1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Copper prices reached a record high this week and then declined. Although the long - term demand outlook for copper is optimistic due to factors such as tight copper concentrate supply and increasing demand from computing power construction, short - term high prices are suppressing downstream demand. It is expected that copper prices will remain in a high - level oscillation in the short term, with the main contract of Shanghai Copper operating in the range of 85,000 - 89,000. It is recommended to exit long positions at high levels or conduct short - term trading within the range [2]. - Aluminum prices are in a high - level upward oscillation. However, as the rainy season in Guinea ends and alumina prices weaken, there is downward pressure on ore prices. The operating capacity of alumina has decreased, and the inventory has increased. The operating capacity of electrolytic aluminum has increased slightly. It is recommended to reduce positions and take profits at high levels for aluminum - related products [2]. - Zinc prices are in a relatively strong oscillation. Although the processing fees of zinc ore have decreased, the production enthusiasm of smelters is high, and the output of refined zinc is expected to remain at a high level. Terminal consumption is weak, and inventory is at a high level. It is expected that Shanghai Zinc will maintain an oscillation, with the main contract operating in the range of 21,800 - 23,000, and it is recommended to conduct range trading [2]. - Lead prices are in a sideways oscillation. Supply is decreasing, but downstream procurement is cautious due to high prices. Considering the strong production and consumption demand and the temporary truce in the Sino - US trade war, lead prices may continue to rise after consolidation. It is recommended to go long at low levels within the range of 17,100 - 17,800 [2]. - Nickel prices are in an intra - range oscillation and decline. The cost of the nickel industry is relatively stable, but the nickel market remains in a surplus situation, with continuous inventory accumulation. It is recommended to hold short positions at high levels, with the main contract of Shanghai Nickel operating in the range of 119,000 - 123,000; for stainless steel, it is also recommended to hold short positions at high levels, with the main contract operating in the range of 12,400 - 12,900 [3]. - Tin prices are in a high - level oscillation and overall upward trend. Although tin ore supply is expected to improve, downstream consumption is weak. It is recommended to conduct range trading, with the reference operating range of the Shanghai Tin 12 contract being 275,000 - 295,000, and it is necessary to continue to pay attention to supply resumption and downstream demand recovery [3]. - Industrial silicon prices are in an oscillatory adjustment. The production and inventory of industrial silicon and related products such as polysilicon and organic silicon have changed. It is recommended to conduct range trading or wait and see, and pay attention to the implementation of the polysilicon storage platform and production reduction [3]. - Lithium carbonate prices are in a wide - range oscillation. The supply and demand are in a tight balance, and downstream demand is strong. It is recommended to trade cautiously and pay attention to the progress of mining certificates in Yichun and the resumption of production of the Ningde Jianxiawo lithium mine [3]. 3. Summary by Relevant Catalogs 3.1 Macro - From October 27th to November 2nd, important economic data were released. China's industrial enterprise profits in September increased by 21.6% year - on - year, and the profits of high - tech manufacturing and equipment manufacturing showed good growth. The Sino - US leaders held a meeting, and the Sino - US economic and trade teams reached a consensus on tariff and export control measures. China's official manufacturing PMI in October dropped to 49, while the non - manufacturing index rose to 50.1. The Federal Reserve cut interest rates by 25 basis points, and the eurozone's GDP in the third quarter increased by 0.2% quarter - on - quarter, exceeding expectations. The US Senate passed a resolution to terminate Trump's comprehensive tariff policy, but it is expected to face difficulties in the House of Representatives [11][12][13][14][15][16][17]. 3.2 Copper - Price trend: Reached a record high and then declined, expected to be in a high - level oscillation in the short term [2]. - Fundamental factors: Supply of copper concentrate is tight, but short - term high prices are suppressing downstream demand, and inventory is accumulating [2]. - Investment advice: Exit long positions at high levels or conduct short - term trading within the range [2]. 3.3 Aluminum - Price trend: High - level upward oscillation, with the oscillation range broken through [46]. - Fundamental factors: The rainy season in Guinea ends, alumina prices weaken, the operating capacity of alumina decreases, and the inventory increases. The operating capacity of electrolytic aluminum increases slightly, and downstream demand is affected by the transition from peak to off - peak season [2]. - Investment advice: Reduce positions and take profits at high levels [2]. 3.4 Zinc - Price trend: Relatively strong oscillation [2]. - Fundamental factors: Zinc ore processing fees have decreased, smelter production enthusiasm is high, terminal consumption is weak, and inventory is at a high level [2]. - Investment advice: Conduct range trading [2]. 3.5 Lead - Price trend: Sideways oscillation [2]. - Fundamental factors: Supply is decreasing, downstream procurement is cautious due to high prices, but production and consumption demand are strong [2]. - Investment advice: Go long at low levels within the range [2]. 3.6 Nickel - Price trend: Intra - range oscillation and decline [3]. - Fundamental factors: The cost of the nickel industry is relatively stable, but the nickel market is in a surplus situation, with continuous inventory accumulation [3]. - Investment advice: Hold short positions at high levels [3]. 3.7 Tin - Price trend: High - level oscillation and overall upward trend [3]. - Fundamental factors: Tin ore supply is expected to improve, but downstream consumption is weak [3]. - Investment advice: Conduct range trading [3]. 3.8 Industrial Silicon - Price trend: Oscillatory adjustment [3]. - Fundamental factors: The production and inventory of industrial silicon and related products have changed, and the production of polysilicon is expected to decrease in November [3]. - Investment advice: Conduct range trading or wait and see [3]. 3.9 Lithium Carbonate - Price trend: Wide - range oscillation [3]. - Fundamental factors: Supply and demand are in a tight balance, downstream demand is strong, and there are uncertainties in mining certificates [3]. - Investment advice: Trade cautiously [3].

Report Industry Investment Rating No relevant information provided. Core Viewpoints Copper - After interest rate cuts and tariff implementation, the market may enter a macro "vacuum period" in November. The next key macro events are the December FOMC meeting, the domestic Politburo meeting, and the Central Economic Work Conference. Pay attention to the Fed's interest rate cut rhythm and China - US tariff situation. - The shortage of copper ore supply supports the price floor. If by - product prices like sulfuric acid continue to fall and TC remains low, smelters may face cash - flow losses and experience phased production cuts. - Downstream demand for copper is resilient. Although there is price - aversion sentiment, there is still significant procurement after price drops. In the medium - to - long - term, supply - demand contradictions support the upward movement of the copper price floor, but short - term sharp increases may suppress demand. Pay attention to marginal changes in demand and US tariff conditions, with the main support level at 86,000 - 86,500 [2]. Aluminum - In October, the alumina futures price was under pressure, and it is expected to remain weakly volatile in November with limited rebound space. The market should focus on whether large - scale production cuts will occur if prices continue to fall. - In October, the electrolytic aluminum market was strong. In November, the Shanghai aluminum price is expected to remain high and volatile with limited upside. Although high prices may suppress downstream procurement, the overall macro environment is positive. However, domestic supply is under pressure due to high operating capacity and expected import arrivals, and downstream demand is not strong enough [4]. Aluminum Alloy - In October, the casting aluminum alloy futures followed the aluminum price and strengthened. The supply of scrap aluminum is tight, squeezing enterprise profits. In November, the ADC12 price is expected to remain strong and volatile, with an operating range of 20,200 - 21,000 yuan/ton. Pay attention to scrap aluminum supply, downstream demand, and policy implementation [6]. Zinc - The supply - loosening logic has spread from the zinc ore end to the zinc ingot end. Supply growth may be limited due to compressed smelting profits. Demand has no unexpected performance, but the low overseas inventory creates a risk of a short squeeze on LME, supporting the zinc price. The domestic zinc ingot supply is relatively loose, and export windows are intermittently open. In the short - term, the zinc price will be volatile and strong, but the fundamentals may limit its upward movement. It is expected to remain range - bound between 22,000 - 23,000 [11]. Tin - The supply of tin ore remains tight, and the improvement in supply may be limited this year. Demand is weak, and although some consumption is driven by AI and photovoltaics, it cannot offset the decline in traditional demand. In the short - term, the tin price may fall due to the Fed's hawkish stance. If the supply from Myanmar recovers well, the price may weaken; otherwise, it will remain strong [13]. Nickel - The nickel market is range - bound with no clear one - way trend. The production of refined nickel remains high, and the price of nickel ore is firm. The price of ferronickel is under pressure, and the demand for stainless steel is weak, while the demand for ternary materials has inventory - building needs but may not be sustainable. The market should pay attention to the 2026 RKAB approval in Indonesia. The price is expected to be range - bound between 118,000 - 126,000 [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 chromium iron market is weakly stable. The supply of 300 - series stainless steel remains high, and demand is mainly for rigid needs. The social inventory is slowly decreasing. In the short - term, the price is expected to be range - bound between 12,500 - 13,000 [17]. Lithium Carbonate - Last week, the lithium carbonate futures were strong, but the market was affected by supply - side news. The fundamentals are currently strong, with a slight decrease in weekly production and an unexpected improvement in downstream demand. In November, the supply - demand change is expected to be limited, and the price is expected to be widely volatile between 78,000 - 87,000 [20]. Summary by Directory Copper Price and Basis - SMM 1 electrolytic copper price decreased by 0.56% to 87,570 yuan/ton, and the SMM 1 electrolytic copper premium increased by 55 yuan/ton to 0 yuan/ton. - The refined - scrap price difference decreased by 10.31% to 3,966 yuan/ton, and the import profit and loss improved by 89.84 yuan/ton to - 793 yuan/ton [2]. Fundamental Data - In October, the electrolytic copper production was 109.16 million tons, a decrease of 2.62% from the previous month. In September, the electrolytic copper import volume was 33.43 million tons, an increase of 26.50% from the previous month [2]. Aluminum Price and Spread - SMM A00 aluminum price increased by 0.38% to 21,280 yuan/ton, and the premium increased by 10 yuan/ton to 0 yuan/ton. - The import profit and loss improved by 44.7 yuan/ton to - 2,471 yuan/ton, and the Shanghai - London ratio increased by 0.01 to 7.45 [4]. Fundamental Data - In October, the alumina production was 778.53 million tons, an increase of 2.39% from the previous month, and the electrolytic aluminum production was 374.21 million tons, an increase of 3.52% from the previous month. In September, the electrolytic aluminum export volume was 2.90 million tons, an increase of 13.07% from the previous month [4]. Aluminum Alloy Price and Spread - SMM Southwest ADC12 price increased by 0.47% to 21,400 yuan/ton, and the 2511 - 2512 monthly spread decreased by 95 yuan/ton to - 145 yuan/ton [6]. Fundamental Data - In September, the production of recycled aluminum alloy ingots was 66.10 million tons, an increase of 7.48% from the previous month, and the production of primary aluminum alloy ingots was 28.30 million tons, an increase of 4.43% from the previous month [6]. Zinc Price and Spread - SMM 0 zinc ingot price increased by 0.13% to 22,280 yuan/ton, and the premium increased by 10 yuan/ton to - 30 yuan/ton. - The import profit and loss improved by 483.90 yuan/ton to - 4,273 yuan/ton, and the 2511 - 2512 monthly spread increased by 35 yuan/ton to - 5 yuan/ton [11]. Fundamental Data - In October, the refined zinc production was 61.72 million tons, an increase of 2.85% from the previous month. In September, the refined zinc import volume was 2.27 million tons, a decrease of 11.61% from the previous month [11]. Tin Spot Price and Basis - SMM 1 tin price increased by 0.14% to 284,400 yuan/ton, and the LME 0 - 3 premium increased by 247.83% to 40 US dollars/ton. - The import profit and loss decreased by 1.75% to - 15,516.50 yuan/ton, and the 2511 - 2512 monthly spread decreased by 7.14% to - 600 yuan/ton [13]. Fundamental Data - In September, the tin ore import volume was 8,714 tons, a decrease of 15.13% from the previous month, and the SMM refined tin production was 10,510 tons, a decrease of 31.71% from the previous month [13]. Nickel Price and Basis - SMM 1 electrolytic nickel price decreased by 0.20% to 121,950 yuan/ton, and the 1 Jinchuan nickel premium increased by 100 yuan/ton to 2,550 yuan/ton. - The futures import profit and loss improved by 7.21% to - 1,429 yuan/ton, and the 2512 - 2601 monthly spread decreased by 60 yuan/ton to - 190 yuan/ton [14]. Fundamental Data - In October, the Chinese refined nickel production was 32,200 tons, an increase of 1.26% from the previous month. The refined nickel import volume in the relevant period decreased by 3.00% [14]. Stainless Steel Price and Spread - The price of 304/2B (Wuxi Hongwang 2.0 coil) decreased by 0.39% to 12,900 yuan/ton, and the 2512 - 2601 monthly spread decreased by 5 yuan/ton to - 45 yuan/ton. - The Chinese 300 - series stainless steel crude steel production in 43 factories was 176.19 million tons, a decrease of 0.99% from the previous month, and the stainless steel export volume was 41.85 million tons, a decrease of 6.55% from the previous month [17]. Lithium Carbonate Price and Basis - SMM battery - grade lithium carbonate average price increased by 0.69% to 80,220 yuan/ton, and the SMM electric - carbon - industrial - carbon price difference remained unchanged at 2,200 yuan/ton. - The basis (based on SMM electric carbon) increased by 167.93% to 1,250 yuan/ton, and the 2511 - 2512 monthly spread remained unchanged at - 1,420 yuan/ton [20]. Fundamental Data - In October, the lithium carbonate production was 92,260 tons, an increase of 5.73% from the previous month, and the lithium carbonate demand in September was 116,801 tons, an increase of 12.28% from the previous month [20].

Core Viewpoint - Tianshan Aluminum has shown significant stock performance with an 82.63% increase year-to-date, reflecting strong market interest and financial growth [1][2]. Financial Performance - For the period from January to September 2025, Tianshan Aluminum achieved a revenue of 22.32 billion yuan, representing a year-on-year growth of 7.34% [2]. - The net profit attributable to shareholders for the same period was 3.34 billion yuan, marking an 8.31% increase compared to the previous year [2]. Stock Market Activity - As of November 3, Tianshan Aluminum's stock price was 13.65 yuan per share, with a market capitalization of 63.498 billion yuan [1]. - The stock has experienced a recent trading volume of 5.90 billion yuan, with a turnover rate of 1.07% [1]. - Over the last five trading days, the stock price increased by 3.54%, and over the last 20 days, it rose by 23.50% [1]. Shareholder Information - As of September 30, the number of shareholders for Tianshan Aluminum was 37,800, a decrease of 23.85% from the previous period [2]. - The average number of circulating shares per shareholder increased by 31.32% to 109,224 shares [2]. Dividend Distribution - Tianshan Aluminum has distributed a total of 7.48 billion yuan in dividends since its A-share listing, with 4.38 billion yuan distributed over the last three years [3]. Major Shareholders - As of September 30, 2025, Hong Kong Central Clearing Limited was the seventh-largest circulating shareholder, holding 131 million shares, an increase of 18.54 million shares from the previous period [3].

1. Report Industry Investment Ratings - Not provided in the given content 2. Core Views of the Report - The overall market is affected by various factors such as the Fed's attitude, domestic PMI data, and policy expectations. Different asset classes show different trends, with short - term volatility and varying degrees of risk and opportunity [2][3] - For commodities, different sectors like black metals, non - ferrous metals, energy chemicals, and agricultural products have their own supply - demand situations and price trends, which are influenced by both macro and micro factors [4][8][12][17] 3. Summary by Relevant Catalogs Macro Finance - Overseas, the dollar index is strengthening due to Powell's hawkish attitude, and global risk appetite is cooling. Domestically, the October PMI is 49.0%, down 0.8% from last month, indicating a slowdown in economic growth. Policy stimulus expectations are increasing. Index futures are expected to fluctuate in the short term, and government bonds may rebound slightly. For commodities, black, non - ferrous, and energy - chemical sectors may fluctuate, while precious metals may correct at high levels [2] Stock Index - Affected by sectors such as insurance, semiconductors, and small metals, the domestic stock market continued to decline. The weakening PMI data dampened market sentiment, but policy stimulus expectations may boost risk appetite. Short - term caution and wait - and - see are recommended [3] Precious Metals - The precious metals market rose on Friday night. The Fed's hawkish attitude and strong dollar index led to an overall shock adjustment of spot gold. In the short term, precious metals may fluctuate, but the medium - to - long - term upward trend remains. Short - term wait - and - see and medium - to - long - term buying on dips are advised [3] Black Metals - **Steel**: The spot market was flat last Friday, and the futures price declined slightly. Real demand is improving marginally, and speculative demand has also increased. However, steel mill profits are being compressed, and environmental restrictions may reduce supply. The short - term market is expected to fluctuate within a range [4][5] - **Iron Ore**: The spot price fell slightly last Friday, while the futures price strengthened. Macro expectations and reduced arrivals led to a recent rebound. But steel mill profits are low, and iron ore supply pressure is large. The price is expected to fluctuate in the short term [5] - **Silicon Manganese/Silicon Iron**: The spot price was flat last Friday, and the futures price declined slightly. The demand for ferroalloys is acceptable. The supply of silicon manganese decreased slightly, and the price of silicon iron raw materials was stable. The futures price is expected to continue to fluctuate in a range [6] - **Soda Ash**: The futures contract fluctuated last week. Supply is increasing, and there are capacity expansion plans in the fourth quarter. Demand is stable. The supply - side contradiction is the core factor suppressing the price, and a bearish view is recommended [7] - **Glass**: The futures contract fluctuated last week. Supply was stable, demand was weak, and inventory was high. Supported by policies, it may be slightly stronger in the short term, and the demand during the year - end completion peak needs attention [7] Non - Ferrous Metals and New Energy - **Copper**: The macro - environment has weakened. The Fed's attitude and China's PMI data are not optimistic. US copper inventories are high, and domestic de - stocking is not as expected. However, the suspension of an Indonesian copper mine may support the price, and it is expected to fluctuate at a high level in the short term [8] - **Aluminum**: The price reached a one - year high last Friday and then declined. The Fed's attitude and market sentiment affected the price. The fundamentals changed little, and overseas and domestic de - stocking was not as expected [8] - **Tin**: The smelting start - up rate is at a high level, and the supply is expected to increase. The demand is still weak, and the high price suppresses consumption. The price is expected to fluctuate at a high level in the short to medium term [9] - **Lithium Carbonate**: The production decreased slightly, and the price of raw materials increased. The supply and demand are both strong, and the inventory is decreasing. Due to rumors and hedging pressure, light - position wait - and - see is recommended [10] - **Industrial Silicon**: The production reached a new high. Supply pressure comes from Xinjiang, and demand is stable. The price is expected to fluctuate, and buying on dips is recommended [10][11] - **Polysilicon**: The inventory decreased significantly, and the number of warehouse receipts increased. The policy expectation and weak reality are in a stalemate. The price is expected to fluctuate in a high - level range, and buying on dips is recommended [11] Energy Chemicals - **Crude Oil**: The market is concerned about the lack of significant transfer of Asia - Pacific procurement after Russian oil sanctions. OPEC+ is increasing production, but geopolitical risks may cause a short - term rebound. The long - term price is expected to be bearish [12] - **Asphalt**: The cost support is weakening, and the price is falling. The inventory is being reduced, but the demand is approaching the off - season. The supply pressure is temporarily reduced, but the future trend depends on the rebound of crude oil [12] - **PX**: The crude oil price is fluctuating weakly. PTA's high start - up rate provides some demand support. The PXN spread has rebounded slightly, and the price is mainly driven by crude oil costs [13] - **PTA**: The downstream start - up rate has increased slightly, and the basis has improved. But the supply is still high, and the inventory accumulation pressure is large in November [13] - **Ethylene Glycol**: The port inventory has decreased, but the arrival volume is high. The inventory accumulation pressure is large in November, and the price is testing the previous low [13] - **Short Fiber**: It fluctuates with the polyester sector in the short term, but the pressure is large in the later period. Terminal orders are decreasing seasonally, and the inventory is accumulating [14][15] - **Methanol**: The market shows regional differentiation. The port inventory is decreasing slightly, while the inland inventory is increasing. The price may decline in the short term but is expected to enter a consolidation phase later [15] - **PP**: The supply growth rate is higher than the demand recovery rate, and the inventory is high. However, the demand is improving marginally, and the crude oil price provides some cost support. The price is expected to fluctuate weakly in the short term [15] - **LLDPE**: The supply pressure is increasing, and the demand is expected to weaken after the peak in early November. The crude oil price provides limited support, and the price is expected to be under pressure [16] - **Urea**: The supply is expected to increase, and the demand is weakening. The export is expected to remain at a low level [16] Agricultural Products - **US Soybeans**: The Sino - US trade window may open, and China's purchase plan may lead to an increase in export expectations. If the yield is further reduced, the cost - repair logic will be strengthened, and the price may continue to rise [17] - **Soybean and Rapeseed Meal**: The domestic soybean supply is sufficient, and the supply of soybean meal is abundant. The improvement of Sino - US trade relations may increase the cost of imported soybeans but reduce the risk of supply shortage. The spread between soybean and rapeseed meal is expected to widen [17] - **Palm Oil**: It has entered a technically oversold stage. Although there was over - production in October, the price may be supported by the increase in international oil and crude oil prices, and the seasonal de - stocking trend remains [18][19] - **Soybean and Rapeseed Oil**: Affected by the decline of palm and rapeseed oil, the price may continue to weaken. It is in the consumption season, and the high inventory of rapeseed oil is being reduced [19] - **Corn**: The pressure of wet grain sales is decreasing, and the spot price is stable. The futures price is weak, but the bottom - range support may be effective [19] - **Pigs**: The overall slaughter volume is expected to increase in November, and the profit is in a loss state. The pig price is unlikely to rebound significantly before the winter solstice in December [19]

Core Viewpoint - Zhongfu Industrial's stock price has shown significant growth this year, with a year-to-date increase of 135.69%, indicating strong market performance and investor interest [1][2]. Group 1: Stock Performance - On November 3, Zhongfu Industrial's stock fell by 2.06%, trading at 6.67 CNY per share, with a total market capitalization of 26.733 billion CNY [1]. - The stock has experienced a 3.09% increase over the last five trading days, a 31.82% increase over the last 20 days, and a 41.01% increase over the last 60 days [1]. - The company has appeared on the "Dragon and Tiger List" twice this year, with the most recent instance on June 27, where it recorded a net buy of -154 million CNY [1]. Group 2: Financial Performance - For the period from January to September 2025, Zhongfu Industrial reported a revenue of 16.633 billion CNY, a year-on-year decrease of 0.60%, while the net profit attributable to shareholders increased by 63.25% to 1.187 billion CNY [2]. - The company's main business revenue composition includes non-ferrous metals at 94.76%, electricity at 9.96%, coal at 2.71%, and other businesses at 0.47% [1]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Zhongfu Industrial increased by 4.73% to 80,800, with an average of 49,618 circulating shares per shareholder, a decrease of 4.51% [2]. - The company has cumulatively distributed 334 million CNY in dividends since its A-share listing, with no dividends paid in the last three years [3]. - New significant shareholders include Yongying Ruixin Mixed A and Yongying Stable Enhanced Bond A, with holdings of 80.129 million shares and 48.579 million shares, respectively [3].

Core Viewpoint - China Aluminum's stock price has shown significant growth this year, with a year-to-date increase of 38.04% and a recent 20-day increase of 30.59% [2] Financial Performance - For the period from January to September 2025, China Aluminum achieved a revenue of 176.516 billion yuan, representing a year-on-year growth of 1.58%. The net profit attributable to shareholders was 10.872 billion yuan, reflecting a year-on-year increase of 20.58% [2] - Cumulative cash dividends since the A-share listing amount to 13.358 billion yuan, with 7.823 billion yuan distributed over the last three years [3] Stock Market Activity - On November 3, China Aluminum's stock price fell by 2.00%, trading at 9.79 yuan per share with a total transaction volume of 1.441 billion yuan and a turnover rate of 1.09% [1] - As of September 30, 2025, the number of shareholders was 356,300, a decrease of 2.91% from the previous period [2] Shareholder Composition - As of September 30, 2025, the largest circulating shareholder was China Securities Finance Corporation, holding 448 million shares, unchanged from the previous period. Other notable shareholders include Huaxia SSE 50 ETF and Huatai-PB CSI 300 ETF, which saw a decrease in their holdings [3]

Investment Rating - The report maintains a positive investment rating for the metals and new materials industry, highlighting strong performance in various sub-sectors [3][4]. Core Insights - The report indicates that the overall performance of the metals sector has outperformed the broader market, with the non-ferrous metals index rising by 75.90% year-to-date, surpassing the CSI 300 index by 57.96 percentage points [4][8]. - Key drivers for the sector include a favorable supply-demand balance, particularly in energy metals and lithium, which have seen significant price increases [3][8]. - The report suggests that the recent interest rate cuts by the Federal Reserve may lead to upward adjustments in valuation multiples across the sector, particularly for companies with stable supply-demand dynamics [3][8]. Weekly Market Review - The Shanghai Composite Index increased by 0.11%, while the Shenzhen Component Index rose by 0.67%. The non-ferrous metals index increased by 2.56%, outperforming the CSI 300 by 2.99 percentage points [4][6]. - Precious metals saw a slight increase of 0.61%, while aluminum prices rose by 4.25%, and energy metals surged by 6.31% [3][8]. - Year-to-date performance shows significant gains across various metals, with copper up 96.09% and lithium carbonate prices increasing by 8.67% [8][12]. Price Changes and Key Company Valuations - The report details price changes for key metals, with copper prices at $10,888 per ton, reflecting a 24.17% increase year-on-year, while aluminum prices are reported at $21,300 per ton, up 7.68% year-on-year [13][15]. - The report provides valuations for key companies in the sector, indicating that companies like Zijin Mining and Shandong Gold have favorable price-to-earnings (PE) ratios, suggesting potential for growth [15][16]. Supply and Demand Dynamics - The report highlights that domestic social inventory of copper has increased slightly to 183,000 tons, while overall exchange inventories rose to 573,000 tons [22]. - The operating rates for copper processing facilities show a slight decline, indicating potential supply constraints in the near term [22][33]. - The aluminum sector is experiencing a tight supply-demand balance, with operating rates for downstream processing slightly decreasing [33]. Recommendations - The report recommends focusing on companies with integrated operations and those showing cost improvement potential, such as China Aluminum and Zhongjin Lingnan Nonfemet Company [3][8]. - It also suggests monitoring companies in the renewable energy manufacturing sector, which are expected to benefit from the ongoing transition towards sustainable energy solutions [3][8].

加拿大总理卡尼已证实，他本人就加拿大某地方政府委托制作的一则广告，向美国总统特朗普致歉。该广告使用了里根的影像素材，旨在批评美国的贸易 关税政策。 当地时间周六，卡尼在韩国庆州举行的新闻发布会上告诉记者，这则由安大略省政府委托制作的广告，让特朗普感到"深受冒犯"。 他补充称，若事先征求过自己的意见，绝不会批准这则广告发布。 这则广告于本月早些时候播出，剪辑拼接了里根1987年关于贸易政策的演讲片段，以及他当年对日本加征关税的相关内容，试图暗示这位已故共和党标志 性人物反对贸易保护主义。 特朗普对此反应强烈，指责加拿大人的行为"过分出格"，并宣布暂停与加拿大政府正在进行的贸易谈判。作为回应，他还对加拿大进口商品加征了额外关 税。 当地时间周五，这位美国总统透露，卡尼已主动联系他致歉，且态度"非常好"，但双方的贸易谈判仍处于暂停状态。 特朗普表示："里根是支持关税的，而他们（加拿大人）却试图把这塑造成相反的样子。" 卡尼此番表态，是在亚太经合组织峰会结束后作出的。本周，他与特朗普均出席了在韩国举行的此次峰会。 卡尼在致歉时强调，加方始终重视与美方的贸易关系，此前两国在钢铁、铝和能源领域的谈判已取得一定进展，这则广 ...

1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Report's Core Viewpoints - **Precious Metals**: The fundamental drivers for precious metals mainly come from the Fed's expected interest rate cut but sending hawkish signals, which boosts risk - aversion sentiment due to policy uncertainties. Geopolitical risks in the Middle East continuously strengthen the safe - haven attribute of gold. The strong gold investment demand globally in Q3 (a 47% year - on - year increase) and the support from the RMB - denominated advantage and the recovery of domestic physical demand lead to a "strong domestic, weak overseas" pattern [3]. - **Copper**: After the Fed's interest rate decision, the copper market saw a decline in both volume and price. The spot premium showed a trend of bottoming out and rebounding, but the increase was limited. If the spot market trading volume does not increase, the futures price may remain in a high - level oscillation in the short term [17]. - **Aluminum**: The tariff negotiation results led to a night - session increase in Shanghai aluminum. With macro events gradually settled, the market is in a news vacuum, and Shanghai aluminum is expected to oscillate at a high level in the short term. Alumina is in an oversupply situation, and prices are falling. Cast aluminum alloy has strong follow - up to Shanghai aluminum and strong support at the bottom [37]. - **Zinc**: In November, the TC of zinc decreased significantly due to intense competition for mines in the smelting sector, the lack of price advantage of overseas mines, and limited domestic mine increments. The smelting sector's willingness to cut or stop production increased. If demand remains stable, there is a possibility of inventory reduction. Low inventory supports prices, and there is an upward driving force in November [60]. - **Nickel**: Indonesia's new regulations on nickel ore quotas in 2026 are stricter. The price increase of nickel ore has slowed down, and the market circulation is tight. The price of nickel - iron and chrome - iron has declined, weakening the cost support for stainless steel. Stainless steel is in the off - season, and downstream demand is weak [76]. - **Tin**: Fundamentally, Yunnan's tin production has declined, and concentrate imports have dropped sharply. Supply is weaker than demand. In the short term, it is difficult to solve supply - side disturbances, and Shanghai tin is expected to remain strong, with support around 276,000 yuan [91]. - **Lithium Carbonate**: Market demand is good, and warehouse receipts are continuously and significantly decreasing. Before the end of the year, the demand of downstream lithium - battery material enterprises is expected to increase month - on - month, which may drive spot procurement demand and support the futures price [105]. - **Silicon**: For industrial silicon, as the dry season approaches, enterprise production cuts are expected to increase, and the price center may move up slightly, but the price increase is limited due to high inventory. The polysilicon spot market is cold, with a production - cut expectation, and the fundamentals are weak [116]. 3. Summary by Related Catalogs Precious Metals - **Price Data**: SHFE gold and silver futures prices, COMEX gold price, and related price ratios and spreads are presented in multiple charts [4][6][9]. - **Driving Factors**: Fed's interest rate policy, geopolitical risks, global central bank gold purchases, and investment demand are the main driving factors for the precious metals market [3]. Copper - **Futures Data**: The latest prices, daily changes, and daily change rates of Shanghai copper and London copper futures are provided. The prices of Shanghai copper futures have declined, and the London copper price has also decreased [18]. - **Spot Data**: Spot prices of different copper sources have declined, and the spot premium has shown a trend of bottoming out and rebounding [23]. - **Inventory Data**: Shanghai copper and international copper warehouse receipts and LME copper inventory data are given, with some changes in inventory quantities [33][35]. Aluminum - **Price Data**: The latest prices, daily changes, and daily change rates of Shanghai aluminum, London aluminum, alumina, and aluminum alloy futures are provided. Shanghai aluminum prices have increased slightly, while alumina prices have decreased [38]. - **Spread Data**: Various spreads between different aluminum and alumina contracts are presented, with some spreads showing significant changes [40][42]. - **Inventory Data**: Shanghai aluminum and LME aluminum inventory data are given, with changes in inventory quantities [54]. Zinc - **Price Data**: The latest prices, daily changes, and daily change rates of Shanghai zinc and LME zinc futures are provided. Both prices have declined [61]. - **Spot Data**: Spot prices of different zinc grades have increased slightly, and LME zinc spreads have decreased [69]. - **Inventory Data**: Shanghai zinc and LME zinc inventory data are given, with changes in inventory quantities [73]. Nickel - **Price Data**: The latest prices, daily changes, and daily change rates of Shanghai nickel and LME nickel futures are provided. Prices have declined [77]. - **Downstream Data**: Nickel - related downstream product prices, such as stainless steel, have also declined, and the cost support for stainless steel has weakened [76]. - **Inventory Data**: Shanghai nickel warehouse receipt inventory data are presented [82]. Tin - **Price Data**: The latest prices, daily changes, and daily change rates of Shanghai tin and LME tin futures are provided. Shanghai tin prices have increased slightly, while LME tin prices have decreased [92]. - **Inventory Data**: Shanghai tin and LME tin inventory data are given, with inventory decreases [100]. Lithium Carbonate - **Price Data**: The latest prices, daily changes, and weekly changes of lithium carbonate futures are provided. Some contracts have shown price increases [106]. - **Spot Data**: Spot prices of different lithium - related products have changed, with some price increases [110]. - **Inventory Data**: Warehouse receipt inventory and social inventory data of lithium carbonate are given, with inventory decreases [114]. Silicon - **Price Data**: The latest prices, daily changes, and daily change rates of industrial silicon futures are provided. Prices have declined [118]. - **Downstream Data**: Prices of polysilicon, silicon wafers, battery cells, and components are presented, showing different trends [125][126][127]. - **Inventory Data**: Inventory data of industrial silicon and polysilicon are given, with polysilicon inventory at a relatively high level [136][144].

Group 1 - The core outcome of the recent US-China talks resulted in a reduction of tariffs on Chinese goods to 47%, with both sides making concessions on three key issues [1] - The US made significant concessions, including the cancellation of a 10% tariff on fentanyl, a one-year suspension of a 24% reciprocal tariff, and a temporary halt on export control regulations for one year [1] - In response, China adjusted its countermeasures, suspended some export controls, and began researching more detailed solutions, including a commitment to purchase 12 million tons of US soybeans this quarter and at least 25 million tons annually for the next three years [1][3] Group 2 - Canada's Prime Minister Carney met with Chinese leaders at the APEC summit, indicating a turning point in Canada-China relations, which had been strained since 2018 [5] - Canada has imposed a 75.8% anti-dumping deposit on canola seeds from China, significantly increasing export costs for Canadian farmers, while also facing retaliatory tariffs from the US [7] - Carney's government is pushing for a "de-Americanization" strategy, signing free trade agreements with Indonesia and preliminary agreements with the UAE and EU in various sectors [11][13] Group 3 - Canada aims to double its exports to non-US markets over the next decade, targeting over 300 billion CAD in export value, while remaining open to continued trade discussions with the US [15] - The shift in Canada's trade strategy reflects a broader trend of countries seeking to diversify their economic partnerships, indicating a potential decline in US dominance in global trade [15][17]