Report Industry Investment Rating - No relevant information provided Core View of the Report - Terminal demand is strong, social inventory is continuously decreasing, and short - term supply - demand mismatch drives up prices. In the short term, prices are likely to move upwards due to supply - demand mismatch, but attention should be paid to hedging pressure. In the long - term, the report does not provide clear guidance [3] Summary by Related Catalogs Lithium Compounds - SMM battery - grade lithium carbonate has an average price of 79,150 yuan with a rise of 650 yuan; SMM industrial - grade lithium carbonate has an average price of 76,950 yuan with a rise of 650 yuan [1] Lithium Ore - Lithium spodumene concentrate (CIF China) has an average price of 928 yuan with a rise of 3 yuan; lithium mica (Li20:1.5% - 2.0%) has an average price of 1330 yuan with a rise of 65 yuan; lithium mica (Li20:2.0% - 2.5%) has an average price of 2130 yuan with a rise of 65 yuan; phospho - lithium - aluminum stone (Li20:6% - 7%) has an average price of 7415 yuan; phospho - lithium - aluminum stone (Li20:7% - 8%) has an average price of 8825 yuan [1][2] Cathode Materials - The average price of lithium iron phosphate (power type) is 35,595 yuan with a rise of 155 yuan; the average price of ternary material 811 (polycrystalline/power type) is 157,650 yuan with a rise of 150 yuan; the average price of ternary material 523 (single - crystal/power type) is 138,700 yuan with a rise of 500 yuan; the average price of ternary material 613 (single - crystal/power type) is 137,550 yuan with a rise of 200 yuan [2] Price Differences - The difference between battery - grade and industrial - grade lithium carbonate is 2200 yuan; the difference between battery - grade lithium carbonate and the main contract is - 3750 yuan with a change of - 610 yuan; the difference between the near - month and the first - continuous contract is - 1000 yuan with a change of - 320 yuan; the difference between the near - month and the second - continuous contract is - 1160 yuan with a change of - 320 yuan [2] Inventory - The total inventory (weekly, tons) is 130,366 tons with a decrease of 2292 tons; the inventory of smelters (weekly, tons) is 33,681 tons; the inventory of downstream (weekly, tons) is 55,275 tons with a decrease of 2460 tons; the inventory of others (weekly, tons) is 41,410 tons with an increase of 770 tons; the registered warehouse receipts (daily, tons) is 27,525 tons with an increase of 190 tons [2] Profit Estimation - The cash cost of purchasing lithium spodumene concentrate externally is 79,574 yuan, and the profit is - 1542 yuan; the cash cost of purchasing lithium mica concentrate externally is 84,524 yuan, and the profit is - 8509 yuan [3]

Group 1: Report Industry Investment Rating - No information provided Group 2: Report's Core View - In the short term, there is a supply - demand mismatch due to strong terminal demand and continuous destocking of social inventory, pushing up prices. The cost support moves up due to rising ore prices, so prices are likely to move upwards. However, as prices rise, hedging positions on the supply side are gradually released, with lithium mica lithium extraction as the main incremental supply. In the long term, the pattern of oversupply remains unchanged, and capacity clearance is still awaited [3] Group 3: Summary by Related Catalogs Lithium Compounds - SMM battery - grade lithium carbonate has an average price of 78,500 with a rise of 1,950; SMM industrial - grade lithium carbonate has an average price of 76,300 with a rise of 2,000 [1] Lithium Ore - Lithium spodumene concentrate (CIF China) has a price of 925 with a rise of 19; lithium mica (Li20: 1.5% - 2.0%) has a price of 1,265 with a rise of 45; lithium mica (Li20: 2.0% - 2.5%) has a price of 2,065 with a rise of 75; phosphorus lithium aluminum stone (Li20: 6% - 7%) has a price of 7,415 with a rise of 165; phosphorus lithium aluminum stone (Li20: 7% - 8%) has a price of 8,825 with a rise of 225 [1][2] Cathode Materials - The average price of lithium iron phosphate (power type) is 35,440 with a rise of 470; the average price of ternary material 811 (polycrystalline/power type) is 157,500 with a rise of 300; the average price of ternary material 523 (single - crystal/power type) is 138,200 with a rise of 1,100; the average price of ternary material 613 (single - crystal/power type) is 137,350 with a rise of 400 [2] Price Differences - The difference between battery - grade and industrial - grade lithium carbonate is 2,200 with a change of - 50; the difference between battery - grade lithium carbonate and the main contract product is - 3,140 with a change of 2,210; the difference between the near - month and the first - continuous contract is - 680 with a change of - 60; the difference between the near - month and the second - continuous contract is - 840 with a change of 60 [2] Inventory - The total inventory (weekly, tons) is 130,366 with a change of - 2,292; the inventory of smelters (weekly, tons) is 33,681; the inventory of downstream (weekly, tons) is 55,275 with a change of - 2,460; the inventory of others (weekly, tons) is 41,410 with a change of 770; the registered warehouse receipts (daily, tons) is 27,335 with a change of - 404 [2] Profit Estimation - The cash cost of externally purchased lithium spodumene concentrate is 79,394, and the profit is - 2,006; the cash cost of externally purchased lithium mica concentrate is 83,024, and the profit is - 7,646 [3] Industry News - Apian Capital Advisory, a UK private equity firm, is collaborating with the International Finance Corporation under the World Bank to launch a $1 - billion critical minerals, metals, and mining fund focusing on emerging markets [3]

Group 1 - The article highlights a significant shift in the global copper supply, with estimates indicating a transition from a surplus of 105,000 tons to a shortage of 55,000 tons due to various mining disruptions [2] - Major copper mines, including Kamoa-Kakula and El Teniente, faced operational halts due to seismic activities, while the Grasberg mine in Indonesia experienced a landslide, exacerbating supply issues [2] - As a result of the reduced supply, copper prices have surged, with LME copper prices increasing by over 20% year-to-date, approaching historical highs [2] Group 2 - The article discusses the performance of the non-ferrous metal ETF (516650), which tracks various metals including gold, copper, aluminum, and lithium, achieving a year-to-date increase of 73.85% [3] - The historical context of the 1970s is referenced to explain the current surge in metal prices, drawing parallels between past inflationary pressures and today's economic environment [6] - The article notes that during the 1970s, significant geopolitical events led to supply crises, resulting in dramatic price increases for various commodities, including copper, which rose by 68% during that period [8][9] Group 3 - The article emphasizes that the current price increases in metals are primarily driven by supply-side crises rather than explosive demand growth, with the ongoing U.S. debt crisis and dollar depreciation acting as catalysts [10][12] - The discussion includes the impact of U.S. government debt, which has escalated from $23.7 trillion in early 2020 to $38 trillion, raising concerns about the stability of the dollar and increasing interest in commodity holdings [12] - The article also highlights the significant rise in cobalt prices, which surged by 155.35% due to export restrictions from the Democratic Republic of Congo, the largest cobalt producer [13] Group 4 - The article concludes that the current environment of liquidity expansion in the U.S. suggests that commodities will serve as a hedge against currency devaluation, similar to the dynamics observed in the 1970s [15] - It suggests that the ongoing supply-demand mismatch in resource commodities, particularly gold, is likely to persist until a global order reconstruction is fully realized [16] - The article points out that the rising prices of commodities will benefit related listed companies, with the gold stock ETF (159562) reporting a revenue increase of 3.28% and a net profit growth of 33.84% in the first half of the year [19]

Report Industry Investment Rating - Not provided Core Viewpoints - Terminal demand is strong, social inventory is continuously decreasing, creating a short - term supply - demand mismatch that drives up prices. As prices rise, hedging positions on the supply side are gradually released, with lithium mica lithium extraction as the main incremental source. Due to rising ore prices, cost support has shifted upwards. In the short term, prices are likely to move upwards under the supply - demand mismatch but face pressure. In the long - term, the pattern of supply surplus remains unchanged, and capacity clearance is still awaited [3] Summary by Relevant Catalog Lithium Compound Prices - SMM battery - grade lithium carbonate has an average price of 76,550 with a rise of 1,150; SMM industrial - grade lithium carbonate has an average price of 74,300 with a rise of 1,150 [1] Lithium Futures Contracts - Lithium carbonate 2511 has a closing price of 81,120 with a 2.27% increase; lithium carbonate 2512 has a closing price of 81,740 with a 2.43% increase; lithium carbonate 2601 has a closing price of 81,900 with a 2.53% increase; lithium carbonate 2602 has a closing price of 81,500 with a 2.57% increase; lithium carbonate 2603 has a closing price of 81,400 with a 2.36% increase [1] Lithium Ore Prices - Lithium spodumene concentrate (CIF China) has an average price of 906 with a rise of 25; lithium mica (Li20: 1.5% - 2.0%) has an average price of 1220 with a rise of 45; lithium mica (Li20: 2.0% - 2.5%) has an average price of 1990 with a rise of 50; phospho - lithium - aluminum stone (Li20: 6% - 7%) has an average price of 7250 with a rise of 275; phospho - lithium - aluminum stone (Li20: 7% - 8%) has an average price of 8600 with a rise of 350 [1][2] Cathode Material Prices - Lithium iron phosphate (power type) has an average price of 34,970 with a rise of 335; ternary material 811 (polycrystalline/power type) has an average price of 157,200 with a rise of 100; ternary material 523 (single - crystal/power type) has an average price of 137,100 with a rise of 400; ternary material 613 (single - crystal/power type) has an average price of 136,950 with a rise of 250 [2] Price Spreads - The spread between battery - grade and industrial - grade lithium carbonate is 2250; the spread between battery - grade lithium carbonate and the main contract is - 5350 with a change of - 1230; the spread between the near - month and the first - continuous contract is - 620 with a change of - 120; the spread between the near - month and the second - continuous contract is - 780 with a change of - 180 [2] Inventory - The total inventory (weekly, tons) is 130,366 with a decrease of 2292; the smelter inventory (weekly, tons) is 33,681 with a decrease of 602; the downstream inventory (weekly, tons) is 55,275 with a decrease of 2460; the other inventory (weekly, tons) is 41,410 with an increase of 770; the registered warehouse receipts (daily, tons) is 27,739 with a decrease of 960 [2] Profit Estimation - The cash cost of外购锂辉石精矿 is 78,206 with a profit of - 2756; the cash cost of外购锂云母精矿 is 81,293 with a profit of - 7862 [3] Industry News - Appian Capital Advisory, a UK private equity firm, is collaborating with the International Finance Corporation under the World Bank to launch a $1 billion critical minerals, metals, and mining fund focusing on emerging markets [3]

近期，甲醇市场呈现多空交织格局。一方面，国内供应持续维持高位，港口库存累积至历史高位，供应 压力显而易见；另一方面，生产端亏损明显加大，成本支撑逻辑有望逐步显现，且未来进口收缩预期悄 然升温。在弱现实和强预期的博弈下，甲醇价格波动加剧。 成本支撑有望显现 当前，国内甲醇呈现"高供应与深亏损并存"的格局。据报道，国内甲醇开工率约为75.85%，仍处于历史 同期最高水平，同比高出1.73个百分点。与之相应的是，国内周度产量也维持在高位。然而，高供应的 背后是生产利润急剧收缩。从机构计算的数据来看，目前内蒙古地区煤制甲醇理论生产利润为-173.5元 ／吨，近一个月利润下滑约200元／吨。 港口去库路漫漫 港口库存持续大幅累积是压制甲醇价格的核心因素。据统计，截至10月23日，沿海主要地区甲醇港口库 存合计为153.1万吨，处在历史最高位，较去年同期增加约38万吨。高库存不仅反映了供需错配的现 状，而且对现货价格产生直接压制。据不完全统计，未来两周，甲醇进口船货到港量约为98万吨，该数 值比往年均值高了约50%。这意味着港口库存压力短期将继续加剧。 伊朗冬季限产在即 从季节性角度来看，中长期甲醇进口有望下降。海外甲醇 ...

Report Summary 1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Report's Core View - Terminal demand is strong, social inventory is continuously being depleted, creating a short - term supply - demand mismatch that drives up prices. As prices rise, supply - side hedging positions are gradually released, with lithium mica lithium extraction as the main incremental supply. Due to rising ore prices, the cost support has shifted upward. In the short term, prices are likely to move upward under the supply - demand mismatch, but there is pressure. In the long - term, the pattern of supply surplus remains unchanged, and capacity clearance is still awaited [3]. 3. Summary by Relevant Catalog Lithium Compounds - SMM battery - grade lithium carbonate has an average price of 75,400 yuan with a daily increase of 600 yuan; SMM industrial - grade lithium carbonate has an average price of 73,150 yuan with a daily increase of 600 yuan [1]. - For lithium carbonate futures contracts, the closing price of Li2511 is 78,920 yuan with a 1.26% increase; Li2512 is 79,420 yuan with a 1.4% increase; Li2601 is 79,520 yuan with a 1.33% increase; Li2602 is 79,100 yuan with a 1.28% increase; Li2603 is 79,100 yuan with a 1.18% increase [1]. Lithium Ore - The price of lithium spodumene concentrate (CIF China) is 881 yuan with a daily increase of 11 yuan; lithium mica (Li2O: 1.5% - 2.0%) is 1,175 yuan with a daily increase of 35 yuan; lithium mica (Li2O: 2.0% - 2.5%) is 1,940 yuan with a daily increase of 50 yuan; phospho - lithium - aluminum stone (Li2O: 6% - 7%) is 6,975 yuan with a daily increase of 225 yuan; phospho - lithium - aluminum stone (Li2O: 7% - 8%) is 8,250 yuan with a daily increase of 275 yuan [1][2]. Price Spreads - The price spread between battery - grade and industrial - grade lithium carbonate is 2,250 yuan/ton. The price spread between battery - grade lithium carbonate and the main futures contract is - 4,120 yuan with a change of 1,020 yuan; the spread between the near - month and the first - continuous contract is - 500 yuan with a change of - 80 yuan; the spread between the near - month and the second - continuous contract is - 600 yuan with a change of - 40 yuan [2]. Inventory - The total weekly inventory is 130,366 tons, a decrease of 2,292 tons. The weekly inventory of smelters is 33,681 tons, a decrease of 602 tons; the weekly inventory of downstream is 55,275 tons, a decrease of 2,460 tons; the weekly inventory of others is 41,410 tons, an increase of 770 tons. The daily registered warehouse receipts are 28,699 tons, a decrease of 60 tons [2]. Profit Estimation - The cash cost of externally purchased lithium spodumene concentrate is 76,653 yuan, with a profit of - 2,342 yuan; the cash cost of externally purchased lithium mica concentrate is 80,139 yuan, with a profit of - 7,835 yuan [3]. Industry News - Apian Capital Advisory, a UK private equity firm, is collaborating with the International Finance Corporation of the World Bank to launch a $1 - billion critical minerals, metals, and mining fund focused on emerging markets [3].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - Last week, the main contract of Shanghai lead futures broke through and rose strongly. The smooth progress of China-US economic and trade consultations provided a good macro - atmosphere. The slow resumption of refineries, better - than - expected downstream demand, and vehicle control due to environmental protection in Henan intensified the short - term supply - demand mismatch. The social inventory dropped to a low level, triggering a soft squeeze on near - month contracts. Although refineries are resuming production and the lead ingot import window is open, it takes time. Before the market supply is effectively alleviated, the lead price is expected to remain volatile and strong [3][7]. Group 3: Summary by Related Catalogs Transaction Data - From October 17th to October 24th, the SHFE lead price increased from 17,075 yuan/ton to 17,595 yuan/ton, up 520 yuan/ton; the LME lead price rose from 1,971 dollars/ton to 2,016.5 dollars/ton, up 45.5 dollars/ton; the Shanghai - London ratio increased from 8.66 to 8.73, up 0.06. The上期所库存 decreased by 5,368 tons to 36,333 tons, and the LME inventory decreased by 15,025 tons to 235,375 tons. The social inventory decreased by 0.57 million tons to 3.19 million tons, and the spot premium remained unchanged at - 215 yuan/ton [4]. Market Review - The main contract of Shanghai lead futures PB2512 had an intraday abnormal movement on Thursday, breaking through 17,500 yuan/ton and continuing to rise. The main contract price increased with increased positions. On Thursday night, the market sentiment was digested, and on Friday, the lead price fluctuated and consolidated at a high level, finally closing at 17,595 yuan/ton, with a weekly increase of 1%. LME lead fluctuated strongly. The easing of China - US trade relations improved market risk appetite, and the slight decline in LME inventory led to a small rebound after stabilization, returning above the 2,000 dollars/ton level, finally closing at 2,016.5 dollars/ton, with a weekly increase of 2.28%. In the spot market, as of October 24th, the price of lead in Shanghai market was 17,490 - 17,550 yuan/ton, at par with the SHFE 2511 contract. The high - level consolidation of Shanghai lead made the sellers' enthusiasm for selling average, with few and firm quotes. Due to the expanded price difference between futures and spot, traders preferred to deliver to the warehouse, and the spot circulation in the retail market further decreased. Downstream enterprises were more wait - and - see, and the high price of lead made them cautious in purchasing, mostly relying on long - term contracts or digesting existing inventories [5]. Industry News - In November, the average domestic lead concentrate processing fee was 350 yuan/metal ton, a month - on - month decrease of 50 yuan/ton, and the import ore processing fee was - 125 dollars/dry ton, a month - on - month decrease of 10 dollars/dry ton. From January to August 2025, the global lead market had a supply surplus of 51,000 tons, compared with a supply shortage of 17,000 tons in the same period last year. Hebei will control incoming vehicles, affecting the transportation of waste materials and lead ingots of local recycling lead and lead battery enterprises. An East China small recycling lead refinery postponed its resumption of production. Silvercorp's lead production in the second quarter of 2025 was 14.2 million pounds, an 8% year - on - year increase. In September, the import volume of lead concentrate was 150,600 tons, a month - on - month increase of 1.72% and a year - on - year decrease of 7.21%. A Jiangxi recycling lead smelter suspended production in late October [8][9]. Related Charts - The report provides charts showing the prices of SHFE and LME lead, the Shanghai - London ratio, SHFE and LME inventories, 1 lead premium and discount, LME lead premium and discount, the price difference between primary lead and recycled refined lead, waste battery prices, recycling lead enterprise profits, lead ore processing fees, electrolytic lead production, recycled refined lead production, lead ingot social inventory, and refined lead import profit and loss [10][14][16][18][20][22][24][28].

Group 1 - The long-term narrative logic, liquidity support, and macro background suggest that the non-ferrous metal market is still in its early stages and has not yet reached its midpoint [2][39] - The strength of gold has been ongoing since last year, with the core logic being the weakening of the US dollar credit rather than just interest rate cuts, which are merely a catalytic factor [2][12][25] - The gold price is expected to continue rising at least until next year or the year after, driven by central bank purchases and the narrative of de-dollarization [2][3][25] Group 2 - Copper resources are not significantly overvalued, and the industrial non-ferrous metals sector is primarily driven by copper narratives, with other metals gaining attention due to increased copper consumption [2][10][39] - The non-ferrous metal sector has seen significant gains this year, with indices generally rising between 70% and 90%, outperforming other sectors [8][9][10] - The demand for copper is expected to rise due to infrastructure upgrades and the transition to smart grids, while supply is constrained by slow production growth and stricter environmental regulations [10][11][19] Group 3 - The recent volatility in the non-ferrous metal sector is notable, with daily fluctuations exceeding 5%, indicating a strong cyclical nature [34][40] - Investors are advised to adopt a cautious approach, considering a phased investment strategy to manage risks associated with high volatility [34][38] - Current valuations of non-ferrous metals appear reasonable, with static PE around 22 times and PB around 3.4 times, suggesting that despite significant price increases, the sector remains attractive [36][39]

Core Viewpoint - The long-term outlook for non-ferrous metals, particularly gold, is still in its early stages, with significant potential for growth driven by macroeconomic factors and liquidity support [1] Group 1: Non-Ferrous Metals Market - The non-ferrous metals theme index has outperformed the second-best communication industry index by over 20% this year, indicating strong performance [1] - Key drivers for the strength in non-ferrous metals include macro liquidity issues, particularly the Federal Reserve entering a rate-cutting phase, supply-demand mismatches, and a recovery in manufacturing [1] - Global economic recovery is expected to increase demand for metals like copper, aluminum, and zinc due to infrastructure projects and domestic consumption upgrades [1] Group 2: Gold Market - The upward trend in gold prices began last year and is expected to continue for the next two to three years, primarily due to the weakening of the US dollar's credit rather than just interest rate cuts [1] - The current rise in gold prices reflects heightened risk aversion and confidence issues, with central bank gold purchases and de-dollarization remaining significant long-term themes [1] Group 3: Copper's Role - Copper is described as the "king of commodities" and is essential for industrial applications, with its resource not being significantly overvalued [2] - The narrative surrounding non-ferrous metals is largely driven by copper, which is expected to attract market attention and investment due to increased consumption [2]

Core Viewpoint - The recent strong performance of the non-ferrous metals sector is driven by three main factors: the Federal Reserve's interest rate cuts, supply-demand mismatches, and the increasing complexity of international relations [1] Group 1: Federal Reserve's Impact - The Federal Reserve has restarted its interest rate cut cycle, leading to increased global liquidity and benefiting commodity markets with a "dollar dividend" [1] Group 2: Supply-Demand Dynamics - Demand for copper is surging due to the global construction of smart grids - Recovery in demand for aluminum and zinc is observed as the global economy gradually recovers, particularly in the home appliance and construction sectors - On the supply side, the growth rate of global copper mining capacity is slowing, stricter environmental policies are making mining development more challenging, and external risks are increasing, particularly in cobalt mining in the Democratic Republic of Congo and nickel mining in Indonesia [1][1][1] Group 3: International Relations - The complexity of global relations is increasing, elevating the strategic importance of non-ferrous metals as critical resources [1]