Core Viewpoint - Hanrui Cobalt Industry announced the convening of its fifth board meeting on October 22, 2025, to review the proposal for the third quarter report of 2025 [1] Company Summary - 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] - As of the report, Hanrui Cobalt's market capitalization stands at 14.7 billion yuan [1]

Group 1 - The implementation of a package of incremental policies since September 26 last year has led to a steady recovery in both invoice sales and tax revenue, indicating a positive trend in the economy [1] - The capital market-related tax revenue has shown a high growth rate, with a year-on-year increase of 56.8% in capital market services tax, and a significant 110.5% increase in securities transaction stamp duty [2] - The manufacturing sector's tax revenue has increased by 5.4% year-on-year, contributing 31% to total tax revenue, with high-end manufacturing sectors like railway and aerospace showing a notable growth of 31.5% [2] Group 2 - The real estate sector has seen a narrowing decline in tax revenue, with a year-on-year decrease of 9.8%, reflecting the effectiveness of policies aimed at stabilizing the real estate market [3] - There has been a significant increase in the procurement of machinery and equipment by enterprises, with a 9.7% year-on-year growth, and high-tech manufacturing showing an 11.8% increase [3] - The steady growth in invoice data reflects an improving economic operation, gradual enhancement in corporate profitability, and sustained consumer vitality, supported by active capital market transactions [3]

有色金属日报 2025-10-16 五矿期货早报 | 有色金属 【行情资讯】 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 liuxianjie@wkqh.cn 陈逸 从业资格号：F03137504 0755-23375125 cheny40@wkqh.cn 隔夜鲍威尔提及可能结束缩表，贸易局势仍反复，贵金属价格继续走强，铜价冲高回落，伦铜 3M 合 约收跌 0.21%至 10576 美元/吨，沪铜主力合约收至 85160 元/吨。LME 铜库存减少 450 至 138350 吨， 注销仓单比例下滑，Cash/3M 维持升水。国内上期所铜仓单小幅增加 0 ...

Core Insights - The high-quality development of the manufacturing sector is crucial for the overall high-quality economic development in China [1] - Tax reduction and fee exemption policies have significantly alleviated the financial burden on manufacturing enterprises, providing strong support for their development [3] Tax Policies and Financial Impact - From January to August this year, tax reduction and fee exemption policies, along with tax refunds, amounted to 1.2925 trillion yuan, directly benefiting the manufacturing sector [1] - Key policies include R&D expense deductions and a reduced corporate income tax rate of 15% for high-tech enterprises, which provided a total benefit of 485.7 billion yuan [1] - The advanced manufacturing, integrated circuit, and industrial mother machine sectors received a VAT offset benefit of 112 billion yuan, while other supportive policies contributed 694.8 billion yuan [1] Manufacturing Sector Performance - The manufacturing sector showed a positive growth trend in the first three quarters, with sales revenue increasing by 4.7% year-on-year, accounting for 29.8% of total sales revenue across all enterprises [1] - The equipment manufacturing sector experienced a sales revenue growth of 9%, with significant increases in specific areas such as computer communication equipment (13.5%) and industrial mother machines (11.8%) [2] - High-end manufacturing sectors, including new energy vehicles and aerospace, saw substantial tax revenue growth, with increases of 49.7% and 12% respectively [2] Transformation Trends - The intelligent transformation of the manufacturing sector is evident, with a 10.6% year-on-year increase in digital technology procurement, leading to a 23.6% growth in smart equipment manufacturing [2] - The green transformation is progressing, with high-energy-consuming manufacturing's revenue share decreasing by 1.4 percentage points year-on-year, and a 34% increase in procurement of energy-saving and environmental protection services [2]

Group 1: CPI Analysis - In September, CPI increased by 0.1% month-on-month, with a year-on-year decline narrowing from 0.4% to 0.3%[1] - Food prices rose by 0.7% month-on-month, while year-on-year they decreased by 4.4%, contributing approximately 0.83 percentage points to the CPI decline[1] - Core CPI remained flat month-on-month and increased by 1.0% year-on-year, marking the fifth consecutive month of growth[1] Group 2: PPI Analysis - In September, PPI remained flat month-on-month and the year-on-year decline narrowed to -2.3% from -2.9%[2] - Production demand improved, supporting price increases in some energy and raw material sectors[2] - The coal processing price rose by 3.8% month-on-month, while the prices for coal mining and washing increased by 2.5%[2] Group 3: Market Outlook - The improvement in CPI may continue into October due to tailwind factors, with a focus on the progress of pig production capacity reduction[2] - The real estate market remains weak, with property sales area and sales value down 4.7% and 7.3% year-on-year, respectively[2] - M1 growth has been rising, which is expected to support PPI improvement, although the overall PPI is unlikely to turn positive this year[2]

有色金属日报 2025-10-15 五矿期货早报 | 有色金属 铜 【行情资讯】 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 liuxianjie@wkqh.cn 陈逸 【策略观点】 中美贸易局势仍具有不确定性。产业上看国内铝水比例提升、消费季节性回暖和出口维持韧性的背景 下，铝锭累库压力不大，铝价下方空间预计不大。沪铝主力运行区间参考：20700-20980 元/吨；伦 铝 3M 运行区间参考：2700-2780 美元/吨。 有色金属小组 从业资格号：F03137504 0755-23375125 cheny40@wkqh.cn 中美贸易局势较为反复，有色金属冲高 ...

铅：跨市套利跟踪 2025/10/14 国内价格 LME价格 比价 现货 16925 - - 三月 17110 2007 11.09 均衡比价 盈利 现货进口 - - 跨期套利跟踪 2025/10/14 铜 次月-现货月 三月-现货月 四月-现货月 五月-现货月 价差 120 120 80 90 理论价差 527 952 1386 1820 锌 次月-现货月 三月-现货月 四月-现货月 五月-现货月 价差 50 85 115 135 理论价差 214 334 454 574 铝 次月-现货月 三月-现货月四月-现货月 五月-现货月 价差 20 25 25 30 理论价差 215 332 448 564 铅 次月-现货月 三月-现货 月 四月-现货月 五月-现货月 价差 -5 10 5 25 理论价差 211 317 424 530 镍 次月-现货月 三月-现货月 四月-现货 月 五月-现货月 价差 260 430 700 880 锡 5-1 价差 80 理论价差 5841 期现套利跟踪 2025/10/14 铜 当月合约-现货 次月合约-现货 价差 -10 110 理论价差 98 585 锌 当月合约-现货 ...

Company Summary - Xiyeg股份 announced on October 10 that as of September 30, 2025, it has repurchased a total of 370,000 shares through a dedicated securities account via centralized bidding, accounting for 0.0225% of the company's total share capital [1] - The highest transaction price for the repurchased shares was 19.96 CNY per share, while the lowest was 17.74 CNY per share, with a total transaction amount of approximately 7.01 million CNY [1] - For the first half of 2025, Xiyeg股份 reported that 99.68% of its revenue came from the non-ferrous metal industry, with other businesses contributing 0.32% [1] - As of the report date, the market capitalization of Xiyeg股份 is 41.6 billion CNY [1] Industry Overview - The non-ferrous metal industry remains a significant revenue driver for Xiyeg股份, indicating a strong focus on this sector [1]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - Supply - side tightening and Fed rate - cut expectations support copper prices upward, but if precious metals form a stage top, the short - term copper price increase may slow down [2]. - Aluminum prices are expected to continue volatile and strong due to the increased proportion of molten aluminum and seasonal consumption recovery [5]. - Cast aluminum alloy consumption shows peak - season characteristics, and cost provides support, but due to increasing warehouse receipts, the upside space is limited [9]. - Short - term Shanghai lead is expected to have wide - range low - level fluctuations due to post - holiday de - stocking and positive sector sentiment [12]. - Shanghai zinc is expected to be strong in the short term due to normal production during holidays, positive sector sentiment, and structural risks in LME zinc [14]. - Tin prices may maintain high - level fluctuations in the short term due to tight supply - demand balance and peak - season demand recovery [16]. - Nickel prices may face downward pressure in the short term but have limited downside in the long term, and short - term waiting and long - position entry on dips are recommended [18]. - Lithium carbonate has strong supply and demand, with social inventory decreasing. Supply recovery expectations may pressure the market [22]. - Alumina has short - term support in ore prices but faces over - capacity and supply recovery pressure. Short - term waiting is recommended [25]. - Stainless steel is expected to maintain volatile operation, and attention should be paid to RKAB approval progress [28]. Summary by Related Catalogs Copper - **Market Information**: After the National Day, copper prices were strong. LME copper 3M rose 0.71% to $10,776/ton, and Shanghai copper closed at 86,650 yuan/ton. LME copper inventory increased by 275 tons, and domestic social inventory increased by 18,000 tons [2]. - **Strategy Viewpoint**: Supply tightening and Fed rate - cut expectations support copper prices, but if precious metals peak, the short - term increase may slow. Shanghai copper main contract range: 85,500 - 87,800 yuan/ton; LME copper 3M range: $10,680 - $10,900/ton [2]. Aluminum - **Market Information**: On the first day after the National Day, aluminum prices rose. LME aluminum 3M rose 1.16% to $2,782/ton, and Shanghai aluminum closed at 21,100 yuan/ton. Domestic mainstream consumption area aluminum ingot inventory increased by 57,000 tons [4]. - **Strategy Viewpoint**: The market atmosphere is warm, and aluminum prices are expected to be volatile and strong. Shanghai aluminum main contract range: 21,000 - 21,250 yuan/ton; LME aluminum 3M range: $2,750 - $2,820/ton [5]. Cast Aluminum Alloy - **Market Information**: AD2511 contract rose 1.93% to 20,550 yuan/ton. Domestic mainstream ADC12 price increased by 200 yuan/ton, and domestic regeneration aluminum alloy ingot inventory increased slightly [8]. - **Strategy Viewpoint**: Consumption shows peak - season characteristics, cost provides support, but warehouse receipt increase limits upside space [9]. Lead - **Market Information**: Shanghai lead index rose 1.19% to 17,121 yuan/ton, and LME lead 3S rose to $2,013/ton. Domestic social inventory decreased to 35,800 tons [11]. - **Strategy Viewpoint**: Short - term Shanghai lead is expected to have wide - range low - level fluctuations due to post - holiday de - stocking and positive sector sentiment [12]. Zinc - **Market Information**: Shanghai zinc index rose 2.36% to 22,330 yuan/ton, and LME zinc 3S fell to $3,028/ton. Domestic social inventory increased slightly to 150,200 tons [13]. - **Strategy Viewpoint**: Shanghai zinc is expected to be strong in the short term due to normal production during holidays, positive sector sentiment, and structural risks in LME zinc [14]. Tin - **Market Information**: Shanghai tin main contract rose 4.37% to 287,090 yuan/ton. Supply is tight, and demand in traditional sectors is weak but improving in the peak season [15]. - **Strategy Viewpoint**: Tin prices may maintain high - level fluctuations in the short term. It is recommended to wait and see. Domestic main contract range: 280,000 - 300,000 yuan/ton; overseas LME tin range: $36,000 - $39,000/ton [16]. Nickel - **Market Information**: Shanghai nickel main contract rose 2.96% to 124,480 yuan/ton. Spot market trading was average, and cost was stable [17]. - **Strategy Viewpoint**: Nickel prices may face short - term downward pressure but have limited downside in the long term. Short - term waiting and long - position entry on dips are recommended. Shanghai nickel main contract range: 115,000 - 128,000 yuan/ton; LME nickel 3M range: $14,500 - $16,500/ton [18]. Lithium Carbonate - **Market Information**: MMLC index was flat at 73,011 yuan. LC2511 contract rose 0.74%. Domestic weekly production was 20,635 tons, and inventory decreased by 2,024 tons (-1.5%) [20]. - **Strategy Viewpoint**: Lithium carbonate has strong supply and demand, with social inventory decreasing. Supply recovery expectations may pressure the market. The Guangzhou Futures Exchange LC2511 contract range: 71,000 - 74,800 yuan/ton [22]. Alumina - **Market Information**: On October 9, 2025, the alumina index rose 0.28% to 2,880 yuan/ton. Shandong spot price fell, and overseas prices also declined. Import window opened [24]. - **Strategy Viewpoint**: Alumina has short - term support in ore prices but faces over - capacity and supply recovery pressure. Short - term waiting is recommended. Domestic main contract AO2601 range: 2,800 - 3,100 yuan/ton [25]. Stainless Steel - **Market Information**: Stainless steel main contract rose 1.02% to 12,860 yuan/ton. Spot prices in some markets changed slightly, and social inventory decreased slightly [27]. - **Strategy Viewpoint**: Stainless steel is expected to maintain volatile operation, and attention should be paid to RKAB approval progress [28].

Report Summary 1. Industry Investment Rating No investment rating information is provided in the report. 2. Core Views - **Copper**: During the National Day holiday, LME copper rose to $10,800, hitting a new high this year with a holiday increase of about 3%. On the first trading day after the holiday, SHFE copper opened and closed higher, with the open interest continuously rising. The strong upward movement was mainly due to three factors: supply shortage (dual squeeze from the mine and smelting ends), macro and financial attributes (interest - rate cut expectations and increased capital attention), and demand resilience (traditional peak season and long - term trends). In the short term, copper prices broke through and moved up, with strong upward momentum. Technically, attention should be paid to the high - point pressure in May 2024 [5]. - **Aluminum**: During the National Day holiday, LME aluminum rose by about 3%. On the first trading day after the holiday, SHFE aluminum opened and closed higher, breaking through the 21,000 - yuan mark, with the open interest continuously rising. The rise in aluminum prices was largely affected by the general rise of the non - ferrous metal sector, driven by the sharp increase in copper prices. On the industrial side, the social inventory of electrolytic aluminum increased by 47,000 tons during the National Day holiday, and downstream enterprises showed strong wait - and - see sentiment after the holiday. Technically, attention should be paid to the high - point pressure in mid - September [6]. - **Nickel**: During the National Day holiday, LME nickel rose by about 1.2%. On the first trading day after the holiday, SHFE nickel continued to increase positions and move up, with the main contract price breaking through the 124,000 - yuan mark. The rise in nickel prices was largely affected by the general rise of the non - ferrous metal sector, driven by the sharp increase in copper prices. At the industrial level, the long - term oversupply of nickel elements continued to suppress nickel prices, but in the short term, the slowdown of nickel ore inventory accumulation at ports and the depletion of SHFE nickel inventory provided support for nickel prices. Continuous attention should be paid to the technical support at the 121,000 - yuan mark [7]. 3. Summary by Directory 3.1 Industry Dynamics - **Copper**: Goldman Sachs analysts pointed out that copper prices are resetting into a new range, with a lower limit of $10,000 per ton and an upper limit of $11,000 per ton. Supply structural constraints, strategic demand (such as power grids, AI, and national defense), and possible inventory behavior support the bottom, but high prices may trigger the entry of scrap copper into the market and aluminum substitution, thus limiting the upside. Goldman Sachs raised its 2026 copper price forecast to $10,500 per ton and maintained the 2027 forecast at $10,750 per ton. Citi's forecast for copper prices is more aggressive, expecting copper prices to soar to $11,000 per ton within 0 - 3 months and average $12,000 per ton in the second quarter of 2026. On October 9, Mysteel's social inventory of electrolytic copper was 167,900 tons, an increase of 11,200 tons from September 29 [9]. - **Aluminum**: On October 9, Mysteel's social inventory of electrolytic aluminum was 634,000 tons, an increase of 47,000 tons from September 29 [10]. - **Nickel**: The mainstream reference contract for refined nickel in the Shanghai market is the SHFE nickel 2511 contract. The mainstream premium of Jinchuan electrolytic nickel is + 2,400 yuan/ton, with a price of 125,240 yuan/ton; the mainstream premium of Russian nickel is + 550 yuan/ton, with a price of 123,390 yuan/ton; the mainstream premium of Norwegian nickel is + 2,550 yuan/ton, with a price of 125,390 yuan/ton; the mainstream premium of nickel beans is + 2,550 yuan/ton, with a price of 125,390 yuan/ton [11]. 3.2 Related Charts - **Copper**: The report provides charts on copper basis, copper monthly spread, domestic visible inventory of electrolytic copper (social inventory + bonded - area inventory), overseas copper exchange inventory, LME copper cancelled warrant ratio, and SHFE warrant inventory [12][14][15]. - **Aluminum**: Charts include aluminum basis, aluminum monthly spread, domestic social inventory of electrolytic aluminum, overseas exchange inventory of electrolytic aluminum (LME + COMEX), alumina inventory, and aluminum rod inventory [25][27][29]. - **Nickel**: Charts cover nickel basis, nickel monthly spread, SHFE inventory, LME nickel trend, LME nickel cancelled warrant ratio, and nickel ore port inventory [37][41][43].