Core Insights - The U.S. small modular reactor (SMR) industry is experiencing a trend of regulatory relaxation since the executive order signed by Trump on May 23, 2025, aimed at promoting the nuclear power sector [1] - The demand side is driven by the rapid growth in electricity demand from data centers, maintaining a premium for nuclear power, while the supply side sees maturing technology, with commercial operations expected as early as 2027-2028 [1] - With the dual drivers of AI demand and policy support, total investment in the U.S. SMR industry is projected to approach $1 trillion over the next 20 years, with annual construction market investments exceeding $30 billion and a fuel market size reaching $18.3 billion by 2048 [1] - The upstream fuel and raw materials supply and the midstream equipment manufacturing sectors are expected to benefit first, as the SMR industry is still in the pre-commercialization phase [1]

Core Insights - The report from CITIC Securities highlights a trend of regulatory easing in the U.S. small modular reactor (SMR) industry since Trump's executive order aimed at promoting nuclear power on May 23, 2025 [1] - The demand side is driven by the rapid growth in electricity demand from data centers, allowing nuclear power to maintain a premium [1] - On the supply side, industry technology is maturing, with commercial operations expected to begin as early as 2027-2028 [1] - With the dual drivers of AI demand and policy support, total investment in the U.S. SMR industry is projected to approach $1 trillion over the next 20 years [1] - Annual investment in the construction market is expected to exceed $30 billion, with the fuel market projected to reach $18.3 billion by 2048 [1] - As the SMR industry is still in the pre-commercialization phase, upstream fuel and raw material supply, as well as midstream equipment manufacturing, are expected to benefit first [1]

Core Viewpoint - The semiconductor sector is experiencing a price surge driven by increased demand for storage chips, particularly due to the AI boom, leading to significant revenue growth for major companies in the industry [5][6][9]. Group 1: Market Performance - The A-share market saw a sharp decline in the afternoon, with the semiconductor sector being the only technology segment to rise, exemplified by the semiconductor equipment ETF E Fund (159558) increasing by 0.95% and achieving a year-to-date gain of 45.03% [1]. - Despite fluctuations in the market and a decrease in trading enthusiasm after the Shanghai Composite Index surpassed 4000 points, sectors aligned with national and industrial development trends continue to attract capital [4]. Group 2: Price Increases and Demand - The global semiconductor industry is currently experiencing a price increase, particularly in storage chips, with major manufacturers like Samsung and SK Hynix announcing a 30% price hike for storage chips by Q4 2025 [5][7]. - The demand for high-capacity, low-power storage chips has surged, with AI servers requiring 8-10 times the storage of traditional servers, leading to a supply-demand imbalance in memory and storage components [6][8]. Group 3: Company Performance - Samsung's storage chip business achieved record revenue in Q3, while SK Hynix also reported its highest quarterly performance. A-share companies like Zhaoyi Innovation and Jiangbo Long reported significant revenue growth, with Zhaoyi's revenue reaching 6.832 billion yuan, up 20.92% year-on-year, and Jiangbo Long's revenue at 16.734 billion yuan, up 26.12% [9][10]. - The semiconductor equipment sector is also witnessing robust growth, with overall revenue in the A-share semiconductor equipment sector increasing by over 35% year-on-year, and net profit rising by over 50% [20]. Group 4: Capacity Expansion - Companies are actively expanding production capacity, with major storage manufacturers accelerating new capacity expansions, indicating a strong growth cycle expected to begin in 2026 [10]. - Domestic semiconductor manufacturers are also expanding capacity, with SMIC adding nearly 20,000 wafers per month by mid-2025 and Huahong Semiconductor ramping up production at its new facility [16]. Group 5: Technological Advancements - The domestic semiconductor equipment industry is making significant progress, with companies like Zhongwei and Beifang Huachuang achieving breakthroughs in key equipment areas, enhancing their competitiveness [18][19]. - The collaboration between equipment manufacturers and wafer fabs is accelerating the transition of domestic equipment from "usable" to "preferred," supporting the establishment of a self-sufficient supply chain in China's semiconductor industry [19]. Group 6: Investment Outlook - The valuation of leading companies in the semiconductor equipment sector has adjusted to a dynamic price-to-earnings ratio range of 40-60 times, which is considered reasonable given the expected compound annual growth rate of over 50% in net profits [23]. - The semiconductor equipment ETF E Fund (159558) is highlighted as a viable investment option, tracking key players in the semiconductor equipment and materials sectors, aligning with the domestic substitution strategy [23].

Investment Rating - The industry investment rating is "Outperform the Market - A" [4] Core Views - The report emphasizes the positive outlook for copper and aluminum prices, driven by improving fundamentals and market sentiment ahead of US-China trade negotiations. It also highlights the importance of rare earth elements in the current market context [1][2] - The report suggests a sustained bullish trend for precious metals, particularly gold and silver, due to increased central bank and ETF buying, despite recent price corrections [2][3] - The report indicates a tightening supply for aluminum and copper, with expectations of price resilience due to stable domestic supply and recovering demand [3][8] Summary by Sections Precious Metals - COMEX gold and silver prices closed at $4112 and $48.3 per ounce, reflecting declines of 1.9% and 3.2% respectively. The US September CPI was 3%, lower than market expectations, maintaining the outlook for potential Fed rate cuts [2] - Domestic physical gold demand in September rebounded to 118 tons, indicating a recovery in demand [2] - The report maintains a long-term bullish outlook for gold prices, supported by central bank purchases and ETF inflows [2] Industrial Metals Copper - LME copper closed at $10,947 per ton, up 2.19% week-on-week, while SHFE copper was at 87,700 CNY per ton, up 3.52% [2] - September copper concentrate imports in China were 2.587 million tons, down 6.2% month-on-month, indicating a tight supply situation [2] - The report expects copper prices to remain resilient due to supply constraints and stable demand from copper rod and wire cable manufacturers [2][3] Aluminum - LME aluminum closed at $2,856.5 per ton, up 3.25%, with domestic aluminum ingot inventory decreasing to 618,000 tons [3][8] - The report notes that domestic aluminum supply remains stable while overseas supply is tightening, supporting a strong price outlook [3] Tin - SHFE tin futures closed at 283,810 CNY per ton, reflecting a 1.1% increase. The report anticipates a recovery in demand driven by electronic consumption and AI applications [8] Strategic Metals Rare Earths - Prices for praseodymium and neodymium oxide were 501,500 CNY and 6.65 million CNY respectively, with slight declines noted. The report highlights the potential for price increases due to supply-side changes and growing domestic and international demand [9] - The report suggests that the upcoming whitelist system may drive a new round of price increases for rare earths [9] Cobalt - The average price for cobalt reached 406,600 CNY per ton, with tight supply conditions expected to persist, supporting a bullish outlook for cobalt prices [10]

1. Report Industry Investment Rating No information provided. 2. Core View of the Report - Short - term copper prices may remain strong around 85,000. The core drivers are supply contraction and macro - hedging demand. Supply - side production cuts in multiple mines intensify long - term shortage expectations, but demand - side declines in the refined copper rod operating rate and concerns about AI demand suppress price elasticity. Macroscopically, the increasing expectation of the Fed's interest rate cut may support prices through a weaker dollar, but market caution about the economic outlook persists [3]. 3. Summary by Relevant Catalogs 3.1 Daily Market Summary 3.1.1 Copper Futures Market Data Change Analysis - **Main Contract and Basis**: On October 16, the SHFE copper price closed at 84,980 yuan/ton, down 0.46% from the previous day and 390 yuan lower than on October 10. The spot premium and discount weakened overall. The discount of premium copper narrowed to 100 yuan/ton, the discount of flat - copper dropped to 40 yuan/ton, and the discount of wet - process copper widened to - 35 yuan/ton, indicating weak spot demand. The LME 0 - 3 month premium fell from 54.87 dollars/ton to 27.94 dollars/ton, showing a contraction in overseas spot premiums [1]. - **Position and Trading Volume**: The LME copper position decreased by 2,953 lots to 320,194 lots on October 15, and market trading activity cooled. Domestic SHFE inventories declined for two consecutive weeks, with a 900 - ton decrease on October 16 to 137,000 tons, but COMEX inventories increased slightly by 955 short tons to 343,000 short tons [1]. 3.1.2 Analysis of Industrial Chain Supply - Demand and Inventory Changes - **Supply Side**: Mine - end disturbances intensified. In August, the output of the El Teniente copper mine under Chile's Codelco decreased by 25% year - on - year to 93,400 tons, and the output of the Collahuasi mine decreased by 27%. Teck Resources lowered the 2025 output forecast of the Quebrada Blanca mine to 170,000 - 190,000 tons. Freeport's Grasberg copper mine declared force majeure due to a mudslide, and the 2026 output may be cut by 35%. Although BHP plans to restart four copper mines in the US, short - term new production capacity is limited, and the tailings re - processing cycle is long [2]. - **Demand Side**: Downstream demand is under significant pressure. The expected operating rate of refined copper rod enterprises in October will drop by 6.95 percentage points to 63.35% compared to the previous month, mainly due to high copper prices suppressing提货意愿 and post - holiday finished product inventory backlogs. Demand in traditional fields such as power and construction is flat, and concerns about the slowdown of AI - related demand are rising, further suppressing market sentiment [2]. - **Inventory Side**: Global visible inventories are differentiated. LME inventories decreased by 125 tons on October 16 to 44,400 tons but are still at a high level this year. SHFE inventories have been destocked for two consecutive weeks to 137,000 tons, while COMEX inventories have slightly accumulated, reflecting weak overseas demand [2]. 3.2 Industrial Chain Price Monitoring | Data Index | 2025 - 10 - 16 | 2025 - 10 - 15 | 2025 - 10 - 10 | Change | Change Rate | Unit | | --- | --- | --- | --- | --- | --- | --- | | SMM:1 Copper | 85,450 | 85,590 | 86,070 | - 140 | - 0.16% | yuan/ton | | Premium Copper (Spot Premium/Discount) | 100 | 130 | 100 | - 30 | - 23.08% | yuan/ton | | Flat - Copper (Spot Premium/Discount) | 40 | 70 | 20 | - 30 | - 42.86% | yuan/ton | | Wet - Process Copper (Spot Premium/Discount) | - 35 | 0 | - 45 | - 35 | - | yuan/ton | | LME (0 - 3) | - | 28 | 55 | - | - | dollars/ton | | SHFE Price | 84,980 | 85,370 | 85,320 | - 390 | - 0.46% | yuan/ton | | LME Price | - | 10,576 | 10,585 | - | - | dollars/ton | | LME Inventory | 44,406 | 44,531 | 36,295 | - 125 | - 0.28% | tons | | SHFE Inventory | 137,450 | 138,350 | 138,800 | - 900 | - 0.65% | tons | | COMEX Inventory | - | 343,235 | 342,280 | - | - | short tons | [5] 3.3 Industry Dynamics and Interpretations - On October 16, BHP is considering reopening four long - closed copper mines in Arizona, USA. The potential restart plan will focus on the Globe–Miami area, and BHP also plans to re - process tailings from closed operations there [6]. - On October 16, Yukon Metals detected multiple stacked skarn zones containing copper - gold mineralization in the first drill hole of its Birch copper - gold project [6]. - On October 16, Japan, Spain, and South Korea jointly stated that the processing fees (TC/RC) for copper concentrates are continuously falling, seriously eroding the profitability of smelters [6]. - On October 16, the output of the Collahuasi mine, a joint venture between Anglo American and Glencore, also decreased by 27%. Both companies lowered their 2025 - 2026 production targets. Meanwhile, Teck Resources lowered its 2025 output forecast for the Quebrada Blanca mine to 170,000 - 190,000 tons, far lower than the previous guidance [6]. - On October 16, after a fatal accident at the El Teniente copper mine, the largest underground copper mine of state - owned miner Codelco in Chile, the output in August decreased by 25% year - on - year, falling to the lowest level in 20 years at 93,400 tons [6]. 3.4 Industrial Chain Data Charts The report includes charts such as China PMI, US PMI, US employment situation, US interest rate and LME copper price correlation, dollar index and LME copper price correlation, TC processing fees, CFTC copper position situation, LME copper various net long position analysis, Shanghai copper warrant volume, LME copper inventory change, COMEX copper inventory change, and SMM social inventory [7][11][12][14][16][19][21][25][26][29].

Core Viewpoint - The recent surge in non-ferrous metal prices is driven by a combination of macroeconomic factors, including the re-evaluation of the global monetary system and the weakening of the US dollar, which has led to increased demand for these metals as a hedge against currency devaluation [3][4]. Group 1: Macro Environment - The current bull market in non-ferrous metals is rooted in a broader macroeconomic context, characterized by a long-term reassessment of the global monetary system and the creditworthiness of the US dollar [3]. - Analysts believe that the dual loosening of US fiscal and monetary discipline is a key driver of the long-term strong performance of non-ferrous metals, which are viewed as hard currencies against currency depreciation [3][4]. - The recent price movements of gold, silver, and copper reflect the volatility of the dollar's credit, with gold breaking the $4000 per ounce mark and copper nearing $11000 per ton [4]. Group 2: Supply Constraints - The supply side is facing long-term constraints, with declining ore grades requiring more mining to obtain the same amount of metal, leading to significantly higher marginal costs [7]. - There is insufficient capital expenditure in the mining sector due to lower returns on investment, which has resulted in a cautious approach to expansion despite rising commodity prices [8]. - The reduction in high-quality mines and the strategic elevation of resource commodities are further tightening supply, as countries implement measures to enhance resource value [9]. Group 3: Demand Drivers - A new demand engine centered around AI and renewable energy is emerging, significantly increasing the demand for copper and other non-ferrous metals [10]. - The demand for metals related to AI infrastructure and energy upgrades is expected to grow, with renewable energy accounting for a substantial portion of demand in traditional cyclical industries [10]. - The shift in demand dynamics is evident as the contribution of real estate and infrastructure to metal demand has decreased, while the share from the renewable energy sector has increased significantly [10]. Group 4: Market Outlook - The non-ferrous metals sector is poised for a "Davis Double Play," where both earnings and valuations could rise as the market recognizes the non-cyclical nature of high commodity prices [13]. - The combination of long-term supply constraints and increasing demand from manufacturing and strategic reserves positions non-ferrous metals as a core component of the ongoing commodity bull market [13]. - Analysts predict that non-ferrous metals will maintain a high level of prosperity in the coming years, driven by a recovery in downstream demand and a favorable capital expenditure cycle [13].

Company Overview - Changjiang Storage Technology Holding Co., Ltd. (Chang Storage Group) has recently completed its shareholding reform by establishing a joint-stock company and electing its first board of directors, marking a significant milestone for the company [3] - Chang Storage Group is the only domestic manufacturer of 3D NAND flash memory and has been valued at 160 billion yuan, ranking ninth among China's top ten unicorns according to Hurun Research Institute [3] - In April 2025, Yangyuan Beverage announced an investment of 1.6 billion yuan in Chang Storage Group, acquiring 0.99% of its shares, which raises the company's valuation to 161.6 billion yuan [3] Investment and Financing - In addition to the investment from Yangyuan Beverage, Chang Storage Group has attracted over 10 billion yuan in financing from 16 institutions, including investments from its employee stock ownership plan [3] - The company has also established a new entity, Chang Storage Phase III (Wuhan) Integrated Circuit Co., Ltd., with a total investment of 20.72 billion yuan, of which Chang Storage contributed 10.4 billion yuan for a 50.1931% stake [3] Market Position and Competition - The NAND flash market is currently dominated by overseas manufacturers, but domestic manufacturers are making significant progress [4] - According to TrendForce, the top five NAND flash brands, including Samsung and SK Hynix, held a combined market share of 91.3% in Q1 and 93% in Q2 of this year [5] - Domestic storage chip manufacturers are expected to achieve a total market share of 10% this year, doubling from the previous year, due to improved production yields and advancements in technology [5] Industry Trends - The storage market is experiencing a recovery driven by increased demand from AI investments, particularly from North American cloud service providers [6] - TrendForce predicts a significant growth in enterprise SSD demand in Q3 2025, leading to an expected increase in NAND flash prices [6]

Group 1 - UBS Wealth Management predicts gold prices may rise further, potentially reaching $3,900 per ounce by mid-2026, driven by declining real interest rates, a weaker dollar, and strong investment demand amid geopolitical risks [1] - The firm expects the Federal Reserve to lower rates by an additional 75 basis points before Q1 2026, while the U.S. economy is not anticipated to enter a recession [1] - In Asia, additional monetary and fiscal support measures are being implemented, with expectations of a stronger Asian currency due to the rebound of the renminbi and exporters converting significant dollar revenues back to local currency [1] Group 2 - UBS believes the Chinese stock market has not yet peaked, with significant household savings expected to flow into the market, leading to potential revaluation in sectors like robotics, making Chinese tech stocks a preferred choice [2]

Report Summary 1. Investment Ratings The report does not provide an overall industry investment rating. 2. Core Views - Various commodities in the futures market show different trends, including continued highs, oscillations, declines, and rebounds [2][5]. - Macroeconomic factors such as Fed policies, international political situations, and natural disasters impact commodity prices [8][11]. 3. Summary by Commodity Precious Metals - **Gold**: Continues to reach new highs, with a trend strength of 0. Yesterday, the closing price of Shanghai Gold 2510 was 843.00, up 1.87% [2][6][7]. - **Silver**: Undergoes oscillatory adjustments, with a trend strength of 1 [2][6][10]. Base Metals - **Copper**: Lacks driving forces, with prices oscillating. The trend strength is 0 [2][12][14]. - **Zinc**: Experiences a slight decline, with a trend strength of 0 [2][15][16]. - **Lead**: Inventory reduction supports prices, with a trend strength of 0 [2][19][20]. - **Tin**: Ranges within an oscillatory band, with a trend strength of 0 [2][22][26]. - **Aluminum**: Oscillates within a range, with a trend strength of 0. Alumina oscillates weakly, with a trend strength of -1. Cast aluminum alloy follows electrolytic aluminum, with a trend strength of 0 [2][27][29]. - **Nickel**: Nickel prices oscillate at a low level due to the game between smelting inventory accumulation and ore - end expectations, with a trend strength of 0. Stainless steel prices oscillate due to the short - term game between supply - demand and cost, with a trend strength of 0 [2][30][36]. Energy and Chemicals - **Carbonate Lithium**: Oscillates within a range, with a trend strength of 0 [2][37][40]. - **Industrial Silicon**: Futures warehouse receipts increase, and market sentiment fluctuations should be monitored, with a trend strength of 0. Polysilicon's price declines on the disk, and there is a preference for short - term non - standard product shipments, with a trend strength of 0 [2][41][43]. - **Iron Ore**: Expectations fluctuate, and prices oscillate widely, with a trend strength of 0 [2][44]. - **Rebar and Hot - Rolled Coil**: Demand is weak, and prices oscillate widely, with a trend strength of 0 for both [2][47][50]. - **Silicon Ferroalloy and Manganese Ferroalloy**: Prices oscillate widely due to the game of capital sentiment, with a trend strength of 0 for both [2][51]. - **Coke and Coking Coal**: Expectations fluctuate, and prices oscillate widely, with a trend strength of 0 for both [2][54][56]. - **Log**: Prices oscillate repeatedly, with a trend strength of 0 [2][57][60]. - **Para - Xylene and PTA**: Short - term rebound, but medium - term weakness. MEG conducts a 1 - 5 month spread reverse arbitrage [2][61]. Agricultural Products - **Palm Oil**: Crude oil rebounds, providing support for international oils and fats [5][63]. - **Soybean Oil**: Argentina cancels the export tax on beans, and US soybeans oscillate weakly [5][63]. - **Soybean Meal**: US soybeans close higher, and Dalian soybean meal may rebound from oversold conditions [5][65]. - **Soybean No. 1**: The sentiment in the soybean market recovers, and prices rebound and oscillate [5][65]. - **Corn**: Attention should be paid to the listing of new grain [5][67]. - **Sugar**: Attention should be paid to the impact of "Hurricane Hagarsha" on sugarcane areas [5][69]. - **Cotton**: Attention should be paid to the transaction price of seed cotton [5][70]. - **Egg**: The peak season is not prosperous [5][72]. - **Live Pig**: It is in the stage of concentrated release of contradictions before the festival [5][73]. - **Peanut**: Prices oscillate [5][74].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - Gold is expected to continue reaching new highs, while silver will experience a sideways adjustment. Copper lacks driving forces and its price will fluctuate. Zinc will see a slight decline. The decreasing inventory of lead will support its price. Tin and aluminum will trade within a range. Alumina will trend weakly sideways, and cast aluminum alloy will follow the trend of electrolytic aluminum. Nickel prices will trade at a low level due to the game between smelting inventory accumulation and ore - end expectations, and stainless - steel prices will fluctuate due to the short - term game between supply - demand and cost factors [2]. Summary by Related Catalogs Precious Metals (Gold and Silver) - **Price Performance**: Yesterday, the closing prices of Shanghai Gold 2510, Gold T + D, and Comex Gold 2510 all increased, with daily increases of 1.87%, 1.69%, and 1.66% respectively. The closing prices of Shanghai Silver 2510, Silver T + D, and Comex Silver 2510 also rose, with daily increases of 3.50%, 3.09%, and 2.19% respectively [5]. - **Trading Volume and Open Interest**: The trading volume and open interest of some contracts changed. For example, the trading volume of Shanghai Gold 2510 decreased by 23,071 compared to the previous day, and the open interest decreased by 3,974 [5]. - **Inventory**: The inventory of some products changed. For example, the inventory of Shanghai Gold decreased by 0 kg, and the inventory of Shanghai Silver decreased by 10,819 kg [5]. - **Trend Intensity**: The trend intensity of gold is 0, and that of silver is 1 [8]. Copper - **Price Performance**: The closing price of the Shanghai Copper main contract was 79,920 yuan, with a daily decrease of 0.30%, and the night - session closing price increased by 0.08%. The closing price of LME Copper 3M electronic disk was 9,994 US dollars, with a daily decrease of 0.08% [10]. - **Trading Volume and Open Interest**: The trading volume of the Shanghai Copper main contract decreased by 201 compared to the previous day, and the open interest decreased by 3,668 [10]. - **Inventory and Other Data**: The inventory of Shanghai Copper decreased by 2,166 tons, and the LME Copper inventory decreased by 400 tons. The注销仓单 ratio of LME Copper was 8.19%, a decrease of 0.39% compared to the previous day [10]. - **Trend Intensity**: The trend intensity of copper is 0 [12]. Zinc - **Price Performance**: The closing price of the Shanghai Zinc main contract was 21,845 yuan/ton, with a daily decrease of 1.11%. The closing price of LME Zinc 3M electronic disk was 2,900 US dollars/ton, with a daily increase of 0.05% [13]. - **Trading Volume and Open Interest**: The trading volume of the Shanghai Zinc main contract decreased by 15,195 compared to the previous day, and the open interest increased by 9,947. The trading volume of LME Zinc increased by 938, and the open interest increased by 493 [13]. - **Trend Intensity**: The trend intensity of zinc is 0 [14]. Lead - **Price Performance**: The closing price of the Shanghai Lead main contract was 17,085 yuan/ton, with a daily decrease of 0.47%. The closing price of LME Lead 3M electronic disk was 1,999.5 US dollars/ton, with a daily decrease of 0.17% [16]. - **Trading Volume and Open Interest**: The trading volume of the Shanghai Lead main contract increased by 13,989 compared to the previous day, and the open interest increased by 3,336. The trading volume of LME Lead decreased by 146, and the open interest increased by 953 [16]. - **Inventory**: The inventory of Shanghai Lead decreased by 2,747 tons, and the LME Lead inventory decreased by 1,700 tons [16]. - **Trend Intensity**: The trend intensity of lead is 0 [17]. Tin - **Price Performance**: The closing price of the Shanghai Tin main contract was 269,880 yuan, with a daily decrease of 0.97%, and the night - session closing price increased by 0.31%. The closing price of LME Tin 3M electronic disk was 34,270 US dollars, with a daily increase of 0.73% [20]. - **Trading Volume and Open Interest**: The trading volume of the Shanghai Tin main contract decreased by 12,188 compared to the previous day, and the open interest decreased by 3,060. The trading volume of LME Tin decreased by 9, and the open interest increased by 53 [20]. - **Inventory**: The inventory of Shanghai Tin decreased by 182 tons, and the LME Tin inventory decreased by 5 tons. The注销仓单 ratio of LME Tin was 6.57%, a decrease of 0.38% compared to the previous day [20]. - **Trend Intensity**: The trend intensity of tin is 0 [23]. Aluminum, Alumina, and Cast Aluminum Alloy - **Price Performance**: The closing price of the Shanghai Aluminum main contract was 20,685 yuan, a decrease of 60 yuan compared to the previous day. The closing price of the Shanghai Alumina main contract was 2,877 yuan, a decrease of 57 yuan compared to the previous day. The closing price of the aluminum alloy main contract was 20,280 yuan, a decrease of 60 yuan compared to the previous day [24]. - **Trading Volume and Open Interest**: The trading volume and open interest of relevant contracts changed. For example, the trading volume of the Shanghai Aluminum main contract increased by 4,581, and the open interest decreased by 10,619 [24]. - **Inventory and Other Data**: The domestic aluminum ingot social inventory was 63.70 million tons, unchanged from the previous day. The LME aluminum ingot inventory was 51.39 million tons, a decrease of 0.01 million tons compared to the previous day [24]. - **Trend Intensity**: The trend intensity of aluminum is 0, that of alumina is - 1, and that of aluminum alloy is 0 [26]. Nickel and Stainless Steel - **Price Performance**: The closing price of the Shanghai Nickel main contract was 120,730 yuan, a decrease of 670 yuan compared to the previous day. The closing price of the stainless - steel main contract was 12,890 yuan, a decrease of 20 yuan compared to the previous day [27]. - **Trading Volume and Open Interest**: The trading volume of the Shanghai Nickel main contract decreased by 13,200 compared to the previous day, and the trading volume of the stainless - steel main contract increased by 402 [27]. - **Industry News**: Indonesia plans to shorten the mining quota period from three years to one year. The approved 2025 RKAB nickel ore production in Indonesia is 364 million tons. A nickel - iron smelting industrial park in Indonesia has suspended all EF production lines due to long - term losses, which is expected to affect the nickel - iron output by about 1,900 metal tons per month [27][28]. - **Trend Intensity**: The trend intensity of nickel is 0, and that of stainless steel is 0 [33].