1. Report Industry Investment Ratings The report does not provide industry investment ratings. 2. Core Views of the Report - The A - share market showed resilience despite external shocks. The stock index futures market is expected to remain in a high - level shock in the short term, while the bond market has limited upward space. - In the agricultural products market, the prices of different varieties vary. For example, the price of soybean meal is affected by trade relations and supply - demand, and the international sugar price is in a downward trend. - The black metal market is in a state of shock. Steel prices are in a range - bound state, and the double - coke market is expected to be strong after a callback. - The non - ferrous metal market has different trends for each variety. Precious metals are in a range - bound arrangement, and the prices of some metals are affected by factors such as supply - demand and cost. - The energy and chemical market also shows different trends. For example, the price of crude oil has support, while the price of asphalt is under pressure. 3. Summary by Relevant Catalogs Financial Derivatives - **Stock Index Futures**: The market was affected by the overnight decline of US stocks but quickly rebounded. The short - term market will maintain a high - level shock. It is recommended to buy at low levels near 3930 points of the Shanghai Composite Index and reduce positions at high levels above 4000 points. Also, consider IM\IC long 2512 + short ETF cash - and - carry arbitrage and bull spread options at low levels [18][19]. - **Treasury Futures**: The treasury futures closed mostly lower on Wednesday. It is recommended to take appropriate profit - taking. In the future, short - term long positions can be tried on the TL contract, and pay attention to short - term spread and term spread arbitrage opportunities [22][23]. Agricultural Products - **Soybean Meal**: Trade relations are beneficial to US soybeans, but the international soybean supply is abundant. The price of domestic soybean meal is supported in the near - term but under pressure in the long - term. It is recommended to short the far - month contracts [25][26]. - **Sugar**: The international sugar price is in a downward trend due to increased production in major producing areas. The domestic sugar price is expected to be in a range - bound state. It is recommended to operate in the range and short the international sugar while going long on Zhengzhou sugar [29][30][31]. - **Oilseeds and Oils**: The palm oil inventory in Malaysia is expected to gradually decrease after accumulating in October, and the domestic palm oil inventory is increasing. It is recommended to wait for the market to stabilize and then consider going long at low levels [33][34][35]. - **Corn/Corn Starch**: The US corn is expected to be in a narrow - range shock. The domestic corn price has a short - term decline space. It is recommended to go long on the 12 - month US corn on dips, wait and see for the 01 - month contract, and wait for a callback for the 05 and 07 - month contracts [37][38]. - **Pigs**: The pressure of pig slaughter continues, and the price remains low. It is recommended to short a small amount [39][40][41]. - **Peanuts**: The peanut spot price is rebounding, and the 01 - month contract is in a short - term bottom shock. It is recommended to go long lightly on the 01 and 05 - month contracts [42][43][44]. - **Eggs**: The number of culled chickens has increased, and the egg price has stabilized. It is recommended to close out previous short positions and wait and see [45][46][47]. - **Apples**: The market is expected to fluctuate greatly with the release of warehousing data. It is recommended to wait and see [50][51][52]. - **Cotton - Cotton Yarn**: The cotton harvest is at its peak. The supply is expected to increase, and the demand is in the off - season. The price is expected to be slightly stronger in a shock. It is recommended to wait and see [55][56][57]. Black Metals - **Steel**: The iron - making output is shrinking, and the steel price is in a range - bound state. It is recommended to go long on dips and continue to hold the long position of the coil - screw spread [60][61]. - **Double - Coke**: The market is in a high - level shock. It is recommended to wait for a callback and then go long [62][63][64]. - **Iron Ore**: It is recommended to take a bearish view. The price is expected to be in a high - level bearish operation [65][66]. - **Ferroalloys**: The valuation is at a low level, and previous short positions can be reduced. It is recommended to sell out - of - the - money straddle option combinations [68]. Non - Ferrous Metals - **Precious Metals**: Multiple factors are intertwined, and the precious metals market is in a range - bound arrangement. It is recommended to operate in a band [71][72][74]. - **Copper**: The downstream purchasing sentiment has improved. It is recommended to wait and see and continue to hold the inter - market cash - and - carry arbitrage [75][76][77]. - **Alumina**: The supply - side production reduction has not been implemented, and the price is in a bottom - grinding state. It is recommended to wait and see [78][80][81]. - **Electrolytic Aluminum**: The demand is resilient, and the price is expected to rise on dips. It is recommended to go long on dips and consider long Shanghai aluminum and short LME aluminum arbitrage [82][84][85]. - **Cast Aluminum Alloy**: The seasonal peak season is coming, and the price is expected to rise on dips. It is recommended to go long on dips [86][87][89]. - **Zinc**: It is recommended to wait and see. The price is expected to be strong in the short - term, and previous long positions can take partial profit [90][91][92]. - **Lead**: It is recommended to hold short positions. The price may have a downward space. Be vigilant about the impact of funds on the price [94][95]. - **Nickel**: The supply - demand is loose, the cost support is weakening, and the price is expected to decline in a shock [96].

Report Summary 1. Report Industry Investment Rating No information provided in the report. 2. Core View of the Report The report presents the daily arbitrage data of various futures varieties on November 6, 2025, including basis, inter - period spreads, and inter - commodity spreads for different sectors such as power coal, energy and chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures. 3. Summary by Related Catalogs 3.1 Power Coal - Basis data for power coal from October 30 to November 5, 2025, shows changes in the basis value, with values ranging from - 31.4 to - 24 on different dates [1][2] 3.2 Energy and Chemicals 3.2.1 Energy Commodities - Basis data for fuel oil, INE crude oil, and crude oil/asphalt from October 30 to November 5, 2025, shows fluctuations in basis values and ratios [7] 3.2.2 Chemical Commodities - Basis data for rubber, methanol, PTA, LLDPE, V, and PP from October 30 to November 5, 2025, shows different basis values on each date [9] - Inter - period spreads for rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are presented, including 5 - 1 month, 9 - 1 month, and 9 - 5 month spreads [10] - Inter - commodity spreads for LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3*methanol from October 30 to November 5, 2025, show changes in the spreads [10] 3.3 Black Metals - Basis data for rebar, iron ore, coke, and coking coal from October 30 to November 5, 2025, shows different basis values on each date [20] - Inter - period spreads for rebar, iron ore, coke, and coking coal are presented, including 5 - 1 month, 9(10) - 1 month, and 9(10) - 5 month spreads [19] - Inter - commodity spreads for rebar/iron ore, rebar/coke, coke/coking coal, and rebar - hot rolled coil from October 30 to November 5, 2025, show changes in the spreads [19] 3.4 Non - Ferrous Metals 3.4.1 Domestic Market - Domestic basis data for copper, aluminum, zinc, lead, nickel, and tin from October 30 to November 5, 2025, shows different basis values on each date [28] 3.4.2 London Market - LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit/loss for copper, aluminum, zinc, lead, nickel, and tin on November 5, 2025, are presented [33] 3.5 Agricultural Products - Basis data for soybeans No.1, soybeans No.2, soybean meal, soybean oil, and corn from October 30 to November 5, 2025, shows different basis values on each date [38] - Inter - period spreads for soybeans No.1, soybeans No.2, soybean meal, soybean oil, rapeseed meal, rapeseed oil, palm oil, corn, sugar, and cotton are presented, including 5 - 1 month, 9 - 1 month, and 9 - 5 month spreads [38] 3.6 Stock Index Futures - Basis data for CSI 300, SSE 50, CSI 500, and CSI 1000 from October 30 to November 5, 2025, shows different basis values on each date [49] - Inter - period spreads for CSI 300, SSE 50, CSI 500, and CSI 1000, including next - month - current - month and next - quarter - current - quarter spreads, are presented [51]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The improvement of the US ADP employment data has alleviated market concerns about economic weakness. Coupled with the easing of Sino - US trade tensions and the implementation of the Fed's interest rate cut, it is expected that the sentiment will still be supported. The approval of copper ore exports by an Indonesian mining company has somewhat alleviated the tight supply expectation in the mining end, but the tight pattern remains unchanged. The supply of refined copper is expected to be marginally tight, providing strong support for copper prices. Aluminum prices are expected to be supported by supply - side disturbances and may fluctuate strongly in the short term. Cast aluminum alloy prices are strongly supported by cost and supply - side policy adjustments. Lead and zinc prices are expected to be strong in the short term due to positive macro - events and inventory changes. Tin prices are expected to fluctuate in a tight - balance state. Nickel prices are under short - term inventory pressure but may be supported in the long - term. Lithium carbonate prices are expected to fluctuate in a range. Alumina prices are recommended to be observed due to cost and supply - side factors. Stainless steel prices are expected to remain weak [2][3][5]. Summary by Metals Copper - **Market Information**: The LME 3M copper contract rose 0.79% to $10,733/ton, and the SHFE copper main contract closed at 85,900 yuan/ton. LME copper inventory increased by 75 to 133,975 tons, and the cancellation warrant ratio declined. SHFE warehouse receipts increased by 0.1 to 43,000 tons. The spot in Shanghai was at a premium of 25 yuan/ton to the futures, and downstream procurement was active. The inventory in Guangdong decreased, and the spot discount to the futures narrowed. The domestic copper spot import loss was about 600 yuan/ton, and the refined - scrap spread was 3,420 yuan/ton, slightly widening [2]. - **Strategy Viewpoint**: With the improvement of the US ADP employment data, the easing of Sino - US trade tensions, and the Fed's interest rate cut, the sentiment is expected to be supported. The supply of refined copper is expected to be marginally tight, providing strong support for copper prices. The reference range for the SHFE copper main contract is 85,500 - 86,800 yuan/ton, and for the LME 3M copper is $10,600 - 10,850/ton [3]. Aluminum - **Market Information**: The LME aluminum closed down 0.7% at $2,845/ton, and the SHFE aluminum main contract closed at 21,450 yuan/ton. The SHFE weighted contract open interest decreased by 15,000 to 650,000 lots. The domestic three - place aluminum ingot inventory decreased slightly, and the aluminum rod inventory increased slightly. The aluminum rod processing fee increased, but the trading atmosphere was average. The LME aluminum inventory decreased by 2,000 to 550,000 tons [4]. - **Strategy Viewpoint**: The production of electrolytic aluminum at home and abroad increased in October. With the expansion of smelting profits, the aluminum rod processing fee increased slightly, and the aluminum water ratio rebounded. The export expectation of aluminum products is good. Against the background of trade tension easing and low inventory, supply - side disturbances are expected to support aluminum prices, which may fluctuate strongly in the short term. The reference range for the SHFE aluminum main contract is 21,350 - 21,700 yuan/ton, and for the LME 3M aluminum is $2,820 - 2,880/ton [5]. Cast Aluminum Alloy - **Market Information**: The price of the main AD2512 contract of cast aluminum alloy fell 0.45% to 20,795 yuan/ton. The weighted contract open interest slightly increased to 27,700 lots, and the trading volume was 8,000 lots. The warehouse receipts increased by 700 to 55,500 tons. The price of domestic mainstream ADC12 decreased by 100 to 20,900 yuan/ton, and the downstream receiving willingness was average [8]. - **Strategy Viewpoint**: The cost of cast aluminum alloy still provides strong support, and the supply is tight due to policy adjustments in the production end, so the price support is strong [8]. Lead - **Market Information**: The SHFE lead index rose 0.37% to 17,483 yuan/ton, and the LME 3S lead rose to $2,021.5/ton. The SMM1 lead ingot average price was 17,325 yuan/ton, and the refined - scrap spread was 50 yuan/ton. The SHFE lead ingot futures inventory was 21,700 tons, and the domestic social inventory increased slightly to 28,900 tons [10]. - **Strategy Viewpoint**: The visible inventory of lead ore continued to decline, the operating rate of primary smelters remained high, and the inventory of primary lead plants increased. The inventory of scrap batteries increased slightly, and the weekly production of recycled lead ingots increased. The operating rate of downstream battery enterprises declined, and the de - stocking of domestic lead ingot inventory slowed down, but the absolute level was still low. With positive macro - events, the SHFE lead is expected to be strong in the short term [11]. Zinc - **Market Information**: The SHFE zinc index fell 0.07% to 22,668 yuan/ton, and the LME 3S zinc fell to $3,070.5/ton. The SMM0 zinc ingot average price was 22,500 yuan/ton. The SHFE zinc ingot futures inventory was 68,400 tons, and the domestic social inventory increased slightly to 161,700 tons [12]. - **Strategy Viewpoint**: The visible inventory of domestic zinc ore continued to decline, the zinc concentrate processing fee decreased again, and the domestic zinc smelting profit declined. The monthly output of zinc ingots decreased. Downstream demand remained stable, and the domestic zinc ingot inventory slowly increased. With positive macro - events, the SHFE zinc is expected to be strong in the short term, but the upside space is limited in the surplus cycle [13]. Tin - **Market Information**: On November 5, 2025, the SHFE tin main contract closed at 282,090 yuan/ton, down 0.58%. The SHFE futures registered warehouse receipts increased by 276 tons to 5,976 tons. The supply of tin ore was still tight, and the production of tin ingot smelters in Yunnan and Jiangxi provinces recovered but remained at a low level. The import of tin concentrate in September 2025 decreased significantly. The demand in traditional fields was weak, but the long - term demand from emerging fields provided support [14]. - **Strategy Viewpoint**: In the short term, the tin supply - demand is in a tight - balance state, and the price is expected to fluctuate. It is recommended to go long on dips. The reference range for the domestic main contract is 270,000 - 295,000 yuan/ton, and for the LME tin is $35,500 - 37,500/ton [15]. Nickel - **Market Information**: On November 5, the SHFE nickel main contract closed at 120,030 yuan/ton, up 0.28%. The spot premiums of various brands were stable. The nickel ore price was stable and slightly strong. The price of high - nickel pig iron decreased slightly [16]. - **Strategy Viewpoint**: In the short term, the refined nickel inventory pressure is significant, and the nickel iron price is weak, dragging down the nickel price. In the long - term, the global fiscal and monetary easing cycle will support the nickel price. It is recommended to wait and see in the short term, and consider going long if the price drops enough or with high risk preference. The reference range for the SHFE nickel main contract is 115,000 - 128,000 yuan/ton, and for the LME 3M nickel is $14,500 - 16,500/ton [16]. Lithium Carbonate - **Market Information**: The MMLC lithium carbonate spot index closed at 78,327 yuan, down 0.63%. The LC2601 contract closed at 79,140 yuan, up 0.74% [18]. - **Strategy Viewpoint**: The convergence of the lithium carbonate price amplitude, the uncertainty of the supply recovery at the mining end, and the demand support at the bottom. It is expected that the capital game will return to caution, and the price will fluctuate in a range. The reference range for the Guangzhou Futures Exchange's LC2601 contract is 77,600 - 80,600 yuan/ton [19]. Alumina - **Market Information**: On November 5, 2025, the alumina index rose 0.14% to 2,791 yuan/ton. The Shandong spot price decreased by 5 yuan/ton to 2,790 yuan/ton, with a premium of 40 yuan/ton over the 12 - contract. The overseas FOB price remained at $316/ton, and the import loss was 7 yuan/ton. The futures warehouse receipts increased by 5,100 tons to 251,900 tons [21]. - **Strategy Viewpoint**: The ore price has short - term support but may be under pressure after the rainy season. The over - capacity pattern at the alumina smelting end is difficult to change in the short term, and the inventory accumulation trend continues. However, the current price is close to the cost line of most manufacturers, and the expectation of production cuts is increasing. It is recommended to wait and see in the short term. The reference range for the domestic main contract AO2601 is 2,600 - 2,900 yuan/ton [21]. Stainless Steel - **Market Information**: On November 5, the stainless steel main contract closed at 12,535 yuan/ton, down 0.08%. The spot prices in Foshan and Wuxi decreased or remained stable. The raw material prices remained stable. The futures inventory decreased, and the social inventory increased [23]. - **Strategy Viewpoint**: The stainless steel market is weak, with the price of the 316L variety dropping significantly. The spot trading atmosphere is light, and the terminal demand is weak. It is expected that the short - term market will remain weak, and attention should be paid to raw material prices and terminal demand [24].

记者近日从贵阳铝镁设计研究院有限公司（以下简称"贵阳院"）获悉，该公司研发的"基于钛—镁联合 生产工艺的多极性镁电解槽技术开发及应用"项目，获得2024年度中国有色金属工业科学技术进步奖二 等奖，并被评价为"国际领先"水平。这一成果标志着我国在海绵钛核心生产环节——镁电解技术方面实 现重大突破，正式跻身世界前列。 相关专家指出，多极性镁电解槽技术的成功应用，不仅打破了国外技术壁垒，提升了我国海绵钛生产的 能效与绿色制造水平，也为有色金属行业实现"双碳"目标提供了可复制、可推广的工程范例。 （文章来源：科技日报） 镁电解是海绵钛生产的关键环节，直接影响金属镁与氯气的循环效率及整体能耗。长期以来，我国镁电 解技术存在单槽产能低、直流电耗高、氯气回收率不高等问题，制约了行业高质量发展。对此，贵阳院 研发团队围绕"节能降耗"目标持续攻关，构建了高效低耗镁电解生产技术与低恒温密闭镁电解槽两大核 心体系。 据介绍，该技术通过采用多极性电极结构、精准控制电解液面、优化低恒温槽控策略及全密闭槽体等创 新设计，实现吨镁直流电耗降低3000千瓦时以上，氯气浓度提升约15%，氯气回收率与单槽产能均提高 30%。目前，相关技术已申请 ...

Group 1 - The company, Electric Power Investment Energy, announced the convening of its 12th temporary board meeting for the eighth session on November 5, 2025, to discuss the proposal for the re-election of independent directors [1] - For the first half of 2025, the company's revenue composition was as follows: non-ferrous metal smelting accounted for 55.85%, coal industry 31.02%, new energy power generation 7.58%, and coal-fired electricity and heat power 5.54% [1] - As of the report date, the market capitalization of Electric Power Investment Energy was 57 billion yuan [1]

另一方面，超级巨鲸过去一个月抛售价值450亿美元的比特币，比特币价格一度下跌7.4%，加密货币概 念股全天弱势，教育股、餐饮股、汽车股、半导体股普遍低迷。此外，赛力斯港股上市首日平收。(格 隆汇) 盘面上，大型科技股跌幅收窄但总体依旧弱势，京东、阿里巴巴、百度、小米皆有跌幅，美团逆势涨 1.3%；国家电网完成固定资产投资超4200亿元，电网、电气设备新能源午后拉升较为明显，其中，哈 尔滨电气大涨超10%，东方电气、东北电气、金风科技齐涨；航空股全天维持强势行情，中国东方航空 续刷阶段新高；铜、黄金等有色金属股反弹拉升，大金融银行股继续涨势，濠赌股、手游股、建材水泥 股、家电股多数上涨。 午后市场明显回暖，恒生指数、国企指数一度转涨，最终分别收跌0.07%及0.11%，恒指在26000点附近 反复震荡，恒生科技指数跌0.56%相对最弱，三大指数均呈现低开高走行情。 ...

Core Viewpoint - China Dajie Nonferrous Metals (00661) saw a significant stock price increase, attributed to positive developments in the domestic smelting sector aimed at reducing competition and improving profitability [1] Industry Summary - The CSPT's third-quarter general manager meeting reached a consensus on several measures to combat excessive competition, including the establishment of a user BM system, resisting the use of average pricing by traders and smelters, and initiating a blacklist system [1] - The China Nonferrous Metals Industry Association suggested setting production capacity ceilings for major metals like copper, lead, and zinc, drawing from experiences in the electrolytic aluminum sector [1] - According to Dongfang Securities, the expected implementation of "anti-involution" measures is likely to slow the growth of midstream smelting capacity, potentially leading to an upward adjustment in smelting fees in the medium term [1] Company Summary - China Dajie Nonferrous Metals reported a revenue decline of over 10% in the first half of the year, primarily due to the accelerated release of domestic and international smelting capacity and tight supply of copper concentrate [1] - The company faced continued low smelting processing fees and a reduction in product output, impacting overall financial performance [1]

Core Viewpoint - Compliance management is essential for enterprises to mitigate risks and enhance market competitiveness, serving as a foundation for maintaining market order and promoting high-quality development [1] Group 1: New Enterprises and Compliance - Newly established enterprises often face tax-related risks due to a lack of financial knowledge and unfamiliarity with tax processes. The Jin Chuan District Taxation Bureau has implemented a "First Lesson for New Businesses" initiative, providing tailored services that include tax policy guidance and common risk alerts [2] - The Jin Chuan District Taxation Bureau has set up a dedicated service window for new businesses, offering a "Startup Package" that includes tax policy explanations and process demonstrations, facilitating a one-stop service for new taxpayers [2] - A new individual business owner, Li Xiaoqin, successfully learned the entire process of online tax declaration and invoice issuance with the guidance of tax officials, emphasizing the importance of legal tax compliance for long-term business operations [2] Group 2: Small and Micro Enterprises - Small and micro enterprises are crucial to the market economy, and compliance is fundamental to their survival and growth. However, funding shortages are a common challenge [2] - The Yongchang County Taxation Bureau has enhanced the "Bank-Tax Interaction" mechanism, collaborating with financial institutions to create platforms that convert tax credit into tangible financing advantages for compliant enterprises [2] Group 3: Large and Medium Enterprises - Large and medium enterprises face complex tax risks due to their extensive business operations and transaction chains. The Jin Chuan City Taxation Bureau has adopted big data for regular monitoring to help these enterprises establish robust tax internal control systems [4] - The Jin Chuan Economic and Technological Development Zone Taxation Bureau has implemented a "Direct Connection Mechanism" with enterprises, utilizing tax data platforms for real-time monitoring of tax-related activities, focusing on tax policy benefits and related party transaction pricing [4] - The financial department of the Jin Chuan Group, a Fortune Global 500 company, highlighted that tax monitoring serves as protection rather than restriction, enabling timely identification and resolution of potential risks [4] Group 4: Future Directions - The Jin Chuan City Taxation Bureau plans to continue optimizing tax services and regulatory models, enhancing targeted strategies and precision service systems to support compliant business operations, ensuring that honest tax payment becomes a solid foundation for high-quality development [5]

Core Viewpoint - China Dajie Nonferrous Metals (00661) saw a significant stock price increase, rising over 16% in the afternoon trading session, attributed to positive developments in the domestic smelting sector aimed at reducing internal competition [1] Industry Summary - On October 30, the CSPT's third-quarter general manager meeting reached a consensus on several measures, including the establishment of a user BM system, resisting the use of average pricing methods by traders and smelters, preventing malicious competition, and initiating a blacklist system [1] - On October 29, the China Nonferrous Metals Industry Association suggested setting production capacity ceilings for major metals such as copper, lead, and zinc, drawing from the experiences in electrolytic aluminum [1] - According to Dongfang Securities, the expected implementation of "anti-involution" measures is likely to slow the growth of midstream smelting capacity, indicating potential upward improvement in smelting fees in the medium term [1] Company Summary - China Dajie Nonferrous Metals reported a revenue decline of over 10% in the first half of the year, primarily due to the accelerated release of concentrated smelting capacity domestically and internationally, tight supply of copper concentrate, persistently low smelting processing fees, and reduced product output [1]

Core Viewpoint - China Dajie Nonferrous Metals (00661) experienced a significant stock price increase, rising over 16% in the afternoon trading session, attributed to positive developments in the domestic smelting sector aimed at reducing competition and improving profitability [1] Industry Summary - The CSPT's third-quarter general manager meeting reached a consensus on several measures to combat excessive competition, including the establishment of a user BM system, resisting the use of average pricing by traders and smelters, and initiating a blacklist system [1] - The China Nonferrous Metals Industry Association suggested considering a production capacity ceiling for major metals such as copper, lead, and zinc, drawing lessons from the electrolytic aluminum sector [1] - According to Dongfang Securities, the expected implementation of "anti-involution" measures is likely to slow the growth of midstream smelting capacity, potentially leading to an upward adjustment in smelting fees in the medium term [1] Company Summary - China Dajie Nonferrous Metals reported a revenue decline of over 10% in the first half of the year, primarily due to the accelerated release of concentrated smelting capacity domestically and internationally, tight supply of copper concentrate, persistently low smelting processing fees, and reduced product output [1]