投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 邮箱：longaoming@bcqhgs.com 作者声明 本人具有中国期货业协会授 予的期货从业资格证书，期货投 资咨询资格证书，本人承诺以勤 勉的职业态度，独立、客观地出 具本报告。本报告清晰准确地反 映了本人的研究观点。本人不会 因本报告中的具体推荐意见或观 点而直接或间接接收到任何形式 的报酬。 有色金属 姓名：龙奥明 宝城期货投资咨询部 从业资格证号：F3035632 投资咨询证号：Z0014648 电话：0571-87006873 有色金属 | 日报 2025 年 11 月 25 日 有色日报 专业研究·创造价值 铜增仓上行 核心观点 沪铜 今日沪铜增仓上行明显，主力期价站上 8.65 万。宏观层面，上周 五纽约联储主席威廉姆斯发表了被市场解读为"鸽派"的讲话，昨 日美联储理事沃勒的讲话也偏鸽，市场降息预期持续升温，12 月降 息概率上升至 80%以上，利好铜价。产业上，内外电解铜库存分化， 海外边际累库，国内边际去库。短期铜价增仓上行，预计维持强 势。 沪铝 今日沪铝早盘增仓上行，随后高位整理，持仓量持续下降。宏观 层面，美联储降 ...

经济观察网郴州钻石钨制品有限公司成立，注册资本3亿元人民币，经营范围包括常用有色金属冶炼、 稀有稀土金属冶炼、有色金属合金制造、有色金属压延加工。股东信息显示，该公司由中钨高新 （000657）材料股份有限公司全资持股。 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - **Copper**: Overnight, both domestic and international copper prices fluctuated weakly. The Fed's dovish stance on a December rate - cut has increased market expectations, briefly alleviating liquidity concerns. LME and Comex inventories increased, while SHFE copper warrants decreased. Demand is slowly recovering, but high copper prices are suppressing terminal demand, and the high inventory may restrict future copper prices. Without unexpected events, copper prices will show a high - level oscillating trend with low volatility [1]. - **Aluminum**: Overnight, alumina fluctuated strongly, while Shanghai aluminum and aluminum alloy fluctuated weakly. Northern environmental inspections mainly target the ore end, with some phased maintenance in northern alumina plants. The alumina social inventory has slightly decreased, and downstream raw material inventory is overstocked, pressuring prices. With the decline in the US rate - cut expectation, the macro - sentiment has turned cautious. The aluminum price has a short - term support but is still restricted [1][2]. - **Nickel**: Overnight, LME and Shanghai nickel prices rose. LME inventory decreased, and SHFE warrants increased. The nickel ore benchmark price slightly declined, and the nickel - iron stainless - steel industry chain is weak. In the new - energy industry chain, the raw material end is tight, but the ternary precursor in November decreased month - on - month. The primary nickel inventory pressure is obvious, and investors can consider buying at low prices, but should beware of macro - disturbances [3]. 3. Summary by Related Catalogs 3.1 Research Views - **Copper**: The Fed's dovish attitude on a December rate - cut has raised market expectations. LME inventory increased by 725 tons to 155,750 tons, Comex inventory increased by 5,905 tons to 371,391 tons, SHFE copper warrants decreased by 5,974 tons to 43,816 tons, and BC copper decreased by 25 tons to 6,177 tons. Demand is slowly warming up, but high inventory may limit future prices [1]. - **Aluminum**: Alumina AO2601 closed at 2,733 yuan/ton, up 0.07%, with an increase of 3,099 lots in positions. Shanghai aluminum AL2512 closed at 21,405 yuan/ton, up 0.12%, with a decrease of 4,542 lots in positions. Aluminum alloy AD2512 closed at 20,645 yuan/ton, down 0.02%, with a decrease of 90 lots in positions. The SMM alumina price dropped to 2,834 yuan/ton. Environmental inspections in the north and inventory changes affect the price [1][2]. - **Nickel**: LME nickel rose 0.75% to 14,730 US dollars/ton, and Shanghai nickel rose 0.69% to 116,100 yuan/ton. LME inventory decreased by 468 tons to 253,482 tons, and SHFE warrants increased by 708 tons to 34,493 tons. The nickel - iron stainless - steel industry chain is weak, and the new - energy industry chain has a tight raw - material end [3]. 3.2 Daily Data Monitoring - **Copper**: On November 24, 2025, the price of flat - copper was 86,185 yuan/ton, up 415 yuan from November 21. The LME registered + cancelled inventory remained unchanged, while SHFE warrants decreased by 5,974 tons [4]. - **Lead**: The average price of 1 lead in the Yangtze River was 17,140 yuan/ton on November 24, down 20 yuan from November 21. SHFE lead inventory decreased by 3,869 tons on a weekly basis [4]. - **Aluminum**: On November 24, the Wuxi aluminum price was 21,350 yuan/ton, down 30 yuan from November 21. The electrolytic aluminum social inventory decreased by 0.8 million tons on a weekly basis [5]. - **Nickel**: On November 24, the price of Jinchuan nickel plate was 119,850 yuan/ton, up 1,150 yuan from November 21. The SHFE nickel inventory decreased by 778 tons on a weekly basis [5]. - **Zinc**: The main settlement price on November 24 was 22,350 yuan/ton, down 0.7% from November 21. The social inventory decreased by 0.81 million tons on a weekly basis [7]. - **Tin**: The main settlement price on November 24 was 293,460 yuan/ton, up 0.5% from November 21. The SHFE tin inventory decreased by 29 tons on a weekly basis [7]. 3.3 Chart Analysis - **Spot Premium**: Charts show the historical trends of spot premiums for copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [9][11][14]. - **SHFE Near - Far Month Spread**: Charts display the historical trends of the near - far month spreads for copper, aluminum, nickel, zinc, lead, and tin from 2020 - 2025 [15][17][19]. - **LME Inventory**: Charts present the historical trends of LME inventories for copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [21][23][25]. - **SHFE Inventory**: Charts show the historical trends of SHFE inventories for copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [27][29][31]. - **Social Inventory**: Charts display the historical trends of social inventories for copper, aluminum, nickel, zinc, stainless steel, and 300 - series steel from 2019 - 2025 [33][35][37]. - **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 margin from 2019 - 2025 [40][42][44]. 4. Team Introduction - **Zhan Dapeng**: A science master, currently the director of non - ferrous research at Everbright Futures Research Institute, a senior researcher of precious metals, a gold intermediate investment analyst, and has won many awards. He has more than a decade of commodity research experience [47]. - **Wang Heng**: A master of finance from the University of Adelaide, Australia, an analyst mainly researching aluminum and silicon at Everbright Futures Research Institute [47]. - **Zhu Xi**: A master of science from the University of Warwick, UK, an analyst mainly researching lithium and nickel at Everbright Futures Research Institute [48].

Report Industry Investment Ratings No investment ratings were provided in the reports. Core Views Tin - Short - term macro fluctuations are large, but considering the strong fundamentals, maintain a bullish view on tin prices. Hold existing long positions and monitor macro changes and the recovery of supply from Myanmar [3]. Zinc - The downward pressure on the domestic supply side has eased. The price is likely to fluctuate, with the main contract reference range of 22,200 - 22,800 [7]. Copper - In the medium - to - long - term, supply - demand contradictions support the upward movement of the copper price bottom. Pay attention to macro drivers such as overseas interest - rate cut expectations, with the main contract reference range of 85,500 - 86,800 [9]. Nickel - The macro situation is stable, and the fundamentals are weak. However, due to upstream production cuts and low valuations, the price may fluctuate and recover. In the medium term, the supply glut restricts the upside potential, with the main contract reference range of 116,000 - 120,000 [13]. Stainless Steel - Policy - driven factors are difficult to have an immediate impact. The cost support is weakening, and the fundamentals have not improved significantly. The short - term price is expected to be weak, with the main contract reference range of 12,200 - 12,600 [15][16]. Aluminum - The alumina price is expected to remain in a bottom - range oscillation, with the main contract reference range of 2,700 - 2,850 yuan/ton. The electrolytic aluminum price is expected to maintain a high - level oscillation, with the main contract reference range of 21,100 - 21,700 yuan/ton [17]. Aluminum Alloy - The ADC12 price is expected to maintain an oscillating pattern in the short term, with the main contract reference range of 20,300 - 20,900 yuan/ton [18]. Industrial Silicon - The price of industrial silicon is expected to remain in a low - level oscillation. The market is likely to face inventory accumulation pressure in November, with the main price fluctuation range of 8,500 - 9,500 yuan/ton [19]. Lithium Carbonate - The short - term market may maintain a weak and oscillating adjustment, with the main contract reference range of 86,000 - 90,000 yuan/ton [20]. Polysilicon - The price is expected to remain in a high - level range oscillation, maintaining a forward market structure. For trading strategies, consider going long around 50,000 yuan/ton in the futures market and holding or closing profitable positions for sell put options in the options market [22]. Summary by Related Catalogs Tin - **Spot Price and Basis**: SMM 1 tin increased by 0.76% to 293,500 yuan/ton, and the LME 0 - 3 spread rose by 0.71% to 95.67 dollars/ton [2]. - **Fundamentals**: In October, tin ore imports increased by 33.49% to 11,632 tons, and SMM refined tin production increased by 53.09% to 16,090 tons [2]. - **Inventory**: SHEF inventory decreased by 0.46% to 6,229 tons, while social inventory increased by 2.83% to 7,654 tons [3]. Zinc - **Price and Spreads**: SMM 0 zinc ingot decreased by 0.27% to 22,380 yuan/ton, and the import loss was 4,280 yuan/ton [7]. - **Fundamentals**: In October, refined zinc production increased by 2.85% to 61.72 million tons, and the export volume increased by 243.79% to 0.85 million tons [7]. - **Inventory**: China's seven - region zinc ingot social inventory decreased by 3.58% to 15.10 million tons, and LME inventory increased by 0.21% to 4.7 million tons [7]. Copper - **Price and Basis**: SMM 1 electrolytic copper increased by 0.49% to 86,235 yuan/ton, and the import loss was 858 yuan/ton [9]. - **Fundamentals**: In October, electrolytic copper production decreased by 2.62% to 109.16 million tons, and the import volume decreased by 15.61% to 28.21 million tons [9]. - **Inventory**: Domestic mainstream port copper concentrate inventory increased by 8.80% to 70.49 million tons, and SHFE inventory increased by 1.09% to 11.06 million tons [9]. Nickel - **Price and Basis**: SMM 1 electrolytic nickel increased by 0.90% to 117,750 yuan/ton, and the 1 Jinchuan nickel premium increased by 3.57% to 4,350 yuan/ton [13]. - **Cost**: The cost of integrated MHP - produced electrolytic nickel decreased by 4.84% to 110,810 yuan/ton [13]. - **Inventory**: SHFE inventory decreased by 1.92% to 39,795 tons, and LME inventory decreased by 0.18% to 253,482 tons [13]. Stainless Steel - **Price and Spreads**: The 304/2B (Wuxi Hongwang 2.0 coil) price remained unchanged at 12,700 yuan/ton, and the futures - spot spread decreased by 7.76% to 235 yuan/ton [15]. - **Fundamentals**: China's 300 - series stainless steel crude steel production decreased by 0.72% to 178.70 million tons, and the export volume decreased by 14.43% to 35.81 million tons [15]. - **Inventory**: The 300 - series social inventory (Wuxi + Foshan) decreased by 0.89% to 49.29 million tons, and SHFE inventory decreased by 0.83% to 6.44 million tons [15]. Aluminum - **Price and Spreads**: SMM A00 aluminum decreased by 0.09% to 21,360 yuan/ton, and the import loss was 1,868 yuan/ton [17]. - **Fundamentals**: In October, alumina production increased by 2.39% to 778.53 million tons, and electrolytic aluminum production increased by 3.52% to 374.21 million tons [17]. - **Inventory**: China's electrolytic aluminum social inventory decreased by 5.11% to 61.30 million tons, and LME inventory decreased by 0.37% to 54.6 million tons [17]. Aluminum Alloy - **Price and Spreads**: SMM aluminum alloy ADC12 remained unchanged at 21,350 yuan/ton, and the Foshan broken primary aluminum scrap - to - refined spread remained unchanged at 1,749 yuan/ton [18]. - **Fundamentals**: In October, regenerated aluminum alloy ingot production decreased by 2.42% to 64.50 million tons, and the import volume decreased by 7.06% to 7.64 million tons [18]. - **Inventory**: The regenerated aluminum alloy weekly social inventory increased by 1.44% to 5.65 million tons [18]. Industrial Silicon - **Price and Spreads**: The price of industrial silicon decreased by 50 - 100 yuan/ton, and the 2512 - 2601 spread decreased by 100% to 0 [19]. - **Fundamentals**: National industrial silicon production increased by 7.46% to 45.22 million tons, and the export volume decreased by 35.82% to 4.51 million tons [19]. - **Inventory**: The social inventory increased by 0.37% to 54.80 million tons, and the warehouse receipt inventory decreased by 2.02% to 20.76 million tons [19]. Lithium Carbonate - **Price and Basis**: SMM battery - grade lithium carbonate decreased by 0.16% to 92,150 yuan/ton, and the lithium spodumene concentrate CIF average price decreased by 1.65% to 1,071 dollars/ton [20]. - **Fundamentals**: In October, lithium carbonate production increased by 5.73% to 92,260 tons, and the demand increased by 8.70% to 126,961 tons [20]. - **Inventory**: The total lithium carbonate inventory decreased by 10.90% to 84,234 tons in October [20]. Polysilicon - **Price and Spreads**: The N - type polysilicon spot price decreased by 0.10% to 52,250 yuan/ton, and the futures main contract decreased by 0.08% to 23,315 yuan/ton [22]. - **Fundamentals**: Weekly polysilicon production increased by 1.12% to 2.71 million tons, and the import volume increased by 11.96% to 0.14 million tons in October [22]. - **Inventory**: Polysilicon inventory increased by 1.50% to 27.10 million tons, and the polysilicon warehouse receipt decreased by 3.07% to 7,270 [22].

投资咨询业务资格：证监许可【2012】31号 【有色金属周报】 市场风险偏好降温，有色板块继续回调 国贸期货 有色金属研究中心 2025-11-24 分析师：方富强 从业资格证号：F3043701 投资咨询证号：Z0015300 分析师：谢灵 从业资格证号：F3040017 投资咨询证号：Z0015788 助理分析师：林静妍 从业资格证号：F03131200 本报告非期货交易咨询业务项下服务，其中的观点和信息仅供参考，不构成任何投资建议；期市有风险，投资需谨慎 目录 03 锌（ZN） 04 镍（NI） 不锈钢（SS) 01 PART ONE 有色金属价格监测 有色金属价格监测 有色金属收盘价格监控 01 有色金属价格监测 02 铜（CU） | 有色金属价格监测 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | 有色金属收盘价格监控 | | | | | | | 品 种 | 单 位 | 现 值 | 日涨跌幅 | 周涨跌幅 | 年涨跌幅 | 品 ...

Core Viewpoints - The report maintains a "stronger than market" rating for the non-ferrous metals and new materials industry, highlighting the sector's robust performance relative to the CSI 300 index [1][4]. Group 1: Performance and Market Review - In 2025, the non-ferrous metals sector has seen a significant increase, with a year-to-date rise of 77.88%, outperforming the CSI 300's 16.01% increase [21]. - The sub-sectors within non-ferrous metals have shown varied performance, with nickel, cobalt, tin, and antimony leading with a rise of 106.62%, followed by lithium at 102.88% and tungsten at 97.82% [21][23]. - The upstream mining sector reported revenues of CNY 306.97 billion, a 14.20% year-on-year increase, and profits of CNY 93.28 billion, up 33.30% [27][28]. Group 2: Industrial Metals - Copper supply is constrained due to declining ore grades and insufficient capital expenditure, while demand is bolstered by investments in energy and electric vehicles, leading to an upward price trend [6][8]. - The aluminum sector is experiencing tight supply with limited new capacity, and the average price of electrolytic aluminum is expected to be around CNY 22,000 per ton in 2026 [6][8]. - The copper segment's revenue for Q3 2025 reached CNY 1,443.86 billion, a 5.05% increase year-on-year, with net profit rising 44.60% to CNY 69.91 billion [32]. Group 3: Precious Metals - The gold sector is benefiting from central bank purchases and geopolitical uncertainties, with revenues for Q3 2025 reaching CNY 291.17 billion, a 34.35% increase year-on-year, and net profits rising 63.03% to CNY 14.49 billion [37]. - Silver, with both industrial and monetary attributes, is expected to show greater price elasticity, supported by a slight increase in global demand [6][8]. Group 4: Rare Metals - The rare metals sector has shown significant profit growth, with revenues for Q3 2025 reaching CNY 79.93 billion, a 12.47% increase, and net profits soaring 200.11% to CNY 4.99 billion [41]. - The nickel, cobalt, tin, and antimony segment reported revenues of CNY 130.87 billion, a 23.79% increase, with net profits rising 25.45% to CNY 9.31 billion [41]. Group 5: Investment Recommendations - The report suggests focusing on leading companies in copper, aluminum, gold, and superhard materials, emphasizing the strategic value of these resources in the current market environment [6][7].

1. Report Industry Investment Rating - Not provided in the documents 2. Core Viewpoints of the Report - Copper prices fluctuated slightly this week, with downstream consumption remaining weak. The negotiation of long - term contracts between copper producers and downstream consumers is ongoing, and the price around 85,000 yuan may be a psychological price for downstream point - pricing [1]. - Aluminum prices are expected to oscillate in the short term, and the supply - demand situation is expected to be loose in early 2026 and then gradually tighten [1][2]. - Zinc prices oscillated this week. The domestic fundamentals are poor, but there may be a phased reduction in supply at the end of the year, so it is recommended to wait and see for unilateral trading [4]. - Nickel's short - term fundamentals are weak, and there are opportunities for short - selling on rallies due to policy - induced price support motives [5]. - Stainless steel's fundamentals remain weak, and there are opportunities for short - selling on rallies due to policy - induced price support motives [8]. - Lead prices are expected to oscillate narrowly next week, and it is recommended to wait and see the increase in warehouse receipts and the price support of waste batteries [11][12]. - Tin prices' short - term fundamentals are acceptable, and it is recommended to wait and see; in the long - term, it is recommended to hold near the cost line or use it as a long - position allocation in non - ferrous metals [15]. - Industrial silicon's supply - demand is expected to be in a balanced and slightly loose state in Q4, and prices are expected to oscillate [18]. - The price of lithium carbonate has high price elasticity after supply - side disturbances, and the turning point of the long - term pattern may occur in the next 1 - 2 years [20]. 3. Summary by Metal Copper - **Price Trend**: Copper prices first rose and then declined slightly this week [1]. - **Supply and Demand**: Downstream consumption is weak, and the negotiation of long - term contracts is ongoing. LME copper had concentrated warehousing this week, and the scrap - refined copper price difference has widened [1]. - **Outlook**: The price around 85,000 yuan may be a psychological price for downstream point - pricing, and attention should be paid to industrial support at this level [1]. Aluminum - **Price Trend**: Aluminum prices declined this week, and the position decreased [1]. - **Supply and Demand**: Domestic and overseas production capacity is gradually being put into operation. The inventory of aluminum ingots remained flat, and the inventory of aluminum rods and strips decreased slightly. Downstream consumption is acceptable, and the acceptance of high prices has increased [1][2]. - **Outlook**: It is expected to oscillate in the short term, and the supply - demand situation is expected to be loose in early 2026 and then gradually tighten [2]. Zinc - **Price Trend**: Zinc prices oscillated this week [4]. - **Supply and Demand**: The supply of domestic and imported TC is accelerating to decline. The production of Huoshaoyun zinc ingots has started, and most smelters will have maintenance in December. Domestic demand is seasonally weak, and overseas demand in Europe is average. Domestic social inventory oscillates, and overseas LME inventory decreases [4]. - **Strategy**: It is recommended to wait and see for unilateral trading in the short term. Pay attention to reverse arbitrage opportunities and positive arbitrage opportunities for the 01 - 03 spread [4]. Nickel - **Price Trend**: Nickel prices declined this week [5]. - **Supply and Demand**: The supply of pure nickel decreased slightly, demand is weak, and domestic and overseas inventories are increasing [5]. - **Strategy**: Pay attention to opportunities for short - selling on rallies due to policy - induced price support motives [5]. Stainless Steel - **Price Trend**: Stainless steel prices remained stable this week [8]. - **Supply and Demand**: Steel mill production increased slightly in October, demand is mainly for rigid needs, costs are stable, and inventory remains at a high level [8]. - **Strategy**: Pay attention to opportunities for short - selling on rallies due to policy - induced price support motives [8]. Lead - **Price Trend**: Lead prices declined this week [11]. - **Supply and Demand**: Supply is loose, demand is expected to weaken, and social inventory is increasing. The supply - demand mismatch has been alleviated [11][12]. - **Outlook**: It is expected to oscillate narrowly next week in the range of 17,100 - 17,400 yuan, and it is recommended to wait and see [12]. Tin - **Price Trend**: Tin prices rose this week [15]. - **Supply and Demand**: The supply has marginally recovered, overseas production has uncertainties, and demand is mainly rigid [15]. - **Strategy**: It is recommended to wait and see in the short term; in the long - term, it is recommended to hold near the cost line or use it as a long - position allocation in non - ferrous metals [15]. Industrial Silicon - **Price Trend**: Not mentioned explicitly [18]. - **Supply and Demand**: The supply - demand is expected to be in a balanced and slightly loose state in Q4, with some production capacity changes in different regions [18]. - **Outlook**: Prices are expected to oscillate in the short term and cycle at the bottom in the long - term [18]. Lithium Carbonate - **Price Trend**: The price first rose and then fell sharply [20]. - **Supply and Demand**: The raw material supply is tight, the upstream inventory has decreased, the downstream inventory is relatively sufficient, and the transaction is冷清 [20]. - **Outlook**: The price has high price elasticity after supply - side disturbances, and the turning point of the long - term pattern may occur in the next 1 - 2 years [20].

公开资料显示，创新实业聚焦于铝产业链上游中的氧化铝精炼和电解铝冶炼。铝产业链主要包括上游铝 生产和下游铝合金加工。上游铝生产主要包含三个阶段：铝土矿开采、氧化铝精炼和电解铝冶炼。根据 CRU的报告，按2024年产量计，创新实业位于内蒙古霍林郭勒市的电解铝冶炼厂是华北地区第四大电 解铝生产基地；按2024年产量计，公司是中国第十二大电解铝生产商。 值得注意的是，创新实业积极响应"一带一路"倡议，前瞻性布局沙特50万吨电解铝综合项目，海外市场 将为公司注入新的增长动能。根据CRU的报告，2025年至2028年，预计中东地区电解铝需求量将保持 约4.6%的年复合增长率。通过切入这一高增长市场，公司不仅将充分受益于区域发展红利，也将通过 产能的全球化配置分散地缘政治与单一市场风险，增强经营稳定性。 智通财经APP获悉，创新实业(02788)首挂上市，公告显示，每股定价10.99港元，共发行5亿股股份，每 手500股，所得款项净额约53.13亿港元。截至发稿，涨38.31%，报15.2港元，成交额7.39亿港元。 ...

天眼查App显示，近日，郴州钻石钨制品有限公司成立，法定代表人为申志均，注册资本30000万人民 币，经营范围为一般项目：常用有色金属冶炼；稀有稀土金属冶炼；有色金属合金制造；有色金属压延 加工。（除依法须经批准的项目外，凭营业执照依法自主开展经营活动）（依法须经批准的项目，经相 关部门批准后方可开展经营活动）。 ...

Core Viewpoint - Company announces a new strategic plan called "One Body, Two Wings" aimed at enhancing its market position and contributing to national supply chain security [1] Group 1: Strategic Focus - "One Body" refers to the company being a leading enterprise with rich metal resources [1] - "Two Wings" focuses on the development of copper, lead, and zinc smelting and deep processing industries, as well as rare and precious metals and new materials [1] Group 2: Development Approach - The company emphasizes both "external development" and "internal development" to drive growth [1] - A dual approach of "focusing on core business + capital operation" is adopted to optimize product structure and enhance the industrial chain layout [1] Group 3: Value Management - The company has established a value management system to enhance investor returns and protect the rights of stakeholders [1] - Efforts will be made to improve investor relations management and promote high-quality development to achieve shareholder value returns [1]