Core Viewpoint - The A-share market is expected to continue its slow bull trend, with potential for new highs, driven by global market dynamics and the Federal Reserve's monetary policy [1] Group 1: A-share Market Outlook - The A-share market is characterized by a slow but steady upward trend, with investors humorously questioning if it is waiting for a downturn in the US market [1] - Global markets, including the EU, Japan, South Korea, and Vietnam, are also reaching new highs, indicating a worldwide bullish sentiment [1] - Current investment strategies suggest value investors should let profits run without leveraging, while trend investors should remain calm and capitalize on the ongoing trends [1] Group 2: Innovation and Robotics - The human-shaped robot sector is receiving mixed signals, with positive government initiatives but low order volumes reported by major firms [3] - Investment focus should be on the upstream supply chain of human-shaped robots, as industrial robots will continue to support supplier demand regardless of the human-shaped robot market's volatility [3] - The demand for industrial robots is linked to downstream sectors such as automotive, electronics, and home appliances, making policy sustainability crucial for stock performance in this area [3] Group 3: AI and Nvidia - SoftBank's divestment from Nvidia to invest in OpenAI is seen as a strategic move rather than a negative outlook on Nvidia, as OpenAI requires significant funding for its operations [5] - Nvidia's performance is closely tied to the AI sector, and as long as AI remains a growth area, Nvidia is expected to maintain its market position [5] - The current valuation of Nvidia is considered high, but this is typical for high-quality assets, and the potential for future growth remains strong [6]

Report Summary 1. Report Industry Investment Rating No specific investment rating for the industry is provided in the report. 2. Core View of the Report The report indicates that due to supply - side disturbances in multiple domestic and foreign copper mines, the import index of copper concentrates in China has been negative, leading to a tight supply - demand expectation. The processing fees of domestic crude copper or anode plates have initially increased, and the maintenance capacity of copper smelters in October has increased month - on - month. On the demand side, the capacity utilization rates of various copper products have risen compared to last week. In terms of inventory, the social inventory of Chinese electrolytic copper and the LME electrolytic copper inventory have decreased compared to last week, while the COMEX copper inventory has increased. With the expectation of future interest rate cuts and the end of balance - sheet reduction by the Fed, as well as the expectation of a缓和 in Sino - US trade negotiations, the price of copper is expected to be cautiously bullish. The trading strategy suggests mainly laying out long positions when the price drops, paying attention to support and resistance levels [2]. 3. Summary According to Relevant Catalogs Market Data - **Shanghai Copper Futures**: On October 23, 2025, the closing price of the active contract was 86070, with a trading volume of 114909 hands, an open interest of 248626 hands, and an inventory of 36048 tons. Compared with the previous day, the closing price increased by 650, the trading volume increased by 2736 hands, the open interest increased by 15265 hands, and the inventory decreased by 505 tons [2]. - **London Copper**: On October 23, 2025, the closing price of the LME 3 - month copper futures (electronic trading) was 10817, with a 0 - 3 - month contract spread of - 11.55 and a 3 - 15 - month contract spread of 111.99. Compared with the previous day, the closing price increased by 158.5, the 0 - 3 - month contract spread decreased by 5.19, and the 3 - 15 - month contract spread increased by 6.54 [2]. - **COMEX Copper**: On October 23, 2025, the closing price of the active contract was 5.0855, and the total inventory was 347498. Compared with the previous day, the closing price increased by 0.13, and the inventory increased by 1574 [2]. Supply - Demand Analysis - **Supply Side**: Multiple domestic and foreign copper mines have production disturbances, resulting in a negative import index of copper concentrates in China. The supply of scrap copper is expected to be tight, and the processing fees of domestic crude copper or anode plates have initially increased. The maintenance capacity of copper smelters in October has increased month - on - month [2]. - **Demand Side**: The capacity utilization rates of refined copper rods, recycled copper rods, copper wires and cables, copper enameled wires, copper strips, copper tubes, and brass rods have increased compared to last week [2]. Inventory Analysis - China's social inventory of electrolytic copper has decreased compared to last week, the LME electrolytic copper inventory has decreased compared to last week, and the COMEX copper inventory has increased compared to last week [2]. Trading Strategy - Mainly lay out long positions when the price drops. Pay attention to the support level around 80000 - 83000 and the resistance level around 86000 - 89000 for Shanghai copper, the support level around 9500 - 10200 and the resistance level around 11000 - 12000 for LME copper, the support level around 4.0 - 4.5 and the resistance level around 5.5 - 6.0 for COMEX copper [2].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Report's Core View The uncertainty of Sino-US tariff negotiations may put pressure on copper prices. Supply is expected to be tight due to disturbances in multiple copper mines at home and abroad, and the demand-side capacity utilization rate has increased. Considering the expected future interest rate cuts and the end of balance sheet reduction by the Fed, it is advisable to wait for the price to fall before mainly laying out long positions. The price is expected to be weak first and then strong [1][2]. 3. Summary by Relevant Catalogs 3.1. Market Data - **Shanghai Copper Futures Active Contract**: On October 22, 2025, the closing price was 85,420, the trading volume was 112,173 lots, the open interest was 233,361 lots, and the inventory was 36,253 tons. The basis was -465, and the average price of SMM 1 electrolytic copper was 84,955 [2]. - **London Copper**: On October 22, 2025, the closing price of the LME 3 - month copper futures (electronic trading) was 10,658.5, and the LME copper futures 0 - 3 - month contract spread was -6.36 [2]. - **COMEX Copper**: On October 22, 2025, the closing price of the copper futures active contract was 5.005, and the total inventory was 346,499 [2]. 3.2. Supply - Demand - Inventory Situation - **Supply**: Multiple domestic and foreign copper mines have production disturbances, the import index of Chinese copper concentrates has been negative, and the processing fees of domestic crude copper or anode plates have initially increased. The maintenance capacity of copper smelters in October has increased month - on - month [2]. - **Demand**: The capacity utilization rates of refined copper rods, recycled copper rods, copper wires and cables, copper enameled wires, copper strips, copper tubes, and brass rods have increased compared to last week [2]. - **Inventory**: The social inventory of Chinese electrolytic copper has increased compared to last week, the inventory of LME electrolytic copper has decreased compared to last week, and the inventory of COMEX copper has increased compared to last week [2]. 3.3. Trading Strategy Wait for the price to fall and mainly lay out long positions. Pay attention to the support level around 80,000 - 83,000 and the resistance level around 86,000 - 89,000 for Shanghai copper, the support level around 9,500 - 10,200 and the resistance level around 11,000 - 12,000 for London copper, the support level around 4.0 - 4.5 and the resistance level around 5.5 - 6.0 for US copper [2].

Report Industry Investment Rating - Not provided Core View of the Report - The uncertainty of Sino-US tariff negotiations may put pressure on copper prices. The Fed's future expectations of interest rate cuts and halting balance sheet reduction, along with production disruptions in overseas copper mines, suggest a bullish stance. It is recommended to wait for price dips to establish long positions, paying attention to specific support and resistance levels for different copper markets [1][2]. Summary by Relevant Catalog Copper Market Data - **Shanghai Copper Futures Active Contract**: On October 21, 2025, the closing price was 85,400, up 20 from the previous day; trading volume was 104,758 hands, down 53,903; open interest was 231,226 hands, up 4,316; inventory was 37,678 tons, down 3,641; the basis was 330, up 80 [2]. - **London Copper**: On October 21, 2025, the LME 3 - month copper futures closing price (electronic trading) was 10,596.5, down 116 from the previous day; the LME copper futures 0 - 3 - month contract spread was -30.22, down 6.87; the 3 - 15 - month contract spread was 96.56, down 2.55; the Shanghai - London copper price ratio was 8.0593, up 0.091 [2]. - **COMEX Copper**: On October 21, 2025, the copper futures active contract closing price was 4.9525, down 0.04 from the previous day; the total inventory was 345,924, up 343 [2]. Supply - Demand Analysis - **Supply Side**: There are production disruptions in multiple domestic and foreign copper mines, leading to a negative China copper concentrate import index and a tight supply - demand expectation for domestic copper concentrates. The supply of scrap copper is difficult to procure, the processing fees for domestic blister copper or anode plates are initially rising, and the maintenance capacity of copper smelters in October has increased month - on - month [2]. - **Demand Side**: The capacity utilization rates of refined copper rods, recycled copper rods, copper wires and cables, copper enameled wires, copper strips, copper tubes, and brass rods have increased compared to last week [2]. - **Inventory Side**: The social inventory of Chinese electrolytic copper has increased compared to last week; the inventory of LME electrolytic copper has decreased compared to last week, and the COMEX copper inventory has increased compared to last week [2]. Trading Strategy - Wait for price dips to establish long positions. Pay attention to the support level of 80,000 - 83,000 and the resistance level of 86,000 - 89,000 for Shanghai copper; the support level of 9,500 - 10,200 and the resistance level of 11,000 - 12,000 for London copper; the support level of 4.0 - 4.5 and the resistance level of 5.5 - 6.0 for US copper [2].

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View of the Report Due to uncertainties in Sino - US trade tariff policies, expectations of future interest rate cuts and an end to balance - sheet reduction by the Fed, and disruptions in overseas copper mine production, the price of Shanghai copper is expected to be weak first and then strong [1]. 3) Summary by Related Catalogs Market Data - **Shanghai Copper Futures**: The closing price of the active contract was 85,050, a decrease of 660 compared to the previous day. The trading volume was 121,050 lots, and the open interest was 221,715 lots. The inventory was 44,406 tons, a decrease of 1,557 tons [1]. - **LME Copper Futures**: The closing price of the 3 - month contract (electronic trading) was 10,776.5, a decrease of 13 compared to the previous day. The 0 - 3 - month contract spread was - 16.83, and the 3 - 15 - month contract spread was 127.75 [1]. - **COMEX Copper Futures**: The closing price of the active contract was 5.14. The total inventory was 345,581, an increase of 2,346 compared to the previous day [1]. Supply - Demand - Inventory Analysis - **Supply Side**: Multiple domestic and foreign copper mines have production disruptions, leading to a negative China copper concentrate import index and a tight domestic copper concentrate supply - demand outlook. Scrap copper procurement is difficult, and the processing fees for domestic crude copper or anode plates are starting to rise. Copper smelters' maintenance capacity in October has increased month - on - month [1]. - **Demand Side**: Domestic electrolytic copper holders are less willing to sell, resulting in low downstream purchasing sentiment [1]. - **Inventory Side**: China's social inventory of electrolytic copper has increased compared to last week. The inventory of electrolytic copper at the London Metal Exchange has decreased compared to last week, while the COMEX copper inventory has increased [1]. Trading Strategy Wait for the price to fall and then mainly lay out long positions. Pay attention to the support level around 80,000 - 83,000 and the resistance level around 86,000 - 89,000 for Shanghai copper; the support level around 9,500 - 10,200 and the resistance level around 11,000 - 12,000 for London copper; and the support level around 4.0 - 4.5 and the resistance level around 5.5 - 6.0 for US copper [1].

Report Industry Investment Rating - No industry investment rating information is provided in the report. Core View - The price of Shanghai copper may be weak first and then strong due to the uncertainty of whether China and the US will impose additional tariffs, the expectation of future interest rate cuts and the halt of balance - sheet reduction by the Federal Reserve, and production disruptions in multiple overseas copper mines [1] Summary by Relevant Catalogs 1. Shanghai Copper Futures Active Contract - On October 15, 2025, the closing price was 85,800, up 1,390 from the previous day; the trading volume was 125,819 lots, down 85,165 from the previous day; the open interest was 175,899 lots, down 11,667 from the previous day; the inventory was 44,531 tons, up 8,236 from the previous day; the Shanghai copper basis was - 565, down 2,145 from the previous day [1] 2. Shanghai Copper Basis or Spot Premium and Discount - SMM 1 electrolytic copper - semi - average price on October 15, 2025 was 85,235, down 755 from the previous day; SMM flat - water copper opening premium and discount - average price was 70, up 50 from the previous day; SMM premium copper opening premium and discount - average price was 130, up 30 from the previous day; SMM wet - process copper opening premium and discount - average price was 0, up 45 from the previous day; SMM Guixi copper opening premium and discount - average price was 150, up 20 from the previous day; EQ copper opening premium and discount: average price was - 90, up 15 from the previous day; SMM RMB Yangshan copper premium - average price was 369.43, up 0.12 from the previous day; SMM Yangshan copper premium (warehouse receipt) - average price was 45, unchanged from the previous day; SMM Yangshan copper premium (bill of lading) - average price was 52, unchanged from the previous day [1] 3. Spread (Near - month and Far - month) - On October 15, 2025, the spread between Shanghai copper near - month and Shanghai copper continuous - 1 was - 150, down 140 from the previous day; the spread between Shanghai copper continuous - 1 and Shanghai copper continuous - 2 was - 50, down 80 from the previous day; the spread between Shanghai copper continuous - 2 and Shanghai copper continuous - 1 was 60, down 30 from the previous day [1] 4. London Copper - On October 15, 2025, the closing price of LME 3 - month copper futures (electronic trading) was 10,576, down 22.5 from the previous day; the LME copper futures 0 - 3 - month contract spread was 27.94, down 26.93 from the previous day; the LME copper futures 3 - 15 - month contract spread was 171.49, up 18.49 from the previous day; the ratio of Shanghai - London copper prices was 8.1127, up 0.15 from the previous day [1] 5. COMEX Copper - On October 15, 2025, the closing price of the copper futures active contract was 4.972, down 0.16 from the previous day; the total inventory was 343,235, up 2,360 from the previous day [1] 6. Key Information and Investment Strategy - **Supply Side**: Multiple domestic and foreign copper mines have production disruptions, leading to a negative China copper concentrate import index and a tight domestic copper concentrate supply - demand expectation. The expected increase in scrap copper supply has led to a rise in domestic crude copper or anode plate processing fees. Copper smelters' maintenance capacity in October increased month - on - month [1] - **Demand Side**: The shipping enthusiasm of domestic electrolytic copper spot traders has weakened, resulting in low downstream purchasing sentiment [1] - **Inventory Side**: China's electrolytic copper social inventory increased compared with last week; LME electrolytic copper inventory decreased compared with last week; COMEX copper inventory increased compared with last week [1] 7. Trading Strategy - It is recommended to mainly lay out long positions after the price drops. Pay attention to the support level around 80,000 - 83,000 and the resistance level around 86,000 - 89,000 for Shanghai copper. For London copper, pay attention to the support level around 9,500 - 10,200 and the resistance level around 11,000 - 12,000. For US copper, pay attention to the support level around 4.0 - 4.5 and the resistance level around 5.5 - 6.0 [1]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core View of the Report - Due to uncertainties in Sino - US trade tariff re - imposition, expectations of future Fed rate cuts and halt of balance - sheet reduction, and production disruptions in multiple overseas copper mines, the price of Shanghai copper is expected to be weak first and then strong. The report suggests waiting for the price to fall before laying out long positions [1] Group 3: Summary Based on Related Data 1. Shanghai Copper Data - On October 14, 2025, the Shanghai copper inventory was 36,295 tons, an increase of 3,405 tons from the previous day; the SMM 1 electrolytic copper - semi average price was 86,668.945, the SMM premium copper open - discount - average price was 100, the Shanghai copper basis was 1,580, and the trading volume was 210,984 lots, a decrease of 80,438 lots from the previous day [1] 2. London Copper Data - On October 14, 2025, the LME 3 - month copper futures closing price (electronic trading) was 10,598.5, a decrease of 203.5 from the previous day; the LME copper futures 3 - 15 - month contract spread was 153, a decrease of 56.5 from the previous day; the LME copper futures 0 - 3 - month contract spread was 54.87, a decrease of 171.91 from the previous day [1] 3. COMEX Copper Data - On October 14, 2025, the total COMEX copper inventory was 342,280, an increase of 2,755 from the previous day; the copper futures active contract closing price was 4.998, an increase of 0.15 from the previous day; the open interest was 187,566 lots, a decrease of 14,265 lots from the previous day [1] 4. Price Ratio and Premium Data - On October 14, 2025, the Shanghai - London copper price ratio was 7.9643, an increase of 0.08 from the previous day; the SMM Yangshan copper premium (warehouse receipt) - average price was 110, and the SMM Yangshan copper premium (bill of lading) - average price was 53, a decrease of 1 from the previous day [1]