1. Report Industry Investment Rating No information provided in the given content. 2. Core Viewpoints of the Report - This week, copper prices fluctuated within a narrow range. Supported by the precious metals market, copper prices were relatively strong in the first half of the week and adjusted on Friday. The downstream point - price volume rebounded significantly. In the future, the price around 85,000 may become the psychological price for downstream point - pricing [1]. - Overseas production suspension news and expectations boosted the domestic aluminum price to be stronger than the overseas price. Short - term profit - taking led to a correction in the Shanghai aluminum futures. Aluminum ingots continued to accumulate inventory, while aluminum rods, sheets, foils saw a slight reduction in inventory. The downstream consumption was fair, and the acceptance of high prices increased. In the short term, it may show a fluctuating trend [2]. - Zinc prices fluctuated this week. The domestic and imported TC declined further. The supply of domestic ore will tighten marginally from the fourth quarter to the first quarter of next year. The demand is seasonally weak domestically, while overseas, European demand is average and Middle - East demand has high growth. The price center may not decline deeply. In the short term, it is recommended to wait and see for unilateral trading, pay attention to reverse arbitrage opportunities with caution in position - building, and focus on the positive arbitrage opportunity of 01 - 03 for the month - spread [5]. - For nickel, the supply side saw a slight decline in pure nickel production, the demand side was weak, and the inventory continued to accumulate both at home and abroad. With continuous disturbances in the Indonesian ore end and the policy side having a motivation to support prices, it is advisable to pay attention to short - selling opportunities [6]. - For stainless steel, the supply increased slightly in October, the demand was mainly for rigid needs, the cost remained stable, and the inventory was at a high level. With the Indonesian policy side having a motivation to support prices, it is advisable to pay attention to short - selling opportunities [7]. - Lead prices fluctuated at a high level this week. The supply - side contradiction was partially alleviated, and the social inventory increased. The demand side had a weakening expectation. It is expected that the lead price will fluctuate within a narrow range next week, and it is recommended to wait and see the resumption of recycled production and the increase in warehouse receipts [8][9]. - Tin prices rose this week. The supply - side was gradually recovering, and the demand was mainly supported by rigid needs. In the short term, it is recommended to wait and see, and in the long term, it is advisable to hold at a low price close to the cost or use it as a long - position allocation in non - ferrous metals [12]. - For industrial silicon, the supply and demand are expected to be in a balanced and slightly loose state in Q4, with prices expected to fluctuate. In the long term, prices are expected to fluctuate at the bottom of the cycle based on the seasonal marginal cost [16]. - Lithium carbonate prices were strong due to the expected lithium - battery demand and market bullish sentiment. The supply - side price elasticity is high after the disturbances are resolved, and the long - term pattern may change in the next 1 - 2 years if the energy - storage demand remains high and the power demand is stable [18]. 3. Summary by Metal Copper - **Price and Inventory**: From November 10 - 14, the spot import profit decreased by 181.03, and the LME inventory decreased by 450 tons [1]. - **Market Analysis**: This week, copper prices fluctuated narrowly. The downstream point - price volume rebounded. The market has both liquidity easing expectations and AI bubble risks [1]. Aluminum - **Price and Inventory**: From November 10 - 14, the Shanghai aluminum ingot price increased slightly, and the social inventory remained unchanged [1]. - **Market Analysis**: Overseas production suspension news and expectations boosted the domestic price, but short - term profit - taking led to a correction. The downstream consumption was fair, and it may fluctuate in the short term [2]. Zinc - **Price and Inventory**: From November 10 - 14, the Shanghai zinc ingot price decreased by 140 yuan, and the LME inventory increased by 1175 tons [5]. - **Market Analysis**: The supply - side TC declined, and the demand was seasonally weak domestically. The export window has opened, and it is recommended to wait and see for unilateral trading and pay attention to arbitrage opportunities [5]. Nickel - **Price and Inventory**: From November 10 - 14, the Shanghai nickel price decreased by 950 yuan, and the inventory continued to accumulate [6]. - **Market Analysis**: The supply side saw a slight decline in production, the demand was weak, and it is advisable to pay attention to short - selling opportunities [6]. Stainless Steel - **Price and Inventory**: From November 10 - 14, the prices of 304 cold - rolled, 304 hot - rolled, etc. remained unchanged, and the inventory was at a high level [6][21]. - **Market Analysis**: The supply increased slightly, the demand was mainly for rigid needs, and it is advisable to pay attention to short - selling opportunities [7]. Lead - **Price and Inventory**: From November 10 - 14, the lead price fluctuated at a high level, and the social inventory increased slightly [8][9]. - **Market Analysis**: The supply - side contradiction was partially alleviated, the demand had a weakening expectation, and it is expected to fluctuate narrowly next week [8][9]. Tin - **Price and Inventory**: From November 10 - 14, the tin price rose, and the LME inventory increased by 10 tons [12]. - **Market Analysis**: The supply - side was gradually recovering, and the demand was mainly supported by rigid needs. It is recommended to wait and see in the short term and hold at a low price in the long term [12]. Industrial Silicon - **Price and Inventory**: From November 10 - 14, the basis of different grades increased, and the warehouse receipts decreased by 42 [16]. - **Market Analysis**: The supply and demand are expected to be balanced and slightly loose in Q4, and prices are expected to fluctuate in the short term and cycle at the bottom in the long term [16]. Lithium Carbonate - **Price and Inventory**: From November 10 - 14, the SMM electric - carbon and industrial - carbon prices increased, and the warehouse receipts decreased by 338 [18]. - **Market Analysis**: Driven by demand expectations and bullish sentiment, prices were strong. The supply - side price elasticity is high, and the long - term pattern may change in 1 - 2 years [18].

Core Viewpoint - The company has announced the early redemption of its convertible bonds, "中金转债," with specific terms and conditions for investors to be aware of [3][8][10]. Group 1: Redemption Details - The redemption price for "中金转债" is set at 100.70 CNY per bond, including accrued interest at a current annual rate of 2.00% [2][10]. - The redemption conditions are met as of October 30, 2025, and the bonds will be fully redeemed on November 26, 2025 [3][8]. - The last trading day for "中金转债" will be November 21, 2025, after which trading will cease [2][15]. Group 2: Issuance Overview - "中金转债" was issued on July 20, 2020, with a total of 38 million bonds and a total issuance amount of 380 million CNY [4][5]. - The bonds have a maturity of six years and a tiered interest rate structure, starting from 0.20% in the first year to 2.00% in the sixth year [4]. Group 3: Conversion and Pricing - The initial conversion price was set at 4.71 CNY per share, which has been adjusted to 4.29 CNY per share as of the latest update [5][6]. - The conversion price adjustments have occurred due to annual equity distributions, with the latest adjustment taking effect on June 26, 2025 [5]. Group 4: Redemption Process - The redemption process includes a series of key dates: the redemption registration date is November 25, 2025, and the funds will be credited to investors' accounts by December 3, 2025 [12][17]. - Investors are advised to ensure that any pledged or frozen bonds are released before the last trading day to avoid forced redemption [2][3].

来源：市场资讯 （来源：华泰证券研究所） 恢复,海外供给主要集中在中东、印度等地。未来全球 电解铝供给增长将集中于印尼新增产能及欧美减产复 产,但受能源转型和成本制约,释放存在不确定性。 <> 欧洲电价在能源危机后大幅上涨 <> (欧文/千万财) 所有疑是(去站) 工会科学的事体 全般平均出价 《欧元/千瓦时) 0.30 0 25 0.25 0.20 0.20 0.15 0.15 0.10 0.10 0.05 0.05 0.00 0.00 chill 20 1 Hilz 20 ZHOZO 注:统计范围包含欧盟27国 资料来源:Eurostat、华泰研究 预计2025年-2027年海外电解铝产量分别同比增长 43 3.5%/3.5%/6.1% (万吨 海外电解放声音同比 cal at 22 42 年 11 11 3.500 3309 800 2月89 2801 2793 1 印尼:未来全球电解铝增长主要贡献者,28 年原铝产量或达300万吨以上 印尼已成为全球电解铝增量的主要贡献者,预计 2025-2028年产量CAGR为57.8%。 ◇ 华峰&青山 Huachin 电解铝厂 50万吨产能已分两期投产,采用自备 ...

Group 1 - The core point of the article is that Yunnan Copper Industry (000878) reported on November 14 that the number of its shareholders reached 201,765 as of November 10, 2025 [1]

Core Points - The company announced a cash dividend distribution plan for the first half of 2025, proposing a cash dividend of 0.5 yuan (including tax) for every 10 shares based on a total share capital of 13.409 billion shares [1] - The total cash dividend to be distributed amounts to 670 million yuan [1] - The record date for the dividend is set for November 21, 2025, and the ex-dividend date is November 24, 2025 [1] - The company has entrusted China Securities Depository and Clearing Corporation Limited Shenzhen Branch to distribute the cash dividends to A-share shareholders, with some dividends being distributed directly by the company [1]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Views of the Report - **Copper**: Overnight, both domestic and international copper prices fluctuated higher, with domestic spot refined copper imports remaining in a loss. The Fed Chair cooled the December interest - rate cut expectation, showing increasing internal differences. The US House will vote on a bill to end the government shutdown. Domestically, the central bank emphasized policy balance. LME copper inventories remained at 136,250 tons, Comex inventories increased by 1,156 tons, SHFE copper warrants increased by 1,124 tons, and BC copper warrants increased by 575 tons. Downstream demand was restricted by high - price concerns. LME is seeking opinions on new rules. Short - term outlook is somewhat optimistic, but overall, it may show a high - level震荡 market as the off - season approaches [1]. - **Aluminum**: Overnight, alumina, Shanghai aluminum, and aluminum alloy all fluctuated stronger. Alumina factory profits are being compressed, with occasional production cuts but no large - scale reduction for long - term supply. Alumina inventories are increasing. The internal and external market situations are different. The US interest - rate cut expectation is rising, while the domestic demand is weakening and the processing end is facing environmental restrictions. Electrolytic aluminum is in a multi - factor situation, likely to continue high - level adjustment in the short term. Aluminum alloy follows the adjustment [1][2]. - **Nickel**: LME nickel and Shanghai nickel both declined. LME nickel inventories decreased by 144 tons, and SHFE warrants increased by 32,694 tons. The nickel - iron to stainless - steel industry chain is weak, with nickel - iron prices falling and stainless - steel inventories rising slightly. In the new - energy industry chain, the discount coefficient increased slightly, but the production of ternary precursors decreased in November. The inventory pressure of primary nickel is obvious, and the price may fluctuate, with attention to inventory changes [2]. 3. Summary by Relevant Catalogs 3.1 Research Views - **Copper**: Analyzed macro factors, inventory changes, demand, policy, and market sentiment, concluding that short - term is somewhat optimistic but overall may be a high - level震荡 market [1]. - **Aluminum**: Discussed price trends, factory profits, inventory, and market differences at home and abroad, suggesting short - term high - level adjustment [1][2]. - **Nickel**: Considered price changes, inventory, and industry chain situations, indicating price fluctuations due to inventory pressure [2]. 3.2 Daily Data Monitoring - **Copper**: Provided price changes of various copper products, inventory changes in different markets, and other data such as import and export profits [4]. - **Lead**: Showed price changes of lead products, inventory changes, and import and export profits [4]. - **Aluminum**: Presented price, raw material, inventory, and import and export profit data of aluminum and related products [5]. - **Nickel**: Included price changes of nickel products, inventory changes, and industry chain product price data [5]. - **Zinc**: Gave price, inventory, and processing fee data of zinc and related products [7]. - **Tin**: Provided price, inventory, and import and export profit data of tin and related products [7]. 3.3 Chart Analysis - **3.1 Spot Premium**: Presented spot premium charts of copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [9][11][16]. - **3.2 SHFE Near - Far Month Spread**: Showed SHFE near - far month spread charts of copper, aluminum, nickel, zinc, lead, and tin from 2020 - 2025 [17][22][24]. - **3.3 LME Inventory**: Displayed LME inventory charts of copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [25][27][29]. - **3.4 SHFE Inventory**: Presented SHFE inventory charts of copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [32][34][36]. - **3.5 Social Inventory**: Showed social inventory charts of copper, aluminum, nickel, zinc, stainless steel, and 300 - series from 2019 - 2025 [38][40][42]. - **3.6 Smelting Profit**: Displayed charts of copper concentrate index, copper processing fee, aluminum smelting profit, nickel - iron smelting cost, zinc smelting profit, and stainless - steel 304 smelting profit rate from 2019 - 2025 [44][46][48]. 3.4 Team Introduction - Introduced the members of the non - ferrous metals team, including their educational backgrounds, positions, research directions, and professional achievements [50][51][52]

1. Report Industry Investment Ratings No industry investment ratings are provided in the reports. 2. Core Views Zinc - The fundamentals and macro - environment have limited changes. The supply is generally loose, and the subsequent supply pressure may be limited due to the decline in smelting profits. The demand is average, and the domestic zinc ingot remains at a discount. The LME zinc has upward pressure, while the export window of zinc ingots may boost the domestic zinc price. The Shanghai - London ratio may be repaired, with the main contract referring to 22300 - 23000 [2]. Copper - After the implementation of interest - rate cuts and tariffs, the market may enter a macro "vacuum period" in November. The supply of copper ore is in short supply, and the downstream demand has strong resilience. The medium - and long - term supply - demand contradiction supports the upward movement of the copper price bottom. The main contract refers to 86500 - 88000 [4]. Tin - The supply of tin ore is tight, and the demand shows regional differentiation. The fundamentals are strong, and long positions should be held. Attention should be paid to macro - level changes and the supply recovery in Myanmar [7]. Aluminum - The alumina market is in a state of loose supply and demand, and the price is expected to maintain a weak shock pattern. The electrolytic aluminum market is driven by the macro - environment, but the fundamentals are weak. The aluminum price will fluctuate between macro - level benefits and weak fundamentals in the short term, and attention should be paid to the risk of high - level callback [9]. Aluminum Alloy - The cost of aluminum alloy is strongly supported, and the demand is differentiated. The inventory is accumulating. The ADC12 price is expected to maintain a strong shock pattern, with the main contract referring to 20800 - 21400 [11]. Nickel - The nickel market is in a state of long - short interweaving. The refined nickel production is at a high level, and the supply of nickel ore is generally stable. The nickel - iron price is under pressure, and the stainless - steel demand is weak. The nickel price is expected to maintain a weak shock pattern, with the main contract referring to 118000 - 124000 [13]. Stainless Steel - The stainless - steel market is in a weak shock state. The macro - level drive is weakened, the nickel - ore market is temporarily stable, and the nickel - iron price is under pressure. The supply is under pressure, and the demand is insufficient. The price is expected to continue to be weak and volatile, with the main contract referring to 12400 - 12800 [16]. Lithium Carbonate - The lithium carbonate market is running strongly. The supply is increasing, and the demand is optimistic. The short - term supply and demand are expected to increase simultaneously, but attention should be paid to the sustainability of demand improvement. The price may fluctuate and adjust in the short term [17]. Industrial Silicon - The industrial silicon spot price is stable, and the futures price is falling. If the organic silicon enterprises cut production, the inventory pressure will increase. The price is expected to fluctuate at a low level, with the main price range being 8500 - 9500 [18]. Polysilicon - The polysilicon spot price is stable, and the futures price is rising. The supply and demand are both weak. The price is expected to fluctuate in a high - level range. Attention should be paid to the support of the spot price and the digestion of warehouse receipts [19]. 3. Summaries According to Relevant Catalogs Zinc - **Price and Spread**: The SMM 0 zinc ingot price increased by 0.09% to 22630 yuan/ton, and the import loss was - 4587 yuan/ton. The Shanghai - London ratio decreased to 7.36 [2]. - **Fundamental Data**: In October, the refined zinc output was 61.72 million tons, a month - on - month increase of 2.85%. The galvanizing and other开工 rates showed different changes [2]. Copper - **Price and Basis**: The SMM 1 electrolytic copper price increased by 0.48% to 87210 yuan/ton, and the import loss was - 827 yuan/ton [4]. - **Fundamental Data**: In October, the electrolytic copper output was 109.16 million tons, a month - on - month decrease of 2.62%. The copper rod and other开工 rates increased [4]. Tin - **Spot Price and Basis**: The SMM 1 tin price increased by 1.72% to 296000 yuan/ton, and the import loss was - 15428.41 yuan/ton [7]. - **Fundamental Data (Monthly)**: In September, the tin ore import decreased by 15.13%, and the SMM refined tin output in October increased by 53.09% [7]. Aluminum - **Price and Spread**: The SMM A00 aluminum price increased by 1.15% to 21920 yuan/ton, and the alumina price in some regions decreased slightly [9]. - **Fundamental Data**: In October, the alumina output was 778.53 million tons, a month - on - month increase of 2.39%, and the electrolytic aluminum output was 374.21 million tons, a month - on - month increase of 3.52% [9]. Aluminum Alloy - **Price and Spread**: The SMM ADC12 price increased by 0.70% to 21650 yuan/ton, and the scrap - to - refined aluminum price difference in some regions increased [11]. - **Fundamental Data**: In October, the recycled aluminum alloy ingot output decreased by 2.42%, and the primary aluminum alloy ingot output increased by 1.06% [11]. Nickel - **Price and Basis**: The SMM 1 electrolytic nickel price increased by 0.17% to 120650 yuan/ton, and the import loss was - 1765 yuan/ton [13]. - **Supply and Inventory**: The domestic refined nickel output increased, and the LME inventory decreased by 0.47% [13]. Stainless Steel - **Price and Spread**: The 304/2B (Wuxi Hongwang 2.0 coil) price increased by 0.39% to 12750 yuan/ton, and the nickel - iron price decreased by 0.22% [16]. - **Fundamental Data**: The 300 - series stainless - steel crude steel output in China increased by 0.38%, and the social inventory increased by 1.73% [16]. Lithium Carbonate - **Price and Basis**: The SMM battery - grade lithium carbonate price increased by 1.26% to 84350 yuan/ton, and the lithium spodumene concentrate price increased by 1.73% [17]. - **Fundamental Data**: In October, the lithium carbonate output was 92260 tons, a month - on - month increase of 5.73%, and the demand increased by 8.70% [17]. Industrial Silicon - **Spot Price and Basis**: The East China oxygen - containing S15530 industrial silicon price remained unchanged at 9500 yuan/ton, and the basis increased [18]. - **Fundamental Data (Monthly)**: The national industrial silicon output was 45.22 million tons, a month - on - month increase of 7.46%, and the social inventory decreased by 1.09% [18]. Polysilicon - **Spot Price and Basis**: The N - type re - feed material average price remained unchanged at 52150 yuan/ton, and the N - type silicon wafer price was stable [19]. - **Fundamental Data**: The polysilicon output was 13.40 million tons, a month - on - month increase of 3.08%, and the inventory increased by 3.09% [19].

Group 1: Copper - This week, copper prices had a slight correction, and the 85,000 yuan level received concentrated price - fixing support from downstream buyers. The market is concerned about when the liquidity of the TGA account will be released. The Shanghai Copper Conference this week was generally bullish on next year's demand. The current slow inventory - building pattern may continue until the first quarter of next year, and the fundamentals remain stable but weak. The 85,000 yuan level may be the psychological price for downstream price - fixing [1]. Group 2: Aluminum - The long - term reduction of Iceland's electrolytic aluminum production is confirmed, and high overseas electricity prices increase the expectation of production cuts in other capacities. Aluminum prices have risen significantly, with the basis of aluminum ingots declining. The domestic market shows stronger performance than the overseas market, but the apparent demand for domestic aluminum ingots and aluminum products has weakened, and the inventory of aluminum ingots has increased month - on - month. Future supply and demand of aluminum may remain in a tight balance, and prices are likely to rise in the long - term, but the actual performance may be lower than expected [2]. Group 3: Zinc - This week, the center of zinc prices has risen. On the supply side, domestic and imported TC are accelerating their decline, and domestic mines will be marginally tighter from the fourth quarter to the first quarter of next year. In November, the zinc ingots from Huoshaoyun were officially put into production, with an expected monthly output of 8,000 - 10,000 tons. On the demand side, domestic demand is seasonally weak, and overseas European demand is average. Domestic social inventory is fluctuating, and overseas LME inventory is oscillating at a low level. It is recommended to wait and see for unilateral trading, pay attention to reverse arbitrage opportunities, and consider positive arbitrage opportunities for the 12 - 02 spread [5]. Group 4: Stainless Steel - On the supply side, steel mills' production in October increased slightly month - on - month. On the demand side, it is mainly driven by rigid demand. Costs of ferronickel and ferrochrome remain stable. Inventory is at a high level. The fundamentals are generally weak, and it is advisable to pay attention to short - selling opportunities [9]. Group 5: Lead - This week, lead prices fluctuated at a high level, and the near - term spread strengthened. On the supply side, the scrap volume is weak year - on - year, and the recovery of recycled lead profits encourages复产. On the demand side, the battery production rate increased by 0.4% this week, but there is an expectation of weakening demand. It is expected that lead prices will maintain a narrow - range oscillation next week, and it is recommended to wait and see the situation of recycled lead production resumption and warehouse receipt increase [12]. Group 6: Tin - This week, tin prices oscillated. On the supply side, the processing fees for tin ore are at a low level, and the supply has marginally recovered after the overhaul of Yunnan Tin ended. Overseas production in Wa State and Indonesia has some uncertainties. On the demand side, it is mainly supported by rigid demand. In the short - term, it is recommended to wait and see, and in the long - term, it is advisable to hold when the price is close to the cost line [15]. Group 7: Industrial Silicon - This week, the operation of leading enterprises in Xinjiang is stable, and most industrial silicon plants in the southwest region have cut production. The overall production in the northwest region is relatively stable. In the fourth quarter, the supply and demand of industrial silicon are expected to be in a slightly loose balance, with prices expected to oscillate in the short - term and at the bottom of the cycle in the long - term [16]. Group 8: Lithium Carbonate - Affected by the expectation of mine复产 in Jiangxi, lithium carbonate prices have fluctuated widely. The upstream inventory has been significantly reduced, and downstream inventory is relatively sufficient. In the short - term, supply and demand are both strong, and the market is in a de - stocking trend. The upward potential of prices depends on further inventory reduction, the emergence of speculative demand, or stronger holding willingness [16]. Group 9: Nickel - On the supply side, the price of nickel sulfate is relatively strong, and the output of pure nickel has slightly decreased month - on - month. On the demand side, it is generally weak. Inventory is continuously increasing both at home and abroad. The short - term fundamentals are weak. With continuous disturbances in the Indonesian nickel ore market and the policy's motivation to support prices, it is advisable to pay attention to short - selling opportunities [20].

1. Report Industry Investment Rating There is no information provided regarding the report's industry investment rating. 2. Core Viewpoints of the Report - The end of the US government shutdown has boosted investors' optimism, and the macro - outlook is expected to be stable. The raw material supply remains tight and is spreading to the smelting end. The actual supply - demand of base metals is slightly weak, but the long - term supply - demand is expected to tighten. It is optimistic about the price trends of copper, aluminum, and tin. In the short - and medium - term, supply disruptions support base metal prices, but weak actual demand may limit price increases. [2] - The report provides individual views on various non - ferrous metals: copper prices are expected to oscillate and recover; alumina prices will maintain an oscillating trend; aluminum prices will continue to rise; aluminum alloy prices will oscillate upwards; zinc prices will oscillate at a high level; lead prices will oscillate upwards; nickel prices are expected to be slightly stronger in the short - term; stainless steel prices will oscillate; tin prices will rise significantly. [3] 3. Summary by Related Catalogs I. Market Views Copper - Macro factors: The signing of the temporary appropriation bill by Trump has revived market optimism, pulling up copper prices. - Supply - demand: Copper mine supply disruptions are increasing, processing fees are low, and the cost and difficulty of scrap copper recycling have risen. The production of electrolytic copper has declined, and terminal demand is weak, but the acceptance of copper prices by downstream users is increasing. - Outlook: Copper prices are expected to be oscillating and slightly stronger. [7] Alumina - Information: Inventory is accumulating rapidly, and spot prices are stable. - Main logic: High - cost production capacity has fluctuations, and the supply contraction is not obvious. The market is in a state of over - supply, but the valuation is low, so the price may fluctuate. - Outlook: Alumina prices will maintain an oscillating trend. [7] Aluminum - Information: The price has increased, inventory has decreased slightly, and exports have declined. - Main logic: The macro - environment is positive, the domestic supply is at a high level with some restrictions, and overseas supply has disturbances. The terminal demand is stable, and inventory has decreased slightly. - Outlook: In the short - term, aluminum prices are expected to be oscillating and slightly stronger, and the price center may rise in the medium - term. [9][10][11] Aluminum Alloy - Information: The price has increased, and the supply of scrap aluminum is tight. - Main logic: The supply of scrap aluminum is tight, and the cost support is strong. The supply is affected by various factors, and demand has marginally improved. - Outlook: The price is expected to be oscillating and slightly stronger in the short - and medium - term. [12][13] Zinc - Information: The export window has opened, and the supply of zinc ore has become looser. - Main logic: The macro - environment is optimistic, the short - term supply of zinc ore is loose, and the smelting profit is good. The domestic consumption is in the off - season, and the demand is average. - Outlook: Zinc prices will oscillate in the short - term and may decline in the long - term. [14][17] Lead - Information: The social inventory is low, and the price has increased. - Main logic: The spot premium has decreased slightly, the supply has increased, and the demand is in the peak season. - Outlook: Lead prices are expected to be oscillating and slightly stronger. [18][19] Nickel - Information: LME inventory is accumulating, and domestic inventory is balanced through exports. - Main logic: Market sentiment dominates the market, the industrial fundamentals are weakening marginally, and the supply of nickel ore is relatively loose. - Outlook: Nickel prices are expected to be slightly stronger in the short - term. [20][23] Stainless Steel - Information: Nickel iron prices have declined, and inventory has decreased slightly. - Main logic: The cost support has weakened, production has increased, and demand is in the off - season. - Outlook: Stainless steel prices will maintain an interval oscillation. [24][25] Tin - Information: Supply disruptions are continuous, and prices have increased significantly. - Main logic: Supply disruptions in Wa State and Indonesia have tightened the supply, and the domestic ore supply is also tight. - Outlook: Tin prices are expected to be oscillating and slightly stronger. [26][27] II. Market Monitoring There is no specific content provided for market monitoring in the text, so it cannot be summarized. III. Commodity Index - Comprehensive Index: The commodity index increased by 0.47% to 2269.39, the commodity 20 index increased by 0.54% to 2577.33, the industrial products index decreased by 0.01% to 2223.17, and the PPI commodity index increased by 0.54% to 1352.02. - Plate Index: The non - ferrous metal index increased by 0.67% on November 13, 2025, with a 5 - day increase of 1.51%, a 1 - month increase of 2.72%, and a year - to - date increase of 8.77%. [149][150]

Core Viewpoint - Tianshan Aluminum Industry Group Co., Ltd. has provided guarantees for its wholly-owned subsidiaries and subsidiaries, with the total amount of external guarantees exceeding 100% of the latest audited net assets, raising concerns about guarantee risks [2][16]. Summary by Sections Guarantee Overview - Tianshan Aluminum has provided maximum guarantee amounts for various loans: 900 million RMB for Xinjiang Production and Construction Corps Eighth Division Tianshan Aluminum Co., Ltd. (Tian Aluminum), 400 million RMB for the same company from China Construction Bank, and 100 million RMB for Shihezi New Ren Battery Aluminum Foil Technology Co., Ltd. from China Minsheng Bank [3][9][13]. Guarantee Approval Process - The guarantees were approved in meetings held on December 9 and December 27, 2024, by the Board of Directors and the Third Extraordinary General Meeting of Shareholders [3][16]. Guarantee Amount Usage - The total new guarantee amount for 2025 is capped at 24.9 billion RMB, with various forms of guarantees including joint liability guarantees and asset pledges [3][16]. Financial Status of Guaranteed Parties - Tian Aluminum has a registered capital of 6.38421 billion RMB and is involved in various metal processing and sales activities [5]. Shihezi New Ren Battery Aluminum Foil Technology Co., Ltd. has a registered capital of 100 million RMB and focuses on battery components and metal materials [7]. Board Opinion - The Board believes that the guarantees will facilitate the normal financing operations of Tian Aluminum and Shihezi Aluminum Foil, which have good asset quality and sufficient debt repayment capabilities [17]. Total Guarantee Amount and Status - After the guarantees, the total external guarantee amount by the company and its subsidiaries is 29.753 billion RMB, which is 110.89% of the latest audited net assets, with no overdue guarantees reported [16][18].