1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Amid escalating Sino - US game, the A - share market has shifted to a defensive stance. Short - term stock market is expected to fluctuate weakly, while in the long - term, it is still cost - effective to buy on dips. The bond market has risen in the risk - aversion mode [2][3]. - For precious metals, gold and silver showed mixed performance, and short - term volatility may intensify. The long - term view on precious metal prices remains positive, but caution is advised at present [4][5]. - Regarding copper, due to the intensifying Sino - US game, copper prices will continue to oscillate at a high level in the short term. Although Rio Tinto's production increased in Q3, the global mine supply remains tight, and the cost still supports copper prices in the medium term [6][7]. - For aluminum, with attention on trade policy trends, the aluminum market's fluctuations will expand. The fundamental support is good, and prices are expected to remain favorable but with large fluctuations [8][9]. - Alumina is dominated by bearish factors and should be treated as a short - position asset due to supply pressure from long - term contracts, production methods, and imports [10]. - Zinc prices will continue to be weak as both macro and fundamental supports decline marginally. Pay attention to LME inventory and structural changes [11]. - Lead prices will be adjusted as fundamental pressure increases marginally, with supply increasing and consumption remaining flat [12]. - Tin prices will have a short - term high - level adjustment, but the adjustment space is limited due to strong supply - side support. Focus on the support of the 10 - day moving average [14]. - Industrial silicon will have a weak oscillation due to insufficient demand resilience. The supply is relatively abundant, and the demand from different sectors is lackluster [15][16]. - Lithium carbonate prices will oscillate weakly. There is a possibility of further decline, and short - term attention should be paid to the support strength at previous lows [17]. - Nickel prices are at the lower end of the oscillation range and are expected to oscillate and rise. The macro environment is dovish, and although the market is cold, the spot resources are scarce [18][19]. - For soda ash and glass, due to poor post - holiday demand, prices will oscillate weakly [20]. - For steel products (螺卷), spot trading is stable, but futures prices are weak. The supply pressure is increasing, and prices are expected to oscillate weakly [21][22]. - Iron ore prices will oscillate and adjust. Port inventory has increased, and although demand is high, the upward space is limited [23]. - For soybean and rapeseed meal, due to abundant supply and weakening sentiment, prices will oscillate and decline in the short term. Pay attention to the support range below [24][25]. - Palm oil prices will have a wide - range oscillation. Oil prices are weak, and the market is waiting for production and demand data and the progress of Indonesia's biodiesel policy [26][27]. 3. Summaries According to Related Catalogs 3.1 Metal Main Variety Trading Data - The report provides the closing prices, price changes, price change percentages, total trading volumes, total open interests, and price units of various metal futures contracts on October 15, 2025, including SHFE copper, LME copper, SHFE aluminum, etc. [28] 3.2 Industry Data Perspective - For copper, on October 14, the SHFE copper main contract price decreased, and the LME copper price also declined. SHFE copper warehouse receipts remained unchanged, while LME inventory decreased. The spot price increased, and the LME copper premium decreased [29]. - For nickel, on October 14, the SHFE nickel main contract price decreased, and the LME nickel price also declined. SHFE nickel warehouse receipts decreased, and LME inventory increased [29]. - For zinc, on October 14, the SHFE zinc main contract price decreased, and the LME zinc price declined. SHFE zinc warehouse receipts decreased, and LME inventory increased [30]. - For lead, on October 14, the SHFE lead main contract price decreased, and the LME lead price declined. SHFE lead warehouse receipts remained unchanged, and LME inventory increased [30]. - For aluminum, on October 14, the SHFE aluminum continuous - third contract price decreased, and the LME aluminum price declined. SHFE aluminum warehouse receipts increased slightly, and LME inventory decreased [30]. - For alumina, on October 14, the SHFE alumina main contract price decreased, and the national alumina spot average price also declined. SHFE warehouse inventory increased significantly [30]. - For tin, on October 14, the SHFE tin main contract price decreased, and the LME tin price declined. SHFE tin warehouse receipts decreased, and LME inventory remained unchanged [31]. - For precious metals, on October 14, the prices of SHFE and COMEX gold and silver remained mostly unchanged, with some changes in inventory and the gold - silver ratio [31]. - For steel products, on October 14, the prices of rebar and hot - rolled coil futures decreased, and there were changes in spot prices, basis, and spreads [33]. - For iron ore, on October 14, the iron ore main contract price decreased, and there were changes in spot prices, basis, and freight rates [33]. - For coke and coking coal, on October 14, the coke main contract price increased, and the coking coal main contract price also increased. There were changes in spot prices, basis, and spreads [34]. - For lithium carbonate, on October 14, the lithium carbonate main contract price increased slightly, and there were changes in spot prices and spreads [34]. - For industrial silicon, on October 14, the industrial silicon main contract price decreased, and the average prices of different grades in the East China region remained mostly unchanged [34]. - For soybean and rapeseed meal, on October 14, the prices of CBOT soybean, soybean meal, and rapeseed meal futures decreased, and there were changes in import prices, spot prices, and spreads [35].

Core Viewpoint - The meeting chaired by Premier Li Qiang emphasizes the resilience and vitality of China's economy amidst challenges, highlighting the importance of macroeconomic policies and the need for continuous efforts to stimulate domestic demand and enhance market vitality [3][4]. Economic Situation - Experts and entrepreneurs noted that despite facing difficulties, China's economy has shown strong resilience and progress this year, with new bright spots emerging [1][3]. - The meeting acknowledged the complex external environment and challenges in economic operations, but emphasized the effective implementation of proactive macro policies by various regions and departments [3]. Policy Recommendations - There is a call for enhanced implementation of counter-cyclical adjustments and sustained efforts in total policy measures to boost economic recovery [4]. - The focus is on expanding domestic demand, strengthening the domestic circulation, and effectively utilizing various consumption promotion measures to stimulate market vitality [4]. Industry Development - The meeting highlighted the need to create a first-class industrial ecosystem, addressing issues of disorder and irrational competition within industries [4]. - It emphasized the importance of deepening cooperation among enterprises of different sizes and accelerating the transformation of technological achievements [4]. Foreign Trade and Investment - Support for stabilizing foreign trade and investment is crucial, with an emphasis on exploring diversified markets and improving overseas service systems [4]. - The implementation of significant foreign investment projects is also a priority to enhance economic growth [4].

Overall Investment Ratings - Gold: Continue to reach new highs [2] - Silver: Spot contradictions ease, price surges then retreats [2] - Copper: Market cautious, price oscillates [2] - Zinc: Oscillates weakly [2] - Lead: Inventory increases, price under pressure [2] - Tin: Focus on macro - impact [2] - Aluminum: Ranges within an interval [2] - Alumina: Center of gravity moves downward [2] - Foundry aluminum alloy: Follows electrolytic aluminum [2] - Nickel: Macro sentiment turns bearish, nickel price oscillates at a low level [2] - Stainless steel: Macro and reality jointly exert pressure, cost below limits price elasticity [2] Core Views - The report analyzes the trends of various precious metals and basic metals, including their price movements, trading volume, inventory changes, and relevant macro - and industry - news [4][8][11] Summary by Metals Gold - **Price and Trading Volume**: Yesterday, the closing price of SHFE Gold 2512 was 927.56, up 2.88%, and the night - session closing price was 936.72, up 2.45%. The trading volume of SHFE Gold 2512 was 446,705, an increase of 12,139 from the previous day [4]. - **Inventory**: The inventory of SHFE gold was 70,728 kg, unchanged from the previous day [4]. - **News**: Fed Chair Powell hinted at another rate cut and that the balance - sheet reduction is nearing an end, warning of a deteriorating labor - market outlook [4]. Silver - **Price and Trading Volume**: The closing price of SHFE Silver 2512 was 11,531, up 4.02%, and the night - session closing price was 11,710, up 4.22%. The trading volume of SHFE Silver 2512 was 1,550, a decrease of 966 from the previous day [4]. - **Inventory**: The inventory of SHFE silver was 1,124,456 kg, a decrease of 44,605 kg from the previous day [4]. - **News**: Similar to gold, influenced by Fed's potential rate - cut and balance - sheet reduction news [4]. Copper - **Price and Trading Volume**: The closing price of SHFE copper's main contract was 84,410, down 0.83%, and the night - session closing price was 84,890, up 0.57%. The trading volume of SHFE copper's main contract was 210,984, a decrease of 80,438 from the previous day [8]. - **Inventory**: The inventory of SHFE copper was 36,295 tons, an increase of 3,405 tons from the previous day [8]. - **News**: Powell opened the door for Fed rate cuts; investigation of Chile's El Teniente copper - mine accident will take months; Codelco's August copper production hit a 22 - year low [8][10]. Zinc - **Price and Trading Volume**: The closing price of SHFE zinc's main contract was 22,220, down 0.16%. The trading volume of SHFE zinc's main contract was 124,307, a decrease of 53,037 from the previous day [11]. - **Inventory**: The inventory of SHFE zinc was 58,494 tons, a decrease of 1,120 tons from the previous day [11]. - **News**: Powell opened the door for Fed rate cuts [11]. Lead - **Price and Trading Volume**: The closing price of SHFE lead's main contract was 17,050, down 0.26%. The trading volume of SHFE lead's main contract was 43,201, a decrease of 23,393 from the previous day [14]. - **Inventory**: The inventory of SHFE lead was 30,705 tons, an increase of 1,136 tons from the previous day [14]. - **News**: Powell opened the door for Fed rate cuts; "New Fed Wire" said the Fed stays on the rate - cut track [15]. Tin - **Price and Trading Volume**: The closing price of SHFE tin's main contract was 282,110, down 1.48%, and the night - session closing price was 282,800, down 0.26%. The trading volume of SHFE tin's main contract was 106,939, an increase of 1,793 from the previous day [17]. - **Inventory**: The inventory of SHFE tin was 5,745 tons, a decrease of 64 tons from the previous day [17]. - **News**: Multiple macro - and industry - news including Fed's rate - cut hints and international trade - related events [18]. Aluminum, Alumina, and Foundry Aluminum Alloy - **Price and Trading Volume**: The closing price of SHFE aluminum's main contract was 20,860, down 25 from the previous day. The closing price of SHFE alumina's main contract was 2,805, down 15 from the previous day. The closing price of the aluminum - alloy main contract was 20,380, down 30 from the previous day [21]. - **Inventory**: The domestic aluminum - ingot social inventory was 64.20 million tons, unchanged from the previous day [21]. - **News**: Li Qiang emphasized expanding domestic demand and strengthening the domestic cycle [23]. Nickel and Stainless Steel - **Price and Trading Volume**: The closing price of SHFE nickel's main contract was 120,830, down 580 from the previous day. The closing price of the stainless - steel main contract was 12,565, down 90 from the previous day [24]. - **Inventory**: No significant inventory - related data emphasized in the text [24]. - **News**: Indonesian forestry group takes over a nickel - mine area; China suspends an unofficial subsidy for Russian copper and nickel imports; Indonesia sanctions mining companies; Trump may impose 100% tariffs on China [24][25][26]

Market Overview - The A-share market experienced a pullback on Tuesday, with the Shanghai Composite Index falling by 0.62% to 3865.23 points, the Shenzhen Component Index down by 2.54%, the ChiNext Index down by 3.99%, and the Sci-Tech 50 Index down by 4.26%. The total trading volume in the Shanghai and Shenzhen markets was 2.58 trillion yuan [2][8] - In terms of sector performance, banking, coal, and food & beverage sectors led the gains, while communication, electronics, and non-ferrous metals sectors lagged [2][8] - Concept sectors such as cultivated diamonds, liquor, and the China-South Korea Free Trade Zone saw increases, while sectors like national big fund holdings, lithography machines, and advanced packaging experienced declines [2][8] - The Hong Kong market also saw declines, with the Hang Seng Index closing down 1.73% at 25441.35 points and the Hang Seng Tech Index down 3.62% [2][8] - Internationally, the U.S. stock indices showed mixed results, with the Dow Jones up 0.44%, the S&P 500 down 0.16%, and the Nasdaq down 0.76% [2][8] Important News - Premier Li Qiang hosted a meeting with economic experts and entrepreneurs to discuss the current economic situation and future economic work. He emphasized the need to accurately grasp the economic resilience from the perspective of international changes, strengthen confidence, and face issues head-on. He called for enhanced efforts in counter-cyclical adjustments and expanding domestic demand [9] - The central bank stated that the macroeconomic fundamentals are stable, and there is a solid foundation for medium- to long-term exchange rate stability. The bank will continue to maintain market-determined exchange rates and prevent excessive fluctuations [3][9]

Core Viewpoint - The meeting chaired by Premier Li Qiang emphasized the resilience and vitality of China's economy in 2023, despite facing challenges, and highlighted the importance of macroeconomic policies to ensure sustainable recovery and high-quality development [1][2]. Group 1: Economic Performance - Experts and entrepreneurs noted that China's economy has shown strong resilience and progress this year, with new bright spots emerging despite ongoing difficulties [1]. - The meeting acknowledged the need to accurately grasp the current economic situation with a broader perspective, particularly in relation to the long-term trends outlined in the five-year plan [1]. Group 2: Policy Implementation - Li Qiang stressed the importance of effective counter-cyclical adjustments and the continuous implementation of total policies to enhance development momentum [2]. - There is a focus on expanding domestic demand and strengthening the domestic circulation, with an emphasis on effective investment and market vitality [2]. Group 3: Industry Ecosystem - The meeting called for the creation of a first-class industrial ecosystem, addressing issues of disorder and irrational competition within industries [2]. - It highlighted the need for collaboration among enterprises of all sizes and the acceleration of technology transfer to foster an innovative ecosystem [2]. Group 4: Foreign Trade and Investment - Support for stabilizing foreign trade and investment was emphasized, along with the importance of exploring diversified markets and improving overseas service systems [2]. - The implementation of significant foreign investment projects was also discussed as a means to enhance economic stability [2].

Core Points - The "14th Five-Year Plan" period marks the beginning of a new journey towards building a modern socialist country and advancing towards the second centenary goal [2] - Significant achievements have been made in promoting development, enhancing vitality, and strengthening momentum through comprehensive reforms and multi-faceted breakthroughs [2] Group 1: Economic Structure - A high-level socialist market economic system is being solidly constructed [2] - The domestic circulation's leading position is continuously consolidated [7] - The quality of domestic and international dual circulation is steadily improving [11] Group 2: Trade and Openness - A diversified trade pattern is accelerating its formation [4] - Institutional openness is continuously expanding [5] - The spatial layout of domestic circulation is gradually optimized [14]

Core Viewpoint - The Chinese economy has shown resilience and vitality despite facing challenges, with positive factors accumulating, and there is a need for effective macroeconomic policies to address current issues [2][3]. Group 1: Economic Performance - The economy has withstood pressures and is progressing steadily, showcasing strong resilience and new highlights [2]. - There are ongoing difficulties, but favorable factors are continuously building up [2]. Group 2: Policy Implementation - Emphasis on implementing counter-cyclical adjustments and ensuring total policy efforts are sustained [3]. - The need to effectively utilize policy resources and reform measures to address bottlenecks and enhance development momentum [3]. Group 3: Domestic Demand and Investment - Continuous efforts to expand domestic demand and strengthen the domestic circulation are crucial [3]. - Focus on effective investment and stimulating market vitality to create new growth points for expanding domestic demand [3]. Group 4: Industry Ecosystem and Innovation - The importance of creating a first-class industrial ecosystem and managing industry disorder and irrational competition [3]. - Encouragement for deepening cooperation among enterprises of all sizes and accelerating the transformation of technological achievements [3]. Group 5: Foreign Trade and Investment - Support for stabilizing foreign trade and investment while actively exploring diversified markets [3]. - Development of a comprehensive overseas service system and implementation of significant foreign investment projects [3].

Core Viewpoint - The meeting chaired by Premier Li Qiang on October 14 emphasized the resilience and vitality of China's economy despite facing challenges, highlighting the importance of macroeconomic policies and the need for effective implementation to achieve economic goals [1][2]. Group 1: Economic Performance - Experts and entrepreneurs noted that China's economy has shown strong resilience and progress this year, with new bright spots emerging despite ongoing difficulties [1]. - The meeting acknowledged the accumulation of favorable factors that could support economic recovery and growth [1]. Group 2: Policy Implementation - Li Qiang stressed the need for effective counter-cyclical adjustments and the continuous implementation of total policies to enhance development momentum [2]. - There is a focus on expanding domestic demand and strengthening the domestic circulation, with an emphasis on effective investment and consumption measures [2]. Group 3: Industry Development - The meeting called for creating a first-class industrial ecosystem, addressing issues of disorder and irrational competition within industries, and promoting cooperation among businesses of all sizes [2]. - There is a push for accelerating the transformation of technological achievements and developing venture capital funds to foster an innovative ecosystem [2]. Group 4: Foreign Trade and Investment - Support for stabilizing foreign trade and investment was highlighted, along with the need to explore diversified markets and improve overseas service systems [2]. - The implementation of significant foreign investment projects was also encouraged to enhance economic growth [2].

Group 1 - The core viewpoint of the article emphasizes the resilience and vitality of China's economy in the face of pressures, highlighting the importance of macroeconomic policies and addressing current issues [1] - The meeting discussed the need for a broader perspective in understanding the economic situation, particularly in relation to the implementation of the five-year plan and the support from various flows such as people, logistics, information, and capital [1] - Li Qiang stressed the importance of enhancing counter-cyclical adjustments and effectively utilizing policy resources to stimulate domestic demand and strengthen the domestic circulation [1] Group 2 - Li Qiang encouraged entrepreneurs to continue innovating and contributing to high-quality development in China [2] - The meeting called for experts and scholars to leverage their professional expertise to provide constructive suggestions for economic work and the promotion of the "14th Five-Year Plan" [2]

Core Insights - The construction of a nationwide unified market in China is crucial for countering uncertainties in international circulation by leveraging the certainty of domestic circulation [2][3] - The achievements during the "14th Five-Year Plan" period highlight the acceleration of building a unified market, showcasing the internal circulation advantages of a large economy [3][5] Summary by Sections Importance of the Unified Market - The unified market is essential as it addresses the need for a stable domestic economy amidst changing external conditions, promoting the smooth flow of resources across regions [2][3] - The market resources are identified as a significant advantage for China, which must be fully utilized to support the new development pattern [2] Achievements During the "14th Five-Year Plan" - The construction of the unified market has gained momentum, with significant contributions from both supply and demand sides, enhancing market vitality [3] - The establishment of a unified electricity market has been a notable achievement, with market-based trading accounting for 63% of total electricity consumption by 2024 [5] Infrastructure and Logistics Development - The development of high-standard infrastructure has accelerated, significantly reducing transaction costs across the economy [6] - The logistics network has expanded, with the total operational mileage of the national transportation network increasing by over 300,000 kilometers compared to the previous five-year plan [6] Consumer Market Dynamics - Consumer spending has contributed an average of 56.2% to economic growth during the "14th Five-Year Plan," with retail sales expected to exceed 50 trillion yuan by 2025 [6] - New consumption trends are emerging, including digital consumption and AI-driven purchasing, indicating a shift towards innovative market dynamics [6] Reform and Open Market Strategies - The key to achieving the unified market's goals lies in reforming the relationship between government and market, fostering a fair competitive environment [7] - The government has streamlined market access regulations, reducing the negative list of market entry by one-third, thus enhancing efficiency [7][10] - The focus on high-level institutional openness aims to create a world-class business environment, facilitating international trade and investment [10]