Report Industry Investment Rating The report does not mention an overall industry investment rating. Core Views - Gold: The FOMC meeting was in line with expectations. [2] - Silver: It will undergo a volatile adjustment. [2][5] - Copper: The increase in domestic spot premiums restricts price declines. [2][10] - Zinc: It will experience a weak and volatile trend. [2][13] - Lead: The decrease in inventory supports the price. [2][16] - Tin: It will trade within a range. [2][19] - Aluminum: It will trade within a range. [2][24] - Alumina: The oversupply situation persists. [2][24] - Cast aluminum alloy: There is cost support. [2][24] - Nickel: The contradictions in the smelting end are not prominent. Attention should be paid to the news - related risks in the ore end. [2][27] - Stainless steel: There is a game between long - and short - term logics, and the steel price may fluctuate. [2][27] Summary by Related Catalogs Precious Metals Gold - **Fundamentals**: The closing price of Shanghai Gold 2510 yesterday was 824.10, with a daily decline of 1.31%, and the night - session closing price was 828.08, with a decline of 0.71%. The trend strength is 0. [5][8] - **Macroeconomic News**: The Bank of England maintained interest rates and slowed down the pace of quantitative tightening. The number of initial jobless claims in the US last week dropped significantly to 231,000, a decrease of 32,000 from the previous week, the largest decline in nearly four years. Overseas investors' holdings of US Treasury bonds reached a new high in July. [5][9] Silver - **Fundamentals**: The closing price of Shanghai Silver 2510 yesterday was 9808, with a daily decline of 0.97%, and the night - session closing price was 9902.00, with a decline of 0.06%. The trend strength is 0. [5][8] - **Macroeconomic News**: Similar to gold, including the Bank of England's decision, US jobless claims, and US Treasury bond holdings. [5][9] Base Metals Copper - **Fundamentals**: The closing price of the Shanghai Copper main contract yesterday was 79,580, with a daily decline of 1.22%, and the night - session closing price was 79660, with an increase of 0.10%. The trend strength is 0. [10][12] - **Macroeconomic and Industry News**: The number of initial jobless claims in the US dropped significantly. The Grasberg copper mine in Indonesia is still shut down for rescue. Panama will negotiate with First Quantum Minerals on the resumption of the CP copper mine. Codelco and Escondida's copper production increased year - on - year in July. China's copper production is expected to decline in September. [10][12] Zinc - **Fundamentals**: The closing price of the Shanghai Zinc main contract was 22045, with a decline of 1.05%. The trend strength is - 1. [13][15] - **News**: The Bank of England maintained interest rates and slowed down the pace of quantitative tightening. [14] Lead - **Fundamentals**: The closing price of the Shanghai Lead main contract was 17145, with an increase of 0.26%. The trend strength is 0. [16][17] - **News**: The number of initial jobless claims in the US dropped significantly. [17] Tin - **Fundamentals**: The closing price of the Shanghai Tin main contract was 269,100, with a decline of 1.26%, and the night - session closing price was 267,840, with a decline of 0.89%. The trend strength is 0. [20][23] - **Macroeconomic and Industry News**: Similar to other metals, including Bank of England's decision, US jobless claims, and other news. [21][22] Aluminum, Alumina, and Cast Aluminum Alloy - **Fundamentals**: The closing price of the Shanghai Aluminum main contract was 20785, down 125. The closing price of the Shanghai Alumina main contract was 2931, down 6. The closing price of the aluminum alloy main contract was 20320, down 140. The trend strength of aluminum, alumina, and aluminum alloy is 0. [24][26] - **News**: Overseas investors' holdings of US Treasury bonds reached a new high in July. [26] Nickel and Stainless Steel - **Fundamentals**: The closing price of the Shanghai Nickel main contract was 120,940, down 850. The closing price of the stainless - steel main contract was 12,875, down 60. The trend strength of nickel and stainless steel is 0. [27][33] - **Industry News**: The Indonesian CNI nickel - iron project entered the trial - production stage. Environmental violations were found in the IMIP. Indonesia plans to shorten the mining quota period. The approved RKAB production in 2025 is higher than in 2024. Some nickel - iron production lines in Indonesia have suspended production. Indonesian mining companies need to resubmit the 2026 RKAB. A steel mill in Shandong has started maintenance. The Indonesian president will punish illegal mining. The Indonesian forestry working group has taken over a nickel - mining area. [27][32]

Core Viewpoint - The majority of base metals in London experienced a decline on September 18, with specific price changes noted for various metals [1] Price Movements - LME tin decreased by 1.73%, settling at $33,750.00 per ton [1] - LME zinc fell by 1.04%, reaching $2,913.00 per ton [1] - LME copper dropped by 0.50%, priced at $9,946.00 per ton [1] - LME nickel saw a decline of 0.45%, with a price of $15,335.00 per ton [1] - LME lead decreased by 0.42%, now at $2,004.00 per ton [1] - In contrast, LME aluminum increased by 0.82%, reaching $2,705.00 per ton [1]

Group 1 - The recent fluctuations in commodity prices, including oil, gold, and copper, are primarily influenced by the Federal Reserve's monetary policy and economic outlook [1][3]. - Oil prices experienced a three-day increase followed by a sudden drop due to concerns over a weakening labor market and rising inventory levels, despite a decrease in crude oil stocks [3][4]. - Gold prices surged to a new high of $3,707 per ounce after the Fed's rate cut announcement but fell back due to a stronger dollar and a more cautious tone from Fed Chair Powell regarding long-term rate cuts [4][5]. Group 2 - The decline in copper and other base metals was seen as a precautionary measure ahead of the Fed's decision, with traders taking profits after a significant price increase since April [4][5]. - The overall pullback in commodities is viewed as a "digesting of expectations," where previous gains from anticipated Fed actions are being corrected, rather than indicating a trend reversal [5]. - For long-term investors, current price corrections in commodities like gold and copper may present buying opportunities as the underlying demand and monetary policy remain supportive [5].

Market Overview - The A-share market experienced a collective adjustment with the Shanghai Composite Index down by 0.10%, Shenzhen Component Index down by 0.26%, and ChiNext Index down by 0.32% [1] - Over 3,400 stocks declined, with the non-ferrous metals, agriculture, and steel sectors leading the losses at 2.67%, 2.27%, and 1.46% respectively [1] Market Sentiment - Market liquidity showed a significant decrease, with overall trading volume down by 12.81% compared to the previous trading day, indicating a strong sense of caution among investors [3] - The electronic sector saw a trading volume of 189.76 billion yuan, but this was still a 20.38% drop from the previous day [3] Sector Performance - The cyclical sectors, particularly basic metals, agriculture, and steel, faced substantial corrections, with the battery sector also following suit [3] - The decline in the non-ferrous metals sector is not an isolated event, as it had previously seen a 3% to 4% drop in early August [6] Economic Indicators - The market is closely watching the Federal Reserve's upcoming meeting, with expectations of a potential interest rate cut of 25 to 50 basis points, which has influenced U.S. Treasury yields and the stock market [3] - Concerns about economic uncertainty are prompting some investors to take profits ahead of the Fed's decision [3] Technical Analysis - The Shanghai Composite Index is facing adjustment pressure, particularly around the 3600-point level, which is a significant area of previous trading activity [3] - The daily RSI indicator has shown that the index has entered an "overbought" zone, suggesting a need for technical correction [4] Gold Market Dynamics - In contrast to other sectors, gold prices have risen, with COMEX gold futures surpassing $2400 per ounce, driven by cautious Fed policies and geopolitical risks [9] - Domestic gold stocks, such as Zijin Mining and Shandong Gold, have also seen significant price increases, with some rising over 8% in a week [10] Currency Fluctuations - The volatility in the currency market has increased, with the RMB showing a "dual-directional elasticity" against the USD due to fluctuating Fed rate cut expectations [10] - The RMB appreciated to around 7.05 but later adjusted to 7.20 as the dollar strengthened [10] Investor Behavior - Ordinary investors may find current market fluctuations challenging, as those who entered the market based on rate cut expectations may face losses if they chase high-tech stocks or industrial products [11] - A cautious approach is advised, as the market is undergoing a self-correcting process with funds shifting between sectors [11]

1. Report Industry Investment Ratings No industry investment ratings are provided in the report. 2. Core Views of the Report - Gold: Downward revision of non - farm payrolls [2] - Silver: Breakout upward [2] - Copper: Driven by multiple logics, price increases [2] - Zinc: Maintains a sideways trend [2] - Lead: Reduced inventory supports the price [2] - Tin: Ranges sideways [2] - Aluminum: Ranges sideways; Alumina: Rebounds upward; Cast aluminum alloy: Follows electrolytic aluminum [2] - Nickel: Contradictions in the smelting end are not prominent, focus on news - related risks at the ore end [2] - Stainless steel: Long - and short - term logics compete, steel prices may fluctuate [2] 3. Summaries by Related Catalogs Gold and Silver - **Fundamental Data**: Yesterday, the closing prices of various gold and silver products showed different degrees of increase, such as the daily increase of Shanghai Gold 2510 being 0.41%. The trading volume and positions of some contracts also changed. For example, the trading volume of Shanghai Silver 2510 increased by 326,453 compared with the previous day. The inventory of some products also changed, like the Shanghai Gold inventory increased by 2,799 kilograms [5]. - **Macro and Industry News**: There are various news including Sino - US reaching a basic framework consensus on resolving the TikTok issue, China's market regulatory authority investigating NVIDIA for anti - monopoly, and China's economic data in August showing characteristics of "slow industry, weak investment, and light consumption" [5][7][8]. - **Trend Intensity**: Gold trend intensity is 0, silver trend intensity is 0 [9]. Copper - **Fundamental Data**: The closing price of the Shanghai copper main contract decreased by 0.15% during the day and increased by 0.54% during the night session. The trading volume and positions of futures contracts changed, and the inventory of Shanghai copper increased by 5,083 tons [11]. - **Macro and Industry News**: Investors almost consider the Fed's interest rate cut this week a certainty. The Trump administration announced a reduction in the import tariff on Japanese cars to 15%. Anglo American and Teck Resources agreed to merge, and Peru's copper production in July increased by 2% year - on - year [11][13]. - **Trend Intensity**: Copper trend intensity is 1 [13]. Zinc - **Fundamental Data**: The closing price of the Shanghai zinc main contract increased by 0.02%, and the trading volume and positions of futures contracts changed. The inventory of Shanghai zinc increased by 5,466 tons [14]. - **News**: The market regulatory authority investigated NVIDIA for anti - monopoly, and major car companies responded to the "60 - day payment term" initiative [15]. - **Trend Intensity**: Zinc trend intensity is 0 [16]. Lead - **Fundamental Data**: The closing price of the Shanghai lead main contract increased by 0.70%, and the trading volume and positions of futures contracts changed. The inventory of Shanghai lead decreased by 68 tons, and the LME lead inventory decreased by 3,950 tons [17]. - **News**: Investors almost consider the Fed's interest rate cut this week a certainty, and the Trump administration reduced the import tariff on Japanese cars [18]. - **Trend Intensity**: Lead trend intensity is 0 [18]. Tin - **Fundamental Data**: The closing price of the Shanghai tin main contract increased by 0.99% during the day and 0.48% during the night session. The trading volume and positions of futures contracts changed, and the Shanghai tin inventory decreased by 178 tons [21]. - **Macro and Industry News**: Similar to the gold and silver section, there are multiple macro - level news [22]. - **Trend Intensity**: Tin trend intensity is 0 [23]. Aluminum, Alumina, and Cast Aluminum Alloy - **Fundamental Data**: The closing price of the Shanghai aluminum main contract decreased by 100 compared with T - 1. The trading volume and positions of futures contracts changed. The inventory of domestic aluminum ingots increased by 1.10 million tons. The closing price of the Shanghai alumina main contract increased by 21 compared with T - 1 [24]. - **Comprehensive News**: An important article by General Secretary Xi Jinping was published in Qiushi Journal [26]. - **Trend Intensity**: Aluminum trend intensity is 0, alumina trend intensity is 0, and aluminum alloy trend intensity is 0 [26]. Nickel and Stainless Steel - **Fundamental Data**: The closing price of the Shanghai nickel main contract increased by 1,360 compared with T - 1. The trading volume and positions of futures contracts changed. The price of some nickel - related products and the spread between contracts also changed [27]. - **Macro and Industry News**: The Indonesian CNI nickel - iron project entered the trial - production stage, environmental violations were found in the IMIP, and Indonesia planned to shorten the mining quota period [27][28][30]. - **Trend Intensity**: Nickel trend intensity is 0, stainless steel trend intensity is 0 [33].

Summary of Market Transactions on September 12, 2025 Core Insights - The overall market transactions showed a mixed performance across different sectors, with significant variations in both transaction volumes and holding amounts [1]. Group 1: Stock Index Sector - Stock index sector transactions amounted to 860.73 billion, reflecting a decrease of 15.38% compared to the previous period [1]. - The holding amount in this sector was 1381.94 billion, down by 1.89% [1]. - The transaction-to-holding ratio stood at 61.92% [1]. Group 2: Government Bonds Sector - Government bonds transactions totaled 458.80 billion, a decline of 20.23% [1]. - The holding amount reached 723.76 billion, decreasing by 1.75% [1]. - The transaction-to-holding ratio was 64.11% [1]. Group 3: Base Metals Sector - Base metals transactions were recorded at 358.52 billion, an increase of 27.67% [1]. - The holding amount in this sector was 523.79 billion, up by 3.58% [1]. - The transaction-to-holding ratio was 74.07% [1]. Group 4: Precious Metals Sector - Precious metals transactions amounted to 477.79 billion, showing a significant increase of 34.69% [1]. - The holding amount was 504.51 billion, with a slight increase of 2.04% [1]. - The transaction-to-holding ratio was notably high at 131.45% [1]. Group 5: Energy and Chemicals Sector - Energy and chemicals transactions reached 389.62 billion, reflecting a growth of 7.51% [1]. - The holding amount was 446.53 billion, with a marginal increase of 0.44% [1]. - The transaction-to-holding ratio was 67.68% [1]. Group 6: Agricultural Products Sector - Agricultural products transactions totaled 278.19 billion, down by 4.69% [1]. - The holding amount was 553.24 billion, showing a negligible change of 0.02% [1]. - The transaction-to-holding ratio was 42.87% [1]. Group 7: Black Building Materials Sector - Black building materials transactions amounted to 283.25 billion, an increase of 5.40% [1]. - The holding amount was 372.92 billion, down by 1.70% [1]. - The transaction-to-holding ratio was 77.39% [1].

Summary of Market Transactions and Positions Core Insights - The overall market transactions across various sectors showed a mixed performance, with significant fluctuations in both transaction volumes and positions compared to previous periods [1]. Sector-wise Summary - **Stock Index Sector**: - Transaction volume reached 860.73 billion, down by 15.38% from the previous period - Position amount was 1,381.94 billion, down by 1.89% - Transaction-to-position ratio stood at 61.92% [1] - **Government Bonds Sector**: - Transaction volume was 458.80 billion, down by 20.23% - Position amount was 723.76 billion, down by 1.75% - Transaction-to-position ratio was 64.11% [1] - **Base Metals Sector**: - Transaction volume increased to 358.52 billion, up by 27.67% - Position amount was 523.79 billion, up by 3.58% - Transaction-to-position ratio reached 74.07% [1] - **Precious Metals Sector**: - Transaction volume surged to 477.79 billion, up by 34.69% - Position amount was 504.51 billion, up by 2.04% - Transaction-to-position ratio was notably high at 131.45% [1] - **Energy and Chemicals Sector**: - Transaction volume was 389.62 billion, up by 7.51% - Position amount was 446.53 billion, up by 0.44% - Transaction-to-position ratio was 67.68% [1] - **Agricultural Products Sector**: - Transaction volume decreased to 278.19 billion, down by 4.69% - Position amount was 553.24 billion, up by 0.02% - Transaction-to-position ratio was 42.87% [1] - **Black Building Materials Sector**: - Transaction volume increased to 283.25 billion, up by 5.40% - Position amount was 372.92 billion, down by 1.70% - Transaction-to-position ratio was 77.39% [1]

Core Viewpoint - London base metals experienced a broad increase on September 12, with significant weekly gains across various metals [1] Summary by Category Price Movements - LME zinc rose by 1.93% to $2,956.00 per ton, with a weekly increase of 3.32% [1] - LME nickel increased by 1.52% to $15,380.00 per ton, with a weekly rise of 0.95% [1] - LME lead saw a 1.13% increase to $2,019.00 per ton, accumulating a weekly gain of 1.71% [1] - LME aluminum climbed by 1.03% to $2,701.00 per ton, with a weekly increase of 3.86% [1] - LME tin rose by 0.74% to $34,955.00 per ton, with a weekly gain of 1.87% [1] - LME copper experienced a slight increase of 0.13% to $10,064.50 per ton, accumulating a weekly rise of 1.69% [1]

Core Viewpoint - On September 11, 2023, London base metals experienced a broad increase in prices, indicating a positive trend in the commodities market [1] Group 1: Price Movements - LME aluminum rose by 2.06% to $2679.00 per ton [1] - LME zinc increased by 0.64% to $2905.00 per ton [1] - LME nickel saw a rise of 0.49% to $15220.00 per ton [1] - LME copper climbed by 0.44% to $10057.00 per ton [1] - LME lead gained 0.43% to $1995.50 per ton [1] - LME tin increased by 0.27% to $34700.00 per ton [1]

Market Overview - The Hang Seng Index fell by 0.29%, down 75 points, closing at 26,124 points, while the Hang Seng Tech Index decreased by 0.09%. The early trading volume in Hong Kong stocks reached HKD 176.3 billion [1]. Pharmaceutical Sector - The pharmaceutical sector experienced a significant decline, with multiple stocks opening down over 10%. Reports indicate that the Trump administration is considering restrictions on Chinese pharmaceuticals. Notable declines include Hansoh Pharmaceutical down 9%, CSPC Pharmaceutical down 7.5%, and Innovent Biologics down 3.3% [1]. Metals Sector - The non-ferrous metals sector saw gains, driven by a quarter-on-quarter increase in basic metal performance. Companies such as China Hongqiao rose by 3.97%, Jiangxi Copper by 3.2%, and China Aluminum by 3.64% [1]. Semiconductor Industry - The semiconductor industry is expected to continue its "AI-driven + self-controlled" dual development trend in the second half of the year. Semiconductor stocks collectively rose, with Hua Hong Semiconductor and SMIC both increasing by over 5% [1]. Telecommunications - ZTE Corporation saw a rise of 7.62%, as the company accelerates its expansion from connectivity to computing power, with institutions optimistic about its stable performance [1]. Virtual Asset Trading - Yunfeng Financial surged over 18%, following a nearly 28% increase the previous day, after receiving approval to provide virtual asset trading services [2]. Fiber Optics - Longi Fiber Optics experienced a rise of over 14%, driven by increased demand for AI-driven data center interconnectivity, with institutions viewing the company as a core beneficiary [2]. Biotechnology - Rongchang Biopharmaceuticals increased by over 5%, as its drug Taitasip became the first biopharmaceutical to apply for listing in the field of Sjögren's syndrome globally [3]. Clinical Trials - Yaojie Ankang-B saw an increase of over 11%, with its market capitalization surpassing HKD 40 billion after receiving approval to conduct Phase II clinical trials for its drug Tienogitini [4]. Technology Sector - Huiju Technology rose over 10% after entering the Hong Kong Stock Connect list, with expectations of rapid growth in its MPO business over the coming years [5]. Strategic Partnerships - Charoen Pokphand International rose by 3% following a strategic partnership with Muyuan Group, as the company is a producer of the antibiotic goldmine under Charoen's umbrella [5]. Market Trends - Shenzhou Holdings increased by over 8%, driven by hot concepts and performance growth propelling its stock price [5].