Report Industry Investment Ratings - Copper: ★☆☆ (indicating a slight bullish/bearish trend with limited trading operability) [1] - Aluminum: ★☆☆ [1] - Zinc: No specific rating provided - Tin: ★☆☆ [1] Core Viewpoints - The overall market of non - ferrous metals shows a complex situation with different trends for each metal. Some metals are affected by factors such as supply - demand fundamentals, production disruptions, policy expectations, and market sentiment. Each metal has its own trading strategies based on its specific situation [1][2][3] Summary by Metal Copper - On Wednesday, Shanghai copper oscillated below the MA60 moving average and closed positive. The current copper price was 78,350 yuan, with a premium of 100 yuan in Shanghai and a discount of 55 yuan in Guangdong. The refined - scrap price difference narrowed to 660 yuan. The market was evaluating the impact of the Codelco underground mine accident on the annual production target, with a risk of increased supply loss rate in the second half of the year. LME copper might oscillate down to $9,500, and short positions were recommended to be held [1] Aluminum & Alumina & Aluminum Alloy - Shanghai aluminum rebounded slightly, with a spot discount of 40 yuan in East China. Aluminum ingots had been accumulating inventory for two consecutive weeks, and the apparent consumption in the off - season decreased significantly year - on - year. However, the output of aluminum rods increased month - on - month, and the inventory peak might appear in August. Shanghai aluminum was expected to oscillate in the short term, with support around 20,200 yuan. Cast aluminum alloy followed the fluctuation of Shanghai aluminum, and the Baotai spot price was raised by 100 yuan to 19,700 yuan. The supply of scrap aluminum was tight, and the profit of the aluminum alloy industry was poor. In the medium term, it had certain toughness relative to the aluminum price. Alumina was under pressure and oscillating, with limited downward space [2] Zinc - The rebound trend of "anti - involution" black varieties was difficult to disprove. Shanghai zinc short - sellers reduced positions on dips, and the price rebounded. The downstream had stocked up at low prices before and was less willing to buy at high prices, resulting in a light spot trading volume. The fundamental situation of increasing supply and weak demand still dominated the medium - term short - selling strategy. However, due to positive expectations of domestic fiscal policies and Fed rate cuts during the "Golden September and Silver October" period, Shanghai zinc had a high probability of a phased rebound. Traders were advised to wait for short - selling opportunities above 23,500 yuan/ton [3] Nickel and Stainless Steel - Shanghai nickel rebounded, and the market trading was active. The speculation on the "anti - involution" theme cooled down rapidly, and nickel, with relatively poor fundamentals, returned to its fundamentals more quickly. The inventory of ferronickel was basically stable at 33,000 tons, the pure nickel inventory decreased by 1,000 tons to 39,000 tons, and the stainless steel inventory decreased by 100 tons to 966,000 tons. Traders were advised to pay attention to the end of the destocking process [6] Tin - Shanghai tin oscillated during the session, and it was expected to be in an oscillating market. Overseas tin prices were supported by low visible inventory and a decline in Indonesia's production in the first half of the year. In China, attention was paid to the change in high social inventory due to the game between the major factory maintenance plan and weak consumption. Traders were advised to close high - level short positions and wait and see [7] Lithium Carbonate - The futures price of lithium carbonate oscillated weakly, and the market trading volume shrank. After the price fluctuated repeatedly, the futures - spot lock was unlocked, and a large amount of goods entered the market. The total market inventory decreased slightly to 142,000 tons, and the smelter production decreased by 8% week - on - week. The price was expected to oscillate around 70,000 yuan [8] Industrial Silicon - The industrial silicon futures closed strongly. Xinjiang abolished the notice on the compliance capacity certification of industrial silicon, but it was clear that window guidance would still be implemented later. The spot price remained stable. In August, both supply and demand increased. The futures were expected to oscillate in the short term [9] Polysilicon - The futures price of polysilicon continued to rise, partly driven by the strength of coking coal. The SMM average price of polysilicon re - feed was 47,000 yuan/ton. The price was expected to oscillate in the range of 48,000 - 55,000 yuan/ton, and traders were advised to pay attention to the sentiment transmission of coking coal and strengthen position risk control [10]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Gold prices are expected to remain strong due to high gold inventories in Shanghai Futures Exchange warehouses, a decline in the US ISM non - manufacturing index, increased expectations of a Fed rate cut, and rising risk - aversion sentiment [3]. - Copper prices showed a slight upward trend on Monday and Tuesday as a correction of the previous decline. COMEX copper's decline may slightly boost the valuations of other copper markets, but investors should be wary of weak copper demand [15]. - Aluminum prices are expected to face pressure and fluctuate. Alumina prices are likely to be weak in the short term, while casting aluminum alloy shows good fundamentals [36]. - Zinc prices are expected to maintain a range - bound movement, with limited downside space. Attention should be paid to macro data, market sentiment, and supply - side disruptions [65]. - For the nickel industry, the nickel ore price is stable with a slight upward trend, and downstream products are showing differentiation. Stainless steel prices are oscillating strongly, and the future trend of nickel sulfate needs further attention [80]. - Tin prices have strong resilience. Supply - side issues remain unresolved, and if the situation drags on, tin prices may continue to rise slightly. The impact of weak demand has not been fully reflected [96]. - Lithium carbonate prices are expected to maintain a wide - range oscillation. Attention should be paid to market rhythm changes and position risks [112]. - Industrial silicon and polysilicon markets are expected to maintain a volatile trend. The upcoming industrial silicon conference is worthy of attention [121]. 3. Summaries by Related Catalogs Gold - Gold inventories in Shanghai Futures Exchange - related warehouses hit a record high, with over 36 tons of gold bars registered as deliverable goods, doubling from last month, indicating active arbitrage and strong investment demand [3]. - The US ISM non - manufacturing index in July dropped to 50.1, increasing the expectation of a Fed rate cut (90% probability of a rate cut in September). Trump's announcement of tariff hikes on countries like India also boosted risk - aversion sentiment, leading to an increase in the holdings of the world's largest gold ETF for two consecutive days, supporting the strong performance of gold prices [3]. Copper - Copper prices corrected the previous decline on Monday and Tuesday. The price difference between LME copper and COMEX copper has stabilized, and COMEX copper's decline may slightly increase the valuations of other copper markets. However, weak copper demand remains a concern [15]. - The latest prices and daily changes of various copper futures and spot products are provided, including Shanghai copper futures, LME copper, and copper spot prices in different regions [16][24]. - Copper import profit and loss, processing fees, refined - scrap price differences, and warehouse receipt data are presented [28][31][32]. Aluminum - Macro - level drivers for aluminum have weakened. Domestic demand is in the off - season, but low absolute inventories support aluminum prices, which are expected to face pressure and fluctuate [36]. - Alumina production capacity is high and in surplus, with rising inventories. The warehouse receipt issue may be resolved in August, and prices are likely to be weak [36]. - Casting aluminum alloy has good fundamentals, with strong support from scrap aluminum prices on the supply side and decent short - term demand [36]. Zinc - Zinc supply is gradually shifting from tight to surplus, and processing fees are expected to increase this month. Mine supply is abundant, and inventories have been accumulating. Demand is weak in the off - season, and prices are expected to remain range - bound [65]. - The latest prices and changes of zinc futures and spot products, as well as inventory data, are provided [66][71][74]. Nickel - The August first - phase nickel product benchmark price in Indonesia has been released. Nickel ore prices are stable with a slight upward trend, and downstream products are showing differentiation [80]. - Nickel iron prices have been slowly declining in the past two weeks, with some support from the supply side due to the expected increase in steel mill production in August [80]. - Stainless steel prices are oscillating strongly, and the stability of the current price level needs further verification. Attention should be paid to whether demand can pick up in August [80]. Tin - Tin prices rose slightly on Tuesday, indicating strong resilience. Supply - side issues from Myanmar's production resumption are uncertain, and if the situation persists, tin prices may continue to rise slightly. The impact of weak demand has not been fully reflected [96]. - The latest prices and changes of tin futures and spot products, as well as inventory data, are provided [97][103][105]. Lithium Carbonate - Short - term supply - side disruptions exist, and production scheduling in August is expected to improve. Prices are expected to maintain a wide - range oscillation, and attention should be paid to market rhythm changes and position risks [112]. - The latest prices and changes of lithium carbonate futures and spot products, as well as inventory data, are provided [113][115][119]. Industrial Silicon and Polysilicon - The industrial silicon market is expected to maintain a volatile trend. The upcoming industrial silicon conference is worthy of attention [121]. - The polysilicon market is mainly driven by macro - level sentiment, and prices are expected to fluctuate widely [121]. - The latest prices of industrial silicon spot products, futures prices, and related data such as basis and price differences are provided [122][124].

资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。特殊情况下将对指数进行临时调整。当对应的母指数调整样本时， 行业指数样本将相应调整。当样本公司有特殊事件发生，导致其行业归属发生变更时，将对指数进行相 应调整。当样本退市时，将其从指数样本中剔除。样本公司发生收购、合并、分拆等情形的处理，参照 计算与维护细则处理。 本文源自：金融界 作者：行情君 据了解，中证香港100行业指数系列将中证香港100指数样本按中证行业分类标准进行分类，再以各自行 业全部证券作为对应行业指数的样本。该指数以2004年12月31日为基日，以1000.0点为基点。 从中证香港100原材料指数持仓的市场板块来看，香港证券交易所占比100.00%。 从中证香港100原材料指数持仓样本的行业来看，黄金占比68.96%、铝占比31.04%。 金融界8月6日消息，上证指数低开高走，中证香港100原材料指数 (H100材料，L11181)报737.12点。 数据统计显示，中证香港10 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - For domestic assets, there are mainly structural opportunities; in the second half of the year, the policy - driven logic is strengthened, and the probability of incremental policy implementation is higher in the fourth quarter. Overseas, concerns about the decline in US employment and economic slowdown are rising, and the expectation of the Fed's interest rate cut in the second half of the year is increasing, which is beneficial to gold. In the long - term, the weak US dollar pattern continues, and attention should be paid to non - US dollar assets [7]. - Most domestic commodity futures declined, with crude oil leading the decline [1]. 3. Summary by Relevant Catalogs 3.1 Macro Highlights - **Overseas Macro**: In the first half of the week, the market's bets on the Fed's interest rate cut declined as the US Q2 GDP was better than expected, and the Fed's July meeting sent hawkish signals. However, the July non - farm payrolls were below expectations, increasing concerns about the US economic downturn and the Fed's interest rate cut. Attention should be paid to US inflation data, the Jackson Hole meeting, and other events [7]. - **Domestic Macro**: Against the backdrop of stable and progressive domestic economic operation in the first half of the year, the tone of the July Politburo meeting was to improve the quality and speed of using existing policies, with relatively limited incremental policies. The July composite PMI was still above the critical point. The negotiation progress between the US and other economies needs to be monitored [7]. - **Asset Views**: Domestic assets present mainly structural opportunities. Overseas, the rising expectation of the Fed's interest rate cut is beneficial to gold. In the long - term, the weak US dollar pattern continues, and non - US dollar assets should be focused on [7]. 3.2 Viewpoint Highlights 3.2.1 Financial Sector - **Stock Index Futures**: After event settlement, capital congestion is released. With insufficient incremental funds, it is expected to rise in a volatile manner [8]. - **Stock Index Options**: The collar strategy strengthens the volatility structure. With rising volatility, it is expected to move in a volatile manner [8]. - **Treasury Bond Futures**: The market continues to digest the information from the Politburo meeting. It is expected to move in a volatile manner, considering factors such as unexpected tariffs, supply, and monetary easing [8]. 3.2.2 Precious Metals Sector - **Gold/Silver**: Precious metals are strengthening in a volatile manner. The Trump tariff policy and the Fed's monetary policy should be monitored. It is expected to rise in a volatile manner [8]. 3.2.3 Shipping Sector - **Container Shipping to Europe**: Attention should be paid to the game between peak - season expectations and price - increase implementation. It is expected to move in a volatile manner, considering tariff policies and shipping companies' pricing strategies [8]. 3.2.4 Black Building Materials Sector - **Steel**: After the meeting results are settled, attention should be paid to production - restriction disturbances. It is expected to move in a volatile manner, considering factors such as special - bond issuance, steel exports, and iron - water production [8]. - **Iron Ore**: Iron - water production has slightly decreased, and market sentiment has cooled. It is expected to move in a volatile manner, considering factors such as overseas mine production and transportation, domestic iron - water production, and policy dynamics [8]. - **Coke**: Supply and demand remain tight, and the fifth round of price increases has started. It is expected to move in a volatile manner, considering factors such as steel - mill production, coking costs, and macro - sentiment [8]. - **Coking Coal**: Market sentiment has cooled, and the futures price has significantly corrected. It is expected to move in a volatile manner, considering factors such as steel - mill production, coal - mine safety inspections, and macro - sentiment [8]. - **Silicon Iron**: The supply - demand contradiction is acceptable. Attention should be paid to cost adjustments. It is expected to move in a volatile manner, considering raw - material costs and steel - procurement situations [8]. - **Manganese Silicon**: Market sentiment has cooled, and there are still concerns about supply and demand. It is expected to move in a volatile manner, considering cost prices and overseas quotes [8]. - **Glass**: The futures price has declined, and spot sales have started to weaken. It is expected to move in a volatile manner, considering spot sales [8]. - **Soda Ash**: Freight has risen in the short - term, supporting the spot price. It is expected to move in a volatile manner, considering soda - ash inventory [8]. 3.2.5 Non - ferrous Metals and New Materials Sector - **Copper**: A non - ferrous metal growth - stabilization plan is about to be introduced, supporting the copper price. It is expected to move in a volatile manner, considering supply disturbances, domestic policies, and the Fed's monetary policy [8]. - **Alumina**: Market sentiment is fluctuating, and the alumina price is adjusting at a high level. It is expected to move in a volatile manner, considering factors such as unexpected ore production resumption and electrolytic - aluminum production resumption [8]. - **Aluminum**: The sentiment boost has slowed down, and the aluminum price has declined. It is expected to move in a volatile manner, considering macro - risks, supply disturbances, and demand [8]. - **Zinc**: Macro - sentiment persists, and the zinc price is oscillating at a high level. It is expected to move in a volatile manner, considering macro - risks and unexpected zinc - ore supply recovery [8]. - **Lead**: Supply and demand are relatively loose, and the lead price is moving in a volatile manner. It is expected to move in a volatile manner, considering supply - side disturbances and other factors [8]. - **Nickel**: The "anti - involution" trading has slowed down, and the nickel price is moving in a wide - range volatile manner. It is expected to move in a volatile manner, considering factors such as unexpected supply - side production cuts [8]. - **Stainless Steel**: The nickel - iron price has slightly rebounded, and the stainless - steel futures price is moving in a volatile manner. It is expected to move in a volatile manner, considering Indonesian policies and demand growth [8]. - **Tin**: The LME inventory continues to decline, and the tin price is strengthening in a volatile manner. It is expected to move in a volatile manner, considering the resumption of production in Wa State and demand improvement [8]. - **Industrial Silicon**: The "anti - involution" sentiment still exists, and the silicon price has rebounded. It is expected to move in a volatile manner, considering unexpected supply - side production cuts and photovoltaic installation [8]. - **Lithium Carbonate**: Market sentiment is fluctuating, and the lithium price has corrected after rising. It is expected to move in a volatile manner, considering factors such as unexpected demand and supply disturbances [8]. 3.2.6 Energy and Chemical Sector - **Crude Oil**: Geopolitical support continues. Attention should be paid to Russian oil risks. It is expected to move in a volatile manner, considering OPEC+ production policies and Middle - East geopolitical situations [10]. - **LPG**: Supply pressure persists, and the cost side dominates the rhythm. It is expected to move in a volatile manner, considering the cost of crude oil and overseas propane [10]. - **Asphalt**: Crude oil prices have declined, and there is pressure from increased asphalt production. The futures price is under downward pressure. It is expected to decline, considering unexpected demand [10]. - **High - Sulfur Fuel Oil**: The possibility of a sharp decline in the high - sulfur fuel oil crack spread is increasing. It is expected to decline, considering crude oil and natural gas prices [10]. - **Low - Sulfur Fuel Oil**: The low - sulfur fuel oil futures price has weakened following crude oil. It is expected to decline, considering crude oil and natural gas prices [10]. - **Methanol**: There is a short - term differentiation between the inland and ports. It is expected to move in a volatile manner, considering macro - energy and upstream - downstream device dynamics [10]. - **Urea**: Domestic supply and demand cannot provide strong support, and export - driven effects are below expectations. It is expected to move in a volatile manner, considering export policies and capacity elimination [10]. - **Ethylene Glycol**: Typhoons have affected the arrival rhythm, and inventory accumulation is expected in August. It is expected to move in a volatile manner, considering port inventory accumulation inflection points and device recovery [10]. - **PX**: Market sentiment has cooled, and the price has returned to fundamental pricing. It is expected to move in a volatile manner, considering downstream PTA maintenance schedules and gasoline profit seasonality [10]. - **PTA**: Multiple devices have unexpectedly shut down, and processing fees are still under pressure. It is expected to move in a volatile manner, considering mainstream device production cuts and polyester joint production cuts [10]. - **Short - Fiber**: Downstream demand improvement is limited, and there is an expectation of continuous inventory accumulation. It is expected to move in a volatile manner, considering downstream yarn - mill purchasing rhythms and开工 [10]. - **Bottle Chip**: The production reduction scale in August continues to exceed 20%, strengthening the support for processing fees. It is expected to move in a volatile manner, considering future bottle - chip production [10]. - **Propylene**: Weak propane suppresses it, and it is expected to move in a volatile manner in the short - term, considering oil prices and domestic macro - factors [10]. - **PP**: The "anti - involution" sentiment has changed, and the PP price has declined in a volatile manner. It is expected to move in a volatile manner, considering oil prices and domestic and overseas macro - factors [10]. - **Plastic**: Macro - support has weakened, and the plastic price has declined in a volatile manner. It is expected to move in a volatile manner, considering oil prices and domestic and overseas macro - factors [10]. - **Styrene**: The commodity sentiment has improved. Attention should be paid to the implementation of policy details. It is expected to move in a volatile manner, considering oil prices, macro - policies, and device dynamics [10]. - **PVC**: It has returned to weak - reality pricing, and the futures price is declining in a volatile manner. It is expected to move in a volatile manner, considering expectations, costs, and supply [10]. - **Caustic Soda**: Spot pressure is emerging, and the caustic - soda price is moving weakly. It is expected to move in a volatile manner, considering market sentiment, production, and demand [10]. 3.2.7 Agricultural Sector - **Oils and Fats**: Attention should be paid to the palm oil production in Malaysia. Recently, oils and fats are expected to move in a volatile consolidation. It is expected to move in a volatile manner, considering US soybean weather and Malaysian palm oil production and demand data [10]. - **Protein Meal**: The market continues the pattern of strong domestic and weak overseas. It is expected to move in a volatile manner, considering US soybean weather and domestic demand [10]. - **Corn/Starch**: Market sentiment continues to be weak. It is expected to move in a volatile manner, considering factors such as unexpected demand and weather [10]. - **Live Pigs**: Inventory pressure persists, and the pig price is oscillating at a low level. It is expected to move in a volatile manner, considering breeding sentiment, epidemics, and policies [10]. - **Rubber**: The rubber price is stabilizing following commodities. It is expected to move in a volatile manner, considering production - area weather, raw - material prices, and macro - changes [10]. - **Synthetic Rubber**: The driving factors are unclear, and the futures price is moving in a volatile manner. It is expected to move in a volatile manner, considering significant fluctuations in crude oil prices [10]. - **Pulp**: It mainly follows the macro - trend. Attention should be paid to reverse arbitrage during the decline. It is expected to move in a volatile manner, considering macro - economic changes and US dollar - denominated quotes [10]. - **Cotton**: The cotton price and the price difference between months have rebounded. It is expected to move in a volatile manner, considering demand and inventory [10]. - **Sugar**: Supply pressure is increasing marginally, and the sugar price is under pressure. It is expected to move in a volatile manner, considering imports [10]. - **Logs**: The bullish sentiment is strong, and the log futures price is rising with increasing positions. It is expected to decline in a volatile manner, considering shipment and dispatch volumes [4].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Overseas macro: Market concerns about US employment and economic slowdown are rising, leading to an increase in expectations for Fed rate cuts in the second half of the year, which is favorable for gold. In the long term, the weak US dollar pattern continues, and attention should be paid to non - US dollar assets [5]. - Domestic macro: In the context of stable and progressive domestic economic operation in the first half of the year, the overall tone of the Politburo meeting in July is to improve the quality and speed of using existing policies, with relatively limited incremental policies. The composite PMI in July remains above the critical point [5]. - Asset viewpoints: For domestic assets, there are mainly structural opportunities. In the second half of the year, the policy - driven logic is strengthened, and the probability of incremental policy implementation is higher in the fourth quarter [5]. 3. Summary by Related Catalogs 3.1 Financial Market and Commodity Price Changes - **Equity Index Futures**: The CSI 300 futures closed at 4029.6, down 0.68% daily, 2.10% weekly, 0.68% monthly, up 7.77% quarterly, and 2.77% year - to - date. The Shanghai 50 futures and the CSI 500 futures also showed different degrees of decline, while the CSI 1000 futures rose 0.07% daily [3]. - **Treasury Bond Futures**: The 2 - year, 5 - year, 10 - year, and 30 - year treasury bond futures had different price changes, with the 10 - year treasury bond futures down 0.05% daily [3]. - **Foreign Exchange**: The US dollar index was at 98.69, down 1.36% daily, 1.04% weekly. The US dollar intermediate price had a 2 - pip daily increase [3]. - **Interest Rates**: The 10 - year Chinese government bond yield was 1.71, up 0.2 bp daily. The 10 - year US government bond yield was 4.23, down 14 bp daily [3]. - **Commodities**: In the domestic commodity market, coal rose 1.93% daily, while industrial silicon fell 2.97% daily. In the overseas commodity market, NYMEX WTI crude oil was at 67.26, down 3.03% daily [3]. 3.2 Macro Analysis - **Overseas Macro**: In the first half of the week, market bets on Fed rate cuts declined due to better - than - expected Q2 GDP, tariff easing, and hawkish signals from the Fed's July meeting. However, the July non - farm payrolls were below expectations, increasing market concerns about the US economic downturn and Fed rate cuts. Key events to watch include US inflation data in August, the Jackson Hole meeting, and subsequent non - farm payrolls [5]. - **Domestic Macro**: After the Politburo meeting in July, the overall policy tone focuses on using existing policies more effectively, with relatively few incremental policies. The composite PMI in July remains above the critical point, and attention should be paid to the progress of economic negotiations between the US and other economies [5]. 3.3 Asset Views - **Domestic Assets**: There are mainly structural opportunities. Policy - driven logic will be strengthened in the second half of the year, and the probability of incremental policy implementation is higher in the fourth quarter [5]. - **Overseas Assets**: Market concerns about US employment and economic slowdown are rising, increasing expectations for Fed rate cuts in the second half of the year, which is favorable for gold. In the long term, the weak US dollar pattern continues, and attention should be paid to non - US dollar assets [5]. 3.4 Sector and Variety Analysis - **Financial Sector**: Stock index futures are expected to rise in a volatile manner, stock index options will be volatile, and treasury bond futures will also be in a volatile state [6]. - **Precious Metals Sector**: Gold and silver are in a short - term adjustment phase and are expected to be volatile [6]. - **Shipping Sector**: The container shipping to Europe route is in a state of game between peak - season expectations and price - rise implementation, and is expected to be volatile [6]. - **Black Building Materials Sector**: Most varieties such as steel, iron ore, and coke are expected to be volatile, with their fundamentals and market sentiments changing [6]. - **Non - ferrous and New Materials Sector**: Most non - ferrous metal varieties are expected to be volatile, affected by factors such as supply disturbances and policy expectations [6]. - **Energy and Chemical Sector**: Crude oil supply is increasing, and domestic chemical products are expected to benefit from stable - growth expectations. Most varieties are expected to be volatile, while asphalt and high - sulfur and low - sulfur fuel oils are expected to decline [8]. - **Agricultural Sector**: Most agricultural products are expected to be volatile, affected by factors such as weather, trade policies, and supply - demand relationships [8].

Group 1: Report Overview - The report is a daily morning observation of non - ferrous metals and precious metals on August 6, 2025, covering multiple metal sectors such as precious metals, copper, aluminum, etc. [1][2] Group 2: Precious Metals Market Review - London gold had a V - shaped reversal, closing up 0.22% at $3380.86 per ounce; London silver rose for the third consecutive day, closing up 1.06% at $37.81 per ounce. Affected by the overseas market, Shanghai gold's main contract closed up 0.01% at 784.4 yuan per gram, and Shanghai silver's main contract closed up 1.15% at 9178 yuan per kilogram. The US dollar index oscillated within a range and almost closed flat at 98.727. The 10 - year US Treasury yield temporarily stopped falling at 4.2021%. The RMB against the US dollar fell slightly, closing down 0.05% at 7.1834. [2] Important Information - Trump will announce drug and chip tariffs in the next week, with drug tariffs up to 250%. He will significantly increase tariffs on India within 24 hours and impose a 35% tariff on the EU if it fails to fulfill its investment obligations to the US. The US 7 - month ISM non - manufacturing PMI was 50.1, lower than the expected 51.5 and the previous value of 50.8. The final value of the US 7 - month S&P Global Services PMI was 55.7, higher than the expected 55.2 and the previous value of 55.2. The probability of the Fed keeping interest rates unchanged in September is 7.6%, and the probability of a 25 - basis - point rate cut is 92.4%. [2] Logic Analysis - Due to the unexpectedly poor US non - farm payrolls data last week, the "strong reality" of the US economy's resilience has loosened. The newly released ISM and S&P services PMI point in different directions, and the precious metals market mainly trades towards weak expectations. [2] Trading Strategy - For the unilateral strategy, existing long positions can be considered to be held. For the arbitrage strategy, stay on the sidelines. For the options strategy, buy deep out - of - the - money call options on dips. [4] Group 3: Copper Market Review - Last night, the Shanghai copper 2509 contract closed at 78070 yuan per ton, down 0.52%, and the Shanghai copper index reduced its positions by 1167 lots to 470,000 lots. The LME closed at $9634.5 per ton, down 0.65%. The LME inventory decreased by 14,275 tons to 153,000 tons, and the COMEX inventory increased by 1010 tons to 262,000 tons. [6] Important Information - The US 7 - month ISM non - manufacturing index was 50.1, lower than expected. Trump will announce drug and chip tariffs, increase tariffs on India, and impose a 35% tariff on the EU if necessary. Chile's copper exports in July were 179,996 tons, and copper ore and concentrate exports were 1,396,851 tons, with 40,943 tons of copper and 997,013 tons of copper ore and concentrate exported to China. [6] Logic Analysis - The supply of copper mines is disturbed, and the production of smelters at home and abroad is differentiated. The inventory of non - US regions is expected to increase, and the demand is in the off - season. [7][9] Trading Strategy - For the unilateral strategy, the short - term supply is expected to increase, and the price will oscillate weakly. Pay attention to the support at 77,000 - 78,000 yuan per ton. For the arbitrage strategy, stay on the sidelines. For the options strategy, stay on the sidelines. [10] Group 4: Alumina Market Review - The night - session alumina 2509 contract fell 3 yuan to 3207 yuan per ton. The spot prices in different regions had different changes, with the northern comprehensive spot price of alumina by Aladdin down 10 yuan to 3270 yuan, and the national weighted index down 10.6 yuan to 3289.3 yuan. [11] Important Information - The full - cost of the alumina industry in July was 2905 yuan per ton, down 66 yuan from the previous month, with a profit of about 275 yuan per ton. A mine's memorandum was revoked, and its shipping terminal was suspended. India traded 30,000 tons of alumina at an FOB price of $377.25 per ton. The alumina warehouse receipts on the SHFE increased by 6627 tons to 13,242 tons on August 5. The national alumina production capacity was 113.02 million tons, with an operating capacity of 94.75 million tons, a decrease of 200,000 tons from last week, and an operating rate of 83.8%. [12][13][15] Logic Analysis - The theoretical supply - demand surplus of alumina has significantly expanded, the spot price is stable, and the inventory is increasing. Before the significant increase in warehouse receipts, the alumina price has certain support in the range of 3000 - 3100 yuan. [16] Trading Strategy - For the unilateral strategy, the alumina price will oscillate above 3000 - 3100 yuan in the short term. Pay attention to the low - warehouse - receipt risk when entering the delivery month. For the arbitrage strategy, stay on the sidelines. For the options strategy, stay on the sidelines. [16] Group 5: Electrolytic Aluminum Market Review - The night - session Shanghai aluminum 2509 contract rose 30 yuan to 20,525 yuan per ton. On August 5, the spot prices of aluminum ingots in East China, South China, and Central China all increased. [18][20] Important Information - The White House issued an executive order to reset "reciprocal tariffs" on some countries, which will take effect on August 7. On August 5, the main market electrolytic aluminum inventory increased by 0.2 tons, and the SHFE warehouse receipts decreased by 2362 tons to 44,287 tons. [20] Trading Logic - The market's expectation of a Fed rate cut in September is strengthening. The LME aluminum inventory is increasing slightly, and the domestic market is gradually returning to fundamentals. The aluminum ingot social inventory is expected to continue to accumulate, and pay attention to the peak inventory in the off - season and the opportunity of the spread expansion. [20] Trading Strategy - For the unilateral strategy, the aluminum price will oscillate narrowly in the short term. For the arbitrage strategy, consider a positive spread arbitrage when the spread between the first - and third - month contracts of Shanghai aluminum futures is between 40 - 70. For the options strategy, stay on the sidelines. [21] Group 6: Cast Aluminum Alloy Market Review - The night - session cast aluminum alloy 2511 contract rose 30 yuan to 19,955 yuan per ton. On August 5, the spot prices of ADC12 aluminum alloy ingots in different regions all increased. [23] Important Information - As of July 31, the weekly production of cast aluminum alloy decreased by 0.19 million tons to 13.98 million tons, and the total inventory increased by 0.27 million tons to 13.51 million tons. Some new projects in the new energy vehicle lightweight parts manufacturing are planned to be put into production. In July, the ADC12 industry's theoretical profit was 63 yuan per ton, and the profit per ton increased by 104 yuan compared with the previous month. [24][25] Trading Logic - The supply of scrap aluminum is tight, the import volume is low, the downstream demand is weak, and the futures price is expected to fluctuate with the aluminum price. [26] Trading Strategy - For the unilateral strategy, it will oscillate with the aluminum price. For the arbitrage strategy, consider a positive spread arbitrage when the spot price is at a discount of more than 300 yuan to the futures price. For the options strategy, stay on the sidelines. [27] Group 7: Zinc Market Review - The overnight LME zinc market fell 0.15% to $2750 per ton, and the Shanghai zinc 2509 contract fell 0.07% to 22,300 yuan per ton. The Shanghai zinc index increased its positions by 2137 lots to 207,800 lots. The spot price in Shanghai was between 22,280 - 22,375 yuan per ton, and the downstream purchasing sentiment was poor. [30] Important Information - Western Mining's zinc production in the first half of 2025 was 62,875 tons, up 18.61% year - on - year, and Glencore's zinc production in the second quarter of 2025 was 251,600 tons, up 19% year - on - year. Glencore adjusted its 2025 zinc production guidance to 940,000 - 980,000 tons. [30][31] Logic Analysis - The supply of zinc concentrates is sufficient, the smelter production is active, and the consumption is in the off - season with obvious inventory accumulation. [32] Trading Strategy - For the unilateral strategy, the short - term zinc price may oscillate. Consider shorting on rallies due to the increasing supply and off - season consumption. For the arbitrage strategy, stay on the sidelines. For the options strategy, stay on the sidelines. [33] Group 8: Lead Market Review - The overnight LME lead market rose 0.61% to $1975.5 per ton, and the Shanghai lead 2509 contract rose 0.24% to 16,755 yuan per ton. The Shanghai lead index reduced its positions by 283 lots to 112,500 lots. The SMM1 lead price fell 100 yuan per ton, and the downstream purchasing was mainly for rigid demand. [35] Important Information - Some regenerated lead smelting enterprises in East and Central China may adjust their scrap battery purchase prices if the lead price continues to weaken. The environmental protection work in Anhui may affect local regenerated lead smelting enterprises. [35][36] Logic Analysis - The supply of lead concentrates is tight, the price of lead - containing waste is high, the supply of primary lead is increasing, the production of regenerated lead is in a loss but still has an increment, and the downstream lead - battery enterprise purchasing has improved. [37] Trading Strategy - For the unilateral strategy, the lead price may maintain a low - level oscillation. For the arbitrage strategy, stay on the sidelines. For the options strategy, stay on the sidelines. [42] Group 9: Nickel Market Review - The overnight LME nickel price fell to $15,055 per ton, and the LME nickel inventory increased by 2172 tons to 211,254 tons. The Shanghai nickel main contract NI2509 fell to 120,500 yuan per ton. The spot premiums of different nickel products changed. [40] Important Information - The Indonesian government is promoting the use of nickel batteries, and the nickel benchmark price in Indonesia has increased slightly. The US Fed may cut interest rates. [40][41] Logic Analysis - The Fed's interest - rate cut expectations and the market's trading of the US economic recession affect the nickel price. The nickel market has an oversupply expectation, and the inventory is slowly increasing. [43] Trading Strategy - For the unilateral strategy, it will oscillate in a wide range. For the arbitrage strategy, stay on the sidelines. For the options strategy, sell out - of - the - money put options. [44] Group 10: Stainless Steel Market Review - The stainless steel main contract SS2509 fell to 12,935 yuan per ton, and the index increased its positions by 3063 lots. The spot prices of cold - rolled and hot - rolled stainless steel are given. [46] Important Information - Zimbabwe plans to ban chromium ore exports, and the chromium ore inventory in China has reached a record high. [47] Logic Analysis - The market trades the US economic recession expectation. The cost of stainless steel has increased slightly, the production is expected to increase in August, the terminal demand is in the off - season, and the inventory is slowly decreasing. [48] Trading Strategy - For the unilateral strategy, it will oscillate in a wide range in the short term. For the arbitrage strategy, stay on the sidelines. [48][49] Group 11: Tin Market Review - The Shanghai tin 2509 contract closed at 266,950 yuan per ton, up 0.3%. The Shanghai tin inventory decreased by 1105 lots to 47,716 lots. The spot price of tin ingots in Shanghai Metal Market increased, and the actual demand is still weak. [50] Important Information - The US 7 - month ISM non - manufacturing index was lower than expected, and Trump announced tariff plans. [50][51] Logic Analysis - The market expects the Fed to cut interest rates in September, which boosts the tin price. The LME inventory is low, the supply of tin mines is tight, and the demand in the photovoltaic and electronics industries is weak. [51] Trading Strategy - For the unilateral strategy, the short - term fundamental driving force is insufficient, and the tin price will fluctuate with macro - sentiment. [52] Group 12: Industrial Silicon Market Review - The industrial silicon futures rose due to the impact of coking coal, and the main contract closed at 8450 yuan per ton. The spot price of industrial silicon generally fell by 100 - 250 yuan per ton. [55] Important Information - Hesheng Silicon Industry will reduce industrial silicon production capacity. The production of DMC and polysilicon is expected to increase in August. [55] Comprehensive Analysis - If leading manufacturers resume production in August, there will be a slight surplus of industrial silicon; otherwise, there may be a supply - demand gap of 20,000 - 30,000 tons. The social inventory is high, and the spot is not tight. [55][56] Trading Strategy - For the unilateral strategy, it may rise due to sentiment in the short term but will be weak after the sentiment fades. For the options strategy, there is no recommendation. For the arbitrage strategy, conduct a reverse spread arbitrage on the 11th and 12th contracts. [56] Group 13: Polysilicon Market Review - The polysilicon futures rose due to the increase in coking coal prices, and the main contract closed at 50,330 yuan per ton. The spot prices of different types of polysilicon are given. [58] Important Information - The MIIT issued a notice on energy - saving inspections for the polysilicon industry. [58] Comprehensive Analysis - The polysilicon production is expected to increase in August, and there may be a surplus of 15,000 - 20,000 tons. The expectation of polysilicon capacity integration is strengthening, and the expected futures price after integration is 60,000 - 65,000 yuan per ton. [58] Trading Strategy - For the unilateral strategy, hold long positions. For the arbitrage strategy, hold long positions in polysilicon and short positions in industrial silicon for the long term, and close the reverse spread arbitrage on the far - month polysilicon contracts. [59] Group 14: Lithium Carbonate Market Review - The main 2511 contract of lithium carbonate fell to 67,840 yuan per ton, and the index reduced its positions by 11,764 lots. The Guangzhou Futures Exchange warehouse receipts increased by 1840 tons to 14,443 tons. The spot prices of electric and industrial lithium carbonate decreased. [60] Important Information - Chile's lithium exports in July were 23,824 tons, with 20,930 tons of lithium carbonate, and 13,633 tons were exported to China. The new - energy vehicle wholesale forecast for 2025 was slightly adjusted. The production of some lithium mines is normal. Some new lithium carbonate production projects have been put into operation. [60][61] Logic Analysis - The supply - side news is bearish, the long - position funds are leaving, and the supply pressure is expected to increase. [62] Trading Strategy - For the unilateral strategy, it will oscillate downward to find support. For the arbitrage strategy, stay on the sidelines. For the options strategy, sell out - of - the - money call options. [65]

安徽鑫铂铝业股份有限公司 对外投资管理制度 第一章 总则 第一条 为了加强安徽鑫铂铝业股份有限公司（以下简称"公司"）对外投 资的内部控制和管理，规范公司对外投资行为，防范对外投资过程中的差错、舞 弊和风险，保证对外投资的安全，提高对外投资的效益，根据 中华人民共和国 公司法》 （以下简称" 公司法》"）、 中华人民共和国证券法》 （以下简称" 证 券法》"）、 深圳证券交易所股票上市规则》 （以下简称" 上市规则》"）、 深 圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》（以下 简称" 规范运作》"）等法律、法规、规范性文件和 安徽鑫铂铝业股份有限 公司章程》（以下简称" 公司章程》"）及其他有关规定，特制定本制度。 第二条 本制度所称"对外投资"，是指公司为获取未来收益而将一定数量 的货币资金股权、以及经评估后的实物或无形资产或其他法律法规及规范性文件 规定可以用作出资的资产，对外进行各种形式的投资活动的行为。公司对外投资 包括： （一）风险性投资，主要指证券投资。 （二）长期股权投资，主要指公司投出的不能随时变现或不准备随时变现的 股权投资。 （三）委托理财。 （四）其他对外投资。 ...

安徽鑫铂铝业股份有限公司 董事会审计委员会实施细则 第五条 审计委员会设主任委员（召集人）一名,由独立董事委员中会计专业 人士担任,负责主持委员会工作。 第六条 审计委员会任期与董事会一致,委员任期届满, 可以连选连任。期间 如有委员不再担任公司董事职务,自动失去委员资格；并由补选产生的董事续任 或由委员会根据上述第三至第五条规定补足委员人数。 第七条 公司审计部为审计委员会下设日常办事机构,负责日常工作联络和 会议组织等工作 第三章 职责权限 第八条 审计委员会的主要职责权限： 第一章 总则 第一条 为规范安徽鑫铂铝业股份有限公司（以下简称"公司"）组织和行 为, 提高公司规范运作水平，完善公司治理结构,根据《中华人民共和国公司法》、 《上市公司治理准则》、《公司章程》及其他有关规定,公司特设立董事会审计 委员会,并制定本实施细则。 第二条 董事会审计委员会是董事会按照股东会决议设立的专门工作机构, 主要负责公司内、外部审计的沟通、监督和核查工作 第二章 人员组成 第三条 审计委员会成员由三至七名董事组成,独立董事占多数,委员中至少 有一名独立董事为专业会计人士；审计委员会成员应当为不在公司担任高级管理 人 ...

安徽鑫铂铝业股份有限公司 外汇套期保值管理制度 第一章 总则 第一条 为进一步规范安徽鑫铂铝业股份有限公司（以下简称"公司"）的外汇套 期保值业务及相关信息披露工作，加强对外汇套期保值业务的管理，防范汇率波动 风险，健全和完善公司外汇套期保值业务管理机制，根据《中华人民共和国证券法》 《上市公司信息披露管理办法》《深圳证券交易所股票上市规则》《深圳证券交易 所上市公司自律监管指引第1号——主板上市公司规范运作》《深圳证券交易所上市 公司自律监管指引第7号——交易与关联交易》《公司章程》等有关规定，结合公司 具体实际，特制定本制度。 第二条 本制度适用于公司及全资或控股子公司的外汇套期保值业务。全资或控 股子公司进行外汇套期保值业务视同公司进行外汇套期保值业务，适用本制度。全资 或控股子公司的外汇套期保值业务由公司进行统一管理，未经公司审批同意，全资 或控股子公司不得操作该业务。 第三条 外汇套期保值是指公司与银行签订外汇套期保值合约，约定将来办理购 汇、结售汇的外汇币种、金额、汇率和期限。在合约到期日，公司按照外汇套期保 值合同约定的币种、金额、汇率办理购汇、结售汇业务。交易品种包括但不限于远 期结售汇业务， ...

安徽鑫铂铝业股份有限公司 募集资金管理制度 为进一步规范安徽鑫铂铝业股份有限公司（以下简称：公司）募集资金管理， 提高募集资金使用效率，根据《公司法》《证券法》《深圳证券交易所股票上市 规则》《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运 作》《上市公司监管指引第 2 号—上市公司募集资金管理和使用的监管要求》 等有关法律、法规和规范性文件的规定以及《公司章程》的规定，结合公司实际 情况，制定本制度。 第一章 总 则 第一条 本制度所称募集资金是指公司通过公开发行证券（包括首次公开发 行股票、配股、增发、发行可转换公司债券、分离交易的可转换公司债券、公司 债券、权证等等）以及非公开发行股票向投资者募集并用于特定用途的资金。 第二条 公司董事会负责建立健全公司募集资金管理制度，总经理负责组织 实施董事会关于募集资金及其投资项目的决议，协调各部门推进募投项目执行， 董事会秘书负责与募集资金管理、使用及变更有关的信息披露；财务部负责募集 资金的日常管理，包括专用账户的开立及管理，募集资金的存放、使用和台帐管 理；公司应当建立并完善募集资金专户存储、使用、变更、监督以及募集资金使 用的申请、分级 ...