1. Report Industry Investment Ratings No information provided regarding industry investment ratings in the given reports. 2. Report Core Views Tin - Consider the fundamentals strong and maintain a bullish view on tin prices. Hold existing long positions and buy on dips. Monitor macro - end changes and supply - side recovery [2]. Industrial Silicon - Expect industrial silicon prices to remain in a low - level oscillation, with the main price range between 8500 - 9500 yuan/ton. The market will maintain weak supply - demand in December [5]. Polysilicon - Anticipate an oversupply situation in December with inventory accumulation expected in all sectors. On the trading side, stay on the sidelines for futures and consider taking profits on options [6]. Nickel - Forecast the nickel price to range - bound in the short term, with the main reference range of 116000 - 120000 yuan/ton. Pay attention to macro - expectations and Indonesian industrial policies [7]. Stainless Steel - Expect stainless steel prices to remain weakly oscillating, with the main operating range of 12300 - 12700 yuan/ton. Focus on steel mills' production cut implementation and nickel - iron prices [9]. Aluminum - Predict alumina prices to remain in a bottom - oscillating trend, with the main contract reference range of 2650 - 2850 yuan/ton. For aluminum, expect prices to be strong in the short term, with the main contract range of 21500 - 22200 yuan/ton [15][16]. Casting Aluminum Alloy - Forecast casting aluminum alloy prices to remain strong in the short term, with the main contract reference range of 20700 - 21400 yuan/ton. Monitor scrap aluminum supply and inventory reduction [17]. Zinc - Expect zinc prices to oscillate. The downside space is limited in the short term, and prices will likely remain in the range of 22200 - 23000 yuan/ton. Pay attention to TC inflection points and inventory changes [19]. Copper - Forecast copper prices to have a gradually rising bottom center in the medium - to - long term, with the main support level at 86000 - 87000 yuan/ton. Monitor overseas interest - rate cut expectations and smelting - end production cuts [20]. 3. Summary by Relevant Catalogs Tin - **Spot Prices and Basis**: SMM 1 tin price decreased by 1.14% to 304700 yuan/ton, and LME 0 - 3 premium increased by 21.95% to 150 dollars/ton [2]. - **Month - to - Month Spreads**: The spread between 2512 - 2601 contracts decreased by 22.39% to - 820 yuan/ton [2]. - **Fundamental Data**: In October, tin ore imports increased by 33.49%, and SMM refined tin production increased by 53.09% [2]. Industrial Silicon - **Spot Prices and Basis**: The price of East China oxygen - containing S15530 industrial silicon remained unchanged at 9550 yuan/ton, and the basis increased by 41.98% [5]. - **Month - to - Month Spreads**: The spread between 2512 - 2601 contracts increased by 250% [5]. - **Fundamental Data**: National industrial silicon production decreased by 11.17% in the month, and Xinjiang's production increased by 0.83% [5]. Polysilicon - **Spot Prices and Basis**: N - type re -投料 average price remained unchanged at 52350 yuan/kg, and the N - type material basis increased by 25.96% [6]. - **Month - to - Month Spreads**: The spread between the front - month and the first - following month decreased by 50.10% [6]. - **Fundamental Data**: Weekly polysilicon production decreased by 11.44%, and monthly production decreased by 14.48% [6]. Nickel - **Prices and Basis**: SMM 1 electrolytic nickel price increased by 0.13% to 119900 yuan/ton, and the 1 Jinchuan nickel premium increased by 2.08% [7]. - **Month - to - Month Spreads**: The spread between 2601 - 2602 contracts decreased by 20 yuan/ton [7]. - **Supply - Demand and Inventory**: China's refined nickel imports decreased by 65.66% [7]. Stainless Steel - **Prices and Basis**: The price of 304/2B (Wuxi Hongwang 2.0 coil) remained unchanged at 12700 yuan/ton, and the basis decreased by 4.71% [9]. - **Month - to - Month Spreads**: The spread between 2601 - 2602 contracts remained unchanged at - 70 yuan/ton [9]. - **Fundamental Data**: China's 300 - series stainless steel crude steel production decreased by 0.72%, and exports decreased by 14.43% [9]. Aluminum - **Prices and Spreads**: SMM A00 aluminum price decreased by 0.09% to 21710 yuan/ton, and alumina (Shandong) average price decreased by 0.36% [14][16]. - **Month - to - Month Spreads**: The spread between AL 2512 - 2601 contracts remained unchanged at - 40 yuan/ton [14][16]. - **Fundamental Data**: In November, alumina production decreased by 4.44%, and domestic electrolytic aluminum production decreased by 2.82% [14][16]. Casting Aluminum Alloy - **Prices and Spreads**: SMM Southwest ADC12 price increased by 0.47% to 21600 yuan/ton, and the Foshan crushed raw aluminum scrap - to - refined spread decreased by 1.77% [17]. - **Month - to - Month Spreads**: The spread between 2512 - 2601 contracts increased by 20 yuan/ton [17]. - **Fundamental Data**: In October, recycled aluminum alloy ingot production decreased by 2.42%, and primary aluminum alloy ingot production increased by 5.84% [17]. Zinc - **Prices and Basis**: SMM 0 zinc ingot price increased by 0.80% to 22740 yuan/ton, and the premium increased by 10 yuan/ton [19]. - **Month - to - Month Spreads**: The spread between 2512 - 2601 contracts decreased by 10 yuan/ton [19]. - **Fundamental Data**: In November, refined zinc production decreased by 3.56%, and exports increased by 243.79% in October [19]. Copper - **Prices and Basis**: SMM 1 electrolytic copper price decreased by 0.69% to 88660 yuan/ton, and the premium increased by 15 yuan/ton [20]. - **Month - to - Month Spreads**: The spread between 2512 - 2601 contracts increased by 20 yuan/ton [20]. - **Fundamental Data**: In November, electrolytic copper production increased by 1.05%, and imports decreased by 15.61% in October [20].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - **Copper**: Overnight, both domestic and international copper prices rose and then fell, with domestic refined copper spot imports remaining in a loss. The market anticipates that if the dovish Hassert is elected as the new Fed Chair, it will strengthen the market's dovish bets, but balancing monetary stimulus and inflation poses challenges. Domestically, attention is on the upcoming Central Economic Work Conference. In December, the estimated domestic electrolytic copper production is 1168800 tons, a month - on - month increase of 5.96% and a year - on - year increase of 6.69%. Due to high copper prices, terminal orders have slowed, and the market maintains rigid procurement demand. There are uncertainties about whether the price can continue to rebound as the off - season approaches and there is no sign of a rapid release of demand [1]. - **Aluminum**: Overnight, alumina, Shanghai aluminum, and aluminum alloy all trended weakly. The expected environmental production restrictions on northern alumina plants did not occur; instead, there were new investments and复产 rhythms, leading to a significant correction in the futures market. The decline in aluminum prices has boosted downstream sentiment, and the lagging demand is gradually being fulfilled in the short term. However, as the new energy vehicle purchase tax rush ends and the matching of State Grid orders concludes, it is less likely for aluminum prices to reach a new high this year, and the upside space depends on the bulls' response to subsequent macro - dynamics [1][2]. - **Nickel**: Overnight, LME nickel and Shanghai nickel both declined. The inventory of primary nickel is under pressure, and the production in December is expected to increase month - on - month. Considering the cost support of integrated MHP production of electrowon nickel at 110000 yuan/ton, one can consider bottom - fishing and waiting for positive factors to materialize, but be vigilant against macro - disturbances and overseas industrial policy adjustments [3]. 3. Summary by Directory 3.1 Research Views - **Copper**: Macro factors' impact on maintaining an optimistic mood is uncertain. Microscopically, the shortage of concentrates supports copper's high valuation, but the lack of rapid demand release in the off - season makes price recovery uncertain [1]. - **Aluminum**: The non - occurrence of expected environmental production restrictions and new investments/复产 have led to a correction in the futures market. Aluminum prices have support, but the possibility of reaching a new high is low [1][2]. - **Nickel**: The nickel - stainless steel industry chain is weak, while the new energy industry chain has tight raw materials. One can consider bottom - fishing with cost support but beware of risks [3]. 3.2 Daily Data Monitoring - **Copper**: The price of flat - water copper decreased by 610 yuan/ton, and the inventory in some exchanges changed. For example, SHFE copper warehouse receipts decreased by 927 tons [1][4]. - **Lead**: The average price of 1 lead increased by 80 yuan/ton, and the inventory in the Shanghai Futures Exchange decreased [4]. - **Aluminum**: The prices of Wuxi and Nanhai aluminum decreased slightly, and the total inventory in the Shanghai Futures Exchange decreased by 8439 tons [5]. - **Nickel**: The price of Jinchuan nickel increased by 225 yuan/ton, and the inventory in the Shanghai Futures Exchange decreased [5]. - **Zinc**: The主力 settlement price increased by 0.8%, and the social inventory decreased by 0.28 million tons [7]. - **Tin**: The主力 settlement price decreased by 0.6%, and the SMM spot price decreased by 3500 yuan/ton [7]. 3.3 Chart Analysis - **Spot Premium**: Charts show the historical trends of spot premiums for copper, aluminum, nickel, zinc, lead, and tin from 2021 - 2025 [9][10][16]. - **SHFE Near - Far Month Spread**: Charts display the historical trends of the near - far month spreads for copper, aluminum, nickel, zinc, lead, and tin from 2020 - 2025 [17][20][24]. - **LME Inventory**: Charts present the historical trends of LME inventories for copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [26][28][30]. - **SHFE Inventory**: Charts show the historical trends of SHFE inventories for copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [32][34][36]. - **Social Inventory**: Charts illustrate the historical trends of social inventories for copper, aluminum, nickel, zinc, stainless steel, and 300 - series from 2019 - 2025 [38][40][42]. - **Smelting Profit**: Charts depict the historical trends of copper concentrate index, rough copper processing fee, aluminum smelting profit, nickel - iron smelting cost, zinc smelting profit, and stainless steel 304 smelting profit rate from 2019 - 2025 [45][47][49]. 3.4 Team Introduction - **Zhan Dapeng**: A science master, currently the director of non - ferrous research at Everbright Futures Research Institute, a senior precious metals researcher, and has won multiple industry awards. He has over a decade of commodity research experience [52]. - **Wang Heng**: A finance master from the University of Adelaide, Australia, an analyst focusing on aluminum and silicon, providing in - depth reports and risk management services [52]. - **Zhu Xi**: A science master from the University of Warwick, UK, an analyst focusing on lithium and nickel, tracking the new energy industry chain and providing policy interpretations [53].

市场分析 海外现货升水再次走达到268美元/吨，出口利润扩大，国内现货升贴水持续表现为向好趋势，基本面方面全面偏向 利好，国内社会库存持续下滑，11月冶炼端产量环比回落且明显低于预期，现货升贴水持续向上修复，一方面体 现消费强度另一方面体现供应偏紧。海内外TC持续下滑， 国内高海拔矿山已经进入冬季停产检修周期，TC价格 的快速回落叠加绝对价格的回落造成冶炼综合成本开始面临亏损，在供给端压力后期有望下滑。基本面数据已经 全面从前期利空转为利多，且当前锌估值偏低，美国12月降息预期提高，但对未来的消费保持乐观，降息预期不 改，再通胀尚未体现。 策略 单边：谨慎偏多。 套利：跨期正套。 新能源及有色金属日报 | 2025-12-03 海外升水再次走高 重要数据 现货方面：LME锌现货升水为268.39美元/吨。SMM上海锌现货价较前一交易日变化180元/吨至22740元/吨，SMM 上海锌现货升贴水30元/吨；SMM广东锌现货价较前一交易日160元/吨至22680元/吨，广东锌现货升贴水-30元/吨； 天津锌现货价较前一交易日180元/吨至22670元/吨，天津锌现货升贴水-5元/吨。 期货方面：2025-12-0 ...

Core Viewpoint - Ningbo Jintian Copper Co., Ltd. (Jintian Shares, 601609.SH) announced a change in the equity structure of its controlling shareholder, Jintian Investment, and a change in its actual controller, as the current controllers, Lu Xiaomi and Lou Guoqiang, transferred their shares to their children [1][6][12]. Group 1: Shareholder Changes - Lu Xiaomi plans to gift 50.7862% of Jintian Investment's shares to her son, Lou Cheng, while Lou Guoqiang will gift 19.9594% to Lou Cheng and 8.2018% to his daughter, Lou Jingjing [6][7]. - After the transfer, Lou Cheng will hold 70.7456% of Jintian Investment, and Lou Jingjing will hold 8.2018%, resulting in Lou Guoqiang and Lou Cheng as the new actual controllers [6][7]. - Jintian Investment currently holds 24.49% of Jintian Shares, equating to approximately 43 billion yuan in market value [8][12]. Group 2: Financial Performance - For the reporting period, Jintian Shares reported a revenue of 32.471 billion yuan, a decrease of 4.42% year-on-year, while the total profit was 248.77 million yuan, an increase of 59.66% [9]. - The net profit attributable to shareholders was 215.06 million yuan, up 30.30%, and the net profit after deducting non-recurring gains was 137.00 million yuan, a significant increase of 1,326.18% [9][11]. - The company achieved a total asset value of approximately 28.79 billion yuan, reflecting an 11.58% increase from the previous year [11]. Group 3: Company Overview - Jintian Shares has evolved from a copper smelting company to one of the largest producers of copper and copper alloy materials in China, with a comprehensive industrial chain and multiple production bases domestically and internationally [12]. - The company produced 191.62 million tons of copper and copper alloy materials in 2024, maintaining its position as an industry leader [13]. - Jintian Shares has also developed a significant rare earth permanent magnet materials business, which has become a second growth driver for the company [13].

1. Report Industry Investment Ratings No investment ratings for industries are provided in the reports. 2. Core Views of the Reports Tin - Consider the fundamentals strong, maintain a bullish view on tin prices, hold previous long positions, and adopt a strategy of buying on dips. Pay attention to macro - level changes and supply - side recovery [2]. Industrial Silicon - The spot price of industrial silicon stabilizes, the futures price fluctuates and declines, and the contango arbitrage window closes. In December, the market remains in a weak supply - demand situation. It is expected that the price will remain in a low - level oscillation, with the main price fluctuation range between 8500 - 9500 yuan/ton [5]. Polysilicon - In December, the supply exceeds demand, and there is an expectation of inventory accumulation in each link. The price is under pressure. For futures, it is recommended to wait and see; for options, consider taking profits and closing positions [6]. Nickel - The nickel price has limited upward driving force. It is expected that the market will fluctuate within a range in the short term, with the main reference range of 116000 - 120000 yuan/ton. Pay attention to macro - expectations and Indonesian industrial policy news [7]. Stainless Steel - The stainless - steel price is expected to remain in a weak oscillation, with the main operating range of 12300 - 12700 yuan/ton. Pay attention to the implementation of steel - mill production cuts and nickel - iron prices [9]. Alumina - The oversupply situation of alumina suppresses the price, and it is expected to maintain a bottom - oscillating trend, with the main contract reference operating range of 2650 - 2850 yuan/ton. Observe the actual production - cut scale and inventory inflection point [15]. Aluminum - It is expected that the aluminum price will remain strong in the short term, with the main contract reference operating range of 21500 - 22200 yuan/ton. Pay attention to the sustainability of inventory depletion [16]. Casting Aluminum Alloy - Supported by cost and demand, the short - term price trend of casting aluminum alloy is strong, with the main contract reference operating range of 20700 - 21400 yuan/ton. Pay attention to the improvement of scrap - aluminum supply and inventory depletion [17]. Zinc - The zinc price is expected to oscillate. The supply pressure eases, and the downward price space is limited in the short term, but the upside elasticity is also limited. The main reference range is 22200 - 23000 yuan/ton. Pay attention to the TC inflection point and refined - zinc inventory changes [19]. Copper - The copper price runs at a high level. The medium - to - long - term supply - demand contradiction supports the upward shift of the price bottom. The main support range is 86000 - 87000 yuan/ton. Pay attention to overseas interest - rate cut expectations and smelting - end production cuts [20]. 3. Summaries by Related Catalogs Tin - **Price and Basis**: SMM 1 tin price is 304700 yuan/ton, down 1.14%; LME 0 - 3 premium is 150.00 dollars/ton, up 21.95% [2]. - **Inter - month Spreads**: For example, the spread of 2512 - 2601 is - 820 yuan/ton, down 22.39% [2]. - **Fundamental Data**: In October, tin ore imports increased by 33.49%, SMM refined tin production increased by 53.09%, and refined tin imports decreased by 58.55% [2]. Industrial Silicon - **Price and Basis**: The price of East China oxygen - containing S15530 industrial silicon is 9550 yuan/ton, unchanged; the basis of oxygen - containing SI5530 increased by 41.98% [5]. - **Inter - month Spreads**: The spread of 2512 - 2601 increased by 250.00% [5]. - **Fundamental Data**: National industrial silicon production decreased by 11.17% in the month - on - month comparison, and Xinjiang's production increased by 0.83% [5]. Polysilicon - **Price and Basis**: The average price of N - type re - feeding material is 52350 yuan/ton, unchanged; the N - type material basis increased by 25.96% [6]. - **Inter - month Spreads**: The spread of the front - month to the first - following month decreased by 50.10% [6]. - **Fundamental Data**: Weekly polysilicon production decreased by 11.44%, and monthly production decreased by 14.48% [6]. Nickel - **Price and Basis**: The price of SMM 1 electrolytic nickel is 119900 yuan/ton, up 0.13%; the premium of 1 Jinchuan nickel increased by 2.08% [7]. - **Inter - month Spreads**: The spread of 2601 - 2602 is - 230 yuan/ton, down [7]. - **Fundamental Data**: China's refined nickel imports decreased by 65.66% [7]. Stainless Steel - **Price and Basis**: The price of 304/2B (Wuxi Hongwang 2.0 coil) is 12700 yuan/ton, unchanged; the basis decreased by 4.71% [9]. - **Inter - month Spreads**: The spread of 2601 - 2602 is - 70 yuan/ton, unchanged [9]. - **Fundamental Data**: China's 300 - series stainless - steel crude - steel production decreased by 0.72%, and the net export volume decreased by 21.54% [9]. Alumina - **Price and Basis**: The average price of SMM A00 aluminum is 21710 yuan/ton, down 0.09%; the average price of alumina in Shandong is 2760 yuan/ton, down 0.36% [14][16]. - **Inter - month Spreads**: The spread of AL 2512 - 2601 is - 40.00 yuan/ton, unchanged [14][16]. - **Fundamental Data**: In November, alumina production decreased by 4.44%, and domestic electrolytic aluminum production decreased by 2.82% [14][16]. Casting Aluminum Alloy - **Price and Basis**: The price of SMM aluminum alloy ADC12 in Southwest China is 21600 yuan/ton, up 0.47%; the refined - scrap price difference of Foshan crushed primary aluminum decreased by 1.77% [17]. - **Inter - month Spreads**: The spread of 2512 - 2601 is - 45.00 yuan/ton, up 20.00 yuan/ton [17]. - **Fundamental Data**: In October, the production of recycled aluminum alloy ingots decreased by 2.42%, and the production of primary aluminum alloy ingots increased by 5.84% [17]. Zinc - **Price and Basis**: The price of SMM 0 zinc ingot is 22740 yuan/ton, up 0.80%; the import profit and loss is - 5470 yuan/ton [19]. - **Inter - month Spreads**: The spread of 2512 - 2601 is - 45 yuan/ton, down 10.00 yuan/ton [19]. - **Fundamental Data**: In November, refined zinc production decreased by 3.56%, and in October, imports decreased by 16.94% [19]. Copper - **Price and Basis**: The price of SMM 1 electrolytic copper is 88660 yuan/ton, down 0.69%; the refined - scrap price difference increased by 7.99% [20]. - **Inter - month Spreads**: The spread of 2512 - 2601 is - 50 yuan/ton, up 20.00 yuan/ton [20]. - **Fundamental Data**: In November, electrolytic copper production increased by 1.05%, and in October, imports decreased by 15.61% [20].

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Views of the Report - For copper, the CESCO copper conference shows that institutions and the industry generally agree on the idea of buying on dips. The copper price is expected to move up, with a range of $10,500 - $11,300. Bullish factors include limited domestic scrap copper supply, increased demand from the domestic power grid in 2026, global computing power center construction, and Southeast Asian power construction. Bearish factors mainly concern the potential outflow of North American inventories if US tariffs disappear [1]. - For aluminum, the Shanghai aluminum futures price has stabilized and rebounded. Aluminum ingot inventories have decreased significantly, and downstream consumption is fair. It may show a volatile trend in the short - term. Supply and demand are expected to be relatively loose at the beginning of 2026 and then gradually tighten [1]. - For zinc, the zinc price has fluctuated this week. The supply side has issues such as accelerating decline in domestic and imported TC, and some smelters have production changes. The demand side is seasonally weak domestically and generally average overseas. The export window has opened, and the price may not fall deeply. It is recommended to wait and see for unilateral trading, focus on reverse arbitrage opportunities, and consider the positive arbitrage opportunity between contracts 01 - 03 [2]. - For nickel, the supply of pure nickel has decreased slightly, demand is weak, and inventories are increasing both at home and abroad. Given the ongoing disturbances in the Indonesian nickel ore market and the policy motivation to support prices, short - selling opportunities on price increases can be monitored [3]. - For stainless steel, supply has increased slightly, demand is mainly for rigid needs, costs are stable, and inventories are high. Considering the Indonesian policy's motivation to support prices, short - selling opportunities on price increases can be monitored [3]. - For lead, the lead price has declined this week, and trading has improved. Supply is abundant, while demand is expected to weaken. The supply - demand mismatch has been alleviated, and social inventories are starting to accumulate. The lead price is expected to fluctuate narrowly between 16,900 - 17,200, and cautious operation is recommended [4][5]. - For tin, the tin price has risen this week. The supply side has limited processing fees and various disturbances, and the demand side is mainly supported by rigid needs. In the short - term, the fundamentals are fair, and it is recommended to hold near the cost line on price dips or use it as a long - position allocation in non - ferrous metals [8]. - For industrial silicon, in the short - term, supply and demand are in a balanced and slightly loose state, and the price is expected to fluctuate. In the long - term, due to over - capacity and low operating rates, the price is expected to fluctuate at the bottom of the cycle based on seasonal marginal costs [9]. - For lithium carbonate, the market has multiple expectations this week. The raw material supply is still tight, and the downstream procurement is mainly for rigid needs. The short - term supply and demand are both strong. If CATL resumes production in December, the de - stocking is expected to be 5,000 - 6,000 tons. However, due to high inventories in the intermediate and battery raw material sectors, the price increase still depends on inventory reduction, speculative demand improvement, or stronger holding willingness [9]. Group 3: Summary by Metal Copper - **Price and Inventory Changes**: From November 26 to December 2, the Shanghai copper spot price increased by 20, the waste - refined copper price difference decreased by 309, and the LME inventory increased by 2,375 [1]. - **Market Outlook**: The copper price is expected to move up, with a range of $10,500 - $11,300. Bullish factors include limited domestic scrap copper supply, increased demand from the domestic power grid in 2026, global computing power center construction, and Southeast Asian power construction. Bearish factors mainly concern the potential outflow of North American inventories if US tariffs disappear [1]. Aluminum - **Price and Inventory Changes**: From November 26 to December 2, the Shanghai aluminum ingot price increased by 80, and the LME inventory remained unchanged. The aluminum ingot inventory decreased significantly, and downstream products also showed inventory reduction [1]. - **Market Outlook**: The Shanghai aluminum futures price has stabilized and rebounded. It may show a volatile trend in the short - term. Supply and demand are expected to be relatively loose at the beginning of 2026 and then gradually tighten [1]. Zinc - **Price and Inventory Changes**: From November 26 to December 2, the Shanghai zinc ingot price increased by 180, the LME zinc inventory increased by 350, and the LME zinc注销仓单 decreased by 250 [1][2]. - **Market Outlook**: The zinc price has fluctuated this week. The supply side has issues such as accelerating decline in domestic and imported TC, and some smelters have production changes. The demand side is seasonally weak domestically and generally average overseas. The export window has opened, and the price may not fall deeply. It is recommended to wait and see for unilateral trading, focus on reverse arbitrage opportunities, and consider the positive arbitrage opportunity between contracts 01 - 03 [2]. Nickel - **Price and Inventory Changes**: From November 26 to December 2, the price of 1.5% Philippine nickel ore remained unchanged, and the LME nickel inventory decreased by 1,290 [3]. - **Market Outlook**: The supply of pure nickel has decreased slightly, demand is weak, and inventories are increasing both at home and abroad. Given the ongoing disturbances in the Indonesian nickel ore market and the policy motivation to support prices, short - selling opportunities on price increases can be monitored [3]. Stainless Steel - **Price and Inventory Changes**: From November 26 to December 2, the price of 304 hot - rolled coils increased by 50, and other prices remained unchanged [3]. - **Market Outlook**: Supply has increased slightly, demand is mainly for rigid needs, costs are stable, and inventories are high. Considering the Indonesian policy's motivation to support prices, short - selling opportunities on price increases can be monitored [3]. Lead - **Price and Inventory Changes**: From November 26 to December 2, the lead price decreased, the LME lead inventory decreased by 3,925, and the LME lead注销仓单 decreased by 3,900 [4][5]. - **Market Outlook**: The lead price has declined this week, and trading has improved. Supply is abundant, while demand is expected to weaken. The supply - demand mismatch has been alleviated, and social inventories are starting to accumulate. The lead price is expected to fluctuate narrowly between 16,900 - 17,200, and cautious operation is recommended [4][5]. Tin - **Price and Inventory Changes**: From November 26 to December 2, the tin price increased, the LME tin inventory decreased by 15, and the LME tin注销仓单 remained unchanged [8]. - **Market Outlook**: The tin price has risen this week. The supply side has limited processing fees and various disturbances, and the demand side is mainly supported by rigid needs. In the short - term, the fundamentals are fair, and it is recommended to hold near the cost line on price dips or use it as a long - position allocation in non - ferrous metals [8]. Industrial Silicon - **Price and Inventory Changes**: From November 26 to December 2, the basis of 421 silicon in Yunnan and Sichuan increased by 170, and the basis of 553 silicon in East China and Tianjin also increased by 170. The number of warehouse receipts increased by 188 [9]. - **Market Outlook**: In the short - term, supply and demand are in a balanced and slightly loose state, and the price is expected to fluctuate. In the long - term, due to over - capacity and low operating rates, the price is expected to fluctuate at the bottom of the cycle based on seasonal marginal costs [9]. Lithium Carbonate - **Price and Inventory Changes**: From November 26 to December 2, the SMM electric - grade lithium carbonate price and SMM industrial - grade lithium carbonate price increased by 50, and the number of warehouse receipts increased by 770 [9]. - **Market Outlook**: The market has multiple expectations this week. The raw material supply is still tight, and the downstream procurement is mainly for rigid needs. The short - term supply and demand are both strong. If CATL resumes production in December, the de - stocking is expected to be 5,000 - 6,000 tons. However, due to high inventories in the intermediate and battery raw material sectors, the price increase still depends on inventory reduction, speculative demand improvement, or stronger holding willingness [9].

Core Viewpoint - The transfer of shares from Lou Guoqiang to his children is seen as a significant step in the succession plan for the company, Jintian Co., Ltd. [2][9] Share Transfer Details - Lou Guoqiang and Lu Xiaomi will transfer a total of approximately 34 billion yuan worth of shares to their son Lou Cheng and daughter Lou Jingjing, changing the actual controller of the company to Lou Guoqiang and Lou Cheng [3][5][6] - After the transfer, Lou Cheng will hold 70.75% of the shares in the controlling entity, Jintian Investment, while Lou Jingjing will hold 8.20% [5][6] Company Performance - Jintian Co., Ltd. is a leading supplier of copper and copper alloy materials, with stable profitability, achieving annual profits exceeding 400 million yuan since 2017 [3][10] - The company has reported a total profit of over 3.7 billion yuan since its listing in 2020, with an average annual profit exceeding 600 million yuan [11][12] Market Reaction - Since the beginning of 2025, the stock price of Jintian Co., Ltd. has increased by over 70%, reflecting market optimism regarding the succession and future leadership [4][10] Leadership Transition - Lou Guoqiang has begun the succession process, having already transferred the chairman position to his son Lou Cheng in April 2023, and now further solidifying this transition through the share transfer [12][13] - Lou Cheng, born in 1988, has been with the company for 15 years and is expected to lead the company into a new era [13][14]

每经头条（nbdtoutiao）——股民发帖求主力拉涨停，次日竟成真！襄阳轴承涨停迷局背后：平台审核 漏洞与市场操纵疑云发酵 （记者 曾健辉） 每经AI快讯，神火股份12月2日晚间发布公告称，截至本公告披露日，本次回购股份方案已实施完毕。 公司实际回购时间区间为2025年4月8日至2025年5月6日，通过股票回购专用证券账户以集中竞价交易方 式累计回购公司股份约1542万股，占公司目前总股本的0.686%，最高成交价为17元/股，最低成交价为 15.93元/股，成交总金额约为2.55亿元。 ...

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View The report presents the daily data briefing of non - ferrous metals and precious metals on December 2, 2025, including the prices, price differences, and inventory data of various metals such as gold, silver, copper, aluminum, zinc, lead, nickel, stainless steel, and tin, but does not put forward a clear core view. 3. Summary by Metal Types Gold (AU) - **Prices**: On December 1, 2025, the Shanghai Gold (AU) main contract closing price was 958.42 yuan/gram, the near - month closing price was 955.02 yuan/gram; the COMEX gold main contract closing price was 323.70 US dollars/ounce, and the near - month closing price was 13.00 US dollars/ounce. The London gold spot price was 4246.48 US dollars/ounce, and the Shanghai Gold Exchange (SGE) gold spot price was 15.23 yuan/gram [1]. - **Basis**: The domestic basis (gold T + D - main contract) was 1.28 yuan/gram, and the overseas basis (LBMA gold spot - COMEX AU01) was 39.20 US dollars/ounce [1]. Silver (AG) - **Prices**: On December 2, 2025, the Shanghai Silver (AG) main contract closing price was 13423 yuan/kilogram, the near - month closing price was 13417 yuan/kilogram; the COMEX silver main contract closing price was 1.37 US dollars/ounce, and the near - month closing price was 1.26 US dollars/ounce. The London silver spot price was 57.49 US dollars/ounce, and the SGE silver spot price was 592 yuan/kilogram [1]. - **Basis**: The domestic basis (AG(T + D) - main contract) was - 12 yuan/gram, and the overseas basis (LBMA silver spot - COMEX AG01) was 2.22 US dollars/ounce [1]. Copper (CU, BC) - **Prices**: On December 2, 2025, the Shanghai Copper (CU) main contract closing price was 88920 yuan/ton, the continuous contract closing price was 88870 yuan/ton; the International Copper (BC) main contract closing price was - 370 yuan/ton, and the continuous contract closing price was 79450 yuan/ton. The LME copper 3M closing price was 332.00 US dollars/ton, and the COMEX copper main contract price was 5.27 US dollars/pound [1]. - **Basis and Inventory**: The domestic basis, overseas basis, and various inventory data such as Shanghai copper warehouse receipt inventory, international copper warehouse receipt inventory, LME copper warehouse receipt inventory, and COMEX copper warehouse receipt inventory are also provided, as well as the import profit and loss data [1]. Aluminum and Alumina (AL, AO) - **Prices**: On December 2, 2025, the Shanghai Aluminum (AL) main contract closing price was 21910 yuan/ton, the continuous contract closing price was 21870 yuan/ton; the Alumina (AO) main contract closing price was - 7 yuan/ton, and the continuous contract closing price was 2611 yuan/ton. The LME aluminum 3M closing price was 9.00 US dollars/ton, and the COMEX aluminum main contract closing price was - 2699.00 US dollars/ton [1]. - **Basis, Inventory and Profit**: The basis, inventory data of Shanghai aluminum and alumina, and the profit data of alumina plants and electrolytic aluminum plants are provided [1]. Zinc (ZN) - **Prices**: On December 2, 2025, the Shanghai Zinc (ZN) main contract closing price was 22745 yuan/ton, the continuous contract closing price was 22700 yuan/ton, and the LME zinc 3M closing price was 5 US dollars/ton [1]. - **Basis, Inventory and Profit**: The basis, inventory data, and import profit and loss data of refined zinc are presented [1]. Lead (PB) - **Prices**: On December 2, 2025, the Shanghai Lead (PB) main contract closing price was 135 yuan/ton, the continuous contract closing price was - 180 yuan/ton, and the LME lead 3M closing price was 22.50 US dollars/ton [1]. - **Basis, Inventory and Profit**: The basis, inventory data, and import profit and loss data of refined lead are provided [1]. Nickel and Stainless Steel (NI, SS) - **Prices**: On December 2, 2025, the Shanghai Nickel (NI) main contract closing price was 118050 yuan/ton, the continuous contract closing price was 117700 yuan/ton; the Stainless Steel (SS) main contract closing price was 20 yuan/ton, and the continuous contract closing price was 12300 yuan/ton. The LME nickel 3M closing price was 230 US dollars/ton [1]. - **Basis, Inventory and Profit**: The basis, inventory data, and import profit and loss data of refined nickel and stainless steel are given [1]. Tin (SN) - **Prices**: On December 2, 2025, the Shanghai Tin (SN) main contract closing price was 11690 yuan/ton, the continuous contract closing price was 306160 yuan/ton, and the LME tin 3M closing price was 39195 US dollars/ton [1]. - **Basis, Inventory and Profit**: The basis, inventory data, and import profit and loss data of refined tin are shown [1].

Core Insights - The couple, Lou Guoqiang and Lu Xiaomi, transferred approximately 3.4 billion RMB worth of shares to their two children, completing a family wealth succession process [1] - Prior to the transfer, the controlling shareholder, Jintian Investment, held 423,284,500 shares of Jintian Co., accounting for 24.49% of the total shares [1] - After the transfer, the indirect shareholdings of Lou Cheng and Lou Jingjing in the listed company are valued at approximately 3.055 billion RMB and 354 million RMB, respectively, totaling around 3.4 billion RMB [1] Company Information - Ningbo Jintian Investment Holding Co., Ltd. was established in 2007, with Lou Cheng as the legal representative and a registered capital of 22.8 million RMB [2] - Ningbo Jintian Copper Industry (Group) Co., Ltd. was founded in 1992, also with Lou Cheng as the legal representative, and has a registered capital exceeding 1.7 billion RMB [2] - Lou Cheng, born in the 1980s, has been with Jintian Co. since July 2011, serving in various roles and currently holds the positions of Chairman and General Manager since April 2023 [2] Financial Performance - For the third quarter of 2025, Jintian Co. reported total operating revenue of 91.765 billion RMB, a slight decrease of 0.09% compared to the same period last year [2] - The net profit attributable to shareholders increased by 104.37% year-on-year, amounting to 588 million RMB [2]