1. Report Industry Investment Ratings No relevant content provided. 2. Core Views of the Reports Industrial Silicon - The price of industrial silicon is expected to remain in a low - level oscillation. In November, the supply and demand of the industrial silicon market will both decline, with a larger decline in supply. However, due to the large supply base and the replenishment of the spot market by cancelled warehouse receipts, there is still expected to be inventory accumulation pressure. The main price fluctuation range is expected to be between 8,500 - 9,500 yuan/ton [1]. Polysilicon - It is expected to maintain a high - level range oscillation. The market is in a situation of both supply and demand decline, with inventory accumulation expected in each link, but strong spot support. The backwardation market structure will remain. For trading strategies, try to go long at around 50,000 for futures; hold or take profit on sell put options for options, and consider buying straddles if volatility decreases [2]. Tin - With strong fundamentals, a bullish view on tin prices is maintained. Hold previous long positions and pay attention to macro - end changes and the recovery of supply in Myanmar [4]. Aluminum - Alumina is expected to maintain a bottom - level oscillation, with the main contract operating in the range of 2,700 - 2,850 yuan/ton. Whether the market can rebound depends on the actual production cut scale of existing enterprises and the inventory inflection point. Electrolytic aluminum is expected to maintain a high - level oscillation, with the Shanghai aluminum main contract operating in the range of 21,100 - 21,700 yuan/ton. Focus on overseas monetary policy trends and domestic inventory destocking rhythm [6]. Zinc - Zinc prices are expected to oscillate. The supply - side pressure has gradually eased, and the demand side has shown a structural improvement. However, the terminal demand has remained stable, and there is limited upward momentum. The main reference range is 22,200 - 22,800 yuan/ton [7]. Copper - In the medium - to - long - term, the supply - demand contradiction supports the upward movement of the bottom center of copper prices. Pay attention to macro - drivers such as overseas interest - rate cut expectations. The main reference range is 85,500 - 87,500 yuan/ton [8]. Nickel - The macro - situation is temporarily stable, and the fundamentals remain weak. However, due to upstream production cuts and low valuations, the market may oscillate and repair. In the medium term, the abundant supply will still restrict the upward space of prices. The main reference range is 116,000 - 120,000 yuan/ton [9]. Aluminum Alloy - The price of ADC12 is expected to maintain an oscillating pattern in the short term, with the main contract operating in the range of 20,300 - 20,900 yuan/ton. Pay attention to the improvement of scrap aluminum supply and the change in downstream procurement rhythm [11]. Stainless Steel - The policy - driven effect is difficult to be directly transmitted in the short term, cost support is weakening, and the fundamental structure has not improved significantly. There is still pressure on the supply - side steel mill production schedule and social inventory, and the demand is weak in the off - season. It is expected to oscillate, with the main operating range of 12,300 - 12,700 yuan/ton [13]. Lithium Carbonate - The market is expected to oscillate and adjust in the short term, with the main reference range of 90,000 - 95,000 yuan. Although the market has a bullish sentiment, there is limited substantial new driving force [15]. 3. Summaries According to Relevant Catalogs Spot Prices and Basis - **Industrial Silicon**: The spot prices of various grades of industrial silicon remained stable on November 25, 2025, while the basis of some varieties decreased. For example, the basis of East China oxygen - containing S15530 industrial silicon decreased by 20 yuan to 540 yuan, with a decline of 3.57% [1]. - **Polysilicon**: The spot price of polysilicon remained stable, while the price of battery cells decreased. The main contract of polysilicon futures closed at 54,730 yuan/ton, up 1,415 yuan/ton [2]. - **Tin**: The spot prices of SMM 1 tin and Yangtze River 1 tin increased by 1,700 yuan/ton on November 26, 2025, with a rise of 0.58%. The LME 0 - 3 spread increased by 18.32 US dollars/ton, with a rise of 19.15% [4]. - **Aluminum**: The price of SMM A00 aluminum increased by 80 yuan/ton on November 26, 2025, with a rise of 0.37%. The price of alumina in various regions remained stable [6]. - **Zinc**: The price of SMM 0 zinc ingot increased by 20 yuan/ton on November 26, 2025, with a rise of 0.09%. The import loss was - 4,312 yuan/ton, a decrease of 32.69 yuan/ton [7]. - **Copper**: The price of SMM 1 electrolytic copper increased by 375 yuan/ton on November 26, 2025, with a rise of 0.43%. The refined - scrap price difference increased by 378.62 yuan/ton, with a rise of 13.42% [8]. - **Nickel**: The price of SMM 1 electrolytic nickel increased by 800 yuan/ton on November 26, 2025, with a rise of 0.68%. The price of 8 - 12% high - nickel pig iron decreased by 2 yuan/ton, with a decline of 0.22% [9]. - **Aluminum Alloy**: The price of SMM aluminum alloy ADC12 remained stable on November 26, 2025. The refined - scrap price difference of some regions changed, such as the refined - scrap price difference of Foshan crushed primary aluminum increased by 80 yuan/ton, with a rise of 4.57% [11]. - **Stainless Steel**: The price of 304/2B (Wuxi Hongwang 2.0 coil) remained stable at 12,700 yuan/ton on November 26, 2025, while the price of 304/2B (Foshan Hongwang 2.0 coil) increased by 100 yuan/ton, with a rise of 0.79% [13]. - **Lithium Carbonate**: The prices of SMM battery - grade lithium carbonate, industrial - grade lithium carbonate, etc. decreased slightly on November 26, 2025. For example, the price of SMM battery - grade lithium carbonate decreased by 100 yuan/ton, with a decline of 0.11% [15]. Monthly Spreads - Different contracts of various metals showed different changes in monthly spreads. For example, in industrial silicon, the spreads of contracts such as 2512 - 2601 remained unchanged; in tin, the spread of 2601 - 2602 increased by 450 yuan/ton, with a rise of 107.14% [1][4]. Fundamental Data Production - **Industrial Silicon**: In November, the national industrial silicon production is expected to decline to around 400,000 tons. In October, the national industrial silicon production was 452,200 tons, a month - on - month increase of 7.46%. The production in Xinjiang increased by 15.94%, while that in Yunnan and Sichuan decreased [1]. - **Polysilicon**: The monthly production in October was 134,000 tons, a month - on - month increase of 3.08%. The weekly production was 27,100 tons, a week - on - week increase of 1.12% [2]. - **Tin**: In October, SMM refined tin production was 16,090 tons, a month - on - month increase of 53.09%. The average operating rate was 66.81%, a month - on - month increase of 53.23% [4]. - **Aluminum**: In October, alumina production was 778,530 tons, a month - on - month increase of 2.39%; electrolytic aluminum production was 374,210 tons, a month - on - month increase of 3.52% [6]. - **Zinc**: In October, refined zinc production was 617,200 tons, a month - on - month increase of 2.85% [7]. - **Copper**: In October, electrolytic copper production was 1,091,600 tons, a month - on - month decrease of 2.62% [8]. - **Nickel**: In October, China's refined nickel production was 35,600 tons, a month - on - month increase of 0.84% [9]. - **Aluminum Alloy**: In October, the production of recycled aluminum alloy ingots was 645,000 tons, a month - on - month decrease of 2.42%; the production of primary aluminum alloy ingots was 286,000 tons, a month - on - month increase of 1.06% [11]. - **Stainless Steel**: In October, the production of Chinese 300 - series stainless steel crude steel (43 enterprises) was 1,787,000 tons, a month - on - month decrease of 0.72% [13]. - **Lithium Carbonate**: In October, lithium carbonate production was 92,260 tons, a month - on - month increase of 5.73% [15]. Import and Export - Different metals have different import and export trends. For example, the import of refined tin in October decreased by 58.55% month - on - month, and the export decreased by 15.33% month - on - month; the import of electrolytic aluminum in October increased by 0.61% month - on - month, and the export decreased by 15.18% month - on - month [4][6]. Operating Rate - The operating rates of different industries also vary. For example, the national operating rate of industrial silicon in October was 68.12%, a month - on - month increase of 9.98%; the operating rate of aluminum profiles was 52.10%, a week - on - week decrease of 0.95% [1][6]. Inventory Changes - Different metals have different inventory trends. For example, the social inventory of industrial silicon increased by 0.37% week - on - week; the SHEF inventory of tin decreased by 0.46% week - on - week [1][4].