Macro Strategy - The report anticipates a "good start" for financial data in January 2026, driven by seasonal factors and government fiscal policies [1][11] - The U.S. economy shows mixed signals, with a surprising drop in unemployment alleviating some market concerns, while geopolitical tensions and unresolved tariff issues add uncertainty [1][11] - The expectation for Q1 2026 is a potential upward pulse in the U.S. economy, benefiting risk assets like equities and commodities [1][11] Financial Products - A-share trading volume surpassed 30 trillion yuan, indicating heightened trading sentiment, but also suggesting potential for increased short-term volatility [2][12] - The macro timing model for January 2026 scores 0, historically correlating with a 76.92% probability of A-share index gains in the following month [2][12] - The report recommends a balanced ETF allocation strategy, focusing on sectors showing strength and those rebounding from lows [2][12] Fixed Income - The report discusses the "stock-bond seesaw effect," highlighting a steepening yield curve under a loose monetary policy environment [5][14] - The central economic work conference indicates a flexible approach to monetary policy, with potential for reserve requirement ratio cuts and interest rate reductions in Q1 2026 [5][14] - The bond market is experiencing adjustments, with a notable shift of funds from bonds to equities, influenced by strong stock market performance [5][14] Industry Recommendations - Xianle Health (300791) is highlighted for its commitment to innovation and growth potential in the health sector [7] - WeRide (00800.HK) is positioned as a leader in the Robotaxi space, expected to benefit from policy support and technological advancements, with projected revenues increasing significantly from 5.55 billion yuan in 2025 to 19.87 billion yuan by 2027 [7] - Haidilao (06862.HK) maintains a strong market position with a focus on operational efficiency and new brand development, projecting net profits to grow from 42.28 billion yuan in 2025 to 51.13 billion yuan in 2027 [8] - Lingyun Co. (600480) is recognized for its leadership in the automotive parts sector, with expected net profits rising from 8.01 billion yuan in 2025 to 10.55 billion yuan in 2027 [9]

Core Viewpoint - The performance of subjective private equity funds significantly improved in 2025, leading to a notable increase in dividend distributions, with a total of 990 dividends amounting to 11.47 billion yuan across 772 products [2][3]. Summary by Category Overall Performance - By the end of 2025, 5,777 products showed performance, with subjective private equity funds distributing dividends 990 times, totaling 11.47 billion yuan [2]. - The distribution amounts for different scales of private equity are as follows: 0-5 billion yuan: 2.98 billion yuan; 5-10 billion yuan: 2.23 billion yuan; 10-20 billion yuan: 1.37 billion yuan; 20-50 billion yuan: 2.16 billion yuan; 50-100 billion yuan: 0.37 billion yuan; 100 billion and above: 2.36 billion yuan [3]. Performance by Scale - **100 billion and above**: 39 dividends with a total of 2.36 billion yuan, average return of 31.23% [4]. - **50-100 billion**: 27 dividends totaling 0.37 billion yuan, average return of 3.24% [3]. - **20-50 billion**: 124 dividends amounting to 2.16 billion yuan, average return of 40.10% [8]. - **10-20 billion**: 87 dividends totaling 1.37 billion yuan, average return of 33.45% [12]. - **5-10 billion**: 161 dividends amounting to 2.23 billion yuan, average return of 35.48% [15]. - **0-5 billion**: 552 dividends totaling 2.98 billion yuan, average return of 40.30% [17]. Top Performing Products - The top three dividend products in 2025 were from 喜世润投资, 复胜资产, and 睿扬投资, with significant returns [5][6]. - Notable products include: - 喜世润黄金增强1号A类份额 with a dividend of approximately *** million yuan and a return of ***% [6]. - 复胜正能量八号 with a dividend of approximately *** million yuan and a return of ***% [7]. - 北京禧悦私募's 禧悦三石A类份额 with a total dividend of approximately *** million yuan and a return of ***% [10][11]. Investment Strategies - 复胜资产 focused on "new consumption" as a major investment logic in 2025, with plans to continue this focus in 2026, alongside interests in non-ferrous metals and traditional industries [7]. - 北京禧悦私募 emphasizes a value investment philosophy based on research and valuation [11]. Conclusion - The data indicates a robust recovery in the private equity sector in 2025, with increased dividend distributions and strong performance across various scales of funds, highlighting potential investment opportunities in the sector [2][3].

1. Report Industry Investment Rating The report does not mention the industry investment rating. 2. Core Views of the Report - The non - farm payroll data in the US in December 2025 was lower than expected, with data for October and November revised downwards. The market expects the Fed to cut interest rates by about 50 basis points in 2026. The non - ferrous metals sector started strongly in 2026, and although there was short - term profit - taking, the overall upward trend remained unchanged. The prices of copper, aluminum, tin, nickel, and other metals showed different trends driven by factors such as supply - demand relationships, macroeconomic conditions, and geopolitical factors [3][10][11]. - China's economic data in December 2025 was positive. The official manufacturing PMI returned to the expansion range, and the non - manufacturing PMI was also better than expected. The central bank emphasized increasing counter - cyclical and cross - cyclical adjustments [10]. - The US economic data was mixed. The ISM manufacturing index in December 2025 shrank, but the ISM services index reached a new high in more than a year. The employment data was weak, and the market's expectation of Fed rate cuts remained [10][11]. 3. Summary by Directory 3.1 First Part: Non - ferrous Metals Operation Logic and Investment Recommendations - **Macro - level factors**: In 2026, a relatively loose monetary environment, AI technological development, increased attention to key mineral supply chains, and resource nationalism in resource - rich countries supported the non - ferrous metals sector. However, there was short - term high - volatility due to profit - taking [10]. - **China's economic situation**: In December 2025, China's official manufacturing PMI was 50.1, and the non - manufacturing PMI was 50.2, both better than expected. The central bank planned to increase counter - cyclical and cross - cyclical adjustments [10]. - **US economic situation**: The US ISM manufacturing index in December 2025 shrank, the "small non - farm" ADP employment in December increased by 41,000, lower than expected. The non - farm payroll in December increased by only 50,000, lower than the expected 65,000. The market expected the Fed to cut interest rates by about 50 basis points in 2026 [10][11]. - **Investment recommendations for each metal**: - **Copper**: It was recommended to buy on dips. The short - term upper pressure range was 108,000 - 110,000 yuan/ton, and the lower support range was 98,000 - 99,000 yuan/ton. Consider the reverse - spread opportunity between the 2602 and 2603 copper contracts and buy deep - out - of - the - money long - term call options [3][4]. - **Aluminum and its industrial chain**: For aluminum, a bullish approach was recommended, with the upper pressure range at 24,500 - 25,000 yuan/ton and the lower support range at 22,000 - 22,300 yuan/ton. Buy out - of - the - money put options for protection. For alumina, sell on rallies, with the upper pressure range at 2,900 - 3,000 yuan/ton and the lower support range at 2,000 - 2,200 yuan/ton. Buy out - of - the - money call options for protection. For recycled aluminum alloy, a bullish approach was recommended, with the upper pressure range at 23,500 - 24,000 yuan/ton and the lower support range at 21,000 - 21,500 yuan/ton. Buy out - of - the - money put options for protection [5]. - **Tin**: Temporarily wait and see or take a bullish approach. The upper pressure range was 360,000 - 380,000 yuan/ton, and the lower support range was 310,000 - 320,000 yuan/ton. Buy out - of - the - money put options for protection [6]. - **Zinc**: It was relatively strong and followed the overall sector. The upper pressure was around 24,300 - 24,500 yuan/ton, and the short - term lower support was around 23,600 - 23,800 yuan/ton. Consider the bull - spread option strategy [6]. - **Lead**: It was expected to oscillate and rise. The short - term lower support was around 17,000 - 17,200 yuan/ton, and the upper resistance was around 17,800 - 18,000 yuan/ton. Use a covered - call option strategy [7]. - **Nickel and stainless steel**: Nickel showed high - elasticity and short - term strength. The upper resistance was around 140,000 - 142,000 yuan, and the lower support was around 130,000 - 132,000 yuan. Use options to protect long positions. For stainless steel, a bullish approach on dips was recommended, with the price range at 13,000 - 14,200 yuan [7]. 3.2 Second Part: Non - ferrous Metals Market Review - **Futures price changes**: Copper closed at 101,410 yuan/ton, up 3.23%; aluminum at 24,330 yuan/ton, up 6.99%; tin at 352,540 yuan/ton, up 9.17%; nickel at 139,090 yuan/ton, up 4.70%; stainless steel at 13,860 yuan/ton, up 5.60%; zinc at 23,970 yuan/ton, up 2.99%; alumina at 2,843 yuan/ton, up 2.34%; lead at 17,355 yuan/ton, unchanged; and cast aluminum alloy at 22,985 yuan/ton, up 1.77% [17]. 3.3 Third Part: Non - ferrous Metals Spot Market - **Spot price changes**: Copper spot prices decreased, with the Yangtze River Non - ferrous copper spot price at 100,720 yuan/ton, down 1.88%. Zinc spot prices also decreased, with the Yangtze River Non - ferrous 0 zinc spot price at 24,020 yuan/ton, down 0.66%. Aluminum spot prices were stable, with the Yangtze River Non - ferrous aluminum spot average price at 24,000 yuan/ton, unchanged. Alumina spot prices were stable, with the Antaike national alumina average price at 2,693 yuan/ton, unchanged [23]. 3.4 Fourth Part: Key Data Tracking of Non - ferrous Metals Industry Chain - **Copper**: Included data on exchange copper inventory changes, SMM social copper inventory changes, copper concentrate rough - smelting fees, and the relationship between the US dollar index and copper prices [26]. - **Zinc**: Included data on zinc inventory changes, zinc concentrate processing fees, zinc spot market prices, galvanized sheet production seasonality, and the weekly inventory seasonality of SMM seven - region zinc ingots [28]. - **Aluminum and alumina**: Included data on the relationship between Shanghai aluminum inventory and aluminum prices, LME aluminum inventory and LME aluminum prices, the average price trend of Yangtze River Non - ferrous A00 aluminum ingots, the comparison of China's electrolytic aluminum in - production capacity and total capacity, alumina spot price trends, alumina port inventory changes, and alumina capacity and operating rate trends [32][38]. - **Tin**: Included data on the relationship between Shanghai tin prices and spot premiums, LME tin prices and spot premiums, the relationship between Shanghai tin inventory and LME tin inventory, tin concentrate processing fees, and the seasonal diagram of China's refined tin production [44][47][49]. - **Lead**: Included data on SHFE lead futures inventory, LME lead inventory, LME lead 0 - 3 premiums, lead concentrate processing fees, primary lead operating rate, and SMM lead - acid battery weekly operating rate [56][59][61]. - **Nickel and stainless steel**: Included data on SHFE nickel futures inventory, LME nickel inventory, refined nickel spot premiums, LME nickel 0 - 3 premiums, the average price of nickel - iron, the average price of battery - grade nickel sulfate, stainless steel warehouse receipts, the inventory of 300 - series cold - rolled stainless steel in Wuxi and Foshan, and the profit margin of 304 cold - rolled stainless steel [63][68][70]. 3.5 Fifth Part: Non - ferrous Metals Arbitrage - **Copper**: Recommended a reverse - spread between the 2602 and 2603 copper contracts due to supply constraints and the Fed's rate - cut and balance - sheet - expansion cycle [17]. - Also included data on the changes in the copper Shanghai - London ratio, the premium between Shanghai copper and London copper, and other relevant arbitrage - related data [75]. 3.6 Sixth Part: Non - ferrous Metals Options - **Copper**: Included data on copper option historical volatility, weighted implied volatility, trading volume and open - interest changes, and the ratio of call to put open - interest [95][97]. - **Zinc**: Included data on zinc historical volatility, zinc option weighted implied volatility, trading volume and open - interest changes, and the ratio of call to put open - interest [99]. - **Aluminum**: Included data on aluminum option trading volume and open - interest trends, the ratio of call to put open - interest trends, and Shanghai aluminum volatility trends [100].

Core Viewpoint - Multiple public fund companies have released their investment strategy reports for 2026, indicating a consensus that the A-share market is expected to transition from "valuation expansion" to "profit recovery," with market trends likely to continue amid profit restoration [1][6] Investment Logic: Profit as Core Driver - "Profit recovery" is identified as the central theme in the 2026 investment strategy reports, with institutions suggesting that the driving logic for the equity market will shift from valuation expansion in 2025 to profit improvement in 2026 [1][2] - The market is anticipated to transition from a "rapid and urgent" valuation-driven rally to a "slow and steady" profit-supported rally, as companies' earnings are expected to recover [1][2] - Historical data indicates that A-shares have not experienced three consecutive years of valuation expansion, suggesting that corporate earnings will directly influence index direction in 2026 [1] Investment Themes: Focus on Technology and Cycles - Technology and cyclical sectors are highlighted as the two main investment themes, with AI being a focal point in the technology sector and chemicals and precious metals being favored in the cyclical sector [2][3] - The technology sector is expected to benefit from rapid growth in global AI capital expenditure, while the cyclical sector is anticipated to see improvements due to favorable supply-demand dynamics [2][3] Additional Investment Opportunities - Some institutions also mention potential valuation recovery in the consumer and pharmaceutical sectors, driven by macroeconomic recovery and rising consumer income [4] - The pharmaceutical sector is expected to benefit from improved policy environments and breakthroughs in innovative drug development [4] Investment Philosophy: Increased Focus on Asset Allocation - The 2026 investment strategy reports show a notable increase in discussions around asset allocation, with "fixed income plus" products gaining attention [4][5] - The "fixed income plus" products are expected to thrive in a favorable environment, driven by demand for alternatives following the exit of guaranteed wealth management products and the low-interest-rate environment [5] - Institutions are optimistic about the growth of "fixed income plus" products, which can dynamically adjust asset allocation to capture market opportunities while controlling drawdowns [5] Global Investment Perspectives - There is a growing interest in overseas asset allocation, with optimism regarding the Hong Kong stock market and its potential for profit growth, particularly in the internet, consumer, and technology sectors [5][6] - The "barbell strategy" is suggested for overseas investments, focusing on U.S. tech stocks and dividend-paying assets in Hong Kong as a stabilizing investment [6]

Core Viewpoint - The 2026 investment strategy reports from multiple public fund companies indicate a consensus that A-shares will experience a key transition from "valuation expansion" to "profit recovery," with market trends expected to continue amid profit restoration [1][9]. Investment Logic: Profit as Core Driver - "Profit recovery" is identified as the central theme in the public funds' 2026 investment strategy reports, with a shift in market driving logic from valuation expansion in 2025 to profit improvement in 2026 [2]. - Institutions like Ping An Fund and China Merchants Fund suggest that market growth in 2026 will be more driven by corporate profits and industry catalysts, transitioning from a rapid valuation increase to a slower, profit-supported market [2]. - Historical data indicates that A-shares have not experienced three consecutive years of valuation expansion, making corporate profit performance crucial for index direction in 2026 [2][3]. - The macroeconomic environment is expected to be relatively loose, with a moderate recovery in the economy and a continued trend of household savings moving into equity assets [2][3]. Investment Themes: Technology and Cyclical Recovery - Technology and cyclical sectors are highlighted as the main investment themes, with AI technology and cyclical recovery being the focal points [4][5]. - Ping An Fund emphasizes the importance of technological innovation and cyclical supply-demand rebalancing, particularly in AI hardware and domestic semiconductor investments [4]. - China Merchants Fund also focuses on AI technology and cyclical real estate, noting that the global AI industry is still in a "big infrastructure era" with long-term opportunities [4][5]. - Other sectors such as consumption and pharmaceuticals are mentioned for their potential valuation recovery, driven by macroeconomic improvements and rising consumer income [5][6]. Investment Philosophy: Increased Focus on Asset Allocation - The 2026 investment strategy reports show a notable increase in discussions around asset allocation, with "fixed income plus" products gaining attention [7]. - Long-term funds are expected to continue entering the market, driven by low interest rates and the performance of the equity market [7]. - Multi-asset strategies and global asset allocation are also gaining traction, with firms like Ping An Fund introducing innovative "FOF fixed income plus" products to diversify risk [8]. - The overseas market is recognized as an important area for asset allocation in 2026, with optimism towards Hong Kong stocks and attention to U.S., European, and Japanese markets [8].

Core Insights - Xiaopeng Motors is set to launch four significant models at the 2026 Global New Product Launch, marking 2026 as a pivotal year for the company's global product and technology expansion, transitioning into a key phase of physical AI development [1] - The company reported a record global delivery of 429,400 vehicles in 2025, a 126% year-on-year increase, positioning 2026 as a critical year for strategic breakthroughs [2] Group 1: Technology and Innovation - Xiaopeng Motors is transitioning from a traditional automaker to an AI technology company, with a focus on the next three years as crucial for physical AI advancements [2] - The upcoming VLA (Vision Language Action) technology is anticipated to revolutionize autonomous driving, with plans for mass production and upgrades in 2026 [2] - The unified VLA technology platform will enable the development of both Ultra and Robotaxi versions, reducing R&D costs and facilitating rapid application of AI technologies across different product forms [2] Group 2: Robotics and Future Projects - The company is developing a production version of its robot, which aims to be humanoid and capable of communication, contrasting with traditional software-driven robots [3] - Xiaopeng Motors is also advancing its flying car project, indicating a comprehensive technology ecosystem that includes land, air, and intelligent services [3] Group 3: Globalization Strategy - Xiaopeng Motors has entered 60 countries and regions by 2025, with plans for further market expansion and a focus on local R&D and manufacturing to enhance competitiveness [4] - A strategic partnership with Volkswagen is a key element of Xiaopeng's globalization efforts, with the first collaborative model expected to enter mass production soon [4] - The company is confident in deploying its VLA technology in Europe, having conducted extensive road testing and engaged with local governments on regulatory matters [4] Group 4: Product Innovation - The 2026 Xiaopeng G7 model features advanced super-range technology, achieving a pure electric range of 430 kilometers and a combined range of 1,704 kilometers [5] - The "dual-energy" strategy has proven successful, with significant demand for the X9 super-range model, indicating strong market potential for range-extended vehicles [6] - Xiaopeng Motors is expanding its global channel and supply chain, with plans to increase the number of factories outside China and deepen market penetration into less urbanized areas [6]

Core Insights - TCL showcased its innovative SQD-Mini LED display technology at CES 2026, highlighting its strong technological capabilities and market competitiveness with a range of new products [1][15][28] Group 1: Display Technology - TCL introduced the world's first flagship TV featuring SQD-Mini LED technology, the TCL X11L, which achieves 100% BT.2020 color gamut and features over 20,000 local dimming zones, providing a revolutionary viewing experience [2][18] - The X11L is designed with a thickness of only 2cm, showcasing advanced craftsmanship and aesthetic appeal, while also incorporating high-end audio technology from Bang & Olufsen [18][19] - TCL's display technology extends to various applications, including gaming and commercial use, with products like the TCL 57R94 monitor featuring QD-Mini LED technology and a 32:9 aspect ratio [3][19] Group 2: Mobile and Small Screen Innovations - The TCL NXTPAPER 70 Pro smartphone features the new NXTPAPER 4.0 eye-care display technology, certified by TÜV and SGS, offering a comfortable browsing experience across different scenarios [4][20] - The TCL Note A1 NXTPAPER electronic notepad utilizes NXTPAPER Pure display technology, providing a paper-like feel and AI tools for real-time text conversion and translation [5][21] - TCL's innovations also include the Thunder X3 Pro Project eSIM smart glasses, which operate independently without a smartphone, enhancing the functionality of AR devices [6][22] Group 3: Home Appliances and AI Integration - TCL's new AI health air conditioner, the TCL C7, features a unique sleep temperature curve and radar technology to enhance sleep quality, achieving a 25% increase in deep sleep duration [8][24] - The GeniusFresh refrigerator series incorporates smart technology for food preservation, while the AI washing machine offers a large capacity and efficient washing capabilities [9][25] - TCL's 5G Mobile WiFi P50 combines fast charging and wireless charging, supporting up to 64 devices simultaneously, enhancing connectivity for smart homes [9][25] Group 4: Sustainability and Global Impact - TCL presented its smart home energy solutions, integrating solar components with the TCL Home APP for sustainable living [11][27] - The company has established a strong global presence, ranking among the top in various product categories, including TVs and air conditioners, with significant market shares [12][14][28] - As a global partner of the Olympics, TCL aims to enhance the viewing experience during the 2026 Milan Winter Olympics, connecting technology with sports [14][29]

Market Overview - The Shanghai Composite Index experienced slight fluctuations, closing down 0.07% at 4082.98 points, while the Shenzhen Component Index fell by 0.51% and the ChiNext Index decreased by 0.82%. In contrast, the Sci-Tech 50 Index rose by 0.82% [1] - The total trading volume across the Shanghai, Shenzhen, and Beijing markets reached approximately 2.83 trillion yuan [1] Sector Performance - The insurance, brokerage, and banking sectors collectively declined, while the military industry sector showed strong performance. Other sectors such as real estate, steel, pharmaceuticals, and semiconductors also saw gains [1] - Active sectors included industrial software, commercial aerospace, and military trade concepts [1] Investment Insights - Dongguan Securities noted that the current external environment benefits from a weak dollar trend, while the internal environment is supported by expectations of proactive policy measures. The market volume has been increasing since the beginning of 2026, indicating strong market sentiment [1] - Recommendations for investment focus include AI technology sectors (such as brain engineering, computing power engineering, and humanoid robots), price increase sectors (like storage chips and rare earths), and large financial sectors [1] - Upcoming data releases to watch include China's CPI, U.S. non-farm employment data, and a U.S. Supreme Court ruling on tariff issues [1]

Group 1 - UBS Securities Chairman Hu Zhizhe stated that the performance of China's capital market in 2025 is expected to exceed expectations, but currently, Chinese assets are not "overheated" [1] - The IPO boom in Hong Kong may continue into 2026, according to UBS Securities Global Investment Banking Co-Head Chen Ge [1] - There is strong interest from international investors in Chinese AI technology companies, indicating significant growth potential in this sector [1] - Hu Zhizhe believes that the emergence of trillion-dollar companies in China's AI technology sector is only a matter of time [1]

Report Industry Investment Rating The report does not provide an overall industry investment rating. However, it gives specific investment suggestions for each metal variety: - Copper: Buy on dips, with a recommended strength of +1 [13] - Zinc: Buy on dips, with a recommended strength of +1 [15] - Aluminum Industry Chain: Buy on dips, with a recommended strength of +0.5/-0.5/+0.5 [15] - Tin: Buy on dips, with a recommended strength of +0.5 [15] - Lead: Sell both call and put options, with a recommended strength of +0.5 [16] - Nickel: Consider covered call options on rallies, with a recommended strength of +1 [16] - Stainless Steel: Reduce positions on rallies, with a recommended strength of +1 [16] Core Viewpoints - The non - ferrous metal market is generally in a strong position, with low - priced metals showing strong supplementary gains after the general increase. The overall market is supported by factors such as a relatively loose monetary environment, AI technological development, increased emphasis on the supply chain of critical minerals, and enhanced uncertainty in resource supply due to geopolitical disturbances [11]. - In the short term, the market should be cautious about the possible disturbances caused by phased profit - taking of funds. Different metals have different supply - demand situations and price trends, and corresponding investment strategies should be formulated according to their characteristics [11]. Summary of Each Section Part One: Non - ferrous Metal Operation Logic and Investment Recommendations - **Macro Logic**: In 2026, the non - ferrous metal market is supported by a loose monetary environment, AI development, increased emphasis on critical mineral supply chains, and geopolitical disturbances. China's December manufacturing PMI returned to the expansion range, while the US December ISM manufacturing index unexpectedly shrank to the lowest level since 2024 [11]. - **Geopolitical Disturbance**: The US military action against Venezuela and discussions about obtaining Greenland have raised concerns about resource supply stability. There are also trade - related policies between China and Japan, and differences within the Federal Reserve regarding interest rate cuts [12]. - **Investment Strategies**: Different strategies are proposed for each metal variety, considering factors such as supply, demand, cost, and market sentiment [13][15][16] Part Two: Non - ferrous Metal Market Review - The table shows the closing prices and price changes of various non - ferrous metal futures, including copper, zinc, aluminum, alumina, tin, lead, nickel, stainless steel, and cast aluminum alloy [17]. Part Three: Non - ferrous Metal Position Analysis - The table presents the latest position analysis of the non - ferrous metal sector, including the price change, net long - short strength comparison, net long - short position difference, changes in net long and net short positions, and influencing factors for each variety [19]. Part Four: Non - ferrous Metal Spot Market - The table shows the spot prices and price changes of various non - ferrous metals, including copper, zinc, aluminum, alumina, nickel, stainless steel, tin, lead, cast aluminum alloy, etc. [20] Part Five: Non - ferrous Metal Industry Chain - For each metal (copper, zinc, aluminum, alumina, tin, cast aluminum alloy, lead, nickel, stainless steel), relevant industry chain charts are provided, including inventory changes, processing fees, price trends, etc. [21][23][27][34][43][47][53] Part Six: Non - ferrous Metal Arbitrage - For each metal, relevant arbitrage charts are provided, such as the ratio of domestic to international prices, basis, and spreads between different contracts [57][58][61][64][68][70] Part Seven: Non - ferrous Metal Options - For each metal, relevant option charts are provided, including historical volatility, implied volatility, trading volume, and open interest ratio [74][76][79]