1. Report Industry Investment Rating The report does not explicitly provide an overall industry investment rating but gives individual outlooks for each metal: - Copper: Expected to show an oscillating pattern [8][9] - Alumina: Under pressure and expected to oscillate [10] - Aluminum: Expected to oscillate and decline in the short - term, with a range - bound trend [12][13] - Aluminum Alloy: Expected to oscillate in the short - term, with potential for price spread recovery [13][14] - Zinc: Expected to oscillate weakly in the short - term and decline in the long - term [15][16] - Lead: Expected to oscillate [17][18] - Nickel: Expected to oscillate widely in the short - term and hold a short position in the long - term [19][21] - Stainless Steel: Expected to maintain a range - bound trend in the short - term [24] - Tin: Expected to oscillate, with increased volatility possible in August [25][26] 2. Core Viewpoints of the Report The overall demand for non - ferrous metals is gradually weakening, and prices are under pressure to oscillate. In the short - to - medium term, the weak US dollar supports prices, but the demand - weakening risk is increasing. In the long term, potential domestic stimulus policies and supply disruptions in some metals support prices. For specific metals, their prices are affected by factors such as macroeconomic data, supply - demand relationships, and policy changes [1]. 3. Summaries by Related Catalogs 3.1行情观点 3.1.1 Copper - **Viewpoint**: Sino - US tariff suspension extension leads to high - level oscillation of copper prices. - **Analysis**: Sino - US suspend 24% tariffs for 90 days; Fed keeps interest rates unchanged; copper production increases; spot premiums decline; inventory rises. - **Logic**: Macro - level risk preference rises, but raw material supply is tight, and demand is in the off - season with limited inventory accumulation. - **Outlook**: Copper may oscillate due to supply constraints, low inventory, weakening demand, and potential tariff impacts [8][9]. 3.1.2 Alumina - **Viewpoint**: Spot prices decline slightly, and warehouse receipts increase, leading to pressure on alumina prices to oscillate. - **Analysis**: Spot prices in various regions decline slightly; overseas transactions occur; warehouse receipts increase. - **Logic**: Smelter production capacity recovers, resulting in an oversupply and increasing inventory. - **Outlook**: Consider shorting at high levels based on warehouse receipt changes [10]. 3.1.3 Aluminum - **Viewpoint**: Spot prices are at a discount, and aluminum prices oscillate and decline. - **Analysis**: Spot prices, inventory changes, and corporate performance are presented. - **Logic**: US retail data is weak, and domestic economic data slows. Supply is stable, while demand is in the off - season, and inventory accumulates. - **Outlook**: Observe short - term consumption and inventory accumulation, with prices expected to range - bound [12][13]. 3.1.4 Aluminum Alloy - **Viewpoint**: Tax refund policy tightening leads to oscillating prices. - **Analysis**: Price data, production project information, and policy changes are provided. - **Logic**: Supply and demand are both weak. Supply is affected by policy tightening, and demand is in the off - season. - **Outlook**: Prices are expected to oscillate in the short - term, with potential for price spread recovery [13][14]. 3.1.5 Zinc - **Viewpoint**: Declining ferrous metal prices lead to oscillating and declining zinc prices. - **Analysis**: Spot prices, inventory changes, and new project information are given. - **Logic**: Macro - level is slightly negative. Supply is loosening, and demand is in the off - season. - **Outlook**: Zinc prices are expected to oscillate in the short - term and decline in the long - term [16][17]. 3.1.6 Lead - **Viewpoint**: Stable cost support leads to oscillating lead prices. - **Analysis**: Price data, inventory changes, and market supply - demand conditions are presented. - **Logic**: Spot premiums are stable, supply and demand are both weak, and cost support is strong. - **Outlook**: Lead prices are expected to oscillate due to economic data and supply - demand balance [17][18]. 3.1.7 Nickel - **Viewpoint**: Fluctuating market sentiment leads to wide - range oscillation of nickel prices. - **Analysis**: Inventory changes, new policies, and corporate events are provided. - **Logic**: Market sentiment dominates, and fundamental factors are weakening. - **Outlook**: Nickel prices are expected to oscillate widely in the short - term and hold a short position in the long - term [19][21]. 3.1.8 Stainless Steel - **Viewpoint**: Significant increase in warehouse receipts leads to continued price correction. - **Analysis**: Warehouse receipt changes, spot prices, and new policies are given. - **Logic**: Cost increases, production declines, and inventory shows a structural surplus. - **Outlook**: Stainless steel prices are expected to range - bound in the short - term, depending on demand, inventory, and cost [24]. 3.1.9 Tin - **Viewpoint**: Declining Indonesian refined tin exports lead to high - level oscillation of tin prices. - **Analysis**: Inventory changes and spot prices are presented. - **Logic**: Supply is tight, but demand weakens in the second half of the year. - **Outlook**: Tin prices are expected to oscillate, with increased volatility possible in August [25][26]. 3.2行情监测 The report provides information on the performance of the non - ferrous metals index, including today's, recent 5 - day, recent 1 - month, and year - to - date changes, showing a decline in the short - term and an increase since the beginning of the year [143].

Investment Rating - The industry investment rating is maintained at "Overweight" [6][11]. Core Insights - The report highlights a seasonal increase in inventory and slight fluctuations in the prices of base metals, with a focus on the ongoing macroeconomic environment and its impact on supply and demand dynamics [6][11]. - The report suggests that the long-term supply-demand structure is being reshaped, indicating limited downside potential for base metal prices and encouraging investors to seek new entry points, particularly for rigid supply varieties like aluminum and copper [6][11]. Summary by Sections Market Overview - The report notes that the domestic industrial metal prices have shown slight fluctuations, with the non-ferrous metal index outperforming the market. The weekly price changes for LME copper, aluminum, lead, and zinc were 0.0%, -0.3%, 0.4%, and 0.2%, respectively, while SHFE prices were 1.1%, 1.2%, 0.8%, and 2.6% [6][20][21]. Macroeconomic Factors - The report tracks three macroeconomic factors: 1. China's June export value increased by 6% year-on-year, with total exports amounting to $325.2 billion [6][27]. 2. U.S. inflation showed an uptick, with the June CPI rising by 2.7% year-on-year [6][33]. 3. The European economic sentiment index continued to rise, with the Eurozone manufacturing PMI at 49.5 [6][36]. Base Metals Analysis - For electrolytic aluminum, the macro environment remains strong, but market sentiment has cooled, leading to a price retreat. The operating capacity of the electrolytic aluminum industry increased by 10,000 tons, reaching 43.975 million tons, with production at 843,400 tons, a slight increase of 0.02% [6][40][41]. - The report indicates that the aluminum processing sector's operating rate decreased by 0.1%, averaging 58.7% as of July 24, 2025 [6][43]. - In terms of inventory, domestic aluminum ingot inventory rose by 36,000 tons to 577,000 tons, while global inventory increased by 42,300 tons to 1.2921 million tons [6][43][44]. Profitability Metrics - The report states that the immediate profit per ton for the aluminum industry remains above 3,500 yuan, with the current spot aluminum price at 20,800 yuan per ton, reflecting a 0.19% increase [6][43].

Investment Rating - The report maintains a "Buy" recommendation for the non-ferrous metals industry, highlighting price increases in cobalt and antimony due to policy disruptions affecting supply and exports [2][3]. Core Insights - The report emphasizes the positive outlook for the basic metals sector, driven by macroeconomic improvements and strong fundamentals. It recommends specific stocks such as Shenhuo Co., Zijin Mining, and Jincheng Mining, while suggesting attention to China Aluminum and China Hongqiao [3][6]. - The suspension of cobalt exports by the Democratic Republic of Congo is expected to alleviate the current oversupply situation in the short term, although long-term solutions are necessary to address ongoing supply-demand imbalances [3][6]. - Domestic antimony prices are projected to remain strong due to tight raw material supplies and increased demand from downstream customers, despite a narrowing price gap with international markets [3][6]. Industry Overview Basic Metals - The report notes an increase in copper inventories, with Shanghai Futures Exchange (SHFE) copper stock at 268,300 tons, up 8,246 tons week-on-week. COMEX inventory decreased to 93,481 tons, down 3,460 tons week-on-week [3][6]. - The report highlights the positive performance of basic metals in the medium to long term, with specific recommendations for stocks with growth potential in metal prices and production [3][6]. Cobalt Market - The Democratic Republic of Congo's decision to suspend cobalt exports for four months is expected to impact approximately 70,000 to 80,000 tons of supply, which is about 25% of the annual total, providing temporary relief to the oversupply situation [3][6]. - The report indicates that while this suspension may help in the short term, a long-term mechanism is needed to address the structural oversupply in the cobalt market [3][6]. Antimony Market - As of February 27, domestic antimony ingot prices reached 158,000 CNY/ton, reflecting a week-on-week increase of 6.8% and a month-on-month increase of 11.3%. The report anticipates that domestic prices will continue to rise due to tight supply and increased demand [3][6]. Stock Recommendations - The report recommends stocks with clear growth potential in tin and silver production, such as Xingye Silver Tin, and suggests attention to antimony sector stocks like Huaxi Nonferrous and Hunan Gold [3][6].