1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The rebound of consumer - end inflation in the US in July may weaken the Fed's interest - rate cut expectation, and the expectation of global aluminum ingot inventory accumulation puts pressure on aluminum prices [1]. - For alumina, the slight increase in domestic and imported bauxite prices pushes up production costs, but the expected supply - demand loosening due to rising operating capacity may lead to a weak and volatile alumina price [4]. - For electrolytic aluminum, the rebound of consumer - end inflation in the US in July may suppress the Fed's interest - rate cut expectation, and the increasing social inventory at home and abroad may lead to an adjustment in Shanghai aluminum prices [5]. - For aluminum alloy, the tight supply of scrap aluminum leads to continued losses in domestic recycled aluminum alloy production, and the rebound of consumer - end inflation in the US in July may keep the aluminum alloy price in a volatile pattern [7]. 3. Summaries According to Relevant Catalogs Alumina - **Supply - side factors** - Domestic bauxite production and imports in August may increase, with prices rising slightly. Projects such as the Shanxi Jinzhong energy - saving and efficiency - enhancing renovation project and the Guangxi Fangchenggang new - construction project may increase China's alumina production in August. The domestic supply - demand is expected to be loose, and the matching surplus of China's alumina to electrolytic aluminum operating capacity in July has expanded [4]. - The Indonesian project of Nanshan Aluminum may increase production, and the import window is closed, resulting in a decrease in domestic alumina imports and an increase in exports in August, and a decrease in domestic port alumina inventory [4]. - **Investment strategy** - It is recommended that investors wait and see, paying attention to the support level around 3000 - 3100 and the pressure level around 3300 - 3600 [4]. Electrolytic Aluminum - **Supply - side factors** - Domestic electrolytic aluminum production in August may increase due to project resumptions and new constructions. Imports in August may also increase as some overseas plants resume production [5]. - **Demand - side factors** - The capacity utilization rate of China's downstream leading aluminum processing enterprises has increased, but there are differences in different product segments [5]. - **Investment strategy** - It is recommended that investors wait and see, paying attention to the support and pressure levels of Shanghai aluminum and LME aluminum [5]. Aluminum Alloy - **Supply - side factors** - The production of domestic scrap aluminum in August may decrease, and imports may increase. The production of primary and recycled aluminum alloys in August may increase, and the raw material inventory of recycled aluminum alloy enterprises may increase while the finished - product inventory may decrease [7]. - **Investment strategy** - It is recommended that investors wait and see, paying attention to the support level around 19700 - 19900 and the pressure level around 20200 - 20300 [7].

金融界8月11日消息，有投资者在互动平台向焦作万方提问：请问公司的新大股东提出资产收购方案后 已经接近6个月，各项资产仍在评估，没有明确议案，是存在终止收购可能吗？谢谢回复！ 公司回答表示：您好，公司正按照相关规定稳步推进本次重组，后续进展情况请您关注公司公告，谢 谢。 ...

Group 1 - The core viewpoint is that the U.S. tariff policy isolates the country from globalization, leading to negative consequences primarily borne by American consumers [1][2] - The U.S. has a limited share in global trade, and if other countries unite, the effectiveness of U.S. protectionist policies will diminish [1] - The immediate consequence of tariffs in the U.S. is an increase in prices, acting as a de facto tax on consumers, with a majority of Americans perceiving tariffs as harmful due to rising living costs [1][2] Group 2 - Tariffs may temporarily protect specific industries like steel and aluminum, but they increase costs across broader supply chains, negatively impacting the overall economy [2] - The Trump administration's tariff policies are unlikely to compel companies to relocate manufacturing to the U.S. due to the current poor state of American manufacturing [2] - The ultimate impact of these policies will depend on the reaction of the American public, particularly in the context of upcoming midterm elections, which will serve as a significant test for the Trump administration [2]

Investment Rating - The report maintains a "Positive" investment rating for the aluminum sector [3]. Core Insights - The aluminum sector is experiencing a transition from high elasticity to resilience, with dividends becoming more stable and significant [10][21]. - The dividend yield for the aluminum sector is notably high, surpassing 5%, making it a standout in the market [25][30]. - The report highlights the convergence of aluminum prices, indicating a stable upward trend amidst fluctuating market conditions [46]. Summary by Sections 1. Dividends and Resilience - The aluminum sector is characterized by improving cash flow and reduced capital expenditures, leading to enhanced dividend payouts [21][22]. - The sector's operating cash flow net to (expenditures + interest-bearing liabilities) has improved significantly, indicating a robust financial position [22]. 2. Dividend Yield - The aluminum sector's dividend yield has consistently outperformed other sectors, with a current yield of 5.85% projected for 2024 [25][30]. - Historical data shows that the aluminum sector has maintained a leading position in dividend yield compared to other sectors over the years [25][27]. 3. Price Stability - The report notes a reduction in aluminum price volatility, attributed to stable supply and demand dynamics [41]. - The aluminum sector is positioned in a "low valuation + high dividend" quadrant, suggesting potential for dividend revaluation [42]. 4. ROE Selection - The report emphasizes the importance of selecting stocks based on high dividend yields and return on equity (ROE), with a focus on companies that demonstrate strong financial performance [75]. - Different company profiles are analyzed, showing variations in asset turnover, debt ratios, and dividend rates, highlighting the financial health of key players in the sector [75].

因 投资评级:看好(维持) 最近 12 月市场表现 有色舍屈 1 4 比圭假 分析师 SAC 证书编号：S0160522070001 bich@ctsec.com 视下窝锂矿停产，看好碳酸锂行业盈利修复 TIDGAB ■ 证券研究报告 核心观点 相关报告 1.《美国非农大幅下滑,中长期继续看好黄 金》 2025-08-03 2. 《成本下行盈利修复,紧平衡格局延续》 2025-08-01 3.《轻稀土价格年内新高，中长期仍看好稀 士行情 》 2025-07-28 � 风险提示: 下游需求不及预期、部分产能释放超预期、金属价格波动加剧。 请阅读最后一页的重要声明! and 1 2 2 1 � 能源金属: 枫下窝锂矿停产确定,稀土价格高位调整。(1)碳酸锂;据期货日报,8 月 9 日视下窝锂矿确定停产,短期无复产计划。江西多个锂矿或因矿证审批流程也面 临停产可能，或导致每月 7000 至 8000 吨碳酸锂当量受到影响。瓷土矿转锂土矿对 应税率也将大幅提高成本，叠加 9–11 月传统旺季供需更紧，多重因素推高碳酸锂价 格。建议关注锂矿资源相关标的:中矿资源、天齐锂业、赣锋锂业、盛新锂能、融捷 股份、盐湖股份。( ...

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The copper market shows a stable upward trend with a slight increase in prices and a notable rise in production rates for various types of copper [14] - The aluminum market is stabilizing at the bottom, with slight increases in production and inventory levels [15] - The gold market maintains high attractiveness due to international geopolitical tensions, enhancing its appeal as a safe-haven asset [16] - The rare earth sector is expected to see price increases due to supply constraints and regulatory changes, benefiting leading companies in the field [34] - The antimony market is stabilizing with expectations of price recovery driven by export improvements and domestic production cuts [37] - The molybdenum market remains bullish due to low inventory levels and strong demand from the steel industry [38] - The tin market is experiencing upward momentum supported by strong inventory levels and improving macroeconomic conditions [39] Summary by Sections 1. Base and Precious Metals Market Overview - Copper prices increased by 1.40% to $9,768.00 per ton on LME, with a notable rise in production rates [14] - Aluminum prices rose by 1.69% to $2,615.00 per ton on LME, with stable inventory levels [15] - Gold prices increased by 0.86% to $3,458.20 per ounce, driven by geopolitical factors [16] 2. Base and Precious Metals Fundamental Updates 2.1 Copper - The copper processing fee index rose to $38.06 per ton, with a significant increase in production rates across various sectors [14] 2.2 Aluminum - The operating capacity of alumina increased to 82.57%, reflecting recovery from maintenance [15] 2.3 Precious Metals - Gold holdings in SPDR increased by 4.84 tons, indicating strong demand [16] 3. Minor Metals and Rare Earth Market Overview - The rare earth market is expected to see price increases due to supply constraints and regulatory changes [34] - The antimony market is stabilizing with expectations of price recovery driven by export improvements [37] - The molybdenum market remains bullish due to low inventory levels and strong demand [38] 4. Minor Metals and Rare Earth Fundamental Updates 4.1 Rare Earth - Prices for praseodymium and neodymium oxide decreased by 1.84%, but supply constraints are expected to drive future price increases [34] 4.2 Antimony - Antimony prices remain stable, with expectations of recovery due to improved export conditions [37] 4.3 Molybdenum - Molybdenum prices are expected to rise due to low inventory and strong demand from the steel industry [38] 4.4 Tin - Tin prices increased by 1.61%, supported by strong inventory levels and improving demand conditions [39]

Group 1 - The Indian government has denied reports of suspending defense procurement negotiations with the United States, stating that all procurement cases are proceeding as per existing procedures [1] - Prior reports suggested that India had paused new arms and aircraft procurement plans from the U.S., seen as a sign of dissatisfaction in U.S.-India relations due to tariff issues [1] - U.S. President Trump imposed an additional 25% tariff on Indian goods as a punitive measure for India's purchase of Russian oil, raising the total tariffs faced by Indian exports to 50% [1] Group 2 - The U.S. is India's largest export market, with total exports to the U.S. projected to be nearly $87 billion in 2024 [2] - Experts warn that if the 50% tariffs are implemented, it could significantly impact India's economy, particularly affecting industries such as textiles, automotive parts, steel, and gemstones [2] - In the context of escalating U.S.-India trade tensions, India appears to be strengthening its cooperation with Russia [3][4] Group 3 - Indian and Russian officials held a meeting on August 6 to discuss deepening industrial cooperation, focusing on areas such as rare earth and critical mineral extraction, aerospace technology, carbon fiber, and 3D printing [4] - The meeting resulted in a signed protocol reaffirming the strategic partnership between India and Russia, committing to enhance industrial and economic collaboration [4]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - **Precious Metals**: The continuous rise in the Fed's interest - rate cut expectations and the People's Bank of China's consecutive 9 - month increase in gold reserves are the core supporting factors. The higher - than - expected number of initial jobless claims in the US strengthens the easing expectation, but the news of a meeting between Russian and US leaders eases geopolitical risk - aversion sentiment. Gold prices maintain a high - level volatile pattern under the influence of multiple factors [3]. - **Copper**: Copper prices have been mainly oscillating recently. The price difference between LME copper and COMEX copper has basically stabilized. The spot market and inventory still have potential changes. COMEX copper's decline may slightly boost the valuations of the other two copper markets, but investors should be wary of the negative impact of weak copper demand [15]. - **Aluminum**: Macro - level drivers for aluminum have temporarily slowed. In the short term, domestic demand has entered the off - season, downstream aluminum processing has declined, and social inventory has accumulated, but the absolute inventory remains low, supporting prices. Aluminum prices are expected to be under pressure and oscillate. Alumina is expected to be weak in the short term due to high production capacity and rising inventory. The fundamentals of cast aluminum alloy are good, and its futures price generally follows the Shanghai aluminum price [36]. - **Zinc**: The supply side of zinc is gradually shifting from tight to oversupplied, and processing fees are expected to rise this month. The ore supply is abundant. Inventory has been accumulating, but LME zinc inventory provides some support. Demand is weak in the traditional off - season. Zinc prices are expected to oscillate with limited downside space in the short term [60]. - **Nickel**: Philippine nickel ore supply and domestic arrivals are high, and there is an expectation of price loosening. Nickel iron prices have strongly corrected, and stainless steel has reached the 13,000 - yuan mark, but downstream demand is weak. Sulfuric acid nickel has a tight supply in the market. Attention should be paid to the US dollar index [73]. - **Tin**: Tin prices rose slightly on Thursday, indicating strong resilience. Supply - side issues are not easily resolved, and there are uncertainties in Myanmar's resumption of production. Delays may lead to a slight upward movement in tin prices, while the impact of weak demand has not fully manifested [87]. - **Lithium Carbonate**: Supply - side disturbances persist, and the market is expected to be in a wide - range, strong - oscillating state. Attention should be paid to market changes and position risks [104]. - **Silicon Industry Chain**: Macro - level sentiment has faded. In the short term, the industry is expected to enter an oscillating state. In the long - term, the downside space for industrial silicon is limited, and the polysilicon market remains loose. Attention should be paid to industrial policies [115]. 3. Summary by Related Catalogs Precious Metals - **Price and Market Conditions**: SHFE gold and silver futures prices, COMEX gold prices, and the gold - silver ratio are presented. Long - term fund holdings of gold and silver, and the inventory of SHFE and COMEX gold and silver are also shown [4][12][14]. Copper - **Futures Data**: The latest prices, daily changes, and daily change rates of Shanghai copper futures (including the main contract, consecutive contracts) and LME copper are provided. The price difference between LME copper and COMEX copper has stabilized [15][16]. - **Spot Data**: The latest prices, daily changes, and daily change rates of copper in different domestic spot markets are given, as well as import profit and loss, processing fees, and the difference between refined and scrap copper [22][27][31]. - **Inventory Data**: The latest inventory data of Shanghai copper warehouse receipts, international copper warehouse receipts, and LME copper are presented [32][34]. Aluminum - **Futures and Spot Data**: The latest prices, daily changes, and daily change rates of Shanghai aluminum, LME aluminum, alumina, and aluminum alloy futures are provided. Spot aluminum prices in different regions, price differences, and import profit and loss are also shown [37][46]. - **Inventory Data**: The latest inventory data of Shanghai aluminum warehouse receipts, LME aluminum inventory, and alumina warehouse receipts are presented [54]. Zinc - **Futures and Spot Data**: The latest prices, daily changes, and daily change rates of Shanghai zinc futures and LME zinc are provided. Spot zinc prices, price differences, and import profit and loss are also shown [61][67]. - **Inventory Data**: The latest inventory data of Shanghai zinc warehouse receipts and LME zinc inventory are presented [70]. Nickel - **Futures and Spot Data**: The latest prices, daily changes, and daily change rates of Shanghai nickel and LME nickel futures are provided. Spot nickel prices, production costs, and downstream product prices are also shown [74][78]. - **Inventory Data**: The latest inventory data of Shanghai nickel warehouse receipts are presented [74]. Tin - **Futures and Spot Data**: The latest prices, daily changes, and daily change rates of Shanghai tin and LME tin futures are provided. Spot tin prices and import profit and loss are also shown [88][94]. - **Inventory Data**: The latest inventory data of Shanghai tin warehouse receipts and LME tin inventory are presented [98]. Lithium Carbonate - **Futures and Spot Data**: The latest prices, daily changes, and daily change rates of lithium carbonate futures are provided. Spot lithium prices, price differences, and import profit and loss are also shown [104][108]. - **Inventory Data**: The latest inventory data of Guangzhou Futures Exchange lithium carbonate warehouse receipts and social inventory are presented [113]. Silicon Industry Chain - **Industrial Silicon**: The latest prices, daily changes, and daily change rates of industrial silicon futures and spot prices in different regions are provided. Price differences and basis are also shown [115][116]. - **Polysilicon and Related Products**: The prices of polysilicon, silicon wafers, battery cells, components, and other products are presented, as well as the inventory and production capacity of related products [122][133].

1. Report Industry Investment Ratings No information about industry investment ratings is provided in the reports. 2. Core Views Copper - Currently, the path of interest rate cuts is unclear. Without a significant improvement in interest rate cut expectations, the upward momentum of copper prices is insufficient. However, due to the resilience of the fundamentals, the downside space is also limited. Copper pricing has returned to macro trading, and in the absence of significant macro disturbances, it may mainly fluctuate within a range. The reference range for the main contract is 77,000 - 79,000 [1]. Aluminum - Recently, the alumina futures price has rebounded, but the market will remain slightly oversupplied in the future. The core driver will be the continuous game between cost support and over - capacity. It is expected that the main contract will run in the range of 3,000 - 3,400 in the short term. For aluminum, under the pressure of inventory accumulation expectations, weakening demand, and macro disturbances, it is expected that the price will remain under high - level pressure in the short term. The reference price range for the main contract this month is 20,000 - 21,000 [4]. Aluminum Alloy - The supply of scrap aluminum is relatively tight, providing some support for the cost of recycled aluminum. However, the demand is continuously suppressed by the traditional off - season. It is expected that the disk will mainly show wide - range fluctuations, with the main contract running in the range of 19,200 - 20,200. Attention should be paid to changes in upstream scrap aluminum supply and imports [5]. Zinc - The TC of zinc mines has risen, but the growth rates of global mine output in May and domestic mine output in June were both lower than expected. The fundamentals of loose supply and weak demand are insufficient to boost the continuous upward movement of zinc prices, but low inventories provide price support. It is expected that zinc prices will mainly fluctuate in the short term, with the main contract reference range of 22,000 - 23,000 [8]. Tin - The supply of tin ore remains tight, and the demand is expected to be weak. Attention should be paid to the recovery of tin ore imports from Myanmar in August. If the supply recovers smoothly, there is a large downward space for tin prices. It is recommended to adopt a short - selling strategy on rallies. If the supply recovery is less than expected, tin prices are expected to remain high [11]. Nickel - Recently, the macro situation has been stable, and the fundamentals have not changed significantly. The mid - term supply is expected to be loose, which restricts the upward space of prices. It is expected that the disk will be mainly adjusted within a range in the short term, with the main contract reference range of 118,000 - 126,000. Attention should be paid to changes in macro expectations [13]. Stainless Steel - The short - term sentiment of the disk is stable, but the policy's continuous stimulus expectations are insufficient, and the fundamental spot demand drive is not obvious. It is expected that the disk will mainly fluctuate in the short term, with the main contract running in the range of 12,600 - 13,200. Attention should be paid to policy trends and supply - demand rhythms [16]. Lithium Carbonate - The current supply - demand situation is in a tight balance as expected. The supply is sufficient, and the demand is steadily optimistic, gradually entering the peak season. However, due to the inventory pressure in the material industry chain, the actual demand has not been significantly boosted. The disk is mainly trading on expectations, and the uncertainty on the supply side will still inject trading variables. Attention should be paid to short - term news increments and supply adjustments [18]. 3. Summaries by Relevant Catalogs Copper Price and Basis - SMM 1 electrolytic copper price rose by 0.19% to 78,500 yuan/ton, and the premium increased by 10 yuan/ton. SMM Guangdong 1 electrolytic copper price rose by 0.23% to 78,365 yuan/ton, and the premium increased by 10 yuan/ton. The refined - scrap price difference increased by 11.15% to 734 yuan/ton [1]. Fundamental Data - In July, the electrolytic copper output was 117.43 million tons, a month - on - month increase of 3.47%. In June, the electrolytic copper import volume was 30.05 million tons, a month - on - month increase of 18.74%. The domestic mainstream port copper concentrate inventory decreased by 7.01% week - on - week [1]. Aluminum Price and Spread - SMM A00 aluminum price rose by 0.29% to 20,690 yuan/ton, and the premium decreased by 10 yuan/ton. The alumina price in most regions remained stable, with only the average price in Guizhou rising by 0.45% [4]. Fundamental Data - In July, the alumina output was 765.02 million tons, a month - on - month increase of 5.40%. The electrolytic aluminum output was 372.14 million tons, a month - on - month increase of 3.11%. The aluminum profile开工率 decreased by 1.00% week - on - week [4]. Aluminum Alloy Price and Spread - The price of SMM aluminum alloy ADC12 rose by 0.50% to 20,250 yuan/ton. The monthly spread of some contracts changed, such as the 2511 - 2512 spread decreasing by 5 yuan/ton [5]. Fundamental Data - In June, the output of recycled aluminum alloy ingots was 61.50 million tons, a month - on - month increase of 1.49%. The output of primary aluminum alloy ingots was 25.50 million tons, a month - on - month decrease of 2.30%. The recycled aluminum alloy开工率 increased by 3.02% week - on - week [5]. Zinc Price and Spread - SMM 0 zinc ingot price rose by 0.81% to 22,510 yuan/ton, and the premium decreased by 15 yuan/ton. The import loss increased, and the monthly spread of some contracts decreased [8]. Fundamental Data - In July, the refined zinc output was 60.28 million tons, a month - on - month increase of 3.03%. In June, the refined zinc import volume was 3.61 million tons, a month - on - month increase of 34.97%. The galvanizing开工率 decreased by 2.65% week - on - week [8]. Tin Price and Basis - SMM 1 tin price decreased by 0.15% to 267,200 yuan/ton, and the premium remained unchanged. The LME 0 - 3 premium decreased by 73.81% [11]. Fundamental Data - In June, the tin ore import volume was 11,911 tons, a month - on - month decrease of 11.44%. The SMM refined tin output was 13,810 tons, a month - on - month decrease of 6.94%. The SHEF inventory increased by 3.42% [11]. Nickel Price and Cost - The price of SMM 1 electrolytic nickel rose by 0.04% to 122,150 yuan/ton, and the premium of some brands remained stable. The cost of integrated MHP production of electrowon nickel increased by 0.88% month - on - month [13]. Supply and Inventory - China's refined nickel output decreased by 10.04% month - on - month, while the import volume increased by 116.90%. The SHFE inventory increased by 0.69% week - on - week, and the LME inventory decreased by 0.11% day - on - day [13]. Stainless Steel Price and Spread - The price of 304/2B (Wuxi Hongwang 2.0 coil) rose by 0.38% to 13,050 yuan/ton. The monthly spread of some contracts increased slightly [16]. Fundamental Data - China's 300 - series stainless steel crude steel output decreased by 3.83% month - on - month. The 300 - series social inventory (Wuxi + Foshan) decreased by 2.58% week - on - week [16]. Lithium Carbonate Price and Basis - SMM battery - grade lithium carbonate average price rose by 0.21% to 71,100 yuan/ton. The basis decreased by 47.37% to 1,100 yuan/ton [18]. Fundamental Data - In July, the lithium carbonate output was 81,530 tons, a month - on - month increase of 4.41%. The demand was 96,275 tons, a month - on - month increase of 2.62%. The total inventory decreased by 2.01% month - on - month [18].

Report Industry Investment Ratings No relevant information provided. Core Views of the Report Copper - Currently, the path of interest rate cuts is unclear. Before the expectation of interest rate cuts improves significantly, the upward momentum of copper prices is insufficient. However, due to the resilience of the fundamentals, the downside space is also limited. Copper pricing returns to macro trading. Without significant macro disturbances, copper prices may mainly fluctuate within a range. The main reference range is 77,000 - 79,000 [1]. Aluminum - Recently, the aluminum price has been running strongly, but the downstream purchasing willingness is low during the off - season, and the market discount continues to widen. The macro - level domestic consumption stimulus and the "anti - involution" sentiment support the aluminum price, but the expected changes in the Fed's interest rate cuts and tariff events bring great uncertainty. In the short term, the price is still under high - level pressure, and the main contract price this month is expected to be in the range of 20,000 - 21,000. Follow - up attention should be paid to inventory changes and marginal changes in demand [4]. Aluminum Alloy - The supply of scrap aluminum is currently tight, which provides certain cost support for recycled aluminum. However, the demand is suppressed by the traditional off - season, and the subsequent weak demand situation will continue to inhibit the upward momentum of prices. It is expected that the market will mainly show wide - range fluctuations, with the main contract reference range of 19,200 - 20,200. Attention should be paid to the supply and import changes of upstream scrap aluminum [5]. Zinc - The zinc ore TC has risen to 3,900 yuan/ton, but the growth rates of global and domestic zinc ore production in May and June were lower than expected. The supply on the supply side is loose, and the demand side is weak, which is not enough to boost the continuous rise of zinc prices. However, the low inventory provides price support. In the short term, it is expected that zinc prices will mainly fluctuate, with the main reference range of 22,000 - 23,000 [8]. Tin - The supply of tin ore is currently tight, and the processing fees of smelters remain low. The demand is expected to be weak in the future. If the supply of tin ore from Myanmar recovers smoothly in August, there is a large downward space for tin prices. It is recommended to adopt a short - selling strategy on rallies. If the supply recovery is less than expected, tin prices are expected to remain high [11]. Nickel - Recently, the macro situation is temporarily stable, and the fundamentals have not changed much. The mid - term supply is expected to be loose, which restricts the upward space of prices. In the short term, it is expected that the market will mainly adjust within a range, with the main reference range of 118,000 - 126,000. Attention should be paid to changes in macro expectations [13]. Stainless Steel - The downstream acceptance of high - priced resources is not high, and the overall market transaction is average. The short - term market supply pressure is difficult to reduce, and the terminal demand is weak. The short - term market is expected to mainly fluctuate, with the main contract reference range of 12,600 - 13,200. Attention should be paid to policy trends and the supply - demand rhythm [16]. Lithium Carbonate - Recently, market sentiment and news - related factors dominate the market trend. The trading core lies in the ore end. The supply uncertainty will inject trading variables into the market. The current supply - demand situation is in a tight balance as expected. The supply is sufficient, and the demand is steadily optimistic. It is expected that the main contract price may test around 75,000. For those without positions, it is advisable to wait and see cautiously. Pay attention to short - term news increments and supply adjustments [18]. Summary by Relevant Catalogs Copper Price and Basis - SMM 1 electrolytic copper price increased by 0.19% to 78,500 yuan/ton; the premium/discount increased by 10 yuan/ton to 110 yuan/ton. The price of SMM Guangdong 1 electrolytic copper increased by 0.23% to 78,365 yuan/ton; the premium/discount increased by 10 yuan/ton to - 45 yuan/ton. The price of SMM wet - process copper increased by 0.18% to 78,390 yuan/ton; the premium/discount remained unchanged at 0 yuan/ton. The refined - scrap price difference increased by 11.15% to 734 yuan/ton [1]. Fundamental Data - In July, the electrolytic copper production was 1.1743 million tons, a month - on - month increase of 3.47%. In June, the electrolytic copper import volume was 300,500 tons, a month - on - month increase of 18.74%. The import copper concentrate index increased by 0.54 to - 42.09 dollars/ton, a week - on - week decrease of 1.27%. The inventory of copper concentrates at domestic mainstream ports decreased by 7.01% to 521,600 tons [1]. Aluminum Price and Spread - The price of SMM A00 aluminum increased by 0.29% to 20,690 yuan/ton; the premium/discount decreased by 10 yuan/ton to - 50 yuan/ton. The average price of alumina in Shandong, Henan, and Shanxi remained unchanged, while the average price in Guangxi remained unchanged, and the average price in Guizhou increased by 0.45% to 3,330 yuan/ton [4]. Fundamental Data - In July, the alumina production was 7.6502 million tons, a month - on - month increase of 5.40%; the electrolytic aluminum production was 3.7214 million tons, a month - on - month increase of 3.11%. In June, the electrolytic aluminum import volume was 192,400 tons, a month - on - month decrease; the export volume was 19,600 tons, a month - on - month decrease [4]. Aluminum Alloy Price and Spread - The price of SMM aluminum alloy ADC12 increased by 0.50% to 20,250 yuan/ton. The price of SMM East China ADC12, South China ADC12, and Northeast ADC12 all increased by 0.50% to 20,250 yuan/ton. The price of SMM Southwest ADC12 increased by 0.49% to 20,400 yuan/ton [5]. Fundamental Data - In June, the production of recycled aluminum alloy ingots was 615,000 tons, a month - on - month increase of 1.49%; the production of primary aluminum alloy ingots was 255,000 tons, a month - on - month decrease of 2.30%. The import volume of unforged aluminum alloy ingots was 77,400 tons, a month - on - month decrease of 20.21%; the export volume was 25,800 tons, a month - on - month increase of 6.61% [5]. Zinc Price and Spread - The price of SMM 0 zinc ingot increased by 0.81% to 22,510 yuan/ton; the premium/discount decreased by 15 yuan/ton to - 35 yuan/ton. The price of SMM 0 zinc ingot in Guangdong increased by 0.81% to 22,470 yuan/ton; the premium/discount decreased by 15 yuan/ton to - 75 yuan/ton [8]. Fundamental Data - In July, the refined zinc production was 602,800 tons, a month - on - month increase of 3.03%. In June, the refined zinc import volume was 36,100 tons, a month - on - month increase of 34.97%; the export volume was 1,900 tons, a month - on - month increase of 33.24%. The galvanizing start - up rate decreased by 2.65 percentage points to 56.77%, the die - casting zinc alloy start - up rate decreased by 2.79 percentage points to 48.24%, and the zinc oxide start - up rate increased by 0.14 percentage points to 56.13% [8]. Tin Price and Basis - The price of SMM 1 tin decreased by 0.15% to 267,200 yuan/ton; the premium/discount remained unchanged at 700 yuan/ton. The price of Yangtze River 1 tin decreased by 0.15% to 267,700 yuan/ton. The LME 0 - 3 premium/discount decreased by 73.81% to - 73 dollars/ton [11]. Fundamental Data - In June, the tin ore import volume was 11,911 tons, a month - on - month decrease of 11.44%. The SMM refined tin production was 13,810 tons, a month - on - month decrease of 6.94%. The refined tin import volume was 1,786 tons, a month - on - month decrease of 13.97%; the export volume was 1,973 tons, a month - on - month increase of 11.47% [11]. Nickel Price and Spread - The price of SMM 1 electrolytic nickel increased by 0.04% to 122,150 yuan/ton. The price of 1 Jinchuan nickel increased by 0.04% to 123,250 yuan/ton; the premium/discount remained unchanged at 2,250 yuan/ton. The price of 1 imported nickel increased by 0.04% to 121,350 yuan/ton; the premium/discount remained unchanged at 350 yuan/ton [13]. Fundamental Data - China's refined nickel production was 31,800 tons, a month - on - month decrease of 10.04%. The refined nickel import volume was 19,157 tons, a month - on - month increase of 116.90%. The SHFE inventory increased by 0.69% to 25,451 tons, the social inventory decreased by 0.14% to 40,281 tons, and the bonded area inventory increased by 10.64% to 5,200 tons [13]. Stainless Steel Price and Basis - The price of 304/2B (Wuxi Hongwang 2.0 coil) increased by 0.38% to 13,050 yuan/ton; the price of 304/2B (Foshan Hongwang 2.0 coil) increased by 0.39% to 13,000 yuan/ton. The spot - futures price difference decreased by 6.38% to 220 yuan/ton [16]. Fundamental Data - The production of 300 - series stainless steel crude steel in China (43 enterprises) was 1.7133 million tons, a month - on - month decrease of 3.83%. The production of 300 - series stainless steel crude steel in Indonesia (Qinglong) was 360,000 tons, remaining unchanged. The stainless steel import volume was 109,500 tons, a month - on - month decrease of 12.48%; the export volume was 390,000 tons, a month - on - month decrease of 10.63%; the net export volume was 280,500 tons, a month - on - month decrease of 9.89% [16]. Lithium Carbonate Price and Basis - The average price of SMM battery - grade lithium carbonate increased by 0.21% to 71,100 yuan/ton; the average price of SMM industrial - grade lithium carbonate increased by 0.22% to 69,000 yuan/ton. The average price of SMM battery - grade lithium hydroxide remained unchanged at 65,490 yuan/ton; the average price of SMM industrial - grade lithium hydroxide remained unchanged at 60,420 yuan/ton [18]. Fundamental Data - In July, the lithium carbonate production was 81,530 tons, a month - on - month increase of 4.41%. The battery - grade lithium carbonate production was 61,320 tons, a month - on - month increase of 6.40%; the industrial - grade lithium carbonate production was 20,210 tons, a month - on - month decrease of 1.22%. The lithium carbonate demand was 96,275 tons, a month - on - month increase of 2.62%. In June, the lithium carbonate import volume was 17,698 tons, a month - on - month decrease of 16.31%; the export volume was 430 tons, a month - on - month increase of 49.84% [18].