Report Summary 1. Report Title - Nickel and Stainless Steel Daily Review 20251010: Limited Rebound Height [1] 2. Core View - On October 9, the main contract of Shanghai nickel fluctuated upwards, with a trading volume of 130,864 lots (+3,674) and an open interest of 86,038 lots (+9,898). LME nickel rose 0.91%. The spot market trading was average, and the basis changed from premium to discount. The nickel fundamentals are weak with inventory pressure, so the rebound height of nickel prices is expected to be limited [2]. 3. Market Data Summary Nickel Futures - **Futures Prices**: The closing prices of Shanghai nickel futures contracts (near - month, continuous - one, continuous - two, continuous - three) increased on October 9 compared to previous dates. For example, the near - month contract closed at 124,260 yuan/ton, up 3,950 yuan compared to September 24 [2]. - **Volume and Open Interest**: The trading volume of the active Shanghai nickel futures contract was 130,864 lots, an increase of 3,674 lots. The open interest was 86,038 lots, an increase of 9,898 lots [2]. - **Inventory**: Shanghai Futures Exchange nickel inventory decreased, while LME nickel inventory increased. The total LME nickel inventory on October 9 was 236,892 tons, an increase of 5,580 tons compared to September 24 [2]. - **Price Spreads**: The spreads between different - term Shanghai nickel futures contracts and the basis between spot and futures changed. For example, the basis between SMM 1 electrolytic nickel average price and the active Shanghai nickel futures contract changed from - 2,430 yuan/ton on September 24 to 1,000 yuan/ton on October 9 [2]. Stainless Steel Futures - **Futures Prices**: The closing prices of Shanghai stainless steel futures contracts also had changes. The near - month contract closed at 12,715 yuan/ton, up 225 yuan compared to September 24 [2]. - **Volume and Open Interest**: The trading volume of the active Shanghai stainless steel futures contract was 88,195 lots, a decrease of 39,957 lots compared to September 24. The open interest was 60,514 lots, a decrease of 7,320 lots [2]. - **Inventory**: The inventory of Shanghai stainless steel futures decreased. The inventory on October 9 was 86,551 tons, a decrease of 418 tons compared to September 24 [2]. - **Price Spreads**: The spreads between different - term Shanghai stainless steel futures contracts and the basis between spot and futures also changed. For example, the basis between 304/2B coil - trimmed edge (Wuxi) average price and the active futures contract was 970 yuan/ton on October 9 [2]. Other Market Data - **Nickel Ore Prices**: The prices of Philippine laterite nickel ore of different grades (0.9%, 1.5%, 1.8%) remained flat [2]. - **Nickel - related Product Prices**: The prices of nickel - related products such as nickel pig iron, battery - grade nickel sulfate, and electro - plating grade nickel sulfate had different changes [2]. 4. Industry News - The Indonesian Ministry of Energy and Mineral Resources (ESDM) revised the validity period of the Work Plan and Budget (RKAB) to one year, and required general mining license (IUP) and single - commodity mining license (IUPK) holders to re - apply for RKAB in 2026 and 2027 [2]. 5. Trading Strategy - Short - term: Short at high prices [2].

Trilogy Metals美股盘前一度暴涨超200%。 根据公告，美国政府的投资不仅限于获得Trilogy Metals公司10%的股权。该协议还包括认股权证，允许政府未来以约定价格再购买该公司7.5%的股份，这 为其进一步加深影响力留下了空间。 这笔投资与安布勒道路项目的获批密切相关。该项目计划修建一条从道尔顿公路延伸数百英里至安布勒矿区的工业公路。该矿区蕴藏着丰富的铜、钴、镓 和锗等金属矿产，对现代工业和国防至关重要。政府的资金注入和项目审批，旨在加速这一战略资源的开发进程。 此外，特朗普在周一的声明中表示，白宫正在推翻拜登政府时期拒绝"安布勒道路(Ambler Road)"项目的决定。特朗普表示："这项目本该早已投入运营， 为国家创造数十亿美元收益，并供应大量能源、矿物及其他资源。" 当地时间周一，特朗普政府宣布批准旨在"释放阿拉斯加矿产潜力"的安布勒道路项目（Ambler Road Project）。这项最新动态的核心是，白宫宣布向总部 位于温哥华的Trilogy Metals投资3650万美元，以换取该公司10%的股份。 美国内政部长Doug Burgum表示，安布勒道路将是一条砾石铺设的收费公路 ...

中国中冶、五矿资源、盐湖股份、株冶集团、中钨高新、五矿发展、五矿新能、五矿资本、五矿地产9 家上市公司分别介绍了2025年度上半年经营情况、业绩表现以及未来发展规划等情况，并针对不同类型 投资者重点关注的行业发展、公司经营、市值管理等问题进行了深入交流。 9月29日下午，中国五矿集团有限公司(以下简称中国五矿)在深圳证券交易所召开控股上市公司2025年 半年度集体业绩说明会。中国五矿党组成员、副总经理徐基清出席会议并致辞。 会上徐基清简要介绍了中国五矿的发展战略和经营情况。据介绍，中国五矿为保障我国资源供应而生， 伴随改革开放发展壮大，成立75年来，坚持立矿业报国之志、扛矿业强国之责，始终以保障国家金属矿 产资源供给与安全为己任。2025年上半年，中国五矿与青海省共同组建中国盐湖集团，盐湖股份也成为 新加入中国五矿的第九家控股上市公司。中国五矿把"资源"作为第一战略，把"科技创新"作为核心动 力，全面推进向高端化、智能化、绿色化发展。中国五矿高度重视控股上市公司价值创造和价值实现， 坚持做负责任、讲诚信、有温度的大股东，以价值引领发展，更好回报投资者。下一步，中国五矿将进 一步提升上市公司质量，优化投资者回报 ...

9月25日，"智融矿业，链通未来"第四届五矿产业金融论坛在上海举办。中国五矿集团有限公司党组成 员、总会计师段文务在致辞中表示，中国五矿致力打造具有全球竞争力的世界一流金属矿产企业集团。 作为中国五矿的产业金融综合服务商，五矿资本（600390）突出综合金融独特优势、产业金融基本方位 和矿业金融核心地位，全面对接并服务国家重大战略需求，努力成为央企金融服务实体经济、引领产融 结合、赋能新质生产力标杆。 主论坛上，五矿资本与中国地质大学（北京）、中国地质调查局发展研究中心联合成立矿业金融研究联 合体，通过"强强联合"的模式整合资源、汇聚智慧，打造兼具实操性与前瞻性的矿业金融研究平台，进 一步提升行业影响力。 同时，由中国地质调查局发展研究中心和五矿资本股份有限公司联合编制的《中国矿业企业ESG实践发 展报告（2025）》（下称《报告》）正式对外发布。 不过，相较于全市场已有的1214个ESG股票指数产品来说，我国矿业上市公司ESG股权投资规模仍然偏 少。同时，矿业上市公司ESG股权投资规模也极小。据统计，截至2025年8月底，130家矿业上市公司的 前十大股东里面，只有七家矿企被四只ESG投资基金持有，持有份额 ...

Core Viewpoint - Metals play a crucial role in geopolitical economic competition, with industrialization serving as a key link between metal resources and geopolitical dynamics. The interplay of re-industrialization in the US and Europe, strategic emerging industries, and industrialization in developing countries is significant in this context [2][4]. Group 1: Geopolitical Impact on Metal Supply and Demand - Metals are strategic resources that reflect a country's manufacturing capability and are closely tied to national security. The importance of metals has risen in the context of intensified geopolitical competition [6][12]. - The geographical distribution of metal resources is highly concentrated, leading to significant supply constraints. For instance, cobalt reserves are predominantly located in the Democratic Republic of Congo, which accounts for over 50% of global reserves and 70%-80% of supply [18][20]. - The demand for metals is primarily driven by industrialized regions, such as East Asia, Europe, and North America, while supply is concentrated in South America, Oceania, and Africa, leading to a mismatch in supply and demand [16][23]. Group 2: Industrialization and Metal's Role - Industrialization is categorized into three types: re-industrialization in developed countries, new industrialization driven by green and digital transitions, and industrialization in developing countries. Metals are essential for all these industrialization processes [27][35]. - The re-industrialization efforts in the US and Europe are constrained by high dependence on metal imports, with the EU's net imports of iron ore reaching about 70% in 2022 [28][29]. - The development of new industries, particularly in clean energy and semiconductors, heavily relies on metals. For example, lithium, cobalt, and nickel are critical for battery performance in electric vehicles [36][37]. Group 3: China's Position and Strategies - China possesses significant advantages in metal smelting and processing, which enhances its competitive position in geopolitical economic competition. The country has a dominant share in the global rare earth market, with over 90% of rare earth refining capacity [38][39]. - The scale of China's metal processing capabilities allows for lower production costs, making it a key player in the supply chain for various metals, including lithium and strategic small metals like tungsten [44][55]. - China's response to geopolitical risks in the metal sector includes enhancing recycling capabilities, tapping into domestic resources, and securing foreign reserves [2][51].

Report Summary 1. Report Industry Investment Rating No mention of the industry investment rating is found in the provided content. 2. Core Viewpoints - The aluminum market has complex supply - demand situations. Short - term aluminum prices are expected to have different trends, with alumina in a weak oscillation and Shanghai aluminum recommended to be bought on dips, waiting for demand fulfillment in the peak season. In the long - term, Shanghai aluminum is expected to rise with the arrival of the downstream consumption peak season [38][39]. - The new energy sector is weak this week. Lithium carbonate and polysilicon prices have declined. Lithium carbonate is expected to be in a weak oscillation in the short - term, and polysilicon is in an expected game situation with high inventory currently and potential supply reduction in the future [40]. 3. Summary According to Related Catalogs 3.1 Domestic Main Metal Spot Price Trends - Copper: The CU2510 futures contract rose from 80140 to 81060 (up 1.15%), and the Shanghai spot 1 copper average price increased from 79970 to 80970 (up 1.25%) [2]. - Aluminum: The AL2510 futures contract rose from 20695 to 21120 (up 2.05%), and the Shanghai spot A00 aluminum average price increased from 20650 to 21030 (up 1.84%) [2]. - Zinc: The ZN2510 futures contract rose from 22155 to 22305 (up 0.68%), and the Shanghai spot 0 zinc average price increased from 22040 to 22250 (up 0.95%) [2]. - Lead: The PB2510 futures contract rose from 16900 to 17040 (up 0.83%), and the 1 lead ingot average price increased from 16725 to 16775 (up 0.30%) [2]. - Nickel: The NI2510 futures contract rose from 121310 to 121980 (up 0.55%), and the 1 electrolytic nickel average price increased from 121700 to 122850 (up 0.94%) [2]. - Alumina: The AO2601 futures contract fell from 3006 to 2914 (down 3.06%), and the Foshan spot alumina price decreased from 3200 to 3140 (down 1.88%) [2]. - Industrial Silicon: The SI2511 futures contract fell from 8820 to 8745 (down 0.85%), and the 553 silicon average price increased from 9300 to 9400 (up 1.08%) [2]. - Lithium Carbonate: The LC2511 futures contract fell from 74260 to 71160 (down 4.17%), and the battery - grade lithium carbonate average price decreased from 75400 to 72398 (down 3.98%) [2]. - Polysilicon: The PS2511 futures contract fell from 56735 to 53610 (down 5.51%), and the N - type polysilicon material price decreased from 51600 to 51550 (down 0.10%) [2]. 3.2 Metal Inventory Changes - Copper: As of September 12, SHFE copper inventory was 94,100 tons (+12,200 tons, +14.90% week - on - week), LME copper inventory was 153,900 tons (-4,100 tons, -2.59% week - on - week), and COMEX copper inventory was 309,800 tons (+7,100 tons, +2.35% week - on - week) [9][10]. - Zinc: As of September 12, LME zinc inventory was 50,500 tons (-3,500 tons, -6.48% week - on - week), and SHFE zinc inventory was 45,900 tons (+5,100 tons, +12.5% week - on - week) [19]. - Alumina: As of September 12, SHFE alumina inventory was 138,700 tons (+26,400 tons week - on - week) [26]. - Aluminum: As of September 12, LME aluminum inventory was 485,200 tons (+600 tons week - on - week), SHFE aluminum inventory was 128,500 tons (+4,421 tons week - on - week), and COMEX aluminum inventory was 8,912 metric tons (-599 metric tons week - on - week) [33][34]. 3.3 Metal Ore Processing Fees and Indexes - Copper Concentrate: As of September 11, the spot TC of copper concentrate was - 40.50 dollars/ton, rising to 0.1 dollars/ton weekly, with a tight supply expectation at the mine end [13]. - Lithium Spodumene Concentrate: As of September 12, the CIF China index was 842 dollars/ton, down 29 dollars from September 5 [16]. - Zinc Concentrate: As of September 12, the main port TC of zinc concentrate was 95 dollars/ton, up 5 dollars from last week [20]. 3.4 Supply - Side Situations of Metals - Aluminum Raw Materials: The supply of bauxite has a multi - factor game. Domestic production has decreased, and imported bauxite arrivals have declined due to the rainy season in Guinea. However, high inventory and reduced profit margins of alumina limit the acceptance of high - priced bauxite. Short - term bauxite prices are expected to be in a strong oscillation [23]. - Alumina: The start - up rate has decreased slightly, and inventory has continued to increase. With an overall surplus, the inventory is still piling up [24][26]. - Electrolytic Aluminum: The start - up rate remains high due to high profits, but future increments are limited by industrial red lines. The market has low available primary aluminum inventory [31]. 3.5 Demand - Side Situations of Metals - In August, automobile production and sales increased both month - on - month and year - on - year. New energy vehicle production and sales also had significant year - on - year growth, with new energy vehicle sales accounting for 48.8% of total new vehicle sales [36]. - From January to July, housing new construction and completion areas decreased year - on - year. The cumulative power generation installed capacity increased year - on - year, with significant growth in wind power and photovoltaic. However, the new photovoltaic installation scale in July decreased both month - on - month and year - on - year [37]. 3.6 Strategy Recommendations - Aluminum: Short - term, alumina is expected to be in a weak oscillation, and Shanghai aluminum is recommended to be bought on dips, waiting for demand fulfillment in the peak season. Long - term, Shanghai aluminum is expected to rise with the arrival of the downstream consumption peak season [38][39]. - New Energy Metals: Lithium carbonate is expected to be in a weak oscillation in the short - term, and polysilicon is in an expected game situation with high inventory currently and potential supply reduction in the future [40].

Core Insights - In the first half of 2025, CITIC Metal achieved operating revenue of 63.657 billion yuan and a net profit attributable to shareholders of 1.448 billion yuan, representing a year-on-year growth of 30.90% [1] Group 1: Financial Performance - CITIC Metal's revenue from non-ferrous metal business reached 51.1 billion yuan, with a year-on-year increase of 14.35%, accounting for 80.20% of total revenue [1] - The company faced challenges in the black metal industry due to weak demand but successfully adjusted its business structure [1] Group 2: Operational Highlights - The copper business overcame adverse factors such as the turmoil in the Democratic Republic of the Congo, fluctuations in upstream shipping plans, and logistics issues in Africa, enhancing its marketing network and expanding upstream and downstream channel construction [1] - The production volume of the participating mine, the Bamba Copper Mine in Peru, increased by over 50% year-on-year [1] - The Kipushi zinc mine's production of concentrate increased by 64% compared to the total production in 2024 [1] - The global market share of the Brazilian mining and metallurgy company remained above 70% [1]

Group 1: Copper Market - The domestic inventory decline combined with the expectation of a Federal Reserve rate cut in September is likely to support copper prices [2][1] - This week, the price changes for copper were +1.54% for LME copper, +0.91% for SHFE copper, and +2.78% for COMEX copper [2][1] - Domestic electrolytic copper social inventory is at 127,000 tons, reflecting a decrease of 3.49% [2][1] Group 2: Aluminum Market - The aluminum market is expected to maintain a volatile trend due to rising inventory levels [3] - The price of alumina has decreased by 1.24% to 3,185 CNY/ton, while the aluminum futures contract fell by 3.86% to 3,017 CNY/ton [3] - Domestic aluminum inventory has increased by 4.54% to 622,000 tons, indicating a potential for price stabilization around 20,000 to 21,000 CNY/ton [3] Group 3: Lithium Market - Lithium salt is experiencing inventory reduction due to seasonal demand, with potential for price recovery [4][5] - The price of lithium carbonate has dropped by 5.07% to 80,000 CNY/ton, while spodumene concentrate fell by 4.28% to 894 USD/ton [4][5] - The supply side shows a decrease in lithium carbonate production by 0.6% to 19,000 tons [5] Group 4: Cobalt Market - Cobalt prices are expected to rise due to a decline in raw material imports and an extension of the export ban from the Democratic Republic of Congo [5] - Domestic cobalt prices increased by 2.30% to 267,000 CNY/ton [5] - The import volume of cobalt intermediate products in July was 14,000 tons, a decrease of 27% month-on-month and 73% year-on-year [5]

Group 1 - The core point of the news is that Shanghai Pengxin (Group) Co., Ltd. has pledged a total of 248 million shares of Pengxin Resources, accounting for 11.22% of the total share capital [1] - As of the announcement date, Shanghai Pengxin (Group) Co., Ltd. has cumulatively pledged 291 million shares, which represents 72.98% of its total shareholding [1] - The major shareholders have significant pledged shares, with Jiang Zhaobai pledging 83.6 million shares (60.51% of his holdings) and Tibet Fengge Investment Management Co., Ltd. pledging 30 million shares (100% of its holdings) [1] Group 2 - Pengxin Resources reported a main revenue of 2.674 billion yuan for the first half of 2025, a year-on-year increase of 100.21% [3] - The net profit attributable to the parent company reached 141 million yuan, up 396.4% year-on-year, while the non-recurring net profit was 146 million yuan, an increase of 272.12% [3] - The company’s second quarter revenue was 1.145 billion yuan, reflecting a year-on-year growth of 54.79%, with a net profit of 33.71 million yuan, up 144.46% [3] Group 3 - Pengxin Resources is engaged in the exploration, mining, smelting, and sales of metal resources such as gold, copper, and cobalt, as well as trading and financial services [4]

Core Viewpoint - Yunnan Tin Company Limited held a half-year performance briefing on August 25, 2025, focusing on resource expansion, digital transformation, and market impacts from the resumption of tin mining in Myanmar [1][2][3]. Group 1: Resource Expansion and Management - The company emphasizes resource expansion as a long-term strategy, focusing on tin and other metal resources despite challenges due to the scarcity of tin resources [2]. - Plans to enhance resource exploration and utilization include increasing investment in geological research and mining activities to improve resource security and sustainability [2][3]. - The company aims to improve the efficiency of existing tin mining operations and extend the lifespan of mines through increased funding and advanced geological exploration techniques [2][3]. Group 2: Digital Transformation and Operational Efficiency - The company is integrating digital technologies into tin smelting and production processes to enhance operational efficiency and management effectiveness [2]. - Efforts to address declining tin ore grades include technological advancements and resource integration to ensure sustainable development [2][3]. Group 3: Market Dynamics and Financial Performance - The resumption of tin mining in Myanmar is expected to alleviate supply constraints and stabilize the supply chain, highlighting the value of tin resources [3]. - The company reported a production of 71 tons of indium in the first half of the year, benefiting from improved recovery rates and contributing positively to financial performance [4]. - The company’s main products, including tin, copper, and zinc, saw price increases compared to the previous year, leading to improved operational results through refined management practices [4].