Group 1: Global Expansion and Production Capacity - The company has established production bases in Thailand and Mexico, and sales service institutions in the USA, Brazil, South Korea, and Japan, forming a robust global business layout [2][3] - In 2021, the company built a project in Monterrey, Mexico, with an annual production capacity of 3.6 million ultra-lightweight aluminum alloy wheels, with phase one (1.8 million units) already operational and phase two expected to be completed in Q3 2025 [2][3] Group 2: Applications in Robotics and Aerospace - The company has developed high-strength, non-heat-treated die-casting aluminum alloys suitable for robot components, currently undergoing material validation in Europe [4] - Aluminum-based rare earth intermediate alloys have been applied in large aircraft and aerospace components, including critical parts for aircraft engines and electric flying cars [5] Group 3: Innovations in Material Development - The company is a pioneer in domestic non-heat-treated alloy materials, achieving significant advancements in material research and production costs, with applications in new energy vehicles and drones [6][7] - Recent innovations include low-carbon A356 alloys and various high-performance aluminum alloys, which have been successfully applied in high-end manufacturing sectors [7] Group 4: Impact of Futures Market - The listing of casting aluminum alloy futures fills a gap in the domestic recycled metal derivatives market, promoting a green circular economy [7] - Futures provide transparent market price signals and enhance risk management capabilities, allowing the company to better hedge against price fluctuations in recycled aluminum [7]

有色商品日报 有色商品日报（2025 年 7 月 2 日） 一、研究观点 | 品 种 | | | | 点评 | | --- | --- | --- | --- | --- | | | 隔夜 LME 铜震荡走高，上涨 0.66%至 9943 | 美元/吨；SHFE 铜主力上涨 0.46%至 80390 | | | | | 元/吨；现货进口维系亏损态势。宏观方面，美国 6 月 | ISM 制造业 PMI 指数为 49，连 | | | | | 续四个月萎缩，预期为 48.8，前值为 48.5。美国 5 月 | JOLTS 职位空缺 776.9 万人，高 | | | | | 于预期的 730 万人，前值为 739.1 | 万人，该数值大幅超出市场预期，显示市场韧性。 | | | | | 美联储主席鲍威尔在一次会议上未排除 7 | 月降息可能，称若非关税已降息，关税料将 | | | | | 对通胀产生影响。关税方面，7 月 9 | 日关税重启最后期限，特朗普政府正在调整贸易 | | | | 铜 | | 谈判策略，从寻求全面互惠协议转向更有限的分阶段协议，以避免对部分国家重新征 | | | | | 收严厉关税。库存方面， ...

期现日报 拾资咨询业务资格· 证监许可 【2011】12 2025年7月2日 星期三 70015979 价格及基美 | | 现值 | 前值 | 日涨跌 | 日涨跌幅 | 单位 | | --- | --- | --- | --- | --- | --- | | SMM 1#电解铜 | 80205 | 79990 | +215.00 | 0.27% | 元/吨 | | SMM 1#电解铜升贴水 | 200 | 130 | +70.00 | - | 元/吨 | | SMM 广东1#电解铜 | 80075 | 79940 | +135.00 | 0.17% | 元/吨 | | SMM 广东1#电解铜升贴水 | 90 | 65 | +25.00 | - | 元/吨 | | SMM湿法铜 | 80080 | 79915 | +165.00 | 0.21% | 元/吨 | | SMM湿法铜升贴水 | 75 | રેર | +20.00 | | 元/吨 | | 精废价差 | 2161 | 2131 | +30.00 | 1.41% | 元/吨 | | LME 0-3 | 240.67 | 319.83 | -79.16 | ...

Report Industry Investment Rating No relevant information provided. Core Views - The copper market is in a tight balance with low inventory and is prone to short squeezes. The outcome of the S232 investigation will significantly impact the market. If the copper tariff is below 15%, the global narrative logic of the copper market may reverse [1][2] - The aluminum market has a short - term stable fundamental situation. Pay attention to demand and consider reverse arbitrage strategies in the context of low inventory [1] - The zinc market maintains a bearish allocation strategy. Continue to hold long positions in the domestic - foreign positive arbitrage [2] - The nickel market has a general short - term fundamental situation. Keep an eye on the opportunity for the contraction of the nickel - stainless steel price ratio [5] - The stainless - steel market has a weak fundamental situation and is expected to oscillate weakly in the short term [6] - The lead market is expected to oscillate between 16,800 - 17,300 next week. In July, primary supply is expected to slightly decrease while demand is weak [7] - The tin market is in a state of weak supply and demand in the short term. The long - position strategy can be cautiously held, and pay attention to short - selling opportunities after the maintenance period in the medium - long term [10] - The industrial silicon market is expected to oscillate strongly in the short term. In the long - term, the price will be based on the cash - flow cost of leading manufacturers [13] - The lithium carbonate market is expected to face upward pressure on supply and downward pressure on price in the short term. However, the "anti - involution" competition policy may drive up sentiment [15] Summary by Metal Copper - Market situation: The S232 investigation has led to a significant decrease in LME and domestic electrolytic copper inventories. The price volatility has increased, and the LME cash - 3M spread has widened [1][2] - Outlook: The situation of low inventory and potential short squeezes will continue. After the S232 investigation results are released, the market logic may change [1][2] Aluminum - Supply and demand: Supply has slightly increased, and demand is expected to seasonally weaken in July. The supply and demand are expected to be balanced [1] - Strategy: Pay attention to demand and consider reverse arbitrage strategies in the context of low inventory [1] Zinc - Price movement: The zinc price has oscillated upward this week, mainly due to high macro - sentiment [2] - Supply and demand: Supply is expected to increase in July, and demand is seasonally weak both domestically and overseas [2] - Strategy: Maintain a bearish allocation strategy and continue to hold long positions in the domestic - foreign positive arbitrage [2] Nickel - Supply and demand: Pure nickel production remains high, and demand is weak. Overseas nickel plate inventory is stable, and domestic inventory has slightly decreased [5] - Strategy: Pay attention to the opportunity for the contraction of the nickel - stainless steel price ratio [5] Stainless Steel - Supply and demand: Supply has decreased due to partial production cuts by steel mills, and demand is mainly for rigid needs [6] - Inventory: There is a slight increase in inventory in Xijiao and Foshan, and some exchange warehouse receipts have expired [6] - Outlook: The market is expected to oscillate weakly in the short term [6] Lead - Price movement: The lead price has rebounded from a low level this week, mainly due to speculation on battery stocking demand and overseas cancelled warehouse receipts [7] - Supply and demand: Supply is expected to slightly decrease in July, and demand is weak [7] - Outlook: The price is expected to oscillate between 16,800 - 17,300 next week [7] Tin - Price movement: The tin price has oscillated upward this week, mainly driven by commodity sentiment [10] - Supply and demand: Supply is affected by the situation in Myanmar, and demand is weak. The domestic and overseas inventory situations are different [10] - Strategy: Cautiously hold long positions in the short term, and pay attention to short - selling opportunities after the maintenance period in the medium - long term [10] Industrial Silicon - Supply: Hoshine Silicon Industry has significantly reduced production, while Yunnan and Sichuan are expected to increase production [13] - Outlook: The market is expected to oscillate strongly in the short term, and the price will be based on the cash - flow cost of leading manufacturers in the long - term [13] Lithium Carbonate - Price movement: The price has increased due to sentiment speculation this week [15] - Supply and demand: Supply is expected to be in surplus, and demand is weak [15] - Outlook: The price is expected to face upward pressure on supply and downward pressure on price in the short term, but the "anti - involution" policy may drive up sentiment [15]

Core Viewpoint - The announcement details the conversion of the company's convertible bonds "铜陵定02" and the changes in the company's share capital structure, highlighting the bond's conversion period and price adjustments [1]. Group 1: Convertible Bond Issuance - The company received approval from the China Securities Regulatory Commission on July 12, 2023, to issue 2,140,476,679 shares and 3,336,626 convertible bonds to purchase related assets, with a fundraising limit of up to 2.146 billion yuan [1]. - A total of 21,460,000 convertible bonds were issued, with the bond code "124024" and the bond name "铜陵定02," which were registered on October 23, 2023 [1]. Group 2: Conversion Price Adjustments - The initial conversion price was set at 3.38 yuan per share, which was adjusted to 3.30 yuan and then further reduced to 3.20 yuan due to annual equity distribution adjustments [1]. Group 3: Conversion and Share Capital Changes - As of the announcement, the remaining number of convertible bonds "铜陵定02" is 21,419,990, with the remaining amount reflecting the company's capital structure [1][2].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Views - **Copper**: The copper price increased with rising positions, and the main contract price exceeded 80,700. The macro - environment improved due to the cease - fire between Israel and Iran and the rising expectation of the Fed's interest rate cut, along with a weakening US dollar. The inventory of electrolytic copper decreased by 0.84 million tons compared to last week. The combination of macro and industrial factors is expected to keep the copper price strong [5]. - **Aluminum**: The aluminum price fluctuated upwards, and the position increased. The main contract price exceeded 20,600. The global macro - environment was favorable, but the downstream purchasing intention declined after the price increase, and the destocking of social inventory slowed down. The high profit of electrolytic aluminum plants led to large hedging pressure on the market. Attention should be paid to the technical pressure as the price approached the mid - June high [6]. - **Nickel**: The Shanghai nickel price fluctuated narrowly above 120,000 and rose in the afternoon with the non - ferrous sector. The global macro - environment improved, and the nickel price rebounded from the bottom. The upstream nickel mines in the Philippines and Indonesia remained strong, the downstream stainless steel was weak, and nickel sulfate was stable. After the price rebounded and exceeded 120,000, attention should be paid to the support of the 5 - day moving average [7]. 3. Summary by Related Catalogs 3.1 Industry Dynamics - **Copper**: On July 1st, Jinchuan Group Copper and Precious Metals Co., Ltd. successfully completed its first deep - processing transfer business of non - ferrous metal processing trade. On June 30th, the domestic spot inventory of electrolytic copper was 123,500 tons, a decrease of 0.84 million tons compared to the 23rd and 0.83 million tons compared to the 26th [9]. - **Aluminum**: In the first half of 2025, 74 domestic aluminum projects started or were put into production, including 49 projects such as Southwest Aluminum's 200,000 - ton recycled aluminum circular economy equipment project and 25 projects such as Lizhong Group's high - performance aluminum alloy new material project [10]. - **Nickel**: On July 1st, for the refined nickel in the Shanghai market, the mainstream reference contract was SHFE nickel 2508. The mainstream premium of Jinchuan electrolytic nickel was + 2,550 yuan/ton, with a price of 122,720 yuan/ton; Russian nickel was + 600 yuan/ton, with a price of 120,770 yuan/ton; Norwegian nickel was + 2,750 yuan/ton, with a price of 122,920 yuan/ton; and nickel beans were - 900 yuan/ton, with a price of 119,270 yuan/ton [11]. 3.2 Related Charts - **Copper**: The report presents charts on copper basis, monthly spread, domestic visible inventory, overseas exchange inventory, LME cancelled warrant ratio, and SHFE warrant inventory [12][14][15]. - **Aluminum**: Charts include aluminum basis, monthly spread, domestic social inventory, overseas exchange inventory, alumina price trend, and alumina inventory [26][28][30]. - **Nickel**: Charts cover nickel basis, monthly spread, LME inventory and cancelled warrant ratio, LME nickel trend, SHFE inventory, and nickel ore port inventory [36][39][40].

| 有色及贵金属日度数据简报 | 2025/7/1 | 莫骁雄 | 王荣 | 李先飞 | Z0012691 | Z0019413 | Z0002529 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 国泰君安期货研究所有 | jixianfei@gtht.com | moxiaoxiong@gtht.com | wangrong2@gtht.com | 色及贵金属组 | 张再宇 | 王宗源(联系人) | 刘雨萱 | Z0021479 | F03142619 | Z0020476 | | | | | | | zhangzaiyu@gtht.com | liuyuxuan@gtht.com | wangzongyuan@gtht.com | 黄金 (AU) | 今天 | 上月 | 前一交易日 | 上周 | | | | | | | | | | 指标名称 | 2025/7/1 | 2025/6/30 | 2025/6/24 | 20 ...

1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints of the Report - In the copper market, due to the uncertain S232 investigation on copper and the anticipation of US copper tariffs, a large amount of electrolytic copper has flowed to the US, leading to low inventory levels in the LME and domestic markets. The copper market is in a tight - balance situation prone to short - squeezes. After the S232 investigation results are released, the market logic may reverse [1]. - For aluminum, supply has increased slightly, and demand is expected to seasonally weaken in July. The supply - demand balance is expected to be flat, with a short - term stable fundamental situation. Attention should be paid to demand and low - inventory arbitrage opportunities [1]. - Zinc prices have fluctuated upwards this week, mainly due to high macro - sentiment. Supply is expected to increase in July, while demand is seasonally weak. The strategy is to maintain a short - allocation mindset for zinc and hold long - short positions between domestic and foreign markets [2]. - In the nickel market, supply remains high, demand is weak, and inventory shows different trends overseas and domestically. Attention can be paid to the opportunity of narrowing the nickel - stainless steel price ratio [5]. - The stainless - steel market has a weak fundamental situation, with supply cuts by some steel mills, mainly driven by rigid demand. Inventory has slightly increased, and prices are expected to fluctuate weakly in the short term [6]. - Lead prices rebounded from a low level this week, mainly due to speculation on battery stocking demand and overseas cancelled warrants. However, actual downstream demand is mainly for rigid replenishment. It is expected that lead will fluctuate in the range of 16,800 - 17,300 next week, with a slight decrease in primary supply and weak demand in July [7]. - Tin prices have fluctuated upwards, mainly affected by commodity sentiment. Supply is affected by mining issues, and demand is expected to decline. In the short term, long - positions can be cautiously held, and high - short opportunities after the maintenance period can be considered in the medium - to - long term [10]. - For industrial silicon, due to significant production cuts by leading enterprises, the supply - demand balance has shifted to inventory reduction, and prices are expected to fluctuate strongly in the short term. In the long term, prices are expected to be anchored to the cash - flow cost of leading enterprises [13]. - Carbonate lithium prices have risen due to sentiment speculation. Supply is expected to be excessive in the short term, leading to inventory accumulation and downward pressure on prices. However, "anti - involution" competition policies may drive sentiment up [15]. 3. Summary by Metal Copper - **Price and Inventory Changes**: From June 24 to June 30, the spot price of Shanghai copper increased by 25, the premium changed by - 13, and the LME inventory decreased by 650 tons [1]. - **Market Situation**: The market is worried about the S232 investigation. The anticipation of US copper tariffs has led to a large amount of copper flowing to the US, resulting in low inventory levels and increased price volatility [1]. Aluminum - **Price and Inventory Changes**: From June 24 to June 30, the Shanghai aluminum ingot price decreased by 110, and the LME inventory increased by 550 tons [1]. - **Market Situation**: Supply has increased slightly, demand is expected to seasonally weaken in July, and the supply - demand balance is expected to be flat [1]. Zinc - **Price and Inventory Changes**: From June 24 to June 30, the Shanghai zinc ingot price decreased by 80, and the LME inventory decreased by 1750 tons [2]. - **Market Situation**: Zinc prices have fluctuated upwards due to high macro - sentiment. Supply is expected to increase in July, while demand is seasonally weak [2]. Nickel - **Price and Inventory Changes**: From June 24 to June 30, the price of 1.5% Philippine nickel ore remained unchanged, and the LME inventory decreased by 288 tons [5]. - **Market Situation**: Supply remains high, demand is weak, and inventory shows different trends overseas and domestically [5]. Stainless Steel - **Price and Inventory Changes**: From June 24 to June 30, the price of 304 cold - rolled coils remained unchanged, and the inventory in Xijiao and Foshan slightly increased [6]. - **Market Situation**: The fundamental situation is weak, with supply cuts by some steel mills and mainly rigid demand [6]. Lead - **Price and Inventory Changes**: From June 24 to June 30, the spot premium decreased by 5, and the LME inventory decreased by 1500 tons [7]. - **Market Situation**: Lead prices rebounded from a low level due to speculation, but actual downstream demand is mainly for rigid replenishment. It is expected to fluctuate in a certain range next week [7]. Tin - **Price and Inventory Changes**: From June 24 to June 30, the spot import profit decreased by 1572.76, and the LME inventory remained unchanged [10]. - **Market Situation**: Tin prices have fluctuated upwards due to commodity sentiment. Supply is affected by mining issues, and demand is expected to decline [10]. Industrial Silicon - **Price and Inventory Changes**: From June 24 to June 30, the 421 Yunnan basis decreased by 30, and the number of warehouse receipts decreased by 271 [13]. - **Market Situation**: Due to significant production cuts by leading enterprises, the supply - demand balance has shifted to inventory reduction, and prices are expected to fluctuate strongly in the short term [13]. Carbonate Lithium - **Price and Inventory Changes**: From June 24 to June 30, the SMM electric - carbon price increased by 150, and the number of registered warehouse receipts increased by 630 [15]. - **Market Situation**: Prices have risen due to sentiment speculation. Supply is expected to be excessive in the short term, leading to inventory accumulation and downward pressure on prices [15].

有色商品日报 有色商品日报（2025 年 7 月 1 日） 一、研究观点 | 品 | | 点评 | | --- | --- | --- | | 种 | | | | | 隔夜 LME 铜先抑后扬，上涨 0.01%至 9878 美元/吨；SHFE 铜主力上涨 0.01%至 79780 | | | | 元/吨；现货进口维系亏损态势，且亏损幅度较大。宏观方面，昨日特朗普在接受媒 | | | | 体采访时表示，无需延长即将到期的关税期限，将在未来几天内向包括日本在内的数 | | | | 百个国家发送信函，单方面告知各国对美出口商品的关税税率，而非继续进行贸易谈 | | | | 判。这或意味着 7 月关税期限到期前后风险事件可能再现。另外，昨日特朗普发文再 | | | | 次批评美联储主席鲍威尔和整个美联储理事会不降息的作为。国内方面，国家统计局 | | | 铜 | 公布数据显示，6 月份制造业 PMI 为 49.7%，比上月上升 0.2 个百分点，制造业景气 | | | | 水平继续改善。库存方面，LME 库存下降 650 吨至 90625 吨；Comex 铜库存增加 | | | | 1749 吨至 191607 吨； ...

Report Summary 1. Report Industry Investment Rating No investment rating provided in the report. 2. Core View The report presents cross - market, cross - period, spot - futures, and cross - variety arbitrage tracking data for non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on July 1, 2025. 3. Summary by Related Catalogs Cross - market Arbitrage Tracking - **Copper**: On July 1, 2025, the domestic spot price was 79,990, the LME price was 10,059, and the ratio was 7.97; the three - month price was 79,680, the LME price was 9,878, and the ratio was 8.07. The equilibrium ratio for spot import was 8.13, with a loss of 1,666.99, and a profit of 1,406.63 for spot export [1]. - **Zinc**: The domestic spot price was 22,500, the LME price was 2,770, and the ratio was 8.12; the three - month price was 22,445, the LME price was 2,780, and the ratio was 6.17. The equilibrium ratio for spot import was 8.64, with a loss of 1,440.41 [1]. - **Aluminum**: The domestic spot price was 20,780, the LME price was 2,598, and the ratio was 8.00; the three - month price was 20,495, the LME price was 2,599, and the ratio was 7.90. The equilibrium ratio for spot import was 8.54, with a loss of 1,404.94 [1]. - **Nickel**: The domestic spot price was 119,900, the LME price was 15,025, and the ratio was 7.98. The equilibrium ratio for spot import was 8.23, with a loss of 2,486.93 [1]. - **Lead**: The domestic spot price was 16,925, the LME price was 2,021, and the ratio was 8.39; the three - month price was 17,225, the LME price was 2,049, and the ratio was 10.94. The equilibrium ratio for spot import was 8.82, with a loss of 875.89 [2]. Cross - period Arbitrage Tracking - **Copper**: The spreads between the next - month, three - month, four - month, and five - month contracts and the spot - month contract were - 210, - 400, - 640, and - 870 respectively, while the theoretical spreads were 502, 903, 1312, and 1722 [3]. - **Zinc**: The spreads were 5, - 45, - 100, and - 155, and the theoretical spreads were 215, 337, 458, and 580 [3]. - **Aluminum**: The spreads were - 200, - 285, - 385, and - 490, and the theoretical spreads were 215, 331, 447, and 563 [3]. - **Lead**: The spreads were 125, 150, 130, and 120, and the theoretical spreads were 210, 317, 423, and 530 [3]. - **Nickel**: The spreads were 510, 590, 730, and 850 [3]. - **Tin**: The 5 - 1 spread was - 1410, and the theoretical spread was 5538 [3]. Spot - futures Arbitrage Tracking - **Copper**: The spreads between the current - month and next - month contracts and the spot were 105 and - 105, and the theoretical spreads were 301 and 714 [3]. - **Zinc**: The spreads were - 10 and - 5, and the theoretical spreads were 130 and 261 [3]. - **Lead**: The spreads were 150 and 275, and the theoretical spreads were 151 and 264 [4]. Cross - variety Arbitrage Tracking - The ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc for Shanghai (three - continuous) were 3.55, 3.89, 4.63, 0.91, 1.19, and 0.77 respectively; for LME (three - continuous), they were 3.59, 3.80, 4.83, 0.94, 1.27, and 0.74 [4].