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]

Core Viewpoint - A new round of growth stabilization plans for the non-ferrous metal industry is being implemented, focusing on enhancing resource security, optimizing supply, promoting transformation, expanding consumption, and strengthening cooperation [3][4]. Group 1: Industry Overview - The Ministry of Industry and Information Technology (MIIT) and seven other departments released the "Non-Ferrous Metal Industry Growth Stabilization Work Plan (2025-2026)" to address new challenges in the industry [3][4]. - The non-ferrous metal industry is crucial, being the largest producer and consumer globally, with a significant contribution to strategic emerging industries like aerospace and new energy [5]. Group 2: Economic Performance - In 2024, the added value of the non-ferrous metal industry is expected to grow by 8.9%, outperforming the industrial average by 3.1 percentage points [5]. - From January to June this year, the production of ten non-ferrous metals reached 4,032 million tons, a year-on-year increase of 2.9%, with revenue of 4.8 trillion yuan and profit of 217.85 billion yuan, reflecting a growth of 14.9% and 15.0% respectively [5]. Group 3: Future Goals - The work plan sets a target for the non-ferrous metal industry's added value to grow by about 5% annually and production to increase by approximately 1.5% annually from 2025 to 2026 [6]. - The plan emphasizes the importance of aligning with national economic goals and enhancing the industry's resilience and safety in response to external uncertainties [4][6]. Group 4: Resource Utilization and Innovation - The plan includes initiatives for efficient resource utilization, such as implementing a new round of mineral exploration strategies and enhancing the recycling of waste metals [7]. - There is a focus on technological innovation, aiming to develop high-quality materials and improve product quality through advanced manufacturing processes [7][8].

Core Viewpoint - The "Nonferrous Metals Industry Stabilization and Growth Work Plan (2025-2026)" aims to enhance the resilience and safety of the industry while addressing challenges such as resource security and demand exploration, ultimately supporting high-quality development in the face of external uncertainties [1][2]. Background of the Work Plan - The nonferrous metals industry is a crucial foundational sector in China, being the largest producer and consumer globally. In 2024, the industry's added value is expected to grow by 8.9%, with a revenue increase of 15.8% and profit growth of 16.5% [1]. Overall Considerations - The plan is guided by Xi Jinping's thoughts and aims to balance supply and demand while ensuring policy coordination and system thinking to promote growth and transformation in the industry [2][3]. Main Goals - The plan sets a target for an average annual growth of around 5% in added value for the nonferrous metals industry from 2025 to 2026, with a 1.5% average annual growth in the production of ten major nonferrous metals [4]. Proposed Measures - The plan outlines ten measures focusing on resource efficiency, technological innovation, investment expansion, consumption stimulation, and international cooperation [5][6][7]. Resource Efficiency - Implement a new round of mineral exploration and support the efficient utilization of low-grade and complex resources [5]. Technological Innovation - Promote breakthroughs in high-quality raw materials and advanced materials, enhancing product quality to create new demand [6]. Investment Expansion - Accelerate project approvals and promote energy-saving and pollution-reduction transformations in the industry [6][7]. Consumption Stimulation - Encourage the upgrade of metal consumption and expand the application of rare metals and high-end products [7][8]. International Cooperation - Guide enterprises to respond to foreign trade restrictions and support the import of primary products while promoting overseas projects [7][8]. Implementation Measures - The plan emphasizes organizational support, policy backing, and monitoring to ensure effective implementation of the growth targets [8][9].

Group 1: Government Initiatives - The National Development and Reform Commission (NDRC) plans to implement practical measures to promote private investment development by expanding access, addressing bottlenecks, and strengthening guarantees [2] - The Ministry of Industry and Information Technology (MIIT) and eight other departments issued a work plan for the non-ferrous metals industry, targeting an average annual growth of around 5% in value-added output from 2025 to 2026 [3] Group 2: Company News - New Dazheng announced a major asset restructuring plan to acquire 75.15% of Jiaxin Liheng's equity, aiming to enhance its business presence in key economic regions [4][5] - Yidao Information is planning to acquire controlling stakes in Guangzhou Langguo Electronics and Shenzhen Chengwei Information, which is expected to constitute a major asset restructuring [5] - Guanzhong Ecology's controlling shareholder is transferring 15.5% of shares to Deep Blue Financial Whale, which will result in a change of control [6] - Duori Pharmaceutical is undergoing a control change process, leading to a temporary suspension of its stock [7] - Asia Pacific Pharmaceutical is also planning a control change, with its stock suspended for a short period [7] - Zhonghuan Environmental Protection is in the process of a control change, resulting in a temporary stock suspension [7] - Zhiguang Electric is planning to purchase minority stakes in its subsidiary Zhiguang Energy, with a stock suspension expected [8] - New Light Optoelectronics received a notice regarding the detention of its controlling shareholder, but the company's control remains unchanged [8]