Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - The recent trends in non-ferrous metals have shown a recovery from their lows, with the Iranian geopolitical situation still dominating capital market sentiment. The market is gradually shifting its focus from short - term inflation panic caused by soaring energy prices to concerns about long - term economic stagnation or recession. High oil prices will have a phased impact on non - ferrous metals. In the short term, the impact is small and the rebound is strong, while in the medium and long term, the negative impact on the economy will deepen, and the market's tendency to trade in the direction of stagflation or even inflation will increase [12]. - For different non - ferrous metal varieties, their prices are affected by various factors such as geopolitics, inflation, supply, and demand. Some metals are expected to rise, while others may fluctuate within a certain range. Appropriate trading strategies are recommended for each variety [4][5][6] Summary by Directory Part I: Operating Logic and Investment Recommendations for Non - Ferrous Metals - **Macro Logic**: - The Iranian geopolitical situation dominates market sentiment. The market's focus is shifting from short - term inflation panic to long - term economic concerns. High oil prices will have a phased impact on non - ferrous metals [12]. - The geopolitical situation remains complex. Cost increases and supply contractions support non - ferrous metals. Inflation expectations have significantly increased. This week, the market will focus on the Middle East situation and macroeconomic data releases [13]. - **Variety - Specific Analysis**: - **Copper**: Short - term price is under pressure due to factors like the non - navigation of the Strait of Hormuz and the rise of US bond yields. In the medium and long term, rising oil prices boost inflation expectations, which is beneficial for copper. The supply of copper concentrates is tight globally, but domestic smelters' production is not severely restricted. Downstream demand shows seasonal characteristics, and the inventory is expected to enter a destocking cycle in April. It is recommended to go long on dips and use option strategies such as buying slightly out - of - the - money call options [4][5][14]. - **Zinc**: Affected by geopolitics, energy prices, and inflation, the price is fluctuating strongly. The import of zinc ore is tightening, and the inventory is decreasing. It is advisable to go long on dips, with the price expected to move between 22400 - 22600 and 24000 - 24200 [6][15][16]. - **Aluminum Industry Chain**: The Middle East aluminum production capacity is disturbed, and the US dollar index is strong. For aluminum, it is recommended to buy on dips, with the price between 22000 - 23000 and 26000 - 27000. For alumina, it is recommended to wait and see or hold a short - term bearish view, with the price between 2600 - 2800 and 3200 - 3500. For recycled aluminum alloy, it is recommended to hold a bullish view, with the price between 21000 - 22000 and 25000 - 26000 [7]. - **Tin**: The price is rebounding, and funds are flowing in slightly. It is recommended to wait and see or take short - term long positions, with the price between 300000 - 320000 and 380000 - 400000 [8]. - **Lead**: Affected by geopolitics, the price is fluctuating slightly upwards. Supply is increasing, and demand is weak. It is recommended to go long on dips after the macro - shock weakens, with the price between 16200 - 16400 and 16800 - 17000 [9]. - **Nickel and Stainless Steel**: Affected by the Iranian geopolitical situation, energy costs, and Indonesian tax policies, the price of nickel is fluctuating upwards. For nickel, it is recommended to go long on dips, with the price between 130000 - 132000 and 138000 - 140000. For stainless steel, the cost is supported, but the demand is weak. It is also recommended to go long on dips, with the price between 13800 - 14000 and 14500 - 15000 [10][17]. Part II: Review of Non - Ferrous Metals Market - The report provides the closing prices and price changes of various non - ferrous metals in the futures market, including copper, zinc, aluminum, etc. [18] Part III: Position Analysis of Non - Ferrous Metals - The report shows the latest position analysis of the non - ferrous metals sector, including the net long - short strength comparison, net long - short position differences, and changes in net long and net short positions of each variety, as well as the influencing factors [22] Part IV: Spot Market of Non - Ferrous Metals - The report presents the spot prices and price changes of various non - ferrous metals, such as copper, zinc, aluminum, etc. [23] Part V: Industry Chain of Non - Ferrous Metals - The report provides various charts related to the industry chain of each non - ferrous metal, such as inventory changes, processing fees, and price relationships, to help analyze the industry chain situation of copper, zinc, aluminum, etc. [25][27][30] Part VI: Arbitrage of Non - Ferrous Metals - The report presents various charts for arbitrage analysis of non - ferrous metals, including the ratio of domestic and foreign prices, basis, and price differences between different contracts of copper, zinc, aluminum, etc. [56][59][61] Part VII: Options of Non - Ferrous Metals - The report provides various charts for option analysis of non - ferrous metals, including historical volatility, implied volatility, trading volume, and open interest of copper, zinc, aluminum, etc. [74][78][80]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Views of the Report - **Copper**: Overnight, copper prices at home and abroad fluctuated strongly. The import window for domestic refined copper remained open, but import profits declined. US import prices increased, indicating pressure spreading from energy to broader commodities. Geopolitical conflicts between the US and Iran persisted, and inventory changes varied in different markets. After the copper price decline, downstream replenishment willingness increased. The copper price is expected to enter a shock bottom - seeking stage with support below and lack of upward drive. It is recommended to shift from a cautious short - bias strategy to range - bound operations and gradually build long positions at key support levels, paying attention to the performance of copper prices in the range of 90,000 - 100,000 yuan/ton [1]. - **Aluminum**: Overnight, alumina, Shanghai aluminum, and aluminum alloy all fluctuated weakly. Overseas raw material cost support weakened, and with domestic production resumption and a large amount of imported alumina arriving, inventory pressure increased. The market's core contradiction shifted from high overseas geopolitical premiums to the weak reality of domestic inventory accumulation and slow demand recovery, as well as the logic of the upward repair of the copper - aluminum ratio. If there are no unexpected geopolitical disturbances, the aluminum price will be mainly adjusted weakly in the short term. Attention should be paid to the approaching time of the de - stocking inflection point and new geopolitical variables [2]. - **Nickel**: Overnight, LME nickel and Shanghai nickel both rose. Nickel ore prices continued to strengthen, but the primary nickel market showed significant pressure. On the demand side, stainless - steel inventory decreased, and the output of ternary materials was expected to increase. Due to the tightening of Indonesian nickel ore quotas, there were short - term trading opportunities to go long based on the cost line, but attention should be paid to overseas geopolitical and market sentiment, as well as the expected quota supplement in July and the large inventory pressure of primary nickel [3]. 3. Summary by Relevant Catalogs 3.1 Research Views - **Copper**: The US import price of copper increased, with a 1.3% month - on - month and year - on - year increase, and the pressure spread to broader commodities. Geopolitical conflicts between the US and Iran were still volatile. LME inventory increased by 900 tons, Comex inventory increased by 681 tons, SHFE copper warehouse receipts decreased by 10,599 tons, and BC copper warehouse receipts decreased by 503 tons. After the price decline, downstream replenishment willingness increased. The copper price is expected to enter a shock bottom - seeking stage, and the strategy is to shift to range - bound operations [1]. - **Aluminum**: Alumina, Shanghai aluminum, and aluminum alloy all fluctuated weakly. The price of SMM alumina rebounded, and the spot discount of aluminum ingots narrowed. Overseas raw material cost support weakened, and inventory pressure increased. The market's core contradiction shifted, and the short - term aluminum price is expected to be adjusted weakly [2]. - **Nickel**: LME nickel rose 2.15% and Shanghai nickel rose 1.33%. LME inventory decreased by 432 tons, and SHFE warehouse receipts decreased by 401 tons. Nickel ore prices strengthened, but the primary nickel market had pressure. Stainless - steel inventory decreased by 1.32% week - on - week, and the output of ternary materials in March was expected to increase by 19% month - on - month. There are short - term trading opportunities to go long based on the cost line, but attention should be paid to geopolitical and inventory factors [3]. 3.2 Daily Data Monitoring - **Copper**: The price of flat - water copper increased by 1,630 yuan/ton, and the price of 1 bright scrap copper in Guangdong increased by 500 yuan/ton. The inventory of LME remained unchanged, SHFE warehouse receipts decreased by 10,599 tons, and the total social inventory decreased by 27,000 tons [4]. - **Lead**: The average price of 1 lead increased by 20 yuan/ton, and the inventory of SHFE decreased by 9,939 tons week - on - week [4]. - **Aluminum**: The price of Wuxi and Nanhai aluminum increased, and the inventory of SHFE increased by 35,619 tons week - on - week. The social inventory of electrolytic aluminum decreased by 2,000 tons, and the social inventory of alumina increased by 40,000 tons [5]. - **Nickel**: The price of Jinchuan nickel increased by 1,700 yuan/ton. The inventory of LME remained unchanged, SHFE warehouse receipts decreased by 401 tons, and the social inventory increased by 959 tons [5]. - **Zinc**: The main settlement price decreased by 0.2%, and the social inventory decreased by 9,500 tons week - on - week [7]. - **Tin**: The main settlement price increased by 1.9%, and the inventory of SHFE decreased by 2,472 tons week - on - week [7]. 3.3 Chart Analysis - **Spot Premium**: Charts 1 - 6 show the historical trends of spot premiums for copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2026 [9][10][13]. - **SHFE Near - Far Month Spread**: Charts 7 - 12 show the historical trends of the near - far month spreads for copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2026 [15][18][22]. - **LME Inventory**: Charts 13 - 18 show the historical trends of LME inventories for copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2026 [24][26][28]. - **SHFE Inventory**: Charts 19 - 24 show the historical trends of SHFE inventories for copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2026 [30][32][34]. - **Social Inventory**: Charts 25 - 30 show the historical trends of social inventories for copper, aluminum, nickel, zinc, stainless steel, and 300 - series from 2019 - 2026 [36][38][41]. - **Smelting Profit**: Charts 31 - 36 show the historical trends of copper concentrate index, rough copper processing fee, aluminum smelting profit, nickel - iron smelting cost, zinc smelting profit, and 304 stainless - steel smelting profit rate from 2019 - 2026 [42][44][46].

Group 1 - The core viewpoint of the news highlights a significant rise in the performance of the non-ferrous metal sector, with the Shanghai Composite Index increasing by 1.20% and the CSI Non-Ferrous Index rising by 4.88% on February 25 [1] - Individual stocks such as Yunnan Tin Company, Anning Co., Huaxi Nonferrous, and others reached their daily limit, with Hanrui Cobalt rising over 15% [1] - The Silverhua Non-Ferrous ETF (159871) saw a 4.65% increase, with a trading volume of 62.637 million yuan and a turnover rate of 6.19%, reflecting a 115.15% increase over the past year [1] Group 2 - The zinc and indium sectors experienced a price increase, with domestic crude indium prices reported at 4,600 yuan per kilogram and refined indium at 4,700 yuan per kilogram, both up by 300 yuan per kilogram compared to pre-holiday levels [2] - A landslide at the Morowali nickel mine in Indonesia is expected to impact local nickel production, with the country's nickel quota for 2026 projected to be 250-260 million tons, a decrease of over 34% from 379 million tons in 2025, indicating a tightening global nickel supply [2] - The aluminum industry is seeing collaboration between Emirates Global Aluminum and U.S. companies to advance aluminum projects in Oklahoma, with expectations of U.S. tariff reductions on steel and aluminum products in the coming weeks, which does not include primary metal forms [2] - China's production of ten types of non-ferrous metals is expected to exceed 80 million tons for the first time, reaching 81.75 million tons in 2025, with a year-on-year growth of 3.9% and an average annual growth rate of 5% during the 14th Five-Year Plan period [2] - Analysts indicate that rising prices for zinc and indium, along with reduced overseas supply of nickel, provide direct support for the non-ferrous metal industry, while global aluminum industry collaborations and improved U.S.-EU trade relations are expected to boost demand in the industrial metal sector [2] Group 3 - The Silverhua Non-Ferrous ETF (159871) closely tracks the CSI Non-Ferrous Metal Index, which includes companies involved in the mining, smelting, and processing of non-ferrous metals, reflecting the overall performance of related listed companies [3] - The top ten holdings of the index include leading companies such as Zijin Mining, Luoyang Molybdenum, and Northern Rare Earth, with a combined weight of 46.48% [3]

Group 1 - The A-share market showed a mixed performance in the morning session, with non-ferrous metal stocks experiencing strong fluctuations, particularly in cobalt stocks such as Huayou Cobalt, which rose over 4%, and Hanrui Cobalt, which increased by more than 3% [1] - The nickel spot price on February 11 was reported between 137,800 to 147,400 RMB per ton, with an average price of 142,600 RMB per ton, marking a daily increase of 2,950 RMB per ton [1] - Analysts indicate that the nickel market is currently characterized by "tight supply and differentiated demand," providing strong support for price trends ahead of the holiday [1] Group 2 - Domestic infrastructure projects are progressing steadily, with continued growth in copper demand from the photovoltaic, wind power, and energy storage sectors, alongside a marginal recovery in orders from traditional consumer sectors such as home appliances and automobiles [1] - The demand for aluminum remains robust, driven by sectors such as photovoltaic, lightweighting in new energy vehicles, energy storage construction, and ultra-high voltage power grid construction, which effectively offsets seasonal demand declines in traditional sectors [1] - The Silver Hua Non-ferrous ETF (159871) tracks the CSI Non-ferrous Metals Index, which includes listed companies involved in the mining, smelting, and processing of non-ferrous metals, reflecting the overall performance of related listed companies [1]

Group 1 - The core point of the article is that Jiangxi Tungsten Equipment (600397.SH) plans to issue up to 297 million A-shares to raise a total of no more than 1.882 billion yuan for resource integration in the tungsten and tantalum-niobium industries [1] - The funds raised will be used to acquire 100% equity of Jiangxi Jiangwen Cemented Carbide Co., Ltd., Ganzhou Huamao Tungsten Materials Co., Ltd., and Jiujiang Nonferrous Metal Smelting Co., Ltd. [1]

Group 1 - The core viewpoint of the news highlights the mixed performance of major indices, with the non-ferrous metals sector showing strength, particularly the CSI Non-Ferrous Metals Index which rose by 1.85% [1] - Notable stocks within the non-ferrous metals sector include Xiamen Tungsten, which increased by over 5%, and Guocheng Mining, which rose by over 4% [1] - The Silverhua Non-Ferrous ETF (159871) closely tracks the CSI Non-Ferrous Metals Index and has seen a significant increase in its circulating shares by over 305% year-to-date, with a current circulating scale of 948 million yuan [1] Group 2 - Retail sales in the U.S. showed no growth in December, significantly missing expectations, which has led to increased speculation about potential interest rate cuts by the Federal Reserve [2] - The decline in retail sales is attributed to rising living costs and import tariffs, indicating consumer fatigue [2] - Analysts suggest that the current market conditions may create opportunities in the non-ferrous metals sector, particularly in rare earths, as supply and demand remain tight [2]

1. Report Industry Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoints - For copper, the price pulled back in the second half of the week. In the medium - term, the report maintains a bullish view on copper prices as the fundamentals are characterized by limited supply and increasing demand. Although the inventory may accumulate faster than expected before the Spring Festival, the destocking speed may also be rapid after the holiday [1]. - For aluminum, the basis of aluminum ingots and downstream processing fees are still at low levels. Domestic demand has short - term support, and overseas active restocking may support the aluminum price [1]. - For zinc, the domestic fundamentals are average, but the market is optimistic about its allocation flexibility, and it is difficult for the price to fall sharply. Attention should be paid to reverse arbitrage opportunities between domestic and overseas markets and positive arbitrage opportunities in monthly spreads [3]. - For nickel, the short - term real - world fundamentals are weak, and there is a continued game between short - term policies and fundamentals [4]. - For stainless steel, the fundamentals remain relatively weak, and the price is mainly driven by nickel price in the short term [4]. - For lead, the price is expected to oscillate between 17,100 and 17,600 next week, and it is recommended to try short - selling at high prices in the short term [6]. - For tin, the short - term price is mainly affected by capital sentiment and may experience a phased reduction in volatility. It is recommended to wait and see or focus on positive arbitrage opportunities between domestic and overseas markets [9]. - For industrial silicon, the supply and demand are in a balanced and slightly loose state. In the medium - to - long term, the price is expected to oscillate at the cycle bottom [12]. - For lithium carbonate, the short - term supply and demand are close to balance, and the subsequent market may see a resonance between futures and spot prices [14]. 3. Summary by Metal Type Copper - **Price and Inventory Changes**: From January 12 to 16, 2026, the spot price of Shanghai copper decreased by 280, the waste - refined copper spread decreased by 152, the SHFE inventory increased by 32,972, and the LME inventory increased by 2,450 [1]. - **Market Analysis**: The copper price pulled back due to US tariff disturbances, a negative CL spread, and high US inventories. In the medium - term, the supply is limited, and the demand has increments [1]. Aluminum - **Price and Inventory Changes**: From January 12 to 16, 2026, the Shanghai aluminum ingot price decreased by 170, and the domestic social inventory increased by 42,051 [1]. - **Market Analysis**: The basis and downstream processing fees are low, and the consumption is weak. Domestic demand has short - term support, and overseas active restocking may support the price [1]. Zinc - **Price and Inventory Changes**: From January 12 to 16, 2026, the Shanghai zinc ingot price decreased by 610, and the SHFE inventory increased by 2,459 [3]. - **Supply and Demand**: The supply of domestic and imported zinc concentrates is tightening, and the demand is seasonally weak. The overseas LME inventory has increased, and the premium has turned into a discount [3]. - **Strategy**: Pay attention to reverse arbitrage opportunities between domestic and overseas markets and positive arbitrage opportunities in monthly spreads [3]. Nickel - **Price and Inventory Changes**: From January 12 to 16, 2026, the Shanghai nickel spot price decreased by 2,450, and the LME inventory increased by 450 [4]. - **Market Analysis**: The short - term fundamentals are weak, and there is a game between policies and fundamentals [4]. Stainless Steel - **Price and Inventory Changes**: From January 12 to 16, 2026, the price of 304 cold - rolled coil remained unchanged, and the inventory decreased slightly [4]. - **Market Analysis**: The fundamentals are weak, and the price is mainly driven by the nickel price in the short term [4]. Lead - **Price and Inventory Changes**: From January 12 to 16, 2026, the lead price fluctuated with the macro environment, and the SHFE inventory increased by 6,933 [6]. - **Supply and Demand**: The supply is increasing, and the demand is weakening. The inventory is accumulating, and the refined - scrap spread has narrowed [6]. - **Outlook**: The price is expected to oscillate between 17,100 and 17,600 next week, and it is recommended to try short - selling at high prices in the short term [6]. Tin - **Price and Inventory Changes**: From January 12 to 16, 2026, the tin price fluctuated greatly, and the LME inventory increased by 10 [9]. - **Supply and Demand**: The supply in major producing countries is disturbed, and the downstream restocking willingness varies when the price drops. The price is mainly affected by capital sentiment [9]. - **Strategy**: It is recommended to wait and see or focus on positive arbitrage opportunities between domestic and overseas markets [9]. Industrial Silicon - **Price and Inventory Changes**: From January 12 to 16, 2026, the basis of 421 silicon in Yunnan and Sichuan increased by 125, and the number of warehouse receipts increased by 144 [12]. - **Supply and Demand**: The supply and demand are in a balanced and slightly loose state, and the price is expected to oscillate with the cost [12]. - **Outlook**: In the medium - to - long term, the price is expected to oscillate at the cycle bottom [12]. Lithium Carbonate - **Price and Inventory Changes**: From January 12 to 16, 2026, the SMM electric - grade lithium carbonate price decreased by 1,000, and the number of warehouse receipts increased by 253 [14]. - **Supply and Demand**: The short - term supply and demand are close to balance, and the inventory accumulation in January is expected to be about 1,400 tons per month [14]. - **Outlook**: The subsequent market may see a resonance between futures and spot prices [14].

Group 1 - Precious metal prices continue their recent strong upward trend, with spot silver rising over 7% to surpass $93, reaching a new historical high, while spot gold also hit a record high of $4643 per ounce [1] - On January 15, both spot gold and silver experienced a decline, with gold falling below $4610 per ounce and silver dropping below $92 per ounce [1] - The A-share market opened lower on January 15, but the non-ferrous metal index saw a sharp rise, with stocks like Huayou Cobalt and Zhongjin Rare Metal increasing over 6% [1] Group 2 - Ping An Securities suggests that uncertainties from the U.S. government, ongoing U.S. debt issues, and the weakening dominance of the tech industry are expected to further weaken U.S. dollar credit, which may drive silver's monetary attributes [2] - Industrial attributes of silver are expected to amplify its price elasticity, with the long-term upward trend in gold and silver prices remaining intact as the dollar cycle sets the direction [2] - The decline in foreign investors' holdings of U.S. Treasury bonds indicates that the dollar may not maintain long-term stability, which will continue to elevate the price center of gold and silver [2]

Group 1 - The non-ferrous metal sector experienced significant gains, with the China Nonferrous Metals Index rising by 2.05% as of the report date, and several stocks, including Hunan Silver and Xiyang Co., seeing increases of over 7% [1] - The Nonferrous Metals ETF (159871.SZ) opened higher, increasing by 1.84% during the session, with a trading volume exceeding 60 million yuan and a real-time premium rate of 0.09% [1] - The ETF has seen net inflows for 4 out of the last 5 trading days, accumulating nearly 150 million yuan, with a latest circulation size of 640 million yuan [1] Group 2 - The tungsten market has experienced a "violent" surge in January, with tungsten powder prices exceeding 1.1 million yuan per ton and tungsten concentrate reaching 464,000 yuan per standard ton, both hitting historical highs [1] - The main contract for Shanghai tin futures surged by 7%, reaching a new historical peak [1] - Guosheng Securities predicts that by 2026, the non-ferrous metals industry will face increasing supply-demand mismatches and a rising price center [2] - CITIC Securities anticipates that non-ferrous metals will continue to perform strongly, with gold being a core safe-haven asset under the "de-dollarization" pricing logic, and copper and aluminum benefiting from energy transition and supply constraints [2]

Group 1 - The core viewpoint of the article is that Guiyan Platinum Industry (600459) has a wholly-owned subsidiary, Guiyan Gold Co., Ltd., which engages in various activities related to precious metals and their sales [1] - Guiyan Gold Co., Ltd. primarily focuses on the sales of gold and silver products, precious metal smelting, non-ferrous metal rolling processing, and manufacturing and sales of non-ferrous metal alloys [1] - As of the end of Q3 2025, the revenue of Guiyan Gold Co., Ltd. is approximately 300 million yuan, with a net profit of around 30 million yuan [1]