Core Viewpoint - The announcement from Yuguang Gold Lead indicates a significant change in shareholding structure due to the transfer of shares from Jiyuan Investment Group to Henan Yugong Group, which will affect the control dynamics within the company [2] Shareholding Changes - Jiyuan Investment Group holds 75,152,132 shares of Yuguang Gold Lead, representing 6.76% of the total share capital [2] - A total of 54,512,132 shares will be transferred without compensation to Henan Yugong Group, resulting in Jiyuan Investment Group retaining 20,640,000 shares, which is 1.86% of the total [2] - After the transfer, Henan Yugong Group will directly hold 54,512,132 shares (4.90%) and indirectly control an additional 20,640,000 shares through Jiyuan Investment Group, maintaining a combined control of 6.76% [2] Control Dynamics - The transfer of shares will not change the controlling shareholder or the actual controller of Yuguang Gold Lead [2]

隔夜国际油价反弹，布伦特01合约涨1.25%。WTI在美国页岩油边际开采成本50美元/桶之上对地缘 犹动相对敏感，随着美国对俄两油制裁生效日11月21日的临近,主要印度买家已表示暂停购买俄罗 斯12月交付的原油，特朗普亦表示共和党正在起草对俄罗斯、伊朗贸易往来国的制裁立法。但是我 们认为供给端收缩引发的油价周期性拐点尚未见到,上周美国API库存超预期增加44.8万桶,油价 反弹空间依然受限。 (责金属) 隔夜贵金属震荡。美国官方数据缺失阶段，ADP发布最新数据显示截至11月1日的四周内，美国企业 平均每周减少约2500个就业岗位。近期美联储多位官员发言偏鹰压制降息预期,市场继续权衡经济 和货币政策前景。贵金属高位震荡，耐心等待新驱动以及技术面的方向性指引。 【铜】 隔夜伦铜盘中反复震荡，收跌在MA40日均线。美国滞后经济数据逐步公布，就业与通胀压力提升12 月降息概率预期的波动性。自由港认为26年其印尼分公司金铜产出量持平于2025年，基本符合且略 高于笔者预期。跟踪需求强弱。短线关注沪铜MA40日均线表现，空单背靠点位下调到8.7万。 【铝】 隔夜沪铝窄幅波动。周初铝锭铝棒社库较上周四分别增加2.5万吨和0 ...

Group 1: Report Overview - Report Date: November 19, 2025 [1] - Report Type: Non - ferrous Metals Daily Report Group 2: Industry Investment Rating - Not provided in the report Group 3: Core Views - The overall non - ferrous metals market is affected by factors such as the US government's reopening, stock market and geopolitical situations, and Fed officials' hawkish speeches. Different metals have different price trends and influencing factors [5][9][11] Group 4: Summary by Metal Copper - **Market Information**: The equity market is weak, copper prices oscillate and decline. LME copper inventory increases, domestic warehouse receipts increase, and the spot premium in Shanghai decreases. The domestic copper spot import loss narrows, and the refined - scrap price difference narrows [4] - **Strategy View**: Although there are some negative factors in the sentiment, the copper raw material supply is tight, and the spot situation improves marginally after the price decline. The copper price has strong support. The reference range for the Shanghai copper main contract is 85400 - 86800 yuan/ton, and for the LME copper 3M contract is 10600 - 10850 dollars/ton [5] Aluminum - **Market Information**: The market sentiment is weak, and aluminum prices continue to decline. The position of the Shanghai aluminum weighted contract decreases significantly, and the domestic and foreign inventories change slightly. The spot discount in the domestic market decreases, and the trading improves [6] - **Strategy View**: The domestic aluminum ingot inventory is relatively volatile, and the overseas inventory is still at a low level. The aluminum price has strong support. If the domestic inventory can be effectively reduced, the aluminum price is expected to strengthen after oscillating. The reference range for the Shanghai aluminum main contract is 21450 - 21700 yuan/ton, and for the LME aluminum 3M contract is 2760 - 2810 dollars/ton [7] Lead - **Market Information**: The Shanghai lead index and LME lead price both decline. The refined - scrap price difference is 25 yuan/ton, and the domestic social inventory decreases slightly [8] - **Strategy View**: The lead raw material is still in short supply. The domestic lead ingot social inventory accumulates marginally. The lead price is in a weak oscillation state [9] Zinc - **Market Information**: The Shanghai zinc index and LME zinc price decline. The domestic social inventory decreases slightly, and the LME zinc warehouse receipts increase slowly [10] - **Strategy View**: The zinc raw material is in short supply, the zinc ingot supply decreases marginally, and the domestic social inventory accumulation slows down. The LME zinc spread decreases marginally. The zinc price is expected to be weak in the short term [11] Tin - **Market Information**: The Shanghai tin main contract price declines. The upstream tin concentrate price decreases, and the smelting plant operating rate recovers but is still at a low level due to raw material supply shortages. The demand in emerging fields provides support [12] - **Strategy View**: The short - term tin supply and demand are in a tight balance, and the price is expected to oscillate strongly. It is recommended to go long on dips. The reference range for the domestic main contract is 285000 - 300000 yuan/ton, and for the overseas LME tin is 37000 - 39000 dollars/ton [13] Nickel - **Market Information**: The nickel price is weak. The nickel ore price is stable and weak, and the nickel iron price accelerates its decline [15] - **Strategy View**: The recent nickel price decline is due to fundamental pressures. The short - term decline space is limited, but the risk of negative feedback from nickel ore price decline should be guarded against. It is recommended to wait and see in the short term, and consider building long positions lightly if the nickel iron price stabilizes and the nickel price drops enough. The reference range for the Shanghai nickel main contract is 115000 - 120000 yuan/ton, and for the LME nickel 3M contract is 14500 - 15000 dollars/ton [16][17] Lithium Carbonate - **Market Information**: The spot index of lithium carbonate rises, but the futures contract price declines [19] - **Strategy View**: The short - term supply and demand of lithium carbonate are in a state of intense game. It is recommended to pay attention to the production schedule of lithium battery materials and cells, the changes in the main positions, and the equity market atmosphere. The reference range for the Guangzhou Futures Exchange lithium carbonate 2601 contract is 91000 - 95200 yuan/ton [20] Alumina - **Market Information**: The alumina index declines, and the overseas import loss exists [22] - **Strategy View**: The overseas ore supply is expected to increase, and the alumina smelting capacity is in surplus. However, the price is close to the cost line, and the short - term reduction expectation increases. It is recommended to wait and see. The reference range for the domestic main contract AO2601 is 2600 - 2900 yuan/ton [23] Stainless Steel - **Market Information**: The stainless steel main contract price declines, the spot price is stable, and the social inventory increases [25] - **Strategy View**: The market supply is in surplus, the demand is weak, and the cost support is insufficient. The stainless steel price is expected to continue to decline [26] Cast Aluminum Alloy - **Market Information**: The price of cast aluminum alloy declines, the position decreases, and the inventory decreases slightly [28] - **Strategy View**: The cost of cast aluminum alloy has strong support, and the demand is average. The price is expected to follow the aluminum price trend in the short term [29]

科技日报记者 夏天一 通讯员 甘欣鑫 记者近日从中铝国际昆明有色冶金设计研究院（以下简称"昆明院"）获悉，由该院牵头完成的"刚果 （金）低品位复杂铜钴伴生矿绿色高效冶炼关键技术及应用"项目通过中国有色金属工业协会组织的科 技成果评价，整体技术达到国际领先水平，标志着我国在复杂矿产资源绿色冶炼领域取得重要突破。 昆明院副总经理张春生介绍，低品位、高复杂性氧化铜钴矿的高效利用一直是行业难题。项目团队创新 研发并集成了"原矿吸酸—强化还原浸出—多段逆流浸出—高效萃取—节能电积—智能检测—多金属回 收"全流程关键技术及专用装备体系，成功攻克了有价元素综合回收率低、能耗高、环境友好性差等瓶 颈，实现了铜、钴等战略金属的绿色高效提取。 据悉，目前该技术已在刚果（金）成功实现产业化应用，建成年产4万吨及2.5万吨阴极铜的生产线各一 条，并实现长期稳定运行。项目累计创造经济效益数亿元，展现出优越的技术适应性和推广前景。 ...

Core Viewpoint - The company, Electric Power Investment Energy, announced a temporary board meeting on November 18, 2025, to discuss the appointment of an auditing firm for the 2025 financial year [1] Company Summary - For the first half of 2025, the revenue composition of Electric Power Investment Energy is as follows: Non-ferrous metal smelting accounts for 55.85%, coal industry for 31.02%, new energy generation for 7.58%, and coal-fired electricity and heat for 5.54% [1] - As of the report date, the market capitalization of Electric Power Investment Energy is 59.6 billion yuan [1]

Core Insights - China's refined copper (electrolytic copper) production in October 2025 reached 1.204 million tons, marking an 8.9% year-on-year increase. Cumulative production from January to October was 12.295 million tons, reflecting a 9.7% year-on-year growth [1][2]. Group 1: Metal Production Data - Alumina production in October was 7.865 million tons, with a year-on-year increase of 5.8% and a cumulative increase of 8.0% for the year [2]. - Non-ferrous metals production totaled 6.954 million tons in October, showing a 2.9% year-on-year increase and a cumulative increase of 3.1% [2]. - Zinc production in October was 0.665 million tons, with a significant year-on-year increase of 15.7% and a cumulative increase of 8.5% [2]. - Aluminum production in October was 0.645 million tons, reflecting a year-on-year decrease of 2.4%, while cumulative production showed a slight increase of 0.3% [2]. - Copper products production was 2.004 million tons in October, down 3.3% year-on-year, but cumulative production increased by 5.9% [2]. - Aluminum alloy production reached 1.682 million tons in October, with a notable year-on-year increase of 17.2% and a cumulative increase of 15.7% [2].

Group 1 - The article highlights the significance of direct current smelting technology in promoting industry technological advancement under the national "dual carbon" goals [1] - A seminar titled "2025 Mineral Thermal Furnace Energy-saving Power Supply (Direct Current) Technology Seminar" is scheduled to take place from December 4 to 6, 2025, in Hohhot, Inner Mongolia [1][2] - The seminar aims to facilitate in-depth exchanges within the industry and promote collaborative development [1] Group 2 - The seminar's theme is "Practicing Energy Saving and Low Carbon, Promoting Green Development" [2] - The event is organized by the China Nonferrous Metals Industry Association Silicon Industry Branch and Beijing Antai Technology Information Co., Ltd., with support from various local government and industry entities [2] - The preliminary agenda includes registration, opening ceremony, technical reports, discussions, and site visits to relevant companies [2] Group 3 - Participation in the seminar is free of charge, covering meals, while accommodation costs are to be borne by attendees [3] - Contact information for the event organizers is provided for further inquiries [4]

Core Insights - Guangxi has achieved significant technological innovations, including the world's first "island-style" manufacturing assembly plant and the first large-power intelligent hybrid hydrogen fuel engine system, contributing to high-quality industrial development [1][7] - By the end of 2024, Guangxi has implemented 220 major projects in seven key areas, resulting in over 50% contribution of new industries and products to industrial growth [2][7] - The number of high-tech enterprises in Guangxi surpassed 4,000 in 2024, indicating a robust growth in technological capabilities [2][10] Technological Innovations - The "AI Smelting Brain" project in the non-ferrous metal industry has successfully transitioned from concept to reality, enhancing energy efficiency and product output [4] - The world's first electric unmanned mining loader developed by LiuGong Machinery Co., Ltd. showcases advancements in autonomous machinery, capable of operating in challenging conditions [6][7] - Guangxi's first large-scale civil aviation tire production line and the first domestic injection-grade sucrose production line are among the notable innovations supporting industrial growth [7] AI and Data Integration - The "AI Zhuanggui" platform integrates data from 41,700 businesses, significantly improving tourist experiences in Guangxi [3] - Guangxi is focusing on AI development through the "Artificial Intelligence+" action plan, targeting key industries such as power equipment and non-ferrous metals [3][4] - The establishment of the China-ASEAN Large Model Application Laboratory aims to foster international cooperation in AI applications across various sectors [4] Industry Support and Collaboration - The introduction of technology special commissioners has facilitated the integration of research and production, exemplified by the development of gradient-controlled fermentation technology for the production of sour bamboo shoots [8][9] - Guangxi's enterprises are increasingly taking the lead in technology innovation, with R&D expenditure reaching 18.21 billion yuan in 2023, marking a significant growth in research capabilities [10] - Policies have been implemented to enhance the role of enterprises in technology innovation, with a focus on aligning with national needs and regional capabilities [10]

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Group 1 - The core viewpoint indicates that the domestic smelting plants have limited production cuts this year, leading to persistent oversupply expectations, while seasonal demand is significantly declining, resulting in passive inventory accumulation [1][2] - The supply side shows that despite high production from domestic smelting plants, there is a shortage in the mining sector, with expectations of significant production cuts in the first quarter of next year due to low processing fees and winter storage [1][2] - The macroeconomic environment is characterized by mixed signals, with the U.S. ending a government shutdown and injecting liquidity, but facing hawkish Federal Reserve signals and concerns over AI bubble risks affecting market sentiment [1] Group 2 - The monthly balance sheet indicates that total production is expected to fluctuate, with a projected output of 52.22 million tons in January 2025, decreasing to 48.10 million tons in February, and then gradually increasing [3] - The overall consumption is projected to be 54.59 million tons in January 2025, with a slight increase in subsequent months, indicating a potential recovery in demand [3] - The production and consumption year-on-year comparisons show a decline in production by 7.90% in January 2025, but a recovery in consumption by 1.90% in the same month [3] Group 3 - Recent data from Peru shows a 13% month-on-month decrease in zinc concentrate production for September 2025, while year-to-date production has increased by 17.5% [9] - Domestic zinc concentrate production in October was reported at 330,800 tons, reflecting a 5.18% month-on-month increase and a 12.33% year-on-year increase, slightly above expectations [9] - The import and export dynamics indicate a significant increase in imports, with September 2025 imports reaching 505,400 tons, a 24.94% year-on-year increase [12] Group 4 - The weekly operational rates for downstream zinc processing enterprises are at a historical low of 47.38%, indicating weak demand and passive inventory accumulation [25] - The weekly operating rate for galvanizing enterprises has increased to 57.59%, but overall demand remains subdued, limiting recovery [28] - The overall inventory levels for zinc ingots are high, with a reported total of 100,900 tons as of November 14, indicating continued accumulation despite seasonal demand pressures [44]