Core Viewpoint - The article emphasizes the structural differentiation in commodity prices driven by macroeconomic policies and global strategic shifts, predicting that this trend will continue into 2026 [4][5]. Group 1: Review of 2025 - In 2025, commodities experienced "two resonances and two differentiations," with notable price movements influenced by external policy shocks and domestic economic conditions [7][8]. - The first differentiation occurred from post-Spring Festival to the end of March, where black commodities weakened while non-ferrous metals showed strength [8]. - The first resonance happened from early April to late May, where commodities collectively weakened due to tariff impacts, except for precious metals [8][10]. - The second resonance from mid-June to early August saw a recovery in commodity prices driven by both internal and external factors [8][10]. - The second differentiation from mid-August onwards showed weakness in black, energy, and agricultural products, while precious and non-ferrous metals remained strong [8]. Group 2: Global Macro Economy and Strategic Mainline - The article highlights the need to focus on policy effects under the "high-quality development" framework in China, with an emphasis on effective investment and consumption [27][29]. - The U.S. economy is characterized by multiple expectation gaps, with significant policy impacts overshadowing fundamental economic data [37][40]. - Other regions, including Europe and Japan, face economic concerns, with potential shifts in monetary policy as they navigate inflation and growth challenges [48][50]. Group 3: 2026 Outlook - The long-term narratives of energy transition, AI-driven demand, and resource nationalism are expected to continue shaping commodity markets [5][61]. - The growth in energy storage demand is anticipated to be robust, driven by clean energy initiatives and technological advancements [61][63]. - AI investments are projected to stimulate demand for specific commodities, particularly in data center construction, which will require significant amounts of copper and other materials [67][68]. - Global strategic shifts are leading to increased competition for key resources, with nations focusing on supply chain security and self-sufficiency [79][80]. Group 4: Commodity Configuration Strategies - The article suggests that commodity pricing will stabilize in 2026, with a gradual recovery in PPI expected as macroeconomic conditions improve [34][29]. - The focus on stabilizing industrial product prices through policy measures is seen as crucial for maintaining market equilibrium [31][32]. - The anticipated adjustments in production capacity and market dynamics will create both strategic and tactical opportunities for investors [6][34].

Group 1 - Tectonic Metals is conducting a virtual drill core presentation for its 2025 Phase II project, led by CEO Tony Reda and supported by key exploration team members [1][2] - The presentation includes core photographs, geological notes, and observations on alteration styles, mineralogy, and visible gold, which are preliminary and not guaranteed to represent the entire system [3]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Views - For the nickel market, the supply - demand imbalance persists with high inventory and oversupply. The price is expected to remain in a low - level oscillation, but the downside is limited as it has reached a 5 - year low [1][2]. - For the stainless - steel market, due to low demand, high inventory, and a declining cost center, the price is also expected to stay in a low - level range. Similar to nickel, the current price is at a 5 - year low with limited downside [2][4]. 3. Summary by Related Content Nickel Market - **Market Analysis** - **Futures**: On December 2, 2025, the main contract of Shanghai nickel opened at 117,800 yuan/ton and closed at 118,050 yuan/ton, up 0.49% from the previous trading day. The trading volume was 88,522 (- 57,307) lots, and the open interest was 121,924 (- 967) lots. The recent rebound is a minor repair after previous over - decline, driven by macro - level easing expectations such as the Fed's rate - cut anticipation and improved Sino - US relations. However, the supply - demand imbalance remains, and there is obvious support near the cost line [1]. - **Nickel Ore**: The nickel ore market is quiet with stable prices. In the Philippines, mines are mainly fulfilling previous orders, and the shipping efficiency is okay. Downstream nickel - iron prices are weak, squeezing iron - plant profits, leading to cautious raw - material procurement and some plants considering production cuts. In Indonesia, the December (Phase 1) domestic trade benchmark price dropped by 0.52 - 0.91 dollars/wet ton, and the domestic trade premium is mostly in the range of +25 - 26 [1]. - **Spot**: Jinchuan Group's Shanghai market sales price was 122,300 yuan/ton, down 100 yuan/ton from the previous day. Spot trading was average due to consecutive price rebounds, and the premium of refined nickel brands remained stable. The previous trading day's Shanghai nickel warehouse receipts were 32,351 (- 371) tons, and LME nickel inventory was 253,074 (- 1,290) tons [2]. - **Strategy** - Unilateral: Focus on range - bound operations. - Others: No strategies for inter - period, inter - variety, spot - futures, or options trading are proposed [2]. Stainless - Steel Market - **Market Analysis** - **Futures**: On December 2, 2025, the main stainless - steel contract opened at 12,460 yuan/ton and closed at 12,465 yuan/ton. The trading volume was 95,108 (- 68,491) lots, and the open interest was 102,135 (- 4,171) lots. It showed a low - level oscillating upward trend, similar to Shanghai nickel, and is expected to maintain a range - bound pattern in the short term due to the coexistence of macro support and fundamental pressure [2]. - **Spot**: Affected by the "buy on rising" psychology, stainless - steel spot trading has improved, and prices in Wuxi and Foshan markets have increased by 50 yuan/ton to 12,700 yuan/ton. The 304/2B premium is between 355 - 555 yuan/ton, and the average ex - factory price of high - nickel pig iron remained unchanged at 881.5 yuan/nickel point [3]. - **Strategy** - Unilateral: Neutral. - Others: No strategies for inter - period, inter - variety, spot - futures, or options trading are proposed [4].

Group 1 - The article provides a detailed overview of the current prices of various metals and minerals, indicating fluctuations in market prices for specific commodities [1][2] - Cadmium is priced between 28,600 to 29,600 RMB per ton, while chromium ranges from 81,100 to 84,600 RMB per ton [1] - Lithium metal is reported at 575,100 to 610,100 RMB per ton, reflecting significant interest in battery materials [1] Group 2 - Non-metallic products such as boron and talc are also listed, with boron priced at 4,500 RMB per ton in Shandong and talc at 3,000 RMB per ton in Henan [2] - The report highlights the price of rare earth carbonate at 44,305 to 44,705 RMB per ton, indicating ongoing demand in the market [1] - The pricing for various ores, including copper and lead concentrates, shows a range of 16,650 to 16,800 RMB per ton for lead in Henan [1]

Core Viewpoint - Recently, Honghe Huirui Botu Mining Co., Ltd. was established with a registered capital of 3 million RMB, indicating a new player in the mining industry focusing on various metal and non-metal resources [1] Company Summary - The legal representative of the newly established company is Li Huarong [1] - The registered capital of the company is 3 million RMB [1] - The company’s business scope includes sales of metal ores, non-metallic minerals and products, mineral processing, and various metal processing services [1] - The company is authorized to engage in non-coal mining resource extraction and coal mining, subject to approval from relevant authorities [1] Industry Summary - The company operates in the mining sector, specifically focusing on both metallic and non-metallic resources [1] - The range of activities includes the sale and processing of various metals, including rare earth metals and precious metals, which are critical in various industrial applications [1] - The establishment of this company reflects ongoing developments and potential growth within the mining industry in the region [1]

Market Performance - On November 19, the Shanghai Composite Index experienced a slight rebound, with 1,200 stocks rising and 4,175 stocks declining [1] - The aquaculture sector saw multiple stocks hitting the daily limit, with Hengguang Co., involved in the sulfuric acid business, reaching a 20% limit up [1] - Sectors such as gold, non-ferrous metals, and optical switches showed significant gains [1] Sector Analysis - The performance of sulfuric acid and sulfur iron ore companies has been strong recently, driven by the energy storage and new energy vehicle sectors [1] - Companies like Yuegui Co., Guocheng Mining, and Dazhong Mining have seen their stock prices surge, with Guocheng Mining and Dazhong Mining doubling in value in less than a month [1] - The market is favoring price increase themes, particularly in sulfur iron ore and sulfuric acid [1][7] Competition and Events - The 78th "Digging Gold" competition began on November 17, with registration open from November 15 to November 28 [3] - The competition involves simulated stock trading with a virtual capital of 500,000 yuan, and participants can win cash rewards based on their performance [5] - Participants can join a dedicated group for sharing market insights and investment strategies after registering for the competition [5][9]

Group 1 - Yunnan Tin Company Limited's stock increased by 5.59%, reaching 24.56 CNY per share, with a trading volume of 512 million CNY and a turnover rate of 1.30%, resulting in a total market capitalization of 40.421 billion CNY [1] - The company, established on November 22, 1998, and listed on February 21, 2000, is primarily engaged in the exploration, mining, beneficiation, and smelting of metals such as tin, zinc, copper, and indium [1] - The main revenue composition includes tin ingots (43.61%), supply chain business (20.31%), and copper products (18.04%), with detailed breakdowns of supply chain business and other products [1] Group 2 - Qianhai Kaiyuan Fund has a significant holding in Yunnan Tin Company, with its Qianhai Kaiyuan State-owned Enterprises Selected Mixed Fund A (022414) holding 92,000 shares, accounting for 4.05% of the fund's net value, ranking as the tenth largest holding [2] - The fund has achieved a year-to-date return of 34.49%, ranking 2358 out of 8147 in its category, and a cumulative return of 34.58% since inception [2] - The fund manager, Tian Wei, has been in position for 5 years and 128 days, managing assets totaling 343 million CNY, with the best and worst fund returns during his tenure being 50.1% and -15.11%, respectively [2]

Group 1 - The core viewpoint of the news is that Yunnan Tin Company has experienced a significant decline in its stock price, dropping 5.12% to 22.05 CNY per share, with a total market capitalization of 36.29 billion CNY [1] - Yunnan Tin Company has seen its stock price fall for three consecutive days, with a cumulative decline of 5.03% during this period [1] - The company's main business involves the exploration, mining, and smelting of metals such as tin, zinc, copper, and indium, with tin ingots accounting for 43.61% of its main business revenue [1] Group 2 - According to data, Qianhai Kaiyuan Fund holds Yunnan Tin Company as its tenth largest heavy stock, with 92,000 shares, representing 4.05% of the fund's net value [2] - The fund has incurred a floating loss of approximately 10.95 thousand CNY today, with a total floating loss of 11.32 thousand CNY over the three-day decline [2] - The fund manager, Tian Wei, has a tenure of 5 years and 120 days, with the fund's best return during this period being 45.91% [2]

Investment Rating - The report maintains a "Recommended" rating for the company [6][8]. Core Insights - The company's performance in the first three quarters of 2025 met expectations, with revenue reaching 4.099 billion yuan, a year-on-year increase of 24.36%, and net profit attributable to shareholders at 1.364 billion yuan, up 4.94% year-on-year [3]. - The company has significant silver reserves, ranking first in Asia and eighth globally, following the acquisition of Yubang Mining, which increased silver reserves to 24,537 tons [5]. - The company is progressing with the construction of the Yinman Phase II project, which is expected to enhance production capacity significantly [5]. - The successful acquisition of Atlantic Tin Industry is expected to strengthen the company's market position and operational stability [5]. Summary by Sections Financial Performance - In Q3 2025, the company achieved revenue of 1.626 billion yuan, a year-on-year increase of 48.09%, and net profit of 568 million yuan, up 36.49% year-on-year [3]. - The average price of silver in Q3 was 9.4 yuan per gram, a year-on-year increase of 26% [4]. - The company's total assets reached 17.513 billion yuan, a growth of 43.96% from the beginning of the year [4]. Production and Operations - The company produced 5,651 tons of tin and 212 tons of silver in the first three quarters, with tin production down 13.12% year-on-year and silver production up 18.98% [4]. - The company’s gross profit margin for Q3 was 58.79%, showing a slight improvement from the previous quarter [4]. Future Projections - The company is projected to achieve net profits of 2.018 billion yuan, 2.607 billion yuan, and 3.093 billion yuan for 2025, 2026, and 2027, respectively, with corresponding PE ratios of 27, 21, and 18 [6][7].

Market Performance - The Hang Seng Index (HSI) closed at 26,434, up 1.0% for the day and 31.8% year-to-date[1] - The HSCEI increased by 1.1% to 9,467, with a year-to-date gain of 29.9%[1] - The MSCI China index rose 1.7% to 89, reflecting a year-to-date increase of 37.7%[1] Commodity Prices - Brent Crude oil price decreased by 0.3% to US$66 per barrel, down 8.5% year-to-date[1] - Gold prices fell by 3.2% to US$3,982 per ounce, but are up 51.7% year-to-date[1] - Copper prices increased by 1.0% to US$10,963 per ton, with a year-to-date rise of 25.0%[1] Economic Indicators - China's industrial profits grew by 21.6% year-on-year in September 2025, up from 20.4% in August 2025[4] - Sales revenue for industrial enterprises in China increased by 2.7% in September, compared to 1.9% in August[4] - The US GDP growth rate for Q3 2025 was reported at 3.8%, exceeding the consensus of 3.0%[2]