1. Report Industry Investment Ratings No information about industry investment ratings is provided in the reports. 2. Core Views of the Reports Tin Industry - Short - term tin prices are highly volatile due to macro - sentiment, and it is recommended to be cautious in operations. Tin prices are expected to fluctuate at a high level in the short term [2]. Aluminum Industry - Alumina prices are expected to fluctuate widely around the industry's cash - cost line. The aluminum price will maintain a high - level wide - range shock, with the main contract of Shanghai aluminum operating in the range of 23,000 - 24,200 yuan/ton [5]. Nickel Industry - The nickel price has fallen significantly. The market is affected by Indonesia's unclear nickel - mine quota and geopolitical risks. The short - term price will be in a wide - range shock adjustment, with the main contract referring to the range of 130,000 - 135,000 [6]. Stainless Steel Industry - The stainless - steel market is affected by nickel - mine raw - material expectations. The supply pressure eases slightly, but the demand in the off - season is still insufficient. The short - term price is expected to be in a shock adjustment, with the main contract referring to the range of 13,200 - 14,000 [9]. Aluminum Alloy Industry - The ADC12 price of aluminum alloy is expected to continue to fluctuate in a high - level range in the short term, with the main contract referring to the range of 22,000 - 23,200 yuan/ton [12]. Lithium Carbonate Industry - The lithium - carbonate market's fundamentals are weak in the off - season, but the post - holiday news boosts the sentiment. The price is expected to maintain a relatively strong shock, and attention should be paid to the liquidity risk and regulatory possibility [13]. Copper Industry - The medium - and long - term fundamentals of copper are good, but the short - term price is over - valued irrationally. The short - term price will still maintain a relatively strong trend, and the volatility may increase [15]. Zinc Industry - The zinc price will fluctuate in the short term. The support comes from the tight domestic zinc - mine supply and low zinc - ingot inventory, and the pressure comes from the expected supply of imported ores [17]. Industrial Silicon Industry - The industrial - silicon market is expected to be in a situation of weak supply and demand in January. The price is expected to fluctuate at a low level, with the main range of 8,000 - 9,000 yuan/ton [20]. Polysilicon Industry - The polysilicon market has weak supply - demand fundamentals and high inventory. It is recommended to wait and see, pay attention to the increase in production cuts and the re - distribution of industrial - chain profits [22]. 3. Summaries According to Relevant Catalogs Tin Industry - **Price and Spread**: SMM 1 tin decreased by 0.25% to 355,050 yuan/ton, and the SMM 1 tin premium increased by 128.57% to 800 yuan/ton. The 2601 - 2602 spread increased by 72% to - 350 [2]. - **Fundamentals**: In November, tin - ore imports increased by 29.81%. In December, SMM refined - tin production decreased slightly by 0.06%. SHEF and social inventories decreased [2]. Aluminum Industry - **Price and Spread**: SMM A00 aluminum decreased by 0.58% to 24,000 yuan/ton. The AL 2601 - 2602 spread increased by 70 yuan/ton to 60 yuan/ton [5]. - **Fundamentals**: In December, electrolytic - aluminum production increased by 3.97%. The social inventory of aluminum ingots increased by 8.18% [5]. Nickel Industry - **Price and Spread**: SMM 1 electrolytic nickel decreased by 0.73% to 149,050 yuan/ton. The 2602 - 2603 spread decreased by 310 yuan/ton to - 530 yuan/ton [6]. - **Fundamentals**: China's refined - nickel product output decreased by 9.38%, and imports increased by 30.08%. SHFE and social inventories increased [6]. Stainless Steel Industry - **Price and Spread**: The 304/2B (Wuxi Hongwang 2.0 roll) price decreased by 1.08% to 13,800 yuan/ton. The 2602 - 2603 spread decreased by 30 yuan/ton to - 140 yuan/ton [9]. - **Fundamentals**: China's 300 - series stainless - steel crude - steel production decreased by 2.5%. The net export volume increased by 25.31% [9]. Aluminum Alloy Industry - **Price and Spread**: SMM Southwest ADC12 increased by 0.43% to 23,600 yuan/ton. The 2602 - 2603 spread increased by 35 yuan/ton to - 45 yuan/ton [12]. - **Fundamentals**: In December, the output of recycled aluminum alloy ingots decreased by 6.16%. The recycled - aluminum alloy inventory decreased slightly [12]. Lithium Carbonate Industry - **Price and Spread**: SMM battery - grade lithium carbonate increased by 3.75% to 138,500 yuan/ton. The 2602 - 2603 spread decreased by 100 yuan/ton to - 540 yuan/ton [13]. - **Fundamentals**: In December, lithium - carbonate production increased by 4.04%, and demand decreased by 2.5%. Total inventory decreased by 12.23% [13]. Copper Industry - **Price and Spread**: SMM 1 electrolytic copper decreased by 1.28% to 102,085 yuan/ton. The 2601 - 2602 spread decreased by 10 yuan/ton to - 250 yuan/ton [15]. - **Fundamentals**: In December, electrolytic - copper production increased by 6.8%. The domestic mainstream port copper - concentrate inventory decreased by 16.65% [15]. Zinc Industry - **Price and Spread**: SMM 0 zinc ingot decreased by 0.53% to 24,170 yuan/ton. The 2601 - 2602 spread decreased by 30 yuan/ton to - 45 yuan/ton [17]. - **Fundamentals**: In December, refined - zinc production decreased by 7.24%. The social inventory of zinc ingots increased by 11.69% [17]. Industrial Silicon Industry - **Price and Spread**: East - China oxygen - containing SI5530 industrial silicon remained unchanged at 9,250 yuan/ton. The 2601 - 2602 spread increased by 445 yuan/ton to 440 yuan/ton [20]. - **Fundamentals**: National industrial - silicon production decreased by 1.15%. Xinjiang's production increased by 6.46%. Social inventory decreased by 0.9% [20]. Polysilicon Industry - **Price and Spread**: The main - contract price of polysilicon decreased by 8.04% to 53,610 yuan/ton. The current - month - to - first - continuous spread increased by 1,215 yuan/ton to 1,415 yuan/ton [22]. - **Fundamentals**: Polysilicon production decreased slightly by 0.83% on a weekly basis. The silicon - wafer inventory increased by 13.11% [22].

有色金属日报 2026-1-9 五矿期货早报 | 有色金属 有色金属小组 吴坤金 从业资格号：F3036210 交易咨询号：Z0015924 0755-23375135 wukj1@wkqh.cn 曾宇轲 从业资格号：F03121027 交易咨询号：Z0023147 0755-23375139 zengyuke@wkqh.cn 张世骄 从业资格号：F03120988 交易咨询号：Z0023261 0755-23375122 zhangsj3@wkqh.cn 王梓铧 从业资格号：F03130785 0755-23375132 wangzh7@wkqh.cn 刘显杰 从业资格号：F03130746 0755-23375125 liuxianjie@wkqh.cn 陈逸 从业资格号：F03137504 0755-23375125 cheny40@wkqh.cn 陈仪方 从业资格号：F03152004 0755-23375125 chenyf3@wkqh.cn 市场监管总局约谈 6 家光伏企业，国内商品情绪有所降温，昨日伦铜 3M 收跌 1.27%至 12072 美元/ 吨，沪铜主力合约收至 100230 元/吨。L ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Copper: Overnight, both domestic and international copper prices fluctuated and declined, with losses in domestic refined copper imports. The recent economic and employment data in the US show signs of economic recovery since the government shutdown in November, but the future guidance remains weak. Due to the persistently high copper prices, terminal orders have slowed down, and the market maintains rigid procurement demand. After an orderly adjustment, it is beneficial for the subsequent market development, and the sustainability should be monitored [1]. - Aluminum: Overnight, alumina, Shanghai aluminum, and aluminum alloy all showed a weakening trend. The inventory of aluminum ore is high, and the short - term premium purchasing sentiment of alumina plants is low. The news of the National Development and Reform Commission encouraging industrial restructuring and integration has reduced the downward - driving force on the futures market. The expectation of the Fed's interest rate cut has led to a continuous rise in aluminum prices. Currently, there is a certain inventory accumulation pressure, and the divergence between macro and micro factors poses new challenges to the further rise of aluminum prices. Attention should be paid to the sustainability of the precious metal's popularity and the feedback from downstream sentiment [1][3]. - Nickel: Overnight, LME nickel and Shanghai nickel both declined. The recent rapid rise in nickel prices is mainly affected by market sentiment and Indonesian policies. From a fundamental perspective, as prices rise rapidly, the output of primary nickel has increased significantly, and hedging demand may put pressure on the futures price. It is necessary to pay attention to the actual implementation of Indonesian policies and market sentiment, and the risk of chasing high prices is relatively large. It is recommended to pay attention to market sentiment and consider the opportunity of going long on forward contracts at low prices [4]. 3. Summary According to Relevant Catalogs 3.1 Research Views | Variety | Key Points | | --- | --- | | Copper | - Macro: US economic and employment data show recovery since November, but future guidance is weak. <br> - Inventory: LME inventory decreased by 2,850 tons, Comex inventory increased by 3,256 tons, SHFE copper warehouse receipts increased by 3,203 tons, and BC copper remained at 1,053 tons. <br> - Demand: Terminal orders slowed due to high prices, with rigid procurement demand. <br> - Market: After an orderly adjustment, it benefits subsequent market development [1]. | | Aluminum | - Futures: Alumina, Shanghai aluminum, and aluminum alloy futures prices declined overnight. <br> - Spot: SMM alumina price fell, aluminum ingot spot discount narrowed, and some aluminum product processing fees changed. <br> - Market: Ore inventory is high, short - term premium purchasing sentiment of alumina plants is low. Policy news reduces downward - driving force, and Fed rate - cut expectation drives up aluminum prices. There is inventory accumulation pressure and challenges to further price increases [1][3]. | | Nickel | - Price: LME nickel fell 4.21%, Shanghai nickel fell 1.44%. <br> - Inventory: LME inventory increased by 20,088 tons, SHFE warehouse receipts decreased by 612 tons. <br> - News: Indonesian nickel production plan may decrease in 2026, some mines are suspended, and the domestic trade benchmark price rose slightly. <br> - Market: Price rise is affected by sentiment and policies, and hedging demand may pressure prices. Chasing high is risky, and long - term low - price buying opportunities can be considered [4]. | 3.2 Daily Data Monitoring - **Copper**: The price of flat - water copper decreased, the price of 1 bright scrap copper remained unchanged, and the refined - scrap price difference decreased. LME inventory remained unchanged, SHFE warehouse receipts increased by 3,203 tons, and social inventory increased by 0.1 million tons. The active - contract import loss decreased [6]. - **Lead**: The average price of 1 lead increased, and the prices of some lead products also increased. LME inventory remained unchanged, and SHFE inventory increased by 909 tons [6]. - **Aluminum**: The prices of无锡 and南海 aluminum increased, and the prices of some raw materials decreased. LME inventory remained unchanged, SHFE warehouse receipts increased by 3,726 tons, and social inventory of electrolytic aluminum and alumina increased [7]. - **Nickel**: The price of Jinchuan nickel increased, and the prices of some nickel products changed. LME inventory remained unchanged, SHFE nickel warehouse receipts decreased by 612 tons, and social nickel inventory increased by 2,122 tons [7]. - **Zinc**: The主力 settlement price increased by 0.7%, and the prices of some zinc products decreased. LME inventory remained unchanged, and social inventory increased by 0.52 million tons [9]. - **Tin**: The主力 settlement price increased by 4.5%, and the prices of some tin products increased. LME inventory remained unchanged, and SHFE inventory decreased by 541 tons [9]. 3.3 Chart Analysis - **Spot Premium**: Charts show the historical trends of spot premiums for copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2026 [10][11][14]. - **SHFE Near - Far Month Spread**: Charts display the historical trends of the spread between the first - and second - month contracts for copper, aluminum, nickel, zinc, lead, and tin from 2020 - 2026 [15][20][22]. - **LME Inventory**: Charts present the historical trends of LME inventories for copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2026 [23][25][27]. - **SHFE Inventory**: Charts show the historical trends of SHFE inventories for copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2026 [29][31][33]. - **Social Inventory**: Charts display the historical trends of social inventories for copper, aluminum, nickel, zinc, stainless steel, and 300 - series from 2019 - 2026 [35][37][39]. - **Smelting Profit**: Charts present 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 [42][44][46]. 3.4 Team Introduction - Zhan Dapeng: A science master, currently the director of non - ferrous research at Everbright Futures Research Institute, a senior researcher in precious metals, and a gold intermediate investment analyst. He has over a decade of commodity research experience, serves many leading spot enterprises, and has published dozens of professional articles. His team has won the "Best Metal Industry Futures Research Team Award" for four consecutive years [49]. - Wang Heng: A master of finance from the University of Adelaide, Australia, currently a non - ferrous researcher at Everbright Futures Research Institute, mainly researching aluminum and silicon. He has won relevant industry awards and provides services such as policy interpretation and risk management for clients [49]. - Zhu Xi: A master of science from the University of Warwick, UK, currently a non - ferrous researcher at Everbright Futures Research Institute, mainly researching lithium and nickel. She focuses on the integration of non - ferrous metals and new energy, serves many leading new - energy enterprises, and provides policy interpretation and writes in - depth reports [50].

Core Viewpoint - Dongfang Tantalum Industry (000962.SZ) has received approval from the Shenzhen Stock Exchange for its issuance of securities to specific targets [1] Group 1: Issuance Details - The company disclosed its revised prospectus for the issuance of A-shares on January 7, 2025, targeting up to 35 specific investors, including China Nonferrous Metal Group and China Nonferrous Oriental Group [3] - The issuance constitutes a related party transaction, as both China Nonferrous Metal Group and China Nonferrous Oriental Group are affiliated with Dongfang Tantalum [3] - The total subscription amount from China Nonferrous Metal Group is RMB 105.27 million, while China Nonferrous Oriental Group will subscribe for RMB 480 million [3] Group 2: Financial Aspects - The issuance will adopt a pricing inquiry method, with the issue price set at no less than 80% of the average trading price over the 20 trading days prior to the pricing date [4] - The total amount raised from the issuance will not exceed RMB 1.1899 billion, with a net amount after deducting issuance costs to be invested in various projects, including the construction of a digital factory for tantalum and niobium [4] - The total investment for the projects is RMB 1.36348 billion, with the funds allocated as follows: RMB 566.50 million for the digital factory, RMB 253.20 million for the expansion of the smelting production line, RMB 254.61 million for the high-end product production line, and RMB 115.60 million for working capital [5]

1. Report Industry Investment Ratings - No industry investment ratings are provided in the reports. 2. Core Views of the Reports Tin Industry - Affected by multiple factors such as sudden geopolitical events and macro - economic expectations, tin prices rose sharply. It is expected that short - term prices will be mainly driven by macro factors and remain strongly volatile [2]. Nickel Industry - Recently, the expectation of Indonesia's increased control over nickel mines has boosted market sentiment. The actual implementation remains to be observed, but short - term quota uncertainties and strong capital sentiment still provide some support. The nickel price may fluctuate widely at high levels, with a reference range of 140,000 - 150,000 [4]. Stainless Steel Industry - The supply pressure has slightly eased, and the cost support from the ore and nickel - iron sectors has strengthened, but the demand boost in the off - season is still insufficient. The stainless - steel market is in a supply - demand game. After the release of the positive sentiment from the nickel - ore news, the further upward drive may be limited. In the short term, the price is expected to remain strong, with the main contract reference range of 13,500 - 14,200 [7]. Lithium Industry - The supply of lithium carbonate is expected to increase slightly, and downstream demand maintains a certain level of resilience. However, in the off - season, the power market orders decline, and the destocking speed slows down. The short - term price is expected to fluctuate widely, with the main contract possibly testing the 150,000 resistance level and then adjusting downward [11]. Copper Industry - The medium - to - long - term fundamentals of copper are good, but the short - term price has over - priced the long - term benefits and is overvalued to some extent. However, in a high - risk - appetite market environment, the short - term price may still remain strong, with the main contract focusing on the 99,000 - 100,000 support level [13]. Zinc Industry - Supported by the tight domestic zinc ore supply and low zinc - ingot inventory, and pressured by the expected supply of imported ores, the short - term zinc price will fluctuate strongly in a warm macro environment, with the main contract focusing on the 23,300 - 23,400 support level [17]. Aluminum Industry - For alumina, the market surplus pressure is still severe, and the price is expected to fluctuate widely around the industry's cash - cost line. For aluminum, strong macro and policy expectations provide a bottom support, but the weakening supply - demand fundamentals and inventory accumulation pressure will suppress the upward space. The short - term price is expected to fluctuate widely at high levels, with the main contract of Shanghai aluminum in the reference range of 23,400 - 24,400 [19]. Industrial Silicon Industry - The industrial silicon market is expected to continue the pattern of weak supply and demand in January. The price is expected to remain low and volatile, with a main fluctuation range of 8,000 - 9,000 yuan/ton. Attention should be paid to the implementation of production cuts [20]. Polysilicon Industry - The polysilicon price will remain high and volatile. In January, under the weak - demand background, there is a pressure to further reduce production to balance supply and demand. It is recommended to wait and see and pay attention to future production cuts and price - adjustment acceptance [22]. Aluminum Alloy Industry - The ADC12 price of cast aluminum alloy is expected to continue to oscillate in a high - level range, with the main contract reference range of 22,200 - 23,200 yuan/ton. Attention should be paid to raw - material supply, import - window changes, and downstream pre - Spring Festival stocking [23]. 3. Summary by Relevant Catalogs Tin Industry - **Price and Basis**: The prices of SMM 1 tin and Yangtze 1 tin increased by 4.37% and 4.36% respectively, and the LME 0 - 3 premium decreased by 116.59% [2]. - **Fundamentals**: In November, the import of tin ore increased by 29.81%, and the export of refined tin from Indonesia increased by 186.54%. In December, the production of SMM refined tin decreased slightly by 0.06% [2]. - **Inventory**: The SHEF inventory decreased by 6.38%, and the social inventory decreased by 9.15% [2]. Nickel Industry - **Price and Basis**: The prices of SMM 1 electrolytic nickel and 1 Jinchuan nickel increased by 4.67% and 4.71% respectively, and the futures import loss increased significantly by 4,880.90% [4]. - **Cost**: The cost of producing electrolytic nickel from external - sourced materials increased, while the cost of integrated high - matte nickel production decreased by 3.60% [4]. - **Supply and Demand and Inventory**: China's refined nickel production decreased by 9.38%, and the import volume increased by 30.08%. SHFE and social inventories increased [4]. Stainless Steel Industry - **Price and Basis**: The prices of 304/2B stainless - steel coils in Wuxi and Foshan increased by 4.89% and 3.76% respectively, and the basis between futures and spot prices increased by 213.33% [7]. - **Raw - Material Prices**: The price of 8 - 12% high - nickel pig iron increased by 0.91%, and the price of Inner Mongolia high - carbon ferrochrome increased by 1.23% [7]. - **Fundamentals**: The production of 300 - series stainless - steel crude steel in China decreased by 2.50%, and the net export volume increased by 25.31%. The social inventory of 300 - series decreased by 0.93% [7]. Lithium Industry - **Price and Basis**: The prices of SMM battery - grade lithium carbonate, industrial - grade lithium carbonate, etc. all increased, with the increase ranging from 2.96% to 7.93% [11]. - **Fundamentals**: In December, the production of lithium carbonate increased by 4.04%, the demand decreased by 2.50%, and the total inventory decreased by 12.23% [11]. Copper Industry - **Price and Basis**: The prices of SMM 1 electrolytic copper and other copper products decreased slightly, and the LME 0 - 3 premium decreased significantly [13]. - **Fundamentals**: In December, the production of electrolytic copper increased by 6.80%, and in November, the import volume decreased by 3.90%. The social inventory and SHFE inventory increased [13]. Zinc Industry - **Price and Basis**: The price of SMM 0 zinc ingot decreased by 0.16%, and the import loss increased [17]. - **Fundamentals**: In December, the production of refined zinc decreased by 7.24%, and in November, the export volume increased by 402.59%. The social inventory of zinc ingots increased by 2.59% [17]. Aluminum Industry - **Price and Basis**: The price of SMM A00 aluminum increased by 0.96%, and the price of alumina in various regions decreased slightly [19]. - **Fundamentals**: In December, the production of alumina increased by 1.08%, and the production of domestic and overseas electrolytic aluminum increased by 3.97% and 3.56% respectively. The social inventory of electrolytic aluminum increased by 6.05% [19]. Industrial Silicon Industry - **Price and Basis**: The prices of various industrial - silicon products remained stable, and the basis decreased [20]. - **Fundamentals**: The national production of industrial silicon decreased by 1.15%, and the production in Xinjiang increased by 6.46%, while that in Yunnan and Sichuan decreased significantly. The export volume increased by 21.78% [20]. - **Inventory**: The social inventory increased slightly by 0.36% [20]. Polysilicon Industry - **Price and Basis**: The prices of N - type polysilicon products remained stable, and the main - contract futures price decreased by 1.79% [22]. - **Fundamentals**: The weekly and monthly production of polysilicon decreased and increased respectively, and the export volume increased significantly [22]. - **Inventory**: The polysilicon inventory increased by 0.99%, and the silicon - wafer inventory increased by 6.92% [22]. Aluminum Alloy Industry - **Price and Basis**: The prices of SMM aluminum - alloy ADC12 in various regions increased by about 0.85%, and the scrap - to - refined price difference increased [23]. - **Fundamentals**: In November, the production of recycled aluminum - alloy ingots decreased by 6.16%, and the production of primary aluminum - alloy ingots increased slightly by 0.46%. The开工 rates of various types of aluminum - alloy enterprises decreased [23]. - **Inventory**: The social inventory of recycled aluminum - alloy ingots decreased by 4.40% [23].

有色金属日报 2026-1-8 五矿期货早报 | 有色金属 有色金属小组 吴坤金 从业资格号：F03120988 交易咨询号：Z0023261 0755-23375122 zhangsj3@wkqh.cn 王梓铧 从业资格号：F3036210 交易咨询号：Z0015924 0755-23375135 wukj1@wkqh.cn 曾宇轲 从业资格号：F03121027 交易咨询号：Z0023147 0755-23375139 zengyuke@wkqh.cn 张世骄 从业资格号：F03130785 0755-23375132 wangzh7@wkqh.cn 刘显杰 从业资格号：F03130746 0755-23375125 liuxianjie@wkqh.cn 陈逸 从业资格号：F03137504 0755-23375125 cheny40@wkqh.cn 【策略观点】 美国经济数据偏弱，政策宽松宽松方向不变，国内政策面温和刺激，情绪面中性偏暖。产业上看矿端 供应维持紧张和美国关税预期继续给予铜价强支撑，而铜价处于高位背景下需求仍面临一定压力， 短期铜价预计震荡整理。今日沪铜主力合约参考：100800-1040 ...

Copper - Copper prices experienced fluctuations and a decline, with domestic refined copper imports remaining unprofitable. The macroeconomic indicators from the US show a recovery in demand and employment, with the ISM services PMI reaching 54.4, the highest in over a year, and ADP employment increasing by 41,000 jobs [3][8] - LME copper inventory decreased by 2,850 tons to 143,225 tons, while Comex inventory increased by 3,256 tons to 464,910 tons. SHFE copper warehouse receipts rose by 3,203 tons to 96,474 tons [3][8] - Due to high copper prices, terminal orders have slowed, maintaining rigid procurement demand. The market is experiencing increased divergence, with precious metals and non-ferrous sectors cooling down, indicating a potential orderly adjustment beneficial for future trends [3][8] Nickel & Stainless Steel - LME nickel fell by 4.21% to $17,655 per ton, while SHFE nickel dropped by 1.44% to 143,280 yuan per ton. LME nickel inventory increased by 20,088 tons to 275,634 tons, and SHFE warehouse receipts decreased by 612 tons to 38,776 tons [9][11] - The Indonesian Nickel Mining Association reported a significant reduction in nickel ore production targets for 2026, down to approximately 250 million tons from 379 million tons in 2025. Vale's Indonesian subsidiary has paused nickel mining due to unapproved production plans [11] - The recent rise in nickel prices is driven by market sentiment and Indonesian policy changes, with primary nickel production increasing by 18.5% to 37,200 tons. However, hedging demand may exert pressure on prices [11] Aluminum & Aluminum Alloys - Aluminum oxide prices showed a slight decline, with AO2605 settling at 2,889 yuan per ton, down 0.69%. SHFE aluminum also experienced a decline, with AL2602 at 24,135 yuan per ton, down 1.21% [12] - The SMM aluminum oxide price fell to 2,681 yuan per ton, while aluminum ingot spot prices saw a discount of 200 yuan per ton. The market is facing inventory pressure due to increased shipments from Xinjiang and reduced outflows from major sales areas [12] - The expectation of a Federal Reserve interest rate cut has reignited enthusiasm for precious metals, contributing to rising aluminum prices. However, the market faces challenges with inventory accumulation and potential price increases [12] Industrial Silicon & Polysilicon - Industrial silicon prices showed a slight increase, with the main contract at 8,980 yuan per ton, up 1.07%. The reference price for industrial silicon remained stable at 9,603 yuan per ton [13] - Polysilicon prices experienced a decline, with the main contract at 58,300 yuan per ton, down 2.13%. The market is facing challenges due to reduced production quotas and environmental regulations impacting supply [13] - The industry anticipates a potential reduction in polysilicon supply due to self-regulation and coordinated production cuts, which may provide strong support for prices [13] Lithium Carbonate - Lithium carbonate futures rose by 4.54% to 142,300 yuan per ton, with battery-grade lithium carbonate prices increasing by 6,000 yuan to 133,500 yuan per ton. Industrial-grade lithium carbonate also saw a rise of 5,750 yuan to 130,000 yuan per ton [14][15] - Weekly lithium production increased by 259 tons to 22,420 tons, with lithium spodumene and lithium mica production also rising. However, forecasts indicate a 1.2% decrease in lithium carbonate production for January 2026 [14][15] - Concerns over actual lithium resource supply due to geopolitical and policy factors persist, with expectations that price increases may be more easily transmitted downstream, although acceptance of high prices by end-users remains uncertain [15]

| | 操作评级 | 2026年01月07日 | | --- | --- | --- | | 铜 | ☆☆☆ | 肖静 首席分析师 | | 铝 | | F3047773 Z0014087 | | | ☆☆☆ | 刘冬博 高级分析师 | | 氧化铝 | ななな | F3062795 Z0015311 | | 铸造铝合金 文文文 | | 吴江 高级分析师 | | 锌 | ★☆☆ | F3085524 Z0016394 | | 错 | ★☆☆ 镇及不锈钢 ★☆☆ | 张秀睿 中级分析师 | | 锡 | ☆☆☆ | F03099436 Z0021022 | | 碳酸锂 | | 孙芳芳 中级分析师 | | 工业硅 | な女女 | F03111330 Z0018905 | | | ななな | | | 多晶硅 | 女女女 | 010-58747784 | | | | gtaxinstitute@essence.com.cn | 【铜】 周三沪铜高位震荡,晚间关注美国ADP就业、耐用品订单等数据。国内观铜103410元,上海贴水50元,精废价差 6000元。因跨年涨势快LME市场实值期权多头履约密集，伦铜短线目标扩至1.35 ...

Group 1 - The core viewpoint of the article highlights that Tongling Nonferrous Metals actively utilizes capital tools to support high-quality development since its listing, while also focusing on returning value to investors through consistent cash dividends [2] Group 2 - The company emphasizes the importance of stable cash dividends as part of its commitment to investor returns [2] - Specific data regarding the company's financial performance and dividend distribution can be found in its official announcements on the legal information disclosure platform [2]

Group 1 - The core point of the article is that Innovation New Materials (stock code: 600361) has disclosed that as of December 31, 2025, the total number of shareholders is expected to be 63,677 [1]