Group 1: Report Industry Investment Rating - No industry investment rating is provided in the report. Group 2: Report's Core View - The overall market is influenced by tariff negotiation progress and the 15th Five - Year Plan communique. Different metals have different fundamentals and investment strategies. For copper, maintain a callback - buying idea; for aluminum, hold at low prices in the long - term; for zinc, be cautious in trading; for nickel, observe; for stainless steel, the fundamentals are weak; for lead, observe the regeneration and warehouse receipts; for tin, follow the macro - mood in the short - term and hold at low prices in the long - term; for industrial silicon, prices are expected to be weak in the short - term and cycle at the bottom in the long - term; for lithium carbonate, the information about industrial silicon is repeated, and there is no specific core view for lithium carbonate presented separately [1][2][3][6][10][13][16] Group 3: Summary by Metal Copper - **Market Data**: From Oct 22 - 28, the Shanghai copper spot price decreased by 15, the waste - refined copper price difference decreased by 203, and LME inventory decreased by 1400 [1] - **Fundamentals**: Market sentiment is affected by tariff negotiations and the 15th Five - Year Plan. There are supply disturbances in waste copper, and the copper cable and aluminum cable start - up rates diverge [1] - **Strategy**: Maintain a callback - buying idea, pay attention to the support around $10,300 for LME copper, and consider selling put options below $10,300 or gradually establishing virtual inventory [1] Aluminum - **Market Data**: From Oct 22 - 28, the Shanghai aluminum ingot price remained unchanged, the domestic alumina price decreased by 4, and LME inventory decreased by 3625 [1] - **Fundamentals**: Operating capacity is flat, photovoltaic component production is stable, there is seasonal inventory accumulation, and the European electrolytic aluminum plant has a 200,000 - ton production reduction [1] - **Strategy**: Keep an eye on terminal demand in the short - term and hold at low prices in the long - term [1] Zinc - **Market Data**: From Oct 22 - 28, the zinc price oscillated upwards, the spot premium decreased by 10, and LME inventory decreased by 1800 [2] - **Fundamentals**: Supply - side TC is declining, demand is seasonally weak domestically and has some resistance overseas, and the export window has opened [2] - **Strategy**: Observe in the short - term, gradually take profit on domestic - foreign positive spreads, look for far - month reverse spreads, and pay attention to the 12 - 02 positive spread opportunity [2] Nickel - **Market Data**: From Oct 22 - 28, the Shanghai nickel spot price decreased by 950, and LME inventory increased by 156 [3] - **Fundamentals**: Supply is at a high level, demand is weak, and inventories are increasing both at home and abroad [3] - **Strategy**: Observe due to short - term weak fundamentals and increased macro - uncertainty [3] Stainless Steel - **Market Data**: From Oct 22 - 28, the 304 cold - rolled coil price remained unchanged, and the waste stainless steel price decreased by 50 [3] - **Fundamentals**: Supply is slightly increasing, demand is mainly for rigid needs, costs are stable, and inventories are at a high level [3] - **Strategy**: No specific strategy is provided, but the fundamentals are overall weak [3] Lead - **Market Data**: From Oct 22 - 28, the lead price increased due to spot tightness, the spot premium increased by 10, and LME inventory decreased by 2700 [6] - **Fundamentals**: Supply - side regeneration is slow, demand has reversed the weakening expectation, and the spot is in short supply [6] - **Strategy**: Expect the price to oscillate narrowly between 17,300 - 17,700, and observe the regeneration and warehouse receipt increase [6] Tin - **Market Data**: From Oct 22 - 28, the tin price oscillated, the position decreased by 5024, and LME inventory decreased by 25 [10] - **Fundamentals**: Supply - side processing fees are low, and demand is mainly rigid. Overseas production has uncertainties [10] - **Strategy**: Follow the macro - mood in the short - term and hold at low prices close to the cost line in the long - term [10] Industrial Silicon - **Market Data**: From Oct 22 - 28, the basis of different grades changed, and the number of warehouse receipts decreased by 141 [11] - **Fundamentals**: Supply will decline in the dry season, but considering polysilicon plant maintenance, Q4 supply - demand is in a balanced and slightly loose state with a monthly inventory accumulation of 400,000 - 500,000 tons [13][16] - **Strategy**: Prices are expected to be weak in the short - term and cycle at the bottom in the long - term [13][16] Lithium Carbonate - **Market Data**: From Oct 22 - 28, the SMM electric carbon price increased by 1950, the SMM industrial carbon price increased by 2000, and the number of warehouse receipts decreased by 404 [16] - **Fundamentals**: No specific fundamentals for lithium carbonate are presented separately, and the information about industrial silicon is repeated [16] - **Strategy**: No specific strategy for lithium carbonate is provided [16]

Group 1: Report Industry Investment Ratings - No industry investment ratings are provided in the report. Group 2: Core Views of the Report - For copper, maintain a buy - on - pullback strategy considering the continuous tightness in the mining end and the growth of infrastructure and power demand in Southeast Asia and the Middle East. Pay attention to the support around $10,300 for LME copper and consider selling put options below $10,300 or gradually building virtual inventories [1]. - For aluminum, the short - term fundamentals are acceptable, and long - term holdings on dips are recommended while keeping an eye on terminal demand [1]. - For zinc, due to the poor domestic fundamentals but potential export opportunities, it is advisable to stay on the sidelines for unilateral trading. Consider taking profits on long - short spreads between domestic and overseas markets and look for reverse spread opportunities in the far - month contracts. Also, pay attention to the positive spread opportunity between December and February contracts [2]. - For nickel, with weak short - term fundamentals and increased macro uncertainties, it is recommended to wait and see [3]. - For stainless steel, the fundamentals remain weak, and there is some price - supporting motivation from the Indonesian policy side with increased short - term macro uncertainties [3]. - For lead, it is expected that the lead prices at home and abroad will maintain a narrow - range oscillation in the coming week, and it is recommended to observe the resumption of recycled lead production and the increase in warehouse receipts before making cautious operations [6]. - For tin, in the short term, it is recommended to follow the macro sentiment and stay on the sidelines. If there is a systemic macro risk, the tin price may have a large downside. In the long - term, it is advisable to hold on dips near the cost line [10]. - For industrial silicon, in the short term, the price is expected to oscillate weakly. In the long - term, the price is expected to oscillate at the bottom of the cycle based on the seasonal marginal cost [13][16]. Group 3: Summary by Metals Copper - Market sentiment is dominated by tariff negotiation progress and the release of the 15th Five - Year Plan. There are still uncertainties in scrap copper supply in the fourth quarter and next year, which may affect copper consumption and supply. Overseas, there is no sign of inventory delivery despite the opening of exports. The operation of copper and aluminum cables has diverged, and attention should be paid to whether the operation stabilizes [1]. Aluminum - The operating capacity remains flat. The production schedule of photovoltaic modules has stabilized, and the proportion of molten aluminum has increased significantly in September. There is seasonal inventory accumulation during holidays and significant destocking after holidays. Some European electrolytic aluminum plants have reduced production due to equipment failures [1]. Zinc - The zinc price has oscillated upward. The domestic and imported TC are showing a downward trend. The domestic zinc ore is expected to be tight from the fourth quarter to the first quarter of next year, while overseas ore production increased more than expected in the second quarter. The domestic smelting has slightly recovered in October. The demand is seasonally weak at home and faces some production resistance abroad. The domestic social inventory is oscillating, and the overseas LME inventory is decreasing [2]. Nickel - The supply of pure nickel remains at a high level, the demand is weak, and the inventory is continuously increasing both at home and abroad. There are continuous disturbances in the Indonesian mining end, and the policy side still has the motivation to support prices [3]. Stainless Steel - The steel mill production schedule in October has increased slightly compared to the previous month. The demand is mainly driven by rigid needs. The prices of ferronickel and ferrochrome remain stable, and the inventory remains at a high level [3]. Lead - The tight spot market has driven the lead price up. The supply of recycled lead is recovering slowly, and the refined ore is in short supply. The demand for batteries has increased, and the expected weakening of demand has been reversed. The LME registered warehouse receipts have decreased by 100,000 tons. The market is expected to turn from peak season to off - season in October, but the spot tightness has continued [6]. Tin - The tin price has oscillated. The mining processing fee is at a low level, and the supply has marginally recovered after the Yunnan Tin's maintenance. There are still differences in the output in overseas Wa State, and Indonesia's tin exports are affected in the short term. The demand is mainly supported by rigidity, and the overseas LME inventory is oscillating at a low level [10]. Industrial Silicon - The production of leading enterprises in Xinjiang is stable, and the production in Sichuan and Yunnan will decrease significantly in the dry season. Considering the maintenance of polysilicon leading enterprises, the supply - demand balance in Q4 is slightly loose with a monthly inventory accumulation of 40,000 - 50,000 tons [13][16]. Lithium Carbonate - The quotes of SMM battery - grade and industrial - grade lithium carbonate have increased. The basis of the main and near - month contracts has changed, and the number of warehouse receipts has decreased [16].

Core Points - The S&P 500 index reached a historic high on Monday morning, driven by key events including high-risk trade negotiations, the Federal Reserve's interest rate decision, and earnings reports from major tech companies [1][2] - Since late May, the index has been in an "ascending broadening formation," recently finding support near the lower trendline and the 50-day moving average [1][3] - If the current upward trend continues, the index may target the upper trendline of the formation, approximately at 7075 points, with key support levels at 6600, 6500, and 6360 points [1][4][5] Market Sentiment - The market sentiment improved following lower-than-expected inflation data for September, which strengthened expectations for a rate cut by the Federal Reserve [2] - The S&P 500 index rose nearly 1% shortly after the market opened, reaching 6850 points, marking a cumulative increase of about 40% since the low in early April and a year-to-date gain of 15% [2] Technical Analysis - The index has been supported by the lower trendline of the ascending broadening formation and the 50-day moving average, with the Relative Strength Index (RSI) confirming bullish momentum [3] - The index closed below the upper Bollinger Band, indicating potential limitations on short-term gains before a possible pullback or consolidation [3] Resistance and Support Levels - A breakthrough above the upper Bollinger Band could lead the index to challenge the 7075 points level, approximately 4% higher than the previous Friday's closing price [4] - The first key support level to monitor is around 6600 points, which is reinforced by the lower trendline of the ascending broadening formation and the upward-sloping 50-day moving average [5] - If the index breaks below the ascending broadening formation, it may initially drop to the 6500 points level, with further declines potentially reaching 6360 points [6]

Core Insights - Public fundraising enthusiasm has rebounded this year, with 74 A-share companies involved in public placements, totaling 30.292 billion yuan, a year-on-year increase of 28.5% [1][2] Group 1: Industry Performance - The electronic industry is the most favored by public institutions, with 13 electronic stocks attracting a total of 8.986 billion yuan in public placements [2] - The pharmaceutical and biotechnology sector follows, with 6 stocks, including Baili Tianheng and Dize Pharmaceutical, raising a total of 4.518 billion yuan [2] Group 2: Investment Gains - Among the 74 stocks involved in public placements, 71 are currently in a profit state, with 39 stocks having a profit margin within 50%, 12 stocks between 50%-99.99%, and 7 stocks exceeding 100% [1] - A total of 36 public institutions have achieved profits from their investments, representing 97.30% of the participants, with varying profit margins across different institutions [2]

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Views - The market is still dominated by the progress of tariff negotiations. Positive signals from China-US negotiations have kept the risk appetite of risk assets at a high level. The release of the 15th Five-Year Plan communique has also received a positive response from the market [1]. - For copper, maintain a strategy of buying on dips due to the continuous tightness in the mining end and the growth of infrastructure and power demand in Southeast Asia and the Middle East. Pay attention to the support around $10,300 for LME copper [1]. - For aluminum, the short - term fundamentals are acceptable, and it is advisable to hold on dips in the long - term [1]. - For zinc, given the poor domestic fundamentals but potential export opportunities, it is recommended to stay on the sidelines for single - side trading. Consider gradually taking profits on long - short spreads between domestic and foreign markets and look for far - month reverse spread opportunities [2]. - For nickel, the short - term fundamentals are weak, and it is recommended to wait and see due to uncertainties in the news and macro - aspects [3]. - For stainless steel, the fundamentals are weak, with short - term macro uncertainties and potential price - supporting motives from Indonesian policies [3]. - For lead, the spot market is tight, and it is recommended to wait and see the resumption of recycled lead production and the increase in warehouse receipts [6]. - For tin, the short - term domestic fundamentals are in a state of weak supply and demand. It is advisable to follow the macro - sentiment in the short - term and hold on dips in the long - term [10]. - For industrial silicon, the Q4 supply - demand is in a balanced and slightly loose state, with prices expected to fluctuate weakly in the short - term and oscillate at the cycle bottom in the long - term [13][16]. 3. Summary by Metal Copper - **Price and Inventory Changes**: From October 20 to 24, 2025, the spot premium of SHFE copper decreased by 10, the waste - refined copper spread increased by 333, and the SHFE inventory decreased by 977. The LME inventory decreased by 575 [1]. - **Market Analysis**: The market is affected by tariff negotiations and the 15th Five - Year Plan communique. There are still disturbances in the scrap copper supply in Anhui and other places, and the uncertainty of scrap copper supply disturbances will continue to increase in the fourth quarter and next year [1]. Aluminum - **Price and Inventory Changes**: From October 20 to 24, 2025, the Shanghai aluminum ingot price increased by 70, and the social inventory decreased by 3,860. The LME inventory decreased by 4,550 [1]. - **Market Analysis**: The operating capacity is flat, the demand for photovoltaic modules has stabilized, and there has been seasonal inventory accumulation during the festival and significant destocking after the festival. The global economic recovery is showing signs, but there are uncertainties in Sino - US economic and trade relations, and some European electrolytic aluminum plants have reduced production [1]. Zinc - **Price and Inventory Changes**: From October 20 to 24, 2025, the Shanghai zinc ingot price increased by 90, and the SHFE inventory decreased by 459. The LME inventory increased by 2,900 [2]. - **Market Analysis**: The zinc price oscillated upwards. The domestic and imported TC are showing a downward trend. The domestic mine is expected to be tight from the fourth quarter to the first quarter of next year, while the overseas mine had an unexpected increase in the second quarter. The domestic demand is seasonally weak, and the export window has opened [2]. Nickel - **Price and Inventory Changes**: From October 20 to 24, 2025, the SHFE nickel spot price increased by 700, and the LME inventory increased by 180 [3]. - **Market Analysis**: The supply of pure nickel remains at a high level, the demand is weak, and the inventory is continuously increasing both at home and abroad. There are continuous disturbances in the Indonesian mining end, and the policy has a motive to support prices [3]. Stainless Steel - **Price and Inventory Changes**: From October 20 to 24, 2025, the 304 hot - rolled coil price increased by 50, and other prices remained unchanged [3]. - **Market Analysis**: The steel mill's production schedule in October increased slightly month - on - month. The demand is mainly for rigid needs, the cost of ferronickel and ferrochrome remains stable, and the inventory remains at a high level [3]. Lead - **Price and Inventory Changes**: From October 20 to 24, 2025, the spot premium decreased by 10, and the SHFE inventory decreased by 5,368. The LME inventory decreased by 4,375 [6]. - **Market Analysis**: The tight spot market has driven up the lead price. The supply side has slow resumption of production, and the demand side has increased battery production but high finished - product inventory. The short - term supply - demand mismatch is serious [6]. Tin - **Price and Inventory Changes**: From October 20 to 24, 2025, the tin position increased by 4,095, and the LME inventory increased by 30 [10]. - **Market Analysis**: The tin price oscillated. The supply side has marginal improvement after the end of Yunnan Tin's maintenance, but there are still uncertainties overseas. The demand is mainly supported by rigidity, and the domestic short - term supply - demand is weak [10]. Industrial Silicon - **Price and Inventory Changes**: From October 20 to 24, 2025, the 421 Yunnan and Sichuan basis decreased by 215, and the warehouse receipt quantity decreased by 44 [11]. - **Market Analysis**: The production of Xinjiang's leading enterprises is stable, and the production in Sichuan and Yunnan will decrease significantly in the dry season. The Q4 supply - demand is in a balanced and slightly loose state, with monthly inventory accumulation of 4 - 5 million tons [13][16]. Lithium Carbonate - **Price and Inventory Changes**: From October 20 to 24, 2025, the SMM electric and industrial lithium carbonate prices increased by 600, and the warehouse receipt quantity decreased by 60 [16]. - **Market Analysis**: Similar to industrial silicon, the Q4 supply - demand is in a balanced and slightly loose state, with prices expected to fluctuate weakly in the short - term and oscillate at the cycle bottom in the long - term [16].

来源：雪球 昨天和一位朋友聊投资 ， 截屏给我看了他的投资帐户收益情况 ， 10年时间赚了89.63% ， 我看到右上角的数字 " 战胜91.16%的股友 "。 我算了一下 ， 年化收益率约为6.6% 。 这个结果让我惊讶 ， 投资10年时间不被市场淘汰 ， 可以坚守下来的人不多 ， 我身边早期投资股票的同 学 、 朋友和同事相当一部分都退出了股市 ， 留下来的都是股市中的幸存者 ， 6.6%的年化收益率就能在幸存者中站上金字塔的上层 。 不知道大家看到这个数据有何感想 ？ 还追求1年翻倍吗 ？ 10年能翻1倍就能战胜绝大多数人了 。 常看到网络上有人晒高收益 ， 给人一种错觉 ， 以为股票投资很容易暴富 ， 其实这类人都是极少数 ， 他们的方法难以模仿 ， 或只是阶段性的好运气 ， 不可复制 。 广东有句俗语 " 人心不足蛇吞象 " ， 只有知足 ， 知股票投资的艰难 ， 才对市场有敬畏之心 ， 才能脚踏实地 ， 不激进不冒险 ， 不抱暴富之心 ， 潜心打好股票投资的基本功 ， 保持长期投资的理性和持股的耐性 ， 收益才有保障 。 我的股龄有19年了 ， 年化收益率大约14% （ 没有公开验证 ， 仅仅是自 ...

Global Market Performance - The global market shows increasing divergence, with US stocks and Indian markets leading the performance [1][3] - The A-share market has shown a decline of 1.21%, while the Indian Sensex30 has increased by 2.47% [1] - Vietnam's stock market experienced a significant drop of 7.29%, which was proactively avoided in asset allocation [1] Investment Strategies - The "Rui Ding Tou Global Version" portfolio achieved a return of 0.87% last week, bringing its total return since 2025 to 18.57% [6] - The portfolio's consistent positive returns over three years highlight the robustness and foresight of the global allocation strategy [6] - The strategy capitalizes on structural opportunities in AI-related assets, demonstrating a diversified global approach [6] Performance of Investment Combinations - The "Lazy Balanced Combination" recorded a return of 0.92% last week, with a year-to-date return of 12.87%, marking a historical high [11] - The "Rui Ding Tou Global Version" is designed for investors seeking higher returns with a tolerance for volatility, while the "Lazy Balanced Combination" is aimed at those preferring stability [12][15] - The difference in returns between the two combinations is approximately 18% versus 12%, catering to different investor profiles [12] Market Trends and Future Outlook - The overall market logic is characterized by a liquidity-driven structural differentiation [2] - The US stock market continues to show resilience despite geopolitical tensions and economic uncertainties [17] - The upcoming "Fourteenth Five-Year Plan" is expected to introduce measures to consolidate economic growth, which may positively impact the A-share market [17]

Group 1: Report Industry Investment Ratings - No industry investment ratings are provided in the report. Group 2: Core Views of the Report - For copper, maintain a strategy of buying on dips considering the ongoing tightness in the mining end and the growth in infrastructure and power demand in Southeast Asia and the Middle East. Pay attention to the support around $10,300 for LME copper, and consider selling put options below $10,000 or gradually building virtual inventories [1]. - For aluminum, the short - term fundamentals are decent, and keep an eye on terminal demand. In the long run, hold at low prices [1]. - For zinc, due to the poor domestic fundamentals but potential export opportunities, it is recommended to wait and see or consider short - selling LME zinc. For the internal - external spread, gradually take profits on long internal - short external spreads and watch for far - month reverse spreads. For the monthly spread, pay attention to the positive spread between December and February [2]. - For nickel, with a weak short - term real - world fundamental situation, it is advisable to wait and see due to ongoing disruptions in the Indonesian mining end and increased short - term macro uncertainties [4]. - For stainless steel, the fundamentals remain weak, with increased short - term macro uncertainties and some price - supporting motivation from Indonesian policies [8]. - For lead, expect narrow - range oscillations in the lead price next week between 17,000 - 17,300, and consider positive spreads [10]. - For tin, in the short term, follow the macro sentiment and wait and see. If there is a systemic macro risk, the tin price may have a large downside. In the long - term, hold near the cost line on dips [12]. - For industrial silicon, the short - term price is expected to oscillate weakly, and in the long - term, it will oscillate at the cycle bottom based on the seasonal marginal cost [13]. - For lithium carbonate, in the short term, supply and demand are both strong with a de - stocking trend. In the long - term, the elasticity of demand, especially with the increasing proportion of energy storage, is the key variable for a pattern reversal [14]. Group 3: Summaries by Metals Copper - **Market Data**: From October 17 - 23, the spot premium decreased by 20, the waste - refined copper spread increased by 199, and there were various changes in inventory and import profitability indicators [1]. - **Market Analysis**: The market is influenced by tariff negotiations. Fundamentally, smelting production cuts are higher than expected, and there was medium - level inventory accumulation this week. Downstream price - fixing quantities and purchasing sentiment are acceptable, and the psychological price - fixing level has risen. Copper cable and aluminum cable starts have diverged [1]. Aluminum - **Market Data**: From October 17 - 23, Shanghai, Yangtze River, and Guangdong aluminum ingot prices increased by 60, the domestic alumina price decreased by 5, and there were changes in inventory and premium indicators [1]. - **Market Analysis**: Production capacity is flat. Demand from photovoltaic components has stabilized. There was seasonal inventory accumulation during the holiday and significant post - holiday de - stocking. The global economic recovery and Fed rate - cut expectations coexist with Sino - US trade uncertainties, leading to a divergence in internal and external market trends [1]. Zinc - **Market Data**: From October 17 - 23, the spot premium decreased by 20, and there were changes in prices, inventory, and import profitability indicators. The LME C - 3M decreased by 113, and LME inventory decreased by 600 [2]. - **Market Analysis**: The zinc price oscillated this week. On the supply side, domestic TC decreased, and imported TC increased. The domestic ore supply will be tighter from Q4 this year to Q1 next year, while overseas ore supply increased significantly in Q2. On the demand side, domestic demand is seasonally weak, and overseas European demand is average. The domestic social inventory oscillated, and the LME inventory decreased [2]. Nickel - **Market Data**: From October 17 - 23, the price of 1.5% Philippine nickel ore remained unchanged, the Shanghai nickel spot price decreased by 100, and there were changes in import profitability and LME - related indicators [3]. - **Market Analysis**: Pure nickel production remains at a high level. Demand is weak, and inventory is accumulating both domestically and overseas [4]. Stainless Steel - **Market Data**: From October 17 - 23, the prices of 304 cold - rolled, 304 hot - rolled, 201 cold - rolled, 430 cold - rolled sheets, and scrap stainless steel remained unchanged [8]. - **Market Analysis**: Steel mills' production in October increased slightly compared to the previous month. Demand is mainly from rigid needs. Costs of ferronickel and ferrochrome are stable. Inventory remains at a high level [8]. Lead - **Market Data**: From October 17 - 23, the spot premium decreased by 10, and there were changes in price spreads, inventory, and import profitability indicators [9]. - **Market Analysis**: The lead price oscillated slightly at a high level this week. On the supply side, scrap volume is weak year - on - year, and recycled lead production is expected to increase in October. On the demand side, battery production increased this week, but there is an expectation of weakening demand after the National Day holiday [10]. Tin - **Market Data**: From October 17 - 23, the tin position decreased by 47, the LME C - 3M increased by 45, and the LME inventory decreased by 25 [12]. - **Market Analysis**: The tin price oscillated this week. On the supply side, the processing fee for tin ore is at a low level, and supply is gradually recovering. On the demand side, the solder market warmed up slightly during the peak season, and domestic inventory decreased slightly [12]. Industrial Silicon - **Market Data**: From October 17 - 23, the basis of 421 in Yunnan and Sichuan decreased by 220, and the basis of 553 in East China and Tianjin also decreased by 220. The number of warehouse receipts decreased by 367 [13]. - **Market Analysis**: A leading enterprise in Xinjiang resumed production this week. The overall supply of industrial silicon will decline in the dry season, but considering the maintenance of leading polysilicon enterprises, the supply - demand balance in Q4 is slightly loose [13]. Lithium Carbonate - **Market Data**: From October 17 - 23, the SMM electric and industrial lithium carbonate prices increased by 450, the basis of the main contract decreased by 2370, and the number of warehouse receipts decreased by 260 [14]. - **Market Analysis**: The lithium carbonate price oscillated strongly this week. On the raw material side, the ore market is firm, and spot supply is tight. On the lithium salt side, consumption and de - stocking are better than expected [14].

Group 1: Report Industry Investment Ratings - No industry investment ratings are provided in the report. Group 2: Core Views of the Report - For copper, maintain a strategy of buying on dips considering the ongoing tightness in the mining end and the growth in infrastructure and power demand in Southeast Asia and the Middle East. Pay attention to the support around $10,300 for LME copper, and consider selling put options below $10,000 or gradually building virtual inventories [1]. - For aluminum, the short - term fundamentals are acceptable, and it is advisable to hold at low prices in the long term while keeping an eye on terminal demand [1]. - For zinc, due to the poor domestic fundamentals but potential export opportunities, it is recommended to wait and see or consider shorting LME zinc. For the spread between domestic and overseas markets, gradually take profits on long domestic - short overseas positions and look for reverse spread opportunities in the far - month contracts. For the month - to - month spread, focus on the positive spread opportunity between December and February contracts [2]. - For nickel, with a weak short - term fundamental situation and increased short - term macro uncertainties, it is recommended to wait and see [5]. - For stainless steel, the fundamentals remain weak, with increased short - term macro uncertainties and some price - support motivation from Indonesian policies [9]. - For lead, it is expected that the domestic and overseas lead prices will maintain a narrow - range oscillation next week, in the range of 17,000 - 17,300, and positive spread opportunities can be considered [11]. - For tin, follow the macro sentiment in the short term and wait and see. If there is a systematic macro risk, the tin price may have a large downward space. In the medium - to - long - term, buy at low prices near the cost line [13]. - For industrial silicon, the price is expected to oscillate weakly in the short term and oscillate at the cycle bottom based on the seasonal marginal cost in the medium - to - long - term [14]. - For lithium carbonate, the supply and demand are both strong in the short term, maintaining a de - stocking trend. In the long - term, the elasticity of the demand side is the key variable for the pattern change [15]. Group 3: Summary by Metal Copper - Market sentiment is mainly influenced by tariff negotiation progress. The impact of this tariff conflict is estimated to be no higher than that during the Tomb - Sweeping Festival, when LME copper fell 12% and gold rose 2.6%. There is still room for negotiation, and the progress of the South Korea negotiation should be monitored [1]. - Fundamentally, the smelting reduction is more than expected, and there is medium - level inventory accumulation this week. The downstream's price - setting volume and receiving sentiment are acceptable, and the psychological price - setting level has significantly increased. The copper cable's recent start - up diverges from that of the aluminum cable, and it is necessary to pay attention to whether the start - up stabilizes [1]. Aluminum - The operating capacity remains flat. The production schedule of photovoltaic modules on the demand side stabilizes, and the proportion of aluminum water in September has significantly rebounded. There is seasonal inventory accumulation in aluminum ingots and aluminum rods due to the holiday effect, but the post - holiday de - stocking amplitude is considerable, and the apparent demand rises [1]. - The global economic recovery signs are emerging, and the Fed's interest - rate cut expectation is strengthened, but the uncertainty of Sino - US economic and trade relations deepens, causing a certain divergence in the trends of domestic and overseas markets [1]. Zinc - The zinc price oscillates this week. On the supply side, the domestic TC further decreases, and the imported TC further increases. The domestic ore will be marginally tighter from the fourth quarter to the first quarter of next year, while the overseas ore increment in the second quarter exceeds expectations. In August, China imported 460,000 tons of zinc ore, with a cumulative year - on - year increase of 43%. In October, the smelting end recovers slightly month - on - month, and the impact of sulfuric acid and silver prices on the total profit should be noted when the domestic ore processing fee declines [2]. - On the demand side, the domestic demand is seasonally weak and may continue to oscillate weakly after the peak season in September. Overseas, the European demand is average, and some smelters face production resistance due to processing fees. Domestically, the social inventory oscillates, while the overseas LME inventory decreases, and the visible inventory is close to the lowest level in the past two years. The export window has opened under the current situation of strong overseas and weak domestic markets, and some smelters and traders are preparing for exports [2]. Nickel - On the supply side, the production of pure nickel remains at a high level. On the demand side, the overall demand is weak, and the premium has been stable recently. On the inventory side, both domestic and overseas inventories continue to accumulate. The short - term fundamental situation is weak [5]. - There are continuous disturbances in the Indonesian mining end, and the policy side still has the motivation to support prices. The short - term macro uncertainty increases [5]. Stainless Steel - On the supply side, the steel mills' production schedule in October increases slightly month - on - month. On the demand side, it is mainly driven by rigid demand. The prices of nickel iron and chrome iron remain stable. The inventory remains at a high level, and the warehouse receipts remain unchanged. The overall fundamentals are weak, with increased short - term macro uncertainties and some price - support motivation from Indonesian policies [9]. Lead - The lead price oscillates slightly at a high level this week. On the supply side, the scrap volume is weaker year - on - year. The recovery of recycled lead profits is expected to lead to an incremental production of 20,000 - 30,000 tons in October. The macro sentiment combined with the shortage of waste batteries may drive recyclers to support prices. The concentrate mine's operation rate increases, and the high smelting profit of primary lead leads to a shortage of concentrates, with the TC quotation declining in a chaotic manner [10][11]. - On the demand side, the battery's operation rate increases this week, but the battery's finished - product inventory is high. After the National Day stocking, the demand is expected to weaken. The refined - scrap price difference is - 50, and the recycled lead production has gradually started to output. The LME registered warehouse receipts have decreased by 100,000 tons. There is an expectation of the peak season turning to the off - season in October. After the National Day, the downstream replenishes goods, and there is a short - term inventory - picking demand [11]. Tin - The tin price oscillates this week. On the supply side, the mining processing fee is at a low level. Some scattered orders have tentatively raised the quotation, but large - scale transactions have not occurred yet. The maintenance of Yunnan Tin has ended, and the supply has marginally recovered. Overseas, the import from Wa State in August is still low, but the recovery expectation in October is strong, and it is expected to maintain above 600 metal tons. The quota approval of Indonesia's PT Timah has been completed, and exports resumed in mid - to - late September. The Indonesian president announced that tin ingot exports will return to normal levels in 2026 [13]. - On the demand side, the solder peak season has a slight recovery, mainly supported by rigidity at high prices. After the festival, the arrival of goods is slow, and the domestic inventory decreases slightly. The overseas LME inventory oscillates at a low level. The domestic fundamentals show a short - term situation of weak supply and demand. Pay attention to the expected change of the peak season not being prosperous after the marginal recovery of supply at home and abroad in October and the impact of the interest - rate cut expectation on the non - ferrous metals as a whole [13]. Industrial Silicon - This week, the leading enterprises in Xinjiang continue to resume production, with 35 furnaces in the west and 55 in the east. The number of operating furnaces in Sichuan and Yunnan will significantly decrease in the future. The overall supply of industrial silicon will decline month - on - month during the dry season. Considering the maintenance of leading polysilicon enterprises, the supply - demand situation of industrial silicon in Q4 is still in a balanced and slightly loose state, with a monthly inventory accumulation of 40,000 - 50,000 tons. In the short term, the price is expected to oscillate weakly. In the long term, the over - capacity of industrial silicon is still high, the operating rate is low, and the price is expected to oscillate at the cycle bottom based on the seasonal marginal cost [14]. Lithium Carbonate - The lithium carbonate price oscillates strongly this week. On the raw material side, the mining end continues to support prices. Due to the significant reduction of the previous inventory, the holders' reluctance to sell is strong, and the spot market is tight. On the lithium salt side, the consumption trend and de - stocking level continuously exceed expectations. With the acceleration of warehouse receipt cancellation this week, the basis of first - tier brands also runs strongly [15]. - In the short term, the supply and demand of lithium carbonate are both strong, and the overall de - stocking trend is maintained. It is expected to de - stock 8,000 - 10,000 tons in October. At the end of the year, there are multiple expected games such as the weakening of power demand in the off - season, the sustainability of energy - storage demand, and the supply disturbance in Jiangxi. In the long - term pattern, the supply growth rate at the current price is relatively certain, and the subsequent elasticity of the demand side with the increasing proportion of energy - storage is the key variable for the pattern change [15].

Core Viewpoint - The article highlights the significant adjustments made by public funds in their stock holdings during the third quarter, particularly focusing on companies in the robotics and AI sectors, as evidenced by the recent disclosures of quarterly reports from listed companies [1][2]. Group 1: Public Fund Adjustments - As of October 21, 328 stocks have seen public funds appear among their top ten circulating shareholders, with over 200 stocks having active equity funds involved [1]. - Notably, the stock Dongshan Precision (002384.SZ) has attracted attention from several public funds, with the Ruiyuan Growth Value Fund becoming the fifth largest shareholder, holding 21,341,710 shares, marking its return to the top ten shareholders after a previous reduction [2][3]. - The fund's previous reports indicated a significant reduction in holdings last year, but it has since increased its stake, indicating a renewed interest in the stock [3]. Group 2: Specific Fund Activities - The Xingquan Helun Fund, managed by Xie Zhiyu, has also entered the top shareholders of Dongshan Precision with a new holding of 11,775,300 shares, marking its first significant investment in the company [4]. - Conversely, the Morgan Emerging Power Fund, managed by Du Meng, has reduced its holdings in Dongshan Precision by 123,140 shares, indicating a shift in strategy [4]. - In addition to public funds, insurance companies like Xinhua Life have also shown interest in Dongshan Precision, while China Life has reduced its stake [5]. Group 3: Sector Performance and Outlook - Dongshan Precision's AI business is expected to drive growth, with plans to acquire 100% of Solstice, which will enhance its position in the optical communication market [5]. - Longyuan Donggu's third-quarter report shows six public funds among its top ten shareholders, with the Fuguo Steady Growth Fund newly entering with 2,300,000 shares [5][6]. - The company is focusing on the new energy sector and has seen significant growth in sales of hybrid vehicle components, while also advancing in robotics [7]. Group 4: Broader Market Trends - The food sector, particularly Wancheng Group, has also attracted significant investment from public funds, with the Dongfanghong Qiheng Fund increasing its holdings by over 60% in the third quarter [9]. - In the energy equipment sector, Lanke High-tech has gained favor among public funds, with new investments from multiple funds, indicating a positive outlook for the company as it expands into emerging fields [9].