1. Report Industry Investment Rating - No relevant information provided. 2. Core Viewpoints of the Report - For alumina, it is recommended to conduct light - position oscillating trading, control the rhythm and trading risks. The supply may gradually converge due to profit issues, and the demand from electrolytic aluminum shows some resilience [2]. - For electrolytic aluminum, it is also advised to conduct light - position oscillating trading, control the rhythm and trading risks. The production is slightly weak, and the downstream demand has some resilience [2]. - For cast aluminum alloy, light - position oscillating trading is recommended, with attention to controlling rhythm and trading risks. The supply may decrease slightly, and the demand has certain support [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - **Aluminum - related Contracts**: The closing price of the Shanghai Aluminum main contract was 21,865 yuan/ton, up 255 yuan; the closing price of the alumina futures main contract was 2,677 yuan/ton, down 30 yuan. The LME electrolytic aluminum three - month quotation was 2,865 dollars/ton, up 33.5 dollars [2]. - **Inventory and Positions**: LME aluminum inventory decreased by 2,000 tons to 539,050 tons; Shanghai Aluminum's warehouse receipts decreased by 102 tons to 66,833 tons. The main contract positions of Shanghai Aluminum increased by 4,953 hands to 265,623 hands, while the main contract positions of alumina decreased by 320 hands to 359,920 hands [2]. 3.2 Spot Market - **Prices**: The price of Shanghai Non - ferrous A00 aluminum was 21,730 yuan/ton, up 280 yuan; the spot price of alumina in Shanghai Non - ferrous was 2,770 yuan/ton, unchanged [2]. - **Premiums and Basis**: The Shanghai Wuma Aluminum premium was - 60 yuan/ton, unchanged; the LME aluminum premium was - 25.95 dollars/ton, up 2.5 dollars. The basis of alumina was 93 yuan/ton, up 30 yuan [2]. 3.3 Upstream Situation - **Alumina**: The production was 786.50 million tons, down 13.40 million tons; the demand from the electrolytic aluminum part was 730.23 million tons, up 25.92 million tons. The export was 18.00 million tons, down 7.00 million tons; the import was 18.93 million tons, up 12.93 million tons [2]. - **Aluminum Scrap**: The average price of crushed raw aluminum in Foshan was 17,150 yuan/ton, up 200 yuan; the import quantity of aluminum scrap in China was 158,360.01 tons, up 2,945.61 tons; the export quantity was 32.46 tons, down 36.08 tons [2]. 3.4 Industry Situation - **Electrolytic Aluminum**: The import quantity was 248,261.37 tons, up 4,462 tons; the export quantity was 24,573.56 tons, down 4,396.36 tons. The total production capacity was 4,523.20 million tons, unchanged; the production was affected by seasonality and decreased slightly [2]. - **Aluminum Products**: The production of aluminum products was 569.40 million tons, down 20.60 million tons; the export of unforged aluminum and aluminum products was 50.00 million tons, down 2.00 million tons [2]. 3.5 Downstream and Application - **Automobile**: The monthly production was 327.90 million vehicles, up 5.25 million vehicles. It is expected that the annual automobile sales in China will exceed 34 million vehicles, with new - energy vehicle sales reaching 16 million vehicles and exports exceeding 6.8 million vehicles [2]. - **Real Estate**: The national housing climate index was 92.43, down 0.34 [2]. 3.6 Option Situation - The 20 - day historical volatility of Shanghai Aluminum was 10.96%, down 0.33%; the 40 - day historical volatility was 10.73%, up 0.33%. The implied volatility of the at - the - money option of the Shanghai Aluminum main contract was 9.23%, up 0.0021; the put - call ratio was 1.64, up 0.0672 [2]. 3.7 Industry News - Goldman Sachs believes that the Fed will cut interest rates at the December 9 - 10 meeting, with a probability of about 85% - 86% for a 25 - basis - point cut [2]. - In November, China's manufacturing PMI was 49.2%, up 0.2 percentage points; the non - manufacturing PMI was 49.5%, down 0.6 percentage points; the composite PMI output index was 49.7%, down 0.3 percentage points [2]. - The inventory warning index of Chinese automobile dealers in November was 55.6%, up 3.8 percentage points year - on - year and 3.0 percentage points month - on - month. The estimated terminal sales of passenger cars in November were about 2.15 million vehicles [2]. - The CMF annual report suggests that China's economy will face three new opportunities in 2026, and it is advisable to set cross - cycle interval combination targets [2].

Report Summary Hot News - From January to October, the total operating income of state-owned enterprises was 6,835.293 billion yuan, a year-on-year increase of 0.9%, and the total profit was 342.144 billion yuan, a year-on-year decrease of 3.0%. As of the end of October, the asset-liability ratio of state-owned enterprises was 65.2%, a year-on-year increase of 0.4 percentage points [2] - In October, China's exports of goods and services trade under the international balance of payments were 341.6 billion US dollars, imports were 262.5 billion US dollars, and the surplus was 79.2 billion US dollars. At the end of June, China's external securities investment assets (excluding reserve assets) were 1,694.2 billion US dollars, including 1,076.3 billion US dollars in equity investments and 617.9 billion US dollars in bond investments [2] - The Shanghai Futures Exchange adjusted the position limits for alumina and natural rubber futures and options. Starting from January 1, 2026, for the alumina futures starting from the AO2603 contract, from the contract listing to the last trading day of the second month before the delivery month, the proportional position limit will be cancelled and the position limit will be adjusted to 8,000 lots. The position limit in the month before the delivery month will be adjusted from 1,800 lots to 900 lots, and the position limit in the delivery month will be adjusted from 600 lots to 300 lots. For the natural rubber futures starting from the RU2603 contract, from the contract listing to the last trading day of the second month before the delivery month, the position limit will be adjusted from 500 lots to 1,000 lots. The position limit in the first month before the delivery month will be adjusted from 150 lots to 300 lots, and the position limit in the delivery month will remain unchanged at 50 lots [2] - A batch of new regulations will be implemented in December. The new resource tax collection and management regulations will be implemented on December 1. The "Administrative Measures for the Securities Settlement Risk Fund" will be implemented on December 8. Hainan Free Trade Port will start the whole-island customs closure operation on December 18. The "Administrative Measures for Market Supervision Credit Repair" will be implemented on December 25 [3] - In November, China's manufacturing PMI was 49.2%, up 0.2 percentage points from the previous month; the non-manufacturing PMI was 49.5%, down 0.6 percentage points from the previous month; the composite PMI output index was 49.7%, down 0.3 percentage points from the previous month. China's economic prosperity level was generally stable [3] Key Focus - Key commodities to focus on include urea, Shanghai copper, silver, crude oil, and plastic [4] Night Session Performance - The night session price changes and position increase ratios of various commodity futures main contracts were presented, with significant increases in the precious metals, non-ferrous metals, and coal, coke, and steel ore sectors [4] Position Changes - The position changes of various commodity futures sectors in the past five days were presented, including Wind agricultural and sideline products, Wind grains, Wind chemicals, Wind energy, Wind coal, coke, and steel ore, Wind non-ferrous metals, etc. [5] Performance of Major Asset Classes - The daily, monthly, and annual price changes and one-year trends of various major asset classes were presented, including stocks, fixed-income products, commodities, and others. Among them, the London spot gold had an annual increase of 60.76%, and the WTI crude oil had an annual decrease of 18.80% [6] Trends of Major Commodities - The trends of major commodities such as the Baltic Dry Index, CRB spot index, WTI crude oil, London spot gold, London spot silver, LME 3-month copper, CBOT soybeans, and CBOT corn were presented, as well as the gold-oil ratio, copper-gold ratio, and risk premiums of various stock indices [7]

Group 1: Report Title and Date - The report is titled "Guoxin Futures Non - Ferrous (Nickel) Weekly Report" dated September 21, 2025 [3] Group 2: Core View - The nickel market is at the bottom range and continues to fluctuate. The Shanghai nickel price showed a slight decline this week. Refined nickel demand remains weak. The nickel ore supply is relatively loose, and the short - term riots in Indonesia have not affected the supply. The high - frequency data of nickel sulfate shows a recent price rebound, but it remains to be seen if the weak trend can be changed in the medium term. In the stainless steel market, steel mills are cautious in raw material procurement, terminal demand is weak, and inventory reduction is slow. The expected operating range of the Shanghai nickel main contract is approximately 116,000 to 128,000 yuan/ton, and that of the stainless steel main contract is approximately 12,200 to 13,300 yuan/ton [2][35] Group 3: Market Review - This part focuses on the trend of the main price contracts of the domestic and foreign nickel futures markets, showing the closing price trend of nickel futures (main contract) from December 31, 2020, to August 31, 2025, with the unit of yuan/ton [6][7] Group 4: Fundamental Analysis Upstream - It shows the port inventory of Chinese nickel ore and the monthly import volume of nickel ore sand and concentrates from the Philippines, with the data source from WIND, Mysteel, and Guoxin Futures [9][10][11] Mid - stream - **Electrolytic nickel price**: Displays the price trend of electrolytic nickel (1, Ni99.90, domestic and imported) from December 31, 2020, to August 31, 2025, with the unit of yuan/ton, and the data source is WIND and Guoxin Futures [12][13][14] - **Nickel sulfate price**: Illustrates the price trend of nickel sulfate in the same time range as above, with the unit of yuan/ton, and the data source is WIND and Guoxin Futures [15][16] - **Nickel iron**: Shows the monthly import volume of nickel iron in China and the Fubao price of 8 - 12% nickel iron from December 31, 2020, to August 31, 2025, with the import volume unit of tons and the price unit of yuan/nickel, and the data source is WIND and Guoxin Futures [17][18] Downstream - **Stainless steel price**: Presents the closing price trend of stainless steel futures (continuous) from December 31, 2020, to August 31, 2025, with the unit of yuan/ton [19][20] - **Stainless steel futures positions**: Shows the position volume trend of stainless steel futures from December 31, 2020, to August 31, 2025, with the unit of lots, and the data source is WIND and Guoxin Futures [21][22][23] - **Wuxi stainless steel inventory**: Displays the inventory trends of Wuxi stainless steel and Wuxi 300 - series stainless steel, with the unit of tons, and the data source is WIND and Guoxin Futures [24][25][26] - **Power and energy - storage battery production**: Shows the monthly production values of China's power and energy - storage batteries (ternary materials) and total power and energy - storage batteries, with the unit of megawatt - hours, and the data source is WIND and Guoxin Futures [27][28][29] - **New - energy vehicle production**: Presents the monthly production value of China's new - energy vehicles from December 31, 2020, to August 31, 2025, with the unit of 10,000 vehicles [30][31] Group 5: Market Outlook - In the US, on September 17, the Federal Reserve cut the federal funds rate target range by 25 basis points to 4.00% - 4.25%, the first rate cut in 2025 and the fourth after three cuts in 2024. The Fed predicts another 50 - basis - point cut by the end of the year and 25 - basis - point cuts each year in the next two years. In China, in August, the manufacturing PMI, non - manufacturing business activity index, and composite PMI output index were 49.4%, 50.3%, and 50.5% respectively, up 0.1, 0.2, and 0.3 percentage points from the previous month, indicating that the overall economic prosperity level continued to expand. The production and operation activity expectation index rose 1.1 percentage points to 53.7%, rising for two consecutive months, showing that most manufacturing enterprises' confidence in the future market has increased. The non - manufacturing business activity index rose 0.2 percentage points to 50.3%, and the service business activity index rose 0.5 percentage points to 50.5% [35]

Group 1 - The manufacturing Purchasing Managers' Index (PMI) rose to 49.4% in August, indicating a slight improvement in manufacturing sentiment, up 0.1 percentage points from the previous month [2][6] - The production index reached 50.8%, marking a 0.3 percentage point increase, and has remained above the critical point for four consecutive months, suggesting accelerated manufacturing production [2][6] - The new orders index was at 49.5%, also showing a 0.1 percentage point increase, with notable performance in the pharmaceutical and computer communication sectors [2][6] Group 2 - The non-manufacturing business activity index increased to 50.3%, up 0.2 percentage points, indicating continued expansion in the non-manufacturing sector [4][5] - The service sector business activity index reached a year-high of 50.5%, rising 0.5 percentage points, with strong growth in capital market services and transportation sectors [4][5] - The business activity expectation index for the service sector was at 57.0%, reflecting optimistic market expectations among service enterprises [4][5] Group 3 - The comprehensive PMI output index rose to 50.5%, indicating overall expansion in enterprise production and operational activities, with manufacturing and non-manufacturing indices at 50.8% and 50.3% respectively [6][7] - The market price index has shown an upward trend due to increased raw material procurement and stabilized market demand, alongside the effects of policies addressing "involution" competition [3][7] - The overall sentiment in the non-manufacturing sector remains stable, with expectations for continued growth driven by policy support and market self-recovery [5][7]

Group 1: Manufacturing Sector - The manufacturing PMI for August is reported at 49.4%, showing a slight increase of 0.1 percentage points from the previous month, indicating an improvement in manufacturing sentiment [2] - The production index for August stands at 50.8%, up by 0.3 percentage points, marking the fourth consecutive month above the critical point, suggesting accelerated production expansion [2] - The new orders index is at 49.5%, reflecting a 0.1 percentage point increase, with notable performance in sectors like pharmaceuticals and electronics [2] Group 2: Price Indices - The main raw material purchase price index is at 53.3%, and the factory price index is at 49.1%, both showing increases of 1.8 and 0.8 percentage points respectively, indicating a general improvement in market price levels [2] - Industries such as black metal smelting and metal products have seen their purchase and factory price indices rise above 52.0%, suggesting an overall increase in raw material procurement and product sales prices [2] Group 3: Non-Manufacturing Sector - The non-manufacturing business activity index is reported at 50.3%, up by 0.2 percentage points, indicating continued expansion in the non-manufacturing sector [4] - The service sector business activity index reaches a year-high of 50.5%, increasing by 0.5 percentage points, with strong growth in capital market services and transportation sectors [4] - The business activity expectation index for services is at 57.0%, up by 0.4 percentage points, reflecting optimistic market expectations among service sector enterprises [4] Group 4: Overall Economic Outlook - The comprehensive PMI output index is at 50.5%, up by 0.3 percentage points, indicating an overall acceleration in production and business activities [6] - The manufacturing and non-manufacturing indices are reported at 50.8% and 50.3% respectively, suggesting stable expansion in both sectors [6] - Analysts predict that the economic recovery will continue into September and the fourth quarter, driven by stable demand and supportive policies [7]

Group 1: Manufacturing PMI Insights - In August, the Manufacturing PMI rose to 49.4%, indicating an improvement in economic conditions compared to the previous month [2] - The production index reached 50.8%, up 0.3 percentage points, marking four consecutive months above the critical point, signaling accelerated manufacturing production [2] - The new orders index increased to 49.5%, reflecting a slight rise in demand [2] - Large enterprises showed a PMI of 50.8%, up 0.5 percentage points, indicating sustained expansion, while medium and small enterprises experienced declines [3] - High-tech manufacturing and equipment manufacturing PMIs were 51.9% and 50.5%, respectively, showing continued strength in these sectors [3] - The production and business activity expectation index rose to 53.7%, suggesting increased confidence among manufacturers regarding future market conditions [3] Group 2: Non-Manufacturing PMI Insights - The Non-Manufacturing Business Activity Index reached 50.3%, up 0.2 percentage points, indicating ongoing expansion in the non-manufacturing sector [5] - The service sector's business activity index improved to 50.5%, the highest point of the year, with several industries, including capital market services, showing strong growth [5] - The construction sector's business activity index fell to 49.1%, down 1.5 percentage points, due to adverse weather conditions affecting production [5] Group 3: Comprehensive PMI Insights - The Comprehensive PMI Output Index rose to 50.5%, up 0.3 percentage points, indicating overall expansion in production and business activities [6] - The manufacturing production index and non-manufacturing business activity index were 50.8% and 50.3%, respectively, contributing to the comprehensive PMI's positive trend [6]

Group 1 - The manufacturing purchasing managers' index (PMI) for August is 49.4%, indicating a slight recovery but still below the expansion threshold [1] - The non-manufacturing business activity index is 50.3%, showing continued expansion in the non-manufacturing sector [3] - The comprehensive PMI output index is 50.5%, reflecting an overall expansion in economic activity [1] Group 2 - The new orders index for manufacturing is 49.5%, which has increased by 0.1 percentage points from the previous month, indicating a stabilization in market demand [1] - The production index stands at 50.8%, marking a 0.3 percentage point increase and remaining above the critical point for four consecutive months [1] - The price indices for major raw materials and factory output have risen to 53.3% and 49.1% respectively, indicating an overall improvement in market prices [1] Group 3 - The manufacturing production and business activity expectation index is 53.7%, up by 1.1 percentage points, suggesting increased confidence among manufacturers regarding future market conditions [2] - The non-manufacturing new orders index has improved, although it remains below 50, indicating a potential for future growth [3] - The service sector's business activity index has reached 50.5%, the highest point of the year, with several industries showing strong growth [3] Group 4 - The current economic policies aimed at expanding domestic demand and reducing "involution" effects are beginning to show results, although the PMI remains below the expansion threshold [4] - There is a call for increased macroeconomic policy adjustments to stimulate market orders and enhance production investment [4] - Expectations for September and the fourth quarter suggest that policy-driven growth will continue to release domestic demand potential [4]

Group 1: Manufacturing Sector - The manufacturing PMI for August is reported at 49.4%, showing a slight increase of 0.1 percentage points from July, indicating an improvement in manufacturing sentiment [3][4] - The production index stands at 50.8%, up 0.3 percentage points from the previous month, marking an acceleration in manufacturing production [3][4] - The new orders index is at 49.5%, reflecting a 0.1 percentage point increase, suggesting a gradual recovery in demand [3][4] - Large enterprises show a PMI of 50.8%, up 0.5 percentage points, indicating sustained expansion, while small enterprises have a PMI of 46.6%, showing some improvement [4] - The price indices for major raw materials and factory prices are at 53.3% and 49.1%, respectively, both increasing from July, indicating a general improvement in market prices [3] Group 2: Non-Manufacturing Sector - The non-manufacturing business activity index is at 50.3%, with a new orders index of 46.6%, which is a 0.9 percentage point increase from the previous month [5][6] - The service sector's business activity index has risen to 50.5%, marking a 0.5 percentage point increase and reaching a yearly high [6][7] - The construction sector's business activity index has decreased to 49.1%, down 1.5 percentage points due to adverse weather conditions [6] Group 3: Economic Outlook - The overall economic sentiment remains positive, with the composite PMI output index indicating continued expansion, driven by both manufacturing and non-manufacturing sectors [7] - Market expectations are improving, with the production and business activity expectation indices for manufacturing and services at 53.7% and 57%, respectively, suggesting optimism among enterprises [4][6]

Group 1 - The manufacturing purchasing manager index (PMI) for August is 49.4%, indicating a slight increase of 0.1 percentage points from the previous month, while the non-manufacturing business activity index is at 50.3%, up by 0.2 percentage points, and the comprehensive PMI output index is at 50.5%, rising by 0.3 percentage points, suggesting overall economic expansion in China [1][2][5] - The production index in the manufacturing sector is 50.8%, which is an increase of 0.3 percentage points, marking four consecutive months above the critical point, indicating accelerated manufacturing production [2] - The new orders index stands at 49.5%, reflecting a 0.1 percentage point increase from last month, with certain industries like pharmaceuticals and electronics showing significantly higher production and new orders indices compared to the overall manufacturing sector [2] Group 2 - The price indices for major raw materials and factory prices are 53.3% and 49.1%, respectively, both showing increases of 1.8 and 0.8 percentage points, indicating an overall improvement in market price levels [2] - High-tech manufacturing PMI and equipment manufacturing PMI are at 51.9% and 50.5%, respectively, with increases of 1.3 and 0.2 percentage points, suggesting a strengthening leading role in these sectors [3] - The non-manufacturing business activity index is at 50.3%, with a new orders index of 46.6%, which is a 0.9 percentage point increase, indicating stable supply and demand conditions [4] Group 3 - The service sector's business activity index is at 50.5%, up by 0.5 percentage points, reaching a yearly high, with certain industries like capital market services showing indices above 70.0% [4] - The construction sector's business activity index has decreased to 49.1%, down by 1.5 percentage points due to adverse weather conditions affecting production [4] - Overall, the comprehensive PMI output index remains in the expansion zone, with manufacturing production and non-manufacturing business activity indices indicating accelerated overall business activities [5]

Economic Indicators - The manufacturing PMI for August is reported at 49.4%, indicating a slight improvement in economic conditions compared to the previous month [1][2] - The non-manufacturing business activity index and the comprehensive PMI output index are at 50.3% and 50.5%, respectively, both showing increases of 0.2 and 0.3 percentage points from last month [1][2] Market Price Trends - The overall market price index has improved, with the main raw material purchase price index at 53.3% and the factory price index at 49.1%, both rising for three consecutive months [2] - The increase in the procurement volume index to 50.4% indicates a recovery in market demand, while the improvement in price indices across various manufacturing sectors suggests a general upward trend in market prices [2] Non-Manufacturing Sector Performance - The business activity index for the non-manufacturing sector remains above 50%, with the financial services and capital market service sectors showing strong performance, both indices exceeding 60% [3] - The overall stability in supply and demand, along with favorable business expectations, indicates a positive outlook for the non-manufacturing sector [3] Consumer Activity and Services - The transportation and entertainment sectors have seen increased business activity, with indices for railway and air transport remaining above 59%, reflecting active consumer travel [4] - The accommodation and catering sectors have also shown improvement, with significant increases in their business activity indices, indicating a recovery in consumer spending [4][5] Future Economic Outlook - The comprehensive PMI output index indicates a continued expansion in production activities, with the manufacturing production expectation index rising to 53.7%, suggesting a positive trend for the coming months [5][6] - Experts anticipate that the macroeconomic environment will continue to improve, driven by both policy support and market self-recovery, with a focus on enhancing effective demand [6]