Company Overview - Northern Copper Industry Co., Ltd. is located in Yuan City, Shanxi Province, established on April 2, 1996, and listed on April 28, 1997. The company’s main business includes copper mining, ore dressing, smelting, and processing of products such as gold-containing copper concentrate, anode mud, gold ingots, silver ingots, sulfuric acid, selenium powder, copper and copper alloys, high-precision copper strips, high-performance rolled copper foil, and copper-clad boards [2]. Business Performance - As of August 8, Northern Copper achieved a revenue of 12.811 billion yuan in the first half of 2025, representing a year-on-year growth of 3.13%. The net profit attributable to the parent company was 487 million yuan, with a year-on-year increase of 5.87% [2]. - The revenue composition of Northern Copper is as follows: cathode copper 73.68%, precious metals 19.74%, copper strips and rolled copper foil 4.93%, others 0.85%, and sulfuric acid 0.80% [2]. Stock Performance - On August 26, Northern Copper's stock price increased by 2.08%, reaching 12.76 yuan per share, with a trading volume of 1.064 billion yuan and a turnover rate of 4.44%. The total market capitalization is 24.304 billion yuan [1]. - Year-to-date, Northern Copper's stock price has risen by 65.93%, with a 12.42% increase over the last five trading days, 13.83% over the last 20 days, and 45.66% over the last 60 days [1]. - The company has appeared on the "Dragon and Tiger List" five times this year, with the most recent appearance on July 2, where it recorded a net purchase of 70.1397 million yuan [1]. Shareholder Information - As of June 30, 2025, the number of shareholders of Northern Copper was 122,400, an increase of 1.48% from the previous period. The average circulating shares per person decreased by 1.46% to 15,556 shares [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 11.309 million shares, a decrease of 13.578 million shares from the previous period. The Southern CSI 1000 ETF is a new entrant among the top ten shareholders, holding 8.7961 million shares [3]. Dividend Distribution - Northern Copper has distributed a total of 601 million yuan in dividends since its A-share listing, with 387 million yuan distributed over the past three years [3].

Investment Highlights - Federal Reserve Chairman Powell's dovish stance at the Jackson Hole conference suggests a potential adjustment in policy due to employment growth risks, with a significant increase in the probability of a 25 basis point rate cut in September [2][4] - Precious metals are expected to perform well, with COMEX gold rising by 1.05% and silver by 2.26% following the dovish signals and increased ETF inflows [2][5] - Copper prices are experiencing high volatility, with a 0.50% increase, supported by expectations of preventive rate cuts and the end of the consumption off-season [2][3] Sector Analysis - Aluminum prices are focused on inventory depletion during the peak demand season, with a decrease of 8,872 tons in electrolytic aluminum inventory, indicating strong seasonal stocking behavior [3] - Tungsten prices continue to rise, driven by increased quotes from major tungsten companies and a 34.1% month-over-month increase in exports, indicating improving overseas demand [3][4] - Cobalt prices are steadily increasing due to seasonal demand and U.S. Department of Defense plans to purchase 7,500 tons of cobalt for strategic reserves, marking the first procurement since 1990 [4] Investment Recommendations - Companies to watch include Zhaojin Mining, Xinyi Silver, Chifeng Jilong Gold Mining, Shenhuo Co., and Zijin Mining [5]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Gold: After the JH meeting, Powell gave a dovish signal [2][4]. - Silver: It is expected to reach its previous high [2][5]. - Copper: The rise of the US dollar restricts price increases [2][12]. - Zinc: It will fluctuate within a narrow range [2][15]. - Lead: Lacking driving forces, the price will fluctuate [2][19]. - Tin: It will oscillate within a range [2][22]. - Aluminum: Fluctuations will converge; Alumina will decline slightly; Cast aluminum alloy will follow the trend of electrolytic aluminum [2][27]. - Nickel: It will operate in a narrow - range oscillation; Stainless steel will experience short - term low - level fluctuations [2][29]. 3. Summary by Related Catalogs 3.1 Precious Metals (Gold and Silver) 3.1.1 Fundamental Data - **Prices**: Comex Gold 2510 rose 1.00% to 3417.20; London Gold Spot rose 0.95% to 3369.82; Comex Silver 2510 rose 2.07% to 39.390; London Silver Spot rose 1.85% to 38.801 [5]. - **Trading Volume and Open Interest**: Comex Gold 2510 trading volume increased by 59,697 to 179,273, and open interest decreased by 2,083 to 323,440; Comex Silver 2510 trading volume increased by 10,840 to 31,554, and open interest remained unchanged at 90,075 [5]. - **Inventory**: Comex Gold inventory (in troy ounces, the day before) increased by 9,952 to 38,573,764; Comex Silver inventory (in troy ounces, the day before) remained unchanged at 508,499,193 [5]. 3.1.2 Macro and Industry News - Multiple events including geopolitical issues, corporate lawsuits, and policy changes in different countries and regions [7][9][11]. 3.1.3 Trend Intensity - Gold trend intensity: 1; Silver trend intensity: 1 [10]. 3.2 Copper 3.2.1 Fundamental Data - **Prices**: The Shanghai Copper main contract rose 1.32% to 79,690, and the night - session price was 79640, down 0.06%; LME Copper 3M electronic disk rose 0.77% to 9,809 [12]. - **Trading Volume and Open Interest**: The Shanghai Copper main contract trading volume increased by 53,037 to 87,895, and open interest increased by 20,929 to 169,761; LME Copper 3M electronic disk trading volume increased by 6,274 to 16,941, and open interest increased by 3,555 to 268,000 [12]. - **Inventory**: Shanghai Copper inventory decreased by 401 to 23,747; LME Copper inventory decreased by 375 to 155,975, and the注销仓单 ratio increased by 0.77% to 8.03% [12]. 3.2.2 Macro and Industry News - Macro: Shanghai issued the "Six Measures for the Property Market"; The US had under - expected housing sales and weak business activity index [12]. - Micro: China's refined copper imports in July 2025 decreased 0.32% month - on - month but increased 12.05% year - on - year; Codelco lowered its copper output target for this year [12][14]. 3.2.3 Trend Intensity - Copper trend intensity: 0 [14]. 3.3 Zinc 3.3.1 Fundamental Data - **Prices**: The Shanghai Zinc main contract rose 0.54% to 22395; LME Zinc 3M electronic disk rose 1.39% to 2805.5 [15]. - **Trading Volume and Open Interest**: The Shanghai Zinc main contract trading volume increased by 42715 to 131380, and open interest decreased by 2533 to 105259; LME Zinc trading volume increased by 948 to 8247, and open interest increased by 1465 to 193310 [15]. - **Inventory**: Shanghai Zinc futures inventory increased by 2403 to 35194; LME Zinc inventory decreased by 1300 to 68075 [15]. 3.3.2 News - Shanghai issued the "Six Measures for the Property Market"; The government plans to implement carbon emission quota control for certain industries [16]. 3.3.3 Trend Intensity - Zinc trend intensity: 0 [18]. 3.4 Lead 3.4.1 Fundamental Data - **Prices**: The Shanghai Lead main contract rose 0.39% to 16845; LME Lead 3M electronic disk rose 1.12% to 1992 [19]. - **Trading Volume and Open Interest**: The Shanghai Lead main contract trading volume increased by 18257 to 41202, and open interest decreased by 13190 to 27975; LME Lead trading volume increased by 1725 to 5119, and open interest increased by 3430 to 160840 [19]. - **Inventory**: Shanghai Lead futures inventory increased by 2 to 58948; LME Lead inventory decreased by 6550 to 273050 [19]. 3.4.2 News - Shanghai issued the "Six Measures for the Property Market"; The US had concerns about its economic health [20]. 3.4.3 Trend Intensity - Lead trend intensity: 0 [20]. 3.5 Tin 3.5.1 Fundamental Data - **Prices**: The Shanghai Tin main contract fell 0.21% to 265,930; LME Tin 3M electronic disk rose 1.11% to 33,845 [23]. - **Trading Volume and Open Interest**: The Shanghai Tin main contract trading volume decreased by 2,103 to 34,606, and open interest decreased by 671 to 18,073; LME Tin 3M electronic disk trading volume decreased by 9 to 180, and open interest increased by 53 to 13,988 [23]. - **Inventory**: Shanghai Tin inventory decreased by 205 to 7,053; LME Tin inventory increased by 45 to 1,785, and the注销仓单 ratio decreased by 0.38% to 6.57% [23]. 3.5.2 Macro and Industry News - Multiple geopolitical and policy - related events [24][25]. 3.5.3 Trend Intensity - Tin trend intensity: 1 [26]. 3.6 Aluminum, Alumina, and Cast Aluminum Alloy 3.6.1 Fundamental Data - **Aluminum**: The Shanghai Aluminum main contract closed at 20770; LME Aluminum 3M closed at 2622. The LME注销仓单 ratio was 2.77% [27]. - **Alumina**: The Shanghai Alumina main contract closed at 3184 [27]. - **Cast Aluminum Alloy**: It follows the trend of electrolytic aluminum [27]. 3.6.2 Comprehensive News - The outcome of the US - South Korea leaders' meeting [28]. 3.6.3 Trend Intensity - Aluminum trend intensity: 0; Alumina trend intensity: 0; Aluminum alloy trend intensity: 0 [28]. 3.7 Nickel and Stainless Steel 3.7.1 Fundamental Data - **Nickel**: The Shanghai Nickel main contract closed at 120,310; 1 imported nickel was priced at 120,350 [29]. - **Stainless Steel**: The stainless steel main contract closed at 12,880 [29]. 3.7.2 Macro and Industry News - Ontario may stop exporting nickel to the US; An Indonesian nickel - iron project entered the trial - production stage; Environmental violations were found in an Indonesian industrial park [29][30]. 3.7.3 Trend Intensity - Nickel trend intensity: 0; Stainless steel trend intensity: 0 [34].

1. Report Industry Investment Rating There is no information provided about the report industry investment rating in the document. 2. Report's Core View - The gold price is expected to maintain a short - term volatile pattern due to the mixed influence of the Fed's potential interest rate cut and the risk of inflation pressure from Trump's tariff policy [3]. - The copper price may continue to fluctuate around 79,000 yuan per ton, with upward pressure and limited downward space [15]. - The short - term trend of Shanghai aluminum is expected to be volatile and strong, while alumina is expected to be weakly volatile in the short term [35]. - The zinc price is expected to be mainly volatile in the short term, with an increasingly obvious pattern of strong overseas and weak domestic prices [64]. - The nickel - related market is affected by multiple factors such as nickel ore price, downstream demand, and macro - level factors, and the stainless steel price may have a certain correction [80]. - The tin price is expected to be mainly volatile in the next week [95]. - The lithium carbonate futures market is expected to enter a volatile consolidation stage, while the spot market sentiment is expected to remain strong [106]. - The industrial silicon market is expected to be in bottom - level volatility in the short term, and the polysilicon futures are expected to be volatile and strong [115]. 3. Summary by Relevant Catalogs 3.1 Precious Metals - **Daily View**: Fed Chair Powell's signal of a potential interest rate cut at the Jackson Hole meeting has increased the market's expectation of a September rate cut to 85%, but the risk of inflation pressure from Trump's tariff policy may delay the rate - cut rhythm, leading to a short - term volatile gold price [3]. - **Price Data**: Various price charts of SHFE and COMEX gold and silver, including prices, ratios, and spreads, are presented [4][9][12]. - **Long - term Fund Holdings**: The long - term fund holdings of gold and silver show certain trends [12][13]. - **Inventory Data**: The inventory data of SHFE and COMEX gold and silver are provided [14]. 3.2 Copper - **Daily View**: The Fed's meeting minutes have little impact on copper prices, but Powell's speech has boosted the overall valuation of non - ferrous metals. The copper price may continue to fluctuate around 79,000 yuan per ton, and investors need to pay attention to relevant economic data [15]. - **Futures Data**: The latest prices, daily changes, and daily change rates of Shanghai and London copper futures are presented [16]. - **Spot Data**: The latest prices, daily changes, and daily change rates of copper spot in different regions are provided, along with import profit and loss and processing fee data [21][27]. - **Inventory Data**: The inventory data of SHFE and LME copper are provided, showing changes in warehouse receipts and inventories [32][33]. 3.3 Aluminum - **Daily View**: Aluminum prices have experienced a correction due to tariff policies, but low inventory and inventory reduction provide support, and the short - term trend is volatile and strong. Alumina has a weak fundamental situation and is expected to be weakly volatile in the short term [35]. - **Futures Data**: The latest prices, daily changes, and daily change rates of Shanghai aluminum, alumina, and aluminum alloy futures are presented [37]. - **Spot Data**: The latest prices, daily changes, and daily change rates of aluminum spot in different regions are provided, along with relevant basis and spread data [50]. - **Inventory Data**: The inventory data of SHFE and LME aluminum and alumina are provided, showing changes in warehouse receipts and inventories [59]. 3.4 Zinc - **Daily View**: The zinc supply is gradually shifting from tight to surplus, and the demand is weak. The zinc price is mainly volatile in the short term, with an obvious pattern of strong overseas and weak domestic prices [64]. - **Price Data**: The latest prices, daily changes, and daily change rates of Shanghai and LME zinc futures are presented [65]. - **Spot Data**: The latest prices, daily changes, and daily change rates of zinc spot are provided, along with relevant basis and spread data [71]. - **Inventory Data**: The inventory data of SHFE and LME zinc are provided, showing changes in warehouse receipts and inventories [76]. 3.5 Nickel - **Daily View**: The nickel - related market is affected by factors such as nickel ore price, downstream demand, and macro - level factors. The stainless steel price may have a certain correction [80]. - **Price Data**: The latest prices, changes, and change rates of Shanghai nickel and stainless steel futures are presented [81]. - **Related Data**: Various data such as nickel spot price, nickel ore price, and downstream profit are provided [86][88][90]. 3.6 Tin - **Daily View**: The tin price is expected to be mainly volatile in the next week, supported by the decline in social inventory and stable demand [95]. - **Futures Data**: The latest prices, daily changes, and daily change rates of Shanghai and London tin futures are presented [96]. - **Spot Data**: The latest prices, daily changes, and daily change rates of tin spot are provided [100]. - **Inventory Data**: The inventory data of SHFE and LME tin are provided, showing changes in warehouse receipts and inventories [102]. 3.7 Lithium Carbonate - **Daily View**: The lithium carbonate futures market is expected to enter a volatile consolidation stage, while the spot market sentiment is expected to remain strong. Attention should be paid to the downstream production schedule in September [106]. - **Futures Data**: The price changes of lithium carbonate futures, including the closing prices of different contracts and the spreads between contracts, are presented [107]. - **Spot Data**: The latest prices, daily changes, daily change rates, weekly changes, and weekly change rates of lithium - related spot are provided [109]. - **Inventory Data**: The inventory data of lithium carbonate, including warehouse receipts and social inventories, are provided [113]. 3.8 Silicon Industry Chain - **Daily View**: The industrial silicon market is expected to be in bottom - level volatility in the short term, and the polysilicon futures are expected to be volatile and strong [115]. - **Industrial Silicon**: - **Spot Data**: The latest prices, daily changes, and daily change rates of industrial silicon in different regions are presented, along with basis and spread data [116]. - **Futures Data**: The latest prices, daily changes, and daily change rates of industrial silicon futures are presented [117]. - **Related Data**: Various data such as price charts, basis seasonality, and production and inventory data are provided [118][120][132]. - **Polysilicon**: The polysilicon futures are in a typical volatile convergence stage, and the market may break through the current range. The industry integration is expected to support the market [115]. - **Price Data**: The price trends of polysilicon, silicon wafers, and related products are presented [122][123]. - **Inventory and Cost Data**: The inventory and cost data of polysilicon are provided [138][141].

Core Viewpoint - A-shares experienced a strong upward trend on August 25, with significant trading volume across major indices, indicating positive market sentiment and sector performance [1]. Market Performance - The three major A-share indices closed higher, with the Shanghai Composite Index at 3883.56 points, up 1.51%, and a trading volume of 1.36 trillion yuan [1]. - The Shenzhen Component Index closed at 12441.07 points, gaining 2.26%, with a trading volume of 1.78 trillion yuan [1]. - The ChiNext Index ended at 2762.99 points, increasing by 3.00%, with a trading volume of 866.16 billion yuan [1]. Sector Performance - Strong performing sectors included copper, liquor, lead-zinc, gold, mineral products, real estate, small metals, communication equipment, ordinary steel, and coke [1]. - Sectors that experienced adjustments included textile machinery, water utilities, and daily chemicals [1]. Concept Stocks - Notable concept stocks that saw significant gains included rare earth permanent magnets, CPO concept, liquor, and optical communication [1].

Investment Rating - The report maintains a positive outlook on the metals and new materials industry, emphasizing cyclical investment opportunities [1]. Core Insights - The report highlights the dovish stance of Federal Reserve Chairman Powell, suggesting potential interest rate cuts that could benefit the metals sector [4]. - The report indicates a strong performance of the metals sector, with significant year-to-date increases in various metal prices, particularly small metals and energy metals [9]. - The report recommends focusing on companies with stable supply-demand dynamics in the new energy manufacturing sector, such as Huafeng Aluminum and Asia-Pacific Technology [4]. Weekly Market Review - The Shanghai Composite Index rose by 3.49%, while the Shenzhen Component Index increased by 4.57% [5]. - The non-ferrous metals index increased by 1.33%, underperforming the CSI 300 Index by 2.85 percentage points [5]. - Year-to-date, the non-ferrous metals index has risen by 38.60%, outperforming the CSI 300 Index by 27.34 percentage points [8]. Price Changes and Key Company Valuations - Industrial metals prices showed mixed results, with copper prices slightly decreasing by 0.24% and aluminum prices increasing by 0.67% [14]. - The report provides detailed price changes for various metals, indicating a general upward trend in precious metals like gold and silver [14]. - Key companies in the industry, such as Zijin Mining and Shandong Gold, are highlighted for their potential based on current valuations and market conditions [18]. Supply and Demand Analysis - The report notes that copper demand remains strong, with operating rates for electrolytic copper rods and wire and cable showing slight increases [33]. - Aluminum production is stable, with a reported operating rate of approximately 97.8% for electrolytic aluminum [50]. - The steel sector is experiencing a slight increase in production, but demand remains weak during the off-season [77].

Investment Rating - The industry investment rating is "Outperform the Market" [51] Core Views - Precious Metals - Gold: The expectation of a Federal Reserve rate cut in September has increased, driving up gold prices. As of August 22, the COMEX gold futures contract rose by 1.03% to $3,417.20 per ounce. The SPDR Gold ETF decreased by 0.9% to 956.77 tons. The market's expectation of a 90% probability for a rate cut is seen as a core driver for current gold prices, with long-term macro uncertainties likely to sustain gold's safe-haven appeal [4][6]. - Industrial Metals: The approach of the consumption peak season is strengthening the fundamentals. As of August 22, the LME copper futures contract rose by 0.4% to $9,796.50 per ton. Domestic copper social inventory reached 131,700 tons, with a slight increase. The demand side is expected to enter a destocking cycle as domestic consumption gradually recovers [5][6]. - Aluminum: As of August 22, the LME aluminum futures contract rose by 0.7% to $2,622 per ton. Domestic aluminum social inventory reached 596,000 tons, with a slight increase. The demand is expected to improve as the peak season approaches, with a decrease in inventory pressure [6]. Summary by Sections 1. Nonferrous Metal Index Trends - As of August 22, 2025, the nonferrous metal index closed at 6,580.17 points, up 1.8% [10]. 2. Precious Metals - Gold prices are expected to remain strong due to macro uncertainties and the Federal Reserve's potential rate cuts, enhancing gold's monetary attributes [4][7]. 3. Industrial Metals - **Copper**: The fundamentals are improving with domestic demand recovery and tight supply of copper concentrate. The long-term outlook for copper prices remains positive [6][7]. - **Aluminum**: The supply-demand dynamics are expected to favor price increases as the peak season approaches, despite short-term seasonal weakness [6][7]. 4. Investment Recommendations - The report suggests focusing on gold, copper, and aluminum sectors. Specific companies to watch include Chifeng Jilong Gold Mining for gold, Luoyang Molybdenum for copper, and Tianshan Shares for aluminum [7][48].

Group 1 - The U.S. is conducting a significant tariff investigation on imported furniture, with potential tariffs to be determined within 50 days [1] - Following the announcement, stock prices of several U.S. furniture retailers dropped significantly, with Wayfair down 10%, RH down 9.9%, and Williams-Sonoma down 6.7%, while La-Z-Boy, which primarily produces furniture in North America, saw a 3% increase [2] - The investigation is part of a broader inquiry under Section 232 of the Trade Expansion Act, which allows tariffs on goods deemed critical to national security, with results expected within 270 days from the start date of March 10 [5] Group 2 - The Trump administration has also initiated a national security investigation into wind energy imports, reflecting ongoing scrutiny of various industries including steel, aluminum, copper, and automobiles [6]

Investment Rating - The industry rating is "Recommended" [4] Core Views - The dovish remarks from Powell have increased expectations for a rate cut in September, benefiting the prices of precious and base metals [3][41] - The market is beginning to price in the likelihood of a rate cut, with a significant increase in the probability of a September cut to 91.1% following Powell's comments [3][41] - Long-term concerns regarding global monetary policy and debt are expected to support gold prices, with the passage of the "Big and Beautiful" act projected to increase the US fiscal deficit by $3.4 trillion [3][15] Summary by Sections Precious Metals - Gold prices increased by 1.05% to $3,417.20 per ounce, while silver rose by 2.26% to $38.88 per ounce [1][24] - SPDR Gold ETF holdings decreased by 276,237.73 troy ounces, while SLV Silver ETF holdings increased by 6,992,897.80 ounces [24] - The gold-silver ratio fell by 1.19% to 87.89, indicating a potential recovery in silver prices due to increased industrial demand [1][43] Base Metals - Copper prices rose by 0.37% to $9,796.50 per ton on the LME, while aluminum increased by 0.73% to $2,622.00 per ton [6][48] - Supply disruptions from overseas mines continue to tighten raw material availability, with Peru's copper production increasing by 7.1% year-on-year [7][68] - The market anticipates a cautious improvement in consumption as the traditional peak season approaches [7][70] Small Metals - Magnesium prices remain stable at 18,920 yuan per ton, with tight inventory levels among producers [81] - Molybdenum prices have shown positive trends, with molybdenum iron prices rising by 3.60% to 287,500 yuan per ton [14][82] - The demand for molybdenum is expected to remain strong, supported by tight supply conditions [14][82]

Group 1: General Information - The report is a daily report on the precious metals and non - ferrous metals industry dated August 22, 2025 [2] Group 2: Precious Metals (Gold and Silver) Investment Rating - Not provided Core View - Fed's September rate - cut expectation and central bank gold purchases support gold prices, but geopolitical situation easing weakens safe - haven demand, and dollar fluctuations limit the upside of gold prices. The market awaits Powell's speech at the global central bank conference. Gold ETFs and long - term structural buying remain the pillars of demand [3] Details - SHFE gold and silver futures prices and related indicators such as COMEX gold prices and gold - silver ratios are presented in graphs [4] - Gold and silver long - term fund holdings and inventories in SHFE and COMEX are shown [12][14][15] Group 3: Copper Investment Rating - Not provided Core View - In the short term, copper prices may continue to fluctuate. The previous support level of 77,000 yuan per ton can be raised to 78,000 yuan per ton. The Fed's meeting minutes next week and Powell's speech may have limited impact on copper prices. The strong support of the dollar index puts pressure on the overall valuation of non - ferrous metals [16] Details - Copper futures and spot data, including prices, price changes, and spreads, are provided. For example, the latest price of Shanghai copper main contract is 78,690 yuan/ton with a daily increase of 0.19% [17][20] - Copper import profit and loss, concentrate processing fees, and warehouse receipts data are also presented [27][31][33] Group 4: Aluminum Investment Rating - Not provided Core View - For aluminum, the US tariff expansion has a certain impact on China's exports, but the impact is weaker than before. Aluminum prices are likely to correct rather than reverse considering the September peak - season expectation and rate - cut expectation. For alumina, the fundamentals are weak, with supply in excess, and the price is expected to fluctuate weakly in the short term. Cast aluminum alloy has good fundamentals, and its futures price generally follows the Shanghai aluminum price [35][36] Details - Aluminum, alumina, and aluminum alloy futures and spot prices, spreads, and inventory data are given. For instance, the latest price of Shanghai aluminum main contract is 20,630 yuan/ton with a daily increase of 0.19% [37][49][55] Group 5: Zinc Investment Rating - Not provided Core View - On the supply side, smelting profit has recovered, and the supply is gradually changing from tight to excessive. The mine supply is loose. On the demand side, the traditional off - season is weak. LME inventory is decreasing with a certain squeeze - out risk. In the short term, zinc prices are expected to fluctuate based on macro - observation [62] Details - Zinc futures and spot prices, spreads, and inventory data are shown. The latest price of Shanghai zinc main contract is 22,275 yuan/ton with a daily increase of 0.16% [63][71][75] Group 6: Nickel Investment Rating - Not provided Core View - Nickel ore is relatively stable, with high domestic arrival inventory. Nickel iron is still relatively firm in the short term. Stainless steel prices are weak, and sulfuric acid nickel prices are stable. Future trends depend on macro - level guidance [78] Details - Nickel and stainless - steel futures prices, trading volume, positions, and inventory data are presented. The latest price of Shanghai nickel main contract is 119,610 yuan/ton [79] Group 7: Tin Investment Rating - Not provided Core View - Macro data from the US is in line with expectations. The repeated delay of Myanmar's tin mine full - resumption of production supports tin prices. In the short term, tin prices may fluctuate [92] Details - Tin futures and spot prices, inventory data, and related indicators such as LME tin spreads are provided. The latest price of Shanghai tin main contract is 265,930 yuan/ton [93][98][102] Group 8: Lithium Carbonate Investment Rating - Not provided Core View - The market's sensitivity to news is decreasing. In the short term, prices may rebound due to supply - side disturbances and enter a wide - range oscillation [107] Details - Lithium carbonate futures and spot prices, spreads, and inventory data are given. The latest price of lithium carbonate futures main contract is 78,960 yuan/ton [108][111][115] Group 9: Silicon Investment Rating - Not provided Core View - The increase in polysilicon production schedules boosts the demand for industrial silicon. In the medium term, the downside space of industrial silicon is limited, and it is expected to fluctuate strongly in the future [117] Details - Industrial silicon futures and spot prices, spreads, and production and inventory data are presented. The latest price of industrial silicon main contract is 8,745 yuan/ton with a daily increase of 1.27% [117][118][132]