Report Industry Investment Rating - Not provided in the document Core Views - **Copper**: The copper price fluctuated narrowly around 78,200 yuan, with an increase in open interest. The domestic macro - atmosphere improved, leading to a general rise in non - ferrous metals. After Trump announced an increase in steel and aluminum tariffs on May 30, the copper price did not rise significantly, possibly due to reduced market sensitivity. Post - holiday, the social inventory of electrolytic copper increased slightly, pressuring the futures price and narrowing the monthly spread. In June, the macro environment is favorable for copper prices. Although demand is expected to decline after the peak season, domestic demand may exceed expectations due to macro - policy transmission and a 90 - day easing of Sino - US trade relations. The copper price is expected to be strong, with short - term attention on the May high [5]. - **Aluminum**: The aluminum price fluctuated strongly, with an increase in open interest. The domestic macro - atmosphere improved, driving up non - ferrous metals. Post - holiday, the social inventory of electrolytic aluminum increased slightly. On June 3, Mysteel's electrolytic aluminum social inventory was 526,000 tons, an increase of 7,000 tons from last Thursday. Technically, the futures price rebounded after breaking below the 20,000 - yuan mark. Continuous attention should be paid to the support at the 20,000 - yuan mark [6]. - **Nickel**: The nickel price continued to rise with a reduction in positions, and the main futures price approached 123,000 yuan. The domestic macro - atmosphere improved, leading to a general rise in non - ferrous metals. Nickel had a large previous decline and now shows signs of a rebound from oversold conditions, with strong willingness among previous short - sellers to close positions. Technically, the short - term futures price rebounded from the bottom, and with the overall market warming up, the futures price is expected to remain strong [7]. Summary by Related Catalogs 1. Industry Dynamics - **Copper**: On June 4, Cailian Press reported that Peru expects to produce 2.8 million tons of copper in 2025 [9]. - **Aluminum**: On June 3, Cailian Press reported that Goldman Sachs Group expects the aluminum price to drop to a low of $2,100 per ton in early 2026, which would halt over - investment in Indonesian smelting capacity. Analysts such as Eoin Dinsmore said that three 500,000 - ton smelters in Indonesia will be put into operation in mid - 2026, earlier than expected. The increase in production will result in a surplus supply of 1 million tons in 2026, the largest since 2020. Cost - price decline, weak alumina prices, and energy prices will put downward pressure on the aluminum price in 2026. In the future, the price will rise to the range of $2,150 - $2,550 per ton. The bank has lowered its price forecasts for 2026 and 2027 from $2,540 and $2,800 to $2,230 and $2,500 per ton respectively [10]. - **Nickel**: On June 4, the mainstream reference contract for refined nickel in the Shanghai market was the SHFE nickel 2507 contract. The mainstream premium for Jinchuan electrolytic nickel was +2,500 yuan/ton, with a price of 124,580 yuan/ton; for Russian nickel, it was +450 yuan/ton, with a price of 122,530 yuan/ton; for Norwegian nickel, it was +2,600 yuan/ton, with a price of 124,680 yuan/ton; and for nickel beans, it was - 900 yuan/ton, with a price of 121,180 yuan/ton [11]. 2. Related Charts - **Copper**: Charts include copper basis, copper monthly spread, domestic visible inventory of electrolytic copper, overseas copper exchange inventory, LME copper cancelled warrant ratio, and SHFE warrant inventory [12][17][14]. - **Aluminum**: Charts include aluminum basis, aluminum monthly spread, domestic social inventory of electrolytic aluminum, overseas exchange inventory of electrolytic aluminum, alumina trend, and alumina inventory [24][30][26]. - **Nickel**: Charts include nickel basis, nickel monthly spread, LME inventory, SHFE inventory, LME nickel trend, and nickel ore port inventory [35][41][37].

Core Viewpoint - The company is actively managing its market value and responding to market dynamics, with a focus on enhancing shareholder confidence through share buybacks and strategic business developments [2][3][8]. Group 1: Market Performance - As of May 23, 2025, the company's stock closed at 7.92 yuan, with a slight increase of 0.13%, a turnover rate of 1.59%, and a trading volume of 364,800 shares, amounting to a transaction value of 291 million yuan [1]. - On the same day, the net inflow of main funds was 20.33 million yuan, while retail investors experienced a net outflow of 11.14 million yuan [5]. Group 2: Business Developments - The company has established a growth matrix for emerging businesses, including cold chain logistics, modular construction, and green methanol [3]. - The offshore engineering segment turned profitable in 2024, leveraging its strong technical foundation in deep-sea technology [3]. Group 3: Financial Services Agreement - The company’s financial subsidiary signed a financial services framework agreement with Shenzhen CIMC R&D Group, allowing for a maximum deposit balance of 3 billion yuan and a loan principal balance of 1.5 billion yuan, effective until December 31, 2026 [4][6]. - The financial services agreement aims to enhance operational efficiency and support the growth of associated companies [6]. Group 4: Risk Management - A risk management plan has been established to oversee financial services provided to Shenzhen CIMC R&D Group, including the formation of a risk management committee to handle potential financial risks [7][8]. - The plan emphasizes early warning systems and timely responses to financial issues, ensuring that the financial subsidiary can manage risks effectively [7].

Report Investment Rating - Not provided in the content Core Viewpoints - For pure benzene, the short - term trend is supply - dominated, with a "supply exceeds demand" pattern. It's recommended to maintain a bearish approach and focus on whether export recovery can support demand [3] - For styrene, it has basically recovered from pre - holiday declines. However, short - term price fluctuations are intense, and caution is needed when chasing high prices [4] Summary by Directory 1. Daily Market Summary (1) Fundamental Aspects - **Price**: On May 19, the styrene main contract rose 0.45% to 7779 yuan/ton, with a basis of 246 yuan/ton (-43 yuan/ton) [2] - **Cost**: On May 19, the Brent crude oil main contract closed at 62.0 dollars/barrel (+0.4 dollars/barrel), WTI at 65.4 dollars/barrel (+0.9 dollars/barrel), and East China pure benzene spot at 6155 yuan/ton (+60 yuan/ton) [2] - **Inventory**: Styrene sample factory inventory was 21.3 tons (-1.9 tons), down 8.2% month - on - month; Jiangsu port inventory was 5.7 tons (-1.2 tons), down 17.2% [2] - **Supply**: Styrene maintenance devices are gradually resuming, with an expected increase in supply. Weekly production decreased 1.29% to 32.65 tons (-0.42 tons), and factory capacity utilization was 71.3% (-0.9%) [2] - **Demand**: The capacity utilization rates of downstream 3S varied. EPS was 62.3% (+15.0%), ABS 67.4% (-1.6%), and PS 57.1% (+0.8%) [2] (2) Views - **Pure Benzene**: It's in a weak pattern, with a high BZ - SM near - month contract spread and adjustment pressure. Supply is abundant, and demand is weak, remaining in a "supply exceeds demand" situation. A bearish approach is recommended [3] - **Styrene**: Last week's price increase was driven by Sino - US trade relaxation, low port paper - cargo inventory, and a major factory's device maintenance. Short - term price fluctuations are large, and caution is needed when chasing high prices [4] 2. Industrial Chain Data Monitoring (1) Styrene & Pure Benzene Prices - From May 16 to May 19, styrene futures rose 1.54% to 7779 yuan/ton, spot fell 0.56% to 8224 yuan/ton, and the basis decreased 14.88% to 246 yuan/ton. Pure benzene in East China rose 0.98% to 6155 yuan/ton [6] (2) Styrene & Pure Benzene Output and Inventory - From May 9 to May 16, styrene output decreased 1.29% to 32.6 tons, and pure benzene output decreased 2.94% to 39.0 tons. Styrene port inventory in Jiangsu decreased 17.23% to 5.7 tons, and factory inventory decreased 8.17% to 21.3 tons. Pure benzene port inventory increased 2.50% to 12.3 tons [7] (3) Capacity Utilization Rates - From May 9 to May 16, the capacity utilization rate of styrene decreased 0.93 to 71.3, that of aniline decreased 6.44 to 68.9, EPS increased 14.96 to 62.3, ABS decreased 1.61 to 67.4, and PS increased 0.80 to 57.1 [8] 3. Industry News - The 1 - year LPR in May dropped 10bp to 3%, and the over - 5 - year variety dropped to 3.5% [9] - The Iranian deputy foreign minister warned that nuclear talks would fail if the US insisted on Iran stopping uranium enrichment [9] - Putin, Trump, and Zelensky made statements regarding the Russia - Ukraine peace talks [9] 4. Industrial Chain Data Charts - The report includes charts of pure benzene price, styrene price, styrene - pure benzene spread, etc., with data sources from iFinD and Steel Union Data [10][17][20]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Report's Core View - The report provides short - term, medium - term, and intraday views on gold and nickel futures, suggesting a wait - and - see approach for both [1]. - For gold, the short - term view is a decline, the medium - term view is a sideways movement, and the intraday view is a sideways and weakening trend. The main logic is that Sino - US relations are easing and there is an expectation of an end to the Russia - Ukraine conflict, which reduces the market's risk - aversion demand [1][3]. - For nickel, the short - term view is a decline, the medium - term view is a sideways movement, and the intraday view is a sideways and weakening trend. The core logic is that the upstream is strong while the downstream is weak, so nickel prices tend to move sideways [1][5]. 3. Summary by Related Catalogs Gold - **Price Movement**: Last week, the overall gold price showed a downward trend. New York gold repeatedly bottomed out and rebounded after falling below $3200. Yesterday, the gold price oscillated above $3200, and the corresponding Shanghai gold oscillated above 755 yuan with a narrowing amplitude [3]. - **Driving Factors**: The decline in gold prices is due to the easing of Sino - US trade relations and the expectation of an end to the Russia - Ukraine conflict, which reduces the market's risk - aversion demand. The rebound is due to the recession expectation caused by the downward trend of the US economy. Moody's downgraded the US sovereign credit rating, which supported the gold price. The "signals" from the second and third - in - command of the Fed indicate that there may be no interest rate cuts before September, causing the US dollar to rebound and putting pressure on the gold price [3]. - **Viewpoint**: The short - term view is a decline, the medium - term view is a sideways movement, the intraday view is a sideways and weakening trend, and the reference view is to wait and see. Short - term attention can be paid to the support level of $3200 [1][3]. Nickel - **Price Movement**: Yesterday, the main nickel futures price oscillated weakly around 124,000 yuan. Last week, the nickel price twice hit a high of 126,000 yuan and then fell back, facing significant upward pressure [5]. - **Driving Factors**: The upstream ore end remains strong, providing support for the futures price. Nickel sulfate is stable, and the downstream stainless steel has stabilized and rebounded but lacks a continuous upward driving force [5]. - **Viewpoint**: The short - term view is a decline, the medium - term view is a sideways movement, the intraday view is a sideways and weakening trend, and the reference view is to wait and see. Attention can be paid to the technical support level of 123,000 yuan [1][5].

Summary of Tungsten Industry Conference Call Industry Overview - China holds the largest tungsten resources and production scale globally, accounting for over 80% of global production and 49% of consumption, significantly influencing the global tungsten market [2][4] - The tungsten industry has a complete supply chain from extraction to final products, with major applications in hard alloys (cutting tools, drill bits) and military materials [2][6] Key Points and Arguments - The current tungsten market faces a contradiction between tight upstream supply and insufficient downstream orders. Rapid price increases in raw materials have raised cost pressures for midstream alloy manufacturers, while downstream manufacturing orders have not seen significant growth, leading to potential losses in the midstream sector [2][7] - The easing of the US-China trade war has raised expectations for a recovery in downstream order demand, but upstream supply remains under national control, meaning that increased demand will not immediately reflect in upstream mining. The transmission effect will take at least a month, with longer processing cycles for tools and final products [2][9][10] - Major domestic tungsten producers include China Tungsten High-Tech and Xiamen Tungsten, while overseas companies like Sandvik and Kennametal focus more on product value addition and branding [2][11] Market Dynamics - Tungsten prices have risen approximately 20% since 2025, driven by export controls due to the US-China trade war, particularly on dual-use items, and a unified adjustment of tungsten mining quotas by domestic rare earth groups, leading to tight upstream supply [3][5][12] - The optimism in market expectations and insufficient inventory among domestic enterprises have contributed to the price increase, alongside speculative investments in the non-ferrous metals market [5][12] Challenges in the Tungsten Market - The market is currently challenged by tight upstream supply and a lack of downstream orders. Rising raw material prices are increasing cost pressures for midstream alloy manufacturers, while the reduction in orders has also led to a decline in secondary raw material production, affecting the prices of scrap and waste alloys [7][8] Emerging Applications - Although there is some demand for tungsten in the photovoltaic sector, its overall impact on supply and demand is limited. Research into using tungsten for battery materials is still in the experimental stage and has not yet significantly affected current supply and demand dynamics [8] Future Price Trends - The future price trajectory remains uncertain, with midstream sectors facing loss pressures. Current pricing is based on existing raw material prices plus processing fees. If future order volumes are substantial, there may be improvements, but no significant changes have been felt in the midstream sector yet [14] - Some industry experts believe that black tungsten concentrate prices may reach historical highs, with estimates suggesting prices could exceed 200,000 yuan per ton, although this view is not universally accepted [14]

Report Summary 1) Report Industry Investment Rating No information provided. 2) Report Core View - The short - term view of gold 2508 is bearish, with a mid - term view of consolidation, and a short - term weakening outlook due to the easing of Sino - US relations which reduces the safe - haven demand and puts pressure on gold prices [1][3]. - For nickel 2506, the short - term view is bearish, the mid - term view is consolidation, and the intraday view is weakly consolidating. It is recommended to take a wait - and - see approach as the strong upstream nickel ore and weak downstream stainless steel market affect the price [1][5]. 3) Summary by Relevant Catalogs Gold (AU) - **Price Performance**: After the release of the Sino - US Geneva Economic and Trade Talks Joint Statement on May 12, the short - term safe - haven demand decreased, and gold prices were under pressure. The Shanghai gold stabilized and consolidated at the 760 level, corresponding to New York gold at the 3200 level. After the market, overseas gold prices tumbled, with New York gold breaking below the 3200 - dollar mark, and Shanghai gold opened lower at the 750 - yuan level in the night session and weakly consolidated [3]. - **Policy Impact**: The US revoked 91% of the tariffs on Chinese goods on May 14, and modified the 34% reciprocal tariff measures on Chinese goods, with 24% of the tariffs suspended for 90 days and 10% retained. This led to a significant change in the international situation, an obvious increase in market risk appetite, and a sharp decline in safe - haven demand, resulting in the expected short - term weak operation of gold prices [3]. Nickel (NI) - **Price Movement**: Nickel prices continued to rebound. Due to the RRR cut and interest rate cut in China last week and the Sino - US joint statement this week, non - ferrous metals with low inventories such as copper and aluminum trended upward, but nickel's performance was relatively weak among non - ferrous metals, indicating that the industrial fundamentals were suppressing the upward movement of nickel prices [5]. - **Influencing Factors**: The strong upstream nickel ore provides support for the futures price, while the weak downstream demand exerts pressure. The overall trend of nickel prices is greatly affected by industrial fundamentals. With a good macro - environment, nickel prices are expected to consolidate with an upward bias, and the pressure at the April high should be continuously monitored [5].

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Group 1: Report Investment Ratings - There is no information about the report's industry investment rating in the provided content. Group 2: Core Views - Gold 2508 is expected to decline in the short - term and fluctuate in the medium - term, with a short - term bearish view due to the easing of Sino - US relations [1]. - Nickel 2506 is expected to decline in the short - term, fluctuate in the medium - term, and show a weak - fluctuating trend intraday, with a wait - and - see view because of the strong upstream nickel ore and weak downstream stainless steel [1]. Group 3: Summary by Relevant Catalogs Gold - **Price Movement and Support**: On May 12, after the release of the Sino - US Geneva Economic and Trade Talks Joint Statement, the short - term safe - haven demand decreased, and the gold price was under downward pressure. Shanghai gold stabilized and fluctuated at the 760 level, corresponding to New York gold at the 3200 level. If this support is broken, the willingness of long - position holders to liquidate may increase, and the gold price will remain weak. Also, a continuous rebound of the US dollar index may lead to a continuous weak performance of the gold price [3]. Nickel - **Price Trend**: Since this week, the nickel price has risen and then fallen. Although there were macro - level positive factors such as China's reserve requirement ratio and interest rate cuts last week and the Sino - US joint statement this week, the nickel price was weak compared to other low - inventory non - ferrous metals like copper and aluminum. - **Influencing Factors**: The nickel price is greatly affected by the industrial fundamentals. The strong upstream ore end supports the futures price, while the weak downstream demand exerts pressure on it. It is expected to fluctuate, and the macro - environment determines whether it is a strong - or weak - fluctuating trend [4].

Core Viewpoint - The shipping industry is experiencing a significant surge in market sentiment and stock prices due to easing trade tensions between the US and China, leading to expectations of increased shipping demand and recovery in orders [1][3][5]. Group 1: Market Performance - The main contract of the European shipping index opened with a rise of over 10%, reflecting strong bullish sentiment in the shipping market [1][3]. - The Dow Jones Transportation Index surged by 6.52%, indicating a broad positive movement in transportation stocks [3]. - A-share market saw significant gains in shipping stocks, with companies like Ningbo Marine hitting the daily limit and others like China National Offshore Oil Corporation rising over 12% [1][3]. Group 2: Trade Relations and Economic Indicators - Recent US-China trade talks have shown constructive progress, which has positively impacted financial and shipping trade sentiments [3][4]. - The SCFI (Shanghai Containerized Freight Index) for the European route showed a slight decline, indicating some pressure on freight rates, but overall sentiment remains optimistic due to trade negotiations [3][5]. - The effective tariff rate in the US is projected to decrease from 28.4% to 15.5%, alleviating supply shocks for the US and demand shocks for China [6]. Group 3: Future Expectations - Analysts predict a potential increase in orders from China to the US, driven by the expectation of lower tariffs and a recovery in shipping demand [4][5]. - The market is expected to transition from negative feedback to positive feedback, with increased shipping volumes and seasonal demand contributing to a tightening of capacity in the US routes [5]. - The overall economic outlook for China will depend on macroeconomic policy, particularly fiscal measures, as the risk of export decline is significantly reduced [6].

Group 1 - The joint statement from the China-US Geneva trade talks led to a significant rise in global risk assets, with the Hang Seng Index gaining nearly 700 points [1] - The Hang Seng Technology Index increased by 5.16%, while the Hang Seng Index and the National Enterprises Index rose by 2.98% and 3.01%, respectively [2] - Major technology stocks surged, with JD.com and Alibaba both rising over 6%, and financial stocks also performed well [2][4] Group 2 - The technology sector saw substantial gains, with stocks like Bilibili, JD.com, Kuaishou, and Alibaba all increasing by over 6% [4] - Apple-related stocks experienced a significant boost, with companies like GoerTek and AAC Technologies rising by over 18% and 15%, respectively, following price adjustments for iPhone models [5][6] - Financial stocks, particularly Chinese brokerage firms, showed strong performance, with China International Capital Corporation rising over 7% [7] Group 3 - Shipping stocks also saw notable increases, with China COSCO Shipping Holdings rising over 8% [8] - Conversely, gold stocks faced sharp declines, with Lingbao Gold and Chifeng Jilong Gold dropping over 11% due to reduced safe-haven demand following the easing of US-China trade tensions [9] - Biopharmaceutical stocks fell, with companies like BeiGene and CanSino Biologics experiencing declines of over 8% and 5%, respectively, due to announcements regarding drug price reductions in the US [10] Group 4 - Southbound capital saw a net sell-off of HKD 18.528 billion, indicating a cautious sentiment among investors [11] - Morgan Stanley expressed optimism about the progress in trade negotiations, leading hedge funds to increase their long positions in Chinese stocks [12]