Industry Knowledge Platform - Crypto space is a knowledge-intensive platform requiring continuous learning and adaptation [1] - Participants need to understand macroeconomics, including interest rate decisions (Federal Reserve rate hikes/cuts), CPI, PPI, non-farm payroll, unemployment rate, USD index, and capital flows [1] - Participants need to understand on-chain data, including on-chain transactions, trading depth, and funding rates [1] Investment and Risk - Knowledge of macroeconomics and on-chain data is crucial for navigating the crypto market [1] - Understanding derivatives such as options and futures contracts is essential [1]

1. Report General Information - Report Title: Non-ferrous Metals Weekly Report [1] - Date: December 12, 2025 [2] - Researcher: Zhang Ping, Yu Feifei, Peng Jinglin [3] 2. Ratings - No report industry investment rating is provided in the content. 3. Core Views - Copper prices are expected to remain high and fluctuate, supported by fundamentals but affected by the expected interest rate hike of the Bank of Japan [8]. - The current industrial fundamentals of lithium carbonate are healthy, but the momentum to drive lithium prices up is insufficient, so it is cautiously bullish in the short term [25]. - Aluminum prices are likely to rise easily and fall hard in the short term, and it is recommended to buy on dips and be cautious about chasing up [42]. - Nickel prices are expected to continue to be weak under the pressure of oversupply [76]. - Zinc prices will maintain a strong short - term pattern but may enter a high - level shock later [102]. 4. Summary by Metals Copper 1. Market Review and Operation Suggestions - This week, SHFE copper fluctuated between 91,450 and 94,570, with a total position of 646,872 lots. The spot premium turned to a discount of 20 on Friday. The copper price hit a record high due to the Fed's interest rate cut, China's policy expectations, and supply - demand support. LME copper ranged from 11,585 to 11,952, and the net long position of funds increased [7]. - It is recommended to note that although the supply of refined copper is under limited pressure and the demand acceptance has marginally improved, the expected interest rate hike of the Bank of Japan may suppress market sentiment. Overall, copper prices are expected to fluctuate at a high level [8]. 2. Fundamental Analysis - Supply: The import TC of copper concentrate continued to decline, while the processing fees of cold materials increased. The smelting loss of spot copper concentrate expanded, but the by - product sulfuric acid revenue rose. SMM expects the electrolytic copper output in December to increase by 65,700 tons month - on - month. The import window of refined copper is closed [11][12][14]. - Demand: The weekly operating rate of scrap copper rods increased by 9.01 percentage points to 18.16%, while that of refined copper rods decreased by 2.82% to 64.54%. The operating rates of wire and cable and enameled wire also declined [15][16][17]. - Spot: Domestic social inventory increased slightly, and bonded area inventory decreased. LME + COMEX market inventory increased [18]. Lithium Carbonate 1. Market Review and Operation Suggestions - This week, the futures price of lithium carbonate rose, with the main contract ranging from 91,120 to 101,620. The spot price of battery - grade lithium carbonate was relatively stable. The inventory decreased by 2,133 tons to 111,469 tons, and the cost support increased [24]. - It is recommended to note that the supply pressure is easing, and the demand growth rate of the terminal field is slowing down. The current industrial fundamentals are healthy, but the power to drive lithium prices up is insufficient, so it is cautiously bullish in the short term [25]. 2. Fundamental Analysis - Supply: The supply pressure of lithium carbonate is easing. It is expected that the output in December will decrease by 1% month - on - month. The prices of lithium mines generally rose, and the cash costs of producing lithium carbonate from lithium mica and lithium spodumene increased [27][28]. - Demand: The prices of ternary materials, lithium iron phosphate, and cobalt acid lithium all rose. The prices of power cells fluctuated, and the production of power cells slowed down at the end of the year, while the production of energy - storage cells remained good [29][30][31]. - Spot: The difference between battery - grade and industrial - grade lithium carbonate was at a low level, and the spot discount to the main contract deepened significantly. The inventory continued to decline [33][34]. Aluminum 1. Market Review and Operation Suggestions - This week, SHFE aluminum fluctuated at a high level, with the main contract ranging from 21,790 to 22,355. Alumina continued to fall, and the smelting profit of the electrolytic aluminum industry continued to rise. The industry was in a state of destocking, and the import window was closed [40]. - It is recommended to note that the price of domestic bauxite is stable, alumina is still falling, and the demand for aluminum processing is weak. In the short term, aluminum prices are likely to rise easily and fall hard, and it is recommended to buy on dips and be cautious about chasing up [42]. 2. Fundamental Changes - Bauxite: The price of domestic bauxite remained stable, and the supply of imported bauxite was well - supported. The CIF price of Guinea bauxite decreased by 0.5 to 70.5 US dollars per wet ton [43]. - Alumina: The futures price hit a new low, and the import window was open. The weighted index of Shanghai Non - ferrous decreased by 0.59% week - on - week. The operating rate of domestic alumina plants was at a high level [46][47]. - Electrolytic Aluminum: The price of alumina continued to fall, and the average profit of the industry increased to 5,715.47 yuan per ton [52]. - Exports and Imports: In October, the export of aluminum cables increased, and the import window of aluminum ingots was closed [61]. - Processing Enterprises: The weekly operating rate of leading aluminum processing enterprises decreased by 0.1 percentage points to 61.8%, and the demand was weak [65]. - Inventory: The inventory of electrolytic aluminum ingots and aluminum rods continued to decline [69]. Nickel 1. Market Review and Operation Suggestions - This week, nickel prices fell unilaterally. SHFE nickel and LME nickel both declined, and the import window was closed. The domestic social inventory increased by 2,122 tons to 58,970 tons, and the overall inventory pressure was significant [72]. - It is recommended to note that the price of Indonesian nickel ore fell, the price of nickel iron rebounded slightly, and the price of nickel salts continued to fall. The inventory continued to increase, and nickel prices are expected to remain weak [75][76]. 2. Fundamental Changes - Nickel Ore: The prices of Philippine and Indonesian nickel ores were temporarily stable, but the price of Indonesian nickel ore was loose. In October, the import of nickel ore decreased significantly [77]. - Nickel Iron: In November, the production of nickel pig iron decreased. In December, the production is expected to continue to decline both year - on - year and month - on - month. In October, the import of nickel iron decreased slightly but remained at a high level [85][86][89]. - Electrolytic Nickel: The production capacity of electrowon nickel was rapidly released. In November, the production of refined nickel decreased [90]. - Nickel Sulfate: This week, the price of nickel salts continued to fall. In November, the production of nickel sulfate increased [93][96]. - Stainless Steel: This week, the inventory of the stainless - steel market increased slightly, and the actual demand did not improve significantly [99]. Zinc 1. Market Review and Operation Suggestions - This week, SHFE zinc rose to repair the gap in April and then fluctuated at a high level. The spot premium declined, and the processing fees of zinc ore continued to fall. The domestic social inventory decreased by 7,800 tons to 128,200 tons, and the LME zinc inventory increased [101]. - It is recommended to note that under the joint drive of macro - benefits and fundamental shortages, zinc prices will maintain a strong short - term pattern but may enter a high - level shock later. Attention should be paid to the actual production reduction of smelters, inventory destocking rhythm, and macro - sentiment changes [102]. 2. Fundamental Analysis - Supply: The processing fees of zinc ore continued to decline, and the production of refined zinc in November may have declined slightly. In December, the production is expected to continue to fall. The overseas LME0 - 3 Back structure remains high, and the export window is open [109][110]. - Demand: The operating rate of galvanizing increased by 0.33% to 58.39%, while the operating rates of die - casting zinc alloy and zinc oxide decreased. The overall demand in the fourth quarter is weak [111][112]. - Spot: Domestic social inventory decreased by 7,800 tons to 128,200 tons, and LME zinc inventory increased by 2,600 tons to 60,350 tons [113].

请务必阅读正文之后的免责条款部分 EVERBRIGHT FUTURES 1 有色商品日报 有色商品日报（2025 年 12 月 12 日） 一、研究观点 | 品 | 点评 | | --- | --- | | 种 | | | | 隔夜内外铜价震荡走高，并再创历史新高。宏观方面，有媒体报导，华尔街普遍认为， | | | 美联储 12 月会议虽流露鹰派信号，如内部罕见分歧、强调数据依赖，但并未动摇其宽松 | | | 基调。国内方面，中国 11 月 CPI 同比上涨 0.7%，创 2024 年 3 月来最高，PPI 同比降幅 | | | 略有扩大，关注中央经济工作会议。库存方面，LME 铜库存增加 875 吨至 165850 吨； | | 铜 | COMEX 铜仓单增加 1934 吨至 405786 吨；SHFE 铜仓单增加 2530 吨至 31460 吨；BC | | | 铜增加 1237 吨至 6166 吨。美联储为呵护金融市场流动性购买短债的动作以及缩表结束 | | | 扩表预期成为昨晚铜反弹诱因，宏观氛围回暖，不过接下来市场可能关注日央行是否有 | | | 加息动作，或带来一定的宏观扰动。整体来看铜维系基本面 ...

Core Viewpoint - The automotive industry in China is experiencing stable growth, driven by proactive macroeconomic policies and strong performance in various segments, including passenger vehicles, commercial vehicles, and electric vehicles [3]. Group 1: Economic Performance - In November 2025, China's automotive production and sales continued to show positive performance, with both month-on-month and year-on-year growth despite a high base [3]. - The overall economic stability and improvement have positively impacted the automotive industry, with effective measures enhancing domestic demand and trade resilience [3]. Group 2: Market Outlook - The automotive market is expected to achieve record production and sales for the year, contributing to a successful conclusion of the 14th Five-Year Plan [3]. - Upcoming policies and initiatives from the government are anticipated to boost consumer confidence and stabilize market expectations, laying a solid foundation for the 15th Five-Year Plan [3]. Group 3: Industry Initiatives - The China Automotive Industry Association announced the 2026 China Commercial Vehicle Forum and released the "2025 China Automotive Industry Sustainable Development Practice Case Collection" [4].

Group 1: Energy and Metals Report's Overall View on Energy and Metals - The oil market is in a phase of supply - demand imbalance and geopolitical factors' game. The long - term trend of oil prices is downward due to supply surplus. Precious metals are generally in a volatile and upward - biased trend, while different metals have different market trends and investment suggestions [1][2] Key Points for Each Metal and Energy Product - **Crude Oil**: The US plans to seize oil tankers transporting Venezuelan oil, which may suspend 600 million barrels of oil transport. The IEA has slightly narrowed the forecast of oil supply surplus. Geopolitical factors have a limited and short - term impact on oil prices, and the long - term trend is driven by supply surplus [1] - **Precious Metals**: Overnight, precious metals rose. The US weekly initial jobless claims increased, the Fed cut interest rates and announced short - term bond purchases. The gold - silver ratio is expected to decline, and it is not recommended to chase high for platinum [2] - **Copper**: Overnight, copper prices continued to rise. The market is attracted by the Fed's bond - buying. The LME cancellation warrant ratio reached 40%. Domestic copper prices hit a new high. It is recommended to hold long positions based on the MA5 moving average [3] - **Aluminum**: Overnight, non - ferrous metals were strong, and the aluminum price was relatively mild. The spot discount in some regions narrowed, and the inventory decreased. The medium - term trend of Shanghai aluminum is upward - biased, and it is advisable to participate near the middle track of the Bollinger Band [4] - **Alumina**: The operating capacity of alumina is at a historical high, with a supply surplus. The inventory and exchange warrants are increasing, and the price is expected to be weak before large - scale production cuts [5] - **Cast Aluminum Alloy**: The price of ADC12 increased. The scrap aluminum supply is tight, and the industry inventory is high. The price difference with Shanghai aluminum is expected to narrow at the end of the year [6] - **Zinc**: Zinc rebounded strongly. The TC of domestic and foreign mines decreased, and there is an expectation of further production cuts. The export window is open, but the downstream demand is weak in the off - season. Shanghai zinc is expected to fluctuate between 22,500 - 23,500 yuan/ton [7] - **Lead**: The fundamentals of lead are in a state of contradiction between cost and consumption. The delivery is approaching, and the warehouse receipts are increasing. The import window is open, and the price is expected to fluctuate narrowly between 17,000 - 17,300 yuan/ton [8] - **Nickel and Stainless Steel**: Nickel prices回调, and the market trading was light. The stainless steel market is pessimistic. Nickel inventory increased, while nickel - iron inventory decreased. It is advisable to short at high positions [9] - **Tin**: Overnight, Shanghai tin rose strongly, driven by funds. The market is waiting for the Indonesian tin export data. It is recommended to sell call options at high positions [10] - **Lithium Carbonate**: The price of lithium carbonate rose again, and the market trading recovered. The inventory decreased, and the mine price remained strong. The futures price is expected to be high - volatile, and it is advisable to be cautiously bullish [11] - **Industrial Silicon**: The main contract of industrial silicon stopped falling and stabilized, while the far - month contracts were weak. The year - end fundamentals are weak, and it is expected to fluctuate in the short term [12] - **Polysilicon**: The futures market of polysilicon is supported by the policy expectation, but the year - end demand is lower than expected. The short - term upward drive exists, but the effectiveness of breaking through the upper limit needs policy confirmation [13] Group 2: Steel and Related Products Report's Overall View on Steel and Related Products - The steel market is facing supply - demand imbalance, with weakening demand and supply adjustment. The prices of related products such as iron ore, coke, and coking coal are also under pressure [14] Key Points for Each Product - **Steel (Rebar and Hot - Rolled Coil)**: Night - trading steel prices fluctuated. Rebar demand and production decreased, and inventory decreased. Hot - rolled coil supply and demand both declined, and inventory decreased slowly. The supply pressure of iron water is relieved, but the downstream demand is weak. The market is short - term pressured [14] - **Iron Ore**: The iron ore market is in a state of supply - demand surplus. The supply is strong, and the demand is weak in the off - season. The price is expected to decline in the long term, with short - term liquidity disturbances [15] - **Coke**: The coke price fluctuated downward. There is an expectation of a second price cut. The inventory decreased slightly, and the demand is still resilient but the steel mills have a strong willingness to lower prices. The price is expected to be weak [16] - **Coking Coal**: The coking coal price fluctuated downward. The production decreased slightly, and the inventory increased. Similar to coke, the price is expected to be weak [17] - **Silicon Manganese**: The price of silicon manganese fluctuated weakly. The manganese ore price increased slightly, and the port inventory has a structural problem. The demand decreased seasonally, and the inventory increased slowly [18] - **Silicon Iron**: The price of silicon iron fluctuated weakly. There is an expectation of cost reduction. The demand is still resilient, and the supply decreased with a slight inventory decline [19] Group 3: Shipping and Chemicals Report's Overall View on Shipping and Chemicals - The shipping market has signs of stabilization, while the chemical market has different trends due to supply - demand and cost factors [20] Key Points for Each Product - **Container Shipping Index (European Line)**: The spot market of container shipping has signs of stabilization, with the price slightly falling compared to last week but rising compared to early December. The cargo volume is increasing, but the price may fluctuate in January [20] - **Fuel Oil and Low - Sulfur Fuel Oil**: Fuel oil prices follow the crude oil cost. The supply of high - sulfur fuel oil is mixed, and the demand is limited. The supply of low - sulfur fuel oil is relatively abundant, and the price is expected to be weak [21] - **Urea**: The urea market fluctuated weakly. The inventory of production enterprises decreased, but the supply is still abundant. The market is expected to fluctuate in a range after a short - term correction [22] - **Methanol**: The import of methanol is delayed, and the port inventory decreased. The future supply is expected to be sufficient, and the market is expected to fluctuate weakly in a range [23] - **Pure Benzene**: The spot price of pure benzene rebounded slightly, and the port inventory increased. There is an expectation of supply - demand improvement in the future, and it is advisable to consider positive spreads in the medium - term [24] - **Styrene**: The supply of styrene is expected to increase, but the demand in the East China market is strong, and the inventory decreased. The market is expected to fluctuate widely [25] - **Polypropylene, Plastic, and Propylene**: The supply of propylene increased slightly, and the demand decreased. The supply of polyethylene is stable, and the demand is weakening. The demand for polypropylene is also weakening [26] - **PVC and Caustic Soda**: The PVC industry is in a state of over - inventory, and the price is expected to be low. The caustic soda market is also under pressure due to high supply and low demand [27] - **PX and PTA**: The prices of PX and PTA fell with the weakening of oil prices. The load is stable, and the terminal demand is weak. PX is expected to be strong in the medium - term, and the processing margin of PTA is expected to recover [28] - **Ethylene Glycol**: The price of ethylene glycol fell sharply, and the inventory increased. There is an expectation of inventory accumulation during the Spring Festival, and the long - term price is pressured [29] - **Short - Fiber and Bottle - Chip**: The short - fiber market is seasonally weak, and the bottle - chip demand is weak. The long - term supply - demand pattern of short - fiber is relatively good, and the bottle - chip market is mainly driven by cost [30] Group 4: Building Materials Report's Overall View on Building Materials - The building materials market is generally weak, with factors such as supply - demand imbalance and cost changes affecting prices [31] Key Points for Each Product - **Glass**: The price of glass continued to fall due to weakening spot prices and cost support. The inventory decreased last week, but the production and sales are weakening. It is advisable to wait and see in the short term [31] - **20 - Rubber, Natural Rubber, and Butadiene Rubber**: The supply of natural rubber is decreasing, and the demand is slowly increasing. The synthetic rubber supply is decreasing, and the cost support is strong. It is advisable to pay attention to cross - variety arbitrage opportunities [32] - **Soda Ash**: The price of soda ash is weak due to cost reduction and high supply. The inventory is still high, and the long - term supply is expected to be in surplus [33] Group 5: Agricultural Products Report's Overall View on Agricultural Products - The agricultural product market has different trends. Some are affected by import and export policies, weather, and supply - demand relationships [34] Key Points for Each Product - **Soybeans and Soybean Meal**: The domestic soybean import clearance is slow, and the near - month soybean meal futures contracts rose. The market is waiting for the US soybean export situation and South American weather changes [34] - **Soybean Oil and Palm Oil**: Germany's bio - fuel policy changes may affect the demand for palm oil. The palm oil inventory in Malaysia is high, and the price is expected to fluctuate [35] - **Rapeseed Meal and Rapeseed Oil**: The Chinese - Canadian rapeseed trade is stagnant, and the Chinese - Russian rapeseed trade is increasing. The Canadian rapeseed market is in a state of oversupply [36] - **Soybean 1**: The domestic soybean price is strong. The policy - related trading is active, and the price difference between domestic and imported soybeans is expanding [37] - **Corn**: Corn futures fluctuated. The upstream selling enthusiasm is increasing, and the downstream demand is not obvious. It is advisable to short the near - month contract and go long on the 05 contract [38] - **Pigs**: The pig futures price continued to fall, and the spot price is stable. The market is in a state of oversupply, and the price is expected to have a second bottom in the first half of next year [39] - **Eggs**: Egg futures decreased in positions, and the price fluctuated slightly. The spot price is stable. The short - term price is expected to correct downward, and the long - term fundamentals are expected to improve [40] - **Cotton**: US cotton prices rose, and Zhengzhou cotton broke through the resistance. The new cotton production increased, but the inventory is not high, and the demand is stable. It is advisable for the industry to consider hedging [41] - **Sugar**: The international sugar market supply is sufficient, and the US sugar price is under pressure. The domestic sugar production in Guangxi is expected to be good in the 25/26 season [42] - **Apples**: The apple futures price fluctuated at a high level. The inventory decreased this year, and the short - term price is strong. The far - month contract may face inventory pressure [43] - **Timber**: The timber futures price fell. The supply price decreased, and the demand is in the off - season. The low inventory provides some support, and it is advisable to wait and see [44] - **Paper Pulp**: The paper pulp futures price rose, and the spot price followed. The inventory decreased, and the import increased. The new - year contract may have less warrant pressure. It is advisable to wait and see or trade short - term [45] Group 6: Financial Products Report's Overall View on Financial Products - The stock market is affected by macro - policies and external markets. The bond market has a certain degree of sentiment relief, but risks still need to be noted [46] Key Points for Each Product - **Stock Index**: The A - share market opened high and closed low, and the futures index fell. The central economic work conference set the tone for next year's economic policy. It is advisable to increase positions slightly at low positions [46] - **Treasury Bonds**: The treasury bond futures prices rose. The short - term Shibor decreased. The bond market sentiment is relieved, but risks still need to be noted [47]

申万宏源宏观 中央经济工作会议的十大亮点（申万宏观·赵伟团队） 原创 阅读全文 ...

投资咨询业务资格：证监许可【2012】669号 12月FOMC会议较预期偏鸽，白银再创新高 ——中信期货晨报20251212 中信期货研究所 仲鼎 从业资格号F03107932 投资咨询号Z0021450 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 | | | | THE MAN MALL PROPERTY CONTRACT PRODUCTION 日度涨跌幅 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 板块 | 品种 | 现价 | | 周度涨跌幅 | 月度涨跌幅 | 季度涨跌幅 今年涨跌幅 | | | | 沪深300期货 | 4539.6 | -0.76% | -0.76% | 0.75% | -1.70% | 15.78% | | 股指 | 上证50期货 | 2969.8 | -0.37% | -0.92% | 0.22% | -0.64% | 10.90% | | | 中证500期货 | ...

/ 072 其次，陈雳还提到，什么时候出现从降息到加息的拐点，是2026年需要思考的问题。整体来看，货币政策预计延续适度宽松，呈现"总量稳中有松、结构更 趋精准"特点。降准降息的时机与力度将依据经济形势、物价回升及政策协调等因素灵活把握，央行将加强与财政政策协同，为"十五五"实施营造稳定宏观 环境。 北京商报讯（记者 李海媛）12月11日，由中外企业文化、北京商报社主办的2025年度北京商业品牌大会金融消费专题论坛在北京召开。川财证券首席经济 学家、总裁助理、研究所所长陈雳在题为《向新而行：2026年宏观经济及市场投资展望》的演讲中提到，2026年是"十五五"规划的开局之年和高起步之年， 中国经济将在深化改革和扩大开放中实现质的提升。未来五年将经历五大变革：从传统要素驱动向创新驱动转变；现代化产业体系建设加速；投资于人越来 越重要；内需成为更大看点；中国改革开放呈现新姿态。 2025 #+-= 881, # 金融新行势力 创新 北京商业品牌大会金融消 就2026年宏观经济看点而言，首先是前沿科技全面突破。政策聚焦构建现代化产业体系，"布局未来产业"是明确方向，重点赛道包括：AI、新能源、生物科 技、商业航天、 ...

Core Viewpoint - The article discusses the transition from Wind's API to new data solutions, highlighting the challenges and opportunities this change presents for data-driven investment analysis. Group 1: API Transition - Wind's API trial policy is being discontinued, prompting the need for the company to seek alternative API solutions for data analysis [4][6]. - The transition involves not only migrating existing processes but also potentially rewriting code to improve structure and functionality [7][11]. Group 2: Market Analysis - The Federal Reserve's recent interest rate cut, supported by 9 votes to 3, indicates a shift towards a more hawkish stance in the future, which may hinder further rate cuts [15][16]. - The A-share market is experiencing a downturn, with the Wind Micro Index dropping by 2.88% and a cumulative decline of 4.95% this month, contrasting with a slight increase in the CSI 300 [17][18]. Group 3: Sector Performance - Most sectors are facing declines, with notable drops in communication equipment and technology stocks, while only the banking sector shows some resilience [18][19]. - The overall market sentiment is low, with a decrease in premium rates for previously high-demand ETFs, indicating a cautious approach among investors as year-end approaches [20].

Group 1: Research Views - Overnight copper prices at home and abroad fluctuated weakly. The Fed cut interest rates by 25 basis points and started short - term Treasury bond purchases. The dot - plot shows one expected 25 - basis - point cut next year. China's November CPI rose 0.7% year - on - year, and PPI's year - on - year decline slightly widened. Copper prices are in a pattern of fundamental (inventory) support and short - term macro disturbances, and should be viewed with cautious optimism [1]. - Overnight alumina, aluminum, and aluminum alloy prices fluctuated strongly. Alumina supply remains high, and inventory pressure increases. The aluminum price followed the copper - aluminum ratio repair logic, but the follow - up strength is weakening [1][2]. - Overnight LME nickel and Shanghai nickel prices fell. Nickel prices may still fluctuate in the short term, and attention should be paid to macro and overseas industrial policy changes [3]. Group 2: Daily Data Monitoring - **Copper**: On December 10, 2025, the price of flat - copper decreased by 505 yuan/ton compared to the previous day, and the total inventory (weekly) decreased by 9025 tons [5]. - **Lead**: On December 10, 2025, the average price of 1 lead decreased by 120 yuan/ton compared to the previous day, and the inventory (weekly) decreased by 3064 tons [5]. - **Aluminum**: On December 10, 2025, the Wuxi and Nanhai quotes decreased by 100 yuan/ton compared to the previous day, and the total inventory (weekly) increased by 8353 tons [6]. - **Nickel**: On December 10, 2025, the price of Jinchuan nickel decreased by 1125 yuan/ton compared to the previous day, and the nickel inventory (weekly) increased by 1726 tons [6]. - **Zinc**: On December 10, 2025, the main settlement price decreased by 0.3% compared to the previous day, and the social inventory (weekly) decreased by 0.17 tons [8]. - **Tin**: On December 10, 2025, the main settlement price increased by 0.6% compared to the previous day, and the SHFE inventory (weekly) increased by 506 tons [8]. Group 3: Chart Analysis - **Spot Premium and Discount**: Charts show the spot premium and discount trends of copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [10][12][13]. - **SHFE Near - Far Month Spread**: Charts show the near - far month spread trends of copper, aluminum, nickel, zinc, lead, and tin from 2020 - 2025 [14][17][19]. - **LME Inventory**: Charts show the LME inventory trends of copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [22][24][26]. - **SHFE Inventory**: Charts show the SHFE inventory trends of copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [28][30][32]. - **Social Inventory**: Charts show the social inventory trends of copper, aluminum, nickel, zinc, stainless steel, and 300 - series from 2019 - 2025 [34][36][39]. - **Smelting Profit**: Charts show the smelting profit - related trends of copper, aluminum, nickel, zinc, and stainless steel 304 from 2019 - 2025 [40][42][44]. Group 4: Team Introduction - Zhan Dapeng, a master of science, is the director of non - ferrous research at Everbright Futures Research Institute, with over a decade of commodity research experience [47]. - Wang Heng, a master of finance from the University of Adelaide, Australia, is a non - ferrous researcher at Everbright Futures, mainly researching aluminum and silicon [47]. - Zhu Xi, a master of science from the University of Warwick, UK, is a non - ferrous researcher at Everbright Futures, mainly researching lithium and nickel [48].