Report Summary 1. Industry Investment Ratings - Not provided in the report. 2. Core Views - The domestic stock index shows resilience, with the A - share market in a repricing adjustment after the third - quarter reports, having short - term fluctuations and limited downside risks [2]. - The bond market is in a box - shaped oscillation phase, with specific interest rate ranges for different bonds and corresponding trading strategies [2]. - Precious metals are strengthening due to increased calls for interest rate cuts within the Fed, with gold and silver having specific price ranges and trading suggestions [2]. - Various commodities such as steel, iron ore, coal, and non - ferrous metals have different price trends and trading recommendations based on their supply - demand fundamentals [2]. 3. Summary by Categories Financial - **Stock Index**: After the third - quarter reports, the A - share market is in adjustment, with short - term fluctuations. It is recommended to wait and see as the market is in a weak state overall [2]. - **Treasury Bonds**: The short - term bond market is in a box - shaped oscillation. The 10 - year and 30 - year active bond yields have specific fluctuation ranges. Single - side strategies suggest range operations, and short - position investors are advised to speed up the position - shifting process near the end of the month [2]. - **Precious Metals**: Gold is oscillating between $4000 - $4150, and may rise above $4200 if it breaks through the resistance. Silver's resistance is at $52.5, and short - term long - position trials can be made if the volatility increases [2]. Commodities - **Shipping**: The container shipping index (European line) is expected to oscillate upward in the short term, and short positions are advised to be closed [2]. - **Steel and Iron Ore**: Steel prices are expected to stabilize with improved apparent demand. Iron ore is expected to oscillate upward in the range of 750 - 810 [2]. - **Coal and Coking**: Coking coal is viewed as oscillating downward in the range of 1050 - 1150, and coke is also oscillating downward in the range of 1550 - 1700, with a strategy of going long on coke and short on coking coal [2]. - **Non - Ferrous Metals**: Copper prices are oscillating narrowly in the range of 85500 - 86800. Aluminum prices may have further downward space if the position continues to be reduced. Other non - ferrous metals also have their respective price ranges and trends [2]. - **Energy and Chemicals**: Different energy and chemical products such as PTA, short - fiber, and ethanol have various price trends and trading strategies based on their supply - demand situations [2]. - **Agricultural Products**: Agricultural products like soybeans, corn, and palm oil also have different price trends and trading suggestions according to their supply - demand fundamentals [2].

1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - Oil prices are maintaining a volatile trend. The progress of the Russia - Ukraine peace talks is slow, the Fed's dovish stance has increased the expectation of a December interest rate cut, boosting risk assets, and the new crude oil import quota issued by the Ministry of Commerce is expected to support China's crude oil imports at the end of the year [2] - Short - term oil prices are expected to be weakly volatile, and a mid - term short - position allocation is recommended, with a strategy of shorting the calendar spread [3] 3. Summary by Relevant Catalogs Market News and Important Data - The price of light sweet crude oil futures for January delivery on the New York Mercantile Exchange rose 78 cents to $58.84 per barrel, a 1.34% increase; the price of Brent crude oil futures for January delivery rose 81 cents to $63.37 per barrel, a 1.29% increase. The SC crude oil main contract closed up 0.94% at 450 yuan per barrel [1] - JPMorgan Chase believes that due to oversupply, Brent crude oil prices may fall to the $30 - 40 range in 2027. It maintains the average price forecast of Brent crude oil in 2026 at $58 per barrel, expects the average price of WTI crude oil in 2026 to be $54 per barrel, and forecasts the average price of Brent crude oil in 2027 to be $57 per barrel and WTI crude oil to be $53 per barrel [1] - Iran's Foreign Ministry Spokesman Ismail Baghaei condemned the recent anti - Iran resolution passed by the IAEA Board of Governors, saying it was a "stain" on the designers and initiators, and that it interfered with the agency's operations and undermined its independence [1] - The US - Ukraine talks in Geneva showed progress in ending the Russia - Ukraine conflict, but the November 27 deadline for the agreement may be extended to next week. European natural gas prices are still higher than before the 2022 energy crisis, but are now a fraction of the peak, and additional supply is expected to push prices down further in the coming years [1] - The board of Abu Dhabi National Oil Company will increase oil reserves by 7 billion barrels to 120 billion barrels and establish a new company to manage an acid gas field, which is expected to produce 1.8 billion standard cubic feet of natural gas, 150,000 barrels of oil and condensate per day [1] - The total number of US oil rigs for the week ending November 21 was 419, up from 417 the previous week; the total number of US natural gas rigs was 127, up from 125 the previous week [1] Investment Logic - Oil prices are in a volatile state. The Russia - Ukraine peace talks are difficult to reach a short - term agreement, the Fed's dovish remarks have increased the December interest rate cut expectation, and the new crude oil import quota is expected to support China's crude oil imports at the end of the year [2] Strategy - Short - term: Oil prices are expected to be weakly volatile; Mid - term: Short - position allocation, shorting the calendar spread [3] Risks - Downside risks: A peace agreement is reached between Russia and Ukraine, and macro black - swan events occur [3] - Upside risks: Supply of sanctioned oil (from Russia, Iran, Venezuela) tightens, and large - scale supply disruptions occur due to Middle East conflicts [4]

Group 1 - The core viewpoint of the article highlights a collective rise in Hong Kong's non-ferrous metal stocks, driven by expectations of a Federal Reserve interest rate cut in December [1][3]. - Specific stocks that saw significant increases include Lingbao Gold, which rose by 3.5%, and China Daye Nonferrous Metals, which increased by 3.41% [2][1]. - The overall market sentiment is positively influenced by the anticipated decline in interest rates, which is expected to lower financing costs and improve demand expectations [3]. Group 2 - The probability of a 25 basis point rate cut by the Federal Reserve in December has risen to 82.9%, up from 69.4% the previous day [2][3]. - Gold prices have also seen a slight increase, with spot gold rising by 0.2% to $4,141.70 per ounce, supported by the Fed's dovish outlook [3]. - Analysts suggest that the expected rate cut will positively impact the non-ferrous metal sector through a weaker dollar and enhanced risk appetite [3].

Market Overview - The A-share market experienced a slight rebound with reduced trading volume, while the government bond futures market showed signs of recovery. The commodity index rebounded, but lithium carbonate continued its adjustment [1]. Market Analysis Stock Market - The stock market saw a slight rebound with significant differentiation. The Shanghai Composite Index closed at 3836.77 points, up 0.05%. The Shenzhen Component Index rose 0.37% to 12585.08 points, and the ChiNext Index increased by 0.31% to 2929.04 points. The STAR 50 Index gained 0.84%. Notably, small-cap stocks outperformed, with the STAR 200 Index surging 3.02% and the Wind Micro Cap Index rising 2.21%. The total market turnover was 1.74 trillion yuan, down approximately 12.3% from the previous trading day, indicating weak buying interest [2][4]. Bond Market - The government bond futures market showed a slight increase, with the 30-year main contract rising by 0.15%. The 10-year, 5-year, and 2-year contracts increased by 0.06%, 0.03%, and 0.01%, respectively. The overall liquidity in the market remained ample, with the central bank conducting a 3387 billion yuan reverse repurchase operation at a rate of 1.40% [7][8]. Commodity Market - The commodity index rebounded, with the Nanhua Commodity Index closing at 2516.25 points, up 0.55%. The market showed structural differentiation, with the energy and chemical sectors leading gains, while agricultural products and black metals showed localized strength. However, lithium carbonate prices continued to decline, dropping by 2.88% [9][11]. Trading Hotspots Recent Hot Products - Dividend stocks are attractive due to their yield and risk-averse positioning, with future attention on commodity price trends and corporate dividend situations [13]. - AI applications are gaining traction, with products like Alibaba's Qianwen and Google's Gemini driving interest, focusing on application scenario transformations and technological breakthroughs [13]. - The consumer sector is benefiting from the appreciation of the yuan and market style shifts, with future attention on economic recovery and potential stimulus policies [13]. - Brokerage firms are seeing active trading and deposit migration, with future focus on A-share market trading volume and potential changes in trading regulations [13]. Core Thoughts Summary - The equity market is expected to remain weak due to external factors such as the Federal Reserve's interest rate expectations and tensions in Sino-Japanese relations, with a cautious risk appetite anticipated [14]. - The bond market is likely to maintain a loose liquidity environment in the short term, with attention on domestic policies and the Federal Reserve's interest rate decisions [14]. - The industrial product market is shifting from speculative trading to focusing on the real supply-demand fundamentals, while precious metals may have upward opportunities if U.S. non-farm data is weak or geopolitical risks increase [14].

Report Industry Investment Rating - Not mentioned in the provided content Core Viewpoints of the Report - Gold will continue to demonstrate its unique allocation value in the medium to long term, supported by factors such as continuous gold purchases by global central banks, monetary policy shifts, ongoing trade uncertainties, and recurring geopolitical risks. Short - term fluctuations in the Fed's interest - rate cut expectations only limit gold's upward movement but do not reverse the bullish trend [3][12] - The Fed's interest - rate cut path may be "stop - and - go" due to inflation stickiness and economic data fluctuations. Policy expectation revisions will be a key factor affecting the volatility rhythm of precious metals [3][12] - Global trade tensions and geopolitical conflicts in the Middle East and between Russia and Ukraine provide support and increase the volatility of precious metals [3][12] Summary by Related Content Fed Policy and Personnel Changes - In 2026, the Fed's Monetary Policy Committee will undergo a major personnel reshuffle. Fed Chair Powell's term ends on May 15, 2026, and Trump's administration is accelerating the selection of a new chair. Five final candidates have been short - listed, with a possible pre - Christmas 2025 announcement. This may lead to a "dual leadership" situation in the first half of 2026 [6] - Atlanta Fed President Bostic will retire in February 2026. His retirement and the selection of his successor will be an important window to observe the White House's influence on the Fed. The Fed's internal policy differences will become more complex, with the dovish camp strengthening and the hawkish camp remaining a counterbalance [7] - Any news of personnel changes may cause the market to re - evaluate the direction of monetary policy, directly affecting precious - metal prices. Investors should closely monitor these changes to predict the 2026 precious - metal market volatility [8] Gold Market Performance in 2025 Q3 - The global gold market showed strong performance in Q3 2025, with both supply and demand booming. Total demand (including over - the - counter transactions) reached 1,313 tons, a record quarterly high, a 3% year - on - year increase. The demand value soared 44% year - on - year to $146 billion. Supply also increased by 3% to 1,313 tons, with mine production rising seasonally to 977 tons and recycled gold supply remaining at a high of 344 tons [8] - The LBMA gold price hit 13 record highs in Q3, with a quarterly average price of $3,456.54 per ounce, a 40% year - on - year increase [8] Gold Market Demand Structure - Investment demand continued to dominate the market in Q3 2025. Global gold ETF holdings increased by 222 tons, and demand for gold bars and coins exceeded 300 tons for the fourth consecutive quarter, reaching 316 tons. Gold jewelry consumption decreased to 371 tons but the consumption value increased to $4.1 billion due to rising gold prices [9] - Global gold ETFs' significant increase in positions drove up the total holdings, with North American and Asian markets being the main sources of capital inflows. As of November 20, 2025, the holdings of the world's largest gold ETF, SPDR Gold Shares, increased by 19.13% compared to the end of 2024, indicating strong institutional demand for gold [9] Price Trends and Investment Suggestions - The COMEX gold futures contract may form strong support in the range of $3,900 - $4,000 per ounce. If it can effectively break through the $4,200 mark, the next target may be around $4,400 per ounce. The Shanghai gold futures contract may fluctuate in the range of 900 - 950 yuan per gram [4][13] - Silver is more elastic due to the resonance of supply - demand tightness and financial attributes. Investors are advised to maintain a long - position strategy when gold prices pull back, and focus on the Fed's interest - rate decision path, inflation data inflection points, and geopolitical situations [4][13]

Report Industry Investment Ratings There is no information provided regarding the report industry investment ratings in the given content. Core Views of the Report Tin - Short - term macro fluctuations are large, but considering the strong fundamentals, maintain a bullish view on tin prices. Hold existing long positions and monitor macro changes and the recovery of supply from Myanmar [3]. Zinc - The supply - side pressure has eased, and the demand side has shown a structural improvement. Zinc prices are expected to fluctuate, with the main contract reference range of 22,200 - 22,800 [7]. Copper - In the medium - to - long - term, the supply - demand contradiction supports the upward movement of the copper price bottom. Pay attention to macro drivers such as overseas interest - rate cut expectations, with the main contract reference range of 85,500 - 86,800 [9]. Nickel - The macro situation is temporarily stable, and the fundamentals remain weak. However, the price may fluctuate and recover due to upstream production cuts and low valuations. The medium - term supply surplus still restricts the upside potential. The main contract reference range is 116,000 - 120,000 [13]. Stainless Steel - The policy - driven effect is difficult to be directly transmitted in the short term, the cost support is weakening, and the fundamentals have not improved significantly. The short - term price is expected to be weak, with the main contract reference range of 12,200 - 12,600 [15][16]. Aluminum - Alumina is expected to maintain a bottom - oscillating trend, with the main contract reference range of 2,700 - 2,850 yuan/ton. Aluminum prices are expected to remain high and oscillate, with the main contract reference range of 21,100 - 21,700 yuan/ton [17]. Aluminum Alloy - The ADC12 price is expected to maintain an oscillating pattern in the short term, with the main contract reference range of 20,300 - 20,900 yuan/ton [18]. Industrial Silicon - The supply and demand are both decreasing, and there is a pressure for inventory accumulation. The price is expected to oscillate at a low level, with the main price fluctuation range of 8,500 - 9,500 yuan/ton [19]. Lithium Carbonate - The short - term price is expected to maintain a weak oscillating adjustment, with the main contract reference range of 86,000 - 90,000 [20]. Polysilicon - Maintain the expectation of high - level range oscillations. For futures, consider going long around 50,000; for options, hold or close sell put positions, and consider buying straddles if volatility decreases [22]. Summaries by Relevant Catalogs Tin - **Spot Prices and Basis**: SMM 1 tin and Yangtze 1 tin prices increased by 0.76% and 0.75% respectively. The LME 0 - 3 spread rose by 0.71%. The import loss decreased by 3.21%. Some month - to - month spreads changed significantly [2]. - **Fundamentals**: In October, tin ore imports increased by 33.49%, SMM refined tin production increased by 53.09%, refined tin imports decreased by 58.55%, and exports decreased by 15.33%. The average SMM refined tin operating rate increased by 53.23% [2]. - **Inventory**: SHEF inventory decreased by 0.46%, social inventory increased by 2.83%, SHEF warrants decreased by 0.37%, and LME inventory remained unchanged [3]. Zinc - **Prices and Spreads**: SMM 0 zinc ingot prices decreased by 0.27%. Some month - to - month spreads decreased. The import loss increased, and the Shanghai - London ratio decreased [7]. - **Fundamentals**: In October, refined zinc production increased by 2.85%, imports decreased by 16.94%, and exports increased by 243.79%. The operating rates of some primary processing industries changed slightly [7]. - **Inventory**: China's seven - region zinc ingot social inventory decreased by 3.58%, and LME inventory increased by 0.21% [7]. Copper - **Prices and Basis**: SMM 1 electrolytic copper and other copper prices increased slightly. The import loss increased, and the Shanghai - London ratio decreased [9]. - **Fundamentals**: In October, electrolytic copper production decreased by 2.62%, and imports decreased by 15.61%. The operating rate of electrolytic copper rod production increased, while that of recycled copper rod production decreased [9]. - **Inventory**: Domestic mainstream port copper concentrate inventory increased by 8.80%, and some other inventories changed slightly [9]. Nickel - **Prices and Basis**: Prices of various nickel products increased slightly. The LME 0 - 3 spread increased by 3.38%, and the import loss increased by 5.36% [13]. - **Cost**: The cost of integrated MHP production of electrowon nickel decreased by 4.84%, while that of integrated high - grade nickel matte production increased by 3.75% [13]. - **Supply and Inventory**: China's refined nickel production increased by 0.84%, imports decreased by 65.66%. SHFE inventory decreased by 1.92%, and social inventory decreased by 1.61% [13]. Stainless Steel - **Prices and Spreads**: The prices of some stainless steel products decreased slightly. Some month - to - month spreads changed [15]. - **Fundamentals**: China's 300 - series stainless steel crude steel production decreased by 0.72%, and exports decreased by 14.43% [15]. - **Inventory**: 300 - series social inventory and SHFE inventory decreased slightly [15]. Aluminum - **Prices and Spreads**: SMM A00 aluminum prices decreased by 0.09%. The import loss increased, and the Shanghai - London ratio decreased [17]. - **Fundamentals**: In October, alumina production increased by 2.39%, electrolytic aluminum production increased by 3.52%, imports increased by 0.61%, and exports decreased by 15.18% [17]. - **Inventory**: China's electrolytic aluminum social inventory decreased by 5.11%, and LME inventory decreased by 0.37% [17]. Aluminum Alloy - **Prices and Spreads**: SMM aluminum alloy ADC12 prices remained stable in most regions. Some month - to - month spreads changed [18]. - **Fundamentals**: In October, the production of recycled aluminum alloy ingots decreased by 2.42%, and that of primary aluminum alloy ingots increased by 1.06% [18]. - **Inventory**: The weekly social inventory of recycled aluminum alloy ingots increased by 1.44%, and some daily inventories decreased [18]. Industrial Silicon - **Spot Prices and Basis**: The prices of various industrial silicon products decreased slightly. Some month - to - month spreads changed significantly [19]. - **Fundamentals**: National industrial silicon production increased by 7.46%, mainly due to the increase in Xinjiang. Exports decreased by 35.82% [19]. - **Inventory**: Xinjiang factory inventory increased by 4.42%, and social inventory increased by 0.37% [19]. Lithium Carbonate - **Prices and Basis**: SMM battery - grade lithium carbonate and industrial - grade lithium carbonate prices decreased slightly. Some month - to - month spreads decreased significantly [20]. - **Fundamentals**: In October, lithium carbonate production increased by 5.73%, demand increased by 8.70%, imports increased by 21.86%, and exports increased by 63.05% [20]. - **Inventory**: Total lithium carbonate inventory decreased by 10.90%, downstream inventory decreased by 13.50%, and smelter inventory decreased by 6.03% [20]. Polysilicon - **Prices and Spreads**: Polysilicon spot prices stabilized with a slight decrease, silicon wafer prices decreased, and component prices increased slightly. The futures price oscillated, and the spread structure was in a backwardation [22]. - **Fundamentals**: Weekly polysilicon production increased by 1.12%, and monthly production increased by 3.08%. Imports increased by 11.96%, and exports decreased by 27.99% [22]. - **Inventory**: Polysilicon inventory increased by 1.50%, and silicon wafer inventory increased by 1.63%. Polysilicon warrants decreased by 3.07% [22].

Core Viewpoint - International oil prices have surged due to rising expectations of a Federal Reserve interest rate cut, which has strengthened market optimism regarding economic recovery and supported oil demand [3] Group 1: Oil Price Movements - On the previous day, West Texas Intermediate (WTI) crude oil rose by 1.57%, closing at $58.88 per barrel, while Brent crude oil increased by 1.42%, closing at $62.73 per barrel [3] - As of the latest update, WTI crude oil is reported at $58.72 per barrel, reflecting a slight decline of 0.29% [3] Group 2: Geopolitical Factors - Analysts suggest that any signs of a ceasefire or agreement in the ongoing Russia-Ukraine negotiations could accelerate a price drop, while the possibility of continued conflict may keep geopolitical risk premiums supporting higher oil prices [3] - Ukrainian officials have indicated that the previous 28-point peace plan is no longer valid, and a new 19-point peace plan has been drafted, leaving the most sensitive political aspects for the presidents of both countries to decide [3] Group 3: Market Outlook - Overall, international oil prices are expected to remain volatile as the market awaits developments in the Russia-Ukraine situation, with potential for price declines in the current round of oil price adjustments [4] - The next round of oil price adjustments is scheduled for December 8 at 24:00 [4]

受美联储12月份降息预期升温影响，北京时间11月25日凌晨黄金再度反弹，站上4100美元/盎司。 11月25日早间，沪金、沪银双双延续涨势，截至记者10点发稿时，沪金涨1.36%，沪银涨幅扩大至2.88%。 受金价上涨提振，A股早间开盘，贵金属板块竞价高开，截至记者10点发稿时，软件数据显示，贵金属板块指数大涨2.98%，全板块11只个股悉数飘红；成 分股中，晓程科技（300139）涨逾4%，中金黄金（600489）、西部黄金（601069）、招金黄金（000506）涨逾3%。 市场机构认为，短期来看，随着美联储多位重量级官员接连释放鸽派信号，市场对12月份降息25个基点的预期重新升温，这将为金银价格提供重要支撑，贵 金属或延续震荡格局。在美联储12月份议息会议前夕，建议投资者密切关注政策预期变化，严格控制仓位，灵活应对可能加剧的市场波动。 中信期货认为，短期来看，黄金将在4000美元/盎司至4200美元/盎司区间震荡整理。本周美国将集中补发数据，数据真空结束前，市场进入典型的"等待区 间"，贵金属方向性驱动不足。风险资产回暖削弱避险需求，但地缘事件持续为底部做托。短期金银延续区间震荡格局。 ...

2025年11月25日 星期二 商品期货早班车 招商期货 黄金市场 招商评论 贵 金 属 市场表现：周一贵金属价格大涨，伦敦金上涨 1.72%至 4134 美元。 基本面：旧金山联储主席 Mary Daly 表示支持美联储在下月会议上降息，理由是她认为就业市场突然恶化的 可能性更大，且比通胀飙升更难管理；美联储理事沃勒明确表示主张 12 月降息，因其更担心劳动力市场而非 通胀；中美两国元首通电话，确认将坚持正确方向，拉长合作清单。国内黄金 ETF 持续流入，COMEX 黄金 库存 1137.4 吨，减少 5.9 吨；上期所黄金库存 90.4 吨，维持不变；伦敦 10 月黄金库存 8926 吨，增加 18 吨； 上期所白银库存 532 吨，增加 19 吨；金交所白银库存上周库存 715 吨，减少 8 吨，COMEX 白银库存 14328 吨，增加 0.2 吨；伦敦 10 月白银库存增加创纪录的 1673 吨至 26252 吨；印度 9 月白银进口约 1000 吨左右； 全球最大黄金 ETF-SPDR 持有量 1040.9 吨，增加 0.3 吨；白银 etf--iShares 持有量为 15257 吨，维持不变。 ...

Group 1: Copper - The copper prices are under pressure due to the increasing divergence within the Federal Reserve regarding the potential interest rate cut in December, following better-than-expected U.S. non-farm payroll data [2] - The weekly price changes for copper are as follows: London copper down 1.38%, Shanghai copper down 1.43%, and U.S. copper down 1.07% [2] - Copper inventories across major exchanges have accumulated, with London copper at 155,000 tons (+14.22%), New York copper at 403,000 short tons (+5.66%), and Shanghai copper at 111,000 tons (+1.09%) [2] - Domestic electrolytic copper social inventory stands at 195,000 tons, showing a decrease of 3.28% [2] - The weekly operating rate for electrolytic copper rods is 70.07%, reflecting a week-on-week increase of 3.19 percentage points [2] - In the medium to long term, insufficient capital expenditure in copper mining and frequent supply-side disruptions may lead to a shift from a tight balance to a shortage in the copper supply-demand landscape, potentially driving prices upward [2] Group 2: Aluminum - Aluminum prices have retreated from high levels due to macroeconomic disturbances, with Shanghai aluminum down 2.32% to 21,500 yuan/ton [3] - The current price of alumina has decreased by 0.18% to 2,850 yuan/ton, while the main futures contract for alumina fell 3.22% to 2,731 yuan/ton [3] - The operating capacity for metallurgical-grade alumina reached 90.456 million tons per year, with a weekly operating rate down 0.77 percentage points to 80.40% [3] - London aluminum inventory is at 548,000 tons (-0.79%), while Shanghai aluminum inventory increased by 7.67% to 123,700 tons [3] - The domestic electrolytic aluminum operating capacity is nearing its ceiling, and with stable demand growth, a shortage may emerge next year, suggesting a potential upward trend in aluminum prices [3] Group 3: Lithium - Lithium carbonate prices have increased by 8.40% to 92,300 yuan/ton, while lithium spodumene prices rose by 8.25% to 1,089 USD/ton [4] - The weekly production of lithium carbonate is 22,100 tons, reflecting a 2.7% increase [4] - The inventory of lithium salts has been continuously reduced, indicating a tightening supply situation, with lithium carbonate experiencing 14 consecutive weeks of inventory reduction [4] - The production of lithium iron phosphate in October reached 394,000 tons, marking a year-on-year increase of 51% and a month-on-month increase of 11% [4] - The lithium sector is expected to enter a new demand-driven cycle, with companies in this space likely to see a profit turning point [4] Group 4: Cobalt - Cobalt prices are expected to continue rising due to a tight supply situation, with MB cobalt up 0.74% to 23.83 USD/pound and domestic cobalt prices up 2.02% to 405,000 yuan/ton [5] - The Democratic Republic of the Congo has lifted its cobalt export ban, transitioning to a quota system, but current approvals for cobalt intermediate exports remain pending [5] - The expected transportation time indicates that Congolese raw materials may not arrive until March 2026, maintaining a tight supply-demand balance in the cobalt market [5]