Summary of Key Points from the Conference Call Industry Overview - **Industry**: A-share market in China - **Context**: The Federal Reserve (Fed) has resumed its rate cut cycle, impacting the A-share market dynamics Core Insights and Arguments 1. **Fed Rate Cut Announcement**: The Fed announced a 25 basis point (bp) rate cut on September 17, lowering the target to 4.00-4.25%, marking the resumption of the rate cut cycle after a nine-month pause since December 19, 2024 [1][7][8] 2. **Historical Performance Analysis**: The analysis focuses on A-share sector and style performances during three rate cut cycles since 2007, highlighting that liquidity-sensitive sectors (telecoms, electronics, computers) significantly outperformed the market, while cyclical sectors underperformed [2][8] 3. **Market Style Performance**: 'Growth' style stocks outperformed during these cycles, with 'small-cap' stocks also showing better performance compared to 'large-cap' stocks [2][4][8] 4. **Short-term Impact**: Following Fed rate cut announcements, 'growth' and 'small-cap' stocks continued to outperform the market within 30-60 trading days [2][4][8] Monetary Policy and Market Dynamics 1. **China's Monetary Policy**: With the Fed's rate cut, there is potential for further loosening of China's monetary policy, with expectations of a 20bp rate cut by the People's Bank of China (PBoC) in the next two to three quarters [3][4] 2. **Emerging Market Outlook**: UBS upgraded emerging market equities to Overweight, predicting that a weaker US dollar could lead to a 9 percentage point (ppt) outperformance of EM stocks over developed markets [3][4] 3. **Foreign Investment in A-shares**: As of September 22, overseas investors held Rmb3.4 trillion in A-shares, representing 7.0% of the total A-share free-float market cap, indicating room for growth in foreign inflows [3][17][19] Earnings and Market Sentiment 1. **Earnings Growth**: A-share earnings grew by 2.3% during the first half of 2025, with expectations for a full-year growth of 6% [4] 2. **Market Sentiment**: The ongoing A-share rally is driven by leveraged funds, with no signs of overheating retail sentiment, suggesting ample room for household savings to enter the market [4] Sector Preferences 1. **Preferred Sectors**: The report favors liquidity-sensitive and high-beta sectors such as electronics, semiconductors, computers, telecoms, media, and non-bank financials. Additionally, sectors aligned with the 'anti-involution' theme, such as solar, chemicals, and lithium stocks, are highlighted [4] Risks and Considerations 1. **Market Risks**: Potential risks include a hard landing in the property market, capital outflows due to currency depreciation, and slow structural reforms. Inadequate government policies could lead to market shocks [24][25] This summary encapsulates the key points discussed in the conference call, providing insights into the A-share market's performance, monetary policy implications, sector preferences, and associated risks.

Report Industry Investment Rating No relevant content provided. Core View of the Report - The aluminum price is expected to show a strong and volatile pattern in Q4 2025, with the main fluctuation range between 20,400 - 21,400 yuan. The global economic outlook is improving, the Fed's interest - rate cut cycle has started, and domestic policies are providing support. Supply has limited increments and rigid constraints, while overall demand remains resilient with a strong new - energy sector and a weak real - estate sector [5][12]. - It is advisable to consider holding medium - term long positions when the price is below 20,000 [5]. Summary by Relevant Catalogs Mid - line Market Analysis - **Trend Judgment**: In Q4, the global economic outlook improves, the Fed starts the interest - rate cut cycle, and domestic policies provide support. Supply has limited increments and rigid constraints. The new - energy sector is strong while the real - estate sector is weak, and overall demand remains resilient. The aluminum price in Q4 2025 is expected to be in a strong and volatile pattern [5]. - **Strategy Suggestion**: Consider holding medium - term long positions when the price is below 20,000 [5]. Variety Trading Strategy - **Last Week's Strategy Review**: The support for SHFE aluminum 2511 in the coming week is about 20,500, and the resistance is about 20,900. Short - term trading is recommended [7]. - **This Week's Strategy Suggestion**: It is advisable to avoid risks and wait and see due to the approaching long holiday. Appropriate holiday inventory can be allocated. Hedging suggestions are provided for spot enterprises [8]. Overall View Market Conditions - **Bauxite Market**: In Q4, the disturbances in Guinea's bauxite market are expected to be controllable. The price is expected to fluctuate between 70 - 75 dollars/ton. Domestic mine governance policies will have long - term constraints on domestic ores, and the supply in Q4 is unlikely to improve significantly [9]. - **Alumina Market**: As of September 26, 2025, the domestic alumina's built - in capacity is about 11,255 million tons, the operating capacity is about 9,670 million tons, and the capacity utilization rate is about 85.95%. Some high - cost enterprises may cut production and conduct maintenance in October as the average monthly price declines [9]. - **Electrolytic Aluminum Production**: As of September 2025, the domestic electrolytic aluminum's built - in capacity is approaching the policy ceiling of 4,500 million tons, and the operating capacity is 4,410 million tons with a high operating rate of 98%. The net increase in production this year is expected to be less than 50 million tons. The import of electrolytic aluminum has a theoretical loss of about 1,400 yuan/ton, and aluminum exports are expected to remain resilient [9]. Demand Conditions - **Aluminum Profiles**: The weekly operating rate of domestic aluminum profiles remains stable at 54.60%. Construction profiles have limited growth due to the weak real - estate market. Auto profiles are stable and improving, but enterprises are skeptical about future order increments. Photovoltaic profiles' major enterprises maintain a high operating rate, but new orders are expected to decline [10]. - **Aluminum Sheets, Strips, and Foils**: The operating rate of leading aluminum sheet and strip enterprises increases by 0.8 percentage points to 69.0%. The operating rate of leading aluminum foil enterprises increases by 0.7 percentage points to 72.6%. The overall operating rate of the aluminum foil industry in October is expected to remain stable or decline slightly [10]. - **Aluminum Cables**: The operating rate of the aluminum cable industry increases by 1.8 percentage points to 67%. The power grid project is in the peak construction season, and overseas photovoltaic order effects are emerging, ensuring the order saturation of the State Grid in Q4 and next year [10]. - **Alloys**: The operating rate of primary aluminum alloy enterprises increases by 1% to 58.4%. The operating rate of leading recycled aluminum enterprises increases by 0.7 percentage points to 56.6%. The overall operating rate of the industry will decline during the National Day holiday [10]. Inventory Conditions - **Electrolytic Aluminum**: The social inventory of electrolytic aluminum ingots is 61.5 million tons, a decrease of about 4% from last week and about 12% lower than the same period last year. It is expected to increase by 6 - 8 million tons during the double festivals. The inventory of aluminum rods is 11.36 million tons, a decrease of about 13% from last week and about 5% higher than last year. LME aluminum inventory is likely to continue accumulating [10]. Important Industry Link Price Changes - This week, bauxite prices decline slightly, coal prices decline slightly, and alumina prices continue to decline slightly. In Q4, Guinea's bauxite price is likely to fluctuate between 70 - 75 dollars, corresponding to a cash cost of 2,900 - 3,100 yuan for alumina plants in Shanxi and Henan using imported ores. Aluminum prices decline slightly, with the Fed's interest - rate cut followed by a dollar rebound suppressing the financial premium of metals, but domestic policies provide support [13][14]. Important Industry Link Inventory Changes - Domestic port bauxite inventory increases slightly, and alumina inventory continues to accumulate. The domestic mainstream consumption area's electrolytic aluminum ingot inventory decreases, and it is expected to increase during the double festivals. Aluminum rod inventory decreases. LME aluminum inventory continues to increase [15][17]. Supply - Demand Situation - The average full - cost of the domestic alumina industry is about 2,860 yuan/ton, with a profit of about 100 yuan/ton. The production cost of electrolytic aluminum is about 17,100 yuan/ton, with a theoretical profit of about 3,600 yuan/ton. The operating rate of domestic aluminum downstream processing leading enterprises increases by 0.8 percentage points to 63.0%. The market shows strong domestic demand and emerging sectors offsetting traditional weakness, but small and medium - sized enterprises face order and funding pressures [19][24]. Futures - Spot Structure - The current SHFE aluminum futures price structure is weak [28]. Spread Structure - The spread between aluminum ingots and ADC12 is about - 2,110 yuan/ton this week. The current spread between primary aluminum and alloys is at a relatively low level in recent years and has a moderately strong impact on electrolytic aluminum [33][35]. Market Capital Situation - **LME Aluminum**: The latest net long position of funds continues to rise. Since June, both long and short positions have been increasing, and the overall market is still optimistic [37]. - **SHFE Electrolytic Aluminum**: This week, the net long position of the main contract turns to a net short position. Since mid - September, both long and short positions have decreased significantly, with the long - position reduction slightly greater than the short - position reduction. The net long position of financial speculation - based funds continues to decrease slightly. The funds of mid - and downstream enterprises are in a stalemate. The pre - holiday market has strong risk - aversion sentiment [40].

Core Viewpoint - The A-share market experienced slight fluctuations as the holiday approached, with the non-ferrous metal sector showing initial gains before narrowing. The Non-Ferrous 50 ETF (159652) saw significant inflows, indicating strong investor interest in this sector [1][3]. Group 1: Market Performance - The Non-Ferrous 50 ETF (159652) initially rose over 2%, with net subscriptions reaching 15 million units, translating to over 20 million yuan in net inflows by 10:15 AM [1]. - The index components of the Non-Ferrous 50 ETF showed mixed performance, with the copper sector leading gains, particularly Jiangxi Copper, which rose over 4% [3]. Group 2: Industry Insights - The Non-Ferrous 50 ETF (159652) covers a broad range of metals, with copper accounting for 30% of its composition, making it a leading index in terms of copper and gold content [4]. - The China Nonferrous Metals Industry Association is addressing the "involution" competition in copper smelting, proposing measures to control capacity expansion [7]. - Global refined copper consumption is projected at 28.65 million tons in 2024, with China alone consuming 17 million tons, highlighting the country's dominant position in the market [8]. Group 3: Economic Factors - The industrial metal prices are influenced by both financial and commodity attributes, with the Federal Reserve's recent interest rate cuts expected to strengthen copper prices [10]. - The Federal Reserve's recent 25 basis point rate cut marks the beginning of a new easing cycle, which is anticipated to support gold prices in the long term [11]. - The current environment presents significant investment opportunities in non-ferrous metals, driven by supply-side policies, demand recovery, and global economic trends [11].

Core Viewpoint - The recent copper mine incident has reignited the rally in industrial metals stocks in the A-share market, following a previous surge in cobalt-related stocks due to policy changes in the Democratic Republic of Congo [1][8]. Group 1: Market Performance - As of September 25, the industrial metals sector in the A-share market rose by 1.31%, with net inflows of nearly 1.6 billion yuan [1]. - The industrial metals sector has seen an overall increase of over 50% since the low point in April, with nearly 20 stocks doubling in market value [9][20]. - Major players in the copper sector, such as Zijin Mining and Jiangxi Copper, experienced stock price increases exceeding 5% [3][11]. Group 2: Key Events and Drivers - The Grasberg copper mine incident in Indonesia, which resulted in production halts and a projected 35% drop in output by 2026, has significantly impacted copper prices, pushing them to a new high of 82,710 yuan per ton [8]. - The recent policy changes in the Democratic Republic of Congo regarding cobalt exports, including an extension of the export suspension until October 2025, have raised concerns about future supply and contributed to price increases in the cobalt market [12][13]. Group 3: Company Insights - Zijin Mining's stock has surged by 80% this year, with copper sales contributing significantly to its revenue, accounting for 27.8% of sales and 38.5% of gross profit [7]. - Luoyang Molybdenum's stock price has increased by 145% since April, driven by rising prices of its main products, with a reported revenue of 94.77 billion yuan in the first half of 2025, despite a year-on-year decline [11][20]. - The copper production from Luoyang Molybdenum is expected to reach 650,000 tons in 2024, marking a 65% increase year-on-year [11]. Group 4: Future Outlook - Analysts predict that the industrial metals sector will continue to benefit from macroeconomic factors such as the Federal Reserve's interest rate cuts and domestic supply-side reforms [14][15]. - The overall sentiment in the industrial metals market remains positive, with expectations of sustained demand and price increases due to global economic recovery and strategic metal pricing dynamics [17][20].

Report Information - Report Name: Copper Futures Daily Report [2] - Date: September 25, 2025 [3] - Researcher: Zhang Ping, Yu Feifei, Peng Jinglin [4] Investment Rating - Not provided Core View - The Shanghai copper price is expected to fluctuate strongly before the holiday. The high copper price suppresses downstream pre - holiday stocking sentiment, but the weak US dollar in the Fed's interest - rate cut cycle and China's potential pre - holiday restocking expectations provide strong support for the price. Considering the release of the US non - farm payroll data in September during the holiday, it is recommended to control positions before the holiday [11] Summary by Directory 1. Market Review and Operation Suggestions - The Shanghai copper price fluctuated narrowly. Fed Chair Powell's remarks on balancing inflation concerns and a weakening job market led to a rise in the US dollar index, putting pressure on copper prices. However, the sharp rise in the A - share market increased investors' risk appetite. The spot copper price rose by 35 to 80045, and the spot premium remained flat at 55. The downstream stocking sentiment was weak approaching the holiday, and the premium was under pressure. The price structure remained near par. [11] 2. Industry News - Southern Copper plans to keep its copper production in the country stable in 2025 and is betting on capacity expansion in the next decade through multi - billion - dollar new projects. The company's CFO expects this year's copper production to be roughly the same as last year's 414,000 tons, and the production of molybdenum and silver will also remain stable. The company operates two major mines in Peru, which produced 13,400 tons of molybdenum and 177.2 tons of silver last year [12] - The Ministry of Natural Resources and the Standardization Administration of China issued the "Three - Year Action Plan for the Standard System and Standard Development to Support the New Round of Mineral Exploration Breakthrough Strategic Action (2025 - 2027)". In 2025, a collaborative promotion mechanism for geological and mineral standardization work will be initially established, and 20 - 25 important and urgently needed standards for mineral exploration breakthrough will be developed and released. In 2026, another 20 - 25 such standards will be developed and released, and in 2027, 30 - 35 standards will be developed and released [12]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The negative impact of US tariff policies is gradually emerging, international trade activities are slowing down, and the global economy will still face downward pressure. The Fed's monetary policy has returned to the interest rate cut cycle, but the reduction of the balance sheet continues, which may lead to a shortage of US dollar liquidity and financial de - leveraging. The stock markets of major developed countries such as Europe and the United States are at historical highs, and asset prices are at risk of being re - evaluated. - China's economic recovery foundation is not solid, with fixed - asset investment growth continuing to decline and consumption growth slowing marginally. Only industrial production remains at a high level. Macroeconomic policies need to strengthen counter - cyclical adjustment, and the proactive fiscal policy is being accelerated, while the monetary policy will remain moderately loose. - In the fourth quarter, the valuation of stock indices will be supported by risk appetite at the denominator end, but stock indices should still be treated with a wide - range oscillation mindset before corporate profits improve significantly. The restart of the Fed's interest rate cut cycle will narrow the Sino - US interest rate spread, giving more room for China's monetary policy, and the yield of 10 - year treasury bonds is expected to decline. The uncertainty of US tariff policies is gradually fading, and the international geopolitical situation is expected to ease. Gold is at risk of a deep adjustment [2]. Summary According to Relevant Catalogs Overseas Macroeconomic Outlook - **Market Performance in Q3 2025**: Global stock markets rose in resonance, with the Dow Jones, S&P 500, and Nasdaq reaching new highs. Commodities such as coal, steel, and non - ferrous metals rebounded. Gold broke through upwards after 4 months of consolidation, with London spot gold approaching $3,800 per ounce, up more than 40% for the year [4]. - **Outlook for Q4**: The negative impact of US tariff policies will further appear, the Fed is expected to cut interest rates twice in Q4, and the global economy will face downward pressure. If the US job market weakens further, the Fed may shift from "preventive" to "relief" interest rate cuts. Global stock markets may face asset value re - evaluation risks [5]. - **US Situation**: Employment pressure is increasing, and the Fed's monetary policy has returned to the interest rate cut cycle. In August, the ISM manufacturing PMI was 48.7, the consumer confidence index dropped to 58.2, new non - farm employment was 22,000, and the unemployment rate rose to 4.3%. The Fed cut the federal funds rate by 25 basis points in September, and the dot - plot shows two more cuts this year [7][9]. - **European Situation**: The European Central Bank suspended interest rate cuts in September, and the benchmark interest rate is approaching the neutral level. The eurozone economy has warmed up, with the manufacturing PMI returning to the expansion range, low unemployment, and stable inflation [11][14]. - **Japanese Situation**: The Japanese economy maintains a moderate recovery, and the central bank maintains a slow interest rate hike rhythm. In August, the manufacturing PMI rose to 49.9, the consumer confidence index reached a new high, the unemployment rate dropped to 2.3%, and inflation remained above 2% [16][19]. Domestic Economic Situation Analysis - **Overall Situation in Q3 2025**: Affected by US tariff policies, China's economic downward pressure has emerged again, with fixed - asset investment declining, consumption growth slowing, and only industrial production remaining high. The foundation of economic recovery is not solid, and demand is insufficient [21]. - **Negative Impact of US Tariff Policies**: In August, the official manufacturing PMI was 49.4, still in the contraction range. From January to August, fixed - asset investment growth slowed, industrial production slowed slightly but remained high, consumption growth slowed, CPI turned negative, PPI decline narrowed, and foreign trade growth slowed [23][25]. - **Fiscal and Monetary Policies**: The proactive fiscal policy is being accelerated, with super - long - term special treasury bonds and local special bonds mostly issued. The monetary policy will remain loose, and there is more room for operation with the Fed's interest rate cuts. Deposit rates are expected to be cut, and there may be a 0.5 - percentage - point reserve requirement ratio cut in Q4 [31][33]. Asset Allocation - **Stock Indices**: Corporate profits are still declining, and the inventory cycle is in the active de - stocking stage. There is still room for the risk - free rate to decline, and there are many positive factors affecting risk appetite. In Q4, stock indices are likely to oscillate widely, and the key is whether corporate profits can improve significantly [38][39]. - **Bonds**: The negative impact of US tariff policies is emerging, and the Fed is expected to cut interest rates twice. The Sino - US interest rate spread will narrow, and China's monetary policy has more room. The yield of 10 - year treasury bonds may decline [40]. - **Gold**: In the medium - to - long - term, gold prices depend on the US dollar and real interest rates. In Q4, as trade policy uncertainty decreases and geopolitical tensions ease, gold may face a deep adjustment due to factors such as the strengthening of the US dollar and high real interest rates [41][42].

Group 1 - Gold prices continue to reach historical highs, with London gold spot prices breaking through $3700, $3720, and $3740 per ounce, peaking at $3748.88 on September 22 [2] - As of September 23, London gold spot prices reached a maximum of $3759.16 per ounce, while COMEX gold futures hit $3793.7 per ounce, and Shanghai Gold Exchange Au99.99 reached 850 yuan per gram [2] - Since the beginning of 2025, international gold prices have increased by nearly 43%, while domestic gold prices have risen by approximately 38% [3] Group 2 - The Chicago Mercantile Exchange's hedging research team indicates that the ongoing weakness in the U.S. labor market and expectations of further Federal Reserve rate cuts provide upward momentum for gold prices, supported by geopolitical conflicts and long-term dollar credit concerns [5] - Analysts suggest that the current rise in gold prices has outpaced fundamental factors, leading to increased short-term volatility, but the long-term trend remains below previous gold price upcycles [5] - As of September 22, the total scale of domestic commodity gold ETFs reached 155.15 billion yuan, a 120% increase from the end of last year, indicating a recovery in net inflows due to rising gold prices [5] Group 3 - On September 22, all 11 gold concept stocks in the A-share market saw gains, with notable increases in Zhongjin Gold and Xiaocheng Technology exceeding 9% [6] - The significant profit growth in the semi-annual reports of gold mining companies is attributed to rising gold prices and increased production, leading to a potential valuation recovery for gold stocks [6] - Silver prices also reached a near 14-year high on September 22, with expectations of further increases as silver benefits from both financial attributes and industrial demand [6]

Core Viewpoint - The Federal Reserve's recent interest rate cut and its implications for the USD exchange rate and cross-border remittance costs for Chinese individuals in the U.S. [1][4] Group 1: Impact of Interest Rate Cut on Cross-Border Remittance - The Federal Reserve's decision to lower the federal funds rate by 25 basis points to 4.00%-4.25% is expected to weaken the USD, leading to increased volatility in exchange rates [1][4] - The offshore RMB to USD exchange rate surged to 7.08, marking a ten-month high, which significantly affects Chinese individuals in the U.S. who remit money back home [4] - A hypothetical monthly remittance of $10,000 could result in a loss of 1,200 RMB if the exchange rate drops from 7.20 to 7.08, highlighting the financial impact of exchange rate fluctuations [4] Group 2: Challenges Faced by Traditional Remittance Services - Traditional banks are experiencing a "double squeeze" due to narrowing interest rate spreads and rising compliance costs, leading to increased remittance costs for consumers [4] - The complexity of regulatory requirements has increased by over 30%, making the remittance process more cumbersome for users [4] - Traditional banks' fixed pricing mechanisms fail to adapt to short-term exchange rate fluctuations, potentially resulting in significant losses for users during volatile periods [5] Group 3: Innovations by Panda Remit - Panda Remit offers a digital solution that addresses the pain points of traditional remittance services by providing real-time exchange rates and rapid settlement [5][6] - The platform features transparent fee structures, with new users enjoying zero fees on their first remittance and lower fixed fees for long-term users [6] - Panda Remit ensures a speedy remittance experience, with transfers completed in as little as 2 minutes and over 90% of transactions settled within one hour [7] Group 4: Compliance and Security - Panda Remit holds financial regulatory licenses in multiple countries, ensuring compliance with anti-money laundering (AML) regulations and safeguarding user funds [8] - The service's technological innovations not only enhance speed and compliance but also significantly reduce overall costs, making it an attractive option for Chinese individuals in the U.S. [8]

Core Viewpoint - The market continues to reach record highs despite macroeconomic challenges, with expectations for volatility in Q3 but a positive outlook for AI and capital expenditure into next year [1][2]. Market Predictions - The year-end target for the market is projected at around 6,600, with a potential rise to 6,900 by mid-next year and a bull case of 7,200 [2]. - The current market level is expected to remain stable, with buying opportunities during Q3 volatility [3]. Gold Market Insights - Anticipation of a Federal Reserve easing cycle, with two more rate cuts expected by year-end and possibly two additional cuts in Q1 next year, is seen as favorable for gold [4]. - Central bank purchases of gold continue, indicating ongoing diversification amid rising geopolitical concerns and a slowing economy, which are all positive factors for gold prices [5]. Labor Market and Economic Conditions - A dual economic scenario is emerging, with significant infrastructure investment alongside a weakening labor market, projected to see unemployment rise to 4.8% by year-end [6][7]. - The Fed's easing cycle is viewed as beneficial for risk assets, despite the current elevated market levels [7]. Tariff Implications - The effective tariff rate is currently around 18%, significantly up from 2.5% at the start of the current administration, with potential increases to 20% if sectoral tariffs are implemented [8][9].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The Fed has entered a new round of interest - rate cut cycles, and the continued improvement of US manufacturing data is favorable for non - ferrous metals in the long - term. However, after the interest - rate cut is implemented, there will be a phased adjustment, and future trends depend on economic data [11]. - Different non - ferrous metals have different market conditions and investment strategies. For example, copper is recommended to go long on dips; zinc can be moderately long on dips; the aluminum industry chain is recommended to be short; tin short - term long positions can be appropriately taken profit; lead can be long on dips; nickel and stainless steel can be long on dips [3][4][5][6][7][8]. 3. Summary by Directory 3.1 First Part: Non - ferrous Metal Operation Logic and Investment Suggestions - **Macro Logic**: The Fed cut interest rates by 25bp, starting a new round of interest - rate cut cycles. China's one - year and five - year LPR in September remained unchanged. China's central bank adheres to an independent monetary policy and implements a moderately loose monetary policy. After the interest - rate cut, there was a phased adjustment, and future trends depend on economic data [11]. - **This Week's Focus**: The release of August PCE and September European and American manufacturing PMIs, intensive speeches by Fed officials including Powell, the release of China's September LPR, and the participation of Pan Gongsheng, Wu Qing, and Li Yunze in the "14th Five - Year Plan" series of press conferences [12]. - **Non - ferrous Metal Strategies**: Different non - ferrous metals have different operation logics, support and pressure areas, market judgments, and investment strategies. For example, copper is expected to strengthen in shock and is recommended to go long on dips; zinc will fluctuate in a range and can be long on dips; the aluminum industry chain is expected to be weak and is recommended to be short; tin will rebound in shock and short - term long positions can be reduced; lead will fluctuate upward and can be long on dips; nickel and stainless steel are recommended to be long on dips [13][14][15]. 3.2 Second Part: Non - ferrous Metal Market Review The closing prices and price changes of various non - ferrous metals are presented. For example, copper closed at 80160 with a 0.31% increase; zinc closed at 22090 with a 0.20% increase; aluminum closed at 20745 with a 0.24% decrease, etc. [16]. 3.3 Third Part: Non - ferrous Metal Position Analysis The latest position analysis of the non - ferrous metal sector shows the net long - short strength comparison, net long - short position differences, changes in net long and net short positions, and influencing factors of different varieties such as silver, gold, tin, copper, etc. [18]. 3.4 Fourth Part: Non - ferrous Metal Spot Market The spot prices and price changes of various non - ferrous metals are provided. For example, the Yangtze River Non - ferrous copper spot price is 80340 yuan/ton with a 0.24% increase; the Yangtze River Non - ferrous 0 zinc spot average price is 21960 yuan/ton with a 0.14% decrease, etc. [19][21]. 3.5 Fifth Part: Non - ferrous Metal Industry Chain Graphs related to the industry chain of various non - ferrous metals are presented, including inventory changes, processing fees, price trends, etc. For example, for copper, there are graphs of exchange copper inventory changes and SMM social copper inventory changes; for zinc, there are graphs of zinc inventory changes and zinc concentrate processing fee changes [23][27]. 3.6 Sixth Part: Non - ferrous Metal Arbitrage Graphs related to non - ferrous metal arbitrage are presented, including changes in the Shanghai - London ratio, basis spreads, and price differences between different varieties. For example, for copper, there are graphs of copper Shanghai - London ratio changes and the basis spread between Shanghai copper and London copper [56]. 3.7 Seventh Part: Non - ferrous Metal Options Graphs related to non - ferrous metal options are presented, including historical volatility, weighted implied volatility, trading volume, and open - interest changes. For example, for copper, there are graphs of copper option historical volatility and copper option weighted implied volatility [72].