Report Title - "Cycle, Technology, and Geopolitics: A Triple - Drive for the Non - Ferrous Metals Market" [1] Report Date and Researcher - Date: October 29, 2025 - Researcher: Ma Yun, mayun@cmschina.com.cn, contact number: 18682466799, qualification certificate number: Z0018708 [2] Table of Contents - 01 Cycle: Supply, Demand, and Liquidity - 02 Technology: Applications of Metals in Emerging Fields - 03 Geopolitics: Strategic Materials in the Context of Great - Power Rivalry - 04 Summary: A Triple - Hit under the Metal Pricing Framework [4] Core Views - The non - ferrous metals market is driven by the triple factors of cycle, technology, and geopolitics. The cycle affects the market from aspects of liquidity, supply, and demand; technology brings new demand through metal applications in emerging fields; geopolitics impacts metal prices through strategic material status and currency - related factors [1] Section Summaries Cycle: Supply, Demand, and Liquidity Liquidity - The Federal Reserve is in a rate - cutting cycle, and major economies are in a fiscal expansion period. For example, the U.S. has passed the Big Beautiful Act, discussing the end of balance - sheet reduction and facing a mid - term election next year; the EU Commission predicts that the EU's fiscal deficit rate will rise to 3.3% in 2025 and remain at this level in 2026, with the debt - to - GDP ratio rising from 83.2% in 2025 to 84.5% in 2026; Japan is preparing an economic stimulus plan of over 13.9 trillion yen, and advancing the defense - spending target; China is implementing fiscal expansion, shifting from loose money to loose credit [5][8][10] Supply - There is insufficient capital expenditure in the mining industry, natural decline in mine grades, and depletion of mine resources. This phenomenon is not limited to copper enterprises, and different metal varieties have different investment cycles [11][12] Demand - China provides the beta for metal demand, while emerging countries in South Asia and Southeast Asia provide the alpha. The demand for metals in new energy fields such as photovoltaic and new - energy vehicles is also increasing [14][21][23] Technology: Applications of Metals in Emerging Fields - The report does not provide specific content in the given text Geopolitics: Strategic Materials in the Context of Great - Power Rivalry - The U.S. has updated its key mineral list several times. In 2025 (expected), it plans to add 6 minerals such as copper, potassium, silicon, and silver, and consider removing arsenic and tellurium. Some countries have high concentrations in metal production, like Chile and Peru accounting for about 40% of global copper production, and Congo accounting for 75% of global cobalt production. China has a high degree of dependence on most metals except rare earths. Also, the pricing currency hegemony is being challenged, leading to a decline in the trust of global fiat currencies and a re - evaluation of physical assets [24][27] Summary: A Triple - Hit under the Metal Pricing Framework - The report provides a metal pricing framework including factors such as stock price formula, metal price fluctuation formula, and considerations from macro, supply - demand, valuation, and market - behavior aspects, and finally gives trading strategies based on the analysis results [29]

Group 1: Consumption and Economic Growth - Improving the resident consumption rate is a key goal of the "15th Five-Year Plan" with a target to increase it significantly from the current 39.9% to align more closely with the global average of 56.3%[2][4] - The plan emphasizes a shift towards an economy driven by domestic demand and consumption, moving away from reliance on external demand and investment[4][5] - The proposal aims to enhance the income of low- and middle-income groups, with the middle-income group projected to grow from over 400 million in 2017 to over 800 million in the coming years[4][5] Group 2: Policy and Structural Changes - The "15th Five-Year Plan" introduces a more proactive macroeconomic policy, focusing on "stabilizing growth, employment, and expectations" as a guiding principle[4][5] - It highlights the need for direct consumer-oriented policies, such as subsidies and tax deductions, to stimulate consumption[4][5] - The plan includes measures to improve income distribution through enhanced taxation and social security systems, aiming to reduce income inequality[5][6] Group 3: Technological and Industrial Development - New strategic emerging industries include low-altitude economy, quantum technology, hydrogen energy, and brain-computer interfaces, reflecting a shift in focus for the upcoming five years[4][6] - Infrastructure development will prioritize safety, resilience, and digital transformation, with an emphasis on integrating traditional infrastructure with smart technologies[6][7] - The plan stresses the urgency of technological innovation, particularly in critical areas like integrated circuits and high-end instruments, proposing "extraordinary measures" to achieve breakthroughs[6][7] Group 4: Financial and Fiscal Strategies - The plan calls for the construction of a financial powerhouse, emphasizing the importance of capital markets in supporting the real economy and innovation[7][8] - It proposes reforms in fiscal policy, including zero-based budgeting to ensure efficient allocation of resources and enhance fiscal sustainability[7][8] - The focus on enhancing the direct tax system aims to balance the tax burden between labor and capital, improving overall income distribution[7][8]

Core Insights - The article discusses the advancements in rotary tillers and their impact on agricultural efficiency [2] Group 1: Industry Overview - The rotary tiller market is experiencing significant technological innovations aimed at improving soil preparation processes [2] - Increased demand for efficient farming equipment is driving growth in the agricultural machinery sector [2] Group 2: Company Developments - Companies are investing in research and development to enhance the performance and durability of rotary tillers [2] - The introduction of smart technology in rotary tillers is expected to optimize farming practices and reduce labor costs [2]

Group 1 - The article highlights the innovative use of robots to adjust toy train tracks, showcasing a systematic and orderly movement that captivates viewers [2]

Core Viewpoint - The article discusses the recent developments in the financial sector, highlighting the impact of regulatory changes and market trends on investment strategies [1] Group 1: Regulatory Changes - New regulations are being implemented that could significantly alter the landscape for investment banks, potentially increasing compliance costs and operational complexities [1] - The regulatory environment is expected to tighten, which may lead to a reduction in the number of new market entrants [1] Group 2: Market Trends - There is a noticeable shift in investor preferences towards sustainable and socially responsible investments, which is influencing the strategies of investment firms [1] - The market is experiencing increased volatility, prompting firms to reassess their risk management frameworks [1] Group 3: Financial Performance - Recent earnings reports indicate a mixed performance among major investment banks, with some reporting significant gains while others face challenges due to market conditions [1] - The overall revenue growth in the sector is projected to be modest, with estimates suggesting an increase of around 5% year-over-year [1]

Summary of Key Points Core Viewpoint - Inke Recycling has shown a significant increase in stock price, reflecting positive market sentiment and upcoming corporate actions that may impact shareholder value [1][2]. Company Announcements - Inke Recycling will hold its second extraordinary general meeting of 2025 on November 6, 2025, to discuss six proposals, including amendments to the company's articles of association [1][3]. - The record date for shareholders to attend the meeting is October 29, 2025, and the meeting will take place in Shandong Province [1]. Investment Activities - Inke Recycling's wholly-owned subsidiary, Inke Environmental International (Hong Kong) Limited, plans to invest $30 million (approximately 213.17 million RMB) in Warburg Pincus Global Growth 15, L.P., representing about 0.18% of the fund's target size [2][3]. - The fund aims to raise $17 billion, focusing on energy transition, sustainable development, technology, and healthcare sectors [2]. - This investment is classified as a related party transaction due to common control with Inke Medical, which is also participating in the fund [2].

Group 1: Key Conclusions from the Report - The Fourth Plenary Session of the 20th Central Committee of the Communist Party of China was held from October 20 to 23, 2025, approving the recommendations for the 15th Five-Year Plan[1] - The report emphasizes the importance of party building and the current economic situation, reflecting the decision-makers' heightened focus on these areas[2] Group 2: Notable Changes in the Report - The overall word count of the report has decreased, but it includes new sections on the current economic situation and party building, highlighting key priorities[3] - There is a greater emphasis on risks and challenges, particularly regarding international risks and the increasing unpredictability of strategic opportunities[3] - Security has become a crucial theme, covering modern industrial system construction, national defense, social governance, and employment[3] - The prioritization of foreign openness and livelihood in specific work deployments indicates their growing importance[3] - The report stresses the significance of the real economy and original innovation in modern industrial system construction, continuing to emphasize manufacturing[3] - The spirit regarding consumption aligns closely with the 20th National Congress report, focusing on the construction of a unified market and the integration of investments in goods and people, with an added emphasis on enhancing the reliability of domestic circulation[3] Group 3: Future Focus Areas - The upcoming 15th Five-Year Plan outline is expected to further emphasize safety, quality, efficiency, and sustainability, with a focus on industries related to safety, technology, livelihood, and consumption[4]

Report Industry Investment Rating - Not provided in the content Core View of the Report - The market shows signs of emotional repair. High - dividend sectors like coal, petrochemicals, and utilities lead the rise. The "technology + anti - involution" is expected to be the mid - term main line. In the short term, use a dumbbell structure for operation. For options, continue the covered call strategy, and for bonds, pay attention to policy signal releases [1][7] Summary by Relevant Catalogs Market Views Stock Index Futures - Yesterday's market showed a V - shaped trend with a significant afternoon rebound. The Wind All - A Index rose slightly by 0.14%. High - dividend sectors led the gains. Although the style was value - oriented, there were signs of emotional repair. The futures positions increased significantly, and the decline of hot topics like semiconductors narrowed in the afternoon. After the Fourth Plenary Session, "technology + anti - involution" is the mid - term main line. Use a dumbbell structure for operation. Suggest holding Red Chip ETF + IM [1][7] Stock Index Options - On Thursday, the trading volume of each option variety recovered compared to Wednesday but remained below 10 billion. The low trading volume on Wednesday implied a recent market trading idea of being inclined to fluctuate. The increase in trading volume on Thursday was due to the morning market decline and the increased hedging demand. The implied volatility of options increased by 0.84%. Currently, continue the covered call strategy [2][7] Treasury Bond Futures - Yesterday, treasury bond futures closed down across the board. The long - position holders may have strong motivation to leave the market, with the T main contract's position decreasing by 7491 lots. The central bank ended the continuous net injection and had a net withdrawal of 2.35 billion yuan, but the capital was still relatively loose. The bond market adjustment was affected by policies and the stock - bond seesaw. The Sino - US economic and trade consultations will be held from October 24th to 27th, and the Fourth Plenary Session's communiqué was released. In the short term, be cautious and pay attention to policy signals. In the medium term, the expectation of loose money may support the bond market [2][7][9] Economic Calendar - It shows the economic data of China and the US from October 20th, 2025, including China's LPR, urban fixed - asset investment, industrial added - value, retail sales, GDP, and the US's non - farm employment population change [10] Important Information and News Tracking - The Fourth Plenary Session of the 20th Central Committee of the Communist Party of China was held from October 20th to 23rd, 2025, and relevant reports and suggestions were passed. A Chinese shipbuilding company won a large foreign order for anti - rolling fins. The National People's Congress will continue to review the draft amendment to the Cybersecurity Law. Sino - US economic and trade consultations will be held from October 24th to 27th [11][12] Derivatives Market Monitoring - The content only lists the sub - items of stock index futures, stock index options, and treasury bond futures data, but no specific data is provided [13][17][29]

Core Insights - The article presents a viewpoint on the current market trends and investment opportunities within a specific industry, highlighting key financial metrics and performance indicators. Group 1 - The industry has seen a significant increase in revenue, with a reported growth of 15% year-over-year, reaching $5 billion in total sales [1] - Major companies within the sector are focusing on innovation and technology integration to enhance operational efficiency and customer engagement [1] - The competitive landscape is evolving, with new entrants disrupting traditional business models and prompting established players to adapt [1] Group 2 - Recent financial reports indicate that profit margins have improved, with an average increase of 3% across leading firms in the industry [1] - Investment in research and development has surged, accounting for approximately 10% of total expenditures, reflecting a commitment to long-term growth [1] - Regulatory changes are anticipated to impact market dynamics, with potential implications for compliance costs and operational strategies [1]

Core Insights - Jiangsu province is tasked with leading the integration of technological and industrial innovation, as emphasized by President Xi Jinping during the National People's Congress [1] - The province is implementing a series of initiatives to enhance the collaboration between higher education institutions and industry, focusing on technology transfer and innovation [1][2] Policy Innovation - Jiangsu is prioritizing institutional innovation as a guiding framework for deep integration of education, technology, and industry [2] - The province has introduced action plans to establish a globally influential industrial technology innovation center, focusing on key strategic industries [2] - Revisions to the Jiangsu Science and Technology Progress Regulations have been made to support various aspects of industry-education integration [2] Funding and Talent Supply - Jiangsu is building a "funding + talent" energy system to support the integration of technology and industry, emphasizing long-term investments in hard technology [3] - The province has established a strategic emerging industry mother fund with a total scale of 6 billion yuan, along with angel funds for technology transfer [3] - Initiatives to enhance teacher engagement and cultivate entrepreneurial talent are being implemented to align educational outcomes with industry needs [3] Collaborative Innovation - The "Double High Collaboration" model is identified as a core engine for driving deep integration between high-tech zones and higher education institutions [4] - This model aims to break down institutional barriers and foster organized research and technology transfer, enhancing the effectiveness of industry-academia cooperation [4] Technology Transfer Centers - The National Higher Education Technology Transfer Center in Jiangsu serves as a pivotal hub for regulating and distributing innovation energy [5] - This center facilitates the conversion of original innovations into industry-relevant applications through a structured process [5][6] University Science Parks - The National University Science Park is recognized as a key platform for translating academic innovations into industrial applications [7] - Recent reforms aim to enhance the operational capabilities of these parks, focusing on technology transfer and service provision [7]