Meeting Details - The shareholders' meeting was held on August 28, 2025, at the company's conference room in Zhuzhou, Hunan Province [1] - The meeting was attended by shareholders representing 56.96% of the total shares [1] - The meeting was legally convened and conducted in accordance with the Company Law and the company's articles of association [1] Voting Results - All non-cumulative voting proposals were approved with 100% support from A-shareholders, totaling 63,425,936 votes [1] - A total of 611,090,056 votes were cast in favor of another proposal, also receiving 100% approval from A-shareholders [1] - A proposal received 606,945,187 votes in favor (99.32%) and 4,144,869 votes against (0.68%) [1] Related Party Transactions - The first proposal involved related party transactions, with shareholders from Hunan Shuikoushan Nonferrous Metals Group Co., Ltd., Zhuzhou Smelter Group Co., Ltd., and Hunan Nonferrous Metals Co., Ltd. abstaining from voting due to their association with China Minmetals Corporation [2] Legal Compliance - The meeting's procedures, attendance, and voting results were confirmed to comply with relevant laws and regulations, ensuring the validity of the voting outcomes [2]

Core Viewpoint - The legal opinion confirms that the procedures for the convening and holding of the 2025 Second Extraordinary General Meeting of Zhuzhou Smelter Group Co., Ltd. are in compliance with relevant laws and regulations, ensuring the legality and validity of the meeting and its resolutions [1][7]. Group 1: Meeting Procedures - The company announced the notice for the 2025 Second Extraordinary General Meeting on August 13, 2025, through various media outlets, detailing the time, location, voting methods, and other relevant information [2][3]. - The meeting will be held on August 28, 2025, at 15:00, with a combination of on-site voting and online voting available from August 27, 15:00 to August 28, 15:00 [3]. Group 2: Attendance and Qualifications - The attendees of the meeting included shareholders or their representatives who were registered as of the record date, August 22, 2025, with a total of 4 attendees representing 592,294,308 shares, accounting for 55.21% of the total shares [4][5]. - The meeting also included members of the board of directors, supervisory board, senior management, and the legal representatives, all of whom met the qualifications to attend [4][5]. Group 3: Voting Procedures and Results - The voting process combined on-site and online voting, with related shareholders abstaining from voting on related party transactions [5][6]. - The voting results indicated that 611,090,056 shares were voted in favor of the proposals, representing a significant majority of the valid voting rights [6][7]. - The legal opinion concludes that the voting procedures and results are in accordance with the relevant laws and regulations, confirming their legality and validity [7].

Group 1 - The company reported a revenue of RMB 29.306 billion for the six months ending June 30, 2025, representing a year-on-year decrease of 10.72% [1] - Gross profit was RMB 514 million, which is a year-on-year decline of 37.41% [1] - The company recorded a loss attributable to shareholders of RMB 9.9 million, compared to a profit of RMB 77.442 million in the same period last year [1] - Basic loss per share was RMB 0.06 [1]

Core Viewpoint - China Daye Non-Ferrous Metals (00661) reported a decline in revenue and a loss for the six months ending June 30, 2025, primarily due to increased smelting capacity and tight copper concentrate supply [1] Financial Performance - The company achieved revenue of 29.306 billion yuan, a year-on-year decrease of 10.72% [1] - The loss attributable to shareholders was 9.9 million yuan, compared to a profit of 77.442 million yuan in the same period last year [1] - Basic loss per share was 0.06 yuan [1] Operational Challenges - Revenue decline was attributed to the dual impact of accelerated release of domestic and international smelting capacity and tight copper concentrate supply [1] - Smelting processing fees continued to operate at low levels, contributing to the financial downturn [1] - The company's product output decreased, further exacerbating the revenue drop [1]

Core Viewpoint - China Daye Non-Ferrous Metals Corporation reported a revenue of 29.306 billion yuan for the six months ending June 30, 2025, representing a year-on-year decrease of 10.72% [1] - The company recorded a loss attributable to shareholders of 9.9 million yuan, compared to a profit of 77.442 million yuan in the same period last year, with a basic loss per share of 0.06 yuan [1] Revenue Analysis - The decline in revenue is attributed to the accelerated release of concentrated smelting capacity both domestically and internationally, alongside tight supply of copper concentrate [1] - The sustained low level of smelting processing fees and a reduction in the company's product output also contributed to the revenue decrease [1]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report Industrial Silicon - Supply increased last week with 88,000 tons produced, a 1.15% increase from the previous week, while demand decreased to 79,000 tons, a 1.25% decrease, remaining sluggish [6]. - Silicon inventory is at a high level of 249,000 tons, with silicon wafers and battery cells in a loss - making state, and components in a profitable state. Organic silicon inventory is at a low level of 54,300 tons, with a production profit of 142 yuan/ton and a comprehensive operating rate of 72.71%, which is flat compared to the previous week and lower than the historical average [6]. - Aluminum alloy ingot inventory is at a high level of 521,000 tons, with an import loss of 221 yuan/ton. The recycled aluminum operating rate is at a low level of 53%, remaining unchanged from the previous week [6]. - In terms of cost, the production loss of sample oxygen - blown 553 in Xinjiang is 3,174 yuan/ton, and the cost support during the flood season has weakened [6]. - On August 28, the spot price of non - oxygen - blown silicon in East China was 9,100 yuan/ton, and the basis of the 11 - contract was 530 yuan/ton, with the spot at a premium to the futures [6]. - Social inventory decreased by 0.36% to 543,000 tons, sample enterprise inventory increased by 2.31% to 175,100 tons, and major port inventory remained unchanged at 117,000 tons [6]. - The MA20 of the disk is downward, and the futures price of the 11 - contract closed below the MA20. The net short position of the main contract increased [6]. - It is expected that industrial silicon 2511 will fluctuate in the range of 8,420 - 8,720 [6]. Polysilicon - Last week, polysilicon production was 29,100 tons, a 0.68% decrease from the previous week. The estimated production in August is 130,500 tons, a 22.76% increase from the previous month [8]. - Last week, silicon wafer production was 15.63GW, a 27.17% increase from the previous week, and inventory increased by 3.67% to 180,500 tons. Currently, silicon wafer production is in a loss - making state. The production plan in August is 53.29GW, a 1.02% increase from the previous month [9]. - In July, battery cell production was 58.19GW, a 0.20% increase from the previous month. Last week, the inventory of battery cell external sales factories was 7.03GW, a 20.99% increase from the previous week. Currently, production is in a loss - making state. The production plan in August is 59.15GW, a 1.64% increase from the previous month [9]. - In July, component production was 47.1GW, a 1.72% increase from the previous month. The estimated component production in August is 46.82GW, a 0.59% decrease from the previous month. The domestic monthly inventory decreased by 51.73% to 24.76GW, and the European monthly inventory decreased by 2.29% to 29.8GW. Currently, component production is in a profitable state [9]. - The average cost of N - type polysilicon in the industry is 35,570 yuan/ton, and the production profit is 12,430 yuan/ton [9]. - On August 28, the price of N - type dense material was 48,000 yuan/ton, and the basis of the 11 - contract was - 665 yuan/ton, with the spot at a discount to the futures [11]. - Weekly inventory increased by 2.89% to 249,000 tons, at a high level compared to the same period in history [11]. - The MA20 of the disk is upward, and the futures price of the 11 - contract closed below the MA20 [11]. - The net long position of the main contract increased. It is expected that polysilicon 2511 will fluctuate in the range of 48,530 - 50,800 [10]. 3. Summary According to the Directory 3.1 Daily Views - **Industry Trends**: The cost increase provides support, and manufacturers have plans to stop or reduce production. However, the post - holiday demand recovery is slow, and the downstream polysilicon market has a situation of strong supply and weak demand. The main logic is that the capacity mismatch leads to a situation of strong supply and weak demand, and the downward trend is difficult to change [13][14]. 3.2 Fundamental/Position Data Industrial Silicon - **Price and Basis**: Most futures contracts showed a slight increase, while some spot prices decreased slightly. The basis situation varies, with the spot of industrial silicon showing a premium to the futures in some cases [17]. - **Inventory**: Different types of inventories have different trends. Social inventory decreased slightly, sample enterprise inventory increased, and major port inventory remained unchanged [17]. - **Production and Operating Rate**: The production of sample enterprises increased slightly, and the operating rates of some regions increased slightly [17]. - **Cost and Profit**: The costs of different regions and types of silicon have changed slightly, and most are in a loss - making state [17]. Polysilicon - **Price and Basis**: Most futures contract prices increased, and the basis situation shows that the spot is at a discount to the futures in some cases [19]. - **Inventory**: Weekly inventory increased, and different production links such as silicon wafers, battery cells, and components have different inventory and production profit situations [19]. - **Production and Operating Rate**: The production of polysilicon, silicon wafers, battery cells, and components has different trends, with some increasing and some decreasing [19].

Group 1: Zhujiang Beer (002461.SZ) - Zhujiang Beer is the leading regional beer brand in Guangdong Province, with a strong market foundation and high consumer recognition. The flagship product, 97 Pure Draft, is leading product upgrades and capturing market share from competitors [6][7]. - The company has experienced continuous revenue and profit growth, with a CAGR of 7.8% in revenue and 9.2% in net profit from 2020 to 2024. The proportion of high-end products has increased significantly from 49.1% in 2019 to 70.8% in 2024 [6][7]. - The new management team, including a newly appointed chairman and general manager, is expected to drive further growth and innovation. The company has a solid reserve of high-end products and aims to expand its market presence outside Guangdong [7]. Group 2: Hanshuo Technology (301275.SZ) - Hanshuo Technology's revenue for the first half of 2025 was 1.974 billion yuan, a year-on-year decrease of 7%, with a net profit of 222 million yuan, down 42% year-on-year. The company is focusing on the North American market, which shows significant growth potential [16][17]. - The global demand for retail digitalization continues to grow, with electronic shelf label (ESL) module shipments reaching 248 million units in the first half of 2025, a 56% increase year-on-year. The demand from major retailers like Walmart is expected to drive further digital upgrades in the retail sector [16][17]. - The company has established a comprehensive business system centered on electronic shelf label systems and SaaS cloud platform services, with international operations in over 70 countries [17]. Group 3: Guoci Materials (300285.SZ) - Guoci Materials reported a revenue of 2.154 billion yuan in the first half of 2025, a year-on-year increase of 10.29%, with a net profit of 332 million yuan, up 0.38% year-on-year. The company is experiencing growth in electronic materials and new energy materials [18][19]. - The company’s six major business segments are developing synergistically, with a projected net profit of 774 million yuan, 886 million yuan, and 1.058 billion yuan for 2025-2027, respectively [19][20]. - The company is focusing on strategic investments and acquisitions to enhance its capabilities in clinical materials and digital equipment, particularly in the biomedical materials sector [20]. Group 4: Yuhua Software (300339.SZ) - Yuhua Software achieved a revenue of 1.747 billion yuan in the first half of 2025, a year-on-year increase of 10.55%, while the net profit decreased by 29.43% to 60 million yuan. The company is actively promoting its innovative business [22][23]. - The company’s gross margin was 23.72%, down 2.36 percentage points year-on-year, but it has optimized its expense ratios, leading to improved operational efficiency [23][24]. - The revenue from innovative business segments reached approximately 368 million yuan, accounting for 21.07% of total revenue, indicating a growing contribution from new business areas [24]. Group 5: New Dairy Industry (002946.SZ) - New Dairy Industry reported a revenue of 5.526 billion yuan in the first half of 2025, with a net profit of 397 million yuan, reflecting a year-on-year increase of 33.8%. The company’s low-temperature strategy is showing significant results [48][49]. - The direct-to-consumer (DTC) model has driven growth, with revenue from this channel increasing by 23% to 3.39 billion yuan, representing 66.3% of total revenue [48][49]. - The company is focusing on core markets and has achieved stable growth in key regions, with a notable increase in high-end fresh milk sales [48][49].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The capital market is supported by policies, but the market may experience increased volatility in the short term after recent continuous rises. The general approach is to go long on dips [3]. - In the context of weak domestic demand recovery and potentially continued loose funds, interest rates are expected to have downward space, but the bond market may be in a short - term volatile pattern, and attention should be paid to the stock - bond seesaw effect [6]. - Precious metals prices are generally supported. There is a possibility of a 75 - basis - point interest rate cut by the Fed this year, and silver prices are expected to rise more significantly than gold [7][8]. - Most non - ferrous metals are affected by factors such as Fed policy and industry supply - demand, with prices showing different trends of strong or weak fluctuations [10][11][12]. - The demand for steel products is weak, and if the demand cannot improve effectively, prices may continue to decline. The raw material side is relatively stronger [25]. - The price of iron ore is expected to be in a short - term volatile state, and attention should be paid to the progress of steel mill production restrictions [27]. - The prices of glass and soda ash are expected to be volatile in the short term, and their long - term trends are affected by policies and market supply - demand [28][29]. - The prices of manganese - silicon and silicon - iron are affected by market sentiment and fundamentals, and it is recommended that speculative positions wait and see [30][31]. - The prices of industrial silicon and polysilicon are affected by policies, supply - demand, and inventory, and there are uncertainties [34][37]. - The prices of rubber are expected to be volatile in the short term, with a mid - term bullish view [43]. - The current oil price is undervalued, presenting a good opportunity for left - hand side layout [44]. - The supply pressure of methanol is increasing, and it is recommended to wait and see; the supply of urea is temporarily relieved, and it is recommended to go long on dips; the price of styrene may rebound after the inventory reduction inflection point; the PVC market has a poor fundamental situation, and it is recommended to short on rallies; the ethylene glycol market has a downward pressure on valuation in the medium term; the PTA and PX markets are expected to follow the trend of crude oil and go long on dips; the price of polyethylene may oscillate upwards; the price of polypropylene is in a short - term balanced state [45][46][47][49][50][51][52][53][55]. - The price of live pigs is expected to be stable or rise in the north and stable in the south in the short term, with a range - bound trading strategy; the price of eggs is expected to be mostly stable with a few declines, and it is recommended to reduce short positions or short on rebounds; the price of soybean and rapeseed meal is expected to be range - bound, and it is recommended to go long on dips; the price of oils is expected to be volatile and strong; the price of sugar is likely to continue to fall; the price of cotton may have upward momentum in the short term [57][58][59][60][61][63][64][65]. Summary by Directory Macro - financial Index Futures - News: The government promotes the construction of a new real - estate development model, and some companies release performance and trading information [2]. - Basis ratio: Different contracts of IF, IC, IM, and IH have different basis ratios. The trading logic is to go long on dips in the long - term, considering policy support and short - term market fluctuations [3]. Treasury Bonds - Market: TL, T, TF, and TS main contracts declined on Thursday. There are news about Sino - Canadian and Sino - US economic and trade exchanges and local government bond issuance [4]. - Liquidity: The central bank conducted a net injection of 16.31 billion yuan on Thursday [5]. - Strategy: Interest rates are expected to have downward space in the long - term, but the bond market may be volatile in the short - term, considering economic data and the stock - bond seesaw effect [6]. Precious Metals - Market: Gold and silver prices showed different trends. The prices are supported by economic data and Fed policy expectations. It is recommended to go long on silver on dips [7][8]. Non - ferrous Metals Copper - Market: LME and SHFE copper prices rebounded. The supply of copper raw materials is tight, and the price is expected to be strong and volatile [10][11]. Aluminum - Market: LME and SHFE aluminum prices oscillated. The short - term price has support due to low inventory and expected demand improvement [12]. Zinc - Market: SHFE zinc index declined. The zinc market has an over - supply situation in the medium - term, but the price has short - term support [13]. Lead - Market: SHFE lead index rose. The short - term price has support, but there is a downward risk in the medium - term [14][15]. Nickel - Market: SHFE nickel price declined. The refined nickel supply is in an over - supply situation, and the price is expected to be volatile [16]. Tin - Market: SHFE tin price rose. The supply and demand of tin are weak in the short - term, and the price is expected to be volatile [17]. Lithium Carbonate - Market: The price of lithium carbonate declined. The fundamentals are slowly recovering, and attention should be paid to overseas supply and industrial news [18]. Alumina - Market: The alumina index rose. The short - term price has limited downward space, and it is recommended to wait and see [19]. Stainless Steel - Market: The stainless steel main contract price was stable. The short - term demand is weak, but there is an expectation of demand improvement in the peak season [20]. Cast Aluminum Alloy - Market: The AD2511 contract price declined. The inventory is increasing, and the price may rise, but there is delivery pressure [21][22]. Black Building Materials Steel - Market: The prices of rebar and hot - rolled coil showed different trends. The demand for steel products is weak, and the price is under pressure [24][25]. Iron Ore - Market: The iron ore main contract price rose. The supply pressure is not significant in the short - term, and the price is expected to be volatile [26][27]. Glass and Soda Ash - Glass: The spot price declined, and the inventory decreased. The short - term price is expected to be weakly volatile, and the long - term trend is affected by policies [28]. - Soda Ash: The spot price rose, and the inventory decreased. The short - term price is expected to be volatile, and the long - term price center may rise [29]. Manganese - silicon and Silicon - iron - Market: The manganese - silicon main contract rose slightly, and the silicon - iron main contract declined slightly. It is recommended that speculative positions wait and see [30][31]. Industrial Silicon and Polysilicon - Industrial Silicon: The industrial silicon main contract price rose. The supply is increasing, and the price is expected to be volatile [33][34]. - Polysilicon: The polysilicon main contract price rose. The price is affected by policies and market news, and there are uncertainties [35][37]. Energy and Chemicals Rubber - Market: NR and RU oscillated. The short - term price is expected to be volatile, and a mid - term bullish view is held [39][43]. Crude Oil - Market: WTI, Brent, and INE crude oil futures prices rose. The current oil price is undervalued, presenting a good layout opportunity [44]. Methanol - Market: The methanol 01 contract price rose slightly. The supply pressure is increasing, and it is recommended to wait and see [45]. Urea - Market: The urea 01 contract price rose. The supply pressure is temporarily relieved, and it is recommended to go long on dips [46]. Styrene - Market: The styrene price declined. The price may rebound after the inventory reduction inflection point [47]. PVC - Market: The PVC01 contract price declined. The market has a poor fundamental situation, and it is recommended to short on rallies [49]. Ethylene Glycol - Market: The EG01 contract price declined. The supply is still excessive, and there is a downward pressure on valuation in the medium term [50]. PTA - Market: The PTA01 contract price declined. The supply is expected to be in a de - stocking state, and it is recommended to go long on dips [51]. p - Xylene - Market: The PX11 contract price declined. The PX is expected to maintain low inventory, and it is recommended to go long on dips following crude oil [52]. Polyethylene (PE) - Market: The PE futures price declined. The price may oscillate upwards due to cost support and expected demand improvement [53]. Polypropylene (PP) - Market: The PP futures price declined. The short - term supply - demand is balanced, and the price is in a volatile state [55]. Agricultural Products Live Pigs - Market: The domestic pig price showed different trends. The short - term price is expected to be stable or rise in the north and stable in the south, with a range - bound trading strategy [57]. Eggs - Market: The national egg price was mostly stable. The egg market has an over - supply situation, and it is recommended to reduce short positions or short on rebounds [58]. Soybean and Rapeseed Meal - Market: The domestic soybean meal price declined slightly. The price is expected to be range - bound, and it is recommended to go long on dips [59][60]. Oils - Market: The domestic three major oils oscillated weakly. The price of oils is expected to be volatile and strong [61][63]. Sugar - Market: The Zhengzhou sugar futures price declined. The international and domestic sugar markets have an over - supply situation, and the price is likely to continue to fall [64]. Cotton - Market: The Zhengzhou cotton futures price oscillated. The short - term price may have upward momentum due to expected demand improvement [65].

Report Industry Investment Ratings - The report does not explicitly provide an overall industry investment rating. However, individual investment suggestions are given for different sectors: - For股指期货, it is recommended to evenly allocate long positions in various stock index futures [15]. - For外汇 futures (US Dollar Index), the US dollar is expected to oscillate weakly [19]. - For US stock index futures, it is suggested to buy on dips after short - term corrections as the upward trend of US stocks has not reversed [22]. - For treasury bond futures, it is in a recent oscillatory trend, and when going long, one needs to pay attention to the absolute price, funds, and market sentiment [24]. - For other sectors such as commodities, specific investment suggestions are provided for each commodity, including buying on dips, selling on rallies, and waiting and seeing [26][28][29] Core Views - The A - share market has a V - shaped reversal with trading volume exceeding 3 trillion, but market divergence is increasing, and marginal changes need attention [2][14]. - The US labor market shows resilience with lower - than - expected initial jobless claims, and the market risk preference remains high. The Federal Reserve officials are releasing signals of interest rate cuts, which has an impact on the US stock and foreign exchange markets [17][20][21]. - In the commodity market, different commodities have different price trends and influencing factors. For example, copper prices are expected to oscillate at a high level due to the complex influence of macro and fundamental factors; the price of soybeans and related products is affected by factors such as export sales, reserve sales, and Sino - US relations [5][25][26] Summary by Directory 1. Financial News and Comments 1.1 Macro Strategy (Stock Index Futures) - The Chinese trade representative will visit the US. The "Opinions of the CPC Central Committee and the State Council on Promoting High - Quality Urban Development" is released. The A - share market has a V - shaped reversal with trading volume exceeding 3 trillion, but market divergence is increasing [13][14]. - Investment suggestion: Evenly allocate long positions in various stock index futures [15]. 1.2 Macro Strategy (Foreign Exchange Futures - US Dollar Index) - There are disputes over the dismissal of Federal Reserve Governor Lisa Cook. German Chancellor Merz says a meeting between Putin and Zelensky is unlikely. The US initial jobless claims last week were lower than expected [16][17]. - Investment suggestion: The US dollar is expected to oscillate weakly [19]. 1.3 Macro Strategy (US Stock Index Futures) - The US initial and continuing jobless claims last week were lower than expected. Federal Reserve Governor Waller supports a 25 - basis - point interest rate cut in the September meeting [20][21]. - Investment suggestion: Buy on dips after short - term corrections as the upward trend of US stocks has not reversed [22]. 1.4 Macro Strategy (Treasury Bond Futures) - The central bank conducted 4161 billion yuan of 7 - day reverse repurchase operations, with a net investment of 1631 billion yuan. The stock - bond seesaw effect has weakened recently, and the bond market is expected to be in an oscillatory trend [23]. - Investment suggestion: It is in a recent oscillatory trend, and when going long, one needs to pay attention to the absolute price, funds, and market sentiment [24]. 2. Commodity News and Comments 2.1 Agricultural Products (Soybean Meal) - The export sales of US new - crop soybeans were better than expected. China will auction 164,000 tons of imported soybeans on August 29. The soybean meal futures price is weaker than the overseas market [25][26]. - Investment suggestion: Affected by the expectation of improved Sino - US relations, soybean meal is weaker than the overseas market. The focus later is on China's purchase of US soybeans [26]. 2.2 Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil) - The US soybean shipments to China were 0 tons in the week ending August 21. The oil market continued to oscillate at a high level and had a slight correction [27]. - Investment suggestion: The oil market still lacks clear guidance. It is recommended to go long on dips considering India's replenishment demand and the unfavorable inventory accumulation data of Malaysian palm oil in August [28]. 2.3 Agricultural Products (Corn Starch) - The corn consumption of starch sugar products increased slightly this week, while the corn starch consumption decreased. The industry's operating rate decreased slightly, and the inventory decreased slightly. The supply - demand situation is weak, and the CS11 - C11 spread is under pressure [29]. - Investment suggestion: The corn - starch price difference has fallen to a low level. It is necessary to pay attention to whether there are opportunities to widen the spread driven by factors such as the regional price difference of raw materials [29]. 2.4 Agricultural Products (Corn) - The corn inventory of major processing enterprises and the average inventory days of feed enterprises decreased. The spot market was cautious, while the futures rebounded. The short - term price decline rhythm may change [30][31][32]. - Investment suggestion: Short - term long positions entered earlier should be closed at an appropriate time. After the selling pressure is gradually realized, pay attention to whether there are new opportunities to go short on rallies [33]. 2.5 Black Metals (Rebar/Hot - Rolled Coil) - The inventory of five major steel products increased by 268,400 tons week - on - week. The supply - demand fundamentals of steel products still face pressure, but the industry policy has a positive impact on market sentiment [34][35]. - Investment suggestion: In the short term, a oscillatory approach should be adopted for steel prices [36]. 2.6 Black Metals (Steam Coal) - The price of low - calorie Indonesian coal has loosened, and the port coal price has fallen. The coal price is expected to be seasonally weak, but there is support below 650 yuan [37]. - Investment suggestion: The coal price is expected to be seasonally weak, but there is support below 650 yuan [37]. 2.7 Agricultural Products (Sugar) - The number of sugar - carrying ships waiting at Brazilian ports increased, and the estimated sugar production in Brazil was lowered. The international sugar price is expected to oscillate, and the outlook for the fourth - quarter external market is optimistic. The domestic sugar price is affected by factors such as imports and warehouse receipts [38][40][41]. - Investment suggestion: The Zhengzhou sugar futures price has fallen rapidly recently. The 1 - month contract can wait for opportunities to go long on dips, with a target price of around 5500 yuan or after the September contract is delivered [41]. 2.8 Black Metals (Iron Ore) - Rio Tinto adjusted its operation mode and executive committee. The iron ore price continued to oscillate, and the short - term supply - demand pressure was not large [42]. - Investment suggestion: Pay attention to the actual trading volume after the price increase. The iron ore market is expected to oscillate, and pay attention to positive spread trading opportunities [43]. 2.9 Agricultural Products (Red Dates) - The price of red dates in the Guangzhou Ruyifang market increased. The downstream arrivals decreased, and the spot price was firm but lacked upward momentum. The new - season production is uncertain [43][44]. - Investment suggestion: It is recommended to wait and see. Pay attention to the weather in the production area and the results of on - the - spot investigations [44]. 2.10 Non - Ferrous Metals (Lithium Carbonate) - KoBold Metals obtained seven lithium ore exploration licenses in the Democratic Republic of the Congo. The short - term supply - demand balance is affected by factors such as imports and production resumption, and there is support at the bottom [45]. - Investment suggestion: Pay attention to opportunities to go long on dips and positive spread trading opportunities [46]. 2.11 Non - Ferrous Metals (Polysilicon) - JinkoSolar's semi - annual report shows high - volume shipments but losses. The polysilicon price is stable, and the market is in a game about whether the upstream price increase can be transmitted downstream. The September production is uncertain [47][48]. - Investment suggestion: The downside space of the futures price is more definite, and the upside space depends on factors such as component bidding prices and production cuts. Unilaterally, a bullish view on dips can be maintained, and for arbitrage, pay attention to the 11 - 12 reverse spread opportunity at around - 2000 yuan/ton [49]. 2.12 Non - Ferrous Metals (Industrial Silicon) - Hesheng Silicon Industry's semi - annual report shows a loss. The production and inventory of industrial silicon are affected by the resumption of production of large factories in Xinjiang. The short - term price is expected to operate in the range of 8200 - 9500 yuan/ton [50][51]. - Investment suggestion: Pay attention to the resumption of production progress of large factories in Xinjiang. The short - term price may operate in the range of 8200 - 9500 yuan/ton, and pay attention to range - trading opportunities [51]. 2.13 Non - Ferrous Metals (Copper) - Yunnan Copper produced 779,400 tons of cathode copper in the first half of the year. Jiangxi Copper's semi - annual profit increased. The Snow Lake copper - gold mine in Canada resumed operation. The copper price is affected by macro and fundamental factors and is expected to oscillate at a high level [52][53][54]. - Investment suggestion: Unilaterally, it is recommended to go long on dips. For arbitrage, it is recommended to wait and see [56]. 2.14 Non - Ferrous Metals (Nickel) - The Indonesian Nickel Mining Association focuses on illegal mining in the nickel industry. The nickel price is affected by factors such as raw material prices and supply - demand fundamentals. The short - term price is expected to have band - trading opportunities, and medium - term short - selling opportunities can be considered [57][58][59]. - Investment suggestion: Short - term band - trading opportunities can be paid attention to, and medium - term short - selling opportunities on rallies can be considered. The downside space depends on factors such as the decline of raw material prices and downstream restocking [59]. 2.15 Energy Chemicals (Liquefied Petroleum Gas) - The weekly commercial volume of liquefied petroleum gas in China increased, and the inventory situation was mixed. The market is expected to oscillate in the short term [60][61]. - Investment suggestion: The market is expected to oscillate in the short term [63]. 2.16 Energy Chemicals (Carbon Emissions) - The CEA closing price decreased on August 28. The carbon market trading volume has not increased significantly, and the price is expected to oscillate weakly in the short term [64]. - Investment suggestion: The CEA price is expected to oscillate weakly in the short term [65]. 2.17 Energy Chemicals (Natural Gas) - The US natural gas inventory increased less than expected. The natural gas price has support at the current level, and the export demand is strong. The market is expected to oscillate in the short term [66]. - Investment suggestion: The NYMEX natural gas price is expected to oscillate in the short term [67]. 2.18 Energy Chemicals (Caustic Soda) - The price of high - concentration caustic soda in Shandong increased locally. The supply is relatively sufficient, and the demand is stable. The market is affected by factors such as transportation and inventory [68][69]. - Investment suggestion: Be cautious when chasing high prices [69]. 2.19 Energy Chemicals (Pulp) - The import pulp spot market was mostly stable. The pulp market is in a weak fundamental situation and is expected to oscillate weakly [70][71]. - Investment suggestion: The pulp market is expected to oscillate weakly [71]. 2.20 Energy Chemicals (PVC) - The domestic PVC powder market price decreased slightly. The market is affected by factors such as futures prices and downstream demand. It is expected to oscillate [72][73]. - Investment suggestion: The market is expected to oscillate [73]. 2.21 Energy Chemicals (Styrene) - The weekly output of styrene decreased slightly. The port inventory is accumulating, and the supply pressure is large. The market is affected by factors such as policies and oil prices [74][75]. - Investment suggestion: Pay attention to internal and external policy variables [75]. 2.22 Energy Chemicals (Bottle Chips) - The export price of bottle chips decreased, and the major manufacturers will maintain a minimum 20% production cut in September. The inventory is decreasing, and the supply - demand contradiction is alleviated [76][78]. - Investment suggestion: Pay attention to whether new production capacity can be put into operation as scheduled in September. The absolute price follows the fluctuation of polyester raw materials [78]. 2.23 Energy Chemicals (PTA) - The terminal operating rate in the Jiangsu and Zhejiang regions decreased locally. The supply - demand situation of PTA has improved marginally, and it is recommended to go long on dips in the short term [79][80][81]. - Investment suggestion: The short - term unilateral price will oscillate and adjust. It is recommended to go long on dips in a rolling manner [82]. 2.24 Energy Chemicals (Soda Ash) - The inventory of domestic soda ash manufacturers decreased. The soda ash price is in a weak and stable oscillation. It is recommended to sell on rallies and pay attention to supply - side disturbances [83]. - Investment suggestion: Sell on rallies and pay attention to supply - side disturbances [83]. 2.25 Energy Chemicals (Float Glass) - The price of float glass in the Shahe market decreased slightly. The glass price was affected by the equity market. The supply - demand contradiction has not been resolved, and it is recommended to be cautious in unilateral operations and focus on arbitrage [84][85]. - Investment suggestion: Be cautious in unilateral operations and focus on arbitrage. Pay attention to the spread - widening strategy of going long on glass and short on soda ash [85]. 2.26 Shipping Index (Container Freight Rate) - The cargo and container throughput of major ports from January to July increased year - on - year. The spot freight rate is weak, and the supply pressure is high. The freight rate is expected to continue to decline [86][87]. - Investment suggestion: The 10 - contract has broken through the 1300 support, and the next test is the 1250 support level [87].

Group 1 - The core viewpoint of the article is that Likin Resources (02245) reported significant growth in both revenue and profit for the first half of 2025, driven by increased production and operational efficiency [1] - The company's revenue reached approximately 18.1466 billion yuan, representing a year-on-year increase of 66.8% [1] - The profit attributable to the parent company was approximately 1.426 billion yuan, showing a substantial year-on-year increase of 143.0% [1] - Earnings per share were reported at 0.92 yuan [1] Group 2 - The growth in revenue and profit is primarily attributed to a significant increase in the production of hydrometallurgical products such as nickel-cobalt hydroxide and pyrometallurgical products like nickel iron during the reporting period [1] - The increase in production is mainly due to the full operational capacity of the ONC project and the production release from the KPS project [1] - The company has optimized its product structure, implemented refined cost control management, and made technological improvements to enhance production processes, further boosting profitability [1]