Report Industry Investment Rating - Not provided Core Viewpoints - Industrial silicon prices are expected to maintain a range - bound oscillation, with a supply - demand dual - weak pattern. The upside potential depends on downstream demand recovery and inventory reduction, while the downside is limited by cost support and production cut expectations [3]. - Polysilicon prices are expected to continue weak and volatile. The weak industrial silicon prices lead to weak cost support for polysilicon, and factors such as unfulfilled demand expectations, high inventory, and geopolitical issues suppress price increases [7]. Market Analysis Industrial Silicon - On March 25, 2026, the industrial silicon futures price fluctuated and rose. The main contract 2605 opened at 8560 yuan/ton and closed at 8770 yuan/ton, a change of 150 yuan/ton (1.74%) from the previous day's settlement. The position of the main contract 2605 was 230888 lots, and the number of warehouse receipts on March 24, 2026, was 22212 lots, a change of 312 lots from the previous day [1]. - The spot price of industrial silicon increased. The price of East China oxygen - passing 553 silicon was 9100 - 9300 yuan/ton, 421 silicon was 9500 - 9700 yuan/ton, Xinjiang oxygen - passing 553 price was 8500 - 8600 yuan/ton, and 99 silicon price was 8500 - 8600 yuan/ton. Silicon prices in Kunming, Huangpu Port, Northwest, Tianjin, Xinjiang, Sichuan, and Shanghai remained flat, and the price of 97 silicon was stable [1]. - As of March 19, the total social inventory of industrial silicon in major regions was 55.3 tons, a decrease of 0.18% from the previous week [1]. - The downstream demand for polysilicon, organic silicon, and aluminum alloy decreased to varying degrees after the festival, and most inquiries were tentative [1]. - The operating rate in Xinjiang exceeded 50%, and the supply side gradually recovered after the festival, but the operating rate in the southwest remained low during the dry season [1]. - Recently, the prices of petroleum coke and Xinjiang electricity have increased, providing strong cost support for industrial silicon [2]. Polysilicon - On March 25, 2026, the main contract 2605 of polysilicon futures fluctuated and rose, opening at 36495 yuan/ton and closing at 36750 yuan/ton, a change of 2.77% from the previous trading day. The position of the main contract reached 32820 lots (32746 lots the previous day), and the trading volume on the day was 12429 lots [3]. - The spot price of polysilicon decreased. N - type material was 36.00 - 45.00 (-2.00) yuan/kg, and n - type granular silicon was 40.00 - 43.00 (0.00) yuan/kg [4]. - Polysilicon manufacturers' inventory decreased, while silicon wafer inventory increased. The latest polysilicon inventory was 34.40, a month - on - month change of - 3.56%, silicon wafer inventory was 27.65GW, a month - on - month change of - 2.47%, polysilicon weekly output was 19000.00 tons, a month - on - month change of 0.00%, and silicon wafer output was 11.78GW, a month - on - month change of - 1.67% [4]. - The price of domestic N - type 18Xmm silicon wafers was 0.99 (0.00) yuan/piece, N - type 210mm was 1.29 (0.00) yuan/piece, and N - type 210R silicon wafers was 1.09 (0.00) yuan/piece [4]. - The price of high - efficiency PERC182 battery cells was 0.27 (0.00) yuan/W; PERC210 battery cells were about 0.28 (0.00) yuan/W; TopconM10 battery cells were about 0.40 (-0.01) yuan/W; Topcon G12 battery cells were 0.39 (0.00) yuan/W; Topcon210RN battery cells were 0.40 (-0.01) yuan/W. HJT210 half - piece battery was 0.37 (0.00) yuan/W [6]. - The mainstream transaction price of PERC182mm components was 0.67 - 0.74 (0.00) yuan/W, PERC210mm was 0.69 - 0.73 (0.00) yuan/W, N - type 182mm was 0.74 - 0.76 (0.00) yuan/W, and N - type 210mm was 0.75 - 0.78 (0.00) yuan/W [6]. - After continuous sharp declines, polysilicon rebounded due to the easing of geopolitical factors and the improvement of the macro - situation. However, the weak fundamentals and high inventory still suppressed price increases, and there was no positive policy news. The price is expected to remain volatile [6]. Strategies Industrial Silicon - Unilateral: Short - term range operation - Inter - period: None - Cross - variety: None - Spot - futures: None - Options: None [3] Polysilicon - Unilateral: Short - term range operation, and the main contract is expected to remain volatile in the short term - Inter - period: None - Cross - variety: None - Spot - futures: None - Options: None [7][8] Influencing Factors Industrial Silicon - The resumption of production in the northwest and the suspension of production in the southwest - Changes in the operating rate of polysilicon enterprises - Policy disturbances - Macroeconomic and capital sentiment - The operating conditions of organic silicon enterprises [5] Polysilicon - US tariff adjustments - The impact of futures listing on the spot market - The influence of capital sentiment - Policy disturbances - The impact of the war in the Middle East on overseas photovoltaic demand [8]

1. Report Industry Investment Rating - No relevant content found 2. Core View of the Report - The US soybean futures continued to strengthen this week, mainly driven by macro factors and good performance in the biodiesel sector. However, the fundamental support is limited, with average export sales and increasing pressure from the South American market. The domestic soybean meal spot market is under significant pressure, with decreased transactions and a continuous decline in basis. The rapeseed meal market is also under pressure, despite its recent strong performance driven by the soybean meal and international rapeseed markets [5][6]. - Given the many macro disturbances and the inability of the fundamentals to support continuous price increases, it is recommended to adopt a wait - and - see approach for single - sided trading. For arbitrage, the MRM09 spread is expected to narrow, and for options, selling call options on near - month contracts is suggested [7]. 3. Summary by Directory 3.1 Comprehensive Analysis and Trading Strategies - **Analysis of the US soybean market**: The US soybean futures are strongly influenced by macro and weather factors. The recent increase in international oil prices and shipping costs has raised the import cost of US soybeans. Although the export situation is average, the US soybean crushing volume is strong, mainly due to high oil and meal prices, good biodiesel demand, and a favorable international soybean meal export situation. However, the US soybean market still faces pressure due to high inventory and uncertain export sustainability [5][13]. - **Analysis of the Brazilian soybean market**: Brazilian soybean prices have shown a downward trend. The weather in the Brazilian production area has affected the yield in the southern region, but the overall harvest progress is relatively good. The export volume is increasing, and it is expected to reach about 16.09 million tons this month [16]. - **Analysis of the domestic soybean meal market**: The domestic soybean meal futures have risen significantly, mainly driven by macro factors. The spot market is cold, with decreased transactions and a continuous decline in basis. The overall supply is relatively sufficient, and the market is expected to fluctuate [19]. - **Analysis of the domestic rapeseed meal market**: The domestic rapeseed meal futures have strengthened, influenced by the soybean meal and the international rapeseed market. The demand is average, and the supply is improving, with expected increases in rapeseed and rapeseed meal arrivals. The overall market is still under pressure [22]. - **Trading strategies**: For single - sided trading, it is recommended to wait and see; for arbitrage, narrow the MRM09 spread; for options, sell call options on near - month contracts [7]. 3.2 Core Logic Analysis - **Multiple factors drive the US soybean futures up**: The US soybean futures are affected by macro and weather factors. The increase in international oil prices and shipping costs has led to higher import costs, and the downward adjustment of the Brazilian soybean yield has provided support. However, the export situation is average, and the market still faces pressure [13]. - **Lower Brazilian production and weather disturbances**: Brazilian soybean prices have declined. The weather in the Brazilian production area has affected the yield in the southern region, and the export volume is increasing. The weather in Argentina is relatively dry, but the impact on production is limited [16]. - **Weak market transactions and rising futures**: The domestic soybean meal futures have risen significantly, driven by macro factors. The spot market is cold, with decreased transactions and a continuous decline in basis. The overall supply is sufficient, and the market is expected to fluctuate [19]. - **Improved supply and strong rapeseed meal futures**: The domestic rapeseed meal futures have strengthened, influenced by the soybean meal and the international rapeseed market. The demand is average, and the supply is improving, with expected increases in rapeseed and rapeseed meal arrivals. The overall market is still under pressure [22]. 3.3 Fundamental Data Changes - **International market**: The report presents data on US soybean weekly sales, export inspection volume, monthly crushing volume, and weekly crushing profit, as well as Brazilian and Argentine soybean monthly export and crushing data. It also shows data on foreign soybean premiums [26][29][32]. - **Macro factors**: It includes exchange rate data such as the US dollar against the Chinese yuan, the Brazilian real, and the Argentine peso, as well as international shipping cost data [35][38][44]. - **Supply**: Data on soybean and rapeseed imports and crushing volumes are provided [50]. - **Demand**: Data on soybean meal and rapeseed meal提货量 are presented [53]. - **Inventory**: Data on soybean, rapeseed, soybean meal, and rapeseed + rapeseed meal inventories are provided [57].

Core Viewpoint - The gold market experienced a dramatic drop, with prices plummeting by over 70 yuan per gram in just 24 hours, reflecting a significant market correction and a potential buying opportunity for investors [1][3]. Group 1: Market Dynamics - On February 7, the London gold price surged by 5.53%, surpassing the $5000 mark, while domestic gold prices saw a sharp decline, with brands like Lao Feng Xiang dropping to 1500 yuan per gram and bank gold bars falling to 1079.6 yuan per gram [1][3]. - There is a stark contrast in consumer behavior, with long queues at investment gold bar counters and sparse activity in jewelry sections, indicating a divide between investors and regular consumers [3][5]. - The volatility in the gold market is attributed to a shift in market sentiment, with high-leverage speculative funds rapidly liquidating positions, leading to a downward spiral in prices [3][5]. Group 2: Underlying Causes - The immediate trigger for the price drop was the nomination of hawkish figure Kevin Warsh as the Federal Reserve Chair, raising concerns about a shift in monetary policy [5]. - The gold market's inherent fragility is highlighted by the soaring implied volatility of gold ETF options, reaching levels only seen during the 2008 financial crisis and the 2020 pandemic [5]. - Despite retail panic selling, the largest gold ETF saw its holdings rise to a near four-year high, indicating a divergence in market strategies between retail investors and institutional players [5][7]. Group 3: Investment Insights - The significant price difference between bank gold bars and branded gold jewelry creates an arbitrage opportunity for savvy investors [7]. - The ongoing sellout of physical gold suggests that informed capital is positioning itself to take advantage of the current market turmoil [7]. - The gold market serves as a reflection of human psychology, illustrating the interplay between greed and fear, and emphasizes the importance of understanding one's risk tolerance in investment decisions [7].

Core Viewpoint - The domestic energy sector experienced a significant decline, with major contracts for crude oil and fuel oil hitting their daily limit down, reflecting a reversal from the previous week's substantial gains driven by geopolitical, macroeconomic, and liquidity factors [2][6]. Group 1: Market Performance - As of the latest close, the SC crude oil main contract fell by 7.02% (limit down), the FU fuel oil main contract dropped by 7.01% (limit down), the LU low-sulfur fuel oil main contract decreased by 5.92%, the PG liquefied petroleum gas main contract declined by 4.55%, and the BU asphalt main contract fell by 4.87% [1][5]. Group 2: Influencing Factors - The previous week's surge in the energy sector was attributed to a combination of geopolitical tensions, macroeconomic conditions, and liquidity, while the current week's decline is a result of a pullback in these factors [2][6]. - Macroeconomic developments include the nomination of Kevin Warsh as the new Federal Reserve Chairman, whose policies favor interest rate cuts and balance sheet reduction, potentially stabilizing the dollar and alleviating concerns over dollar credit collapse, thus reducing upward pressure on oil prices [2][6]. - Geopolitical tensions, particularly regarding Iran, had previously raised concerns about potential military conflict in the Strait of Hormuz, a critical oil export route, leading to a spike in oil prices. However, recent statements from Iranian officials indicate a de-escalation of tensions and a willingness to negotiate, contributing to a decrease in geopolitical risk premium [2][6]. Group 3: Future Outlook - The commodity market remains in a high volatility phase, sensitive to liquidity changes, and the situation regarding Iran has not reached a definitive resolution. Caution is advised, with recommendations to maintain a light or empty position until market conditions become clearer and volatility decreases [2][6].

Report Industry Investment Ratings - **Buy (★★★)**: None - **Hold (★★☆)**: None - **Weak Buy (★☆☆)**: Soybean, Soybean Meal, Egg - **Neutral (White Star)**: None - **Weak Sell (★☆☆)**: Live Pig - **Sell (★★☆)**: None - **Strong Sell (★★★)**: None [1] Core Views - The recent price movements of agricultural products, including soybeans, soybean oil, and palm oil, have been influenced by macro factors, such as the high - volatility and price correction of gold and silver, and the market's evaluation of the policy orientation of the Fed Chair nominated by Trump. Short - term attention should be paid to the macro - market guidance [2][4]. - The overall market was weak today due to the limit - down of metals such as gold, silver, and copper. Different agricultural products face different supply - demand situations, which affect their price trends. For example, Brazilian soybean production is expected to reach a record high, while the harvest progress is in the early stage. The supply of domestic cuisine is expected to become looser, and the demand outlook is neutral [3][6]. - The prices of different agricultural products are expected to have different trends in the short - term. Some may continue to be in a bottom - shock and weak pattern, while others may face price rebounds or declines in the future. For instance, short - term Dalian corn futures are expected to be in a weak shock pattern, and the price of live pigs may have a second bottom - seeking in the medium - to - long - term [7][8]. Summary by Related Catalogs Soybean - The recent rise in domestic soybeans has been driven by macro factors. As the macro - risk premium is given back, soybeans have quickly adjusted following the overall commodity atmosphere. Short - term attention should be paid to macro - market guidance [2]. Soybean & Soybean Meal - The overall market was weak today due to the limit - down of metals. As of January 24, the Brazilian soybean harvest progress was 6.6%, higher than the previous week and the same period last year. Argentina is facing a high - temperature and dry situation, but rain is expected in February, which may put pressure on US soybeans. The domestic soybean crushing volume in February is expected to be about 5.2 million tons, a decrease both year - on - year and month - on - month. The short - term US soybeans and domestic soybean meal are expected to continue the bottom - shock and weak pattern [3]. Soybean Oil & Palm Oil - The recent rise in oils has been driven by macro factors. As the macro - risk premium is given back, soybean oil and palm oil have quickly adjusted following the overall commodity atmosphere. Short - term attention should be paid to macro - market guidance [4]. Rapeseed Meal & Rapeseed Oil - The import of Australian rapeseed for crushing is 1 - 2 months later than expected. The crushing of Australian rapeseed from February to April will ease the tight supply of domestic rapeseed products, putting pressure on the recent futures prices of rapeseed products. The resumption of Sino - Canadian rapeseed and rapeseed meal trade is also expected. With the approaching Spring Festival, the remaining space for stocking demand is limited, and the demand outlook for rapeseed products is expected to be neutral. The futures prices of rapeseed products are expected to fluctuate in the bottom range [6]. Corn - The overall market was weak today due to the limit - down of metals, and the main corn 02603 contract fell 0.7%. The national grain sales progress is close to 60%, and the spot prices of corn in the north and at the northern ports are both declining. The Spring Festival stocking of downstream enterprises is basically over, and the trading is dull approaching the Spring Festival. The number of remaining vehicles at corn deep - processing enterprises in the morning on weekends and Monday was 316, 355, and 523 respectively, remaining stable at a low level. Short - term Dalian corn futures are expected to be in a weak shock pattern [7]. Live Pig - At the beginning of the month, the slaughter volume of breeding enterprises decreased, and the spot price of live pigs was adjusted strongly. The futures side was weak in shock, and some contracts continued to hit new lows. As the Spring Festival approaches, the industry will face accelerated slaughter before the Spring Festival. It is believed that the rebound highs of live pig futures and spot prices have been reached, and in the medium - to - long - term, there is a possibility of a second bottom - seeking for pig prices, and it is expected that there will still be a low point in pig prices in the first half of next year [8]. Egg - The high - point of the pre - Spring Festival spot price of eggs driven by stocking demand has been reached, and the recent spot price of eggs has started to weaken, and it is also expected to be relatively weak during the post - Spring Festival consumption off - season. Since January, the spot price of eggs has increased significantly, which has promoted the repair of the industry's breeding profit and the repair of the replenishment sentiment. The chick - replenishment volume in January showed a significant month - on - month improvement but a slight year - on - year decline. There is still upward - repair momentum for egg prices in the first half of 2026, mainly due to the continuous decline in the in - production inventory in the first half of 2026 caused by the low replenishment volume in the second half of 2025. The futures market has already reflected the expectation of the short - term weakness of the spot market in advance, and the subsequent trading strategy is to wait for the spot low point around the Spring Festival and then allocate long positions in the egg futures contracts in the first half of 2026 [9].

Report Investment Rating - No information provided Core View - In the short term, soybean and sugar futures show strong performance due to weather speculation and macro - factors. However, mid - term weather forecasts indicate expected precipitation in Argentina in February, and as the harvest progresses, the CNF premium in Brazil is expected to reflect selling pressure, limiting the upside potential of the domestic market [10] Directory Summaries 1. Basis Data - On January 28th, the basis of 43% soybean meal spot in Dalian was 438, down 16; in Tianjin it was 398, down 16; in Zhangjiagang it was 338, down 16; in Dongguan it was 338, down 16; in Zhanjiang it was 368, down 16; and in Fangcheng it was 358, down 16. The rapeseed meal spot basis in Guangdong was 171, down 16. The M3 - 5 was 298, down 7, and RN5 - 9 was - 12, up 10 [4] 2. Inventory Data - There is a chart about China's port soybean inventory in ten thousand tons, but specific data is not detailed from the text [5] 3.开机 and压榨情况 - There are charts about the operating rate (%) and soybean crushing volume (ten thousand tons) of major domestic oil mills, but specific data is not detailed from the text [8] 4. International Data - As of January 24th, according to CONAB, the soybean harvest rate in Brazil was 6.6% (last week 2.3%, last year 3.2%, five - year average 7%). As of January 21st, according to BACE, the soybean sowing progress in Argentina was 96.2%, slightly behind last year. The proportion of good - rated soybean crops was 33% (last week 61%, last year 26%). Since January, the weather in Argentina has been dry, and the excellent - good rate of soybeans has declined. The weather will remain dry in the next two weeks [10] 5. Domestic Market Conditions - Domestic soybean and soybean meal inventories have decreased but are still at a high level compared to the same period last year. The soybean meal inventory of feed enterprises has increased slightly. The oil mill's crushing operation has recovered, but the downstream stocking sentiment is average, and the basis is weakly volatile [10]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The dovish interest rate cut by the Federal Reserve this week drove the overall strong performance of the precious metals sector, leading to an increase in the prices of platinum - group metals. The Federal Reserve announced a 25 - basis - point interest rate cut on December 10, lowering the federal funds rate target range to 3.50% - 3.75% and restarting balance - sheet expansion. The monthly bond - buying scale of $40 billion exceeded market expectations. The prices of precious metals were extremely strong, driving up the prices of platinum - group metals. This week, the NYMEX platinum price rose 3.55% to $1713.9 per ounce, and the NYMEX palladium price rose 2.53% to $1540 per ounce [8][9]. - The Federal Reserve has officially entered a dual - easing cycle of interest rates and the balance sheet. The macro - level easing combined with the tightening of the physical market will drive the prices of platinum - group metals to perform strongly. It is still recommended to conduct dip - buying operations. However, the capital capacity that platinum and palladium can accommodate is relatively limited, and their price trends mostly follow the rise of gold and silver. Therefore, when the precious metals sector is significantly weakened by potential negative factors, it is necessary to take profit on platinum and palladium long positions in a timely manner [8][9]. 3. Summary by Directory 3.1 Week - to - Week Assessment and Market Outlook - **Platinum Key Data**: The closing price of the active contract was $1713.9 per ounce, with a 3.55% weekly increase; the five - day average trading volume was 32,339 lots, up 3.21%; the open interest of the main contract was 57,773 lots, down 6.60%; the inventory was 19,115.01 kg, down 0.11%; the net long position of CFTC managed funds was 15,563 lots, an increase of 1,553 lots; the net short position of CFTC commercial was 24,937 lots, an increase of 49 lots; the platinum ETF holdings were 75,878.92 kg, up 0.73% [8][9]. - **Palladium Key Data**: The closing price of the active contract was $1540 per ounce, with a 2.53% weekly increase; the five - day average trading volume was 5,575.5 lots, up 4.31%; the open interest of the main contract was 19,923 lots, up 3.27%; the inventory was 5,885.71 kg, up 7.09%; the net long position of CFTC managed funds was - 803 lots, an increase of 258 lots; the net short position of CFTC commercial was 3,292 lots, an increase of 85 lots; the palladium ETF holdings were 14,801.97 kg, up 0.36% [8][9]. - **Technical Analysis**: The price of the NYMEX platinum main contract was strongly supported near the trend line and continued to rise under the drive of the Federal Reserve's easing expectations. Short - term attention should be paid to the resistance level at $1918 per ounce. The NYMEX palladium main contract rose significantly after hitting the trend line, was suppressed at the $1700 per ounce level, and then was supported on the weekly - level trend line after the price decline. Its price performance was weaker than that of platinum, and short - term attention should be paid to the resistance level at $1638 per ounce [13][16]. 3.2 Market Review - **Platinum Price**: This week, the NYMEX platinum price rose 3.55% to $1713.9 per ounce. Affected by the U.S. government shutdown, the update of CFTC total open interest was currently lagging. As of December 12, the Shanghai Gold Exchange platinum spot price was 445.54 yuan per gram. Affected by the adjustment of the import VAT exemption policy, the domestic platinum premium significantly rebounded [21][25]. - **Palladium Price**: This week, the NYMEX palladium price rose 2.53% to $1540 per ounce. Affected by the U.S. government shutdown, the update of CFTC total open interest was currently lagging [22]. - **Lease Rate**: The one - month implied lease rate of platinum spot was 14.91%, and that of palladium was 6.91%, both at the highest level in the same period in the past five years [29]. 3.3 Inventory and ETF Holdings Changes - **Platinum ETF Holdings**: As of December 4, the total platinum ETF holdings were 75.32 tons [48]. - **Palladium ETF Holdings**: As of December 4, the total palladium ETF holdings were 14.8 tons [51]. - **Platinum Inventory**: The U.S. platinum exchange inventory remained at a high level. As of December 11, the CME platinum inventory was 19.12 tons [55]. - **Palladium Inventory**: The CME palladium inventory was 5.89 tons as of December 11 [60]. 3.4 Supply and Demand - **Platinum Supply**: The forecast of platinum production from the top 15 mines globally shows that the platinum production of the top 15 mines in the fourth quarter of 2025 will reach 33.18 tons. The annual production of the top 15 mines in 2025 will be 127.47 tons, a 1.9% decrease compared to 129.95 tons in 2024, indicating a certain contraction expectation in the platinum mining supply this year [65][66]. - **Palladium Supply**: The production data of the top 15 palladium mines globally shows that the total production of the top 15 palladium mines in the fourth quarter will be 41.36 tons. In 2025, the palladium production of two mines of Norilsk Nickel and the Stillwater Mine in the United States will decrease by 1%, but the palladium production of Impala in South Africa will increase by 12%. Overall, the annual palladium production of the top 15 mines in 2025 will slightly contract, with a 0.86% decrease to 165.78 tons [68][69]. - **China's Platinum Imports**: China's platinum imports in October were 10.23 tons, showing a decline compared to September [72]. - **China's Palladium Imports**: China's palladium imports in October were 3.09 tons, showing a significant decline compared to September [75]. 3.5 Monthly Spread and Cross - Market Spread - **NYMEX Platinum Monthly Spread**: The report presents the 1 - 4, 4 - 7, 7 - 10, and 10 - 1 spreads of NYMEX platinum [97][92]. - **NYMEX Palladium Monthly Spread**: The report presents the 3 - 6, 6 - 9, 9 - 12, and 12 - 3 spreads of NYMEX palladium [104][100]. - **London Market Spot and NYMEX Spread**: The report shows the spreads between the London market spot platinum price and the NYMEX platinum price, as well as between the London market spot palladium price and the NYMEX palladium price [106].

Report Title - Lead Weekly Report: Gradual Accumulation of Domestic Social Inventory, Focus on the Impact of Macroeconomic Factors [1] Report Industry Investment Rating - Not provided in the given content Core Viewpoints - Recently, domestic secondary lead smelting enterprises have gradually resumed production, while downstream lead-acid battery consumption has gradually weakened, leading to a gradual accumulation of domestic social inventory and insufficient upward momentum for lead prices. Affected by overseas macroeconomic factors, the non-ferrous sector may be under overall pressure. Attention should be paid to the impact of macroeconomic factors on lead prices [4] Summary by Section Chapter 1: Market and Logic 1.1 Trading Logic and Strategy - **Industrial Supply and Demand**: This week, the processing fee for domestic lead concentrates reached 300 yuan/metal ton, and the weekly processing fee for SMM imported lead concentrates reached -135 US dollars/dry ton. Some smelters have locked in long-term agreements for 2026, but the relevant processing fees have dropped to -160~-200 US dollars/dry ton. The average operating rate of SMM's three provincial primary lead smelters this week was 67.57%, unchanged from last week. The SMM's four provincial secondary lead weekly operating rate was 48.24%, a decrease of 2.41% from last week. The weekly comprehensive operating rate of SMM's five provincial lead-acid battery enterprises was 70.56%, a month-on-month increase of 1.34%. As of November 13, the total social inventory of SMM lead ingots in five locations reached 34,900 tons, an increase of 3,100 tons from November 6 and 2,200 tons from November 10 [4] - **Trading Strategies**: Hold profitable short positions and monitor domestic social inventory; temporarily hold off on arbitrage; sell out-of-the-money call options [4] 1.2 Futures Price - Information on Shanghai lead price, LME lead price, monthly spread, and futures market trading volume and open interest is provided, with data sources from IFIND and SMM [6] 1.3 Price Spread - Information on SMM 1 lead ingot, Shanghai lead spot premium/discount, secondary lead ≥pb98.5, secondary refined lead, LME lead 0-3 month premium/discount, and lead concentrate scrap price difference is provided [9] 1.4 Inventory Data - Information on LME lead inventory, cancellation warrant ratio, domestic social inventory, domestic registered warrants, LME inventory by region, and port inventory is provided, with data sources from IFIND and SMM [12] 1.5 Lead Industry Chain Inventory - Information on smelter lead concentrate inventory, primary lead smelter raw material inventory, secondary lead smelter finished product inventory (monthly), primary lead delivery brand factory warehouse, primary lead smelter finished product inventory, and secondary lead smelter finished product inventory (weekly) is provided [15] Chapter 2: Raw Material End 2.1 Raw Material Supply - Primary - Information on global lead ore production, lead concentrate imports, lead concentrate import profit and loss, and silver concentrate imports is provided [20] 2.2 Raw Material Supply - Primary - Information on total domestic lead concentrate supply, domestic mine operating rate, and domestic lead ore production is provided [23] 2.3 Raw Material Supply - Secondary - Information on lead-containing waste prices, waste battery prices, and secondary lead smelter raw material inventory is provided [28][29] Chapter 3: Smelting End 3.1 Global Refined Lead - Information on global refined lead balance, global refined lead production, and global refined lead demand is provided [36][38] 3.2 Domestic Refined Lead Import and Export - Information on import profit and loss, import volume, export profit and loss, export volume, net export volume, and seasonal export profit and loss is provided [41] 3.3 Primary Lead Smelting Enterprise Profit - Information on lead concentrate processing fee, smelting profit, sulfuric acid revenue, silver revenue, and smelting profit is provided [42] 3.4 Primary Lead Supply - Information on primary lead smelting enterprise operating rate, primary lead production, and electrolytic lead main delivery brand production is provided [46] 3.5 Secondary Lead Enterprise Cost and Profit - Information on secondary lead enterprise cost (scale enterprises), secondary lead enterprise comprehensive cost (scale enterprises), secondary lead enterprise comprehensive profit and loss (scale enterprises), secondary lead enterprise comprehensive cost (small and medium-sized enterprises), secondary lead enterprise production profit, and secondary lead enterprise production profit (tax-excluded) is provided [48][52] 3.6 Secondary Lead Supply - Information on secondary lead smelting enterprise operating rate, secondary lead production, and secondary lead rough lead production is provided [58] 3.7 Domestic Lead Ingot Supply - Information on total domestic lead ingot supply, primary lead production, secondary lead production, and refined lead net export is provided [61] Chapter 4: Demand End 4.1 Lead-Acid Battery - Information on lead-acid battery enterprise operating rate, lead-acid battery dealer finished product inventory, lead-acid battery export volume, lead-acid battery enterprise finished product inventory, and lead-acid battery import volume is provided [68] 4.2 Lead Alloys and Their Plates - Information on lead alloy prices, lead alloy import and export, lead plate import and export, and other lead plate import and export is provided [71] 4.3 Automobile - Information on Chinese automobile production, Chinese automobile export, domestic automobile production structure, traditional fuel vehicle production, and new energy vehicle production is provided [73][74] 4.4 Motorcycles, Electricity, and Communication - Information on motorcycle production, communication construction volume, power engineering (grid engineering and power source engineering) is provided [77][78][79]

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core View Short - term coal - coke supply - demand has marginal fluctuations and remains at a relatively high level. Attention should be paid to the impact of imported coal variables on the market. Market sentiment is easily disturbed by macro - factor changes, and prices should be treated with cautious optimism [4]. 3. Summary by Related Content Supply - side - Yesterday, coal - coke futures prices continued the rebound trend with intense fluctuations. The spot market was generally stable, and the second round of coking price increase was still in the negotiation process. Supply - side news pushed up coal prices [3]. - Due to the political turmoil in Mongolia, the customs clearance at the Ganqimaodu Port was affected, and the recent clearance volume decreased, supporting the coal price [3]. - In the domestic market, some coal mines in Shanxi's Lvliang and Linfen stopped production due to safety reasons this week, and open - pit coal mines in Inner Mongolia's Wuhai stopped production for goaf treatment. The coal output declined. The daily average coking coal output of 523 coking coal mines this week was 76.1 million tons, a decrease of 1.8 million tons from the previous week and 1.7 million tons year - on - year [3]. Demand - side - The profit of steel mills further shrank, with the profitability rate dropping to 47.6%. The daily average hot metal output slightly decreased to 2.399 billion tons. As the demand nears the end of the year, the pressure on finished products increases, and the hot metal output tends to decline. Attention should be paid to the transmission of pressure to the raw material end [3]. Import Data - China's coking coal imports have been increasing month - by - month. In September, the import volume was 10.9237 million tons, a month - on - month increase of 7.49% and a year - on - year increase of 5.41%. From January to September, the cumulative import volume was 83.5312 million tons, a year - on - year decrease of 6.45% with the decline rate continuously narrowing [3]. - In September, the import of Mongolian coal was 6.0005 million tons, a month - on - month decrease of 0.24% and a year - on - year increase of 45.48%. From January to September, the import of Mongolian coal was 41.747 million tons, a year - on - year decrease of 3.8% with the decline rate significantly narrowing [3].

Group 1: Market Sentiment Overview - The report from Citigroup on October 16 highlights a divided sentiment on aluminum, a consensus bullish outlook on copper, and persistent uncertainty regarding zinc's bearish expectations [1][2][3]. Group 2: Aluminum Market Insights - Citigroup maintains a "structurally bullish" stance on aluminum, citing a demand growth exceeding 3 million tons annually and supply constraints from Indonesia, which is unlikely to replicate China's production capabilities [2]. - Despite the bullish outlook, there is significant market disagreement, indicating that the path for aluminum prices may not be universally accepted [2]. Group 3: Copper and Zinc Market Dynamics - The market generally holds a bullish view on copper, driven by factors such as projected deficits by 2026 and macroeconomic inflows, alongside potential inventory consumption due to price differentials [3]. - In contrast, there is a prevailing bearish sentiment on zinc's supply-demand fundamentals for 2026, with participants lacking confidence in price direction due to low LME inventories and tightening spreads [3]. Group 4: Cautionary Outlook - Citigroup reaffirms its bullish outlook on aluminum and copper, emphasizing that macroeconomic factors will dominate in the next 3-12 months [4]. - The report warns investors about the potential escalation of geopolitical tensions in the Taiwan Strait, which poses significant risks to bullish trades in metals [4].