Group 1 - The core viewpoint of the article highlights the growth in China's zinc production, with a projected output of 617,000 tons in July 2025, representing a year-on-year increase of 13.8% [1] - From January to July 2025, China's cumulative zinc production reached 4.166 million tons, showing a cumulative growth of 1.3% [1] Group 2 - The article lists several publicly traded companies in the zinc industry, including Zhongjin Lingnan (000060), Chihong Zn & Ge (600497), Luoping Zinc Electric (002114), and others [1] - The report referenced is from Zhiyan Consulting, which discusses investment strategies and market size forecasts for the electrolytic zinc industry in China from 2025 to 2031 [1]

产品产量、销量及同比变化情况为： 以上经营数据未经审计，仅供投资者及时了解公司生产经营状况所用，敬请 广大投资者理性投资，注意投资风险。 安徽众源新材料股份有限公司 2025 年半年度主要经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据上海证券交易所《上市公司自律监管指引第 3 号——行业信息披露》及 其附件《第十六号——有色金属》有关规定和披露要求，并结合公司的实际情况， 公司 2025 年半年度主要经营数据如下： | 主要产品 | 单位 | 生产量 | 销售量 | 库存量 | 生产量 比上年 | 销售量 比上年 | 库存量 比上年 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 同期增 | 同期增 | 同期增 | | | | | | | 减（%） | 减（%） | 减（%） | | 铜板带 | 吨 | 62,414.82 | 62,711.65 | 2,512.85 | 10.29 | 9.89 | 20.25 | | 铜箔 ...

（来源同花顺，以上信息为南都·湾财社AI大数据自动生成） A股三大指数20日集体收涨，截至收盘，沪指涨1.04%，报3766.21点，续创10年新高。深成指涨 0.89%，创业板指涨0.23%，北证50指数涨1.16%，沪深京三市全天成交额24484亿元，较上日缩量1923 亿元。全市场超3600只个股上涨。 板块题材上，白酒、小金属、半导体板块走高，创新药、影视院线 板块调整。 盘面上，白酒板块全线走强，酒鬼酒涨停，舍得酒业涨超7%。小金属板块走强，东方锆 业、云南锗业涨停封板。半导体板块午后走高，盛科通信20CM涨停封板。创新药板块调整，福元医 药、辰欣医药跌停。影视院线板块调整，慈文传媒、华策影视跌超6%。 ...

Group 1 - The Hecht Commodity Report provides comprehensive coverage of market movements for over 29 different commodities, offering bullish, bearish, and neutral calls along with actionable trading recommendations [1][2] - Copper has experienced significant volatility since early April, reaching new highs and then plunging to around $4.30 per pound on the nearby COMEX futures contract [2] Group 2 - The author of the report actively participates in commodities markets through various instruments such as futures, options, and ETFs, with positions that can change intraday [3]

Market Performance - The Shanghai Composite Index rose by 0.85%, the Shenzhen Component Index increased by 1.73%, and the ChiNext Index surged by 2.84% at the close [1][3] - Over 4,000 stocks in the two markets experienced gains, with a total trading volume of 2.76 trillion yuan [1] Sector Highlights - The liquid cooling concept stocks saw a strong surge, with an increase of 7.05% by midday, including over 20 stocks hitting the daily limit or rising more than 10% [3] - Major financial stocks, including brokerage and fintech companies, reached new historical highs, with stocks like Zhina Compass and Tonghuashun performing particularly well [3] - The rare earth permanent magnet sector was active, with stocks like Northern Rare Earth hitting the daily limit [3] - The coal industry opened high but closed down by 0.53%, with several stocks, including Electric Power Investment Energy and Jinko Coal Industry, falling over 2% [3] - Other sectors such as non-ferrous metals, gold, fertilizers, and steel experienced notable declines [3] Trading Dynamics - The market showed strong performance in the morning, with the Shanghai Composite Index reaching a new high since 2015, but cautious sentiment led to a pullback in the afternoon [3] - Despite the afternoon retreat, trading volume significantly increased, surpassing 5.196 trillion yuan compared to the previous trading day [3]

1. Report Industry Investment Rating There is no information provided regarding the report's industry investment rating. 2. Core Viewpoints of the Report - The fundamentals of nickel have changed relatively little, but the expectation of oversupply remains. Nickel prices are temporarily fluctuating in line with macro - sentiment. This week, the price of nickel ore has slightly declined, the arrival volume of nickel ore has increased, and domestic port inventories are showing a tendency to accumulate. On the smelting side, the production of refined nickel is running smoothly, the loss of ferronickel plants has narrowed, and the supply remains at a low level [3]. - In the short term, the supply of tin is relatively sufficient, and the market recovery is mainly supported by macro - news. The supply of nickel ore in the third quarter is expected to be relatively abundant, and the price of Philippine nickel ore may be weak. The price of Indonesian domestic trade nickel ore has rebounded in the first half of August, and the supply is expected to increase. The price of NPI has continued to rise this week, and the supply - demand pattern of nickel sulfate remains tight [4]. 3. Summary by Relevant Catalogs Nickel - **Price and Cost**: As of August 11, the CIF prices of Philippine laterite nickel ore with 0.9%, 1.5%, and 1.8% nickel content decreased by 0, 1, and 1 US dollars per wet ton respectively compared to last week, reaching 29, 57, and 78.5 US dollars per wet ton. The domestic trade nickel ore prices of Ni1.2% and Ni1.6% in Indonesia increased by 0 and 0.2 US dollars per wet ton respectively to 24.8 and 52.3 US dollars per wet ton as of August 8. The freight rates from the Philippines to Tianjin Port and Lianyungang decreased by 0.5 US dollars per wet ton to 12 and 11 US dollars per wet ton respectively last week. The average price of 8 - 12% high - nickel pig iron increased by 5 yuan per nickel point to 919 yuan per nickel point as of August 11, a 0.55% increase [3][27]. - **Production and Inventory**: As of July 2025, China's electrolytic nickel monthly production increased by 0.1 million tons to 3.28 million tons, a 3.14% increase. The national nickel pig iron production (metal content) decreased by 0.11 million tons to 2.45 million tons, a 0.59% decrease. As of August 12, the LME nickel warehouse receipts increased by 492 tons to 211,700 tons, a 0.23% increase. The pure nickel social inventory (including the SHFE) increased by 1,086 tons to 40,600 tons, a 2.75% increase [3][41]. - **Profitability**: As of August 12, the cash - cost production profit margin of RKEF in Fujian increased by 0.97 percentage points to - 9.8% [3]. Tin - **Monthly Balance Sheet**: The report provides a monthly balance sheet for tin from January to December 2025, including data on total production, imports, exports, total consumption, surplus, year - on - year supply and consumption changes, and cumulative year - on - year supply and consumption changes [4]. Refined Nickel - **Device Operation**: As of August 12, 2025, domestic electrolytic nickel plants in regions such as Gansu, Xinjiang, and Jilin are operating stably, while some plants in Zhejiang are operating at reduced loads or are temporarily shut down [36]. - **Production and Trade**: As of July 2025, China's electrolytic nickel monthly production increased by 0.1 million tons to 3.28 million tons, a 3.14% increase. As of June 2025, China's refined nickel monthly exports decreased by 27.41% to 10,100 tons, and imports decreased by 3.0% to 17,000 tons [38]. - **Inventory**: As of August 12, SHFE nickel warehouse receipts decreased by 230 tons to 20,700 tons, a 1.10% decrease. LME nickel warehouse receipts increased by 492 tons to 211,700 tons, a 0.23% increase. The pure nickel social inventory (including the SHFE) increased by 1,086 tons to 40,600 tons, a 2.75% increase [41]. - **Cost and Profit**: As of July 2025, the average production cost of SMM electrolytic nickel increased by 70 US dollars per ton to 13,095 US dollars per ton, a 0.54% increase. The production profit margins of integrated MHP and high - grade nickel matte for producing electrowon nickel increased by 3.7 and 2.2 percentage points respectively to 2.3% and - 4.7% [46]. Nickel Sulfate - **Device Operation**: Nickel sulfate plants in regions such as Jilin, Gansu, and Guangdong are operating stably, while some plants in Guangxi, Tianjin, and Jiangxi are operating at reduced loads or are shut down [52][56]. - **Production and Trade**: As of July 2025, China's nickel sulfate monthly production increased by 0.43 million tons to 2.91 million nickel tons, a 17.3% increase. As of June 2025, China's nickel sulfate monthly imports decreased by 27.35% to 13,300 tons, and exports increased by 3.66% to 782.1 tons [55]. - **Cost and Profit**: Recently, the spot cost of nickel salts has increased, and nickel salt plants are continuing to hold prices. As of August 12, the profit margins of MHP, nickel beans, high - grade nickel matte, and yellow slag for producing nickel sulfate decreased by 1.1, 0.9, 0.7, and 0.7 percentage points respectively to - 2.1%, - 5.2%, 3.3%, and - 3% [60]. Ferronickel - **Device Operation**: Ferronickel plants in Shandong, Jiangsu, and other regions are operating at reduced loads or are shut down for maintenance [68]. - **Production and Inventory**: As of July 2025, the national ferronickel production (metal content) decreased by 0.11 million tons to 2.45 million tons, a 0.59% decrease. As of July 31, the national main - region ferronickel inventory increased by 182 tons to 33,400 nickel tons, a 0.55% increase [70][76]. - **Cost and Profit**: As of August 12, the cash - cost production profit margin of RKEF in Fujian increased by 0.97 percentage points to - 9.8% [76]. Stainless Steel - **Price and Market**: Last week, the stainless - steel futures main contract ss2509 increased by 1.13%. As of August 12, the price of 304/2B coil - rough edge in Wuxi increased by 250 yuan per ton to 13,250 yuan per ton, a 1.92% increase [79]. - **Inventory**: As of August 8, stainless - steel social inventory decreased by 0.49 million tons to 1.1063 million tons, a 0.44% decrease. As of August 12, the stainless - steel warehouse receipt quantity increased by 1,075 tons to 103,900 tons, a 1.05% increase [82]. - **Production and Trade**: As of August 2025, the national stainless - steel crude - steel production increased by 0.59% to 3.2298 million tons. As of June 2025, China's stainless - steel monthly imports decreased by 12.48% to 109,500 tons, and exports decreased by 10.63% to 390,000 tons [85]. - **Cost and Profit**: As of August 12, the cash cost of 304 cold - rolled stainless - steel coils in China decreased by 22 yuan per ton to 13,026 yuan per ton, a 0.16% decrease. The profit margin of cold - rolled stainless - steel coils increased by 2.02 percentage points to - 1.46% [89].

Group 1 - The core viewpoint of the articles highlights the role of Jiujiang Bank in supporting the development of the non-ferrous metal industry in Jiangxi Province through specialized loans, which facilitate the transformation of business plans into operational realities [1][2][3] - Jiujiang Bank has established a special working group to conduct in-depth research on the characteristics of the non-ferrous metal industry and has tailored financial service solutions, including the introduction of specialized loans for the sector [1][2] - The specialized loans utilize a "inventory pledge + supply chain finance" model, allowing companies to obtain financing based on the value of their raw materials and finished products, with credit limits up to 75% of the assessed inventory value [1][2] Group 2 - Jiujiang Bank's approach addresses the challenges faced by newly established companies that lack collateral and data, by forming a "Financial for the People" service team to assess production processes and financing needs [2] - The bank has conducted a "Hundred Enterprises Research" initiative in collaboration with the local non-ferrous metal industry association, visiting 86 companies to identify their funding requirements for technology upgrades and market expansion [2] - Jiujiang Bank has successfully facilitated financing needs for five companies, totaling 400 million yuan, through customized products developed from the insights gained during the research [2]

Group 1 - On August 11, among the 31 first-level industries, 24 industries received net financing inflows, with the electronics industry leading at a net inflow of 1.724 billion [1] - Other industries with significant net financing inflows included non-ferrous metals (1.598 billion), electric equipment (1.597 billion), machinery (1.526 billion), defense and military (1.336 billion), banking (1.238 billion), and chemicals (0.827 billion) [1] Group 2 - A total of 2,088 individual stocks received net financing inflows on August 11, with 208 stocks having inflows exceeding 30 million [1] - Among these, 39 stocks had net inflows exceeding 100 million, with Zhongji Xuchuang leading at 471 million [1] - Other notable stocks with high net inflows included Dazhu Laser (447 million), Ningde Times (409 million), Shenghong Technology (350 million), Xinyisheng (325 million), Salt Lake Co. (308 million), China Shipbuilding (253 million), Shenghe Resources (214 million), and Northern Rare Earth (212 million) [1]

Core Viewpoint - The article emphasizes the strong potential for the non-ferrous metals sector, driven by new demand from various industries and a tightening supply, which is expected to enhance profitability for companies in this sector [4][5]. Group 1: Demand and Supply Dynamics - The "anti-involution" trend is anticipated to accelerate the clearing of excess capacity, thereby restoring profits for non-ferrous enterprises [4]. - New demand drivers include sectors such as renewable energy, infrastructure, artificial intelligence, and robotics, which are increasing the demand for metals [4]. - The global economy is gradually recovering, and the depreciation of the US dollar is supporting non-ferrous metal prices [4]. Group 2: Performance Expectations - Eight companies in the sector are expected to report significant profit growth, with some projecting increases in net profit by as much as 42% [5]. - The non-ferrous 50 ETF index is projected to see a substantial increase in net profit, with some companies expected to grow their profits by 18-20 times by 2025 [5]. Group 3: Valuation Insights - The index valuation stands at 19.61 times earnings, which is at the 35th percentile, indicating that it is relatively undervalued with a clear upward trend [7]. - The cost-effectiveness of investments in this sector is becoming more pronounced, suggesting a favorable entry point for investors [8]. Group 4: Index Composition - The non-ferrous 50 ETF index includes major players such as Zijin Mining (15.8% weight), Northern Rare Earth (5.0% weight), and China Aluminum (4.4% weight), covering a broad spectrum of non-ferrous metals including gold, copper, aluminum, and rare earths [10]. - The index has a copper content of over 31%, which is higher than similar non-ferrous metal indices, indicating a strong focus on copper-related investments [11].

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Views of the Report - The domestic macro situation is favorable for non - ferrous metals this week. The copper price has obvious support at the bottom, and attention should be paid to restocking opportunities around 7.6 - 7.7. For aluminum, the short - term fundamentals are acceptable, and attention should be paid to demand and low - inventory arbitrage opportunities. Zinc prices fluctuated upward this week, with short - term suggestions to observe the squeeze - out market and manage positions, and hold long - short positions in different markets. Nickel's short - term fundamentals are average, and attention can be paid to the opportunity of narrowing the nickel - stainless steel price ratio. Stainless steel's fundamentals are weak, and attention should be paid to policy trends. Lead prices declined slightly this week, and it is expected to oscillate between 16800 - 17500 next week. Tin prices fluctuated widely this week, and it is recommended to wait and see in the short term. Industrial silicon's supply is expected to decrease, and the market is expected to shift from inventory accumulation to inventory reduction, with the disk expected to oscillate. Lithium carbonate prices are expected to oscillate, and the downward inflection point requires significant inventory accumulation of warehouse receipts and spot goods [1][2][3][6][9][12][14] Group 3: Summary by Metal Copper - **Market Data**: From July 17 - 23, the spot premium changed from 110 to 180, the waste - refined copper price difference decreased by 10, the SHFE inventory remained unchanged at 84556, and the SHFE warehouse receipts decreased by 9972. The spot import profit decreased by 340.21, and the March import profit decreased by 117.79 [1] - **Market Analysis**: Domestic macro is favorable. The waste - refined price difference has shrunk significantly, the scrap substitution effect is prominent, and the refined copper rod start - up rate has rebounded. The spot import window opened this week, and attention should be paid to the opportunity of long - position import logistics in the third and fourth quarters [1] Aluminum - **Market Data**: From July 17 - 23, the Shanghai aluminum ingot price decreased by 100, the domestic alumina price increased by 8, and the SHFE social inventory data is incomplete. The aluminum LME inventory increased by 6350, and the LME cancelled warehouse receipts decreased by 100 [1] - **Market Analysis**: Supply has increased slightly, and demand is expected to weaken seasonally in July. The supply and demand are expected to be balanced in July, and attention should be paid to far - month inter - month and internal - external reverse arbitrage opportunities under the low - inventory pattern [1] Zinc - **Market Data**: From July 17 - 23, the spot premium decreased by 20, the Shanghai zinc ingot price increased by 40, and the zinc social inventory remained unchanged. The SHFE zinc exchange inventory remained unchanged, the LME zinc inventory decreased by 1275, and the LME zinc cancelled warehouse receipts decreased by 1275 [2] - **Market Analysis**: Zinc prices fluctuated upward this week. Supply is expected to increase, demand is seasonally weak, domestic social inventory is rising, and overseas LME inventory is decreasing. There is a risk of short - squeeze in lead and zinc [2] Nickel - **Market Data**: From July 17 - 23, the price of 1.5 - grade Philippine nickel ore remained unchanged, the Shanghai nickel spot price increased by 550, and the spot import return increased by 794.56. The LME nickel inventory decreased by 2220, and the LME cancelled warehouse receipts decreased by 630 [3] - **Market Analysis**: Pure nickel production remains high, demand is weak, and both domestic and overseas nickel plate inventories have increased slightly. Attention can be paid to the opportunity of narrowing the nickel - stainless steel price ratio [3] Stainless Steel - **Market Data**: From July 17 - 23, the price of 304 cold - rolled coil increased by 100, and the price of waste stainless steel increased by 50 [3] - **Market Analysis**: Supply has decreased due to some passive production cuts by steel mills. Demand is mainly for rigid needs, and the inventory in Xijiao and Foshan has decreased slightly. The fundamentals are weak, and attention should be paid to policy trends [3] Lead - **Market Data**: From July 17 - 23, the spot premium increased by 5, the social inventory data is incomplete, and the SHFE inventory remained unchanged. The LME lead inventory increased by 650, and the LME cancelled warehouse receipts decreased by 3000 [6] - **Market Analysis**: Lead prices declined slightly this week. Supply is expected to increase slightly, demand has improved, but inventory accumulation is still expected. It is expected to oscillate between 16800 - 17500 next week [6] Tin - **Market Data**: From July 17 - 23, the spot import return decreased by 5532.31, the spot export return increased by 4474.88, and the LME tin inventory decreased by 25. The LME cancelled warehouse receipts increased by 200 [9] - **Market Analysis**: Tin prices fluctuated widely this week. Supply may decline slightly in July - August, demand is weak, and domestic inventory is rising. It is recommended to wait and see in the short term [9] Industrial Silicon - **Market Data**: From July 17 - 23, the 421 Yunnan basis increased by 430, the 421 Sichuan basis increased by 430, and the warehouse receipt quantity increased by 53 [12] - **Market Analysis**: The start - up rate of leading enterprises has decreased, and the supply is expected to decrease. The market is expected to shift from inventory accumulation to inventory reduction, and the disk is expected to oscillate [12] Lithium Carbonate - **Market Data**: From July 17 - 23, the SMM electric carbon price increased by 1350, the SMM industrial carbon price increased by 1350, and the warehouse receipt quantity increased by 665 [14] - **Market Analysis**: Lithium carbonate futures prices have risen. The supply and demand are both strong in the short term, and the inventory pressure in the intermediate link is increasing. The price is expected to oscillate, and the downward inflection point requires significant inventory accumulation of warehouse receipts and spot goods [14]