Report Industry Investment Rating - No relevant information provided Core Views Copper - After the expectations of interest rate cuts and tariff benefits are realized, the short - term driving force is weak, and copper prices oscillated yesterday. In the medium - to - long - term, the supply - demand contradiction supports the upward shift of the bottom center of copper prices, but short - term sharp increases restrain demand. The subsequent focus is on marginal changes in demand and Sino - US tariff situations, with the main contract supported at 86000 - 86500 [1]. Aluminum - Cost support shows signs of bottoming, but the industry's profit space has shrunk significantly, and about 30% of production capacity is facing losses. The short - term aluminum price will fluctuate between event - driven factors and weak reality. It is necessary to be vigilant about the risk of a callback to the 20500 - 20800 yuan/ton range [3]. Alumina - It is expected that the alumina price will continue to maintain a weak oscillation. The main contract is expected to be in a weak position. It is necessary to pay attention to the supply in Guinea, domestic environmental policies, and inventory changes [3]. Casting Aluminum Alloy - Casting aluminum alloy prices are expected to maintain a strong oscillation, with the main contract reference range of 20400 - 21000 yuan/ton. The subsequent focus is on scrap aluminum supply, procurement costs, and inventory reduction [5]. Zinc - Against the backdrop of concerns about a squeeze on LME zinc, Shanghai zinc oscillated strongly. In the short - term, zinc prices will oscillate strongly, but the fundamentals provide limited upward momentum. The main contract is expected to oscillate in the range of 22300 - 23000 [9]. Tin - Considering the strong fundamentals, a strategy of buying on dips is recommended. The subsequent focus is on macro changes and the supply recovery in Myanmar in the fourth quarter [11]. Nickel - The nickel price is expected to oscillate in the range of 118000 - 126000. The subsequent focus is on the RKAB approval in Indonesia in 2026 [13]. Stainless Steel - The stainless - steel price is expected to oscillate weakly in the short - term, with the main contract reference range of 12500 - 13000. The subsequent focus is on macro expectations and steel mill supply [14]. Lithium Carbonate - In November, the supply - demand change is expected to be limited. The price is expected to oscillate widely, with the main contract reference range of 80000 - 85000 yuan/ton. The current variable lies in whether there will be new information from the mining end [17]. Summary by Directory Copper Price and Basis - SMM 1 electrolytic copper price was 86840 yuan/ton, down 0.83% from the previous day; the SMM 1 electrolytic copper premium was - 5 yuan/ton [1]. Fundamental Data - In October, the electrolytic copper production was 109.16 million tons, a month - on - month decrease of 2.62%; in September, the electrolytic copper import volume was 33.43 million tons, a month - on - month increase of 26.50% [1]. Aluminum Price and Spread - The SMM A00 aluminum price was 21440 yuan/ton, up 0.75% from the previous day; the SMM A00 aluminum premium was 0 yuan/ton [3]. Fundamental Data - In October, the electrolytic aluminum production was 374.21 million tons, a month - on - month increase of 3.52%; the aluminum profile production rate was 53.50%, a month - on - month decrease of 0.37% [3]. Alumina Price and Spread - The average price of alumina in Shandong was 2790 yuan/ton, unchanged from the previous day; the average price of alumina in Guangxi was 3010 yuan/ton, down 0.17% from the previous day [3]. Fundamental Data - In October, the alumina production was 18.2 million tons, a month - on - month increase of 2.39%; the electrolytic aluminum plant's raw material inventory increased by 2.2 million tons week - on - week [3]. Casting Aluminum Alloy Price and Spread - The SMM ADC12 price was 21400 yuan/ton, up 0.47% from the previous day; the SMM East China ADC12 price was 21400 yuan/ton, up 0.47% from the previous day [5]. Fundamental Data - In September, the production of recycled aluminum alloy ingots was 66.10 million tons, a month - on - month increase of 7.48%; the production of primary aluminum alloy ingots was 28.30 million tons, a month - on - month increase of 4.43% [5]. Zinc Price and Spread - The SMM 0 zinc ingot price was 22350 yuan/ton, up 0.31% from the previous day; the SMM 0 zinc ingot premium was - 30 yuan/ton [9]. Fundamental Data - In October, the refined zinc production was 61.72 million tons, a month - on - month increase of 2.85%; in September, the refined zinc import volume was 2.27 million tons, a month - on - month decrease of 11.61% [9]. Tin Spot Price and Basis - The SMM 1 tin price was 285400 yuan/ton, up 0.35% from the previous day; the SMM 1 tin premium was 500 yuan/ton, unchanged from the previous day [11]. Fundamental Data - In September, the tin ore import volume was 8714 tons, a month - on - month decrease of 15.13%; the SMM refined tin production was 10510 tons, a month - on - month decrease of 31.71% [11]. Nickel Price and Basis - The SMM 1 electrolytic nickel price was 122000 yuan/ton, up 0.04% from the previous day; the 1 Jinchuan nickel premium was 2600 yuan/ton, up 1.96% from the previous day [13]. Fundamental Data - China's refined nickel production was 35900 tons, a month - on - month increase of 0.84%; the refined nickel import volume was 38164 tons, a month - on - month increase of 124.36% [13]. Stainless Steel Price and Basis - The 304/2B (Wuxi Hongwang 2.0 coil) price was 12800 yuan/ton, down 0.78% from the previous day; the 304/2B (Foshan Hongwang 2.0 coil) price was 12900 yuan/ton, down 0.39% from the previous day [14]. Fundamental Data - China's 300 - series stainless - steel crude steel production (43 companies) was 182.17 million tons, a month - on - month increase of 0.38%; Indonesia's 300 - series stainless - steel crude steel production (Qinglong) was 42.35 million tons, a month - on - month increase of 0.36% [14]. Lithium Carbonate Price and Spread - The SMM battery - grade lithium carbonate average price was 81000 yuan/ton, up 0.56% from the previous day; the SMM industrial - grade lithium carbonate average price was 78800 yuan/ton, up 0.57% from the previous day [17]. Fundamental Data - In October, the lithium carbonate production was 92260 tons, a month - on - month increase of 5.73%; the lithium carbonate demand was 126961 tons, a month - on - month increase of 8.70% [17].

Core Viewpoint - Ming Tai Aluminum's stock price has shown a significant increase this year, with a year-to-date rise of 26.80% and a recent upward trend over various trading periods [1][2]. Group 1: Stock Performance - On November 4, Ming Tai Aluminum's stock price decreased by 2.02%, trading at 15.04 CNY per share with a total transaction volume of 337 million CNY [1]. - The stock has experienced a 4.52% increase over the last five trading days, a 6.36% increase over the last twenty days, and a 19.75% increase over the last sixty days [1]. Group 2: Financial Performance - For the period from January to September 2025, Ming Tai Aluminum reported a revenue of 25.874 billion CNY, reflecting a year-on-year growth of 9.38%. However, the net profit attributable to shareholders decreased by 0.49% to 1.404 billion CNY [2]. - The company has distributed a total of 1.364 billion CNY in dividends since its A-share listing, with 533 million CNY distributed over the past three years [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Ming Tai Aluminum increased to 57,200, up by 2.37% from the previous period [2]. - The average number of circulating shares per shareholder decreased by 2.32% to 21,309 shares [2]. - Hong Kong Central Clearing Limited is the second-largest circulating shareholder, holding 82.959 million shares, an increase of 59.148 million shares from the previous period [3].

Core Viewpoint - The stock of He Sheng Co., Ltd. has experienced fluctuations, with a recent decline of 2.09% and a year-to-date increase of 29.49%, indicating a volatile yet positive performance in the market [1]. Financial Performance - For the period from January to September 2025, He Sheng Co., Ltd. achieved a revenue of 2.708 billion yuan, representing a year-on-year growth of 19.05%. The net profit attributable to shareholders was 100 million yuan, showing a significant increase of 80.38% [2]. - The company has distributed a total of 250 million yuan in dividends since its A-share listing, with 163 million yuan distributed over the past three years [3]. Shareholder Information - As of October 20, 2025, the number of shareholders for He Sheng Co., Ltd. was 28,000, a decrease of 2.11% from the previous period. The average number of circulating shares per shareholder increased by 2.15% to 6,748 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the ninth largest, holding 2.9169 million shares as a new shareholder [3]. Market Activity - The stock's trading activity shows a net outflow of 11.1937 million yuan from major funds, with significant selling pressure observed in large orders [1]. - The stock has been listed on the "Dragon and Tiger List" once this year, with the most recent occurrence on February 26 [1]. Company Overview - He Sheng Co., Ltd. is located in Zhongshan City, Guangdong Province, and was established on April 20, 2005. It was listed on January 12, 2017. The company specializes in the research, production, and sales of industrial aluminum extrusion materials and deep-processing products [1]. - The main business revenue composition includes aluminum products (93.32%), other (5.33%), and entrusted processing (1.36%) [1]. - The company is classified under the non-ferrous metals industry, specifically in industrial metals and aluminum [1].

Core Viewpoint - Yun Aluminum Co., Ltd. has experienced significant stock price growth this year, with a year-to-date increase of 82.66% and notable gains over various trading periods [2]. Group 1: Stock Performance - As of November 4, Yun Aluminum's stock price was 23.80 CNY per share, with a trading volume of 624 million CNY and a market capitalization of 82.54 billion CNY [1]. - The stock has seen a 8.43% increase over the last 5 trading days, a 19.42% increase over the last 20 days, and a 54.05% increase over the last 60 days [2]. Group 2: Financial Performance - For the period from January to September 2025, Yun Aluminum reported a revenue of 44.072 billion CNY, representing a year-on-year growth of 12.47%, and a net profit attributable to shareholders of 4.398 billion CNY, which is a 15.14% increase year-on-year [2]. - The company has distributed a total of 6.069 billion CNY in dividends since its A-share listing, with 3.884 billion CNY distributed over the last three years [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Yun Aluminum was 79,100, a decrease of 8.51% from the previous period, with an average of 43,857 circulating shares per shareholder, an increase of 9.30% [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 269 million shares, an increase of 72.093 million shares from the previous period [3].

Investment Rating - The report initiates coverage with an "Accumulate" rating for the company [3]. Core Views - The company is a leading manufacturer of aluminum profiles, focusing on lightweight materials for the automotive industry and other sectors. It has a strong presence in high-performance aluminum components for vehicles, contributing significantly to its revenue [1][2]. - The automotive lightweight business has shown robust growth, with a 26% year-on-year increase in sales volume, reaching 38,000 tons in the first half of 2025 [2]. - The company plans to establish a joint venture in Morocco with Lingyun Co., aiming to enhance its supply capabilities for the European and North African markets [3]. Financial Summary - In the first half of 2025, the company achieved revenue of 3.59 billion yuan, with contributions from automotive lightweight aluminum profiles (27%), building aluminum profiles (26%), industrial aluminum profiles (38%), and system doors and windows (9%) [1]. - Revenue projections for 2025 to 2027 are estimated at 7.71 billion yuan, 8.73 billion yuan, and 9.56 billion yuan, respectively, with year-on-year growth rates of 16%, 13%, and 10% [3]. - The net profit attributable to the parent company is forecasted to be 210 million yuan in 2025, with a slight increase to 258 million yuan in 2026 and 302 million yuan in 2027 [4][3]. Market Position - The company is recognized as one of the largest domestic manufacturers of lightweight aluminum materials for the automotive sector, supplying to major automotive brands including Mercedes-Benz, BMW, and Toyota [2]. - The company is positioned to benefit from the growing demand for lightweight materials in the humanoid robotics industry, which is expected to leverage aluminum's properties for various applications [2].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The Fed's rate - cut expectations persist, and factors such as trade uncertainty, weak ADP employment, US debt expansion, de - dollarization, and geopolitical conflicts boost gold's safe - haven demand. The "official buying spree" and the long - term weakening trend of the US dollar index make gold's strategic allocation value stable [3]. - Last week, copper prices first rose and then fell. The December contract has reached its peak, and the price will be dominated by the spot market. In November, the market's focus is on the January contract. If the rate - cut expectation strengthens in December, the January contract may have the momentum to hit the previous high; otherwise, the probability of high - level consolidation increases [17]. - Last week, Shanghai aluminum prices were strong due to the resonance of macro and fundamentals. After macro events, the market may seek new trading logic. Overseas disturbances may be more frequent than domestic ones, and Shanghai aluminum will oscillate at a high level in the short term, testing the 21,500 resistance level. Alumina prices may be weak in the short term due to oversupply, and attention should be paid to cost - profit and production - adjustment news [37]. - Currently, the smelting end is fiercely competing for zinc ore. The price of overseas ore has no advantage, and the domestic ore increment is small, causing the TC in November to drop significantly again. The smelting end's willingness to cut or stop production in November has increased. If demand remains stable, there is a possibility of inventory reduction. Low inventory provides support for prices, and there is an upward driving force in November [59]. - In the nickel industry chain, Indonesia's new regulations on 2026 quota applications for nickel ore are stricter. The new energy sector is in the peak production and consumption season, with tight market circulation and low overall inventory levels. Nickel iron prices have been continuously lowered due to weak downstream demand. Stainless steel prices have been oscillating weakly, and many large steel mills have announced production cuts for the 200 - series. The Fed's rate - cut decision and Sino - US friendly talks bring positive signals [75]. - Fundamentally, the supply of tin is weaker than demand, with a decline in Yunnan's production and a sharp reduction in concentrate imports. The short - term supply - side disturbances are difficult to resolve, and Shanghai tin will remain strong in the short term, with support expected around 276,000 yuan [89]. - For lithium carbonate, the supply may increase in October due to the release of salt - lake production capacity and the possible resumption of "Jianxiawo". The demand from downstream lithium - battery material enterprises is expected to increase before the end of the year. Overall, the lithium carbonate futures price is expected to show an oscillating and strengthening trend [105]. - In the silicon industry chain, industrial silicon is in a situation of strong supply and weak demand, with high supply - side pressure and a downward trend in downstream operating rates. The polysilicon industry chain is reducing production and accumulating inventory, with weak fundamentals. The polysilicon futures have high volatility and high risks [118]. Summary by Related Catalogs Precious Metals - **Price and Market Conditions**: The Fed's rate - cut expectations and various factors support gold prices. The US dollar index has a long - term weakening trend, and gold has a stable strategic allocation value [3]. - **Data Charts**: Include SHFE gold and silver futures prices, COMEX gold prices and gold - silver ratios, gold and US Treasury real interest rates, gold and US dollar index relationships, and gold and silver long - term fund holdings and inventory data [4][8][12][16] Copper - **Price and Market Conditions**: Last week, copper prices fluctuated, and the December contract reached its peak. The January contract's trend depends on the rate - cut expectation in December. The current copper import profit is - 871.53 yuan/ton, and the copper concentrate TC is - 42.26 dollars/ton [17][28]. - **Data Charts**: Include copper futures and spot prices, inventory data, import and export profit data, and price difference data [18][23][33][35] Aluminum - **Price and Market Conditions**: Shanghai aluminum prices were strong last week and will oscillate at a high level in the short term. Alumina prices may be weak due to oversupply. Cast aluminum alloy has strong follow - up to Shanghai aluminum and has strong support [37][38]. - **Data Charts**: Include aluminum and alumina futures and spot prices, price difference data, inventory data, and import and export profit data [38][40][45][54] Zinc - **Price and Market Conditions**: The smelting end's willingness to cut production has increased in November due to ore supply issues. If demand is stable, there is a possibility of inventory reduction. Low inventory provides support for prices [59]. - **Data Charts**: Include zinc futures and spot prices, price difference data, and inventory data [60][67][72] Nickel Industry Chain - **Price and Market Conditions**: Indonesia's new regulations on nickel ore quotas are stricter. The new energy sector has tight circulation, nickel iron prices are falling, and stainless steel prices are oscillating weakly. Many large steel mills have announced production cuts [75]. - **Data Charts**: Include nickel and stainless steel futures prices, inventory data, nickel ore prices, and downstream profit data [76][80][84] Tin - **Price and Market Conditions**: The supply of tin is weaker than demand, and Shanghai tin will remain strong in the short term, with support around 276,000 yuan [89]. - **Data Charts**: Include tin futures and spot prices, inventory data, and import and export profit data [90][96][100] Lithium Carbonate - **Price and Market Conditions**: The supply of lithium carbonate may increase, and the demand from downstream enterprises is expected to rise. The futures price is expected to oscillate and strengthen [105]. - **Data Charts**: Include lithium carbonate futures and spot prices, inventory data, and price difference data [106][111][115] Silicon Industry Chain - **Price and Market Conditions**: Industrial silicon is in a situation of strong supply and weak demand, and the polysilicon industry chain is reducing production and accumulating inventory, with high risks [118]. - **Data Charts**: Include industrial silicon and polysilicon prices, production, inventory, and cost data [119][124][131][135]

Core Points - Tianshan Aluminum announced that its controlling shareholder, Shihezi Jinlong Energy Industry Chain Co., Ltd., has experienced a passive reduction in shareholding due to the exchange of company bonds "24 Jinlong EB01" and "24 Jinlong EB02" [1] - From July 21 to October 30, a total of 99.4677 million shares were reduced, representing a decrease of 2.14% [1] - The share reduction occurred in three phases: 593,700 shares from July 21 to September 5 (0.01%), 47.1721 million shares from September 11 to October 20 (1.01%), and 51.702 million shares from October 21 to October 30 (1.11%) [1] - Following this change, Jinlong Energy and its concerted parties' shareholding ratio decreased from 42.01% to 39.87% [1]

Investment Rating - The report maintains a "Recommended" investment rating for the gold, copper, aluminum, tin, and antimony sectors [11]. Core Views - The Federal Reserve's recent interest rate cut and the end of quantitative tightening are expected to strengthen support for precious metal prices [5]. - Positive macro signals are anticipated to bolster copper and aluminum prices, with ongoing discussions between the US and China contributing to market optimism [6][8]. - Supply constraints are expected to support tin prices, while antimony faces weak demand but long-term supply tightness may provide price support [10][11]. Summary by Sections 1. Industry Performance - The non-ferrous metals sector (Shenwan) saw a weekly increase of 2.90%, outperforming other sectors [21]. - Over the past month, the non-ferrous metals sector has increased by 5.0%, 41.0% over three months, and 60.6% over the past year [3]. 2. Precious Metals Market Data - Gold prices in London were reported at $4011.50 per ounce, a decrease of $92.90 or -2.26% from the previous week [4]. - Silver prices increased by $0.95 to $48.96 per ounce, reflecting a gain of 1.99% [4]. 3. Copper and Aluminum Insights - LME copper closed at $10,915 per ton, up $74 or +0.68% from the previous week, while SHFE copper fell to ¥87,030 per ton, down ¥670 or -0.76% [6]. - Domestic aluminum prices rose to ¥21,300 per ton, an increase of ¥170 from the previous week [8]. 4. Tin and Antimony Analysis - Domestic refined tin prices rose to ¥284,560 per ton, an increase of ¥1,850 or +0.65% [9]. - Antimony prices fell to ¥150,000 per ton, down ¥6,500 or -4.15% due to weak demand [10]. 5. Recommended Stocks - The report recommends specific stocks across various sectors, including Zhongjin Gold, Shandong Gold, Zijin Mining, and Yun Aluminum [12][15].

1. Report Industry Investment Rating No relevant content provided. 2. Report's Core Viewpoints Copper - After the interest rate cut and tariff implementation, the market may enter a macro "vacuum period" in November. The next macro nodes are the December FOMC meeting, the domestic Politburo meeting, and the Central Economic Work Conference. The copper supply shortage supports the price, and downstream demand has strong resilience. In the long - term, the supply - demand contradiction will support the upward movement of the copper price's bottom center, but short - term sharp increases may suppress demand. The main contract should focus on the 86000 - 86500 support level [2]. Aluminum - In October, the alumina futures price was under pressure, and it is expected to remain weakly volatile in November. The electrolytic aluminum market was strong in October, and it is expected to maintain a high - level volatile pattern in November with limited upside potential. Although high aluminum prices have inhibited some consumption and exports, the overall macro environment is positive [4]. Aluminum Alloy - In October, the cast aluminum alloy futures followed the aluminum price and was strong. The supply of scrap aluminum is tight, and the demand is in the peak season but with a mediocre performance. It is expected that the ADC12 price will remain strongly volatile in November, with an operating range of 20200 - 21000 yuan/ton [5]. Zinc - The supply of zinc is gradually shifting from the zinc ore end to the zinc ingot end. The smelting profit is compressed, and the subsequent supply increase may be limited. The demand is not outstanding, but the low overseas inventory may cause a short squeeze on LME zinc, supporting the price. The zinc price is expected to be strongly volatile in the short - term and may remain range - bound [11]. Tin - The supply of tin ore is tight, and the demand is weak. Due to Powell's hawkish remarks on the December interest rate cut, the tin price may decline in the short - term. Considering the strong fundamentals, a strategy of buying on dips is recommended. The future trend depends on the macro situation and the supply recovery in Myanmar [13]. Nickel - The nickel futures market fluctuates within a range. The production of refined nickel is high, and the price of nickel ore is firm. The price of ferronickel is under pressure, and the demand for stainless steel is weak. The market is expected to continue to fluctuate, and attention should be paid to the 2026 RKAB approval in Indonesia [14]. Stainless Steel - The stainless steel market is volatile, with supply pressure and insufficient demand improvement. The price of nickel ore is firm, and the price of ferronickel is under pressure. The supply of 300 - series stainless steel remains high, and the demand is weak. The market is expected to continue to adjust in the short - term [17]. Lithium Carbonate - The lithium carbonate futures were strong last week, but there was news of potential supply increases, which affected the market sentiment. The fundamentals are currently strong, with a slight decrease in production and an improvement in demand. It is expected that the price will fluctuate widely in November, with a reference range of 78000 - 87000 yuan/ton [20]. 3. Summary by Related Catalogs Copper Price and Basis - SMM 1 electrolytic copper price was 87570 yuan/ton, down 0.56% from the previous day. The electrolytic copper production in October was 109.16 million tons, down 2.62% month - on - month [2]. Fundamental Data - The import volume of electrolytic copper in September was 33.43 million tons, up 26.50% month - on - month. The inventory of various types showed different changes, such as SHFE inventory increasing by 10.83% week - on - week [2]. Aluminum Price and Spreads - SMM A00 aluminum price was 21280 yuan/ton, up 0.38% from the previous day. The alumina production in October was 778.53 million tons, up 2.39% month - on - month [4]. Fundamental Data - The electrolytic aluminum production in October was 374.21 million tons, up 3.52% month - on - month. The full - scale market inventory of alumina increased by 31.27 million tons to 437.55 million tons as of October 30 [4]. Aluminum Alloy Price and Spreads - SMM Southwest ADC12 price was 21400 yuan/ton, up 0.47% from the previous day. The production of recycled aluminum alloy ingots in September was 66.10 million tons, up 7.48% month - on - month [5]. Fundamental Data - The production of primary aluminum alloy ingots in September was 28.30 million tons, up 4.43% month - on - month. The operating rate of recycled aluminum alloy enterprises increased [5]. Zinc Price and Spreads - SMM 0 zinc ingot price was 22280 yuan/ton, up 0.13% from the previous day. The refined zinc production in October was 61.72 million tons, up 2.85% month - on - month [11]. Fundamental Data - The import volume of refined zinc in September was 2.27 million tons, down 11.61% month - on - month. The LME inventory increased by 1.15% [11]. Tin Spot Price and Basis - SMM 1 tin price was 284400 yuan/ton, up 0.14% from the previous day. The domestic tin ore import in September decreased by 15.13% month - on - month [13]. Fundamental Data - The SMM refined tin production in September was 10510 tons, down 31.71% month - on - month. The inventory of SHEF increased by 2.65% week - on - week [13]. Nickel Price and Basis - SMM 1 electrolytic nickel price was 121950 yuan/ton, down 0.20% from the previous day. The production of Chinese refined nickel increased by 1.26% month - on - month [14]. Supply and Inventory - The SHFE inventory increased by 1.87% week - on - week, and the social inventory decreased by 1.43% [14]. Stainless Steel Price and Basis - The price of 304/2B (Wuxi Hongwang 2.0 coil) was 12900 yuan/ton, down 0.39% from the previous day. The production of Chinese 300 - series stainless steel crude steel decreased by 0.99% month - on - month [17]. Fundamental Data - The stainless steel import volume increased by 2.70% month - on - month, and the export volume decreased by 6.55% [17]. Lithium Carbonate Price and Basis - The SMM battery - grade lithium carbonate average price was 80220 yuan/ton, up 0.69% from the previous day. The lithium carbonate production in October was 92260 tons, up 5.73% month - on - month [20]. Fundamental Data - The lithium carbonate demand in September was 116801 tons, up 12.28% month - on - month. The total inventory of lithium carbonate increased by 0.38% [20].

Core Viewpoint - Nanshan Aluminum has shown significant stock performance with a year-to-date increase of 24.60% and a recent surge of 12.14% over the past five trading days, indicating strong market interest and potential growth opportunities [1]. Company Overview - Nanshan Aluminum, established on March 18, 1993, and listed on December 23, 1999, is located in Longkou City, Shandong Province. The company specializes in the development, production, processing, and sales of aluminum and aluminum alloy products, as well as power generation [2]. - The main revenue sources for Nanshan Aluminum include cold-rolled sheets/plates (52.85%), alumina powder (26.57%), aluminum profiles (10.18%), aluminum foil (4.02%), alloy ingots (2.71%), hot-rolled sheets/plates (2.37%), and other sources [2]. Financial Performance - For the period from January to September 2025, Nanshan Aluminum reported a revenue of 26.325 billion yuan, reflecting a year-on-year growth of 8.66%. The net profit attributable to shareholders was 3.772 billion yuan, with a year-on-year increase of 8.09% [2]. - The company has distributed a total of 10.027 billion yuan in dividends since its A-share listing, with 4.306 billion yuan distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, Nanshan Aluminum had 183,700 shareholders, an increase of 11.00% from the previous period. The average number of tradable shares per shareholder was 63,218, a decrease of 9.91% [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, holding 629 million shares, and China Securities Finance Corporation, holding 589 million shares, with some fluctuations in their holdings compared to the previous period [3].