1. Report Industry Investment Ratings No information about industry investment ratings is provided in the reports. 2. Core Views of the Reports Copper - The price of copper rebounded slightly yesterday. In the medium - long term, the supply - demand contradiction supports the upward shift of the bottom center of copper prices. The main contract is expected to trade between 85,500 - 87,500 yuan/ton, and future attention should be paid to demand - side marginal changes and overseas liquidity [1]. Zinc - The Shanghai zinc futures oscillated at a high level yesterday. The supply - side pressure may be limited in the future, and the demand side has no outstanding performance. The LME zinc has upward pressure, while the export of zinc ingots may boost domestic zinc prices. The main contract is expected to trade between 22,300 - 23,000 yuan/ton [3]. Industrial Silicon - The spot price of industrial silicon stabilized, while the futures price oscillated downward. In November, the market still faces inventory accumulation pressure, but it is less than that in October. The price is expected to oscillate at a low level, mainly in the range of 8,500 - 9,500 yuan/ton [4]. Polysilicon - The spot price of polysilicon stabilized, the component quotation increased, but the silicon wafer price dropped significantly, and the futures price oscillated downward. The market is expected to oscillate at a high level, and attention should be paid to the spot support strength, platform company establishment, production control, and demand - side order increase [5]. Tin - The supply of tin ore remains tight, and the demand shows no obvious improvement. The market sentiment has improved, and long positions should be held. If the supply in Myanmar recovers smoothly, the tin price may weaken; otherwise, it is expected to continue to run strongly [7]. Alumina - The alumina futures oscillated at a low level yesterday. The supply pressure is high, and the cost support is gradually shifting down. The price is expected to continue to oscillate weakly, with the main contract reference range of 2,750 - 2,900 yuan/ton [9]. Electrolytic Aluminum - The electrolytic aluminum futures continued to oscillate at a high level yesterday. The market shows a pattern of strong macro - drive and weak fundamental support. The price is expected to fluctuate between 21,000 - 21,800 yuan/ton, and attention should be paid to LME warehouse receipt flow, domestic inventory changes, and overseas macro - trends [9]. Nickel - The Shanghai nickel futures oscillated narrowly yesterday. The market is mixed with long and short factors. The price is expected to oscillate in a range, with the main contract reference range of 118,000 - 124,000 yuan/ton, and attention should be paid to macro - expectations and Indonesian industrial policies [10]. Stainless Steel - The stainless - steel futures continued to weaken yesterday. The policy and macro - drive are gradually weakening, and the fundamentals have not improved significantly. The price is expected to oscillate weakly in the short term, with the main contract reference range of 12,400 - 12,800 yuan/ton, and attention should be paid to macro - expectations and steel mill supply [12]. Lithium Carbonate - The lithium carbonate futures ran strongly yesterday. The short - term fundamentals provide support for the price, but the upward movement of the futures is mainly driven by funds. The futures may oscillate and adjust in the short term, and attention should be paid to the end - of - year resumption of large factories and downstream marginal changes [14]. Aluminum Alloy - The cast aluminum alloy market oscillated strongly yesterday. Supported by cost and with a tight supply - demand balance, the ADC12 price is expected to oscillate strongly, with the main contract reference range of 20,400 - 21,200 yuan/ton. Attention should be paid to scrap aluminum supply, downstream procurement, and inventory reduction [16]. 3. Summaries According to Relevant Catalogs Price and Basis - **Copper**: SMM 1 electrolytic copper price was 86,765 yuan/ton, up 0.27% from the previous day. The spot - futures basis and other price - related indicators showed different changes [1]. - **Zinc**: SMM 0 zinc ingot price was 22,660 yuan/ton, up 0.40% from the previous day. The import profit and loss, month - to - month spread, etc. also changed [3]. - **Industrial Silicon**: The price of East China oxygen - passing S15530 industrial silicon remained unchanged at 9,500 yuan/ton, and the basis increased by 52.38% [4]. - **Polysilicon**: The average price of N - type re - feeding material remained at 52,200 yuan/kg, and the main futures contract dropped 3.33% to 51,930 yuan/ton [5]. - **Tin**: SMM 1 tin price was 287,700 yuan/ton, up 0.66% from the previous day. The LME 0 - 3 premium increased by 11.10% [7]. - **Aluminum**: SMM A00 aluminum price was 21,620 yuan/ton, up 0.60% from the previous day. The import profit and loss and month - to - month spread changed accordingly [9]. - **Nickel**: SMM 1 electrolytic nickel price was 121,300 yuan/ton, up 0.08% from the previous day. The LME 0 - 3 decreased by 2.68% [10]. - **Stainless Steel**: The price of 304/2B (Wuxi Hongwang 2.0 coil) was 12,750 yuan/ton, down 0.39% from the previous day. The spot - futures spread increased by 24.66% [12]. - **Lithium Carbonate**: SMM battery - grade lithium carbonate average price was 82,300 yuan/ton, up 1.92% from the previous day. The basis decreased by 858.62% [14]. - **Aluminum Alloy**: SMM aluminum alloy ADC12 price was 21,500 yuan/ton, up 0.23% from the previous day. The month - to - month spread and other indicators changed [16]. Fundamental Data Production and Import/Export - **Copper**: In October, the electrolytic copper production was 109.16 million tons, a month - on - month decrease of 2.62%. In September, the import volume was 33.43 million tons, a month - on - month increase of 26.50% [1]. - **Zinc**: In October, the refined zinc production was 61.72 million tons, a month - on - month increase of 2.85%. In September, the import volume was 2.27 million tons, a month - on - month decrease of 11.61% [3]. - **Industrial Silicon**: In October, the national industrial silicon production was 45.22 million tons, a month - on - month increase of 7.46%. The export volume in October was 7.02 million tons, a month - on - month decrease of 8.36% [4]. - **Polysilicon**: In October, the polysilicon production was 13.40 million tons, a month - on - month increase of 3.08%. In September, the import volume was 0.13 million tons, a month - on - month increase of 28.46% [5]. - **Tin**: In September, the tin ore import was 8,714 tons, a month - on - month decrease of 15.13%. In October, the SMM refined tin production was 16,090 tons, a month - on - month increase of 53.09% [7]. - **Aluminum**: In October, the alumina production was 778.53 million tons, a month - on - month increase of 2.39%. The electrolytic aluminum production was 374.21 million tons, a month - on - month increase of 3.52% [9]. - **Nickel**: In October, the Chinese refined nickel production was 35,900 tons, a month - on - month increase of 0.84%. The import volume was 38,164 tons, a month - on - month increase of 124.36% [10]. - **Stainless Steel**: In October, the production of Chinese 300 - series stainless steel crude steel (43 manufacturers) was 182.17 million tons, a month - on - month increase of 0.38%. The import volume was 12.03 million tons, a month - on - month increase of 2.70% [12]. - **Lithium Carbonate**: In October, the lithium carbonate production was 92,260 tons, a month - on - month increase of 5.73%. The import volume in September was 19,597 tons, a month - on - month decrease of 10.30% [14]. - **Aluminum Alloy**: In October, the production of recycled aluminum alloy ingots was 64.50 million tons, a month - on - month decrease of 2.42%. The production of primary aluminum alloy ingots was 28.60 million tons, a month - on - month increase of 1.06% [16]. Operating Rates - **Copper**: The electrolytic copper rod operating rate was 61.97%, up 1.54 percentage points from the previous week [1]. - **Zinc**: The galvanizing operating rate was 55.13%, down 2.41 percentage points from the previous week [3]. - **Industrial Silicon**: The national operating rate was 68.12%, up 6.18 percentage points from the previous month [4]. - **Tin**: The SMM refined tin average operating rate in September was 43.60%, down 20.3 percentage points from the previous month [7]. - **Aluminum**: The aluminum profile operating rate was 52.60%, down 0.9 percentage points from the previous week [9]. - **Nickel**: There is no significant information about the operating rate in the nickel report. - **Stainless Steel**: There is no significant information about the operating rate in the stainless - steel report. - **Lithium Carbonate**: In October, the lithium carbonate operating rate was 56%, up 1.82 percentage points from the previous month [14]. - **Aluminum Alloy**: The recycled aluminum alloy operating rate was 55.84%, down 1.7 percentage points from the previous week [16]. Inventory - **Copper**: The domestic social inventory was 19.59 million tons, down 2.10% from the previous week; the SHFE inventory was 11.50 million tons, down 0.95% from the previous week [1]. - **Zinc**: The seven - region social inventory of Chinese zinc ingots was 15.96 million tons, down 1.30% from the previous week; the LME inventory remained unchanged at 3.5 million tons [3]. - **Industrial Silicon**: The Xinjiang inventory was 11.21 million tons, up 3.70% from the previous week; the social inventory was 55.20 million tons, down 1.08% from the previous week [4]. - **Polysilicon**: The polysilicon inventory was 25.90 million tons, down 0.77% from the previous week; the silicon wafer inventory was 17.52 million tons, down 7.45% from the previous week [5]. - **Tin**: The SHEF inventory was 5,992 tons, up 1.23% from the previous week; the social inventory was 7,033 tons, up 5.22% from the previous week [7]. - **Aluminum**: The social inventory of Chinese electrolytic aluminum remained unchanged at 62.70 million tons; the LME inventory was 54.5 million tons, down 0.37% from the previous day [9]. - **Nickel**: The SHFE inventory was 37,187 tons, up 1.19% from the previous week; the social inventory was 49,133 tons, up 2.14% from the previous week [10]. - **Stainless Steel**: The 300 - series social inventory (Wuxi + Foshan) was 48.89 million tons, down 0.65% from the previous week; the SHFE warehouse receipt was 7.17 million tons, down 0.41% from the previous day [12]. - **Lithium Carbonate**: In October, the total lithium carbonate inventory was 84,234 tons, down 10.90% from the previous month; the downstream inventory was 53,291 tons, down 13.50% from the previous month [14]. - **Aluminum Alloy**: The weekly social inventory of recycled aluminum alloy ingots was 5.58 million tons, up 1.82% from the previous week [16].

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Views - **Coke**: As of the week ending November 7, the total daily coke output of all - sampled independent coking plants and steel - mill coking plants was 1.0968 million tons, a weekly decrease of 11,200 tons. On the demand side, the daily hot - metal output of 247 steel mills was 2.3422 million tons, a weekly decrease of 21,400 tons. The profitability rate of steel mills continued to decline by 5.19 percentage points to 39.83%, with over 60% of steel mills in a loss state, indicating continued demand pressure for coke. In terms of inventory, the coke inventory in each link of the industrial chain decreased this week. As of the latest data on November 7, the total coke inventory in the statistical scope was 8.8705 million tons, a weekly decrease of 129,700 tons. Overall, due to environmental protection restrictions and operational pressure, the supply and demand of coke are weak in the off - season, and the fundamentals lack effective support. The upward driving force mainly comes from coking coal on the cost side, supporting the main coke contract to oscillate at a high level. Attention should be paid to the subsequent changes in coking coal supply [6][35]. - **Coking Coal**: As of the week ending November 7, the daily output of clean coal from 523 coking coal mines nationwide was 738,000 tons, a decrease of 20,000 tons compared with the previous week and 47,000 tons compared with the same period last year. The total daily coke output of all - sampled independent coking plants and steel - mill coking plants was 1.0968 million tons, a weekly decrease of 11,200 tons. In terms of inventory, as of the week ending November 7, coking coal accumulated in the middle and upper reaches of the industrial chain and decreased in the downstream. Among them, the inventory of independent coking plants increased by 175,400 tons week - on - week, the port inventory increased by 141,200 tons week - on - week, and the coking coal inventory of 247 steel mills decreased by 90,200 tons week - on - week. Overall, the supply and demand of coking coal both decreased, and the fundamentals are neutral. The relative positive factor lies in the strong supply - side expectation brought by safety supervision and anti - involution. Attention should be paid to the subsequent production situation of coal mines in the main producing areas [7][36]. 3. Summary by Directory Industry News - In October, China imported 4.1737 million tons of coal and lignite, a decrease of 426,600 tons compared with the previous month, a month - on - month decrease of 9.3%. From January to October, the cumulative import of coal and lignite was 38.7623 million tons, a year - on - year decrease of 11.0% [9]. - On November 7, the price of coking coal in the Tangshan market remained stable. The ex - factory price of prime coking clean coal was 1,615 yuan/ton, and that of fat coal was 1,600 yuan/ton, both including cash and tax [10]. Spot Market | Variety | Current Value | Weekly Change | Monthly Change | Annual Change | Year - on - Year Change | | --- | --- | --- | --- | --- | --- | | Coke (Rizhao Port, quasi - first - grade, FOB) | 1,620 | +3.18% | +3.18% | - 4.14% | - 14.29% | | Coke (Qingdao Port, quasi - first - grade, ex - warehouse) | 1,570 | +0.64% | +1.29% | - 3.09% | - 11.30% | | Coking Coal (Ganqimaodu Port, Mongolian coal) | 1,435 | +3.24% | +3.24% | +21.61% | +0.35% | | Coking Coal (Jingtang Port, Australian coal) | 1,670 | +0.60% | +0.60% | +12.08% | - 3.47% | | Coking Coal (Jingtang Port, Shanxi coal) | 1,800 | +3.45% | +3.45% | +17.65% | +5.88% | [11] Futures Market | Futures | Active Contract | Closing Price | Change Rate | Highest Price | Lowest Price | Trading Volume | Volume Difference | Open Interest | Open Interest Difference | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Coke | - | 1,756.5 | - 0.62 | 1,786.0 | 1,750.0 | 17,198 | - 1,212 | 37,429 | - 771 | | Coking Coal | - | 1,270.0 | - 0.97 | 1,294.5 | 1,261.0 | 829,948 | - 85,901 | 638,430 | - 36,173 | [15] Related Charts The report provides multiple charts related to coke inventory, coking coal inventory, domestic steel mill production, Shanghai terminal wire and screw procurement, coal washing plant production, and coking plant operation, which visually show the historical data trends of relevant indicators [16][18][28]. Market Outlook The views on coke and coking coal are consistent with the core views, emphasizing the weak supply - demand situation of coke in the off - season and the supply - demand double - decline and neutral fundamentals of coking coal, and suggesting attention to the supply changes of coking coal and the production situation of main - producing - area coal mines [35][36].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - **Coke**: On June 12, the main coke contract closed at 1,328.5 yuan/ton, with an intraday decline of 1.77%. The spot price at Rizhao Port dropped 5.22% week-on-week. The weak coking coal market fails to support coke costs, and steel mills still want to lower prices. Since May, coke supply and demand have both decreased, and the off - season suppresses the industry. Last week, the capacity utilization rate of 230 independent coking plants decreased by 0.15% week - on - week, and the average daily pig iron output of 247 steel mills decreased by 0.11 tons week - on - week. Despite short - term price rebounds due to coking coal supply disruptions and Sino - US relations improvement, the market is still bearish, and the main coke contract remains at a low level [5][32]. - **Coking Coal**: On June 12, the main coking coal contract closed at 766.5 points, down 2.79% intraday. The spot price at Ganqimaodu Port fell 1.1% week - on - week. Since late May, some coal mines have reduced production, and in June, safety and environmental inspections increase production uncertainty. The coking coal output of 523 steel - related enterprises has declined for three consecutive weeks, and political unrest in Mongolia has raised concerns. Although market sentiment has slightly improved, the long - term supply - demand pattern is bearish, and the coking coal futures maintain low - level fluctuations [6][33]. 3. Summary by Directory Industry News - In May 2025, the total new commercial housing transaction area in 10 key cities was 6.4404 million square meters, a 7.6% month - on - month increase but a 17.1% year - on - year decrease. The transaction areas in Beijing, Chengdu, Hangzhou, and Shenzhen decreased month - on - month, with Shenzhen having the largest decline of 21.8%. The transaction areas in the other 6 cities increased month - on - month, with Foshan having a 32.7% increase [8]. - On June 12, the coking coal price in Jinzhong market remained stable, with the ex - factory price of medium - sulfur main coking coal being 950 yuan/ton [9]. Spot Market - **Coke**: The current price of Rizhao Port's quasi - first - grade coke at the flat - price warehouse is 1,270 yuan/ton, a 5.22% week - on - week and month - on - month decrease, and a 24.85% decrease from the end of last year and a 36.18% decrease compared to the same period. The current price of Qingdao Port's quasi - first - grade coke at the ex - warehouse is 1,180 yuan/ton, a 0.84% week - on - week decrease, a 3.28% month - on - month decrease, a 27.16% decrease from the end of last year, and a 38.86% decrease compared to the same period [10]. - **Coking Coal**: The current price of Mongolian coking coal at Ganqimaodu Port is 890 yuan/ton, a 1.11% week - on - week decrease, a 3.26% month - on - month decrease, a 24.58% decrease from the end of last year, and a 45.06% decrease compared to the same period. The prices of Australian and Shanxi coking coal at Jingtang Port also showed varying degrees of decline [10]. Futures Market - **Coke**: The main coke contract closed at 1,328.5 yuan/ton, down 1.77% intraday, with a trading volume of 22,601 lots (a decrease of 2,800 lots) and an open interest of 52,536 lots (a decrease of 255 lots) [13]. - **Coking Coal**: The main coking coal contract closed at 766.5 points, down 2.79% intraday, with a trading volume of 880,359 lots (a decrease of 271,745 lots) and an open interest of 562,882 lots (an increase of 5,853 lots) [13]. Related Charts - The report provides multiple charts showing the inventory of coke and coking coal in different sectors (such as independent coking plants, steel mills, ports), as well as production and operation indicators of related industries (such as blast furnace operating rate, steel mill profitability, washing plant production, and coking plant operation) [14][20][27] Market Outlook - **Coke**: The fundamentals are weak, and the main contract will likely continue to trade at a low level due to weak cost support, continuous supply - demand decline, and intense market competition [32]. - **Coking Coal**: Although short - term sentiment has improved, the long - term supply - demand pattern is bearish, and the futures will maintain low - level fluctuations [33].