Report Investment Rating There is no information provided in the report regarding the industry investment rating. Core Viewpoints - Overall, influenced by factors such as the progress of Sino - US economic and trade negotiations, the weakening dollar index, expectations of Fed rate cuts, and the seasonal characteristics of the industry, most non - ferrous metals are expected to show a short - term strong or oscillating upward trend, but each metal has its own influencing factors and characteristics [2][4][6]. Summary by Metal Copper - Overnight copper prices oscillated upward, with LME copper rising 1.24% to $10189/ton and SHFE copper settling at 81380 yuan/ton. LME copper inventory decreased, while domestic social inventory increased [2]. - Supply: Overseas copper mines face certain disruptions, and domestic supply surplus pressure is not significant [2]. - Demand: Downstream procurement sentiment weakened, and the traditional peak season is ongoing [2]. - Price Outlook: Expected to oscillate strongly, with the SHFE copper main contract running in the range of 80600 - 82000 yuan/ton and LME copper 3M in the range of 10050 - 10300 dollars/ton [2]. Aluminum - Aluminum prices declined and then rebounded, with LME aluminum rising 0.13% to $2704/ton and SHFE aluminum settling at 21060 yuan/ton. Domestic aluminum ingot social inventory increased [4]. - Supply: Domestic electrolytic aluminum social inventory is expected to continue to decline [4]. - Demand: Downstream is in the traditional peak season, and aluminum exports are resilient [4]. - Price Outlook: Expected to continue to strengthen, with the SHFE aluminum main contract running in the range of 20960 - 21200 yuan/ton and LME aluminum 3M in the range of 2660 - 2730 dollars/ton [4]. Lead - Lead prices broke through the oscillation range and trended upward. SHFE lead index rose 0.76% to 17173 yuan/ton, and LME lead 3S rose to $2014/ton [6]. - Supply: Lead concentrate inventory accumulates slowly, and the supply of raw materials remains tight [6]. - Demand: Downstream battery inventory decreased, and the operating rate improved marginally [6]. - Price Outlook: Expected to be strong in the short term [6]. Zinc - SHFE zinc index fell slightly by 0.01% to 22316 yuan/ton, while LME zinc 3S rose to $2960/ton. Domestic social inventory increased [7][8]. - Supply: Zinc concentrate inventory increased, and the processing fee showed differentiation [8]. - Demand: The industry data is strengthening marginally [9]. - Price Outlook: Expected to be strong in the short term [9]. Tin - Tin prices oscillated. Supply decreased significantly, and demand improved marginally [10]. - Supply: The resumption of tin mines in Myanmar is slow, and the output of domestic refined tin is expected to decline by 29.89% in September [10]. - Demand: New energy and AI sectors are booming, and traditional consumption is gradually improving [10]. - Price Outlook: Expected to oscillate strongly [10]. Nickel - Nickel prices oscillated, and the spot market transaction was not significantly improved [11]. - Supply: The supply of nickel iron increased limitedly, and the cost of refined nickel was under pressure [11]. - Demand: The demand for nickel iron from stainless steel mills is expected to increase [11]. - Price Outlook: In the short term, the price may decline further, but in the long term, it is supported by policies and has limited downside space. It is recommended to buy on dips, with the SHFE nickel main contract running in the range of 115000 - 128000 yuan/ton and LME nickel 3M in the range of 14500 - 16500 dollars/ton [11]. Carbonate Lithium - The spot index of carbonate lithium rose, and the futures price also increased. The demand expectation is optimistic, and the price is expected to oscillate strongly. The reference range for the GZCE carbonate lithium 2511 contract is 71000 - 74600 yuan/ton [13]. Alumina - The alumina index rose 0.69% to 2935 yuan/ton. The supply is in an over - capacity pattern, and the inventory is accumulating. It is recommended to wait and see in the short term, with the domestic main contract AO2601 running in the range of 2800 - 3100 yuan/ton [15]. Stainless Steel - The stainless steel main contract rose 0.93% to 13070 yuan/ton, and social inventory decreased. The raw material price increased, and it is recommended to be bullish on stainless steel [17][18]. Cast Aluminum Alloy - The AD2511 contract fell 0.48% to 20545 yuan/ton, and inventory increased slightly. The downstream is transitioning from the off - season to the peak season, and the price is expected to remain high, with the AD2511 contract running in the range of 20450 - 20650 yuan/ton [20].

| | | 本周铜价区间上升走强。美国8月CPI及核心CPI录得增长，但增幅略符合市场预期，而美国当周初请失业金人数大幅增加，8月PPI公布值亦 | | | --- | --- | --- | --- | | | | 远低于预期，美联储9月降息预期愈发强烈，美元走弱利好铜价。国内，随着旺季的来临，市场仍维持刚需采买，但整体需求有所提升；供 | | | | 高位震荡趋强 | 应端随着高检修期的到来，市场有逐步收紧预期；近期低价进口铜仍带来影响，市场升水依然承压；国内社会库存平稳，LME铜库存继续下 | 逢低持多 | | 铜 | 79500-82500 | 滑且现货贴水较此前收窄。近期市场畏高情绪持续升温，消费难有明显好转，金九消费成色有待验证，不过国内消费复苏的乐观前景叠加9 | 滚动交易 | | | | 月美联储降息的预期，铜价仍有望维持偏强走势。技术面看，伦铜重回万元大关，或有望测试前高，沪铜主力合约仓量双增，整体保持高 | | | | | 位偏强震荡，短期或测试82500关口。 | | | | 高位突破上行 | 几内亚散货矿主流成交价格环比持平于75美元/干吨。几内亚雨季到来，铝土矿开采和运输受到影响，铝 ...

Report Industry Investment Rating No relevant information provided. Core Viewpoint of the Report The report analyzes the market conditions of various non - ferrous metals. With the Fed's high expectation of interest rate cuts, the non - ferrous metals sector has a positive atmosphere. Different metals show different trends based on their supply - demand fundamentals, inventory changes, and macro - economic factors. Some metals are expected to be strong, while others may face risks or show a range - bound pattern [2][4][5]. Summary by Metal Copper - Market performance: Domestic equity markets strengthened, US inflation data was slightly better than expected, and employment data was weak. Copper prices oscillated upwards. LME copper closed up 0.45% at $10,057/ton, and the main SHFE copper contract closed at 80,490 yuan/ton [2]. - Inventory and basis: LME copper inventory decreased by 875 tons to 154,175 tons, the proportion of cancelled warrants dropped to 13.5%, and Cash/3M was at a discount of $61.5/ton. In China, electrolytic aluminum social inventory decreased by 0.3 tons, bonded - area inventory declined slightly, SHFE copper warrants increased by 0.1 to 2.0 tons. Shanghai spot premium was 85 yuan/ton, and Guangdong's inventory declined with a reduced spot premium [2]. - Outlook: US employment data was weaker than expected, and the market expected the Fed's dovish stance. Overseas copper mine supply had some disruptions, and domestic copper production decreased marginally. Although consumption was weak, copper prices were expected to remain strong. The reference range for the main SHFE copper contract was 79,600 - 81,000 yuan/ton, and for LME copper 3M was $9,920 - 10,150/ton [2]. Aluminum - Market performance: With the decline of domestic aluminum ingot social inventory, the strengthening of the equity market, and the weakening of the US dollar, aluminum prices were strong. LME aluminum closed up 2.17% at $2,679/ton, and the main SHFE aluminum contract closed at 21,005 yuan/ton [4]. - Inventory and basis: SHFE aluminum weighted - contract open interest increased by 2.7 to 569,000 lots, and futures warrants increased by 0.1 to 66,000 tons. Domestic mainstream consumption - area aluminum ingot inventory decreased by 0.2 tons to 473,000 tons, and aluminum rod inventory decreased by 0.2 tons to 132,500 tons. Aluminum rod processing fees were lowered, and the market's shipping rhythm slowed down. The spot in East China was at par with futures, and downstream buying sentiment increased [4]. - Outlook: The macro - sentiment was generally positive. Overseas interest - rate cut expectations and the resilience of aluminum product exports provided strong support, while weak domestic terminal demand limited the upside. Attention should be paid to the peak - season demand and inventory trends. The reference range for the domestic main contract was 20,800 - 21,200 yuan/ton, and for LME aluminum 3M was $2,640 - 2,700/ton [4]. Lead - Market performance: The SHFE lead index closed up 0.57% at 16,900 yuan/ton, and LME lead 3S rose by $14.5 to $1,991.5/ton [5]. - Inventory and basis: SHFE lead futures inventory was 59,700 tons, and LME lead inventory was 237,000 tons. The domestic social inventory decreased slightly to 62,800 tons. The lead industry was in a situation of weak supply and demand, with raw material shortages restricting smelter production, and downstream consumption being weaker than in previous years [5]. - Outlook: With high Fed interest - rate cut expectations, there was some support for lead prices. However, if the commodity sentiment weakened and secondary smelting recovered, lead prices faced significant downside risks [5]. Zinc - Market performance: The SHFE zinc index closed up 0.19% at 22,253 yuan/ton, and LME zinc 3S rose by $20 to $2,891/ton [7]. - Inventory and basis: SHFE zinc futures inventory was 44,900 tons, and LME zinc inventory was 50,800 tons. Domestic social inventory increased to 154,200 tons. Zinc ore and zinc ingots remained in surplus, with inventory accumulation. The LME market had low warrants after long - term destocking, and the contango widened. The pattern of weak domestic and strong overseas markets intensified, and the SHFE - LME ratio declined rapidly [7]. - Outlook: With high Fed interest - rate cut expectations, although some institutions and foreign investors were bearish on zinc, the short - term downside was limited, and zinc prices were expected to oscillate at a low level [7]. Tin - Market performance: Tin prices rebounded slightly on Thursday [8]. - Supply and demand: Supply was constrained as Myanmar's tin mine复产 was slow, Yunnan faced a severe shortage of tin ore, and some smelters planned maintenance in September. Demand was in the off - season, with traditional consumption areas being weak, and the increase in AI - related demand being limited. Domestic tin ingot social inventory increased slightly last week [8]. - Outlook: Despite weak off - season demand, the significant short - term supply decline was expected to keep tin prices oscillating in the short term [8]. Nickel - Market performance: Nickel prices oscillated on Thursday [10]. - Market factors: The weak US initial jobless claims data strengthened the Fed's interest - rate cut expectation. Nickel - iron prices were expected to remain stable and slightly strong in the short term due to improved but still low iron - mill profits and the expected increase in stainless - steel production in August and September. The supply of intermediate products was tight, and demand provided some support [10]. - Outlook: The short - term macro - atmosphere was positive, and the long - term support from US easing expectations and domestic policies was expected. It was recommended to buy on dips. The reference range for the SHFE nickel main contract this week was 115,000 - 128,000 yuan/ton, and for LME nickel 3M was $14,500 - 16,500/ton [10]. Lithium Carbonate - Market performance: The MMLC lithium carbonate spot index remained unchanged at 71,237 yuan. The LC2511 contract closed at 71,000 yuan, up 0.40% [12]. - Supply and demand: This week, lithium carbonate production increased by 2.8% to 19,963 tons, and inventory decreased by 1,580 tons to 138,512 tons. With the peak season approaching, there was a demand for spot stocking [12]. - Outlook: From September to October, domestic lithium carbonate was expected to continue destocking, and there might be structural opportunities in the far - month contracts. The reference range for the GFE lithium carbonate 2511 contract was 68,600 - 72,500 yuan/ton [12]. Alumina - Market performance: The alumina index rose by 0.41% to 2,946 yuan/ton on September 11 [14]. - Market factors: The spot price in Shandong decreased, and the overseas FOB price also declined. The import window opened, and futures warrants increased. The supply of overseas ore was improving, and the smelting capacity was in surplus [14]. - Outlook: Short - term advice was to wait and see. The reference range for the domestic main contract AO2601 was 2,850 - 3,250 yuan/ton, and attention should be paid to supply - side policies, Guinea ore policies, and Fed interest - rate policies [14]. Stainless Steel - Market performance: The stainless - steel main contract closed at 12,870 yuan/ton, down 0.35%. Spot prices in Foshan and Wuxi remained stable, and the social inventory decreased by 3.90% [16]. - Market situation: The stainless - steel spot market oscillated narrowly, with 304 cold - rolled prices stable and 304 hot - rolled prices rising slightly due to tight supply. The overall market trading atmosphere was weak, especially for cold - rolled products [16]. Cast Aluminum Alloy - Market performance: The AD2511 contract rose by 0.61% to 20,475 yuan/ton, with increased trading volume [18]. - Market factors: The downstream was transitioning from the off - season to the peak season, and there were supply disruptions in scrap aluminum, providing cost support. The exchange lowered the margin ratio, increasing market activity [18]. - Outlook: Cast aluminum alloy prices were expected to remain high in the short term [18].

有色金属日报 2025-9-8 五矿期货早报 | 有色金属 铜 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 0755-23375139 zengyuke@wkqh.cn 张世骄 从业资格号：F03120988 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 陈逸 从业资格号：F03137504 0755-23375125 cheny40@wkqh.cn 铝 周五铝价冲高回落，伦铝收涨 0.48%至 2602 美元/吨，沪铝主力合约收至 20665 元/吨。周五沪铝加 权合约持仓量减少 1.1 至 53.4 万手，期货仓单增加至 6.0 万吨。根据 SMM 统计，国内三地铝锭库 存录得 46.5 万吨，环比减少 0.4 万吨，佛山、无锡两地铝棒库存录得 9.1 万吨，环比减少 0.5 万 吨，周五铝棒 ...

Core Insights - The report by Zhiyan Consulting analyzes the market status and investment prospects of the electrolytic copper foil industry in China from 2025 to 2031 [1] Price Trends - As of mid-August 2025, the market price of electrolytic copper (1) reached 79,177.5 yuan per ton, marking an 8.8% year-on-year increase and a 0.94% month-on-month increase [1] - The price of electrolytic copper (1) in mid-August 2025 is the highest recorded for the same period in the past five years [1]

新能源及有色金属日报 | 2025-09-03 宏观因素推动锌价上涨 重要数据 现货方面：LME锌现货升水为14.98美元/吨。SMM上海锌现货价较前一交易日50元/吨至22150元/吨，SMM上海锌 现货升贴水-70元/吨；SMM广东锌现货价较前一交易日40元/吨至22140元/吨，广东锌现货升贴水-80元/吨；天津锌 现货价较前一交易日50元/吨至22140元/吨，天津锌现货升贴水-80元/吨。 期货方面：2025-09-02沪锌主力合约开于22175元/吨，收于22325元/吨，较前一交易日130元/吨，全天交易日成交 125688手，全天交易日持仓107662手，日内价格最高点达到22380元/吨，最低点达到22165元/吨。 库存方面：截至2025-09-02，SMM七地锌锭库存总量为14.63万吨，较上期变化0.18万吨。截止2025-09-02，LME 锌库存为55600吨，较上一交易日变化-275吨。 市场分析 宏观因素叠加海外库存持续下滑支撑锌价上涨，但消费端难以跟随，现货成交持续冷清，现货贴水难修复。国内 基本面依旧偏弱势，虽然国产矿TC难涨，受甚至可能小幅回落，但冶炼利润犹存，国内供给压 ...

Report Industry Investment Ratings No relevant content provided. Core Views of the Report - A-share strategy suggests short-term oscillation and long-term buying on dips [13] - Treasury bond futures recommend a curve steepening strategy for a stable approach and short-term buying on dips for an aggressive one [14] - Black commodities are expected to have limited short-term adjustment space and maintain a mid-term oscillating market [16][17] - For non-ferrous metals and new materials, different metals have different outlooks, such as short-term high-level oscillation for Shanghai Aluminum and mid-term shorting on rallies for Alumina [22] - In the agricultural product sector, different products like cotton, sugar, and eggs have their own trading suggestions based on supply and demand [28][31][34] - Energy and chemical products also vary, with crude oil likely to turn into a supply - exceeding - demand situation and suggesting shorting on rallies [41][42] Summary by Related Catalogs Macro News - China and Russia strengthen cooperation, with China implementing a visa - free policy for Russia from September 15, 2025, to September 14, 2026 [9] - The central bank's MLF had a net injection of 300 billion yuan in August, while PSL had a net withdrawal of 160.8 billion yuan [9] - A - share margin trading balance reached 2.296991 trillion yuan as of September 1, breaking the historical peak, with a cumulative increase of over 26% since June 23 [10] - The US ISM manufacturing index in August was 48.7, lower than the expected 49, and the output index fell into the contraction range [10] - The Eurozone's CPI in August increased by 2.1% year - on - year, and the core CPI slightly declined to 2.3% [11] Macro Finance Strategy - Short - term A - shares may oscillate, and long - term investors can consider buying on dips. On September 2, A - shares adjusted, with over 4000 stocks falling, and the Shanghai Composite Index dropped 0.45% [13] Treasury Bond Futures - A stable strategy is to continue with the curve steepening strategy, and an aggressive one is to consider short - term buying on dips. The bond market reacted calmly to the slightly improved PMI data in August [14] Black Commodities Spiral Steel and Iron Ore - Supply policies have limited impact on steel supply and market conditions. The market may experience a "peak season without a boom" due to limited downstream demand [15][16] Coking Coal and Coke - Prices may continue to oscillate at high levels in the short term. Supply is expected to be tight in the short term, but there are also factors pressuring prices [18] Ferroalloys - Silicon iron 10 contract has the possibility of premium repair, while manganese silicon is mainly shorted on rallies in the medium - long term [19] Soda Ash and Glass - Soda ash can be shorted on rallies, and glass is currently under observation [20] Non - Ferrous Metals and New Materials Aluminum and Alumina - Shanghai Aluminum is expected to oscillate at a high level in the short term, and Alumina is recommended to be shorted on rallies in the medium term [22] Shanghai Zinc - Zinc prices are expected to oscillate downward due to increasing supply and weak demand [23] Lithium Carbonate - It is expected to operate weakly and oscillate in the short term [24] Industrial Silicon - It will continue to oscillate with limited downward adjustment space, and the复产 progress of Xinjiang's leading manufacturers is the core contradiction [24][25] Polysilicon - Policy expectations will continue to affect the market, and there is a contradiction between policy expectations and fundamental over - supply [26] Agricultural Products Cotton - Short - term observation is advisable, and it is recommended to be short on rallies in the long term [28] Sugar - It is recommended to take a short - biased approach due to expected supply increases [31] Eggs - Consider short - term long positions on the 12 - 01 contract and maintain a reverse arbitrage logic [34] Apples - Buy on dips or use a long 10 short 01 positive arbitrage combination [35] Corn - Short the 01 contract on rallies [37] Red Dates - Observe the market [38] Pigs - Short near - month contracts on rallies and consider long positions on the 01 contract at low levels [38] Energy and Chemical Products Crude Oil - It may turn into a supply - exceeding - demand situation, and shorting on rallies can be considered [41][42] Fuel Oil - Its price will follow crude oil, and the short - term operating range of crude oil is estimated to be between $65 and $70 [42] Plastics - Polyolefins are expected to oscillate weakly due to supply pressure [43] Rubber - Consider buying on dips and be cautious when chasing high prices [44] Methanol - It may continue to oscillate weakly, but rumors of gas restrictions in Iran may cause disturbances. Short positions can be reduced [45] Caustic Soda - Maintain a long - term long position after the short - term trading rhythm [46] Asphalt - It follows crude oil and is stronger than crude oil. The short - term operating range of crude oil is estimated to be between $65 and $70 [48] Polyester Industry Chain - Temporarily observe the market for unilateral operations and consider PX positive arbitrage opportunities [49] Liquefied Petroleum Gas - It is recommended to maintain a long - term short - biased view [49] Pulp - Observe whether port de - stocking continues and the spot transaction and demand after Chenming's resumption of production [50] Logs - Observe the market in the short term [50] Urea - Observe the market and consider shorting when the futures price approaches the policy - limited price [51] Synthetic Rubber - Look for low - buying opportunities and be cautious when chasing high prices [52]

Core Viewpoint - The article highlights the significant presence of Qualified Foreign Institutional Investors (QFII) in the A-share market, with a focus on their holdings and changes in positions as of mid-2025, indicating potential investment opportunities in specific sectors and companies [2][4]. QFII Holdings Overview - As of August 26, 2025, 3,072 A-share companies have disclosed their mid-year reports, with 663 companies having QFII among their top ten shareholders, totaling 3.278 billion shares valued at 52.515 billion yuan [4][11]. - QFII has newly entered as a top ten shareholder in 374 stocks during the second quarter, with increased holdings in another 157 stocks compared to the previous quarter [5][6]. Top QFII Holdings - The top QFII holdings include: - Shengyi Technology: 31,676.13 million shares valued at 9.550 billion yuan - Zijin Mining: 17,346.42 million shares valued at 3.383 billion yuan - Ninebot Company: 1,974.93 million shares valued at 116.856 million yuan [5][8]. Sector Analysis - QFII's holdings are concentrated in the following sectors: - Electronics: 12.862 billion yuan - Non-ferrous metals: 5.150 billion yuan - Machinery: 4.596 billion yuan [11]. - The top three sectors by QFII holdings are: - Electronics: 51,263.11 million shares valued at 1.286 billion yuan - Non-ferrous metals: 27,076.67 million shares valued at 514.976 million yuan - Machinery: 28,786.26 million shares valued at 459.616 million yuan [11]. Notable Increases in Holdings - The stocks with the largest increases in QFII holdings include: - Giant Star Technology: Increased by 15.7709 million shares - Alloy Investment: Increased by 12.0745 million shares - New Power Financial: Increased by 11.8305 million shares [6][7]. Institutional Holdings Ranking - The top institutional holders by market value include: - Hong Kong Wei Hua Electronics: 8.895 billion yuan - Abu Dhabi Investment Authority: 8.742 billion yuan - Barclays Bank: 7.124 billion yuan [13][14].

Group 1 - The core viewpoint of the article highlights the announcement made by Hanrui Cobalt Industry regarding its board meeting and the review of its 2025 semi-annual report [1] - For the year 2024, Hanrui Cobalt's revenue composition is as follows: 96.19% from the non-ferrous metal industry, 2.73% from new energy battery materials, and 1.07% from other businesses [1]

Report Industry Investment Rating No relevant content provided. Core Views of the Report - The prices of non - ferrous metals are influenced by multiple factors such as supply - demand changes, policy expectations, and macro - economic indicators. Different metals show different trends and investment opportunities [1]. Summary by Relevant Catalog Copper - **Market sentiment and fundamentals**: Market sentiment was affected by actual economic data. Domestic refined copper output in August will remain at a record level, and the impact of maintenance in September and October may increase. The production of recycled copper is restricted, and the social inventory of SHFE copper has decreased. However, except for copper foil orders in power grids and integrated circuits, the market is mainly affected by seasonal factors [1]. - **Price trend**: There may be resistance when the price rises again. First, pay attention to the resistance at the upper level, with the focus in the range of 79,600 - 80,000 yuan. Notice the opportunity to buy put options at 82,000 yuan for the 2510 contract [1]. Aluminum and Alumina - **Alumina**: The price of alumina is in a high - level range historically, and the industry inventory continues to increase. The spot trading is weak, but the cost support limits the downward space. High - selling and low - buying are recommended in the range of 3000 - 3300 yuan [1]. - **Electrolytic aluminum**: The operating capacity of domestic electrolytic aluminum is stable at 4,000 tons, with a small amount of production resuming in Guizhou and Guangxi. The operating rate of downstream processing enterprises has increased, and the exports of aluminum products have changed. The social inventory of aluminum has decreased, and the processing fee has remained stable. The price of SHFE aluminum may be under pressure in the 20,500 - 21,000 yuan area [1]. Lead - **Price trend**: Last week, the price was mainly driven by the fundamentals of supply and demand. The market showed a resonance of spot and futures. It is recommended to wait for short - selling opportunities above 23,500 yuan/ton [1]. Zinc - **Market situation**: The inventory of zinc is at a high level, and the 0 - 3 month backwardation is large. The downstream demand is affected by factors such as transportation and consumption policies. The price is expected to fluctuate in the range of 16,600 - 17,300 yuan/ton [1]. Nickel and Stainless Steel - **Stainless steel**: The destocking of stainless steel has slowed down. New tariff regulations may impact exports. The inventory is at a certain level, and it is recommended to actively intervene in short - selling [1]. Tin - **Market situation**: The price of tin has shown a certain volatility. The supply of domestic tin mines is tight, and the consumption shows seasonal characteristics. The inventory has decreased, and the price center of gravity may rise. The price is expected to be in the range of 265,000 - 280,000 yuan, and the high - level area is above 275,000 yuan [1]. Lithium Carbonate - **Market situation**: The market sentiment is uncertain, and the fundamentals have limited guidance on the price. A long - biased thinking is recommended with good risk control [1]. Industrial Silicon - **Market situation**: The price is under pressure at the 9,000 yuan/ton level. The supply and demand both increase, and the inventory has decreased slightly. The market is expected to fluctuate in the range of 8,100 - 9,000 yuan/ton [1]. Polysilicon - **Market situation**: The policy has not met expectations, and the market will continue to fluctuate [1]. Recommended Strategies - Hold the high - short strategy for SHFE aluminum with a stop - loss at 21,000 yuan/ton [1]. - Buy put options for SHFE copper 2500 contract. Grasp the opportunity of put options [1]. - Allocate long positions for the silver 2512 contract, with a target price of 1050 and a stop - loss of 910% [1].