Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - On September 29, the silicon iron 2511 contract was reported at 5610, down 1.23%. The Ningxia silicon iron spot was reported at 5360, down 90 yuan/ton. With the eight - department issuance of the non - ferrous metals industry growth - stabilization plan, the non - ferrous metals industry is expected to have an average annual added - value growth of about 5% from 2025 - 2026. In terms of supply and demand, production has rebounded rapidly after the previous profit improvement, with neutral inventory levels and short - term cost support. The market should be treated as a volatile operation [2]. - On September 29, the manganese silicon 2601 contract was reported at 5820, down 0.78%. The Inner Mongolia manganese silicon spot was reported at 5600, down 100 yuan/ton. The adjustment of the automobile trade - in policy in Jiangsu Province has taken place. Fundamentally, production has been on an upward trend since mid - May, with a significant increase in inventory this period. The market should also be treated as a volatile operation [2]. 3. Summary by Directory 3.1 Futures Market - SM main contract closing price was 5820 yuan/ton, down 28 yuan; SF main contract closing price was 5610 yuan/ton, down 50 yuan [2]. - SM futures contract holdings were 490,681 hands, down 10,402 hands; SF futures contract holdings were 323,191 hands, down 15,815 hands [2]. - The net position of the top 20 in manganese silicon was - 63,659 hands, up 4371 hands; the net position of the top 20 in silicon iron was - 29,445 hands, up 4077 hands [2]. - The SM 5 - 1 month contract spread was 32 yuan/ton, down 14 yuan; the SF 5 - 1 month contract spread was 96 yuan/ton, down 28 yuan [2]. - SM warehouse receipts were 55,212, down 901; SF warehouse receipts were 17,031, down 342 [2]. 3.2 Spot Market - Inner Mongolia manganese silicon FeMn68Si18 was 5600 yuan/ton, down 100 yuan; Inner Mongolia silicon iron FeSi75 - B was 5430 yuan/ton, down 80 yuan [2]. - Guizhou manganese silicon FeMn68Si18 was 5680 yuan/ton, down 20 yuan; Qinghai silicon iron FeSi75 - B was 5260 yuan/ton, down 40 yuan [2]. - Yunnan manganese silicon FeMn68Si18 was 5740 yuan/ton, down 20 yuan; Ningxia silicon iron FeSi75 - B was 5360 yuan/ton, down 90 yuan [2]. - The manganese silicon index average was 5694 yuan/ton, down 23 yuan; the SF main contract basis was - 250 yuan/ton, down 40 yuan [2]. - The SM main contract basis was - 220 yuan/ton, down 72 yuan [2]. 3.3 Upstream Situation - South African ore: Mn38 block at Tianjin Port was 24 yuan/ton degree, unchanged; silica (98% in the northwest) was 210 yuan/ton, unchanged [2]. - Inner Mongolia Wuhai secondary metallurgical coke was 1100 yuan/ton, unchanged; semi - coke (medium material in Shenmu) was 760 yuan/ton, unchanged [2]. - Manganese ore port inventory was 447.80 million tons, up 20.60 million tons [2]. 3.4 Industry Situation - Manganese silicon enterprise operating rate was 44.18%, down 1.50%; silicon iron enterprise operating rate was 35.33%, up 0.49% [2]. - Manganese silicon supply was 206,430 tons, down 2345 tons; silicon iron supply was 114,500 tons, up 1400 tons [2]. - Manganese silicon manufacturer inventory was 233,800 tons, up 34,900 tons; silicon iron manufacturer inventory was 61,460 tons, down 1930 tons [2]. - Manganese silicon inventory days of national steel mills was 14.98 days, up 0.74 days; silicon iron inventory days of national steel mills was 14.67 days, up 0.42 days [2]. - Manganese silicon demand of the five major steel types was 122,484 tons, up 1058 tons; silicon iron demand of the five major steel types was 19,865.90 tons, up 277.30 tons [2]. 3.5 Downstream Situation - The blast furnace operating rate of 247 steel mills was 84.47%, up 0.47%; the blast furnace capacity utilization rate of 247 steel mills was 90.88%, up 0.50% [2]. - Crude steel production was 77.3686 million tons, down 2.2896 million tons [2]. 3.6 Industry News - In July, affected by US tariff policies, the global economic and trade friction index reached 110, at a high level. The US, the EU, and Brazil ranked in the top three, with the US having the largest amount of global economic and trade friction measures for 13 consecutive months [2]. - The eight - department issued the "Work Plan for Stabilizing Growth in the Non - Ferrous Metals Industry (2025 - 2026)", aiming for an average annual growth of about 5% in added - value and about 1.5% in the production of ten non - ferrous metals from 2025 - 2026 [2]. - The draft resolution proposed by Russia and China to extend the sanctions exemption for Iran was not adopted by the Security Council. The UK representative said the UN would re - impose sanctions on Iran on Saturday, and Iran warned that the West should bear the consequences [2]. - The Jiangsu Provincial Department of Commerce adjusted the automobile trade - in policy, suspending the automobile replacement subsidy policy at 24:00 on September 28, 2025 [2].

Report Industry Investment Rating - Not provided Core Viewpoints - The main contract of Shanghai copper first declined and then rose, with a decrease in open interest, a spot discount, and a weakening basis. The copper price cost support logic remains due to tight supply of copper concentrates and a decline in raw material imports. Domestic copper production is expected to maintain a slight growth trend due to tight raw material supply. The copper industry outlook has improved, and the downstream copper product start - up situation will significantly recover. The refined copper demand may increase significantly, and the previously accumulated social inventory may gradually decrease. The options market sentiment is bullish, and the implied volatility has slightly decreased. It is recommended to conduct short - term long trades at low levels with a light position, paying attention to controlling the rhythm and trading risks [2]. Summary by Related Catalogs Futures Market - The closing price of the main futures contract of Shanghai copper was 82,370 yuan/ton, down 100 yuan; the price of LME 3 - month copper was 10,266 dollars/ton, up 84.5 dollars. The inter - month spread of the main contract was 10 yuan/ton, up 20 yuan. The open interest of the main Shanghai copper contract was 213,792 lots, down 15,258 lots. The net position of the top 20 futures holders of Shanghai copper was - 15,120 lots, down 8,410 lots. The LME copper inventory was 144,400 tons, down 25 tons; the SHFE inventory of cathode copper was 98,779 tons, down 7,035 tons; the LME copper cancelled warrants were 9,875 tons, down 450 tons; the SHFE warehouse receipts of cathode copper were 25,603 tons, down 2,856 tons [2]. Spot Market - The spot price of SMM 1 copper was 82,210 yuan/ton, down 275 yuan; the spot price of Yangtze River Non - ferrous Market 1 copper was 82,315 yuan/ton, down 280 yuan. The CIF (bill of lading) price of Shanghai electrolytic copper was 59 dollars/ton, unchanged; the average premium of Yangshan copper was 52 dollars/ton, unchanged. The basis of the CU main contract was - 160 yuan/ton, down 175 yuan; the LME copper cash - to - 3 spread was - 38.91 dollars/ton, down 7.36 dollars [2]. Upstream Situation - The import volume of copper ores and concentrates was 275.93 million tons, up 19.92 million tons. The copper smelter's rough smelting fee (TC) was - 40.36 dollars/kiloton, up 0.44 dollars. The price of copper concentrates in Jiangxi was 72,580 yuan/metal ton, down 280 yuan; the price in Yunnan was 73,280 yuan/metal ton, down 280 yuan. The processing fee of blister copper in the south was 700 yuan/ton, unchanged; the processing fee in the north was 700 yuan/ton, unchanged. The output of refined copper was 130.10 million tons, up 3.10 million tons. The import volume of unwrought copper and copper products was 430,000 tons, down 50,000 tons [2]. Industry Situation - The social inventory of copper was 41.82 million tons, up 0.43 million tons. The price of 1 bright copper wire scrap in Shanghai was 56,840 yuan/ton, up 100 yuan; the price of 2 copper scrap (94 - 96%) in Shanghai was 70,000 yuan/ton, up 100 yuan. The ex - factory price of 98% sulfuric acid of Jiangxi Copper was 460 yuan/ton, unchanged [2]. Downstream and Application - The output of copper products was 222.19 million tons, up 5.26 million tons. The cumulative value of power grid infrastructure investment was 3,796 billion yuan, up 481.03 billion yuan. The cumulative value of real estate development investment was 60,309.19 billion yuan, up 6,729.42 billion yuan. The monthly output of integrated circuits was 4,250,287,100 pieces, down 438,933,600 pieces [2]. Options Situation - The 20 - day historical volatility of Shanghai copper was 14.37%, unchanged; the 40 - day historical volatility was 11.25%, unchanged. The implied volatility of the current - month at - the - money IV was 21.64%, down 0.0141. The put - call ratio of at - the - money options was 1.42, down 0.0104 [2]. Industry News - Eight departments issued the "Work Plan for Stabilizing Growth in the Non - ferrous Metals Industry (2025 - 2026)", aiming for an average annual growth of about 5% in the added value of the non - ferrous metals industry from 2025 to 2026, an average annual growth of about 1.5% in the output of ten non - ferrous metals, and positive progress in the development of domestic resources such as copper, aluminum, and lithium, with the output of recycled metals exceeding 20 million tons. In July, due to US tariff policies, the global economic and trade friction index reached 110, remaining at a high level. The US core PCE price index in August met expectations. The actual consumer spending in August increased for the third consecutive month, exceeding expectations. From January to August, the total profit of industrial enterprises above designated size in China increased by 0.9% year - on - year, and in August, the profit increased by 20.4% year - on - year, turning from a decline in the previous month [2].

Investment Rating - The report rates the non-ferrous metals industry as "Overweight" indicating a positive outlook for the sector [4]. Core Insights - The Ministry of Industry and Information Technology and other departments have issued a "Stabilization Work Plan for the Non-Ferrous Metals Industry (2025-2026)" aiming for an average annual growth of around 5% in the industry's added value and a 1.5% annual growth in the production of ten non-ferrous metals [4]. - The plan emphasizes orderly project construction and rational layout of projects such as alumina, copper smelting, and lithium carbonate to avoid redundant low-level construction [4]. - The report highlights the need for stricter control over new alumina production capacity due to falling prices and profits, suggesting that the threshold for new capacity may be raised [4]. - Copper smelting is facing significant losses with current spot treatment charges (TC) fluctuating around -40 USD/dry ton, necessitating capacity control in the industry [4]. - The lithium carbonate sector is expected to stabilize as supply-side optimization is anticipated, with recent regulatory changes enhancing government control over lithium supply [4]. - The report suggests focusing on companies with profit elasticity in the relevant sectors, recommending specific companies for alumina, copper smelting, and lithium carbonate [4]. Summary by Sections Alumina - The report notes that alumina prices have dropped below 3000 CNY/ton, with average industry profits falling to 103 CNY/ton, highlighting the need for stricter control over new capacity [4]. Copper Smelting - The report indicates that copper smelting is experiencing significant losses, with treatment charges dropping from over 90 USD/dry ton to -40 USD/dry ton, leading to calls for capacity control [4]. Lithium Carbonate - The report mentions that lithium prices have fallen to around 60,000 CNY/ton, below the cash costs for some companies, and anticipates a stabilization in the sector due to increased government regulation [4]. Investment Recommendations - The report recommends monitoring companies such as China Aluminum, China Hongqiao, and Xinjiang Zhonghe in the alumina sector; Tongling Nonferrous, Jiangxi Copper, and Yunnan Copper in copper smelting; and Zhongmin Resources, Tianqi Lithium, and Ganfeng Lithium in lithium carbonate [4].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core View of the Report - The overall trend of precious metals is expected to remain strong due to factors such as the US government shutdown crisis, geopolitical conflicts, and the possibility of the Fed cutting interest rates. However, due to the approaching National Day holiday in China and high uncertainties in the overseas market, it is advisable to reduce positions on futures at high prices [5]. - Copper prices are affected by factors such as macro - economic data, supply disruptions, and weakening consumption. Short - term copper prices may have a correction, and it is recommended to take profits at high prices before the holiday and hold light positions [7][10]. - Alumina is expected to maintain a weak operation due to the over - supply situation, import window opening, and the limited impact of policies on capacity investment [17]. - Cast aluminum alloy futures prices are expected to fluctuate at a high level with aluminum prices, and the alloy ingot spot price remains stable and slightly strong [19][20]. - The aluminum price is expected to remain in a volatile pattern in the short term, with possible seasonal inventory accumulation after the holiday, and attention should be paid to the negative feedback on prices if demand does not recover rapidly [23][24]. - Zinc prices may rebound in the short term, but there is still a risk of further decline if there is a large - scale delivery in LME. The supply of refined zinc may increase in October, and consumption is expected to remain weak [27][28][29]. - Lead prices may decline as the supply of lead ingots is expected to increase while consumption shows no obvious improvement [35][36]. - Nickel prices are expected to fluctuate widely, with a relatively flat downstream consumption trend and a surplus in the refined nickel market, and attention should be paid to import and visible inventory changes [38][39]. - Stainless steel is expected to maintain a high - level volatile trend, with increased production in September but no obvious seasonal peak in demand, and cost support at the bottom [43][45]. - Industrial silicon may have a short - term correction and then can be bought on dips, as the inventory structure is prone to positive feedback between futures and spot prices, and there are uncertainties in supply and demand [48]. - Polysilicon prices may have a short - term correction, and it is recommended to exit long positions first and then re - enter after sufficient correction after the holiday [50][51][52]. - Lithium carbonate prices are expected to remain in a volatile pattern, with limited supply growth, strong demand, and continuous inventory depletion [55]. - Tin prices are expected to maintain a high - level volatile trend, with a tight supply at the mine end, weak demand, and slow improvement in the short - term fundamentals [56][60][61]. Group 3: Summary by Relevant Catalogs Precious Metals Market Review - London gold closed up 0.28% at $3758.78 per ounce, and London silver closed up 2% at $46.032 per ounce. Shanghai gold and silver futures also reached new highs [3]. - The US dollar index fell 0.4% to 98.15, the 10 - year US Treasury yield weakened to 4.164%, and the RMB exchange rate against the US dollar fell 0.04% to 7.1349 [3]. Important Information - US macro - data such as PCE price index and consumer confidence index were released, and the Fed's interest - rate decision probability was predicted [4][5]. - The US government faces a shutdown crisis, and there are signs of an escalation in the Russia - Ukraine conflict [5]. Trading Strategy - Take profits at high prices on futures and reduce positions to lock in profits [5]. Copper Market Review - Shanghai copper futures fell 0.79% to 81890 yuan per ton, and LME copper fell 0.69% to $10205 per ton. LME inventory decreased by 25 tons to 14.44 million tons, and COMEX inventory increased by 1228 tons to 32.22 million tons [7]. Important Information - China's power generation capacity data, the possible delay of the US employment report, and relevant industry policies were released [8][9]. - Argentina approved a copper project, and Grasberg's production is expected to decline [9][10]. Trading Strategy - Take profits at high prices before the holiday, hold light positions, and consider buying deep - out - of - the - money call options or collar call options [7]. Alumina Market Review - Alumina futures fell 49 yuan to 2867 yuan per ton, and spot prices in different regions showed different trends [13]. Important Information - Industry policies on alumina project investment were introduced, and information on production capacity, raw material prices, and imports was provided [13][14][17]. Trading Strategy - The price is expected to be weak, and it is recommended to wait and see for arbitrage and options [17]. Cast Aluminum Alloy Market Review - Cast aluminum alloy futures fell 115 yuan to 20200 yuan per ton, and spot prices in different regions showed different trends [19]. Important Information - Policies affecting the recycled aluminum industry were introduced, and the inventory of aluminum alloy on the Shanghai Futures Exchange increased [19]. Trading Strategy - Futures prices are expected to fluctuate at a high level with aluminum prices, and it is recommended to wait and see for arbitrage and options [20]. Electrolytic Aluminum Market Review - Shanghai aluminum futures fell 115 yuan to 20660 yuan per ton, and spot prices in different regions showed different trends [22]. Important Information - US economic data and electrolytic aluminum inventory changes were reported [22]. Trading Strategy - The price is expected to fluctuate in the short term, and it is recommended to wait and see for arbitrage and options [24]. Zinc Market Review - LME zinc fell 1.23% to $2886.5 per ton, and Shanghai zinc fell 1.5% to 21705 yuan per ton. Spot trading was dull [27]. Important Information - Zinc concentrate inventory decreased, and domestic and imported zinc ore processing fees showed different trends [27]. Trading Strategy - Zinc prices may rebound in the short term, but pay attention to the risk of further decline if there is large - scale delivery in LME. Wait and see for arbitrage and options [29]. Lead Market Review - LME lead fell 0.37% to $2001.5 per ton, and Shanghai lead fell 0.09% to 17075 yuan per ton. Spot trading was general [31]. Important Information - The profitability of recycled lead smelters improved, and the production of lead batteries showed different trends [31][32]. Trading Strategy - Lead prices may decline, and it is recommended to wait and see for arbitrage and options [36]. Nickel Market Review - LME nickel fell $85 to $15155 per ton, and Shanghai nickel fell 1050 yuan to 120790 yuan per ton. Spot premiums showed different trends [38]. Important Information - Industry policies on resource exploration and a nickel mine exploration right auction were reported [38][39]. Trading Strategy - Nickel prices are expected to fluctuate widely, and it is recommended to wait and see for arbitrage and options [39]. Stainless Steel Market Review - Stainless steel futures fell 85 yuan to 12765 yuan per ton, and spot prices were in a certain range [42]. Important Information - India approved the BIS certification for steel from Taiwan, China [43]. Trading Strategy - Stainless steel prices are expected to fluctuate widely, and it is recommended to wait and see for arbitrage [46]. Industrial Silicon Market Review - Industrial silicon futures fluctuated narrowly, and some spot prices strengthened [48]. Important Information - China's industrial silicon export data was reported, and there were rumors about production capacity expansion [48]. Trading Strategy - Industrial silicon may have a short - term correction and then can be bought on dips. Sell out - of - the - money put options to take profits [48]. Polysilicon Market Review - Polysilicon futures rebounded from the bottom, and spot prices were stable [50][51]. Important Information - A research on EU solar component production capacity was reported [51]. Trading Strategy - Polysilicon prices may have a short - term correction. Exit long positions first and re - enter after sufficient correction after the holiday. Do reverse arbitrage between 2511 and 2512 contracts and sell out - of - the - money put options to take profits [51][52]. Lithium Carbonate Market Review - Lithium carbonate futures fell 1160 yuan to 72880 yuan per ton, and spot prices decreased [53]. Important Information - News about China's new energy vehicle development and a battery project was reported [53][55]. Trading Strategy - Lithium carbonate prices are expected to fluctuate widely, and it is recommended to wait and see for arbitrage. Sell out - of - the - money put options [56]. Tin Market Review - Tin futures fell 0.12% to 273220 yuan per ton, and spot trading was not ideal [56]. Important Information - US PCE price index data and industry policies were reported [58][59]. Trading Strategy - Tin prices are expected to maintain a high - level volatile trend. Wait and see for arbitrage and sell out - of - the - money put options [61].

Core Viewpoint - The non-ferrous metal industry index in China has shown strong performance, with significant increases in various stocks, driven by a government plan aimed at stabilizing growth in the sector and rising gold prices reaching historical highs [1][2]. Group 1: Industry Performance - As of September 29, 2025, the non-ferrous metal industry index (399395) rose by 3.10%, with notable stock increases including Vanadium Titanium Co. (000629) up 10.00%, Xingye Silver Tin (000426) up 9.11%, and Tongling Nonferrous Metals (000630) up 7.77% [1]. - The non-ferrous ETF fund (159880) also increased by 3.07%, with the latest price reported at 1.61 yuan [1]. Group 2: Government Initiatives - The Ministry of Industry and Information Technology, along with eight other departments, issued the "Non-Ferrous Metal Industry Stabilization Growth Work Plan (2025-2026)" to support the sector [1]. Group 3: Commodity Insights - East Wu Securities forecasts that copper prices will remain strong due to anticipated supply contractions and potential interest rate cuts by the Federal Reserve, while aluminum prices are expected to fluctuate amid weak demand [1]. - The gold market is influenced by a shift in the Federal Reserve's stance during the global central bank conference in August, with expectations of continued inflation and declining nominal interest rates, suggesting a broad potential for precious metals [1]. Group 4: ETF Composition - The non-ferrous metal industry index includes 50 prominent securities based on size and liquidity, reflecting the overall performance of listed companies in the sector [2]. - As of August 29, 2025, the top ten weighted stocks in the index accounted for 50.35% of the total, including Zijin Mining (601899) and Northern Rare Earth (600111) [2].

Core Viewpoint - The recent surge in the non-ferrous metal sector is driven by a significant policy announcement aimed at stabilizing growth in the industry, leading to a notable increase in stock prices for related companies in both Hong Kong and A-shares markets [3][4]. Group 1: Market Performance - In the Hong Kong stock market, several non-ferrous metal companies saw substantial gains, including Zijin Mining (+5.60%), Ganfeng Lithium (+5.37%), and China Aluminum International (+5.29%) [1]. - A-shares also experienced a positive trend, with companies like Yicheng New Energy and Boqian New Materials hitting the daily limit up, and Hengdian East Magnetic rising by 6.16% [2]. Group 2: Policy Impact - The Ministry of Industry and Information Technology, along with eight other departments, released the "Non-Ferrous Metal Industry Stabilization Growth Work Plan (2025-2026)", projecting an average annual growth of around 5% in the industry's added value and a 1.5% increase in the production of ten major non-ferrous metals [3]. - The plan addresses current challenges in the industry, proposing ten initiatives focused on resource security, supply optimization, transformation promotion, consumption expansion, and strengthening cooperation [3]. Group 3: Industry Outlook - The non-ferrous metal industry is showing strong performance, with a reported 7.8% year-on-year increase in the added value of large-scale non-ferrous metal industries from January to August 2025, outpacing the overall industrial growth [3]. - Analysts from various institutions express optimism about the sector's future, citing factors such as potential interest rate cuts by the Federal Reserve and seasonal demand increases in the aluminum and lithium markets [5].

Core Viewpoint - The non-ferrous metal industry is expected to experience steady growth, with an average annual increase of around 5% in value added from 2025 to 2026, driven by positive economic performance and advancements in resource development and production capabilities [1][2]. Group 1: Industry Performance - The non-ferrous metal industry index (399395) rose by 2.62%, with significant gains in individual stocks such as Vanadium Titanium Co., Ltd. (000629) up 10.00%, Ganfeng Lithium (002460) up 5.64%, and Xinyi Silver Tin (000426) up 5.63% [1]. - The industry is projected to see an average annual growth of 1.5% in the production of ten major non-ferrous metals, with copper, aluminum, and lithium showing positive developments in domestic resource exploitation [1]. Group 2: Market Trends - Copper supply disruptions may lead to a shift from a tight balance to a shortage, potentially initiating an upward price cycle for copper [2]. - The aluminum market is currently in a peak demand season, with expectations for a destocking cycle that could support high aluminum prices [2]. - The lithium market is also experiencing increased demand, with carbonate lithium entering a destocking phase, suggesting a potential price recovery [2]. Group 3: ETF and Index Information - The non-ferrous ETF fund (159880) closely tracks the non-ferrous metal industry index, which includes 50 prominent securities reflecting the overall performance of listed companies in the non-ferrous metal sector [2]. - As of August 29, 2025, the top ten weighted stocks in the non-ferrous metal industry index accounted for 50.35% of the total index, with companies like Zijin Mining (601899) and Northern Rare Earth (600111) among the leaders [2].

1. Report Industry Investment Rating - No information provided in the report. 2. Core Viewpoints of the Report - The September trend of the stock index was more volatile compared to July and August, entering a high - level consolidation phase after continuous growth. Due to some funds' hedging needs at high levels after a long - term uptrend, there was a divergence in long - and short - term forces, leading to significant fluctuations in the stock index. However, in the medium - to long - term, China's capital market is just at the beginning of the strategic allocation period. The CSI 500 and CSI 1000 indices, which are mainly composed of technology growth stocks, are more aggressive with larger fluctuations and potentially higher returns. The SSE 50 and CSI 300 indices, which are dominated by dividend blue - chip stocks, are more defensive with smaller fluctuations but relatively weaker price elasticity [2]. 3. Summaries by Relevant Catalogs 3.1 Stock Index Futures Market - **IF Contracts**: The previous day's closing prices of IF contracts (for different delivery months) decreased compared to the previous two days, with declines ranging from - 0.87% to - 1.16%. Trading volumes were 35095.00, 3254.00, 71448.00, and 11288.00 respectively, and the changes in open interest were - 2835.00, 367.00, - 3631.00, and - 350.00 [1]. - **IH Contracts**: The closing prices also declined, with decreases from - 0.43% to - 0.48%. Trading volumes were 15109.00, 966.00, 29241.00, and 2910.00 respectively, and the changes in open interest were 819.00, 301.00, 341.00, and - 420.00 [1]. - **IC Contracts**: The prices dropped by - 1.44% to - 1.48%. Trading volumes were 35918.00, 3743.00, 82089.00, and 14285.00 respectively, and the changes in open interest were - 1087.00, 841.00, 3028.00, and 583.00 [1]. - **IM Contracts**: The prices decreased by - 1.33% to - 1.47%. Trading volumes were 56703.00, 5684.00, 155277.00, and 25326.00 respectively, and the changes in open interest were 623.00, 1021.00, 8777.00, and 1116.00 [1]. - **Inter - month Spreads**: The current inter - month spreads of IF, IH, IC, and IM contracts showed different changes compared to the previous values [1]. 3.2 Stock Index Spot Market - **Index Performance**: The CSI 300, SSE 50, CSI 500, and CSI 1000 indices all declined, with decreases of - 0.95%, - 0.40%, - 1.37%, and - 1.45% respectively. The trading volumes and total trading amounts also changed [1]. - **Industry Performance**: Different industries had different trends. Energy, main consumption, pharmaceutical and healthcare, etc. showed certain percentage changes in prices [1]. 3.3 Futures - Spot Basis - The futures - spot basis of IF contracts (for different delivery months) compared to the CSI 300 index had different values on the previous day and the previous two days [1]. 3.4 Other Domestic and Overseas Indices - **Domestic Indices**: The Shanghai Composite Index, Shenzhen Component Index, Small and Medium - sized Board Index, and ChiNext Index all declined, with decreases of - 0.65%, - 1.76%, - 1.85%, and - 2.60% respectively [1]. - **Overseas Indices**: The Hang Seng Index declined by - 1.35%, while the Nikkei 225, S&P 500, and DAX Index increased by 0.27%, 0.59%, and 0.87% respectively [1]. 3.5 Macro Information - The National Development and Reform Commission will implement practical measures to stimulate private investment. The National Bureau of Statistics reported that the labor - age population still has scale advantages and demographic dividends. During the National Day and Mid - Autumn Festival holidays, small - passenger cars can pass toll - free on national highways, and the expected cross - regional passenger flow is 23.6 billion person - times, a 3.2% increase from last year. The 2025 Conference on Accelerating the Construction of a Transportation Power emphasized multiple transportation construction tasks. South Korea will implement a visa - free policy for Chinese group tourists from September 29 to next June 30, and the number of Chinese tourists to South Korea is expected to exceed 5 million this year [2]. 3.6 Industry Information - Eight departments issued a work plan for the non - ferrous metals industry, aiming for an average annual growth of about 5% in added value and 1.5% in the output of ten non - ferrous metals from 2025 - 2026. From January to August, the national transportation fixed - asset investment was 2.26 trillion yuan. The State Administration for Market Regulation issued regulations on food safety responsibilities of catering service chain enterprises. As of September 27, more than 470 policies to stabilize the real - estate market were introduced in about 200 cities (counties) [2].

Group 1 - The A-share market has seen a strong performance in the non-ferrous metal sector, with stocks such as Bojian New Materials and Vanadium Titanium Co. hitting the 10% daily limit up, while others like Shengda Resources and Yinhai Magnetic Materials rose over 6% [1] - The Ministry of Industry and Information Technology, along with eight other departments, has issued a "Work Plan for Stable Growth in the Non-Ferrous Metal Industry," which includes implementing a new round of mineral exploration strategies and enhancing resource surveys for copper, aluminum, lithium, nickel, cobalt, and tin [1] - The plan aims for an average annual growth of about 5% in the value added of the non-ferrous metal industry from 2025 to 2026 [1] Group 2 - Specific stock performances include: - Bojian New Materials (code: 605376) with a market cap of 15.6 billion and a year-to-date increase of 106.32% [2] - Vanadium Titanium Co. (code: 000629) with a market cap of 28.6 billion and a year-to-date increase of 6.94% [2] - Shengda Resources (code: 000603) with a market cap of 17.2 billion and a year-to-date increase of 108.85% [2] - Yinhai Magnetic Materials (code: 300127) with a market cap of 11.1 billion and a year-to-date increase of 41.62% [2] - Other notable performers include: - Ganfeng Lithium (code: 002460) with a market cap of 116.7 billion and a year-to-date increase of 62.73% [2] - China Aluminum (code: 601600) with a market cap of 134.7 billion and a year-to-date increase of 8.68% [2]

Group 1 - The core viewpoint of the news highlights a positive market reaction in the non-ferrous metal sector due to favorable policy catalysts, with significant increases in ETF funds and stock prices of key companies [1] - The non-ferrous metal ETF fund (516650) experienced a net inflow of nearly 480 million yuan since September, indicating strong investor interest [1] - A new work plan for the non-ferrous metal industry (2025-2026) was released, aiming for an average annual growth of around 5% in industry value added and a 1.5% increase in the production of ten non-ferrous metals [1] Group 2 - The report from CCID Consulting emphasizes the growing importance of high-performance, special alloys, and composite materials in the non-ferrous metal industry, particularly in strategic emerging industries such as aerospace and new energy vehicles [2] - The demand for non-ferrous metal materials and products is expected to continue growing, leading to a stable growth outlook for the non-ferrous metal materials industry [2]