Core Viewpoint - Lida New Materials has experienced a decline in stock price recently, despite a year-to-date increase of 31.79% [2] Group 1: Stock Performance - As of October 14, Lida New Materials' stock price dropped by 2.05% to 11.94 CNY per share, with a trading volume of 40.84 million CNY and a turnover rate of 1.60%, resulting in a total market capitalization of 2.494 billion CNY [1] - The stock has seen a decline of 6.65% over the last five trading days and a slight decrease of 0.83% over the past 20 days, while it has increased by 16.94% over the last 60 days [2] Group 2: Financial Performance - For the first half of 2025, Lida New Materials reported a revenue of 872 million CNY, reflecting a year-on-year growth of 24.66%, but the net profit attributable to shareholders was a loss of 23.79 million CNY, a significant decrease of 339.40% compared to the previous year [3] Group 3: Shareholder Information - As of September 30, the number of shareholders increased by 14.94% to 17,000, while the average circulating shares per person decreased by 12.99% to 12,271 shares [3] - The company has distributed a total of 256 million CNY in dividends since its A-share listing, with 47.42 million CNY distributed over the last three years [4] Group 4: Business Overview - Lida New Materials, established on March 30, 2004, and listed on November 2, 2017, specializes in the research, production, and sales of aluminum products, with its main revenue sources being construction industrial color-coated aluminum (37.20%), food packaging aluminum (29.70%), and rolled aluminum (18.75%) [2] - The company operates within the non-ferrous metals industry, specifically in the aluminum sector, and is associated with concepts such as lithium batteries and battery foils [2]

Group 1 - The report highlights the resurgence of tariffs between China and the U.S., suggesting an increased allocation towards gold as a safe-haven asset [1][2] - Precious metals continue to show strength, with silver spot prices reflecting insufficient upward momentum, indicating potential risks of a pullback amid trade disputes [1][2] - The long-term trend of de-dollarization is expected to persist, coupled with inflows into ETFs due to short-term interest rate cuts, supporting a positive outlook for the precious metals sector [1][2] Group 2 - Copper prices are anticipated to rise due to supply disruptions, with recent production guidance cuts from Freeport and Teck Resources enhancing the likelihood of a reversal in the global electrolytic copper balance by 2026 [2] - The aluminum market is also waiting for a buying opportunity following recent price increases, with inventory levels showing expected increases without exceeding forecasts [2] - Cobalt prices have surged significantly, with expectations for continued price increases in 2026-2027 due to a projected supply-demand gap of 20,000 to 30,000 tons next year [3][4] Group 3 - Recent export controls on rare earth materials by Chinese authorities are expected to exacerbate supply-demand imbalances, potentially leading to a new upward trend in rare earth prices [4] - The report suggests monitoring specific companies such as Northern Rare Earth, Baotou Steel, and Huayou Cobalt, among others, for investment opportunities in the precious metals and rare earth sectors [5]

上市企业：中国铝业（601600）,南山铝业（600219）,明泰铝业（601677）,云铝股份（000807）,新疆众 和（600888）,怡球资源（601388）,豪美新材（002988）,亚太科技（002540）,顺博合金（002996） 2020-2025年1-4月中国铝合金产量统计图 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 相关报告：智研咨询发布的《2026-2032年中国铝合金行业市场运营格局及前景战略分析报告》 根据国家统计局数据显示：2025年4月中国铝合金产量为153万吨，同比增长10.3%；2025年1-4月中国铝 合金累计产量为576万吨，累计增长13.7%。 ...

Group 1: Industrial Metals - The copper market is experiencing upward price movement due to large copper mine production cuts, with the current phase being a Federal Reserve rate cut cycle. The supply disruptions in industrial metals are expected to lead to stable price increases, enhancing profits for listed companies in the industry. However, a rapid increase in copper prices may suppress downstream demand, leading to inventory accumulation during peak seasons, which is a signal of potential price peaks. Continuous monitoring of inventory changes is necessary [1][14][30] - The aluminum market is approaching a production peak in China, while foreign construction progress is slow. The next two years are expected to see peak production for China's electrolytic aluminum. The domestic aluminum supply-demand balance is fragile, and any increase in demand or supply disruptions could lead to shortages [1][32][38] Group 2: Precious Metals - Gold prices have reached new highs, driven by signals from Federal Reserve Chairman Powell's speech at the Jackson Hole global central bank conference, indicating rising employment risks and slowing GDP growth. The Fed's recent rate cut aligns with market expectations, and further cuts are anticipated. Global central banks are continuously increasing their gold reserves, suggesting a potential upward trend in gold prices through 2025 [3][11] Group 3: Energy Metals - The implementation of a quota system in the Democratic Republic of Congo is expected to create a significant shortage in the global cobalt market over the next two years, leading to a long-term price increase. The lithium market is currently in a state of relative balance, with supply disruptions not fully resolved but demand expectations rising [4][5][12] Group 4: Minor Metals - The strategic importance of minor metals is increasing, with export controls on rare earths tightening. The price of rare earth minerals has seen significant increases, with prices for certain products rising by 37% quarter-on-quarter. Tungsten prices are also expected to rise due to increased demand and supply constraints [6][13][15] Group 5: Tin - Global visible tin inventories have significantly decreased, with a peak of 22,763 tons in May 2024, followed by a reduction to below 9,000 tons by the end of 2022. This trend indicates a tightening supply situation in the tin market [2][41][52]

Group 1: Core Insights - The report highlights the volatility in the non-ferrous metals sector due to dual factors of risk aversion and industrial uncertainty, with significant price increases in gold and copper driven by expectations of overseas monetary easing and supply changes [1][2]. - Key companies in the gold sector include Zhongjin Gold, Shandong Gold, Chifeng Gold, Shanjin International, and China National Gold International, which are recommended for investment focus [3]. - The report provides a detailed review of the market performance of five major sectors: precious metals, copper, aluminum, tin, and antimony, along with a summary of price changes, supply-demand structures, profitability, industry news, and a list of leading companies [1]. Group 2: Gold and Precious Metals - Gold prices rebounded quickly, reaching $3974.5 per ounce, a 2.29% increase since the beginning of the month, while silver prices rose to $50.76 per ounce, up 6.63% [2]. - The SPDR Gold ETF holdings increased by 70000 ounces to 32700000 ounces, indicating a rise in risk aversion among investors [2]. Group 3: Copper - Copper prices continued to rise, with LME copper closing at $10765 per ton, a 1.89% increase, and SHFE copper at 85900 yuan per ton, up 3.06% [4]. - LME copper inventory decreased by 1075 tons since the beginning of the month, indicating tightening supply [5]. - Key companies to watch in the copper sector include Zijin Mining, Luoyang Molybdenum, Jincheng Mining, Western Mining, Cangge Mining, and Minmetals Resources [8]. Group 4: Aluminum - Domestic electrolytic aluminum prices reached 21020 yuan per ton, with a slight increase of 290 yuan [9]. - The operating rate for aluminum profile enterprises is at 53.6%, indicating a slow recovery in downstream demand [9][10]. - Recommended companies in the aluminum sector include Shenhuo Co., Yun Aluminum, Tianshan Aluminum, and China Aluminum [10]. Group 5: Tin and Antimony - Tin prices surged by 5.16%, with domestic refined tin priced at 288830 yuan per ton, while supply remains tight due to lower-than-expected recovery from Myanmar's tin mines [11]. - Antimony prices continued to decline, with weak supply and demand dynamics [11][12]. - Companies to focus on in the tin sector include Xiyang Co., Huaxi Nonferrous, Xingye Silver Tin, and Hunan Gold [12]. Group 6: Investment Ratings and Strategies - The industry maintains a "recommended" rating, with gold, copper, aluminum, tin, and antimony sectors all showing investment value [13]. - Key variables affecting future market trends include Federal Reserve interest rate cuts, mining accidents, and downstream operating rates [13].

Investment Rating - The report maintains an "Outperform" rating for the industry [2][9]. Core Insights - The report highlights the increasing geopolitical tensions between China and the U.S., which may elevate demand for safe-haven assets like gold and strategic metals such as rare earths and tungsten [5][9]. - The copper market is experiencing supply disruptions, with prices trending upward due to tight supply conditions [5]. - Aluminum demand is expected to continue, with potential opportunities for investment following market corrections [5]. - The strategic importance of rare earths and tungsten is emphasized due to recent export controls and geopolitical developments [5][9]. Summary by Sections Copper Sector - Supply disruptions are ongoing, with LME copper prices at $10,735 per ton, reflecting a week-on-week increase of 1.9% [5]. - The processing fee for imported copper concentrate is negative, indicating tight supply [5]. - Companies with rich copper reserves are recommended for investment [9]. Aluminum Sector - LME aluminum prices reached $2,800 per ton, up 3.6% week-on-week [5]. - The operating rate for aluminum processing enterprises has slightly decreased, but demand is expected to remain stable [5]. - Investment opportunities are suggested for companies in the aluminum sector following market corrections [9]. Gold Sector - Gold prices are rising, with SHFE gold at 901.6 RMB per gram, up 3.1% week-on-week [5]. - The report suggests that geopolitical tensions may enhance gold's strategic position as a safe-haven asset [5]. - Investment in gold-related companies is recommended due to their undervalued resource potential [9]. Rare Metals Sector - Rare earth prices remain stable, with praseodymium-neodymium oxide at 683,000 RMB per ton [5]. - Recent export controls on rare earths have heightened their strategic importance amid U.S.-China tensions [5][9]. - Investment opportunities are highlighted in companies involved in rare earth production [9]. Steel Sector - Steel prices are stable, with SHFE rebar at 3,103 RMB per ton, reflecting a week-on-week increase of 1.0% [6]. - The report notes frequent disruptions in iron ore supply negotiations, which may impact future prices [6]. - Companies with high self-sufficiency in iron ore are recommended for investment [9].

Group 1: Copper and Nickel Market Outlook - Goldman Sachs forecasts copper prices to remain in the range of $10,000 to $11,000 per ton in 2026/2027 [1] - Goldman Sachs predicts nickel prices will decline by 6% to $14,500 per ton by December 2026 due to the need for Indonesian nickel producers to lower profit margins to limit supply growth [1] Group 2: Gold Price Predictions - Canadian Imperial Bank of Commerce expects gold prices to rise to $4,500 per ounce in 2026 and 2027, before falling to $4,250 in 2028 and $4,000 in 2029, driven by long-term inflation concerns [1] - The recent surge in gold prices is attributed to fears of long-term inflation and wealth preservation, as the Federal Reserve's monetary policy has not adequately addressed these concerns [1] Group 3: Japanese Yen and Interest Rate Expectations - State Street Bank indicates that the delay in interest rate hikes has exacerbated the weakness of the Japanese yen, with market reactions expected if there is no consensus on the appointment of the new Prime Minister [2] Group 4: European Central Bank's Stance - Pantheon Macroeconomics suggests that the European Central Bank is unlikely to lower interest rates in the coming months despite a weak economic outlook, as they may view current economic weakness as temporary [3] Group 5: Chinese Market and Liquidity - China International Capital Corporation highlights October as a potential liquidity resonance window, suggesting that A-shares and Hong Kong stocks offer better value compared to U.S. stocks due to a shift towards a more accommodative monetary policy [4] - The report indicates that the recent escalation in U.S.-China trade tensions is expected to have a weaker impact on A-shares compared to previous events, with a focus on long-term asset revaluation in China [5] Group 6: Gold Market Dynamics - Guoxin Securities notes that the recent rise in gold prices is driven by expectations of Federal Reserve rate cuts, geopolitical risks, and increased investment demand, marking the beginning of a new strong cycle for gold [6] Group 7: Energy Storage and Lithium Battery Sector - CITIC Securities continues to recommend the energy storage sector, citing a turning point in domestic energy storage economics and a favorable outlook for the lithium battery industry [7] Group 8: Cobalt and Rare Earth Strategic Opportunities - CITIC Securities identifies strategic opportunities in cobalt and rare earths, with new export quotas from the Democratic Republic of Congo expected to lead to a market shift from surplus to shortage [8] Group 9: Market Volatility and Investment Strategy - Everbright Securities predicts that the market may enter a phase of wide fluctuations due to high valuations and cautious capital, while also noting potential support from upcoming policy expectations [9] Group 10: Long-term Outlook for Gold - Guoxin Securities maintains a positive long-term outlook for gold, suggesting that the third wave of opportunities may arise from shifts in capital flows due to the peak of the AI technology wave [10] Group 11: External Shocks and Chinese Market Opportunities - Guotai Junan Securities views external shocks as buying opportunities for the Chinese market, emphasizing the internal certainty of China's transformation and the demand for quality assets [11]

Report Industry Investment Rating No relevant content provided. Core Views of the Report - The continuous push of safe - haven demand, central bank gold - buying trends, and monetary policy easing expectations have strengthened the medium - to - long - term upward logic of precious metals prices [3]. - The copper price is caught between the strong expectation of supply shortage and the weak expectation of tariff policy, leading to short - term high - level fluctuations in futures prices [16]. - Macroeconomic policies are the core factors affecting the price of Shanghai Aluminum. The price has been affected by factors such as employment data, tariff announcements, and supply disruptions. Alumina is in an oversupply situation, while cast aluminum alloy has strong support [35]. - The fundamentals of zinc have not improved. Although the zinc price has risen, the domestic supply - strong and demand - weak pattern is obvious [56]. - The nickel price is mainly influenced by the situation of the Indonesian nickel ore market. The downstream of the new energy sector has a good demand, and the stainless steel market has some positive factors, but is also affected by tariff uncertainties [69]. - Due to increased macro - uncertainty, the tin price is expected to correct in the short term [85]. - Considering supply and demand factors, the lithium carbonate futures price is expected to show a weakening trend with fluctuations [98]. - The price of industrial silicon is expected to rise slightly with the arrival of the dry season, but the increase is limited by inventory. The trading of polysilicon is focused on the establishment of the storage platform and the cancellation of warehouse receipts, with high volatility and risk [109]. Summaries Based on Relevant Catalogs Precious Metals - **Price Influencing Factors**: Fed rate - cut expectations, global economic uncertainty, geopolitical risks, and central bank gold - buying trends are driving up precious metals prices. The gold ETF holdings have rebounded [3]. - **Price Charts**: Various price charts, including SHFE gold and silver futures prices, COMEX gold prices, and gold - related spreads, are provided [4][10][12] Copper - **Price Outlook**: The copper price is in a high - level fluctuation due to the tug - of - war between supply and policy expectations. Further upward breakthrough may require the support of rate - cut expectations and domestic policies [16]. - **Price and Inventory Data**: Current copper futures and spot prices, import and export profits, and inventory data are presented [17][22][33] Aluminum - **Price Influencing Factors**: Macroeconomic policies, employment data, tariff announcements, and supply disruptions are affecting the aluminum price. Alumina is in an oversupply situation [35]. - **Price and Inventory Data**: Current aluminum and alumina futures and spot prices, spreads, and inventory data are provided [36][44][50] Zinc - **Price Outlook**: The zinc price has risen, but the domestic supply - strong and demand - weak pattern persists. The import - export situation is also a factor [56]. - **Price and Inventory Data**: Current zinc futures and spot prices, spreads, and inventory data are presented [57][63][66] Nickel - **Price Influencing Factors**: The Indonesian nickel ore market, new energy demand, and stainless steel market trends are influencing the nickel price. Tariff uncertainties also have an impact [69]. - **Price and Inventory Data**: Current nickel and stainless steel futures prices, inventory data, and downstream profit data are provided [70][76][80] Tin - **Price Outlook**: Due to increased macro - uncertainty, the tin price is expected to correct in the short term [85]. - **Price and Inventory Data**: Current tin futures and spot prices, spreads, and inventory data are presented [85][88][93] Lithium Carbonate - **Price Outlook**: Considering supply and demand factors, the lithium carbonate futures price is expected to show a weakening trend with fluctuations [98]. - **Price and Inventory Data**: Current lithium carbonate futures and spot prices, raw material prices, and inventory data are provided [99][103][107] Silicon - **Price Outlook**: The price of industrial silicon is expected to rise slightly with the arrival of the dry season, but the increase is limited by inventory. The trading of polysilicon is focused on the establishment of the storage platform and the cancellation of warehouse receipts, with high volatility and risk [109]. - **Price and Inventory Data**: Current industrial silicon and polysilicon spot prices, production data, and inventory data are presented [110][116][123]

华鑫证券近日发布有色金属行业周报：价格方面，周内伦敦黄金价格为3974.50美元/盎 司，环比10月3日上涨88.80美元/盎司，涨幅为2.29%。周内伦敦白银价格为50.76美元/盎 司，环比10月3日上涨3.16美元/盎司，涨幅为6.63%。根据最新公布的会议纪要，美联储官 员们大体同意，近期就业增长放缓的重要性超过了对持续高企通胀的担忧，因此在9月将基 准利率下调0.25个百分点至4%至4.25%的区间。 以下为研究报告摘要： 投资要点 贵金属：风险资产大跌，避险情绪将推升贵金属价格 价格方面，周内伦敦黄金价格为3974.50美元/盎司，环比10月3日上涨88.80美元/盎司， 涨幅为2.29%。周内伦敦白银价格为50.76美元/盎司，环比10月3日上涨3.16美元/盎司，涨幅 为6.63%。 美联储本周发布9月议息会议纪要，多数官员称今年继续宽松可能适宜。根据最新公布 的会议纪要，美联储官员们大体同意，近期就业增长放缓的重要性超过了对持续高企通胀的 担忧，因此在9月将基准利率下调0.25个百分点至4%至4.25%的区间。大多数官员认为，在 今年剩余时间内进一步放松政策可能是合适的。对于就业和通胀，尽管 ...

Group 1 - Tianshan Aluminum (002532) executed a large block trade at a discount of 127 million yuan, with a transaction price of 11.58 yuan per share, compared to the closing price of 11.69 yuan today [1] - The buyer of the block trade was an institutional special seat, while the seller was Changjiang Securities Shenzhen Fuhua Road branch [1]