Group 1: Report Investment Ratings - No investment ratings provided in the report Group 2: Core Views - Copper: After Sino-US negotiations, the copper price dropped to test the 10-day moving average support. The downstream copper开工 rate declined further, but the inventory decreased slightly. Considering the potential medium - scale delivery of LME copper in the near future, maintain a callback - buying strategy and pay attention to the support around $10,300 for LME copper [1] - Aluminum: With good domestic apparent demand, high proportion of molten aluminum, de - stocking of aluminum ingots and various aluminum products, and supply disruptions overseas, the price is pushed up. In the long - term with low inventory, it is advisable to hold on dips [1] - Zinc: The zinc price fluctuated upward this week. The supply of domestic and imported TC is accelerating its decline. The demand is seasonally weak domestically and generally average overseas. Although the domestic fundamentals are poor, there may be a phased reduction in supply at the end of the year, so the price may not fall deeply. Pay attention to anti - arbitrage opportunities and positive arbitrage opportunities for the 12 - 02 spread [2] - Nickel: The supply of pure nickel remains at a high level, the demand is weak, and the inventory is accumulating both at home and abroad. With continuous disturbances in the Indonesian mining end and a motivation to support prices on the policy side, pay attention to short - selling opportunities [3] - Stainless Steel: The supply from steel mills increased slightly in October. The demand is mainly for rigid needs. The cost of ferronickel and ferrochrome remains stable, and the inventory is at a high level. With a motivation to support prices on the Indonesian policy side, pay attention to short - selling opportunities [7] - Lead: The lead price dropped due to downstream production cuts this week. The supply of scrap is weak, and the recovery of recycled lead production is slow. The demand is expected to weaken. It is expected that the lead price will fluctuate narrowly next week, and it is advisable to observe the resumption of recycled production and the increase of warehouse receipts [8] - Tin: The tin price fluctuated this week. The supply is marginally recovering, and the demand is mainly rigid. In the short - term, it follows the macro - sentiment. In the long - term, it is advisable to hold on dips near the cost line [8][10] - Industrial Silicon: The supply of industrial silicon will decline in the fourth quarter, but considering the maintenance of polysilicon enterprises, the supply and demand are in a balanced and slightly loose state. In the short - term, the price is expected to fluctuate, and in the long - term, it will fluctuate at the cycle bottom [11] - Lithium Carbonate: Affected by the rumor of mine resumption in Jiangxi, the lithium carbonate price dropped rapidly on Friday. The supply side has strong price - support motivation, and the demand side is mainly in a wait - and - see state. If the energy storage demand remains high and the power demand is stable, the long - term pattern may change in the next 1 - 2 years [11] Group 3: Summary by Metal Copper - Market: The market is dominated by tariff negotiation progress. After Sino - US negotiations, the copper price dropped [1] - Fundamentals: Downstream copper开工 rate declined, but inventory decreased slightly. Pay attention to the impact of stricter scrap copper policies on the substitution of refined copper [1] - Strategy: Maintain a callback - buying strategy, pay attention to the support around $10,300 for LME copper, and consider selling put options below $10,300 or gradually building virtual inventory [1] Aluminum - Market: Domestic apparent demand is good, and overseas supply is disrupted [1] - Fundamentals: High proportion of molten aluminum, de - stocking of aluminum ingots and various aluminum products [1] - Strategy: Hold on dips in the long - term with low inventory [1] Zinc - Market: The zinc price fluctuated upward this week [2] - Fundamentals: Supply of domestic and imported TC is declining. Demand is seasonally weak domestically and average overseas. Social inventory is fluctuating domestically, and LME inventory is decreasing overseas [2] - Strategy: Although the domestic fundamentals are poor, the price may not fall deeply at the end of the year. Pay attention to anti - arbitrage opportunities and positive arbitrage opportunities for the 12 - 02 spread [2] Nickel - Market: Short - term fundamentals are weak [3] - Fundamentals: Supply of pure nickel is high, demand is weak, and inventory is accumulating both at home and abroad [3] - Strategy: Pay attention to short - selling opportunities with disturbances in the Indonesian mining end and policy support motivation [3] Stainless Steel - Market: Fundamentals are weak [7] - Fundamentals: Supply from steel mills increased slightly in October, demand is mainly rigid, cost is stable, and inventory is high [7] - Strategy: Pay attention to short - selling opportunities with policy support motivation in Indonesia [7] Lead - Market: The lead price dropped due to downstream production cuts [8] - Fundamentals: Supply of scrap is weak, recycled lead production recovery is slow, demand is expected to weaken, and the spot is still in short supply [8] - Strategy: Observe the resumption of recycled production and the increase of warehouse receipts, and the price is expected to fluctuate narrowly between 17,200 - 17,500 [8] Tin - Market: The tin price fluctuated this week [8] - Fundamentals: Supply is marginally recovering, and demand is mainly rigid [8][10] - Strategy: Follow the macro - sentiment in the short - term, and hold on dips near the cost line in the long - term [8][10] Industrial Silicon - Market: Supply will decline in the fourth quarter, and supply - demand is balanced and slightly loose [11] - Fundamentals: Xinjiang enterprises' production is stable, and Sichuan and Yunnan's production will decrease in the dry season [11] - Strategy: The price is expected to fluctuate in the short - term and at the cycle bottom in the long - term [11] Lithium Carbonate - Market: The price dropped on Friday due to the rumor of mine resumption [11] - Fundamentals: Supply side has strong price - support motivation, and demand side is in a wait - and - see state [11] - Strategy: The long - term pattern may change in the next 1 - 2 years if demand conditions are met [11]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The macro - expectation is repetitive but stable, and base metals will oscillate and rise. In the short - to - medium term, supply disruptions will continue to support base metal prices, but macro support has weakened. One can cautiously focus on the opportunity for aluminum ingot price to catch up, and also consider low - absorption and long - position opportunities for copper after its price decline. In the long term, there are still expectations of potential incremental stimulus policies in China, and supply disruptions in copper, aluminum, and tin persist, so the supply - demand situation is expected to tighten, and the price trends of copper, aluminum, and tin are optimistic [1]. - For different varieties: copper prices will adjust in the short term; alumina prices will be under pressure and oscillate; aluminum prices will oscillate upwards; aluminum alloy prices will oscillate strongly; zinc prices will oscillate at a high level; lead prices will oscillate; nickel prices will oscillate; stainless steel prices will oscillate; tin prices will oscillate strongly [2]. 3. Summary According to Relevant Catalogs 3.1行情观点 3.1.1 Copper - **Viewpoint**: Due to tight US monetary liquidity, copper prices have adjusted in the short term. The medium - term outlook is oscillating strongly. - **Analysis**: The Fed cut interest rates by 25 basis points, and the decision on further rate cuts in December is undetermined. The US financial system's capital situation has worsened. In October, China's electrolytic copper production decreased both month - on - month and year - on - year. As of November 6, copper inventory increased, and the spot price was at a premium. - **Logic**: Macroscopically, the Fed's rate cut and Powell's slightly hawkish speech, along with concerns about tight US money market liquidity, led to a decline in risk asset prices, including copper. In terms of supply - demand, copper mine supply disruptions increased, processing fees were low, and the cost and difficulty of scrap copper recycling increased, causing a contraction in supply. On the demand side, copper inventory did not decline significantly, but the spot price turned to a premium, indicating stronger downstream purchasing willingness. If inventory continues to decline, the price adjustment may be limited [7][8]. 3.1.2 Alumina - **Viewpoint**: The fundamentals are still in surplus, and alumina prices will be under pressure and oscillate. - **Analysis**: On November 6, alumina spot prices in different regions showed different trends, and the warehouse receipt increased. - **Logic**: Recently, macro sentiment has amplified price fluctuations. Fundamentally, high - cost production capacity has fluctuations, and supply contraction is not obvious. China is still in a strong inventory - building trend, and ore prices have loosened slightly. The price is under pressure, but as the valuation enters a low - level range, price fluctuations may increase [9]. 3.1.3 Aluminum - **Viewpoint**: With the linkage between stocks and futures, aluminum prices will oscillate upwards. The medium - term outlook is oscillating strongly, and the price center is expected to rise. - **Analysis**: On November 6, the average price of AOO aluminum increased, aluminum bar inventory increased, electrolytic aluminum ingot inventory decreased, and the warehouse receipt decreased. There were also news about power agreements of aluminum plants and environmental protection warnings in some regions. - **Logic**: Macroscopically, the US government shutdown and the Sino - US tariff suspension consensus have made the macro sentiment repetitive. On the supply side, domestic production capacity and operating rate are high, and there are environmental protection policies, while overseas supply has marginal disruptions. On the demand side, the traditional peak season has passed, terminal demand is stable, and social inventory reduction has slowed down. Overall, in the short term, the price will oscillate strongly, and in the medium term, supply growth is limited, and demand is resilient [12][13]. 3.1.4 Aluminum Alloy - **Viewpoint**: Scrap aluminum supply remains tight, and the price will oscillate strongly in the short term and oscillate in the medium term. - **Analysis**: On November 6, the price of ADC12 increased, and the average price of AOO aluminum also increased. The US Aluminum Association proposed to ban UBC scrap exports, indicating local shortages. The estimated retail market scale of narrow - sense passenger cars in October decreased month - on - month. - **Logic**: In terms of cost, scrap aluminum supply is tight, providing strong cost support. On the supply side, the weekly operating rate increased slightly, but some alloy plants face the risk of production cuts. On the demand side, there is marginal improvement, especially in automobile sales. Overall, with strong cost support and weak improvement in supply - demand, the price will oscillate strongly in the short term [14]. 3.1.5 Zinc - **Viewpoint**: The export window has opened, and zinc prices will oscillate at a high level in the short term and may decline in the long term. The overall performance is oscillating. - **Analysis**: On November 6, the spot price of zinc in different regions was at a discount. As of November 6, zinc ingot inventory decreased. A mine in Australia postponed high - grade zinc ore mining due to an earthquake. - **Logic**: Macroscopically, Sino - US economic and trade relations are easing, and the 15th Five - Year Plan is becoming clear. On the supply side, zinc ore supply has loosened in the short term, processing fees have increased, and smelters' profitability is good, with high production willingness. The export window has opened, relieving domestic supply pressure. On the demand side, the domestic market is entering the off - season, and new orders are limited. Overall, domestic social inventory may not accumulate further, and the LME's rule change eases the squeeze - out pressure on LME zinc [16]. 3.1.6 Lead - **Viewpoint**: Social inventory is slightly accumulating, and lead prices will oscillate strongly. - **Analysis**: On November 6, the price of scrap electric vehicle batteries remained stable, the price of lead ingots decreased, and social inventory increased. Some lead ingots were transferred to social warehouses for delivery, and some regenerative lead smelters resumed production. - **Logic**: In the spot market, the premium remained stable. On the supply side, regenerative lead smelters resumed production, but primary lead smelters had many overhauls, and weekly production decreased slightly. On the demand side, although some lead - acid battery factories had short - term production cuts due to high lead prices, it is the peak demand season, and the overall operating rate is high. Considering supply - demand, cost, and macro factors, lead prices will oscillate strongly [17][19]. 3.1.7 Nickel - **Viewpoint**: Market sentiment has recovered, and nickel prices will oscillate. - **Analysis**: On November 6, LME nickel inventory decreased slightly, and Shanghai nickel warehouse receipts decreased. Indonesia strengthened the crackdown on illegal nickel mining, and a company in Mongolia is exploring copper - nickel projects. - **Logic**: Currently, market sentiment dominates the market, and the static valuation is stable. Fundamentally, the supply of nickel ore is relatively loose, the production of intermediate products has recovered, nickel salt prices have weakened slightly, and the market is in surplus with large inventory accumulation. One should focus on changes in LME nickel inventory and RKAB quotas [20][22]. 3.1.8 Stainless Steel - **Viewpoint**: Warehouse receipts continue to decline, and stainless steel prices will oscillate. - **Analysis**: The latest stainless steel futures warehouse receipt inventory decreased. The spot price of stainless steel in Foshan had a premium. The average price of high - nickel pig iron decreased. The Indonesian government allocated special funds for mining and smelting projects. - **Logic**: The prices of nickel - iron and chromium have weakened, reducing cost support. In October, stainless steel production increased, but downstream demand's acceptance of price increases is limited. Social inventory has slightly accumulated, and there may be inventory pressure in the off - season. Overall, the price will oscillate within a range [23][26]. 3.1.9 Tin - **Viewpoint**: Shanghai tin inventory continues to decline, and tin prices will oscillate strongly. - **Analysis**: On November 6, LME tin warehouse receipt inventory increased, Shanghai tin warehouse receipt inventory decreased, and the price of tin ingots increased. - **Logic**: Supply constraints still exist, providing strong support for tin prices. In Wa State, production increase may be delayed, and in Indonesia, the supply of refined tin is expected to tighten. In the future quarter, the shortage of tin ore in China is difficult to significantly ease, and processing fees will remain low. However, after Yunxi's resumption of production, the operating rate of refined tin has increased, and inventory may accumulate slightly, limiting price increases [26]. 3.2行情监测 No specific analysis content provided in the given text, only variety names are listed, so no detailed summary can be made. 3.3中信期货商品指数 - On November 6, 2025, the comprehensive index, including the commodity index, the commodity 20 index, and the industrial products index, all showed an upward trend, with increases of 0.50%, 0.61%, and 0.45% respectively. The non - ferrous metals index increased by 0.64% on that day, decreased by 0.07% in the past 5 days, decreased by 0.30% in the past month, and increased by 7.44% since the beginning of the year [151][153].

Group 1 - The core viewpoint is that the global supply and demand for electrolytic aluminum will remain balanced over the next three years, contingent on China's full production and the timely release of new overseas capacities, with any supply disruptions potentially leading to shortages and price increases [1][3] - As of September 2025, China's electrolytic aluminum operating capacity is projected to reach 44.45 million tons, with a capacity utilization rate of 101.2%, indicating a tight supply situation [1] - Global aluminum supply is expected to grow at rates of 2.4%, 2.0%, and 3.5% from 2026 to 2028, with total supply reaching 76.58 million tons, 78.10 million tons, and 80.81 million tons respectively [1] Group 2 - Aluminum consumption is expected to continue outperforming market expectations, driven by growth in specific applications and the material's lightweight properties penetrating new fields [2] - China's electrolytic aluminum consumption growth is projected at 1.5%, 2.2%, and 2.3% from 2026 to 2028, while overseas consumption is expected to grow at 3.2%, 3.0%, and 3.2% during the same period [2] - Global aluminum consumption is forecasted to reach 76.51 million tons, 78.45 million tons, and 80.49 million tons from 2026 to 2028, with year-on-year growth rates of 2.1%, 2.5%, and 2.6% [2] Group 3 - The supply-demand balance for aluminum is fragile, with profits expected to expand due to rigid supply conditions, and prices may accelerate upward if supply disruptions occur [3] - Profit forecasts for the aluminum industry are adjusted to 5,000, 5,500, and 6,000 yuan per ton for 2026 to 2028, corresponding to aluminum prices of 21,500, 22,000, and 22,500 yuan per ton [3] - The industry is entering a phase of weak supply, high profits, and low capital expenditure, with companies showing increased willingness to distribute dividends, making it a resilient sector during weak consumption cycles [3]

证券日报网讯 11月6日晚间，中国铝业发布公告称，公司于2025年11月6日召开的第九届董事会第六次 会议选举通过何文建先生为公司第九届董事会董事长。公司董事会于2025年11月6日收到何文建先生的 书面辞呈，因工作需要，何文建先生辞去公司总经理职务。经公司于2025年11月6日召开的第九届董事 会第六次会议审议通过，同意聘任张瑞忠先生为公司总经理。 （文章来源：证券日报） ...

Report Summary 1. Report Industry Investment Rating No information provided on the industry investment rating in the report. 2. Core Viewpoints - The macro - environment has mixed impacts on the non - ferrous metals sector. The US economic data shows signs of weakness, but the market risk appetite has recovered to some extent. The short - term price trends of different non - ferrous metals vary, with some facing downward pressure and others showing a tendency to fluctuate strongly or at a high level [1]. 3. Summary by Related Catalogs 3.1 Futures and Spot Prices - **LME (USD/ton)**: The prices of lead, zinc, nickel, tin, and copper all decreased, with lead down 2.5%, zinc down 0.25%, nickel down 0.2%, tin down 0.7%, and copper down 1.43% in spot prices. The 15:00 futures prices also mostly decreased, such as lead down 1.92%, zinc down 1.47%, etc. [1] - **SHFE (CNY/ton)**: The prices of zinc, aluminum, lead, and tin all decreased, with zinc down 0.49%, aluminum down 0.88%, lead down 0.93%, and tin down 1.44% in spot prices. The futures prices also showed different degrees of decline [1]. 3.2 Inventory Indicators - **LME (tons)**: The copper inventory increased by 0.06%, zinc inventory increased by 0.52%, nickel inventory increased by 0.15%, and tin inventory increased by 2.8%. [1] - **SHFE (tons)**: The copper inventory increased by 10.83%, zinc inventory decreased by 5.27%, aluminum inventory decreased by 3.89%, lead inventory increased by 1.87%, and tin inventory increased by 2.65% [1]. 3.3 Ascending and Descending Premium Indicators - **LME (USD/ton)**: The copper premium decreased by 4.75, zinc premium increased by 8.07, aluminum premium decreased by 2.52, and nickel premium decreased by 2.17 [1]. - **SHFE (CNY/ton)**: The copper premium increased by 25, zinc premium decreased by 30, and lead premium decreased by 10 [1]. 3.4 Price Ratio and Spread Indicators - **Price Ratio**: The copper, aluminum, and tin price ratios decreased, while the zinc and nickel price ratios increased. For example, the copper price ratio decreased by 0.32%, and the zinc price ratio increased by 1.46% [1]. - **Spread**: The copper spread decreased by 20, zinc spread decreased by 10, aluminum spread increased by 20, and tin spread increased by 90 [1]. 3.5 Operation Strategies - **Copper**: Although the market risk appetite has recovered, the copper price is under downward pressure due to factors such as the digestion of positive sentiment and the rise of the US dollar index, but the downward space is expected to be limited [1]. - **Aluminum**: The industrial - side driving force is limited, but the macro - environment still provides support, and the short - term price is expected to fluctuate strongly [1]. - **Zinc**: The external market still has the risk of a short squeeze. The short - term price is expected to fluctuate at a high level, and the internal - external price ratio is expected to remain low in the short term [1]. - **Nickel**: The short - term nickel price may fluctuate at the bottom. It is recommended to operate within a range in the short term, and pay attention to the macro - environment and the situation of Indonesian ore in the fourth quarter [1].

Core Viewpoint - The company has announced the early redemption of its convertible bonds, "ZJin Convertible Bonds," with specific terms and conditions for investors to be aware of [2][3][8]. Group 1: Redemption Details - The redemption price for "ZJin Convertible Bonds" is set at 100.70 CNY per bond, including accrued interest at a 2.00% annual rate [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 "ZJin Convertible Bonds" is November 21, 2025, after which trading will cease [2][15]. Group 2: Issuance Overview - The company issued 38 million convertible bonds on July 20, 2020, with a total amount of 380 million CNY and a maturity of six years [4][5]. - 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]. Group 3: Redemption Procedures - 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 convert their bonds before the trading halt to avoid forced redemption [2][3][8]. Group 4: Trigger Conditions for Redemption - The redemption clause was triggered as the company's stock price exceeded 130% of the conversion price for at least 15 trading days [8][6]. - The board of directors approved the early redemption on October 30, 2025, following the fulfillment of the redemption conditions [3][8].

1. Report Industry Investment Rating - There is no information about the industry investment rating in the provided content. 2. Core Viewpoints of the Report - The world zinc market shows a supply shortage in 2025. From January to August, the global zinc plate supply shortage was 281,300 tons, and in August, it was 21,000 tons. The outlook for SHFE zinc ZN2512 is oscillating with a slight upward bias [2]. - On November 5, the previous trading day, SHFE zinc showed an oscillating upward trend, closing above the 20 - day moving average, with the 20 - day moving average pointing upwards. The short - term view is that the market may experience oscillating consolidation, but overall, SHFE zinc ZN2512 is expected to be oscillating and slightly stronger [2][20]. 3. Summary by Relevant Catalogs 3.1 Zinc Market Fundamentals - **Supply and demand**: In August 2025, global zinc plate production was 1.1507 million tons, consumption was 1.1717 million tons, with a supply shortage of 21,000 tons. From January to August 2025, production was 9.0885 million tons, consumption was 9.3698 million tons, with a supply shortage of 281,300 tons. In August 2025, global zinc ore production was 1.0696 million tons, and from January to August, it was 8.4457 million tons [2]. - **Basis**: The spot price was 22,580, and the basis was - 70, indicating a neutral situation [2]. - **Inventory**: On November 5, LME zinc inventory increased by 175 tons to 34,000 tons compared to the previous day, and SHFE zinc inventory warrants increased by 226 tons to 68,423 tons compared to the previous day [2]. - **Market trends**: The previous day, SHFE zinc showed an oscillating upward trend, closing above the 20 - day moving average, with the 20 - day moving average pointing upwards [2]. - **Main positions**: The main players held a net short position, and short positions increased [2]. 3.2 Zinc Futures Market Conditions on November 5 - **Futures exchange**: The trading volume of zinc futures on November 5 was 151,857 lots, with a turnover of 17.1761834 billion yuan, and the open interest was 223,198 lots, a decrease of 2,616 lots [3]. - **Spot market**: The price of domestic 0 zinc on November 5 varied by region. In Shanghai, it was 22,530 - 22,630 yuan/ton; in Guangdong, 22,380 - 22,480 yuan/ton; in Tianjin, 22,515 - 22,615 yuan/ton; and in Zhejiang, 22,505 - 22,605 yuan/ton [4]. 3.3 Zinc Inventory and Warehouse Receipt Information - **National zinc ingot inventory**: From October 23 to November 3, 2025, the total social inventory of zinc ingots in major Chinese markets decreased from 163,500 tons to 162,300 tons [5]. - **Futures exchange zinc warehouse receipts**: On November 5, the total SHFE zinc warehouse receipts were 68,423 tons, an increase of 226 tons compared to the previous day [2][6]. - **LME zinc inventory**: On November 5, LME zinc inventory increased by 175 tons to 34,000 tons compared to the previous day, with registered warrants at 29,700 tons and cancelled warrants at 4,300 tons, accounting for 12.66% [8]. 3.4 Zinc Refined Production and Processing Fees - **Domestic refined zinc production**: In September 2025, the production of refined zinc was 499,900 tons, a month - on - month decrease of 3.53% and a year - on - year increase of 16.13%. The capacity utilization rate was 74.80%. The planned production for October was 509,600 tons [15]. - **Zinc concentrate processing fees**: On November 5, the handling charges for zinc concentrates varied by region. For example, in Huludao, for 50% grade, the handling charge was 3,100 - 3,300 yuan/metal ton, with a reference price of 3,200 yuan/metal ton [17]. 3.5 Futures Company Transactions and Positions - **Trading volume**: For the zn2512 contract on November 5, the total trading volume of member futures companies was 156,365 lots, a decrease of 67,514 lots compared to the previous day. The top three in trading volume were CITIC Futures, Dongzheng Futures, and Guotai Junan Futures [18]. - **Long positions**: The total long positions of member futures companies were 77,848 lots, a decrease of 1,572 lots compared to the previous day. CITIC Futures had the largest long position [18]. - **Short positions**: The total short positions of member futures companies were 76,343 lots, a decrease of 1,219 lots compared to the previous day. CITIC Futures had the largest short position [18].

Group 1: Report Investment Rating - There is no information about the industry investment rating in the report. Group 2: Core Views - The copper market is influenced by tariff negotiation progress. With tight supply at the mine end and growing infrastructure and power demand in Southeast Asia and the Middle East, a strategy of buying on dips is maintained. Attention should be paid to the support around $10,300 for LME copper [1]. - The domestic apparent demand for aluminum is good, with high proportion of molten aluminum and inventory reduction. With improved Sino - US economic and trade relations and better demand, a long - term strategy of holding on dips is recommended [1]. - The zinc price fluctuates upward. The supply side has tightening issues, and the demand side is seasonally weak domestically and has some production resistance overseas. In the short term, it is recommended to wait and see for unilateral trading, and pay attention to reverse arbitrage and positive arbitrage opportunities [2]. - The supply of nickel remains high, demand is weak, and inventories are accumulating. With continuous disturbances at the Indonesian mine end and potential price - supporting policies, short - selling opportunities on rallies can be considered [3]. - The lead price drops due to downstream production cuts. Supply and demand are in a tight mismatch, and it is expected that the lead price will fluctuate narrowly next week, with a recommended cautious approach [7]. - The tin price fluctuates. The supply side has marginal improvement, and the demand side is mainly supported by rigidity. In the short term, it is recommended to follow the macro - sentiment, and in the long - term, buy on dips near the cost line [8]. - The supply of industrial silicon is expected to decline in the fourth quarter, but the supply - demand is in a balanced and slightly loose state. In the long - term, the price is expected to fluctuate at the cycle bottom [9]. - The price of lithium carbonate drops on Friday due to rumors. With strong support from the supply side and potential demand changes, the medium - to - long - term pattern may change in 1 - 2 years [9]. - For stainless steel, the supply increases slightly in October, demand is mainly for rigid needs, costs are stable, and inventories are high [12]. Group 3: Summary by Metal Copper - Market prices and related indicators such as spot price, premium, inventory, and import profit are presented from October 30 to November 5, 2025. The overall copper price has a downward test, downstream开工 further declines, and inventory shows a slight de - stocking pattern [1]. Aluminum - Data on aluminum ingot prices, alumina prices, inventory, and other indicators are provided from October 30 to November 5, 2025. Domestic apparent demand is good, and overseas supply has production - halt disturbances [1]. Zinc - Information on zinc prices, inventory, import profit, and other aspects is given from October 30 to November 5, 2025. The zinc price fluctuates upward, with supply - side tightening and demand - side weakness [2]. Nickel - Data on nickel ore, high - nickel iron, nickel prices, and inventory are shown from October 30 to November 5, 2025. Supply is high, demand is weak, and inventories are accumulating [3]. Lead - Information on lead prices, inventory, and import profit is presented from October 30 to November 5, 2025. The lead price drops due to downstream production cuts, and supply - demand is in a tight situation [7]. Tin - Data on tin import and export earnings, inventory, and other indicators are provided from October 30 to November 5, 2025. The tin price fluctuates, with supply - side marginal improvement and demand - side rigidity [7][8]. Industrial Silicon - Information on industrial silicon basis and warehouse receipts is given from October 30 to November 5, 2025. The supply is expected to decline in the fourth quarter, and the supply - demand is balanced and slightly loose [9]. Lithium Carbonate - Data on lithium carbonate prices, basis, and warehouse receipts are presented from October 30 to November 5, 2025. The price drops on Friday due to rumors, and the medium - to - long - term pattern may change [9]. Stainless Steel - Information on stainless steel product prices is provided from October 30 to November 5, 2025. Supply increases slightly, demand is rigid, costs are stable, and inventories are high [12].

Report Industry Investment Ratings - Gold: Long - term bullish [1] - Silver: Long - term bullish [1] - Copper: High - level adjustment in the short - term, long - term bullish [1] - Zinc: Rebound under pressure, short - term profit - taking for long positions, long - term short - selling on rebounds [1] - Lead: Rise and then fall [1] - Tin: Rebound under pressure [1] - Aluminum: Under pressure [1] - Nickel: Weak [1] - Industrial Silicon: Range - bound [1] - Polysilicon: Bullish [1] - Lithium Carbonate: High - level adjustment, wait for stabilization [1] Core Views - The shutdown of the US government has led to liquidity depletion, causing significant drops in capital markets including the precious metals market. Gold and silver are expected to stop falling in the short - term and are long - term bullish due to factors like global monetary easing, declining US dollar credit, and geopolitical restructuring. However, sentiment fluctuation risks need to be guarded against [2][3]. - Copper is under high - level adjustment in the short - term due to factors such as the strengthening US dollar and the approaching consumption off - season. But in the long - term, it remains bullish because of tight copper concentrate supply and the explosion of green copper demand [1][6]. - Zinc is facing a situation where supply is increasing while demand is decreasing. In the short - term, long positions should take profits at high levels, and in the long - term, short - selling on rebounds is recommended [1][10]. - Aluminum prices are under pressure in the short - term as the terminal consumption is transitioning from the peak season to the off - season, with overseas supply shrinking and domestic supply remaining high [1][13]. - Nickel prices are weak as overseas and domestic inventories are rising, and the terminal consumption of downstream stainless steel is fading [1][17]. - Lithium carbonate prices are under high - level adjustment. Although there are short - term shocks from复产 news, the fundamentals are improving with continuous de - stocking. It is advisable to wait for the market to stabilize [1][20]. Summary by Catalog Gold and Silver Market Review - The shutdown of the US government and other events have led to liquidity depletion, causing significant drops in the precious metals market [2]. Basic Logic - The US government shutdown may set a new record, and the market is facing liquidity depletion. There are also internal differences within the Fed regarding the December interest rate cut. In the long - term, gold is expected to benefit from global monetary easing, declining US dollar credit, and geopolitical restructuring [3]. Strategy Recommendation - In the short - term, both gold and silver have stopped falling. For the medium - and long - term, consider entering the market after stabilization. The support levels are 900 for domestic gold and 11200 for silver. Long - term value - oriented positions can be held [4]. Copper Market Review - Shanghai copper opened lower overnight and is under high - level adjustment [6]. Industry Logic - In October, China's electrolytic copper production decreased. The consumption is gradually entering the off - season, and the market is worried about the economy as the manufacturing PMIs in China and the US have weakened in October [6]. Strategy Recommendation - Due to the US government shutdown, the strengthening US dollar is suppressing commodities. Copper opened lower overnight and tested the 85000 support level. It is recommended to try long positions at low levels near the lower moving averages. Long - term strategic long positions should be held. For industrial hedging, options protection can be added, positions should be reduced, and strict risk control should be implemented. In the long - term, copper is still bullish [7]. Zinc Market Review - Shanghai zinc rebounded but faced pressure [9]. Industry Logic - The processing fee of domestic zinc concentrate has declined due to smelters' winter stockpiling. The profit of refined zinc enterprises has slightly increased. The consumption is entering the off - season, and the domestic zinc ingot export window has opened [9]. Strategy Recommendation - Due to the decline in macro and sector sentiment, Shanghai zinc tested the 22800 level and then fell back. Short - term long positions should take profits at high levels. In the long - term, short - selling on rebounds is recommended [10]. Aluminum Market Review - Aluminum prices are under pressure at high levels, and alumina shows a relatively weak trend [12]. Industry Logic - For electrolytic aluminum, the overseas expectation of a year - end interest rate cut by the Fed has weakened. The domestic production capacity is high, and the terminal consumption is fading. For alumina, overseas shipments have decreased due to the rainy season in Guinea, and the domestic industry is facing profit contraction [13]. Strategy Recommendation - It is recommended to take profits at high levels for Shanghai aluminum in the short - term, and pay attention to the changes in the downstream processing enterprises'开工 rate. The main operating range is [21000 - 21700] [14]. Nickel Market Review - Nickel prices have slightly stabilized, and stainless steel shows a relatively weak trend [16]. Industry Logic - The overseas expectation of a year - end interest rate cut by the Fed has weakened. Overseas and domestic nickel inventories are increasing, and the terminal consumption of stainless steel is approaching the end of the peak season [17]. Strategy Recommendation - It is recommended to short on rebounds for nickel and stainless steel, and pay attention to the downstream consumption and stainless steel inventory changes. The main operating range for nickel is [120000 - 122000] [17]. Lithium Carbonate Market Review - The main contract LC2601 opened high and closed low, with a reduction of over 70,000 lots in a day and a decline of over 4% [19]. Industry Logic - The market is spreading news of复产, which may impact the market in the short - term. However, the fundamentals are improving with continuous de - stocking for 11 weeks, and the terminal demand remains strong [20]. Strategy Recommendation - It is advisable to wait and see and wait for the market to stabilize within the range of [76800 - 78800] [21].

Group 1 - China Daye Non-Ferrous Metals (00661.HK) saw a significant increase in stock price, rising over 16% in the afternoon session [1] - As of the report, the stock price increased by 13.33%, reaching HKD 0.102 [1] - The trading volume was recorded at HKD 11.85 million [1]