The basis is stable, and it runs strongly. The trend intensity is 1 [45][47]. - Industrial Silicon: The sentiment is boosted, and the price on the disk rises. The trend intensity is 1 [49][51]. - Polysilicon: Attention should be paid to the policy fermentation this week. The trend intensity is 0 [49][51]. - Iron Ore: It oscillates strongly, with a trend intensity of 0 [52]. - Rebar and Hot - Rolled Coil: Driven by macro - sentiment, the steel prices oscillate strongly. The trend intensity of both is 1 [54][56]. - Ferrosilicon and Silicomanganese: Driven by anti - involution sentiment, they oscillate strongly. The trend intensity of both is 0 [58][61]. - Coke and Coking Coal: They oscillate strongly, and the trend intensity of both is 0 [62][64]. - Logs: They oscillate repeatedly [65].

Report Date - The report is dated October 29, 2025 [1][5][8] Industry Investment Ratings - Not provided in the report Core Views - The report provides trend forecasts for various commodities, including copper, zinc, lead, etc., with most commodities expected to show oscillatory trends [2] Summary by Commodity Metals - **Copper**: Awaiting the Fed's interest rate decision, prices are oscillating. The trend strength is 1 [2][5][7] - **Zinc**: Continuing to oscillate. The trend strength is 0 [2][8][10] - **Lead**: Overseas inventories are continuously decreasing, supporting prices. The trend strength is 0 [2][11] - **Aluminum**: Continuing to oscillate. Alumina is in short - term sideways movement, and cast aluminum alloy follows electrolytic aluminum. The trend strength for all is 0 [2][13][14] - **Nickel**: There is a game between smelting inventory accumulation and nickel ore concerns, and nickel prices are oscillating in a narrow range. Stainless steel has limited downward potential and lacks upward drivers. The trend strength for both is 0 [2][15][17] - **Lithium Carbonate**: The spot tender price is at a high level, showing a strong - side operation. The trend strength is 1 [2][18][21] - **Industrial Silicon**: Warehouse receipts are being cleared, and there is obvious bottom support. The trend strength is 1 [2][22][25] - **Polysilicon**: Market sentiment has cooled, and there is a risk of a decline. The trend strength is -1 [2][23][25] - **Iron Ore**: Oscillating repeatedly. The trend strength is 0 [2][26][27] - **Rebar and Hot - Rolled Coil**: Driven by macro sentiment, steel prices are oscillating on the strong side. The trend strength for both is 0 [2][28][31] - **Silicon Ferrosilicon and Manganese Silicide**: Oscillating in a wide range. The trend strength for both is 0 [2][33][35] - **Coke**: Oscillating on the strong side. The trend strength is 0 [2][36][38] - **Coking Coal**: Supported by fundamentals, oscillating on the strong side. The trend strength is 0 [2][37][38] Others - **Log**: Oscillating repeatedly. The trend strength is 0 [2][39][42] - **Para - Xylene**: In a high - level oscillatory market. The trend strength is 0 [2][43][48] - **PTA**: Oil prices have corrected, and valuations have declined. The trend strength is 0 [2][43][48] - **MEG**: In a short - term oscillatory market. The trend strength is 0 [2][43][48] - **Synthetic Rubber**: Butadiene is weak, and the price of cis - butadiene rubber is under pressure. The trend strength is -1 [2][50][52] - **LLDPE**: Mainly oscillating. No trend strength provided [2] - **PP**: Stopping falling in the short term and oscillating in the medium term. No trend strength provided [2] - **Caustic Soda**: The far - month valuation is suppressed. No trend strength provided [2] - **Glass**: The price of the original sheet is stable. No trend strength provided [2] - **Methanol**: Oscillating under pressure. No trend strength provided [2] - **Urea**: Spot trading has weakened, and pressure is gradually increasing. No trend strength provided [2] - **Styrene**: Mainly oscillating in the short term. No trend strength provided [2] - **Soda Ash**: There is little change in the spot market. No trend strength provided [2] - **LPG**: The upward driving force is limited, and attention should be paid to cost changes. No trend strength provided [2] - **Propylene**: Supply and demand are relatively loose, and it is oscillating weakly in the short term. No trend strength provided [2] - **PVC**: Oscillating at a low level. No trend strength provided [2] - **Fuel Oil**: Retreating in the short term, with continued increased volatility. No trend strength provided [2] - **Low - Sulfur Fuel Oil**: Temporarily stronger than high - sulfur fuel oil, and the price difference between high - and low - sulfur in the overseas spot market is temporarily stable. No trend strength provided [2] - **Container Shipping Index (European Line)**: Oscillating and consolidating. No trend strength provided [2] - **Short - Fiber and Bottle Chip**: Rebounding in the short term due to positive demand feedback. No trend strength provided [4] - **Offset Printing Paper**: Oscillating at a low level. No trend strength provided [4] - **Pure Benzene**: Mainly oscillating in the short term. No trend strength provided [4] - **Palm Oil**: The de - stocking in the producing areas is slow, and attention should be paid to the lower support. No trend strength provided [4] - **Soybean Oil**: US soybeans have rebounded, and the oil - meal ratio has declined. No trend strength provided [4] - **Soybean Meal**: US soybeans are strong, and Dalian soybean meal is rebounding and oscillating. No trend strength provided [4] - **Soybean No.1**: Oscillating on the strong side. No trend strength provided [4] - **Corn**: Oscillating weakly. No trend strength provided [4] - **Sugar**: Weak overseas and strong domestic. No trend strength provided [4] - **Cotton**: The cost of new cotton has increased, supporting the futures price of cotton. No trend strength provided [4] - **Egg**: Maintaining adjustment. No trend strength provided [4] - **Live Pig**: The sentiment in the spot market has declined, awaiting confirmation. No trend strength provided [4] - **Peanut**: Attention should be paid to the spot market. No trend strength provided [4]

Report Summary 1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - The copper price is fluctuating as the market awaits the Fed's interest rate decision this week [1] 3. Summary by Relevant Catalogs 3.1 Copper Fundamental Data - **Futures Prices**: The closing price of the Shanghai copper main - contract yesterday was 86,980, with a daily decline of 1.57%, and the night - session closing price was 87,910, with a night - session increase of 1.07%. The LME copper 3M electronic - disk closing price was 11,030, with an increase of 0.26% [1] - **Trading Volume and Open Interest**: The trading volume of the Shanghai copper index yesterday was 396,365, a decrease of 808 from the previous day, and the open interest was 595,121, a decrease of 18,012. The trading volume of the LME copper 3M electronic - disk was 21,767, a decrease of 2,744, and the open interest was 323,000, an increase of 2,194 [1] - **Futures Inventory**: The Shanghai copper futures inventory was 35,846, an increase of 454. The LME copper inventory was 134,575, a decrease of 1,400, and the注销仓单比 was 8.30%, an increase of 0.97% [1] - **Spreads**: The LME copper spread increased by 2.13 to - 23.84 compared with the previous day. The Shanghai 1 bright copper price decreased by 100 to 78,900. The spot - to - near - month futures spread decreased by 10 to - 55 [1] 3.2 Macro and Industry News - **Macro**: The market is waiting for the Fed's interest rate decision this week. The U.S. Treasury yield remained almost unchanged, and the U.S. dollar index fluctuated lower. The "15th Five - Year Plan" proposes to take extraordinary measures to promote key core technology breakthroughs in key areas [1] - **Industry**: Antofagasta's copper production in Q3 2025 was 161,800 tons, a 1% quarter - on - quarter increase, and the annual production is expected to be at the lower end of the 660,000 - 700,000 - ton guidance range. Indonesia may allow Amman Mineral international to export copper concentrates. Trump overturned a pollution - prevention regulation on copper smelters. Anglo American's Q3 copper production was 184,000 tons, higher than the same period last year, but the production in the first three quarters decreased by 9% year - on - year to 526,000 tons [1][3] 3.3 Trend Intensity - The copper trend intensity is 1, indicating a neutral trend [3]

1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Views of the Report - The "15th Five-Year Plan" suggestions offer important policy signals, including promoting high - quality economic development, improving the investment and financing functions of the capital market, accelerating the construction of a financial power, consolidating the foundation of the real economy, promoting high - level scientific and technological self - reliance, building a strong domestic market, and enhancing fiscal sustainability [8]. - The copper market is expected to remain firm. Macro factors and production disruptions may change the supply - demand pattern, and new industries are expected to drive long - term demand. The trading strategy is to buy on dips or take long positions [10]. - The synthetic rubber market is expected to have a wide - range shock pattern in the short - term and a downward - trending price center in the medium - term due to the weak performance of butadiene [12]. 3. Summary by Directory 3.1 "15th Five - Year Plan" Suggestions - The "15th Five - Year Plan" suggestions aim to promote high - quality economic development, enhance scientific and technological self - reliance, develop direct financing, build a financial power, and strengthen the real economy. They also focus on technological breakthroughs, consumption promotion, and government debt management [8]. 3.2 Copper - **Macro and Industry News**: Market awaits the Fed's interest rate decision. The "15th Five - Year Plan" will introduce economic stimulus measures. Antofagasta's Q3 copper production increased by 1% quarter - on - quarter. Indonesia may allow a copper exporter to resume exports, and Trump reversed a pollution control regulation. Anglo American's Q3 copper production rose year - on - year, but the first three quarters' output decreased [10][18][20]. - **Trend**: The copper price is expected to remain firm. The market risk appetite is boosted, and the supply - demand pattern may change. The demand from new industries is expected to drive long - term growth [10]. 3.3 Synthetic Rubber - **Market Situation**: Butadiene is weak, driving down the valuation of cis - butadiene rubber. The short - term fundamental drive of butadiene is downward, and the price center of cis - butadiene rubber is expected to decline in the medium - term [12]. 3.4 Other Commodities - **Zinc**: Continues to oscillate. The trend strength is neutral [21][23]. - **Lead**: Overseas inventory reduction supports the price. The trend strength is neutral [24]. - **Aluminum, Alumina, Cast Aluminum Alloy**: Aluminum continues to oscillate, alumina has a short - term sideways movement, and cast aluminum alloy follows electrolytic aluminum. The trend strength is neutral [26][27]. - **Nickel, Stainless Steel**: Nickel price has a narrow - range oscillation due to the game between smelting inventory and nickel ore concerns. Stainless steel has limited downward space and lacks upward drive. The trend strength is neutral [28][30]. - **Lithium Carbonate**: Runs strongly with high - level spot bidding. The trend strength is slightly positive [31][34]. - **Industrial Silicon, Polysilicon**: Industrial silicon has obvious bottom support with warehouse receipt reduction. Polysilicon market sentiment cools, and there is a risk of decline. The trend strengths are 1 and - 1 respectively [35][36][38]. - **Iron Ore**: Oscillates repeatedly. The trend strength is neutral [39][40]. - **Rebar, Hot - Rolled Coil**: Driven by macro sentiment, the steel price has a strong - trending oscillation. The trend strength is neutral [40][41][45]. - **Silicon Ferrosilicon, Manganese Silicate**: Have a wide - range oscillation. The trend strength is neutral [46][48]. - **Coke, Coking Coal**: Coke has a strong - trending oscillation, and coking coal is supported by fundamentals with a strong - trending oscillation. The trend strength is neutral [49][50][51]. - **Log**: Oscillates repeatedly. The trend strength is neutral [52][55]. - **Para - Xylene, PTA, MEG**: Para - xylene is in a high - level oscillation market, PTA's valuation drops with the oil price decline, and MEG has a short - term oscillation. The trend strength is neutral [56][61]. - **Rubber**: Oscillates. No specific trend strength is mentioned [63].

Report Industry Investment Rating No relevant content provided. Report's Core View - Copper prices are expected to fluctuate as the market awaits the Fed's interest rate decision [2][4]. - Zinc prices will continue to oscillate [2][7]. - Overseas inventory reduction supports lead prices [2][10]. - Aluminum prices will continue to fluctuate, alumina will trade sideways in the short - term, and cast aluminum alloy will follow the trend of electrolytic aluminum [2][12]. - Nickel prices will experience narrow - range fluctuations due to the game between smelting inventory accumulation and nickel ore concerns, and stainless steel has limited downside potential but lacks upward drivers [2][15]. Summary by Related Catalogs Copper - **Fundamentals**: The closing price of the Shanghai copper main contract was 86,980 with a daily decline of 1.57%, and the night - session closing price was 87,910 with a 1.07% increase. The trading volume of the Shanghai copper index decreased by 808 to 396,365, and the open interest decreased by 18,012 to 595,121. The LME copper 3M electronic trading volume decreased by 2,744 to 21,767, and the open interest increased by 2,194 to 323,000. The Shanghai copper inventory increased by 454 to 35,846, and the LME copper inventory decreased by 1,400 to 134,575 [4]. - **News**: The market is waiting for the Fed's interest rate decision. Antofagasta's Q3 2025 copper production was 161,800 tons, a 1% quarter - on - quarter increase, and it expects annual production to be at the lower end of the 660,000 - 700,000 - ton range. Indonesia may allow Amman Mineral international to export copper concentrates. Trump overturned a pollution - prevention regulation on copper smelter emissions. Anglo American's Q3 copper production was 184,000 tons, up from 181,000 tons in the same period last year, but the cumulative production in the first three quarters decreased by 9% year - on - year to 526,000 tons [4][6]. - **Trend Intensity**: The trend intensity of copper is 1 [6]. Zinc - **Fundamentals**: The closing price of the Shanghai zinc main contract was 22,310, a 0.25% decline, and the LME zinc 3M electronic closing price was 3,058.5, a 1.29% increase. The trading volume of the Shanghai zinc main contract increased by 8,676 to 128,753, and the LME zinc trading volume decreased by 721 to 10,796. The Shanghai zinc inventory increased by 2,547 to 68,271 tons, and the LME zinc inventory decreased by 1,800 to 35,250 tons [7]. - **News**: The "15th Five - Year Plan" proposes measures for technological breakthroughs and economic development [8]. - **Trend Intensity**: The trend intensity of zinc is 0 [9]. Lead - **Fundamentals**: The closing price of the Shanghai lead main contract was 17,355, a 0.94% decline, and the LME lead 3M electronic closing price was 2,023.5, a 0.35% increase. The trading volume of the Shanghai lead main contract decreased by 24,547 to 57,175, and the LME lead trading volume increased by 716 to 5,707. The LME lead inventory decreased by 2,700 to 229,675 tons [10]. - **News**: The market is waiting for the Fed's interest rate decision, and the "15th Five - Year Plan" was proposed [10]. - **Trend Intensity**: The trend intensity of lead is 0 [10]. Aluminum, Alumina, and Cast Aluminum Alloy - **Fundamentals**: The closing price of the Shanghai aluminum main contract was 21,140, a 220 - point decline. The LME aluminum 3M closing price was 2,894, a 16 - point increase. The Shanghai alumina main contract closing price was 2,817, a 12 - point decline. The closing price of the aluminum alloy main contract was 20,575, a 140 - point decline [12]. - **News**: The "ADP National Employment Report" will launch weekly preliminary estimates, and the "15th Five - Year Plan" mentions "finance" 17 times [14]. - **Trend Intensity**: The trend intensities of aluminum, alumina, and aluminum alloy are all 0 [14]. Nickel and Stainless Steel - **Fundamentals**: The closing price of the Shanghai nickel main contract was 120,560, a 1,840 - point decline, and the stainless - steel main contract closing price was 12,750, a 65 - point decline. The trading volume of the Shanghai nickel main contract increased by 26,763 to 156,296, and the stainless - steel main contract trading volume decreased by 80,991 to 131,733 [15]. - **News**: Indonesia's forestry working group took over a 148 - hectare nickel - mining area of PT WedaBav Nickel, which is expected to affect nickel production by about 600 metal tons per month. China suspended a non - official subsidy for copper and nickel imports from Russia. Indonesia imposed sanctions on 190 mining companies. Trump threatened to impose a 100% tariff on China and export controls on "all key software" [15][16]. - **Trend Intensity**: The trend intensities of nickel and stainless steel are both 0 [17].

Report Overview - The report focuses on the copper market, providing fundamental data, macro and industry news, and trend strength analysis [1][3] 1. Report Industry Investment Rating - Not provided 2. Report's Core View - The market sentiment for copper is bullish, which supports the price. The copper trend strength is 1, indicating a relatively positive outlook [1][3] 3. Summary by Relevant Catalogs 3.1 Copper Fundamental Data - **Futures Prices**: The closing price of the Shanghai copper main contract was 88,370 with a daily increase of 0.74%, and the night - session closing price was 88,130 with a decrease of 0.27%. The LME copper 3M electronic disk closed at 11,001 with a 0.49% increase [1] - **Trading Volume and Open Interest**: The trading volume of the Shanghai copper index was 397,173, an increase of 95,594 from the previous day, and the open interest was 613,133, an increase of 29,521. The trading volume of the LME copper 3M electronic disk was 24,511, a decrease of 1,154, and the open interest was 321,000, an increase of 1,413 [1] - **Futures Inventory**: The Shanghai copper inventory was 35,392, an increase of 321, and the LME copper inventory was 135,975, a decrease of 375. The LME copper注销仓单比 was 7.34%, a decrease of 0.25% [1] - **Price Spreads**: The LME copper spread decreased by 14.42 to - 25.97, the Shanghai 1 bright copper price increased by 1,000 to 79,000, and other spreads also showed corresponding changes [1] 3.2 Macro and Industry News - **Macro News**: Wang Yi talked with US Secretary of State Rubio, hoping both sides work towards each other for high - level interactions. The US reached a trade agreement with Southeast Asian countries, but details are insufficient [1] - **Industry News**: In September 2025, China's refined copper imports were 374,075.58 tons, a 21.76% month - on - month increase and 7.44% year - on - year increase; waste copper imports were 184,079.92 tons, a 2.67% month - on - month increase and 14.84% year - on - year increase; copper ore and concentrate imports were 2.5869 million tons, a 6.24% month - on - month decrease and 6.43% year - on - year increase; refined copper exports were 26,434 tons, an 81.47% year - on - year increase and 28.15% month - on - month decrease. Antofagasta's Q3 2025 copper production was 161,800 tons, a 1% quarter - on - quarter increase, and the annual production is expected to be at the lower end of the 660,000 - 700,000 - ton range. Indonesia may allow Amman Mineral international to export copper concentrates. Trump overturned a pollution - control regulation on copper smelters [1][3] 3.3 Trend Strength - The copper trend strength is 1, within the [-2, 2] range, indicating a relatively positive market sentiment [3]

Report Overview - Date: October 28, 2025 - Publisher: Guotai Junan Futures - Scope: Precious metals and basic metals Industry Investment Ratings No industry investment ratings are provided in the report. Core Views - Gold: Expected to continue falling [2][4] - Silver: Forecasted to rebound with fluctuations [2][4] - Copper: Positive market sentiment to support prices [2][9] - Zinc: Likely to have a slight rebound [2][12] - Lead: Decrease in overseas inventories to support prices [2][15] - Tin: Attention should be paid to macro - impacts [2][17] - Aluminum: To trade within a range; Alumina to rebound from the bottom; Cast aluminum alloy to follow electrolytic aluminum [2][21] - Nickel: Nickel prices to trade in a narrow range due to the game between smelting inventory build - up and nickel ore concerns; Stainless steel has limited downside potential but lacks upward drivers [2][23] Summary by Metal Gold - **Price Performance**:沪金2512昨日收盘价934.14，日涨幅 - 0.42%，夜盘收盘价919.70，夜盘涨幅 - 2.25%；Comex黄金2512昨日收盘价3997.00，日涨幅 - 3.15% [4] - **Trading Volume and Open Interest**:沪金2512成交量386,272，较前日增加15,360；持仓量180,815，较前日减少4,998；Comex黄金2512成交量324,262，较前日增加32,301；持仓量352,515，较前日减少420 [4] - **Inventory**:沪金库存87,015千克，无变动；Comex黄金库存（前日）38,877,087金衡盎司，减少81,828 [4] - **Trend Intensity**: - 1, indicating a bearish outlook [7] Silver - **Price Performance**:沪银2512昨日收盘价11394，日涨幅0.54%，夜盘收盘价11150.00，夜盘涨幅 - 2.44%；Comex白银2512昨日收盘价46.830，日涨幅 - 3.26% [4] - **Trading Volume and Open Interest**:沪银2512成交量94,606，较前日增加22,560；持仓量113,856，较前日减少1,627；Comex白银2512成交量155,458，较前日增加57,975；持仓量122,583，无变动 [4] - **Inventory**:沪银库存647,643千克，减少17328；Comex白银库存（前日）496,946,989金衡盎司，减少1,034,073 [4] - **Trend Intensity**: - 1, indicating a bearish outlook [7] Copper - **Price Performance**:沪铜主力合约昨日收盘价88,370，日涨幅0.74%，夜盘收盘价88130，夜盘涨幅 - 0.27%；伦铜3M电子盘昨日收盘价11,001，日涨幅0.49% [9] - **Trading Volume and Open Interest**:沪铜指数成交量397,173，较前日增加95,594；持仓量613,133，较前日增加29,521；伦铜3M电子盘成交量24,511，较前日减少1,154；持仓量321,000，较前日增加1,413 [9] - **Inventory**:沪铜期货库存35,392，增加321；伦铜库存135,975，减少375 [9] - **Trend Intensity**: 1, indicating a bullish outlook [11] Zinc - **Price Performance**:沪锌主力收盘价22365，涨幅0.04%；伦锌3M电子盘收盘价3019.5，跌幅 - 0.10% [12] - **Trading Volume and Open Interest**:沪锌主力成交量120077，减少10384；持仓量121184，增加1017；伦锌成交量11517，减少4003；持仓量222244，减少1274 [12] - **Inventory**:沪锌期货库存65724，减少125；LME锌库存37050，减少550 [12] - **Trend Intensity**: 0, indicating a neutral outlook [12] Lead - **Price Performance**:沪铅主力收盘价17520，跌幅 - 0.43%；伦铅3M电子盘收盘价2016.5，涨幅0.22% [15] - **Trading Volume and Open Interest**:沪铅主力成交量81722，增加2208；持仓量84395，增加549；伦铅成交量4991，减少3339；持仓量154158，减少958 [15] - **Inventory**:沪铅期货库存23048，无变动；LME铅库存232375，减少3000 [15] - **Trend Intensity**: 0, indicating a neutral outlook [15] Tin - **Price Performance**:沪锡主力合约昨日收盘价286,720，日涨幅0.85%，夜盘收盘价285,580，夜盘涨幅0.22%；伦锡3M电子盘昨日收盘价36,090，日涨幅1.23% [17] - **Trading Volume and Open Interest**:沪锡主力合约成交量102,206，增加31,425；持仓量45,084，增加7,008；伦锡3M电子盘成交量180，减少9；持仓量13,988，增加53 [17] - **Inventory**:沪锡期货库存5,652，增加85；伦锡库存2,725，减少25 [17] - **Trend Intensity**: 0, indicating a neutral outlook [20] Aluminum, Alumina, and Cast Aluminum Alloy - **Price Performance**:沪铝主力合约收盘价21360；LME铝3M收盘价2879；沪氧化铝主力合约收盘价2829；铝合金主力合约收盘价20715 [21] - **Trading Volume and Open Interest**:沪铝主力合约成交量209248，持仓量311269；沪氧化铝主力合约成交量278561，持仓量372484；铝合金主力合约成交量6715，持仓量6366 [21] - **Inventory**:国内铝锭社会库存61.60万吨；LME铝锭库存46.93万吨 [21] - **Trend Intensity**: All at 0, indicating neutral outlooks [22] Nickel and Stainless Steel - **Price Performance**:沪镍主力收盘价122,400；不锈钢主力收盘价12,815 [23] - **Trading Volume and Open Interest**:沪镍主力成交量129,533；不锈钢主力成交量212,724 [23] - **Industry News**: Indonesian forestry working group took over a nickel mine area, expected to affect nickel ore output by about 600 metal tons per month; China suspended an unofficial subsidy for imported copper and nickel from Russia; Indonesia sanctioned 190 mining companies [23][24] - **Trend Intensity**: Both at 0, indicating neutral outlooks [25]